That Southwest Florida’s real estate market is in full recovery mode—with more homes selling, fewer distressed properties in the pipeline and prices slowly inching up—will come as no small comfort should you decide to buy just as choices in your price range begin to dwindle. Buyers typically preview several listings before discovering “The One.” Thus with inventories at a seven-year low, finding just the right home requires more fortitude than when our market had a huge glut of unsold properties to choose from.
This shortage will eventually resolve itself as more and more would-be sellers realize that their properties are worth more than they thought. In the meantime, not a few buyers are maneuvering around our market’s lack of inventory by purchasing vacant lots at today’s vastly reduced prices. The land a property sits on holds much of its true value. Thus, with interest rates and building costs at unprecedented lows—not to mention motivated builders coming off one of the slowest markets for new construction in history—now is a very opportunistic time to consider building new.
Drive down virtually any street west of Tamiami Trail, out on the keys—or for that matter throughout Sarasota, Manatee and Charlotte Counties—and you can’t help but notice a growing number of new homes taking shape on choice parcels throughout many of the region’s most desirable neighborhoods. Not only does new construction afford the opportunity to build according to your own vision and specific needs, but also to have your new home situated in neighborhoods where land values are consistently among the area’s highest. Today’s quest for value, notwithstanding, “location, location, location” remains the one asset that will attract more buyers to your home over the long run. How often have you discovered the perfect house, only to wish it were somewhere else?
Beyond choosing a preferred neighborhood and building style, there are other benefits to building new. For one thing, homes constructed to all current codes and standards of technology are safe, cost-efficient and more environmentally sound. Moreover, because all materials, wiring, plumbing and appliances are right out of the box, most new homes require negligible maintenance; and offer warranties that cover most structural or material defects.
If having a home built exactly where and how you want it sounds like a better alternative to today’s inventory-starved market, visit michaelsaunders.com for a complete rundown of our market’s vacant land offerings. There, the Property Search function enables you to browse for every possibility—including spectacular waterfront parcels, in-fill lots in vintage neighborhoods throughout the tri-county area; and acreage tracts of varying sizes to accommodate equestrian or country lifestyles.
In many areas our market is steadily transitioning from a buyer’s to a seller’s market. Prices in many neighborhoods are ticking-up, with buyers often competing for the best available properties. Still, prices for many vacant parcels remain well below their true value in a normal market. Speak with an agent from Michael Saunders & Company to learn how building new may be the right opportunity for you.