Archive for August, 2009
August 18th, 2009
Until Hurricane Charley hit the City of Punta Gorda head on five years ago this year, most people in the United States never heard of this unique Florida City with a Spanish name. Even those within the state didn’t recognize this town which in English means “Fat Point.” However, what makes this Southwest Florida’s city a “must buy,” is its affordability as a pristine waterfront community. Situated on Charlotte Harbor within close proximity to the Gulf of Mexico and world class Tarpon fishing, Punta Gorda has rebounded in the last five years as an even more popular tourist destination and diversified residential community.
When compared to Sarasota and Naples, Punta Gorda’s boating communities of Punta Gorda Isles and Burnt Store Isles offer a waterfront lifestyle second to none and at a price that can’t be beat. In the last six months, 108 homes have sold and another 40 are under contract, a statistic that speaks volumes in a real estate market that has not seen very positive news in the past few years. While not known for its beaches, the protective Charlotte Harbor has been voted as one of the top ten harbors for sailing, and ESPN has covered the O’ Boy Oberto Annual Redfish Tournament over the past few years attracting anglers from all over the country.. When it comes to gulf access canal front homes, the sister communities of Punta Gorda Isles and Burnt Store Isles, also known as PGI and BSI, offer a unique blend of pristine waterfront living with close proximity to the historic charm of downtown Punta Gorda.Waterfront homes in these boating communities range from the mid $200,000’s to over $3,000,000 for powerboat and sailboat access to the harbor and the gulf islands beyond. Comparable properties in Sarasota and Naples (Sarasota and Collier counties) can cost one third to one half more, without many of the amenities.So if a pristine boating community with a charming nightlife, nestled within close proximity to a historic downtown is what you are looking for at an affordable price, you may want to consider the waterfront developments of Punta Gorda Isles and Burnt Store Isles for your next investment or place to call home.If you would like more information about our area or a list of available homes, please call The Gary Cardillo Group (RE/MAX Harbor Realty) at (888) 818-4945 or write to us at info@waterfrontliving.com
August 10th, 2009
Its hard to believe that five short years ago, the Red Cross and National Guard as well as many other relief organizations were sending trucks full of supplies for our hurricane ravaged town. Former President Bush and his brother former Florida Governor Jeb Bush, toured our area as did other noted politicians during an election year that brought a quick response to a Southwest Florida waterfront county (Charlotte) shocked by the unexpected impact of a Category 4 Hurricane.
August 4, 2004 may always be remembered as the day when Hurricane Charley devastated Charlotte County, but it also marked the beginning of a rebirth that has turned Port Charlotte, and Punta Gorda from a conservative retirement community, to a younger more vibrant destination.
In five short years, Port Charlotte has seen a residential and commercial rebirth adding such well know national franchises and retail establishments as Panera Bread, Kohls Department Stores, and Carabba’s Italian Grill. However, the quaint historic waterfront City of Punta Gorda has taken on a whole new life with the emergence of new hotels, marinas, and a diversity of eating established few could ever have imagined.
As a Realtor, I am often guarded in my exuberance at the change that has gone on since that August summer day, as many people lost homes and businesses. But in their loss, a systematic and well planned effort to take the “blank slate” Charley left in its wake and turn a City with immense potential into a reality has come to fruition.
Starting with a grassroots organization of residents and business owners alike, TEAM Punta Gorda was formed to help redesign a city poised to take advantage of its harbor front location. Within a short period of time, TEAM Punta Gorda hired reknown Master Planner, Jaime Correa to create a “Master Plan” for the rebuilding of the City of Punta Gorda, and the effort is paying off.
Today, roof top dining, boutique hotels, nationally recognized marinas, and a host of dining options never seen before, dot our City’s landscape. The historic Ice house is now home to an authentic English Pub. A former retail location is now The Downtown Hookah Lounge, featuring middle eastern cuisine and belly dancing. Bin 82 is a wine and cheese café serving a variety of Tapas. The boutique Wyvern hotel is a Ritz Carlton equivalent, with its roof top pool, bar and seating area, looking out over the city skyline, north to Charlotte Harbor and Port Charlotte beyond. The Sheraton Four Points hotel has just opened with new condominiums and waterfront shops lining the Harborwalk planned for future development. The new Charlotte County Events Center, a twenty million dollar project, gives us a state of the art facility to house venues never seen here before. The Sunloft Center is a unique building that though an amazing architectural plan gives the illusion of multiple buildings. On the ground floor is Jack’s, a new neighborhood restaurant with outside bar area along Marion Avenue. The upper floor will be office space and the top floors will be condominiums with views of the city skyline, capturing beautiful sunset views. Laishley Park and Marina and the new Laishley Crab House are the newest attractions to the area. This state of the art marina facility and public boat ramp offers over 80 new slips for long term and short term dockage. The park itself features an outdoor band stage for year round concerts, and the new interactive fountain has been a hit for families and friends to enjoy on hot summer days.
Overlooking the marina is a 23,000 sq ft Key West Style facility that houses the Laishley Crab House Restaurant. Just opening, this exciting new dining experience features both an inside and outside bar area overlooking Charlotte Harbor and the adjoining Peace River to the north. Inside you are treated to a dining experience masterfully decorated with some of the most unique wood carvings imaginable.
Charlotte High School is soon to be completed joining the Punta Gorda Middle School as two educational facilities that were completely rebuilt far beyond their original design. The high school will boast of a new technical building for those with engineering and computer interests, and the athletic facilities and track are seen only on collegiate campuses. .
While there is still much more growth that needs to take place in attracting new business such as technical, manufacturing, solar, aeronautical, medical and telemedicine, in five short years, Charlotte County’s Port Charlotte, and the City of Punta Gorda, have made great strides in becoming vibrant social and residential communities while maintaining their appeal as vacation destinations.
This weekend, August 15th, the City of Punta Gorda is hosting a City wide event called “Xtreme Makeover”, that will celebrate the accomplishments that have been made in five short years. For some, the change couldn’t have come soon enough, for others, it is a reality beyond their wildest imagination. With expanded interest in the arts and cultural interests, as well as a diversity of job growth, Charlotte County stands poised to unseat Sarasota and Naples as the most unique waterfront destination; it certainly is the most affordable.
August 9th, 2009
One of the hottest segments in the real estate market today is Bank Owned Properties and for the buyer who can view the property and respond quickly with an offer stands the best chance to benefit from the opportunistic buys in the market.
While these homes are purchased in “As Is” condition with a “right to inspect,” the buyer must accompany their offer with either a letter from their bank representative stating they have sufficient funds to purchase the property for cash, or a loan commitment letter showing the buyer has already been approved for a loan. It is important to note that a “loan commitment” is different from a “pre-approval” in the sense that the commitment is predicated on more detailed information.
Since banks what to get these “distressed” properties off their books quickly, they want to make sure the potential buyer is financially sound as they do not want to “wait” for extended periods of time for the buyer to apply and get approved for a loan.
It is also vitally important to have an experienced Realtor work with you as there can be “hidden” expenses that could result in thousands of additional costs to you. Past assessments, outstanding permits, liens, taxes or association fees are just some of the potential costs that you, as the buyer, could be liable for that are not always “obvious” and may require researching to uncover. These potential fees could be significant enough to change a good investment opportunity into a liability.
Keep in mind that purchase agreements or “addendums” submitted by the banks are very “one sided” and are structured solely to protect their interest. While bank owned properties provide excellent investment opportunities, don’t overlook the details, and pay close attention to the all the required documents along with having your finances to purchase the property secured in advance. The more organized you are, the quicker you can respond to these opportunities, giving you an advantage over others who must accumulate the information required to submit along with their purchase offer.
August 6th, 2009
Literally every day I have someone ask me if a short sale is right for them and my question usually starts with, “It depends.”
Too often people think this is the quickest way to avoid foreclosure however, since there may be tax consequences on the “phantom income” as well as the potential liability for repayment of the outstanding loan balance, consulting an attorney and accountant in advance of any conversation with your lender is highly recommended.
As different as your financial situation may be, so are the processes the banks who hold these mortgages use in addressing these outstanding loans. Some lenders are willing to forgive the outstanding debt while others such as Bank of America will wait until the property closes as a short sale, then discuss the repayment for all or part of the outstanding loan.
If you have valuable assets, it is important to note the banks may see these assets as vehicles to be used in satisfying the outstanding balance on the mortgage. It is for this reason seeking both legal and accounting advice is imperative before entering into negotiations with your lender regarding the possibility of selling your home through a short sale.
Another point to consider pertains to any “second” mortgage or “equity loan” taken against the property. I have heard of several instances where information given on these loan applications was “less than accurate.” Many times job history and salary structure was intentionally “falsified” to obtain the loan, and that “false” information could come back to bite you in your short sale request.
Since you can’t just sell your home “short” of what is owed on the mortgage, a financial hardship letter must be submitted along with two years worth of pay stubs or tax returns. If there is an inconsistency between your tax returns and the information you provided at the time you were applying for an equity loan, you could put yourself in a position where you would have committed fraud, and this is a criminal offense. At that point it would be better for you to go to foreclosure than it would be to put yourself in a legally compromising position by requesting a short sale in order to sell your home.
While short sales are not as damaging to your credit rating as a foreclosure or bankruptcy, seeking professional advice in advance is highly recommended prior to entering short sale negotiations with your lender. Once given the “O.K.” to proceed by council, seeking a Realtor with vast experience selling short sales and bank owned properties is equally important as there are many nuances to consider during this process that can take many months to bring to a closing. Knowing your options in advance will help you make sound decisions in limiting your financial risk.