New Home Sales are booming in Port Charlotte, Englewood, Cape Haze and Placida Florida.
With inventory of available homes for sale in Southwest Florida being at an all time low, only about 4 month supply of homes, many home buyers are choosing to build.
While I can't speak for all areas in Florida, Englewood, Port Charlotte,Cape Haze,Placida,Rotonda West,Punta Gorda Florida are seeing more new homes being built now than at the height of the market in 2005.
The healthy thing for the real estate market here is that it is not a bubble of investors like it was in 2005. The home buyers now are made up of end users that will either live in the home as their permanent residence or a winter get away.
Located adjacent to the Gulf of Mexico, Charlotte Harbor, Lemon Bay, Placida Bay and the Myakka River these areas are a magnet for home buyers wanting to have a winter get away or become full time residents. The natural beauty this area offers is tucked away from the commerical, busy areas typically found in beach towns is getting peoples attention. We have seen the number of home buyers snow ball every year for the past 5 years.
The available inventory of existing homes for sale in these areas is being absorbed at a very high rate and is not being replenished by homeowners that want to sell and move somewhere else. Let's face it where else in the country can you purchase a home within 15-20 minutes from the Gulf of Mexico beaches for under $200,000?
Path of least resistance is if you can find an existing home that meets your needs but if not there is a good selection of builders that you can choose from to build your home. Build time is currently about 6 months. Due to the number of home buyers choosing to build a new home the number of homesites has decreased and prices have gone up.
For example South Gulf Cove, which is where our office is located is a waterfront community that contains 1/3 of all the gulf access canals in Charlotte county Florida. In 2012 existing home inventory decreased considerably, so home buyers started purchasing waterfront homesites. In 2012 the average sales price on a waterfront home site was $28,000, in 2013 the average sales price was $42,000 and so far in 2014 we are averaging about $55,000 and it will surely be more once the year has ended and the final numbers are in. Keep in mind that in 2005 the average sales price on waterfront homesites was about $250,000 so we do expect prices to continue to escalate. Currently there are about 100 homes under construction but with the addition of 9 more builders putting up model homes in the community we will see these numbers increase fast.
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Capt Bob & Kelly Davies 941-468-4485 Visit our website at: www.BuyHomesByBoat.com