April-May Statistics
Punta Gorda-Pt. Charlotte
Below are numbers of homes/condos sold each month for the Punta Gorda and Port Charlotte area-prices are average. Total Units Homes Home Avg $ Condos Condo Avg $
April 376 306 $175,760 70 $114,216
May 318 256 $160,865 62 $97,250
The number of homes and condos sold in May dropped slightly as did the sales prices. Listing prices rose a small amount while the exisiting inventory of homes and condos dropped. There were 9 homes sold over the $500,000 price point vs. 6 in April.
Below is a chart showing the number of listings vs. the sales prices over the past year. This chart will be specific for Punta Gorda- zip code 33950.
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Local News
*Punta Gorda Wine and Cheese Fest
VIP and premium tickets are being sold in advance for the concerts being held Feb 15-17 2013. You can save $10 per ticket if you purchase them prior to December 31st from the Punta Gorda Chamber of Commerce website. Performers Sergio Mendes, Rick Braun and Richard Elliott will be performing on February 16, 2013 and Mindi Abair will be performing on February 17.
*Mote Marine
Charlotte County Commissioners just approved spending $85,000 on the
Mote Marine project. The money is coming from the local boater improvement fund.
*Harborwalk
The construction of the Harborwalk on the west side near Gilcrest Park has been postponed until next summer due to budget reasons. The construction
when completed will link up to Harborwalk East. |
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Flood Insurance
The Federal Flood Insurance Program was extended for 60 days from May 31, to insure that people getting new mortgages or refinancing in flood-prone areas could get their mortgages closed. Since 2008 the program has experienced a number of short term extensions, as lawmakers debate changes to make the program more fiscally sound.
Every home in Florida is technically in a flood zone, with most homes in Charlotte County being in an "V", "X", or "A" zone. The "V" zone has the highest risk, while the "X" zone is a preferred flood zone-meaning the risk is much lower. Many lenders will waive the flood insurance requirement if the home is in an "X" zone. In an "A" flood zone the elevation of the home and the amount of flood insurance required will determine what you pay.
If your property is in an "A" flood zone and was built after 1974, your insurance agent will require an elevation certificate. This will show the difference between the base flood elevation and the elevation of the first livable floor. The higher the floor elevation, the lower your cost will be. FEMA's maximum allowable coverage is $250,000 for the dwelling and $100,000 for the contents.
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Questions to Ask a Lender
According to the Lending Tree Network, these are the top 5 questions that you should ask when shopping for a lender.
1-What are the total costs involved with the loan?
2-What is the best program for me based on my financial situation and goals?
3-What documents will be required ahead of time to avoid delays?
4-What are the service ratings for your company and where can I find them?
5-How long have you (company and the loan officer) been in the mortgage business?
You should always talk to several lenders to get an idea of who has the best program to fit your needs. Think of it as going to a restaurant-they all have menus-meaning different programs and fees. |
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Amendment 4
This November there will be a vote on Amendment 4. There is currently a big push to pass this as studies have shown that it will create jobs as well as
increase the economic activity of the state.
In a nutshell Amendment 4 will:
1-Provide an additional homestead exemption for 1st time homebuyers equal to 50% of "just value" of a property up to the median "just value"
of a homestead property in that county. This exemption will phase out in 5 years.
2-Reduce the maximum "assessed value" increase cap for non-homestead
property from the current 10% to 5%, and extend non-homesteaded caps through the 2022 tax year(does not apply to school taxes).
3-Provide legislative authority to eliminate the "Save Our Homes" recapture rule.
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