Retiring in 4 years. Why there many cheap lots for sale in Port Charlotte/North Port ?

[MikeM8560]

before I moved I saw tons of infomercials in new Hampshire in 2002 and 3 with Erik Estrada as spokesman selling property in palm coast and then port charlotte and wonderful Lehigh acres and then hot springs https://www.youtube.com/watch?v=1APrefHvRjs

[SoFLGal]

Originally Posted by apmangune

A real state company is selling us 10,000 sqft lots in southwest Florida for $25k payable in 9 years. They are giving round trip tickets and hotel accommodation to see the community site for prospective buyers. Sounds good. We love to buy lot in this place and build house when we retire in 4 years ... Does anybody knows about the place North Port and Port Charlotte ? Any advice? I did research (trulia.com) lots for sales over there and found many for sale around $4,000 with the same lot size being offered for $25k. What is the difference? Thanks...

I know the company you are speaking of. This article in the local newspaper might interest you: Buyers are snapping up remote lots in North Port and Port Charlotte for many times their appraised value. | HeraldTribune.com

All I can say is that there are many, many great lots in the $7K range. When evaluating lots you need to look at the elevation. If they dip down from the road, it will probably take a lot of fill dirt to bring them up to grade, hence costing more money. You also need to look at if they have utilities offered. Many North Port lots in the Yorkshire Rd area have no utilities. You need to pay attention to the amount of trees and brush on the property. If it's heavily wooded it will cost more to clear. Location of the lots are a very big consideration as well.

If the lot is in Port Charlotte then you would also need to evaluate the waterfront, if it was a waterfront lot.

[snowtired14]

Originally Posted by apmangune

A real state company is selling us 10,000 sqft lots in southwest Florida for $25k payable in 9 years. They are giving round trip tickets and hotel accommodation to see the community site for prospective buyers. Sounds good. We love to buy lot in this place and build house when we retire in 4 years ... Does anybody knows about the place North Port and Port Charlotte ? Any advice? I did research (trulia.com) lots for sales over there and found many for sale around $4,000 with the same lot size being offered for $25k. What is the difference? Thanks...

Sorry apmangune, but as the old saying goes, you don't get something for nothing. As others have said on these boards, these guys have probably just paid for the taxes on a lot of these properties or picked them up for pennies on the dollar and are now trying to sell them to you at a premium. If their giving you financial terms, they make even more. If you're interested in the area, it's worth the airfare to go down and get a feel for the area, it can be much different depending on what you want. For instance, we've been visiting the Englewood/Rotonda area for about ten years, we've stayed in Rotonda, Englewood, Gulf Cove, rentals are very reasonable, last year we went down in September, paid $600 for 7 nights in a 3BR house with a pool, it was hot but that particular week it was hotter and more humid in CT. We are in the final couple of years before we retire and we know we want to live in Rotonda, we bought a beautiful canal lot there, about .25 acre and we paid $24K. Parts of Port Charlotte and especially Northport were up and coming before the bubble popped, tons of foreclosures, and definitely underwater, so a lot of people abandoned the properties. It's a beautiful area, very tropical and very laid back, great nearby beaches, sports, parks, stores, a couple of hours to the great tourist attractions of Florida, but you ned to get to know it.

[Coverdog]

You want to check and see if county water is at the lot as well. Many of the lot listings say water is available. That doesn't necessarily mean it's in front of the house. One lot I checked on had the water main at the corner lot which was next door to the lot I was interested in. The county wanted $12,000.00 to bring it across his lot and to the end of mine. They make you take it to the end of your property, so altogether 160'. No thanks.

Another issue is many areas have salt water intrusion in the wells. The only way around that is a RO system which is very expensive and can't provide enough water output to keep up with the demand for pools and irrigation. You would need to bury tanks in the yard for water to provide enough surplus water to keep up with demand. This was information supplied by one of Charlotte counties long time and reputable well drillers.