Should I build on a lot with a permit in place in north port Florida when the market there has bottomed out?

Asked by Irene, here Mon Jul 9, 2007

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Deborah Madey’s answer
Deborah Madey, Agent, Brick, NJ
Sat Dec 29, 2007
If you are builidng a place for the purpose of being an owner occupant, and you intend to live there at least 7 years, probably closer to 10+, perhaps.

The right answer for you is a determination of the value of your personal pleasure in lviing in a custom built home.

For short term investment or spec builidng, I think you have heard the answer already.
1 vote
Shannon Moore…, Agent, Port Charlotte, FL
Mon Jun 30, 2008
As Elizabeth said, there is a lot on the market in North Port right now. I personally would hold off. I would also say if you are building it for investment you should have a Realtor pull similiar properties for you so you have an idea of what you might be able to sell it for.
0 votes
Bill Eckler, Agent, Venice, FL
Mon Jun 30, 2008
Irene,
The group concensus is quite accurate. The current market in North Port would not support speculation activite. However, construction for a long term committment and personal enjoyment is a completely different situation.

Good luck,
The "Eckler Team"
0 votes
Bill Eckler, Agent, Venice, FL
Sun Jun 29, 2008
Irene,

We would be happy to keep you informed on the progress of the local real estate market.

The "Eckler Team"
0 votes
Bill Eckler, Agent, Venice, FL
Sun Jun 22, 2008
Irene,
Now is the time to buy...there is a huge inventory, sellers are highly motivated, and interest rates are favorable. We are leaning toward recommending the purchase of resale property as opposed to building at this time. The savings will be greater with resale and there are currently too many risks involved with building new construction.

Throw your hat into the ring and start looking.....the best part is you don't have to do anything until the right opportunity comes along.

Good luck.
The "Eckler Team"
0 votes
Lori Ann Mer…, Agent, Punta Gorda, FL
Mon Apr 14, 2008
Why buy a lot when there are a major amount of NEW home never lived in already put and ready for you to enjoy. Email me at: loriannmertens@yahoo.com
0 votes
Bridgette Ko…, , Florida
Sat Dec 29, 2007
Irene,
You've received some good advice from local experts; but, to answer your question directly, the bottom line is:

NO!

Unless, of course you're are able and willing to carry/hold the property for 5-10 years. If that is the case, go for it! If not, pass... Very few areas of FL have not been destabilized buy the lack of "buyer confidence"--please DO NOT confuse that with lack of actual value. It is PERCVIVED value, and the consumer ultimately determines the market with their purchasing dollars. Sarasota County WILL recover (it's a beautiful place), but it may not be the wisest investment for short-term goals (anything less than 7 years). Best wishes and happy hunting!
0 votes
Elizabeth Bu…, Agent, Englewood, FL
Sun Oct 28, 2007
Are you going to live in the house? There is many houses in North Port on the market as resales foreclosures, and REO's. Agents believe the market will return in North Port once the inventory is reduced. We have enough inventory for 2 years. Did you already pay the impact fee which is costly? The city in talking about reducing the fee to spark the builders.
0 votes
Robert Gross, Agent, Palm Beach Gardens, FL
Tue Jul 10, 2007
To answer this question you need to tell me whether the property is residential or commercial? If it is residential will you be living in the home you build? How long do you intend to stay in the home? If you won't be living in the home what will you buget for the build out and how quickly will you want to sell the home or would you rent it out? Depending on the answers to these questions will determine whether now is the time to build.
0 votes
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