Tremendous Residential and Commercial Real Estate Opportunities in Punta Gorda & Port Charlotte Area Florida

April 4th, 2006

For the first time in the history of Charlotte County, all five of the nation’s largest residential homebuilders Pulte, D.R. Horton, Lennar/US Homes, Centex and KB Homes are breaking ground with their newly planned communities.  Located in close proximity to upcoming new shopping centers and retail stores, all are within quick access of major highways.  However, this was not the only exciting news that came out of the March 9, 2006 meeting sponsored by Charlotte State Bank that highlighted the vast residential and commercial projects currently underway as well those planned for the near future.

To the north just over the county line is Northport, a new community located in Sarasota County that has a current population of 50,000 and is projected to grow to 100,000 by the year 2010.  Centex Homes has 3-4,000 units planned with even higher projections.  Pulte/DeVosta Homes is in phase 1 of 5 with 1800 homes planned in this first phase and with 12,000 projected overall. Commercial construction in this area is also booming with over 1,000,000 sq ft of commercial space coming out of the ground at the present time.

In an area west of the Myakka River referred to as “West County” which is comprised of Englewood, Rotunda, the Gulf Coves, Placida and Cape Haze, there are over 2500 new homes under construction with a retail value of $1,200,000,000 according to Lane Diedrick, President of Englewood Bank.

In the Punta Gorda and Port Charlotte area alone, there is over 2 million sq ft of commercial development now in progress.  Due to the increasing demand, medical and office space is being rapidly developed as well as much needed warehouse space.  Harborview Park of Commerce is one commercial area that will have 23 industrial warehouse lots and The Endeavor Bldg in the Whidden Industrial Park will have another 60,000 sq ft.

Fed/Ex is one of the newest companies coming to set up a presence in our community with a new warehouse space located on the north end of the Charlotte County Airport in the Charlotte County Park of Commerce.  Opportunity exists in this 150 acre tract for you to own your own hanger and warehouse space.  On the south end of the airport 368 acres is currently being developed into an industrial park.

If you’re looking to purchase space to rent here are some numbers that may be of interest to you.

Office space is renting at $20-$24 per sq ft depending on amenities and location.  Retail space is approximately $16-$24 per sq ft depending on location and industrial is at $8-$10 per sq ft.  In some cases you can earn “Triple Net” adding another $3 per sq ft for taxes, insurance and utilities on top of the rent.

If building is your interest, here are some figures you can expect see.  Office space is running from $180-$225 per sq ft depending on interior improvements and location.  Retail is harder to judge as there is not much available at the present time.  Industrial is $80- $120 per sq ft and that figure includes the lot, building and parking all of which is embedded in the price.

With 78.2 million “baby boomers” in the United States alone and 7,918 turning 60 years of age every day, there are lots of opportunities for those looking to meet the demands of this aging population.  Keep in mind; this is a group that is looking to keep active both physically and mentally.

To meet this demand, the large scale home builders realize they have to make homes more affordable and to accomplish this, they are “value engineering” that includes increased density, a more streamlined selection of optional features and in some cases reducing the floor plans by as much as 17%.  However, this is just one part of our unique market as there are many estate homes that are being built that exceed five and six thousand sq ft and have almost every amenity imaginable.

Next week we will give you an inside look at Babcock Ranch, a proposed city of 40,000 people in our area that will have natural hiking trails, a golf course, lake front homes and shopping.  Another development is Murdock Village that will create a new downtown village for Port Charlotte and will literally be a self contained community within a community.

With all of this exciting new growth, don’t you want to be a part of it?  For additional information or to contact us, visit http://www.flwaterfrontliving.com

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