North Port, FL Real Estate News

By Shannon Moore, Realtor, Sarasota & Charlotte
(Green Lion Realty)
For SaleThere are 1668 properties for sale in North Port, Florida in the MLS. 586 of the active listings are brand new 2006-2007.PendingIn the past 30 days Jan. 1-31, 66 properties went pending. 20 of the pending listings are brand new, built in 2006-2007.Looking at the pending properties 36 of the properties have a listing price of $200,000 or less. 24 of the pending properties have a listing price of between $200,000-$300,000. 6 properties have a listing price of $300,000 or more. SoldUsing the same time frame, 50 properties closed. 17 of the sold listings were brand new, built in 2006-2007.Of those 50 properties that closed 26 properties closed under $200,000. 20 properties were $200,000-$300,000. 5 properties were over $300,000.For more information on the North Port, Florida area co...
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By Shannon Moore, Realtor, Sarasota & Charlotte
(Green Lion Realty)
Over the past few weeks my partner and I have acquired several new listings not because we came in with the highest listing price but because we were honest with the sellers. One example is a home we listed just yesterday. The seller (who was a referral to us from another agent) contacted several local agents for CMA's, us included. We gave them a CMA, it was around $40,000 less than some of the other agents CMA's. So, we get a call a few days after they received our CMA thanking us for our time and telling us that they had decided to go with an agent that had sold many of the same kind of home and would list it for $40,000 more than our CMA recommended. This seller was by the way "in dire need of selling." We chatted for a few minutes and after I  hung up with him I put the home on my ...
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By Shannon Moore, Realtor, Sarasota & Charlotte
(Green Lion Realty)
Construction is slated to begin on a unique project in North Port. The 16 acre Garden of Five Senses will begin this year. North Port is looking to spend 2 million dollars a $400,000 increase over the projects initial price tag. The City says this is due to the rising construction costs. The garden will be unlike any other park in North Port and possibly the region.North Port's Garden of five senses will include a giant sundial and an elaborate garden designed to entice four of the five senses -- touch, smell, sound and sight.The garden itself will be raised off the ground so people in wheelchairs can reach over and touch the native flowers and shrubs. Winding paths will separate the various garden themes, including a butterfly garden and a sound garden. There are several different phas...
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By Shannon Moore, Realtor, Sarasota & Charlotte
(Green Lion Realty)
My partner and I have seen an increase in showings in the past month and speaking with other local agents they are experiencing this as well. We expect the January and February sales numbers to reflect this. There are 1592 residential properties in the MLS in North Port with an average listing price of $99,000 for a 2/1 built in 1962 to a nine bedroom six bath home with over 5,000 square feet under air, on three acres. This home is listed at $875,000.Of the 1592 listings in the MLS, 586 are built in 2006 or 2007. The least expensive brand new 3/2/2 home is listed for $165,900. The highest price listing is located in exclusive Heron Creek Golf & Country Club. It is a four bedroom 3 bath home, with a pool and 2900 square feet of living area. The list price for this home is $545,900. From ...
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By Shannon Moore, Realtor, Sarasota & Charlotte
(Green Lion Realty)
 We often get asked, "which months are your busiest". So I decided to research it and it looks like the most sales take place March-June. I also included a formula for figuring the absorption rate. Looking at the data it doesn't look like the "sky is falling" in North Port. There were 30 more listings sold in 2005 than there were in 2006. Not exactly a gloom and doom market in my opinion. Hope this helps to bring more optimism to buyers and sellers. # of listings in North Port= 1,630 active listings# sold last month from Dec1 -Dec 31= 55 listings sold#sold (55) X 12 (months) = 660divide 660 by 52 weeks= 13 units per weekIf 13 units sell each week divide that number into the number of active listings 13 divided by 1630 = 130 weeks is the absorption rate or 2.5 years!The Definition of Abs...
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By Shannon Moore, Realtor, Sarasota & Charlotte
(Green Lion Realty)
Yesterday, I was showing property to a prospective buyer. The price of $499,000 was not the issue. Their main concerns were the taxes and insurance.   Taxes will go up when the property is sold, but probably not at the full sold price. The insurance, however, is another matter.   The buyer is a contractor and said his insurance has quadrupled this year. His insurance on a home in Port Charlotte built in 1978 with about 1300 sf under air is only $400 lower than a home he is building for a customer valued at nearly a million. He has talked to nine insurance agents, and most of them don't even want to insure him.   He says the agents tell him that the companies are trying to drop homes built before 2002 and add the new ones. The list of agents who will insure an older home is growing ever ...
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By Shannon Moore, Realtor, Sarasota & Charlotte
(Green Lion Realty)
In North Port, Florida the market so flooded with new homes that builders are cutting their own throats just to jump ship. All we can hope for right now is that the homes they are dumping at little or no profit will soon be sold so that the prices will normalize.   It is going to make it difficult to get the appraisals for the homes bought last year with the new prices being considerably lower than 2005. The same home we sold last year for $258,000 is lucky to fetch $220,000. Investors a walking away from their commitments and leaving the builders with a lot of inventory.   Last year, we were hard pressed to find any homes under $200,000. This year you can have your pick. Competition is fierce, and buyers are asking for more owner financing. Every house that is shown, the agent has the ...
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By Shannon Moore, Realtor, Sarasota & Charlotte
(Green Lion Realty)
This morning I sat down to read the paper and there was no less than 10 builders offering big incentives; vacations, big screen TV's, boats, cruises, cars, etc. I'm wondering if these tactics actually are working. The way we feel about it is, why not just lower the price instead? If someone wants a car they are going to go buy one. We are selling houses not cars. I guess if you got a really deal on some of these items it might make sense. Is this happening in your area? Are any agents/builders offering any of these things? Is it working? 
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By Shannon Moore, Realtor, Sarasota & Charlotte
(Green Lion Realty)
After looking at Jay & Francy Thompson’s website, Phoenix, Arizona then going to Kristal Kraft’s site, Denver, Colorado, buzzed on over to Ben Kikimoto’s, Seattle, Washington then I came back to my coast to check out Teri Ishner’s site in Celebration, Florida (sounds like a fun place to live, always a party going on!), I realized how different in price, size, shape, features everyone’s listings are. So my question is, what would be a “typical” listing in your neighborhood? I know there’s bigger and smaller, ect. But what does your typical listing look like? Or maybe every house is completely different where you live. Tell us about your favorite one!  Here in North Port, Florida most of the houses are the year 2000 or newer. There’s building going on everywhere! Every street you look dow...
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