I have water front undeveloped property in Port Charlotte on Klingler. Is this a good time to sell it?

Asked by Donna, Port Charlotte Florida Mon Jul 16, 2007

I have have waterfront property and then across the street two more connected lots. Should I sell as a package to get more money or just sell individually?

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Bridgette Ko…, , Florida
Sun Aug 19, 2007
Both Deborah and Lloyd gave you great advice. But I wish to revisit a topic Lloyd touched upon. What is your financial goal for doing so? If you are reinvesting in real estate with these funds, be sure to use the tax deferred benefits of a 1031 exchange. A REALTOR experienced with residential investment property or a CPA will be able to explain this further. I've also attached a link below to a 1031 exchange company which will give you some general info. You are also likely receive a higher profit margin by listing then selling one parcel. Once that transaction has closed, list the second, etc. This way you do not "flood" the market with similar properties and unintentionally lower their market value.

If it is not your intent to reinvest in real estate, and you do not need the funds, hold the property for at least a year longer (possibly more). Waterfront property does have an appeal which is not likely to decrease in either of our lifetimes. Hold it until the prices start to creep up again (they will eventually). Best of luck!
1 vote
Deborah Madey, Agent, Brick, NJ
Mon Jul 16, 2007
If the lots are zoned for SF Residences, you will usually net more by selling individually. Builders will only be looking for a deal, but might buy as a package for spec building. Keep in mind your carrying costs, as it could take a while to sell individually.

You can also offer individually, and link the lisitngs for the potential buyer who would be interested in the package.
Web Reference:  http://PeninsulaFirst.com
1 vote
Shannon Moore…, Agent, Port Charlotte, FL
Thu Jun 26, 2008
Lots are not in demand right now due to the lack of building. When the building comes back is when I would look to sell your lots. If you don't have to sell them I would hold on to them for a while.

Shannon Moore, Realtor
Re/Max Anchor Realty
0 votes
Bill Eckler, Agent, Venice, FL
Sat May 10, 2008

We still agree....now is still the time to hold off on selling. The inventory is just too high and prices have not stabelized. However, it is the time to BUY. It's hard to tell how long you should hold off but definitely until December 08 at least.
Good luck,
The "Eckler Team"
Venice Fl 34285
0 votes
Susan Gimore, , 34223
Sun Oct 21, 2007
Now is not the time to sell. If you bought these lots in 04, 05 or even 06, it would best to hold on to them.
0 votes
Elizabeth Bu…, Agent, Englewood, FL
Sat Oct 20, 2007
The property values in the area have declined greatly. If you purchased the lots in 04, 05, or even 06 you should probably hold on to the lots. I purchased lots in the area in 05 and have lost equity on a dry lot. Taxes have increased and the carring cost could create hardship. Maybe you could sell one of thelots to help support the carring coast of the other lots. Hope this helps

Elizabeth Burr
Micael Saunders and Company
941 855-1142
0 votes
LLoyd Nichols, Agent, Fort Myers, FL
Sun Aug 19, 2007
Donna: first it depends when you bought the properties and for how much. Second it depends what you are going to do with the profits. If you are going to invest again in real estate you will be selling low and buying low.So it works both ways. I would wait until the winter to put them on the market unless you own"unique" properties.Selling them individualy will fetch you more money. Do a CMA, with similar properties sold in the last 3 months.This will give you a good idea of its market value. To be on the safe side you could list one now if the comparables show some interesting selling prices, and the other during the winter. It all goes back to how much you paid and owe and when you bought it. Most believe that it will take over a year for the market to turn around. WE cannot be sure but that is the belief..Port Charlotte average selling price from June to July has been stagnant ( waterfront lots) but you are still talking about one of the top ten boating and sailing cities with Lee County in the country and it goes also back to how much your lots stands out, their size, elevation, sea wall or not, view, and drainage quality in general..
0 votes
Herman Chang, Agent, Palm Beach Gardens, FL
Mon Jul 16, 2007
I would recommend doing a CMA (Comparative Market Analysis). I would also recommend having report that show # of currenlty For Sale and # of Sold in the last year. This will help you gauge your local market.

I would be glad to recommend a Realtor who is an expert in this area.
0 votes
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