Punta Gorda Florida Real Estate Suffers Worst Decline
Dec 12th, 2007 by admin
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The accompanying table updates information about the ongoing price changes in the Florida housing market. Most significantly the data shows the price changes that occurred between 2006 and 2007 as of June 30, 2007. Individuals considering Florida retirement should factor in the following data when investigating potential settlement areas.
The data is for the Metro Area which would include neighboring cities with the listed city being the hub for the area. For example, the Naples data would also apply to Marco Island, with a similar designation for the other Metro Areas.
The data in the Table is arranged in order of the 2006-2007 price changes. Punta Gorda suffered the worst decline at about 17%. This doesn’t mean that the annual increases of 12% over the past five years were wiped out, but homes purchased in the last couple of years have not fared well.
At the other end of the scale, Miami is showing at 3.5% gain for the last year. However, Fiserv predicts that Miami will suffer a 23% drop over the next two years. The overbuilding in that city will assert itself on prices in the near future.
Nationally, prices are predicted to fall another 5% in 2008 according to the experts. “The market should bottom out by midyear, but when the recovery begins, the improvement in sales and prices will be so slight as to be invisible.”
That quote from an expert, is one of the one of the best examples of a “cop out” that the writer has ever encountered.
Florida Retirement Real Estate Price Trends
| % CHANGE | % CHANGE | % CHANGE | |||
|---|---|---|---|---|---|
| METRO AREA | MEDIAN HOME PRICE | AFFORD. INDEX | '06-'07 | '04-'07 | '02-'07 |
| Punta Gorda | 195,000 | 4 | -16.6 | 7.6 | 12 |
| Sarasota | 255,000 | 4 | -15.6 | 9 | 10.2 |
| Fort Myers | 248,000 | 5 | -13.1 | 12.9 | 13.5 |
| West Palm Beach | 332,000 | 5 | -11.2 | 9.8 | 12.6 |
| Port St Lucie | 243,000 | 5 | -10.9 | 8.2 | 13.6 |
| Naples | 415,000 | 6 | -9.5 | 13.3 | 13.5 |
| Fort Walton Beach | 210,000 | 3 | -8.6 | 11 | 13.5 |
| Daytona Beach | 195,000 | 4 | -8.3 | 12.1 | 13.6 |
| Pensacola | 163,000 | 3 | -8.2 | 9.6 | 9.5 |
| Tampa | 213,000 | 4 | -7.6 | 11.6 | 12 |
| Fort Lauderdale | 326,000 | 6 | -7.3 | 12.7 | 14.4 |
| Orlando | 269,000 | 5 | -4.7 | 15.8 | 13.5 |
| Lakeland | 192,000 | 4 | -4.5 | 15.6 | 13 |
| Gainesville | 214,000 | 4 | 1.8 | 11.4 | 11.2 |
| Miami | 347,000 | 8 | 3.5 | 18.1 | 18.3 |
Note: Affordability: 1=most affordable;, 10=least affordable. % changes are annualized for three and five years. Sources: U.S. Census Bureau, U.S. HUD, Fiserv, NAT. Assn. Realtors.
For other Florida retirement real estate strategies for these uncertain times, check out the newly updated “The Florida Retirement Book - An Insider’s Guide” by clicking here.
My husband and I are here in Ft.Myers checking out the real estate market. What we are seeing is a definite drop in condo and home prices in gated, new and older, communities. We are looking to buy a “winter” getaway. What we are finding is that the condo may be affordable, but the HOA fees coupled with real estate taxes, is still an expensive investment. In the newer and upscale communities, those fees can add up to $1,000.00 per month. We have also heard, from inside sources, that major developers are laying off employees and are cutting back on developments that are in the works. We have decided to wait before buying. The weather has been glorious, in the low 80’s everyday, while our family, in the northeast (Massachusetts), are experiencing cold icy weather! We will continue to rent for the time being.