Gary Cardillo’s Southwest Florida Real Estate Blog

IF WE’RE GOOD, THEY WILL COME

August 31st, 2006 12:57pm admin

Recently a friend came up to me and said, “If I read one more article on how to sell your home, I’m going to scream.”  Before I could stop myself I replied, “Yeah, me too.”  Then I realized during this market many of us who are writing columns such as this typically gravitate towards the position of the seller…interesting.

 

I started to think, “Isn’t it funny how certain business’ and individuals thrive regardless of the economy or situation they are in and when asked, “How do you do it?” they reply, “If you’re good, they will find you.”  I thought, “Why should we as a community be so quick to accept ourselves as a depressed market.  Did we have our fifteen minutes of fame and now everyone’s leaving for the next great opportunity?”

 

Recently, my wife and I attended a national real estate conference in New York City (by the way did you hear the Yankees are getting a new stadium???).  Realtors from around the country, regardless of their office affiliation, met in one of the most open and genuine formats I have ever attended, and exchanged ideas and marketing strategies pertinent to today’s changing market.  It was great experience for us until we met some Realtors from the Carolina’s and parts of Georgia, Alabama and Tennessee who were just too anxious to hand us their cards while saying, “We hear things aren’t going so well in Florida, everybody’s heading up our way.  If you know anyone who’s looking for a great place to live, give me a call.”  Maybe it’s the New York side of me but as I looked at the smile on their faces I thought, “What do you think you’re doing, throwing me a life line?  I don’t think so.”    

 

I was still undecided as to what pearls of wisdom I could impart to you until I read a recent article by Brian Gleason entitled, “Being here is the best sign of progress.”  Then I came across another by Gordon Bower, “Here’s some good news about the city’s future development.”  I thought, “That’s it! We were just being discovered before Hurricane Charley and although we suffered from its devastating affects, we essentially became a blank canvas that had unlimited potential.  Well guess what? That potential has not gone away and despite the national real estate slow down, the Middle East conflict and all the negative press about insurance rates and taxes (I’ll get to that later), we have so much more to offer than any area you can possibly imagine.

 

To understand what is happening in this market you have to understand the real estate cycle.  We have had an unprecedented residential growth these past few years.  In its simplest form, the residential side is catching its breath or as some would say, “adjusting.”  But, you can’t have all this growth with no business’ or cultural interests to service it.  We are now in that time where you are seeing the commercial projects starting to come up out of the ground that have been in the works for a long period of time.  You don’t have to look much further than the old Home Depot location to see what the face of our community is going to look like and Panera Bread (that should be good for a croissant) is just the beginning of the new retailers and restaurants that are seizing the many opportunities here in our area.  However, we can’t assume that restaurants and retail stores are the last piece of the puzzle.  Why should we be banking on the baby boomers to be our financial salvation? Why not try to attract companies to at least set up satellite offices here much the same way that FGCU is looking to do with their campuses?  We can’t keep expecting to increase the taxes on those who are “still here.”  We need to diversify ourselves and start attracting a young talent pool to our area.  Just look at the high tech communities outside Atlanta; they are young, thriving and exciting to watch.

 

I don’t know about you, but I know what it is like to take a subway to work every day and on a more sobering note, the entire time we were at our New York conference, the city was on “red alert” (the highest state of alert for terrorism).  Everyone I know would gladly give up their monthly train ticket to commute to their job as we do, experience the weather that we have, and to be part of a growing community that is just starting to realize its potential as we are. 

 

Our potential is great nevertheless, as Realtors we hear what the public is thinking and it isn’t the interest rates or the threat of hurricanes that are foremost on people’s minds, it is the affordable housing, property insurance and taxes.  We need to get them in check if we are going to have any chance to reach our potential as a thriving place to live, work and play for all ages, and not just those looking to retire.  Now is not the time to sit back and wait for things to change, it is time for us to do the things that other counties are unwilling to do and to support those who are thinking outside the box for our long term well being.    If We Are Good, They Will Come, and as long as we embrace this, our community will continue to thrive while others decline.

Market Update from New York City

July 24th, 2006 11:51am admin

 

I want to first apologize that I have not updated you sooner however, we have been attending a week long real estate conference in New York City.  Despite the great information and networking opportunities we were challenged with difficult sell phone and internet reception.

 

It is always great to step back and look at your area from different perspectives and getting outside our area has proven invaluable as we have had the opportunity to network and study with realtors from all over the United States.  We have specifically explored everything from emerging markets to direct mail campaigns.  The networks we have developed have proven invaluable as our goal was not only to look for new approaches in addressing our changing market but to develop relationships with realtors in areas where people are moving from their areas to ours. 

 

With regard to the changes in the market, the slow down is not limited to our area.  From New York to Miami to Kansas City and beyond, this is a national epidemic however; there are opportunities that do exist.  For those of you looking to invest, there are opportunities that abound locally, nationally and internationally. 

 

However, the surprise, which was really not a surprise, was the continued emphasis on  “Being aggressive in your pricing,” which was the theme that resonated throughout the duration of the conference.  What we thought we were experiencing on a local basis turned out to be the challenge that most of us faced on a national basis due to the rapid rise in property prices.

 

There was a realtor who posed a question to one of the seminar speakers who said, “There are no buyers in the market.”  The speaker, who was a realtor from Ft. Myers, Florida said, “You are buying into that media position, of course there are.”  The other agent responded with, “The reason buyers are not in the market is due to high insurance and tax rates as well as increasing interest rates, I have a house priced at $400,000 and it has not even had one showing.”  The speaker said, “If you priced the house at $250,000 do you think it would sell?”  The other agent responded, “It would sell in a minute.”  He said, “I thought you said there were no buyers in the market!” This is the same position we have been taking with our customers all along - price your house aggressively.  What I think has come as a surprise to all of us, is the buyer’s posture or patience in waiting for prices to significantly drop and it is our personal opinion that prices will continue to adjust to those of a year and a half to two years ago.  For many sellers a home holds a great deal of meaning and memories. However, a buyer looks at it completely differently.  A home is like a stock, it has no value until someone is willing to buy it.  As we have stated in the past, fair market value is not what a home is appraised for, fair market value is what someone is willing to pay.

 

Although giving the house away is not what any one of us is suggesting that you do, it is now very apparent that with the inventory that is on the market and all of the choices that the buyer now has, if you are not getting calls on your property, the price needs to come down even further.  Another key point that was addressed (and one that we have been discussing with many of you) is not to “chase the market down.”

 

By chasing the market down, you ultimately will sell your home or property for less.  By aggressively positioning yourself below the market, you create separation and your property stands out.  We have all enjoyed the high returns of the market the past few years however, now we all need to be objective and look at it from more of our buyer’s point of view when we establish a sale price.  The potential buyer is going to pay much more for the house than you did as well as face increased property taxes, insurance and interest rates (if they are financing).  Do the math, and if the potential numbers you come up with make you gasp, it will be hard for an intelligent buyer to make a purchase that you would feel uneasy about making yourself.

 

International contacts, websites, blogging, pod casting, consistent print and creative media advertising were all discussed as the future platforms for marketing.  This was particularly gratifying for us as for the exception of pod casting (which is still in its very early stages) we have already been incorporating all of these formats in our marketing strategies to get your property the greatest possible exposure.

 

During this seminar we have added to our list of relationships with realtors who have investor groups, specifically looking to invest in Florida on a long term basis as well as other realtors, primarily from the north and northeast whom are seeing their customers move to Florida.

 

We have been very blessed with a diverse client base and for each of you whether you are a buyer, seller or investor although we will continue to stay at the forefront of industry trends in presenting you with solutions to your needs.  By expanding our networking base we have greatly enhanced our efforts to present you with the opportunities you are looking for.

 

If there is one final piece of information I could give you from this seminar that was echoed from California to Florida it would be, “With the changing market, comes great opportunity.  As an investor there are niche markets that have not reached their potential while there are others that present opportunities as investors maybe over-leveraged.  You know as a buyer you are in a great position and as a seller, now is the time to price your property aggressively; sell it and free yourself up to pursue your next real estate opportunity.”

Why Is My House Not Showing

July 7th, 2006 09:56am admin

 

As we try to keep everyone up to date on the latest developments in this ever changing real estate market, we realize that while many are adapting, others have been left wondering, “What are we doing wrong, no one is even looking at my house?”

 

Although on paper having a home competitively priced seems to be a sure-fire guarantee for getting buyers in the door, today’s buyer is very different from the “investor” who has monopolized the market over the past few years.  Investors looked at anything that made financial sense.  They study the market and know just how much they need to put into a property to gain the greatest return on their investment dollar.  For the most part, they travel from “hot” market to “hot market” and have a host of contractors who follow them around knowing exactly what they have to do to turn a property quickly.  Because of their experience, more often than not, these investors can make changes to a property for less money and in a fraction of the time it would take the homeowner to accomplish the same thing.

 

Today’s buyer is very different, as are most “end users.”  They are much more deliberate in their selection process since they are not concerned as much with return on investment dollar as they are satisfying a lifestyle need.  What this means to you as a seller is you can have your home competitively priced but if it doesn’t fit their criteria, your home is not going to be viewed.  So what can you do to give yourself the best chance in this market?

 

The first thing you need to do is to lose your fear of selling your home too low.  With market prices trending down, if you lower the price of your home incrementally, you will stay in “the pack” and will not differentiate yourself from the other homes on the market.  By pricing your home aggressively, thus creating a distance in pricing between yourself and other homes comparable to yours, your home will be recognized first and shown more often. By taking an aggressive stand earlier, you may wind up selling your home faster and for more money than had you continued to hold on to your home and followed the market down.

 

Keep in mind, as I have written in earlier “blogs,” a well priced home is only half the battle.  Today’s buyer is most likely an end user who may not have the vision of an investor.  You need to make sure your home is in as close to pristine showing condition as possible.  An impeccably maintained home gives any potential buyer the peace of mind knowing that the home has been well cared for, reducing the possibility of significant unexpected costs down the road.  A buyer may first be attracted by to the price you have your home listed at but, if you want to seal the deal, the condition of your home should be better than the buyer could have imagined. 

YOU GOTTA BELIEVE!

June 13th, 2006 06:24am admin

“You Gotta Believe”

 

For us New Yorkers, this was the battle cry made famous by New York Met pitcher Tug McGraw (also the father of country singer Tim McGraw) during the “Amazing Mets” 1973 pennant drive.  The Mets who, despite their 1969 World Series victory, were perennial “cellar dwellers” year after year and were finally putting together another winning season.  “You Gotta Believe” became the chant of many New Yorkers (even a few of us Yankee fans) who had a hard time believing they could do anything more than live in the shadows of their cross town rivals.  So, what does this have to do with our area you may ask?

 

If you were to poll anyone outside our county to name the cities on Florida’s west coast, Punta Gorda and Port Charlotte would have rarely been on anyone’s list; at least until Hurricane Charley put us in the national spotlight.  Depending on their source of information, we are either viewed as the “best kept secret ready to be discovered,” or “still in a state of disrepair”, as depicted recently on one of the national evening news programs that found a building needing to be torn down and used it as their backdrop.

 

With all the negative press about another “active hurricane season”, increasing interest and insurance rates, the slow down in the real estate market and the issuance of building permits, it’s a wonder that anyone would want to live here.  What most people don’t consider is that many of the “concerns” making front page news, particularly the real estate slow down, are not exclusive to our area; they are occurring on a national level.

 

In a newspaper article I recently read, Charlotte County is being referred to by some developers as the “hole in the doughnut, surrounded by well-developed communities and remaining a fairly blank-and affordable-canvas waiting to be painted.”  What most of us don’t consider are the millions of dollars that have been spent on demographic studies by national major “box stores” and developers/builders such as WCI, Stock, Kitson, Pulte, D.R. Horton, Lennar/US Homes, Centex, KB Homes, Wal-Mart, Home Depot, Loews and many others, long before they decided to make their presence here.

 

Much needed medical offices and warehouse space are being developed and one quick drive to our airport is sure to surprise you when you see the massive undertaking of very forward thinking commercial space already underway.  With future planned developments up and down Burnt Store Road and the recent news regarding “The Loop,” which is a collection of specialty store outlets and anchor stores such as Best Buy, aimed at creating a unique shopping and meeting experience, the face of our community is going to change dramatically.

 

Just imagine what the new waterfront area in Punta Gorda is going to look like with the possibility of quaint shops and small restaurants in a marina setting; and let’s not forget what interest the new Events Center is going to bring back to our area. These are just some of the many diversified projects planned for our community.

 

With each building that has been removed, new ones are being designed with great attention to architectural detail; this is the new face of our community however, to be viewed as more than just a retirement or vacation destination, we need to attract the corporate business and develop cultural interests as well if we are going to be perceived as having value when compared to our neighbors to the north and south of us. 

 

Recently, Friedman Billings Ramsey & Co’s veteran analyst Michael Youngblood, in a Business Week article, not only dispelled rumors of a “housing bubble” but went on to specifically predict Punta Gorda as the market that will have the fourth highest price gains (35%) in the nation.  Although, he may be going out on a limb in my estimation, what I found interesting is that he bases his positive outlook for us on “job growth and growth in personal income.”

 

If all these people are seeing the potential of what we can become, I guess Tug said it best, “You Gotta Believe!” 

The Silver Lining in the Real Estate Cloud

May 24th, 2006 11:57am admin

I don’t know about you but, if I see one more article that focuses on rising interest rates, increases in taxes and insurance rates while counting down the days to another hurricane season, I may consider cancelling my newspaper subscription.  Oh it gets better, my next door neighbor just returned from a trip to Arkansas and on page one of a small town newspaper was a story about how Boca Grande is being over run by Iguanas.  What they didn’t mention was the 50 mph winds and mothball sized hail that tore through their area.

I find it amazing that in the past year alone, there have been devastating storms throughout the world and yet the media doesn’t seem to sensationalize them like they do the “potential” storms that may hit Florida.  There have been blizzards accompanied by 80+ mph winds in the upper Midwest, hurricane force storms in Australia, tornadoes from Texas to Tennessee and most recently floods in New England, yet the stigma of these storms has not been long lasting.

The other night I saw an infomercial on television touting the Carolinas as a more affordable and safer place to live in, as if they have been recently discovered.  My immediate thought was, “Do you remember Hurricane Hugo?”  Perhaps I’m being a bit sensitive but the reason most people I know moved to Florida was for the tropical environment and of course the water and the beaches.   

Although life in the Carolinas, Tennessee and a few other southern states may have a lower cost of living, I question if they have the year round weather and diversity of cultural interest in the close proximity that we enjoy.  Just an hour and a half to our north we have three major professional sports franchises, not to mention many entertainment venues hosting world class artists.  If you enjoy the arts, Sarasota has the Van Wezel and Asolo, and for something closer to home there is the Barbara B. Mann that hosts many top line performers and Broadway shows; and let us not forget about Disney and Universal Theme parks just a little over 2 ½ hours away.  Of course there is plenty more to see on the east coast and for the truly adventurous, a quick three hour flight can put you right in the heart of New York’s Theater district on Broadway.  How many states offer this diversity of interests?

A few short years ago, Money Magazine and Forbes selected us as one of the best places to live in the United States.  Unfortunately, Hurricane Charley and a brush with Wilma seemed to over shadow the positive national exposure we were enjoying.  Now with the real estate slump we are currently experiencing, many are now questioning, “What is wrong with our area?”  Until you realize this is a national issue and not a regional one, you are going to wonder if our fifteen minutes of fame has passed us by.

Now for the good news!  Did you know that recently INC. magazine selected us as one of the top 17 small cities in America to live in?  Are you aware that Friedman Billings Ramsey & Company’s veteran analyst Michael Youngblood not only dispelled rumors of a housing bubble in our area in the May 15^th issue of Business Week, but he specifically chose Punta Gorda as the number four market for the greatest price gains at 35%!  Only Bakersfield, CA (43%), Fort Myers, FL (42%), and Stockton, CA (39%) had higher projected price increases.

What I found particularly interesting is that Youngblood does not use the traditional methods to measure a market’s strength such as inventory-to-sales ratios and the number of months a house is on the market.  The indicators he uses are employment and personal income growth which means that from an economic perspective our area is on a healthy track.

If you look at the number of major projects that are planned for our area as well as the increasing presence of national chain stores that are calling Charlotte County home, it should become more obvious that we are only in the beginning stages of our explosive growth.  With investors now out of the market, we are seeing a more balanced growth in all sectors of our area, and that to me is exciting.

We live in a great country that offers enough diverse climates and geographical features to please most anyone.  For me, living in a place that most people consider a vacation destination makes me feel very fortunate and with the exciting new developments and master plans for our area makes me realize that I am not alone in realizing the best is yet to come.

 

Is This Really A Buyer’s Market?

May 15th, 2006 12:22pm admin

Over the past few months we have been updating you on the changes that our market has been undergoing; and there have been many.  We went from a red hot market where sellers enjoyed unprecedented profits as they watched the value of their homes go up almost on a daily basis.  Then as if almost overnight, we saw a dramatic change that have left sellers and now buyers scratching their heads wondering, “Where do we go from here?”

 

During most of 2005 rumblings of an “over heated market, bubbles bursting and expected tax and insurance increases as well as rising interest rates,” started to dampen  the feeling that the real estate roller coaster was going to continue upward for years to come with the arrival of the “baby boomers.”  We first saw the change from a psychological perspective with the buyers who started to question the long term stability of the market.   

Last July the market literally came to a stand still as buyers, one year removed from Hurricane Charley, decided to take more of a wait-and-see approach.  No longer were we immune to the slow down that was occurring around the country, and no longer was Florida a place where you could purchase a home for half the price of the home you sold up north, living off the balance you put into your “nest egg.” 

With inventory levels increasing, we started to realize the impact of the investors, as the number of homes on the market and the prices they were listed at, were at an all time high.    As quickly as they came, they left, and our market has been trying to adjust since that time.  However, it is the psyche of both the buyer and seller that need to adjust even more than the inventory levels. 

Recently I wrote an article aimed more at the seller, challenging them to take a hard look at the listing price of their home.  It is no secret that sellers have been spoiled over the past few years with enormous returns on their real estate investments.  The reality, I wrote, is more of a realistic expectation of return on the original purchase price of their home.  To expect a 200% or greater profit that some experienced these past few years may not be realistic in today’s market, especially after owning the property for just a short period of time.  But then again, some of the offers we are seeing put on the table are equally unrealistic. 

Just in the last week alone, we had offers on two brand new homes that bordered on “Grand Theft.”  Not looking to be an accomplice to such a transaction, we respectfully declined.  In one case, the home which was built in 2006 and had over 2000 sq ft of living space had been lowered over $30,000 making it the least expensive home on the market in it’s category by far.  An out of area agent called with an offer almost $30,000 below the new list price with no money down, 100% financing contingency, a significant portion of the buyer’s closing cost to be paid by the seller, a home warrantee and an additional $1,000 from the seller to pay for a new water filtration system.  My answer to the buyer’s agent was, “Why stop there?” 

The other home was a brand new custom home overlooking the golf course in prestigious Burnt Store Isles.  Priced already over $100,000 lower than what you could possibly build a home like this for today, (and with less upgrades); I received an offer over $150,000 below the list price.  To compound matters, the agent said he had a piece of vacant waterfront property on the same street he would be willing to trade on an even exchange for the house.  My reply to him was, “Perhaps if you want to add the parcel of land to your offer, we might have a deal.” 

It is no secret that this market is sending mixed signals.  Has it bottomed out?  How much more does it have to go?  These are the questions we are fielding everyday that are keeping the buyers on the sidelines.  For those who are willing to get into the “game,” many of the offers are reflective of what I described above.  My suggestion, if you are selling your home, price it at a fair market value and if you are buying a home, don’t be insulting.  Look at what it costs to build a home and what you would expect as a reasonable offer if it was your home. 

As I have written before, sellers like to use active comps when listing their homes and buyers go by sold comps when looking to purchase a home, and the two may not see eye to eye.  In this market, I suggest we look at things a little more from each others perspective if we are going to see our market return to a healthy balance.   

Quality of Life…It Gets No Better than Charlotte County Florida

April 25th, 2006 12:02pm admin

I write this blog from aboard a cruise ship returning from a trip to the eastern Caribbean where we visited Old San Juan, Puerto Rico, Antigua and St. Maarten.  This was a trip of two purposes for us, one to get some much needed rest and relaxation, the other to compare what these islands had to offer and to network with local realtors. 

Living in Punta Gorda, Florida, you would think, “Why would you want to take cruise to the Caribbean?”  Let’s just say the old adage, “The grass is always greener on the other side of the fence,” could be one used however, I discovered, “There’s no place like home” is probably more fitting.

Sure we saw teal blue/green water and some white sandy beaches but we have that in as close proximity to where we had to take a taxi to get to them.  And yes, once getting off the cruise ship we were greeted with plenty of novelty shops and restaurants but, once you went outside these areas that were just a few streets wide and perhaps a mile long, you quickly realized you were in a small enclave surrounded by a very poor and rural environment.  Seeing very modest homes with large cisterns to capture water for everyday use and fans which for many was there only source to cool themselves from the hot Caribbean sun, I started to realize what we took for granted, but then I realized something else; all the things that I came to this area of the world to do, I had in my own backyard.

Punta Gorda and Charlotte County have a quality of life and amenities that few places in the world can offer with year round beautiful weather that allows us to boat, golf, shop or site see whenever we want, “Why go anywhere else?”  Within 30-45 minutes you can be in the Gulf of Mexico where you can be fishing for Tarpon, considered one of the worlds best fighting fish, or if a more relaxing pace is what you are looking for you can cruise or sail Charlotte Harbor which is one of Florida’s largest protected harbors.  Experience more of a natural setting as you pack a lunch and cruise up the Peace River where you can see exotic birds or spot a few alligators sunning themselves on the river banks.  If the feel of tropical islands are what you are looking for, Sanibel and Captiva Island are just a few of the charming places you can reach by car or boat.  With sandy beaches and plenty of water sports, these areas are a throw back to the days when “life’s simple pleasures” were more the norm than the exception to the rule.

If golf is your game, there are plenty of courses to choose from the public course at Deep Creek to the four star rated Riverwood.  All of the courses in the area, and there are many to choose from, offer something uniquely different depending on your skill and interest.  Stick around during the off season and you can enjoy the benefits of the summer card that enables you to play most of the areas best courses at greatly reduced greens fees.

Looking for a little excitement?  You don’t have to live in Orlando to treat your family to a fun-filled day at Disney World, Universal Studios, SeaWorld or Epcot theme parks located only 2 ½ hours away.  Want something a little closer? Busch Gardens, another favorite fun park is located in Tampa just an hour and a half north.

With a unique historic downtown waterfront area being redeveloped, Punta Gorda is again poised for tremendous growth.  Boutique hotels, shops, restaurants, condos and marinas are planned for development, as is a new convention center that over looks Charlotte Harbor and the Peace River.  This facility will hold approximately 3000 people, and will host many great venues from private parties and weddings to business meetings and corporate events as well as a host of headline acts and concerts from well known entertainers.

If you are looking for a change in lifestyle, there are few places that can offer the variety of options for you to choose from whether your desire is to live on the water or out in the country on ranch estates.  Compared to Sarasota, Naples or Miami and the rest of Florida’s east coast, Punta Gorda and the Port Charlotte area is very affordable by comparison.

After living and working in New York, I can not think of a better place to live, work and play than Punta Gorda, Port Charlotte and surrounding gulf coast area.  Sometimes it just takes getting away to realize this area is the best place to call home. 

Behind the Scenes Marketing You May Not Be Aware Of

April 14th, 2006 10:11am admin

Most people today are unaware that there is an inventory of over 5000 houses currently on the market in our county alone; 300 in PGI.  With a market that changed as unexpectedly as this one has, most people have been left wondering where the buyers are.  There are buyers in the market but today’s person who is looking to purchase a property is very different from those we have seen in the past couple of years. 

In Thursday’s Herald Tribune, it is clearly shown that over 40% of the buyers that were in the market the past few years were investors or better put, speculators.  They are no longer in the market as prices have gone to levels that don’t allow them to achieve the profit margins they are looking for when they buy and resell.  The buyers we are seeing are much more deliberate and emotional in their approach and by that I mean that since they are looking for themselves they are letting their personal feelings and desires dictate their buying posture. 

Before we were seeing “tons” of showings as investors were looking at anything and everything that could possibly turn a profit however, the buyer of today is being very specific.  If they want a home on sailboat water with a western exposure and a 3 car garage, don’t expect them to be looking in the power boat section that only has a two car garage.  Since there are so many homes on the market, most realtors are tightly focusing on those properties that closely fit the customer’s criteria and may overlook homes that are close but not an exact match.  That has led, in my opinion, to more “order filling” than creative thinking. 

If I find a home that is not an exact match but has elements that I think may be of more interest than what my buyer has initially indicated, I’m showing them the home. With this market you have to be creative in all areas of real estate (listing, showing and marketing).  So if our market now consists of fewer but more particular buyers, how are we generating interest in your home?

Despite all the negative press that has been printed about housing bubbles, increased insurance and tax rates and of course the dreaded hurricane season soon approaching, there is one thing that has not changed; our affordability compared to other markets.  When compared to a Miami, Naples and Sarasota, you cannot touch anything close to what we have to offer.  The only things lacking are the cultural amenities those areas offer however, with the planned growth for our area, it is only a matter of time when we will offer many of the same venues. 

In our opinion, focusing all our advertising and marketing dollars to the local market is a mistake since it is both limiting in return and outside exposure.  We are advertising on the real estate channel in the Naples, Bonita Springs and Marco Island markets and are publishing blogs and soon to be featured articles in the Charlotte Sun and on the internet.  The purpose of publishing is the increased traffic it gives to our website that will bring buyers to our featured listings page and MLS access where your home is listed.  In addition, we have sent out marketing pieces to those states from where we are seeing the greatest number of newcomers moving into our area.  These areas are Ohio, Indiana, Michigan, New England, New York (and Tri-State area) and Mid Atlantic states.  However, that is only what we are doing on a national basis.

Since our current real estate market is a national phenomena and not a localized one, we have targeted buyers in countries whose currency is favorable to ours.  This is a very extensive task as we are in the midst of contacting almost 230 broker/Realtors in Europe and additional offices in Central and South America.  To make this more appealing to them, we have not only offered a generous referral fee but an exchange of links to our website.  With a client base as well as investor contacts, our hope is to bring more specific focus to our market and ultimately to your home.

As you can see, we are making an extensive effort on your behalf locally, nationally and internationally and that does not take into account our targeting of the major search engines and the advertising that is ongoing on Google and Realtor.com.  We will continue to update you on the latest market conditions and our pursuits in bringing a qualified buyer to your home.

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

April 4th, 2006 01:27pm admin

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