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Real Estate Update - September 2020

Posted by Maryann Mize, CCIM | Senior Vice President and Senior Credit Officer on Sep 25, 2020 12:33:11 PM
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Area Real Estate: An Update as of September 2020

Here’s a quick overview of important real estate highlights in our area:

1. Number of Single-Family Homes and Condos sold: Our local, wonderful Realtors of Punta Gorda-Port Charlotte-North Port- DeSoto, Inc. reports that there were 540 sales in the month of August in our COVID environment. This data reflects home sales for Punta Gorda, Port Charlotte and North Port.

2. Inventory of Single-Family Homes: The Realtor association reports that inventory continues to be down. As of Aug. 31, 2020, there were 1,071 homes available for sale. This represents just two months of inventory and is lowest level of inventory in our area that I have ever seen.

That low level of inventory creates opportunity. Please contact your local Realtor for details on how this can benefit you.

3. Monthly Sale: There were 400 sales in June, 580 in July, and 540 in August. This indicates the level of strong interest in our area.

4. New Construction: Thanks to the fabulous Charlotte DeSoto Building Industry Association's Donna Barrett and our wonderfully transparent Charlotte County Community Development Department, we have the following update:

-Despite COVID, and lower activity in April and May, local Charlotte County Single Family Permits are now 23% higher than last year.

-Remember – always hire a licensed contractor, and if you need a referral, check out CDBIA.com

 

5. Recent Commercial Real Estate Transactions:

There were too many recent transactions to list them all. What follows is just a sampling:

  1. 301 Dupont, Punta Gorda, a vacant lot at the corner of Olympia and Dupont sold in August for $175,000
  2. 310 Nesbit, Punta Gorda, sold in August $500,000
  3. 4191 Tamiami Trail, Port Charlotte, sold in September for $500,000
  4. 7431 Sawyer Circle, Port Charlotte, sold in September for $600,000
  5. Vacant Land, King Industrial Park, Punta Gorda, sold in August for $714,000
  6. 3092 Tamiami Trail, Port Charlotte, sold in September for $750,000
  7. Lost Lagoon Development, +/- 100 acres in the Murdock Village area, sold September for $3,755,700

 

While we are working and living with COVID nationally and locally, 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

Maryann started her banking career in 1973 in Illinois. She joined Charlotte State Bank & Trust in 1989 as a commercial real estate lender, became Senior Vice President of Commercial Lending 2006, and two years was appointed Senior Credit Officer. Bank President Craig DeYoung called her banking skills “a tremendous asset to our bank’s operations.” As senior lender, she oversees all commercial lending for the bank and supervised the opening of new commercial loan offices in Collier and Lee counties. She twice was named Business Partner of the Year by the Port Charlotte-Punta Gorda-North Port Association Realtors and has been a featured columnist with the local Charlotte Sun newspaper since 1998. In addition, she is one of the founding member of the Port Charlotte Chapter of Toastmasters International and has served as a mentor for area students in the art of public speaking. A past president of the Charlotte County Chamber of Commerce, Maryann received the chamber’s prestigious Pacesetter Award in 2016. She graduated from the Chamber's Leadership Charlotte program as Class President in 1998 and was a member of the inaugural Leadership Charlotte Hall Fame class in 2012. After earning her CCIM (Certified Commercial Investment Member) designation 2007, she became a certified CCIM instructor in 2008. In 2011, she was invited to serve on the CCIM Institute’s Education Marketing and Faculty Committees, promoted to Senior Instructor and earned the institute’s Rising Star Award for receiving top ratings from her students. Maryann has served as chair of the CCIM Institute’s Ward Center for Real Estate Studies and treasurer of the CCIM Florida Chapter Southwest District. She has participated as a moderator and presenter at the CCIM national conferences and regularly makes presentations on area real estate statistics to business and civic groups.

Topics: Market Update, Investment, Business, Real Estate, economy