Most of North Port Florida's land transactions involve small Lots up to ½ an acre. North Port still has as many undeveloped Lots as are there are developed Lots. It makes Lot transactions an interesting property segment to watch.
Englewood, Punta Gorda, Port Charlotte and other cities in this area experienced the same spike in Lot sales as North Port. We work in numerous counties. If you have questions,
call Scott:
941-882-5494 Ext 701
- NORTH PORT LOT SALES
- HOW MUCH WILL A BUYER PAY?
- DEVELOPERS BUY SIDE
- PURCHASED PRE-RECESSION AT A HIGHER PRICE?
(click for possible solution) - HOME BUYING SOLUTIONS
- WHERE WE WORK
NORTH PORT LOT SALES
Using North Port as an example, we track the Absorption Rate and Demand Strength ratios which allows us to correctly predict how the market for houses,
acreage and Lots will move in any market as well as accurately pinpointing what a house, acreage and Lots will sell for. From the data, here's how the time on market has changed
for North Port Lots:
| Date | Months of Inventory |
|---|---|
| 12/2023 | 14 -to- 15 |
| 10/2022 | 18 -to- 19 |
| 05/2022 | 14 |
| 02/2022 | 8 1/2 |
If priced and marketed correctly, your Lot will sell much faster than the Absorption Rate.
Not all Lots sell. During the last 180-days as of 12-05-2023, 253 Lots up to 1/4 acre expired (listing period ended - unsold) in the MLS.
383 Lot of all sizes (acreage incldued) expired.
We periodically evaluate Lot packages from 10 to 100+ Lots as well as large and small acreage for residential and commercial purposes. Whatever your needs, call us!
Scott:
Phone: 941-882-5494 Ext 701
Phone: 813-325-1005 Ext 701
Like all real estate sales, understanding how your property fits in the market compared to other Active listings is key to positioning your property to sell faster.
HOW MUCH WILL A BUYER PAY?
How much a buyer will pay for a Lot is very area-specific. If you are buying or selling, you should know the correct price points to avoid overpaying or selling
for less than you shoud.
Here's an example from 01-17-2022 [NOT CURRENT AREA PRICE POINTS], we looked at a Lot package which included Lots in Englewood, Port Charlotte, Punta Gorda, and North Port. In one of the areas
within zip code 34287, we estimate that a 1/4 acre Lot priced between $22,000 to $24,000 will sell faster than many other higher priced Lots and can compete with some lower priced Lots (with correct marketing).
The price was an increase from $19,000 -to- $21,000 range for the same area a month earlier. Many Lots were priced higher and are lingering on the market. This is just one example based on a specific area within a zip code.
North Port has a land mass of 104 square miles. Some areas are well developed and some aren't.
Like Englewood, Punta Gorda and other cities, Lot characteristics and location will influence price.
We use various ratios to determine buyer interest in different locations
(used for several types of properties including homes, acreage and Lots). Location and characteristics of a house, a Lot, or acreage (waterfront, inland, cleared, wooded and other factors) will influence your
Lot's price, which will have different absorption rate and demand ratio results.
If you're selling or buying, knowing the true data for the area you're interested in can be the
difference between your property sitting unsold for endless months or getting it sold fast. (We can help - Call Scott)
DEVELOPERS
We work with developers locating acreage. Even on the developer level of land acquisition, many Lots are not priced correctly. Although there is more involved due to construction costs on a larger scale, demographics, market rate for price per units after development etc., it's just as important to understand the data on the buy side as it is on the sell side.
IF YOU PURCHASED A LOT PRE-RECESSION AT A HIGHER PRICE:
Leading up to the recession, North Port and surrounding area Lots reached a much higher price range than they are selling for today. Some of the areas still have years ahead of them before development of
any consequence gets underway. We think it's safe to say that if you purchased a Lot in 2005, you are likely nowhere near breakeven in most areas (inland - not coastal).
Speak with your accountant to find out if you can charge off a capital loss against capital gains. You may want to take a profit now on some other investment. Maybe you want to take a profit on
stock investments. Depending on your situation, you might be able to use your loss to your advantage.
If vacant Lots or other real estate are purchased for investment purposes (versus bought for personal use) and sold later for less, you may be able to claim the loss. Capital losses charged off against capital gains are a common usage by investors. However, it must be an investment which is not the same as buying a house or Lot for your personal use.
If you think you can use a loss on the sale of a property, first verify with your accountant, then call Scott to sell your property.
EXPIRED SINGLE FAMILY RESIDENTIAL IN NORTH PORT
YEAR OVER YEAR LAST 180 AND 90-DAYS:
As of 12/05/2023, single family houses listed for sale in North Port has an increase of 28% expired compared to the same time last year.
From 2022 vs 2021 exipired listings had a huge jump:
Last 180-days From 2022 vs 2021, expired listings went up 400%
Last 90-days from 2022 vs 2021, expired listings went up 300% year over year.
Without data, people make bad listing price decisions.
HOME BUYING SOLUTIONS
Everyone from individuals, investors, speculators and builders buy Lots. It's been a race to grab Lots for future needs and speculation.
Many builders now include language in their contracts that allow them to pass along supply chain price increases. That could become an unpleasant surprise.
(We can help with your new construction search and builder extras). Call us.
As a buyer, there are approaches in addition to basic searches that can give you an edge.
As a seller, you need to understand how your property (house, Lots, acreage etc.) fits in the market along with what's really going on in your area so that you can maximize your return.
If you want to learn tactics that help you buy or sell to improve your price, call Scott to discuss how we can help you.
Phone: 941-882-5494 Ext 701
WHERE WE WORK:
North Port, Englewood, Barrier Islands, Punta Gorda, Port Charlotte, Valrico, Brandon, Lithia, Fishhawk. Sarasota, Charlotte, DeSoto, Hillsborough, Pinellas counties. Parts of Lee, Pasco and Manatee counties, and wherever our clients call
us from.
We also do personalized referral services throughout Florida which includes our opinion of your sales or purchase price pre-referral so that you have our opinion in additional to
the broker who accepts our referral.
SUGGESTED READING:
- BUYING AND SELLING LOTS AND ACREAGE
- SCRUB-JAY LOTS BUYING AND SELLING
- CAN YOU CALL IT A BEDROOM?
- ABSORPTION RATE: THE MISSING
LINK TO PRICING RIGHT! - 8 Simple Steps to help your house sell