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Old 04-19-2011, 09:57 PM
 
Location: Phoenix, AZ > Raleigh, NC
18,360 posts, read 24,596,601 times
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SoFLGal, I keep hitting that "rate this post positively button, but I've done it too many times for your posts, I guess. You're a terrific resource.

Please PM me your information? We made not need it right now, but I will hold onto it for the future. Maybe the near future.
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Old 04-20-2011, 06:08 AM
 
Location: Punta Gorda and Maryland
6,103 posts, read 14,309,250 times
Reputation: 1245
Quote:
Originally Posted by SoFLGal View Post
Well, I like to rely on my little crystal ball called the MLS. Here's some history for you:

Punta Gorda condos for the last year:
Apr 19th-May 19th-29 sold-Median list price is $139k and median sales is $130K.
May 19th-June 19th-17 sold-Median list price is $185k and median sales is $170k
June 19th-July 19th-22 sold-Median list price is $185k and median sales is $171k
July 19th-Aug 19th-11 sold-Median list price is $140k and median sales is $134K
Aug 19th-Sept 19th-15 sold-Median list price is $145K and median sales is $143k
Sept 19th-Oct 19th-16 sold-Median list price is $134k and median sales is $124k
Oct 19th-Nov 19th-10 sold-Median list price is $178k and median sales is $160K
Nov 19th-Dec 19th-22 sold-Median list price is $152k and median sales is $137k
Dec 19th-Jan 19th-10 sold-Median list price is $106k and median sales is $102K
Jan 19th-Feb 19th-24 sold-Meidan list price is $118k and median sales is $110k
Feb 19-Apr 19th-23 sold-Median list price is $115k and median sales is $112k

As you can see the prices took a dive and they are coming back up...slightly. Really they've been bouncing quite a bit lately. I'm going to go out on a limb here and say the average sales price will be in the $150's in 12 months.

I think the inventory will be down in a year. Of course, this is just a guess. I've been watching the foreclosure stats and the amount of homes coming on to auction has taken a huge dive. I haven't been getting near as many foreclosed homes to list and my asset managers at the banks say they are incredibly slow.

Also, as I've mentioned on a previous thread, people are beginning to talk about building again. I haven't heard any talk about building in 2-3 years.

Without all the stats, but of course SoFLGal is really knowledgeable about the area, and I can attest to that ((of course under the terms of service I have to say other agents in the area may be as well).

That said, I bought here in 2008, and I paid about 65% less than this house last sold for. And, since then the value of my home has gone down, up, down, up, down and is rising again. Right now it is still down overall. But, I have really enjoyed it the whole time, lived here, and absolutely love the area! This town Rocks. It is older, but it has younger people moving in here all the time.

If you want to buy a decent house in on a canal in the price range you are speaking about - I would not wait to long, because I think the housing prices here are rising a bit faster than the facts stated above. I see fewer and fewer houses available here, and those that are here for sale now are not the ones that were all fixed up by investors that got drowned in the foreclosure wave that over ran them. The houses that are coming on the market now are more the people that just want to transition out more because of age, and/or need to sell. When we started looking the houses here were all fixed up and were like-new, now not so much. And, the prices don't reflect that trend. Meanwhile the town continues to make great strides coming back from the hurricane, and a lot of new things are still moving foreward here.

Don't mistake my comment, as a need to rush in and buy in the next month or couple months. I got and heard great advice here, which I followed. I came down once a month for almost a full year. Did my research fully. I was here every month so I could see the trend, understand the heat of the summer, and learn the area and towns around here. I got out and about, and made some friends. I was never detered, it takes time to go through a move, and it isn't all easy - there is a lot of work, and plenty of frustration involved - persist if it is what you want. I did not need a job, but heard the warnings, and agree with them. The people here, even some I didn't always agree with, gave good advice.

Houses will always be for sale here, there will always be reasonable turn over. There are a lot of elderly people here, and most are well financed, and as they age - things happen which causes houses to be sold - that will always happen. I would say the window for "buying-at-the-bottom" is not 12 months from now though. I think the window is now to the next few months. This market is not as hard hit as other areas of the country largely because 1.) the bulk of investor properties has been sold, 2) the area of PGI did not have huge overbuilding during the peak like other areas of florida (because it is the isles and most houses were already built more than a decade ago), 3) the population here is more affluent and better financed than other areas in florida, and 4) the inventory although still plentiful is not as backed-up as other areas of the country. This place (Punta Gorda) is a jewel, and is not as well known as Sarasota, Naples, Venice and other areas that have vacation beaches - this place is a boaters paradise, a great place to live, but doesn't have the "draw" that vacationers who come to live down here have learned about.
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