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Charlotte County, Florida Real Estate Update - June 2020

Posted by Maryann Mize, CCIM | Senior Vice President and Senior Credit Officer on Jun 26, 2020 1:48:56 PM
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Here’s a quick overview of important real estate highlights in our area:

1. Number of Single Family Homes and Condos sold: Our local Realtor association (Realtors of Punta Gorda-Port Charlotte-North Port- DeSoto. Inc.) reports that there were 284 sales in the month of May, in our COVID-19 environment.


2. Inventory of Single Family Homes: The Realtor association reports that inventory continues to be down. As of May 31, 2020, there were 1,464 homes available for sale. That low level of inventory creates opportunity. Please contact your local Realtor for details on how this can benefit you.


3. New Construction: Thanks to the fabulous Charlotte DeSoto Building Industry Association (CDBIA) and Donna Barrett, we have the following update:

National Association of Home Builders:

On June 19, 2020, Donna Barrett attended this virtual event and shared some of the comments made by Robert Dietz, Ph.D., NAHB Chief Economist:

  • Housing will Lead the Recovery – this was the title to his presentation.
  • Did you know that housing represents 15% of the GDP?
  • 30-year Fixed-Rate mortgages continue to be low, and are a positive driver for housing
  • Building materials prices declined in May 2020.
  • A Year-to-Date rate of growth thematic map shows positive growth for many parts of Florida, including Charlotte County.
  • 47% of Single Family Construction is in Low Density Markets. And, these areas of low density have outpaced higher- density markets over the last four quarters. (My comment – aren’t we glad we live in a low density area?)
  • Residential remodeling is expected to increase.

Local Charlotte County Single Family Permits:

Prior to COVID, we had trailing six months of increased permit activity over the prior four years. As expected, it slowed in April and May. Stay tuned for future developments.


4. 2020 Commercial Real Estate Transactions:

There were too many transaction to list them all. Below is just a sampling of the transactions.

  • 100 Madrid, Unit 502, sold in April for $120,000.
  • Maggiore Family Eye Care Center was purchased and did a beautiful job renovating the units in the project at Veterans and Peachland boulevards in Port Charlotte. The unit itself sold for $455,000 February.
  • 1155 Market Circle, Port Charlotte (a warehouse) sold May for $590,000.
  • The Old Applebee’s on Tamiami Trail, Port Charlotte, sold in March for $1.8M – the new owners plan on demolishing the building and constructing a car wash.
  • Harbor Freight building, Port Charlotte, sold in January for $4.5M.
  • The 7-Eleven near the Punta Gorda Airport – The land sold for $1M in June of 2019. By February of 2020, construction was complete, and a brand new 7-Eleven sold for $6.3M.
  • Leverock's Waterside Dinning, Placida, sold in March for $10.14M.
While nationally and locally, we are working and living with COVID-19, it’s comforting and encouraging to continue to see opportunities and confidence in our local real estate market.



 

Posted by Maryann Mize, CCIM | Senior Vice President and Senior Credit Officer

Senior Vice President and Senior Credit Officer of Charlotte State Bank & Trust

Topics: Real Estate, COVID-19