Local builders are cautiously optimistic with 2010 building permits up over 2009 levels. Southwest Florida and the Punta Gorda area have endured a steep slide in new construction for the past 4 years. New building permit for Punta Gorda are looking up with 24 issued in the first 10 months of fiscal 2010 verse 12 for all of 2009. Hopefully the long painful drought in new building construction has ended; signaling a return of normal market conditions.
This good news is certainly welcome however many remain guarded on their view of future growth. Inventory levels for all single family residence remain historically high, averaging 13 month supply, healthy real estate markets typically average 6 months. Homes priced from 500k to 600k currently show inventory levels at 20 to 36 months plus. By any measure homes for sale of this caliber remain entrenched in a buyer’s market.
Builders say they have worked aggressively cut back prices to a point they can present a good case to buy new-vs-used, sighting benefits that only a new home can deliver. Such as, utilizing the latest up to date features/designs, materials, employing current building codes resulting is a better overall value. The ability to customize a new home and future resale value rank high for customers when considering building new.
So where do we go from here? Clearly the trend continues upward for both sales of existing homes and new construction, undeniably a positive sign. Most continue to agree on one thing that while the overall market is fragile, the promising results of late continue to send signals that the market has stabilized and most likely bottomed. One thing is certain the year round beautiful weather perfect for boating and golf position Punta Gorda, Port Charlotte and North Port for strong sales especially once the northern states housing market returns to traditional levels, affording more buyer’s to purchase their piece of paradise.
To learn more about the incredible real estate values in Punta Gorda, Port Charlotte and North Port please visit www.paradiseinpuntagorda.com or contact Ken Poirier via email at This e-mail address is being protected from spambots. You need JavaScript enabled to view it or call 941-661-9773.
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