Notes from Charlotte County, Florida

Foreclosure = The legal process by which a mortgagor’s  property rights are terminated in favor of the mortgagee (bank or lender), usually due to default (failure to pay).

Like most all areas of the country, Punta Gorda, Port Charlotte, and North Port, are not strangers to the increasing foreclosure phenomenon.

With the advent of the recent real estate market contraction, property prices in and around these three areas started to slide in the third quarter of 2005.  Although some areas here continue slip, a few markets are starting to see property values level off after nearly three full years dramatic declines.

As of today’s date, our local multiple listing service (MLS) is reporting a total of 318 bank-owned / foreclosed residential type properties for sale in the Punta Gorda, Port Charlotte and North Port markets. This represents 5.8% of the total residential properties available for sale in the area.

Typically these properties come on the market at very aggressive pricing, so much so that they may receive multiple offers the same day and are priced in order to sell them within the first 30 days. These foreclosed properties will range from “fixer uppers” to waterfront homes with direct access to the Harbor.

The total numbers of foreclosed properties which have recently sold through our local MLS are: 52 in May, 50 in June, and 74 July.

If you would like to be kept up to date on available foreclosed listings with immediate notification, please contact us at info@mlsDetectives.com. We would be happy to keep you abreast of these excellent buys.