Christine Hause invites you to a series of free webinars to answer your questions about estate planning from a Trust Officer's perspective.
For a complete list of upcoming webinars or to register, please click here.
 

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
Find me on:
    

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

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

Topics: Market Update, Real Estate, COVID-19