lots of lots (Port Charlotte: for sale, houses, buying)

[yellowsky]

I have noticed that there has been quite a large number of lots sold in the last six months in my area, about 35 by my count. It is a largely unpopulated area near the Little Mayakka, very close in NP shopping.
I haven't seen this much activity since I began monitoring in 2008.
Wondering if anyone else has seen an uptick in lot sales. With far fewer houses for sale I also wonder if people are beginning to think of building new or perhaps they are just taking advantage of truly low prices on land.

[TamRE]

I have had many requests about lot information lately in the area. Most of them are looking to buy as an investment for future building, not to build right now.

[nphomeowner]

I have a nice lot in Port Charlotte for sale if anyone is interested. Just thought I'd throw that out there.........

[Messing About]

I think most of it is from the America's Auction Network I wrote about a few weeks back. They are auctioning lots/homes throughout SWFL 4 nights a week online and on TV. Land locked quarter acre lots go for 3-5k, canal lots 3-4 times that depending on location.

I agree with TamRE; not much building likely to go on.

[yellowsky]

I did think that might be the case, Tam. The lots are so cheap it is hard to pass up a deal. We are trying to buy the lots around our house to ensure privacy for the future. Have been successful in one purchase so far and am looking at another next door.
Good luck with the sale in PC, NP home. It is a good time to sell I would think.

[nphomeowner]

Thanks, I have the lot listed with a great realtor so know if anyone is interested she'll show it to them. It is a lot and a half and has city water and across from a park so hoping at some point someone shows some interest.

We too would like to buy at least one of the empty lots surrounding our home to insure our future privacy. Buying them all would be nice but don't think that will happen.

[Harbor Hopper]

Originally Posted by yellowsky

It is a good time to sell I would think.

It's actually a HORRIBLE time to sell right now. Shouldn't sell low unless you absolutely have to. We have a waterfront lot that we will eventually sell, but it's not even worth puting on the market until it rebounds (maybe 2-4 years, or more perhaps)

[yellowsky]

Buying the surrounding lots has been a struggle. Only one of them is on the market so we have had to approach the other owners. Keep telling myself it is worth all the effort but it has dragged on.
You are probably right about the timing, HH. I was actually only thinking of people who have owned lots a long time and didn't pay an arm and a leg for them. The one lot near us that is listed was purchased for a lot of money but the owners are selling at 1/10th of what they paid. Not sure why they would want to take such a loss, but there it is.

[Messing About]

Originally Posted by yellowsky

Not sure why they would want to take such a loss, but there it is.

They can write off the loss on their taxes, although it will take several years to get the full amount. I think a capitol loss is only written off at $3k a year max but you can continue to take that 3k year after year after year until it's all accounted for. I did that with my stock market losses. So these sellers can get out of paying continuing property taxes and take the write off. Not so bad if your life doesn't depend on the lost investment.

Besides...do it now, before they change the tax code and take away that deduction too.

[mrs.cool]

FWIW, the lot we now own was sold for over $250,000. the last time it changed hands, in 2008 or 2006, I can't remember which. It's a simple canal lot in PC, so look at the prices now and imagine what a loss that company took.