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Monthly Market Conditions & Things in the News
Posted Under: Market Conditions in Englewood, Home Buying in Englewood, Home Selling in Englewood | August 24, 2011 12:49 PM | 338 views | 1 comment4-20-12 MARCH MARKET CONDITIONS
Sorry for the delay on getting my newsletter out this month but it has been EXTREMELY busy.
It is officially its back to normal, actually we are having a new boom, this time without the inflated prices…for now. The Cape Haze Peninsula had its second record month in a row with 223 total sales. We sold 151 homes in March. This is 8% more than March '04 which was our prior record March. These sales rates have really taken a toll on our inventory. We have just 875 homes for sale right now. The distressed inventory is down to 104 with just 30 of these bank owned (REO). This is less that a 6 month supply at this sales rate. This is a first that has happened since 2005.
Another bright spot is we are starting to see new construction again. This is mostly in the more affordable price ranges but in some cases if you want a newer home, it is your only option. I am going out today with a customer and half of what we are looking at are new homes. There is a very limited number and we are very close to the 'waiting for something to be built' mode. This is where builders actually have a waiting list for homes and booked business. We might be in that mode for a while. Lenders will be very stingy with providing spec construction loans.
There has been a rash of great news in the papers lately. My report is mirrored by both papers. 2011 was a banner tourist season and the start of 2012 is even better. If you tried going out to dinner this season and you would have noticed that restaurant are busy. Receipts were the highest in over 7 years. More retirees are headed to Florida that prior estimates, this time they seem to be a bit more frugal, which is one reason our area has been doing so well.
One thing that hasn't happened yet is prices going up, but with inventories down I don't know how long this will last. What has really happened is the selection of homes is very limited, especially in the popular price ranges. 36% of our inventory is under $200K but 70% of our sales are in this same category. People are going to be forced to look at home a little higher in price to find just what they really want. I have found that homes with premium features like granite in the kitchen are in a short supply again especially in popular price ranges.
One reason we have been doing so well is that there is a feeling that the market has bottomed. There is more than a feeling to back this up, there are now statistics. What has started to take place is that the market has started to pick up in people's home market. This has done two things, give people the cash to buy here in Florida and the confidence to buy. It was hard to understand, for many people over the last couple of years, that our little part of Florida was recovering while news was still negative everywhere else. Now that everywhere else is showing signs of recovery they now feel it is okay to buy here. Baby boomers aren't getting any younger and there have been a lot of pent up demand for affordable retirement houses, which is why our area has been doing so well.
If you haven't already, now is in fact THE TIME TO BUY. Otherwise, prepare to pay a little more if you continue to wait. I have had more than one buyer who had looked to buy in the area the prior year and come back down and not find what they found before. Shoulda, woulda, coulda is what they will say about 2011. It is not too late but you have to be decisive and just maybe be prepared to pay just a little more than expected. DON'T WORRY, with prices off over 50% from the highs you are still getting a fantastic deal. It is almost impossible to time any market because the best time to buy is when everyone feels you shouldn't.
Here are the sales results for March 2012 as reported by the Mid Florida MLS for The Cape Haze Peninsula including Englewood, Rotonda & West Port Charlotte. Below this are Boca Grande, Venice, Riverwood & Punta Gorda residential properties that sold.
Cape Haze Peninsula
No million dollar homes sold in March but in the million to half a million range we had 5 home that sold. 3 of these were in Boca Royale which is about to have some very good news if all goes as planned. Neal Homes of Lakewood Ranch is buying the remaining 400+ lots in this exclusive neighborhood. This will give us an upscale neighborhood with a mix of inventory. The other two homes were REO's in Cape Haze and Palm Island. This is a price range where you might still be about to find a below market property. We have excess inventory and we have far fewer buyers. In the 400's 8 homes that sold again in this price range have been very soft. These homes had one thing in common, they were waterfront homes. 3 were distress, 3 were on the either Gasparilla or Palm Island and 2 where in South Gulf Cove. In the 300's we had 5 that sold in Placida Point, Windward, South Gulf Cove, Stillwater, Rotonda & Englewood Isles. The $300K to 250K range saw a dozen sales with 7 of those being Waterfront in South Gulf Cove & 2 in Rotonda. Others were in Englewood Isles, Point Comfort & Gulf Aire. In the $250K to $200K category 13 home sold. Five were in Rotonda, 2 in South Gulf Cove & Park Forest. Others were in Englewood Gardens and Pines, Gulf Cove & Windward. 25 homes sold in the $200k to $150k range, 12 of these were in Rotonda, 3 were in East Englewood & South Gulf Cove, 2 were in Gulf Cove & Park Forest with one each were in Windward and Oyster Creek. In the $150K to $100K range we had 38 homes that sold. 8 were in Rotonda, 7 in Old Englewood, 6 in Gulf Cove, 5 in East Englewood, 2 in South Gulf Cove & Rock Creek areas. Others were in Shamrock Shores, Foxwood & Park Forest. 45 homes sold under $100K with 12 under $50K.
Mobile Homes
March was also a record month for mobiles with 29 homes selling. 11 were doublewides selling between $117K & $56.9K. 11 were singlewides ($97K to $15K). All but 2 were sold for cash.For a list of last month's Cape Haze / Englewood area home sales click on the following links:
For a summary:
For a list of last month's home sales
- For a summary
- For home details
- For mobile details
To see all the homes click on the arrow next to the address, to see additional photo click on the main picture, if available click on the link to the lower right of the main photo to see a virtual tour.Condos
41 condos sold in March. Six units sold on Manasota Key. All were 2 bedroom in Sandpiper Key, Sunburst, Englewood Condo Villas, Pelican's Landing & Castaways ($240K to $165K). A unit sold on Palm Island ($315K). On the north side we had 2 units sold in Arlington Cove ($170K to $167.5K) Oak Forest ($140K ea), Sweetwater ($151.5K), 6 in Foxwood ($120.5K to $82.5K), Pine Hollow ($85K & $70K), Qualls Run ($47K & $72K) & Gulfwinds ($89K). A number of units sold down the Placida corridor, Hacienda ($365K), 2 in The Hammocks ($340K & $230K), Boca Vista ($330K), Landings ($235K), Village on Oyster Creek ($190K), 2 in The Resort at Cape Haze ($149K & $88.5K) Fiddler's Green ($70K).Click on this link for a list of the Englewood - Cape Haze condos that sold last month.
Lots
There were 73 parcels of land sold in March led by a 3/4 acre tip lot in Cape Haze for $600K, New Point Comfort ($260K), on Palm Island ($200K) & 10 acre in Manasota Land & Timber for $75K. 13 waterfront lots sold in South Gulf Cove between $105K & $16.5K. Rotonda had 29 parcels that sold. 15 were in the circle ($22K to $7.5K). Two in the Heights ($12.5K & $4.3K), one in the Lakes ($7.8K to 4.4K), 4 in the Sands ($6K to $3.75K), one in the Meadows ($2K) & one in the Villas ($1K) . 7 lots sold off the water in South Gulf Cove ($5K to $4K). Gulf Cove had 6 lots that sold ($5.2K to $1.75K). Ten lots sold in East Englewood ($7K to $1.5K).
Click on this link for a list of the lots that sold last monthIf you own lots in Charlotte County you might want to check to see what their new Scrub Jay status is. Charlotte County has a site to check this out.
Boca Grande
Boca had 6 properties that sold on the island in March. Five single family homes & one condo. Three were beachfront on Shore Lane selling for $10.5M & 2 for $2.625M. The most expensive one selling to the Busch Family of St. Louis. The others were in the Harbor Drive Waterways ($1.395) & in Golden Beach ($860K). The condo was as short sale in Sea Oats ($517.5K).Click on this link for Boca Grande properties that sold
Venice
Homes
117 homes sold in Venice in March. No million dollar homes sold but 7 sold at $1M & $500K with 6 of them on the island. Two were in Bayshore Est. ($850K & $615K) & Gulf View ($555K & 553K) plus Santa Maria Place ($530.5K) & Venezia Park ($520K) and off island in Stonewalk ($500K). In the $400's 5 homes sold in Myakka River Trails, Venezia, Stonewalk, Venetia & Pelican Pointe. There were 12 homes that sold in the $300's. 4 on the island, 2 in Bellagio, one in Amora and Gulf View. Off the island, 3 in Venice Golf & County, 2 in Pelican Pointe & one each in Sawgrass, Quail's Lake & Lakes of Jacaranda. In the $300K to 250K range there were 18 sold. 8 were on the island, 3 in Gulf View plus Beach Park, Golden Beach, Amora, Bayshore. Off island 2 were in Lakes of Jacaranda & Islandwalk. Others were Bridle Oats, Venice Palms, Pelican Pointe, Plantation & Ventura Village. 19 homes sold in the $250K to $200K range. One on the island in Gulf View. Off island 2 were in Verona Reserve, Venice Acres, Devonshire, Pelican Pointe & South Venice. Others were in Heritage Lakes, Waterford, Lakeside Woods, Southwood, Pennington Place, Venice Golf & Country & Venetian Falls. In the $200K to $150K category there were 14 homes that sold. Three were on island, 2 were in Venezia Park, 1 in Gulf view. Elsewhere, 2 in Venice Gardens, 2 in the Plantation, others in Southwood, Islandwalk, Jacaranda & Pinewood. 21 homes sold in the $150K to $100K range. 10 in South Venice, 3 in Venice East, 2 in Venice Gardens & others in Jacaranda, East Gate & Southwood. Under $100K had 21 homes that sold. There was 1 under $50K. 9 were in South Venice, 4 in Venice Gardens, 3 in Venice East & 1 in East Gate, Venice Groves & Edgewood.Click on this link for Venice houses that sold
Condos / Mobiles
There were 90 condos that sold in March. On the Island there were 22 units sold led by a unit in Beleza for $1.03M. 3 unit sold in Waterfront on Venice Island ($425K to $260K) Bahia ($279K), 2 in Bella Costa ($250K & $130K), 2 in Casta Brava ($127.5K & $115K). 13 other island sales where in various complexes. Off the island Plantation had 9 units that sold ($146.4K to $90K). Four units in Waterside village ($158K to $110K), four in Pelican Pointe ($222.5K to $155K) two in Pennington Place ($159.9K & $159K), 3 in Circlewood ($98K & $84K), 2 in Stoneywood ($102K & $80K) with others in various complexes. Six mobiles sold in March. Two had dockage ($110K & $88K). All but one were doublewides ($110K to $67.5K), the singlewide sold for $18.5K all but one sold for cash.
Click on this link for Venice Condos & Mobiles sold
Riverwood
Eight properties sold in Riverwood in March, six homes and 2 villas. Sawgrass Point had 2 homes sell. The lower priced home was new construction ($197K to $160K). The other homes were in Royal Oaks ($212K) Myakka Point ($195K) and Osprey Landing ($150K). The condos were in Grand Vista ($129.5K & $115K).
Click on this link for Riverwood Homes sold
Punta Gorda
110 homes sold in March in Punta Gorda. Burnt Store Marina / Pirates Harbor area had 13 homes that sold from $259.9K to $84K. 29 homes in Punta Gorda Isles had water access. All of those were in PGI ranging from $654K to $148K. 29 homes sold in Deep Creek ($220K to $82.5K). 41 condos sold, 10 were in Burnt Store ($310.25K to $80K) 26 in PGI ($310K to $55K) &14 in Deep Creek ($129.9K to $33K). Ten mobiles sold ($119K to $16K), 2 had dockage & gulf access.Click on this link for Punta Gorda houses sold
Condos / Mobiles
Click on this link for Punta Gorda Condos & Mobiles sold
With our recent rating of “#1 neighborhood to retire” our "little secret" Charlotte County including Englewood, Rotonda, Gulf Cove, Palm Island, Manasota Key and Boca Grande is out. This can cause prices to go up. Now is a great opportunity to take advantage of a soft market. The savvy buyer can find quite a value with all the homes on the market. Now is your chance to buy a reasonably priced home in Florida. With all the "boomers" retiring over the next few years, Florida will still be the place to be. Take advantage of this pause in the market.THINGS IN THE NEWS
MAY 4, 2012
Buying A Home Won't Get Much Cheeper
As Reported by CNN
MARCH 29, 2012
Real Estate Will Rock in Two Years!
MARCH 2, 2012
Bob is in the news again!
Market snapshot: Englewood, FL
MARCH 1, 2012
Top 10 Places To Retire as reported by TopRetirements.com
(#1 Sarasota, FL; #9 Fort Myers, FL; #10 Venice, FL)
FEBRUARY 23, 2012
Pending home sales surge in region
FEBRUARY 21, 2012
Top 10 Turnaround Towns as reported by CNBC.com
A list of the top 10 towns that bore the brunt of foreclosures are now leading the way toward recovery.
FEBRUARY 11, 2012
Interview with BOB FIRTH
Market low has foreigners buying
OCTOBER 21, 2011Foreigners' Sweetener: Buy House, Get a Visa
The US Senate is drafting a bill to give foreigners a visa to purchase property in Florida.
SEPTEMBER 20, 2011
Foreign Buyers Have Huge Impact On Market
SEPTEMBER 1, 2011
Region Makes List of Recession-Resistant Cities
People looking for homes in Southwest Florida often feel our market is much worse off than the market they may be coming from. Remember that our market topped out in October of 2005, almost SEVEN years ago, while much of the rest of the country topped out in the Summer of 2007. We have already gone though much of the pain that other parts of the country is experiencing now. Our market has flattened out over the last few quarters. As you can see in this recent article from the Herald Tribune (link below) we are starting to see slight price increases.If you would like to receive my monthly newsletter, please click here to sign up.