Single family home sales NP/PC (stats, market, banks)

[whaddyanuts]

If you are looking at homes with special needs, i.e., fixers, you may want to stay clear of Charlotte County. Building permits are needed for pretty much everything except laying tile. The fees are not low, either. Nearby counties do not have such requirements.

[kyjake39]

We started looking at Punta Gordy and Cape Coral about two years ago but not Port Charlotte and decided to not make the move.Prices do seem a somewhat higher now that we are looking more at Port Charlotte.We are spending the month of March in Port Charlotte checking out the homes and area in general,also hope to get some fishing done.As we are not in a rush we will check out the feasibility of going with a foreclosure if the hidden cost and problems can be dealt with,seems to me it can get complicated.

[mr&mrssunshine]

check out North Port as wwll. my instinct is, if you can get on the ladder there you will see higher retruns in the long run.

as far as foreclosures go, dont be scared BUT you will almost certainly need to be an all cash buyer. banks generally wont loan on homes needing work. If you have the cash though dont be put off, shop around and you can get work done at reasonable rates. if you havent got cash and need a finished home -that can be done too...

[MartyGras]

Originally Posted by mr&mrssunshine

check out North Port as wwll. my instinct is, if you can get on the ladder there you will see higher retruns in the long run.

as far as foreclosures go, dont be scared BUT you will almost certainly need to be an all cash buyer. banks generally wont loan on homes needing work. If you have the cash though dont be put off, shop around and you can get work done at reasonable rates. if you havent got cash and need a finished home -that can be done too...

One of the options for foreclosed homes is to check out http://www.homepath.com/search/FL_015.html the Fannie Mae web site.

Any repo's that were insured by Fannie Mae are listed here and can be purchased with 3% down for an owner occupied primary residence or 10% down as an investor or second home. They will also finance any repairs that need to be done. They currently have 86 properties listed in Charlotte county.

Gary

[MartyGras]

The National association of Realtors just released the 4th quarter statistics on home sales.

It shows Cape Coral having the 4th largest increase in sales prices 25.8% over last year

http://www.realtor.org/sites/default...2013-02-11.pdf

Gary

[kyjake39]

Thanks for posting link to the foreclosed homes,looked it over,was interesting but found nothing in the are we have been searching which is south and west of 41 to about Pellam and Edgewater.

[StepHome941]

Real Estate is like any other commodity in that the Laws of supply and demand dictate where prices are and are headed. Too much inventory and too few buyers = lower prices. Too little inventory and more buyers = higher prices. I did a statistical report for the Sarasota Herald Tribune about the North Port market (see my blog) and the number of foreclosures and short sales are way down. The prices for foreclosures are up - close to the pricing per square foot of traditional sales. Every time I see a new foreclosure listed I see higher asking prices and am just astonished by it - it seems now that the banks are actually asking a premium for foreclosed houses. Short sale prices remain a bargain, however, you have to have a lot of patience while waiting out the short sale process. With foreclosed homes you are buying an unknown entity - there is no seller disclosure that comes with it. We have been hearing for a long time about the shadow inventory of foreclosed homes. But I think the banks have learned their lesson and are not just going to flood the market all at once and shoot themselves in the foot as this would drastically lower the prices they can get for them.

[SoFLGal]

Here are some stats for you. I'll use North Port as an example:

Foreclosure sales taken directly from the Sarasota county foreclosure filings:
Jan, 2012-281
Feb, 2012-223
Mar, 2012-289
Apr, 2012-249
May, 2012-226
June, 2012-269
July, 2012-303
Aug, 2012-314
Sept, 2012-265
Oct, 2012-332
Nov, 2012-266
Dec, 2012-315
Jan, 2013-368
Feb, 2013-200
Mar, 2013-203

There are currently 594 listings in North Port, 60 are bank owned.
Jan 1, 2012-Feb 1, 2012-114 sales, Average price $99K and median price $90K
Feb 1, 2012-Mar 1, 2012-160 sales, Average price $96K and median price $87K
Mar 1, 2012-Apr 1, 2012-152 sales, Average price $99K and median price $87K
Apr 1, 2012-May 1, 2012-194 sales, Average price $109K and median price $98K
May 1, 2012-June 1, 2012-170 sales, Average price $111K and median price $101K
June 1, 2012-July 1, 2012-160 sales, Average price $114K and median price $100K
July 1, 2012-Aug 1, 2012-148 sales, Average price $105K and median price $94K
Aug 1, 2012-Sept 1, 2012-147 sales, Average price $117K and median price $96K
Sept 1, 2012-Oct 1, 2012-125 sales, Average price $116K and median price $115K
Oct 1, 2012-Nov 1, 2012-139 sales, Average price $113K and median price $104K
Nov 1, 2012-Dec 1, 2012-150 sales, Average price $116K and median price $113K
Dec 1, 2012-Jan 1, 2013-162 sales, Average price $117K and median price $113K
Jan 1, 2012-Feb 1, 2013-118 sales, Average price $110K and median price $103K

[MartyGras]

Interesting...I thought you would have seen a bigger jump in the prices.

Also how can you have the March 2013 foreclosure filings its only February

Gary

[SoFLGal]

Originally Posted by MartyGras

Interesting...I thought you would have seen a bigger jump in the prices.

Also how can you have the March 2013 foreclosure filings its only February

Gary

Because I'm getting the stats from a source where you can see a month or two in advance, as far as what is coming up in the foreclosure market from the banks.

These stats are what the bank is currently auctioning off in the way of foreclosures not what is currently for sale in the foreclosure market.