Charlotte County, Fl residents: What do you predict will happen to home prices now:?

Question

Charlotte County, Fl residents: What do you predict will happen to home prices now that the market had been identified as being 'Unaffordable'.
Please see the link before responding:
http://www.sun-herald.com/NewsArchive2/060406/tp1ch5.htm?date=060406&story=tp1ch5.htm

Keywords: Port Charlotte, Englewood, Punta Gorda, Rotunda, Charlotte Harbor, Riverwood, North Port.

Answer 1

Well written article.

Having just sold a home in the town immediately north of Port Charlotte, I can tell you that the market there has gone flat. We were able to sell because we put a realistic price on our house. The 1/2 dozen others on OUR STREET that were for sale when we put ours on the market remain on the market today.

The woods across the street from our old house are being turned into homes that are selling for upwards of $500,000. Mind you, the same builder was selling the same houses in another development 2 years ago for 1/3 of the price. I wish the new owners luck in being able to afford homeowners & flood insurance.

All over the area in Sarasota & Manatee counties the market has gone flat. Too many people trying to cash in on the post hurricane demand for existing homes. Made everyone's property taxes go through the roof.

We moved out of Florida, to a part of the country where you can still afford to live.

Answer 2

Like anything else, the price of housing is dependent on supply and demand. Home prices have stabilized for the time being, largely because there's a glut of homes on the market in Charlotte County. Eventually, that will change, assuming that this part of Florida remains attractive to baby boomers who are retiring and relocating to our warmer climate. As demand rises, so will prices.

I do think that older properties, homes that are 30+ years old, will become more affordable as they remain unsold. There is a huge unsatisfied demand for moderately priced real estate and affordable rental units (homes, condos and apartments). Unfortunately, there is little incentive for builders to produce housing for the many low and moderate income people who live here.

Answer 3

Florida is at risk to be "corrected". Home values may not decrease but they will not rise for a few years until the economy can catch up with the current pricing. Florida and California have no sound reason for being so expensive, median income just does not suffice most home owners in these areas.

Answer 4

they will probably be going down according to my father who is a realtor