Statistics: Lots and land sales in Rotonda (Rotunda) Oakland Hills, FL, September, 2006
Sales of lots and land have been very slow in Southwest Florida for most of 2006. Rotonda (Rotunda) Oakland Hills, FL had 22 standard building lots listed for sale in the Englewood / Rotonda (Rotunda) MLS system in the month of September, 2006. No lot sold in this section, according to the MLS, in the month of September.
Oakland Hills is the oldest section in Rotonda (Rotunda) West and many of the homes were built in the early 70’s. Buyers are looking for a bargain in Oakland Hills Section as the value of any new home built will be affected by older homes nearby.
Of the 22 available lots in Rotonda (Rotunda) Oakland Hills, FL, the lowest asking price was $49,900. The highest asking price was $150,000. Lots and land for sale in Rotonda (Rotunda) West, Florida are very similar in size and features and it is unlikely that a potential buyer would pay as high a price in Oakland Hills as in another section of Rotonda (Rotunda) West where there are newer, larger and more pricy homes. Recent speculation in these lots has caused an unreasonable price escalation.
It is doubtful that a significant rebound in prices will occur in the near future. Investors have left the market and the vast majority of buyers are in the market for personal use. Vacant land and lot prices will follow area development and reflect the value and number of homes in that community. Oakland Hills is almost completely built out and new homes will compete for older at resale. It would be a mistake for someone to build a new, $300,000 plus home in Oakland Hills when he could buy a lot in another section for only slightly more and have better equity growth.
Buyers of lots in Oakland Hills should not pay more than $45,000 at this time and should not construct a new home valued over $200,000 ($250,000 total land, home, impact) at this time. If your intended new home will be more expensive, shop in a different section of Rotonda (Rotunda) West, FL.
Sellers – Know what your Rotonda (Rotunda) property is worth in today’s market. Click here for a FREE, NO OBLIGATION MARKET ANALYSIS of your specific lot.
Jim Mulligan (941) 456-3034
Andy Leonard (941) 662-0033