Market recovery in SW Florida
To some, the image of foreclosed homes is that of abandoned and neglected properties. In the depths of the great recession, that image was accurate as the market was flooded with foreclosures. Homes were left with obvious signs of abandonment for extended periods of time. In addition, many who stayed, knew sooner or later they would be driven to foreclosure, evidenced by so little effort made in upkeep. The boom in the real estate market in Florida during the early 2000s drove prices very high, very quickly, so when the market turned, Florida, Arizona and Nevada took a bigger hit than many other parts of the country. It’s taken a long time to work through the inventory of foreclosed homes, but here we are.
So what is happening with foreclosures these days in Southwest Florida? Things have really turned around. Foreclosures are near all time lows. Most people today would agree that the real estate market is steady and returning to normal. Over the last 8 years, the Southwest Florida real estate market has made steady gains and many think this growth in value is more likely to sustain prices.
Along with this, Southwest Florida has been experiencing an increase in large developments as well as individual new home starts. In addition, communities, such as the “Sun-Seeker Resort” being planned on Charlotte Harbor in Port Charlotte should bring renewed interest to the area.
Other areas in Southwest Florida undergoing development are Babcock Ranch, the country’s first solar powered city located in Eastern Charlotte County, Murdock Village in Northwest Port Charlotte and West Villages in Venice and North Port where the Atlanta Braves will begin Spring Training in 2019. Blame the reduction in foreclosures as one big reason for the optimism.
Currently, the median single-family house price in Charlotte County is estimated at roughly $210,000. This increase in value in Charlotte County and throughout Southwest Florida and the continuation of historically low interest rates has helped the development boom.
If you are interested in a home in Southwest Florida, there is no better time than now to start your search. Let Your Suncoasteam help you in your search. Are you ready to find your perfect opportunity due to Recovery in SW Florida?
PO Box 380503
Murdock, FL 33938
Jim Mulligan with research assistant Jesse Ialuna