Foreclosure in North Port>Question Details

Susan, Home Buyer in Richmond, VA

We want to retire to North Port Fl in about 5 years. Is now a good time to buy and rent out the property?

Asked by Susan, Richmond, VA Wed Jan 30, 2008

Or should we wait until we get closer to retirement age? We could come up with the money to buy something now, but in order to carry the property for that length of time, we'd have to use some of our retirement funds.

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Shannon Moore - The Moore Team’s answer
Hi Susan,

All home insurance companies can tell you if a home is located in a flood zone, we also have maps that give us this information as well as government websites.

CDD fees are what a community charges for the initial infrastructure of a community, i.e. roads, street lights, water, sewer, etc.. There are some communities that have CDD fees and some that don't. The CDD fees would be an additional charge with your tax bill.

Not all communities except pets and some communities have a limit on how many pets or sometimes even a weight limit.

There is not really an average real estate tax. It would depend on the home you choose.

My partner and I both live and work in North Port and know Venice very well. I am a Florida native and have lived in this area all my life. I would be happy to show you around if you give me a call.

Shannon Moore
1 vote Thank Flag Link Tue Aug 19, 2008
If you do a bit of reaserch about Northport, you will see that some people are very ambivalent. Some people love the place and some people hate it. I have been there many times with potential buyers and can tell that there are some great buying opportunities right there right now. I think that it is a great place for first time home buyers who want to buy something that they could not buy a few miles up north. It's also a great place for retirees or future retirees who do not want to buy a pplace that has to be totally remodeled and/or updated before moving in. My personal feeling is that once the market picks up again, many people will regret not having bought in places like Northport because I believe that this might be one of the areas where the increase in values might be the greatest. Please note that this is only a personal opinion and that I have no control about the market might do. But what I am giving you is an educated guess that I would give to any member of my family or any of my close friends.

Good luck.

1 vote Thank Flag Link Thu Jul 3, 2008

This is a great time to buy, however the rental market is very slow and rental income is at a low point. It's also a buyers market for the renter. Cash flow is the issue. If you pay cash for a property you will be able to rent at market value and probably have positive cash flow. If you finance, you probably will be in negative cash flow. If you have the cash, it is the time to buy and rent the property for a few years. If you are going to finance, wait...

Finally, be careful of foreclosures and short sales. There are a lot of pitfalls. Get good advice on any property listed as short sale or bank owned. Don't assume it will be a better deal than a private sale. Many times, maybe even most times, they are not.

Jim Mulligan
1 vote Thank Flag Link Thu Jan 31, 2008
Just checking in with you to see if you have found something in the area.
0 votes Thank Flag Link Thu Aug 28, 2008
It looks like now is a very good time to make a purchase. Just be cautious and don't buy on emotion. Find the right agent and make your best deal.
0 votes Thank Flag Link Sun Aug 24, 2008
Oh my gosh, now is a great time to buy an investment or retirement home, especially in North Port. The deals right now are unbelievable!!!! There are so many Bank owned and Short Sale properities available, that the selection for you is large, and the pricing is so attractive. You can buy it now- at tremendous discounts, rent it out and have it be waiting for you when you are ready to come down. Please check out our web sites for all of our Short Sale deals, or just call and we will send you a list of them.

Sincerely, Ellen Baker
Michael Saunders & Co
the waterside
Web Reference:
0 votes Thank Flag Link Sat Aug 23, 2008
Wait a few years. Housing will be cheaper. My guess is 2012 would be a good time. It would be bad to put 20% down on a property and lose that in the next few years. In this area, Realty Trac says there are 1073 foreclosures (8/18/2008) .
0 votes Thank Flag Link Mon Aug 18, 2008
We actually have a wonderful corner waterfront lot in port charlotte just a stone's throw away from North Port. It has direct gulf access with one fixed bridge and is situated on a very large pond (not a canal where you can see into your neighbors windows). If you are looking to build something in the future it may be a great oppportunity for you to buy and hold the land for a few years. We have owned it for quite some time and would like to sell it. (it is not "officially" on the market)
Please let me know if there is any interest and I will be happy to forward you more details.
laura graves
miami, fl 33154
0 votes Thank Flag Link Mon Aug 18, 2008

If you are still considering purchasing in the North Port area we would be happy to support your interests.

The "Eckler Team"
Michael Saunders & Company
0 votes Thank Flag Link Mon Aug 18, 2008

There is no better time to buy then right now in the North Port area. Here's an example.....3/2/2/ pool, newer construction, 2002-2008, approx. 1,800 sq ft, 10,000 sf lot, priced under $180,000. These prices are under construction costs and represent great opportunities for people that are looking to buy for the long term.5-10 years.

Prior to 2006, North Port was recognized as one of the nations fastest growing areas. It's situated on a vast expanse of land that is still basically undeveloped.

Your situation sounds ideal for North Port.

The "Eckler Team"
0 votes Thank Flag Link Mon Jun 30, 2008

We would be happy to send you North Port property samples with no obligation. In this way, you will be able to keep up with market trends.

The "Eckler Team"
0 votes Thank Flag Link Sun Jun 29, 2008
It's a great time to buy right now but if you are looking to move down here in 5 years you might want to look at a brand new home so it's still in good shape when you come here. Email me at:
0 votes Thank Flag Link Mon Apr 14, 2008
Now you have more options to buy at lower price, some houses have been sold less then the cost to build.

You can use the engine in our website to search for most of houses listed for sale in the area.

Hope it helps!

Web Reference: http://WWW.SRQFLHOMES.COM
0 votes Thank Flag Link Fri Apr 11, 2008
Hi Susan,

As I read your question, I hear several questions that you are asking. The first one should be answered by your financial advisor. And that one is, "are you ready to spend some of that retirement savings on a housxe in Florida right now?" Maybe so--maybe not.

The second is, "would we get a better deal now than later?" This is a great time to buy, and judging by the stock market, it will continue to be a Buyer's Market for some time. On the other hand, if you are waiting for the "bottom" you will miss it, because one day the market will start to go up (no one will know why, but the media will mark that day as the bottom.)

The third is, "can we find a tenant to cover the costs of the house?" That's a tough one, I have just handled two evictions (caused by perfectly nice tenants not paying their rent...) and so I am a little shell-shocked as a landlord right now. You could be in my shoes if you rented to these people.

On the other hand, it's 80 degrees and sunny as I write this, and that's a good reason to consider your purchase.

Dane Hahn
0 votes Thank Flag Link Tue Feb 5, 2008
Hi Susan :

The question you are asking is the mother of all questions. Most of this great community are real estate professionals ...and no disrespect to anybody but I wouldnt ask the rabbit if now is the time to eat carrots .. cause we already know the answer .. by your question notes it seems you guys are coming to a retirement age , time to relax and enjoy life to the fullest ... well... please be careful cause eg. we make a 200k-300k mistake at age 25 .. it is not a problem .. we make the same mistake at age 55 .. it is a big problem. Choose your buy wisely, choose your realtor even better, a good realtor is worth his weight in gold .. on the other hand properties still going down but nobody knows in reality what to expect , there is still tons of ppl holding , watching and waiting .. I do not deny there are deals out there but there is also a lot of bad deals that seem good and in reality .. well again nobody knows ... be careful.Time to buy is anytime .. time to sell is also anytime .. all depend on the deal you get, ability to negotiate and the purpose of the investment ... and although rentals are a great way for cashflow and a real asset if done properly .. an "out of the line" tenant can become a real nightmare , plus the taxes issues and all the political turmoil , plus rentals now maybe slow with all the supply available ,plus , plus ,plus ... little story ...a relative of mine is moving from Nevada to Boca Raton , Florida and we walk through more than 30 properties looking for something for him , his wife and kids to rent on a yearly base .. some of these properties were in the market for over 7 months .. nobody was renting ...meanwhile someone has to pay that mortgage.. you buy a rental now u maybe stuck with a payment for a period of time .. in other words time for serious thinking ... personally I rather wait for the mud to settle and the water is clear.

Wishing you the very best in your endeavors :

0 votes Thank Flag Link Wed Jan 30, 2008
I agree with Bill on all his points. However, I would also ensure that you are prepared to make some of or all the mortgage payments for a period of time on any property you eventually purchase. The reason I say this is exactly because of all the things mentioned below. With all the inventory now available the rental market can be difficult and you may not be able to find a tenant right away or for an amount that covers the mortgage payment.

Like Bill I would be happy to provide you with information about current property listings in the South County area.

Best Regards,
William Gregory, Realtor
0 votes Thank Flag Link Wed Jan 30, 2008
Hi Susan,

Bill is absolutely right! What better time to buy in Florida than right now. Since he works in that area, he would also be a great resource for you.
Web Reference:
0 votes Thank Flag Link Wed Jan 30, 2008
There has never ben a better time to buy in the North Port area that today! There is a very large inventory, prices have come down considerably, sellers are motivated, and there are many short sales and bank forclosures. We can provide the insight you are looking for to identify the best place that matches your specific criteria.
The "Eckler Team"
Century 21 Almar & Associates
100 W. Venice Ave.
Venice Fl 34285
0 votes Thank Flag Link Wed Jan 30, 2008
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