Andy and I received a call from a customer who had inherited 3 properties from her mom. She and her brother were trying to find out what the land was worth. They might want to keep one of them but they really wanted to sell one or two.
I told them that if they want to sell the lots in a reasonable amount of time, they must be aggressive in pricing. I did a study of the areas where they own the lots. Two are lots in Rotonda Villas and one is a lot in Rotonda Heights.
The ones in Rotonda Villas are not as valuable as the one in Rotonda Heights. They are in an area where the lots are small, there is no development and the lots have no utilities. The one in Rotonda Heights is another story. It is a beautiful lot! It is extra large€¦ a little over a half acre. It has water and sewer and it is near brand new, big beautiful homes with more being built. If someone built a $300,000 – $500,000 home on that lot it would be worth 20% more in a few years.
Similar lots to the one in Rotonda Heights are priced at $59,000 and have been on the market for three months to over a year. If they want to sell their lot in Rotonda Heights I told them they would have to price it below the others. They set a price at $55,000.
Likewise, I told them if they wanted to sell the lots in Rotonda Villas they would have to be competitive€¦ even aggressive. There were many lots priced in the low $20,000’s. (I think I remember at least 30 lots under $25,000) I suggested that they offer their larger lot at $21,750 and the smaller lot at $19,500.
They sold the larger lot in 3 days and had several offers of $18,000 on the smaller one. We have since raised the price of the Rotonda Heights lot to $65,000 because they may just build a winter home there and now that one of the lots in the Villas have sold, it takes a burden off them.
OK€¦ what does this mean to you? There are buyers out there but they will only pay a sane price for vacant land. The crazy days of speculation are over. There are 1,420 lots for sale today in The Rotondas€¦ (that is, all sections of Rotonda West plus the Sands, Villas, Lakes, Meadows and Heights) That’s less than 10% of the 14,620 vacant lots in The Rotondas. And that’s nothing! Go across 771 to South Gulf Cove and 927 of the 8,000+ vacant lots in that section are for sale. And we haven’t mentioned Gulf Cove, Englewood East and West or North Port and Port Charlotte! Supply and demand€¦
Now it is absolutely true that some areas will fetch a better price. A golf course lot in Pine Valley surrounded by half million dollar homes is certainly more valuable than a postage stamp lot in Rotonda Villas with no water or sewer. As your brokers, it is Andy’s and my responsibility to assist you in determining the proper sale price for your land. We will use all the current and historical data, learn what you hope to net and market your property accordingly. However, you are the boss. You are the owner of the property and no matter what the data show, you are the one to set the sale price and we work for you. We will help you make an informed decision then you decide.
James B. Mulligan, Licensed Real Estate Broker
18245 Paulson Dr.
Port Charlotte, FL 33954
Jim Mulligan (941) 456-3034
Andy Leonard (941) 662-0033
Featured Homes and Lots For Sale In Southwest Florida, Florida
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Rotonda (Rotunda) West:
Rotonda (Rotunda) Lakes, Rotonda (Rotunda) Heights, Sands, Meadows & Villas:
Cape Haze (Cape Hase):
South Gulf Cove: