Punta Gorda - Housing Prices (North Port, Naples: short sale, foreclosure, rental market)

[rock creek]

Originally Posted by Messing About

That's encouraging.
When CBI opens their warehouse near the PG airport and becomes Charlotte County's largest private employer with 600 jobs...that will help things all over Charlotte County.

Is there a projected time line for this?

[mrs.cool]

what is CBI?

[Big House]

Originally Posted by mrs.cool

what is CBI?

Chaney Brothers. They are a big food distributor. Punta Gorda Airport is planning for a big economic boost, and future expansion of the airport. They just finished construction a major highway extension (that is in-place) for future connections when they need it. I think that the next 5-10 years will see major expansions at the airport itself as well. This is a BIG business that plans to use the airport a lot as well, and as their needs grow so will the airport, and others will come as well.

[Messing About]

You can see their website at cheneybrothers.com
they were founded in 1925.
This is a done deal, negotiated by Charlotte County commissioners.
Construction is supposed to begin this year.
There are some details on their website, on the right hand side under "Latest Updates"

So the good news keeps coming. A comparable home on my block sold for just 20k less than what I owe and we can still do a streamline refi mortgage without an appraisal. The 30 year fixed rated we were given on the today is at 3.75%. We bought in 2008 at 5.875%.

If PC values grow at 5% a year, I will be back in the black in 3 years. Less than that if I make double principal payments, as planned. 401k grew by 7% in January alone. Even with last year losing 4%, my 24 months gains are at 17%.

It ain't over yet but life in Charlotte County is looking better. Fishing anyone?

[mrcoolmrcool28]

All sound great!!

[vegasboy]

I found this post on the Denver forum and wondered if it applies to South West Florida too? Is the housing market turning?

"Seems like the media is totally missing the story preferring to just quote mass market numbers which dont mean much. I have put in 7 offers for townhouses and condos in the last 4 weeks. Every single one of them lost out to a cash buying "investor". Sometimes I heard how much they paid, sometimes I did not. Most of my offers were slightly higher, but every seller right now wants the cash offer. There is virtually no inventory on the market under 150k right now, just heard there is a 0.8 month supply of homes list priced at 180k or lower. So what does come out is usually under contract within 10 days. If it is there 30 days its overpriced and the seller is not budging their price. Investors are making cash offers sight unseen on properties 10 minutes after they are listed.

Dont believe the stories about how prices and sales are sluggish. That story only applies above 300k on homes. If you are buying homes at or below the median value in Denver its a sellers market and its miserable to be an ordinary buyer right now."

[Big House]

Vegasboy,
We are past the bottom of the market. Housing prices are rising. Demand is high and supply is low. Foreclosures are still coming, but are slowing down. Nothing new is currently being added to the market - we have lost a generation or more of construction workers ((especially those with skills). It doesn't matter what price range you are in, sales are pretty good.

Cash is always king and will always beat out financed buyers. There are a lot of reasons for this. Accepting Financed offers always takes longer, and the risk the deal will fall through is great because, even though many are qualified the banks are ridiculous, and slow. Cash deals usually go through on time.

[Big House]

Blackstone Group on property buying spree | HeraldTribune.com

Hey all,
The market has already begun to shift in a huge way as a few very very very large investors have moved into the area and are buying up every house they can find.

This is a really good thing for those of you that have already acted on the advise I've given for the past 2 years that we are past the bottom and its time to buy. Prices are going to rise and rise quickly.

This will be good for home builders as the demand will rise. These large property buyers do not sell - they rent and hold their properties, so they will reduce the supply in a huge way, while the demand to buy will remain strong. These investors have huge money and will not be detered by the up and down market - they are here long term.

Equity will rise for those people that have had their property values decline over the last few years, and who have invested in their nest egg. As you know - those are the people, and many other elderly people who have lost so much in the past few years that I have been sympathetic toward! This is great news for them!!

[nphomeowner]

I think this is great news. Also I'm seeing home construction popping up. There are two being built on North Cranberry practically across the street from each other. We have seen several other homes under construction in the area also. Sure would be nice to get some of these empty home occupied again. We have two on our street that have been empty since before we moved in a year and a half ago.

[mr&mrssunshine]

this seems to tie in with what has been happening with home prices the past year. They are definitely on the rise - North Port is in the region of 10-15% maybe more. all the bank owned stuff I have bought has been going at asking or above, you have to be creative to buy it. they on the flip side sale prices are rising. in the Rotonda area we are now getting close to the new buidl rate. that means people will start looking at biilding again.

one local builder I know of is doing very nicely in terms of numbers.

My biggest concern would be labor -availability ,quality and reliability. sad to say that its hard to find some or all. you tend to be grateful if the turn up the day they say let alone at the right time.


perhaps we may see a return of those that fled a while ago, the key thing is to be in at the start of the 'new dawn' and be ready to rock and roll.