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Real Estate Update - August 2020

Posted by Maryann Mize, CCIM | Senior Vice President and Senior Credit Officer on Aug 25, 2020 2:37:18 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 580 sales in the month of July, in our COVID environment.

2. Inventory of Single Family Homes: The Realtor association reports that inventory continues to be down. As of July 31, 2020, there were 1,205 homes available for sale, this represents just two months of inventory. That low level of inventory creates opportunity. Please contact your local Realtor for details on how this can benefit you.

3. Monthly Sales: In the month of June, there are were 400 sales, and in in the month of July, there were 580, which reflects 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:

a. Local Charlotte County Single Family Permits: Despite COVID, and lower activity in April and May, year to date, permits are now 22% over last year.

b. A review of a July 2020 presentation from Dr. Robert Dietz with the National Association of Home Builders provides insights into why our area continues to see robust

i. Florida’s population continues to grow (including Charlotte County)

ii. Density matters in our COVID environment, and 47% of Single-Family Construction is occurring in Low-Density Markets. And, our northern friends are finding us and wanting a beautiful life in our low-density sunshine.

5. Recent Commercial Real Estate Transactions:
There were too many recent transactions to list them all. Below is just a sampling:

a. 1155 Market Circle, Port Charlotte, sold in July for $535,000
b. 3651 Tamiami Trail, Port Charlotte, sold in July for $1,050,000
c. 3890 Tamiami Trail, Port Charlotte, sold in July for $1,180,200
d. 4161 Tamiami Trail, Building 5, Port Charlotte, sold in July for $1,200,000
e. 1975 Tamiami Trail, Punta Gorda (formerly Phil’s 41 restaurant) sold in August for $1,475,000
f. RaceTrac, in Charlotte Harbor, sold in July for $3,050,000
g. Harborview Mobile Home Park in Charlotte Harbor, sold in August for $10,000,000

While nationally and locally, we are working and living with COVID, 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, Real Estate, COVID-19