Lance Lambert August 07 After putting it on the market for rent in July 2022 and putting it back on the market at a lower asking rent FirstKey Homes decided to put the rental home for sale at $400,000 in February 2024 having seen its price cut six times to $336,000 it’d represent a -25% decline from its May 2022 purchase While national aggregate home price indices are hovering around all-time highs some regional housing markets in states like Florida and Louisiana are experiencing home price corrections This includes the Punta Gorda metro area in Southwest Florida For today’s piece, ResiClub did a deep dive examination of Punta Gorda’s housing market Click here to view an interactive of the chart below While the Pandemic Housing Boom was fierce across the board it was particularly intense in Punta Gorda which was impacted by accelerated retirement and work-from-home migration home prices jumped a staggering +73.2% in Punta Gorda Not long after mortgage rates spiked, and migration shifted, Punta Gorda slipped into what ResiClub calls “correction mode.” This isn’t the first time that Punta Gorda has passed through a home price correction Punta Gorda was one of the hardest hit housing markets during the housing bubble burst in 2008 home prices fell -26.2% from the bubble peak in 2006 to the bottom in 2012 Punta Gorda home prices fell -47.8% from the bubble peak in 2006 to their bottom in 2011 ResiClub’s view: Home prices in Punta Gorda haven’t stopped falling yet and have further to fall in the second half of 2024 The tell-tale sign is that Punta Gorda saw very little positive home price appreciation during the spring season window housing markets that see very little appreciation during that first half period usually see outright price declines once the market moves into the softer seasonal window in the second half of the year The vast majority of housing markets in the Midwest and Northeast and Southern California have higher home prices now than when mortgage rates first spiked in mid-2022 Home prices in Punta Gorda are down -9.1% from its 2022 price peak like Austin (-18.6%) and New Orleans (-13.4%) When assessing home price momentum, ResiClub believes it's important to monitor active listings and months of supply If active listings start to rapidly increase as homes remain on the market for longer periods it may indicate potential future pricing weakness a rapid decline in active listings could suggest a market that is heating up active inventory has been detecting sustained weakness since late 2022 active inventory in July 2024 is still -29% below pre-pandemic July 2019 levels Punta Gorda inventory is +76% above pre-pandemic levels Florida’s condo market is dealing with the after effects of regulation passed following the Surfside condo collapse in 2021 The biggest headwind for Punta Gorda’s housing market The influx of demand during the Pandemic Housing Boom stretched Punta Gorda home prices too far beyond local incomes Once rates spiked and pandemic migration cooled Punta Gorda’s housing market in Q2 2022 was “overvalued” by 55.7%—far above the national overvaluation of 27.0% at the time Given the ongoing correction in Punta Gorda home prices its overvaluation came in at 28.3% in Q4 2023 that’s still higher than the 13.9% national overvaluation Moody’s estimated for that quarter which improved slightly as price growth decelerated and income growth remained elevated ResiClub PRO members can see overvaluation scores for +400 markets here Punta Gorda's metro area (206,134 residents) permitted more homes during the Pandemic Housing Boom than many older Midwest and Northeast markets including Pittsburgh (2,422,725 residents) While single-family homebuilding isn’t the core cause of the Punta Gorda correction the influx of new construction in this strained environment combined with builders implementing aggressive affordability adjustments such as significant buydowns or outright price cuts contributes to further weaken the resale market there Why look at resale—where many existing sellers still refuse to accept that prices have fallen double-digits—when homebuilders are willing to throw out big deals in Punta Gorda Big picture: We’re in the midst of a bifurcated housing market where some of the darlings of the Pandemic Housing Boom © 2025 ResiClub. Email: [email protected] This website is using a security service to protect itself from online attacks The action you just performed triggered the security solution There are several actions that could trigger this block including submitting a certain word or phrase You can email the site owner to let them know you were blocked Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page Punta Gorda will be running its annual seawall assessment city staff will inspect seawalls in the southwest and southeast zones of Punta Gorda Isles The boundary of these zones is Aqui Esta Drive and around the tract of land known as Bird Navigation The Burnt Store Isles District will also be inspected with the boundary of that zone from Burnt Store Isles perimeter canal and Monaco Driver For additional information on this project please contact Canal Maintenance Supervisor Punta Gorda Public Works Department at (941) 575-5050 between the business hours of 7:30 a.m WGCU is your trusted source for news and information in Southwest Florida. We are a nonprofit public service, and your support is more critical than ever. Keep public media strong and donate now Flood waters inundate a neighborhood after Hurricane Milton came ashore on October 10 The flooding in the town was minimized as Milton was an uncharacteristically dry hurricane during the storms approach there was little rain It's Thursday morning, and with the sun coming up we're getting our first look at the damage brought on by Hurricane Milton in Punta Gorda. Officially, Hurricane Milton made landfall as a Category 3 hurricane near Siesta Key but the southern surge of water is what brought damage as you can see in these pictures of Punta Gorda Here's what things looked like in Fort Myers last night: Members of the media work in flooded streets after Hurricane Milton made landfall in the Sarasota area on October 09 coming on the heels of the destructive Helene hit as a category 3 storm with winds of over 100 mph though veering south of the projected direct hit on Tampa which earlier had reportedly spawned tornadoes landed about 70 miles south of Tampa near Siesta Key a strip of white-sand beaches that's home to 5,500 people The floodwaters in the Fort Myers are were expected what took the town off guard was the tornadoes that unexpectedly spun up Tornadoes forming in the outer bands of hurricanes is common but what we saw in Southwest Florida yesterday afternoon was horrifying Related: Hurricane Milton Causes Massive Sinkhole in Hillsborough County These are the first pictures of Punta Gorda we're seeing after the sun came up The first batch is aerial drone photographs from Getty Images Additional photos supplied by Charlotte County Emergency Management Donate Now To Help Those Affected By Hurricane Milton and Hurricane Helene PUNTA GORDA - OCTOBER 10: In this aerial view a boat rests in a street after it was washed ashore when Hurricane Milton passed through the area on October 10 The storm made landfall as a Category 3 hurricane in the Siesta Key area of Florida causing damage and flooding throughout Central Florida a boat is washed ashore from when Hurricane Milton passed through the area on October 10 flood waters inundate a neighborhood after Hurricane Milton came ashore on October 10 a person walks through flood waters that inundated a neighborhood after Hurricane Milton came ashore on October 10 PUNTA GORDA - OCTOBER 10: Austin Stolpe helps clean up the Celtic Ray Public House restaurant/bar after it was inundated with flood waters when Hurricane Milton passed through the area on October 10 Download the app to LISTEN LIVE wherever you are and connect with us like never before Charlotte County and Punta Gorda officials were still calculating economic losses from Hurricane Ian which devastated Southwest Florida two years ago Helene brought a massive storm surge to Charlotte County despite making landfall more than 200 miles away County-owned buildings remained relatively unscathed compared to Ian’s damage that has racked up losses of $362 million to date county Budget and Administrative Services Director Gordon Burger said we had very little building damage but are still in the early phases of assessment for damage to our parks especially those along the water,” he said The county provided an update on the total damage from Ian and what monies have been received to date the Federal Emergency Management Agency dispersed $48 million of $242,300,833 to the county While Charlotte County did not need to take out loans it established a hurricane fund to charge all of the initial costs for anything that isn’t reimbursed to the county’s ad valorem reserves “We are currently projecting that the county will need to cover about $26 million from ad valorem reserves,” Charlotte County Public Information Officer Brian Gleason said in August city of Punta Gorda is still recovering from Hurricane Ian and now faces costs from Helene The city reported nearly all decorative streetlights in the downtown area and Historic District as well as lighting in Gilchrist and Laishley parks Pathway lighting along Harbor Walk and Linear Trail also are out of service Punta Gorda Mayor Lynne Matthews said a list of businesses affected by Helene is still being compiled she did not have a status update on that number Assistant City Manager Melissa Reichert said “our building official has documented 50 businesses with damages “When I visited numerous downtown shops and restaurants last week the water lines in most of them were at least 4 feet up the walls in most cases The residential properties were impacted by at least that much as they are at much lower elevations than [Punta Gorda Isles] [Burnt Store Isles] and other residential communities,” Matthews said One of the city’s buildings seriously damaged by Ian is the now-shuttered City Hall building in the Historic District Reichert said the City Hall building had already contracted with a Construction Management Information System for the building’s rehabilitation Insurance estimates put damages for that structure at $538,000 with a deductible of $65,000 There has been controversy over rebuilding City Hall saying the new building would be too costly and should be located away from the Peace River Just think how many storms that that building has been through Reichert said the city has a spreadsheet of Hurricane Ian’s estimated costs and FEMA She said some of the numbers are still in question as the actual work has not been completed At that time FEMA had yet to obligate the bulk of the dollars for the city’s reimbursement Typical ebbs and flows of the single-family home market do not have much of an impact on the ultra Four restaurant chains and a cake shop will join seven other businesses coming this year to the new Tree Farm.. the May 5 opening of the Hospital for Special Surgery at NCH takes the health care.. Not only has Chef Brian Roland physically and emotionally returned to public life in Southwest Florida after his life-altering tragedy.. Beeline is counting on thirsty folks making a beeline to its new upscale cocktail bar at Mercato in North Naples... The 72-unit Verandas III opened and is fully occupied on Airport Road marking the final phase in the redevelopment of.. — A lot happened in southwest Florida in 2024 and I'm looking back the top 4 stories in Charlotte County you clicked on the most in 2024 SOCIAL MEDIA BACKLASH FOR TRUMP COMMENT:The first story in Charlotte County you clicked on the post went viral A Port Charlotte woman made a Facebook post celebrating the attempted assassination of then-former president Donald Trump Several thousand people from across the country replied to her CHENEY BROS INC. SOLD:A company in Punta Gorda PFG says it will "create a stronger presence in the Southeast region and provide additional distribution capacity." The sale is expected to close in 2025 SGT. ELIO DIAZ SHOT AND KILLED IN THE LINE OF DUTY:Just a week before Christmas Elio Diaz was shot and killed in the line of duty as he was trying to help a driver he pulled over for not having insurance His death sent shockwaves through the community PLANTS TURNING BROWN AFTER MILTON:The last story you clicked on the most is about the aftermath of Hurricane Milton We started to notice tree leaves turning brown quickly the high winds caused the moisture to actually blow out of the leaf Your browser is not supported for this experience.We recommend using Chrome Doing fun Christmas activities in shorts and sandals is an easy way to make your friends and family back home jealous but that’s our normal in Punta Gorda/Englewood Beach the days will likely have you running around free as a bird in tank tops and flip flops We’d like to share a few of our charming holiday happenings to inspire a visit when you need a break from the cold and snow—it's never too early to start planning homeowners along the canals of Punta Gorda go all-out decorating the backs of their homes and their de-“light”-ful creations are only visible from the deck of a boat...which is where Christmas Lights tours come in.  Boat Cruises Enjoy festive lights aboard the area's original tiki boat Christmas Light Canal Cruises with Cruisin' Tikis Charlotte Harbor launch from the dock near TT's Tiki Bar Choose from either public or private tours on this cozy and fun vessel Christmas Lights Canal Cruises with King Fisher Fleet depart from the elaborately-decorated Fishermen’s Village three times a night for the entire month of December The annual downtown Punta Gorda Christmas Parade happens mid-December This welcoming community event helps set the tone for a friendly festive season Peace River Botanical & Sculpture Gardens this is always a must visit to window shop and buy gifts Head over to the Charlotte County Fairgrounds any December evening to enjoy the magical throw-back experience of an enchanting Christmas light drive with the Wonderland of Lights The fairgrounds are festooned with fun and beautiful displays sure to enchant kids and grownups alike.  The Charlotte Players can always be counted on to put on a funny sometimes bawdy, and always touching holiday show the Symphonic Winds of Charlotte County present a holiday concert they presented both secular and sacred holiday music in a variety of arrangements with The Gift of Music at The Charlotte Performing Arts Center One of Punta Gorda's favorite people, master saxophonist Mindi Abair, usually presents a Christmas show, like 2024's I Can't Wait For Christmas Tour The Florida Philharmonic always presents a holiday-themed concert like 2024's Home for the Holidays takes place at the Charlotte Performing Arts Center and is always the perfect way to get into the spirit of the season The Gulf Theater at the Military Heritage Museum presents a variety of Christmas shows and Christmas-themed Barbra Streisand and Rat Pack tribute shows There's also plenty of incentive to stay through the New Year: explore Things to Do for New Year's Eve the Charlotte Harbor Gulf Island Coast is a peaceful gateway to Southwest Florida As Florida’s premier ecotourism destination you’ll find us to be free of crowds and off the beaten path yet still offer the comfort and amenities discerning travelers seek Situated on Charlotte Harbor with endless miles of natural shoreline we are home to unlimited outdoor pursuits like beaches Come find out why “Our Best Side is Outsidesm” © 2025 Punta Gorda/Englewood Beach Visitor & Convention Bureau Approvals for new car washes and storage facilities in Punta Gorda will be put on pause for a period of 180 days during a moratorium begininng after the next City Council meeting Feb 5 to review current zoning for car washes and storage facilities and implement criteria adopted by city of Cape Coral The moratorium provides the city time to review its regulations and establish criteria for those businesses Julian said Council decided to take a closer look at its current regulations after a zoning official approved a storage facility on U.S they decided approvals would be made by the governing body Maps indicating current car wash and storage facility locations and areas where zoning allows new ones were included in Council’s agenda packet in addition to city of Cape Coral’s amended changes One of the first steps Cape Coral took was changing car wash and storage facilities to Conditional Permitted Uses in certain zoning districts location requirements include a minimum separation distance between uses of 1 mile and only on parcels having primary frontage on certain roadways The facilities are to be located at least 500 feet away from any major intersection involving collector and/or arterial roadways and all systems and equipment must be completely enclosed within a building Cape Coral created specific regulations regarding location requirements there has been a proliferation of storage facilities and car washes built throughout Charlotte County such as trailers and recreational vehicles Deed restrictions prohibit keeping RVs parked in driveways in certain communities and most residential garages are not large enough to accommodate those types of vehicles new large vehicle storage facilities were developed in the city and county Hurricane Milton caused significant flooding in parts of Charlotte County less than three weeks after Helene did the same thing Storm surge damaged homes and flooded vehicles in parts of Punta Gorda along the south side of Charlotte Harbor comfort meant a quaint home near the harbor Now the one-two flood punch of Helene and Milton may drive him out of the community he loves "The house is done and all our possessions are done," Goode said So we have to decide:  do we try to recoup one more time or  is this the end of our Punta Gorda?"   Goode said he could not find words for his emotions "I'm 72 and now I have to start my life over Milton's surge lifted large boats out of the harbor The water flooded Bridget O'Grady's 130-year old house Helene left a foot of water in the place just a couple of weeks ago O'Grady said she and her husband had just cut out drywall and removed flooring to dry things out She said Milton left more than a foot of water "And now we're at the point of bulldozing the whole thing," O'Grady said.  "That's super sad O'Grady said she refuses to let disaster get her down and take on the next challenge," she said of herself and her husband "I try to not let it take over too much." Milton toppled trees and left power lines hanging across streets in some Punta Gorda neighborhoods The surge also flooded the Celtic Ray pub in downtown Punta Gorda despite a mountain of sandbags at the front door They say Helene left about four feet of water; Milton closer to five feet Employees had just put in new drywall after Helene Now that will have to be cut out and replaced Twenty-six-year-old bartender Caroline Spoontz said she has worked at Celtic Ray for five years She stopped at the pub to see the damage from the flooding in part because my house was dry," Spoontz said "That's part of it.  But I was in shock.  The emotions are hard to describe.   Sadness is definitely one of them for sure.  And just heartache.   Nobody wants to see this kind of  stuff He said the 50 employees at the place are a family He said he had no doubt that they will pitch in to repair damage "This is what we sign up for," Doyle said "But this is getting ridiculous.  We can't go through this too many more times in the same place.  But knock on wood." 11 Fast Company story published comparing the housing bubble burst after prices peaked in 2006 to today’s falling home prices in Punta Gorda carried the headline: “This Florida city was hit hard when the 2008 housing bubble burst—now prices are falling again.” Lambert cited data and a report from credit rating agency Moody’s and referred to the price spike from December 2019 and July 2022 when “Punta Gorda home prices surged a staggering 73.2% It went on to state “Punta Gorda was one of the hardest hit housing markets during the housing bubble burst in 2008.” it gave an example of a private equity-owned home in Burnt Store Village that was bought for $445,000 in May 2022 during the height of the pandemic housing boom The first listing price was $400,000 in February this year with an asking price of $336,000 after six price cuts it would be a 25% decline from its original purchase price What was confusing is the headline seems to target the city of Punta Gorda as one of the hardest hit price-wise Lambert said the headline is misleading—he didn’t write the headline and reached out to his editor the entire story refers to the Punta Gorda Metropolitan Statistical Area He clarifies this in the story: “While national aggregate home price indices are hovering around all-time highs Texas and Louisiana are experiencing home price corrections This includes the Punta Gorda metro area in Southwest Florida.” The Punta Gorda MSA includes all of Charlotte County There are multimillion-dollar homes on Boca Grande and modest mobile home communities scattered throughout the county In between are suburban homes with many different price ranges Lambert acknowledged this and said his report addresses the MSA and that his report was about “just a correction He wrote that the pandemic caused a housing boom that was “particularly intense in Punta Gorda which was impacted by accelerated retirement and work-from-home migration.” While home prices jumped nationwide by 42.6% from December 2019 to July 2022 prices in the Punta Gorda MSA jumped 73.2% Lambert went on to write that home prices in Punta Gorda haven’t stopped falling and will likely continue to fall in the second half of 2024 While agreeing with the story’s statistics showing a buildup in inventory and lower prices for single-family homes and factors leading to the market’s spike of July 2022 when home prices jumped 73.2% local Realtors and a professor said a crash is not imminent and that recovery might come sooner Lucas Professor of Real Estate for Florida Gulf Coast University read Lambert’s report and said he has “a slightly different take on things.” He said there are price variations from neighborhood to neighborhood.It’s difficult to talk about prices within “a single zip code,” he said “While we certainly had a buildup in inventory due to slower sales and new developments being built in the area builders are currently not pulling as many permits,” he said Weeks said Hurricane Ian contributed to the present situation along with the increasing cost of home ownership due to insurance costs which “kept new home buyers from coming into the market.” suddenly find that there are not enough dollars to cover the cost of owning the home even though the price is within their range A positive note for the area is that builders are backing off pulling permits and the pace of sales is ahead of the previous year What led to the crash over a decade ago was “lending standards had gotten extremely loose,” and that “students waiting tables were obtaining loans,” Weeks said Realtors of Punta Gorda-Port Charlotte-North Port-DeSoto Inc provide monthly statistics that show in July the median price of single-family homes was $355,000 according to the Realtors association data President of the Realtors association Leanne Walker also agreed with Lambert’s assessment that the pandemic was a factor The demand for homes caused a price surge and multiple offers on homes Before and during the pandemic there were bidding wars on some properties Many new developments located along Burnt Store Road and West Port were just getting started and inventory was low at the pandemic’s peak and migration to Southwest Florida While Lambert writes that home prices in Punta Gorda haven’t stopped falling and will fall further in the second half of 2024 Walker said many people are “on the fence,” waiting to buy in the midst of an election a possible interest rate reduction and high inflation which is preventing some from entering the market She said while the Florida Legislature is “working on getting insurers back here,” insurance rates are another barrier to those wanting to become homeowners Now condo owners face a new Florida law that went into effect in July requiring engineering inspections of condos three stories and higher and more than 30 years old The inspections would be at the HOA boards’ expense repairs would have to be made at that point and not delayed hence homeowners would face assessment fees Some HOA boards are running out of reserves but they must make the mandated repairs and not put off having safety-related work done said the area “is going to return to a state of normalcy this fall and running through April.” PUNTA GORDA, Fla. — After a notice of pollution from the Florida Department of Environmental Protection said the City of Punta Gorda released 1.6 million gallons of “raw sewage” into Charlotte Harbor the city responded saying in fact it was just stormwater Watch FOX 4's Alex Orenczuk report on the City of Punta Gorda's response to an FDEP notice of pollution: a notice of pollution submitted to FDEP by City of Punta Gorda Utility Supervisor David Brooks stated that the city reported “a wastewater release of raw sewage of approximately 1.6 million gallons from a master pump station due to storm surge” from Sept The notice continues to say “the Charlotte Harbor has been impacted by the release When FOX 4 asked the City of Punta Gorda about the notice Assistant City Manager Melissa Reichert said that there was no sewage released it was storm water that inundated the wastewater facility Reichert explained that the form used to report pollution through FDEP does not give the option to report stormwater the system requires the submitter to select the nearest body of water that could be impacted “FDEP is aware that this is storm surge inundation,” said Reichert experts say the unprecedented storm surge from Hurricane Helene will likely have adverse impacts on the quality of the water in Charlotte Harbor “Nutrient pollution and bacteria pollution can have negative effects on our waterway health and the wildlife that depend on those waterways,” said Nicole Iadevaia Director of Research & Restoration at the Coastal & Heartland National Estuary Partnership “An overabundance of nutrients can cause algae blooms which can have a cascading effect on the ecosystem It can shade out the existing vegetation which can affect the wildlife.” Iadevaia said it's common to have pollution notices after large storms as many pollutants from the land wash into the waterways She said the more often these storm events happen the harder it is for aquatic ecosystems to bounce back “These ecosystems are built to endure storm events we have seen that these systems may be a little less resilient than they were in the past due to that nutrient and bacteria pollution over time we can see that when these systems start to degrade they are less resilient when these storms do hit.” One example Iadevaia gave was the disappearance of seagrass in Charlotte Harbor after Hurricane Irma in 2018 “We started to see seagrasses start to decline after Hurricane Irma there was an overabundance of nutrients in the waterways there were a lot of macro algae blooms that shaded out the seagrass and we still haven't recovered from that.” Iadevaia said investing in infrastructure that can help stop pollutants from entering the waterways after large storms is key to the long term survival of a healthy Charlotte Harbor “It's much easier to clean up nutrients and bacteria pollution at the source rather than when it's already in the water,” said Iadevaia “So working to build resilient infrastructure working to upgrade our wastewater treatment systems getting more people hooked up to advanced wastewater treatment rather than septic that's really important because all of those things contribute to nutrient pollution and then that flows downstream and degrades the estuaries.” For more information on water quality, and CHNEP programs monitoring the greater Charlotte Harbor estuarine system, CLICK HERE Charlotte County opened shelters Wednesday afternoon to take in those who've been ordered to leave their homes as well as anyone else who doesn't feel safe The mandatory evacuation order covers mobile and manufactured homes and homes on barrier islands and in low-lying areas This is happening in advance of tropical system Helene The forecast is that wind and rain from Helene will sweep across Charlotte County as the system heads northward in the Gulf of Mexico Wednesday morning John Wood said he planned to put shutters on his mobile home near Punta Gorda He said he will clear out in advance of the storm He said he'll go to stay with his daughter who has a concrete block home not too far from his place "Be kinda scary to be in this place in a storm with all the wind and rain," Wood said "I've been here in the tropical storms we've had Jean Frank lives in a manufactured home in Punta Gorda Isles "I've been in my home in other storms and by the grace of God I was alright.  Although there was damage to the home." Governments generally cannot force someone out of their home because of a storm threat But it can warn people: you're on your own don't expect emergency services to rescue you at the height of a storm "I will take my chances.  that's what it boils down to.  I know the risks,"  she said Rich Waggoner said he's not leaving his concrete block home in Punta Gorda Isles He said it was built in 2004 to the Miami-Dade construction standards Those guidelines were put into place after Hurricane Andrew Technically Waggoner's property is not under an evacuation order and only a block or so from the shores of Charlotte Harbor "I'm not losing sleep over it," Waggoner said of Helene I would think the airport would be fine." He explained that he and his wife have tickets to a football game at the University of Michigan in Ann Arbor The game is Saturday and he said he would hate to miss it Waggoner said his home is 10 feet above sea level and he's counting on the prediction of three to five-foot storm surge to be accurate "It's a way of life down here," he said of tropical threats you shouldn't be here.  That's my feeling." Charlotte County said the following shelter locations will be open as of 1 p.m.: Kingsway Elementary School at 23300 Quasar Blvd. And Harold Avenue Regional Park Recreation Center If you go a shelter you must bring supplies for each family member and pets All Charlotte County shelters are pet friendly Lance Lambert January 31 Is fix and flip part of your real estate investment strategy?🏠🛠️ If yes, we’re inviting you to participate in the first-ever LendingOne-ResiClub Fix and Flip Survey as measured by the Zillow Home Value Index condo prices have risen +0.4% over the same period regional home prices have seen even stronger gains some areas—particularly around the Gulf—are experiencing greater softness and weakness with a few even undergoing home price corrections Look no further than Florida—which is why today's article dives deeper into what’s happening across Florida Among the 26 major Florida condo markets that ResiClub tracks condo prices are falling on a year-over-year basis in 24 metro area markets condo prices are falling in 92% of Florida’s markets The biggest year-over-year FL condo price declines are in… Click here to view an interactive of the FL condo chart below Florida single-family prices are holding up better than condo prices Among the 29 major Florida single-family markets that ResiClub tracks single-family home prices are falling on a year-over-year basis in 19 metro area markets single-family prices are falling in 66% of Florida’s housing markets The biggest year-over-year FL single-family home price declines are in… Click here to view an interactive of the FL single-family chart below Florida's particularly intense overheating during the Pandemic Housing Boom is the key reason for its pricing vulnerability home prices rose +41% between March 2020 and June 2022 Florida home prices surged +51% over the same period It just takes a big enough shift in the supply-demand equilibrium for that vulnerability to manifest into falling prices Why has the supply-demand equilibrium shifted in Florida markets The Pandemic Housing Boom’s migration surge to Florida has fizzled out. Indeed, Florida saw net domestic migration of +64K in 2024 Without that higher influx of deep pocketed buyers from up North Florida home prices have had to rely more on local incomes This has had a greater impact on older coastal Florida condo buildings Hurricane Ian spurred a greater SWFL softening which were hard-hit by Hurricane Ian in September 2022 According to the National Oceanic and Atmospheric Administration Hurricane Ian caused an estimated $112.9 billion worth of total damage This combination of increased housing supply for sale (i.e. coupled with strained demand—the result of spiked home prices and higher HOAs—has translated into market softening across much of Southwest Florida Want to better understand what’s happening to home prices in your local housing market ResiClub PRO members can access our latest report looking at home prices in over +800 metros and +3,000 counties here. © 2025 ResiClub. Email: [email protected] Your browser is out of date and potentially vulnerable to security risks.We recommend switching to one of the following browsers: condos and townhomes remains high in Charlotte County the number of building permits pulled was down 18% Lucas Professor of Real Estate at Florida Gulf Coast University Weeks cited data from the university’s Regional Economic Research Institute showing a 20% overall decline in Southwest Florida permits Because builders have sunk a lot of their costs into their homes amid price declines due to high inventory and not enough buyers would-be buyers are sitting on the sidelines waiting for the Federal Reserve to lower interest rates The Fed cut rates last week for the first time since the pandemic lowering borrowing costs by a half-point with the possibility of more cuts this year Weeks said 60% to 70% of buyers are using financing so the latest cut could entice buyers whose monthly mortgage payment would be lower Realtors of Punta Gorda-Port Charlotte-North Port-DeSoto Inc.’s August data reflects Weeks’ analysis the 2,924 single-family homes for sale in August represented a 6.8-month supply It took longer to sell single-family homes in August The 766 condos and townhomes in inventory represented an 8.8-month supply Several planned developments with hundreds of new homes have been approved recently in the county who along with Mike Federau forms the MLS Detectives Group at RE/MAX Anchor Realty in Punta Gorda said the market “is still going to slide a little further because of new construction.” He cited some of the new construction in the Punta Gorda area and said some sellers have listed their properties higher than what the market will support the influx of new homes with prices comparable to older homes are putting pressure on sellers to lower their prices and newer homes can get closer to their asking price versus older homes the median percentage of the original listing price received for single-family homes was 92.2% Condo sellers received 90.4% of their listing price Mellon said there were recent sales of homes in the $1 million range and higher one in the Pirate Harbor neighborhood in Punta Gorda sold for $1.93 million August statistics from the Realtors association show 17 homes were sold in August for $1 million or higher in the county but the majority of single-family homes sold in August (174) were in the $300,000 to $399,999 range Punta Gorda’s residential landscape is ever changing with improvements And a recent trend has property owners splitting their property to build two homes where one once stood Two applicants on June 28 received a green light from the city’s Development Review Committee to proceed to the next steps toward development after submitting applications to split their respective properties into two lots that vacant lot will have two 3,000-square-foot luxury homes Scott said he hopes to sell each home for around $1.5 million Each house will comprise two levels; living quarters on the second floor will be above flood level while the first floor will serve as a garage and storage area There will be an elevator to provide easy access to the second level older Google Earth photos show significant damage to the house Anderson said their property at 402 Carmalita St. and it is in the process of being remodeled Property records show the 1,596-square-foot four-bedroom and 1.5-bath house on Carmalita Street was sold in February this year for $150,000 Anderson said he’s been building in Punta Gorda since 1984 and has built in other parts of the city City zoning official Jessica Leatherman explained the process going forward to the applicants They must now meet city code requirements through the Public Works Both Scott and the Andersons will not have to go before City Council since the matter involves only two lots that will be split; had there been three or more they would have had to get approval from City Council Arizona-based home construction company Taylor Morrison plans to build two new communities in Punta Gorda will be open to the public June 1–2 for viewing located along West Marion Avenue in the Punta Gorda Isles section Seahaven is being marketed as a luxury development A Taylor Morrison spokesperson said the all-in pricing for units currently available range from $559,717 without a dock to $773,111 with a dock and those with docks will pay an additional $216 per quarter three-bath units with a balcony and stairwell to the second story where a kitchen and secondary bedroom with full bath are located two secondary bedrooms and a full bathroom are on the third level There is private elevator access to all the floors and a one-car garage with extra storage is on the ground level two others will be finished by July and another is under construction Seahaven’s prices are comparable to other condos and townhomes in the area which experienced massive development over the last two decades With little land left on which to build residential homes many developers are looking at the Burnt Store Corridor area Taylor Morrison is building 775 single-family homes at its Esplanade at Starling development along Burnt Store Road near Notre Dame Boulevard and Seminole Road pickleball and bocce courts and a dog park Taylor Morrison’s Naples office is handling sales of Esplanade at Starling but the first homes won’t be ready until early 2025 Prices will be released about two weeks prior to the grand opening and preview to the public Norada Real Estate Investments Join our Real Estate Investment Group (FREE) January 19, 2025 by Marco Santarelli Are you keeping a close watch on the housing market The question on many minds is: Will the Florida housing market crash in 2025 specific metropolitan areas are showing signs of potential price declines Florida is identified as being at a very high risk of home price decline over the next year with a greater than 70% probability of price drops There are several factors that can contribute to a higher risk of a price decline: Without digging deeper into specific data related to Punta Gorda, it is not possible to say exactly why this metro is at high risk. However, the above factors are typically the primary drivers. I suspect, the rapid price increases witnessed in Florida during and after the pandemic are likely at play here, and this market is now undergoing a correction. It’s crucial to distinguish between a market crash and a market correction. A crash typically refers to a rapid and dramatic collapse of home prices, similar to what happened in 2008. A correction, on the other hand, is a milder and usually more gradual decline in prices that corrects market imbalances. The current data suggests we’re more likely to see corrections in certain areas, like Punta Gorda, rather than a widespread crash. Mortgage rates play a significant role in shaping housing market trends. As rates rose in 2024, buyer demand cooled, leading to slower price appreciation and even declines in some areas. I believe that this is a natural market adjustment. As long as the economy isn’t in a recession, home prices generally continue to show long term growth, although it will vary by market. When evaluating the housing market, especially if you are considering buying or selling, it is vital to use local and current data. National averages and general statements are simply not enough to make informed decisions. I often tell people to talk to local real estate experts for real-time local market insights. So, what can we expect in 2025? While it’s impossible to make definitive predictions, I can analyze trends and make reasoned opinions based on that: Having observed housing market cycles for many years, I believe that the market is simply undergoing a necessary correction. After periods of rapid price growth, some areas become overheated and vulnerable to price declines. While a correction can be concerning, it's often a sign of a more sustainable market in the long term. I always advice people to think long term and not focus on a specific cycle, and I think that will be most beneficial to home buyers. I think there is some good news though, a market correction or even a modest price decline might give some relief to potential home buyers. In other words, this may be a good time for buyers to consider the market, especially if they are looking at a long term hold. The Florida housing market, specifically the Punta Gorda metro, appears at risk of a price decline but it's important not to generalize this risk to the entire state. While a widespread crash is not the most likely outcome for 2025, some local markets may undergo necessary corrections. It's vital to stay informed and use relevant data to make sound real estate decisions. and the founder of Norada Real Estate Investments – a nationwide provider of turnkey cash-flow investment property  His mission is to help 1 million people create wealth and passive income and put them on the path to financial freedom with real estate He’s also the host of the top-rated podcast – Passive Real Estate Investing Subscribe to get our top real estate investing content Copyright 2018 Norada Real Estate Investments Below are some fun spooky-season happenings to give you an idea of the kind of Halloween fun we enjoy in Punta Gorda/Englewood Beach Keep an eye on the restaurants below for next year's events: Los Mariachis Bar & Grill hosted a Mexican-style Halloween celebration with a twist starting with great lunch specials and continuing with Halloween Happy Hour.  The Twisted Fork's Halloween Bash featured live music and dancing The Celtic Ray Public House also featured live music and revelry which always features a fun pet costume parade and contest The Saturday Night Ghost Stories Tour takes you on a fun and mysterious exploration of beautiful downtown Punta Gorda September through April—and every Saturday night in October It's never too early to start planning to be down here for a great time at one or more of the Halloween events in Punta Gorda/Englewood Beach Aila Slisco is a Newsweek night reporter based in New York Her focus is on reporting national politics where she has covered the 2020 and 2022 elections the impeachments of Donald Trump and multiple State of the Union addresses Other topics she has reported on for Newsweek include crime public health and the emergence of COVID-19 Aila was a freelance writer before joining Newsweek in 2019 You can get in touch with Aila by emailing a.slisco@newsweek.com either observed and verified firsthand by the reporter or reported and verified from knowledgeable sources Translations may contain inaccuracies—please refer to the original content Cities were hit with dangerous storm surges as Hurricane Milton made landfall on Florida's Gulf Coast on Wednesday night Rapidly rising water levels were reported in multiple areas while the hurricane hit the coastline near Siesta Key in Sarasota County as a powerful Category 3 storm at around 8:30 p.m Videos were quickly shared to social media of surges in the cities of Venice which is located about 17 miles south of Siesta Key located over 50 miles southeast of Siesta Key in neighboring Charlotte County More From Newsweek Vault: 5 Steps to Build an Emergency Fund Today "Storm surge is absolutely pouring into Venice, Florida now as hurricane #Milton makes landfall," storm chaser Bryce Shelton wrote while sharing a video to X, formerly Twitter "Surge has now crested the protective wall in Punta Gorda, FL and is now pouring into the city," wrote storm chaser Brad Arnold while sharing a different video While catastrophic storm surges of up to 15 feet were predicted before Milton made landfall on Wednesday it was not immediately clear whether the surges were as large as feared More From Newsweek Vault: What Is an Emergency Fund? Tampa Mayor Jane Castor, who warned residents on Tuesday that they would "die" if they refused to evacuate, told CNN's Anderson Cooper that storm surges in her city would exceed those produced by Hurricane Helene but likely not match the worst predictions "We're not gonna get the 15 feet that was predicted in the onset," Castor said "The prediction now is anywhere from 6 to 9 feet so expect it a little bit higher than that." More From Newsweek Vault: Online Banks vs. Traditional Banks: Learn the Differences "Hopefully [people in Tampa] are just sheltering in the place right now," she added "Because the next few hours are gonna be rough here in Tampa." The National Weather Service (NWS) declared a flash flood emergency for an area that includes Tampa Saint Petersburg and Clearwater on Wednesday night The emergency was in effect until 2:45 a.m "Move immediately to higher ground," reads a warning posted to X by NWS Tampa Bay An additional NWS flash flood emergency was later issued for an area including Brandon The Florida Division of Emergency Management urged residents to "not walk out into receding water in Tampa Bay" in a Facebook post at 9:23 p.m. warning that "the water WILL return through storm surge and poses a life-threatening risk." The Federal Emergency Management Agency (FEMA) said on Wednesday that it had "over 1,000 responders on the ground in Florida supporting Milton and previous disasters," with "over 1,400 search and rescue personnel pre-staged to support Milton response efforts." Newsweek reached out for comment to FEMA via email on Wednesday night Milton was downgraded to a Category 2 hurricane about one hour after making landfall and is expected to continue to weaken as it makes its way east through Florida the hurricane is likely remain an extremely dangerous storm for those in its path until it eventually exits into the Atlantic Ocean on Thursday ET: This article has been updated with more information Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground Newsletters in your inbox See all Jim Cantore navigates the storm-ravaged coastline of Florida detailing how dozens of stranded boats were washed ashore during Hurricane Milton We recognize our responsibility to use data and technology for good We may use or share your data with our data vendors The Weather Channel is the world's most accurate forecaster according to ForecastWatch, Global and Regional Weather Forecast Accuracy Overview In news that will surprise no one recently cut off by a driver with a Canadian or New York license plate Florida dominates a new list of best places for snowbirds to stay during colder months of the year That’s according to an analysis by FinanceBuzz When listing the top 25 warm locales where Americans and Canadians like to spend their Winter months Florida has nine cities in that elite bunch and accounts for the entire top 5 Sebring was ranked the top locale for snowbirds in the U.S. FinanceBuzz analysts looked at 180 different cities using about two dozen factors to compile their rankings The analysts compiled a scoring system to weigh those elements “Sebring earned the highest overall livability score of any snowbird city A low violent crime rate and very high walkability are major contributing factors in that regard along with the fact that 44.3% of the population is over the age of 60 the fourth-highest rate overall,” the FinanceBuzz report said Sebring was the most affordable snowbird city in Florida with a cost of living 17% lower than the national average Average mortgage costs are just under $1,300 per month The remaining top 5 cities included Sebastian The Villages outside of Orlando has the highest concentration of senior snowbirds “The Villages has the highest percentage of people ages over 60 in the U.S as well as the most golf courses per capita,” the FinanceBuzz report said “While Florida tends to be among the first places people think of when it comes to snowbirds Sunshine State cities only make up a little more than 50% of the top 10 Looking at the full top 25 reveals even more diversity of choice as only four additional Florida cities crack that list.” Georgia had the second-most cities in the top 25 Texas and Alabama had three cities each in the top 25 Other Florida cities in the top 25 included Panama City at 15th Drew Dixon is a journalist of 40 years who has reported in print and broadcast throughout Florida, starting in Ohio in the 1980s. He is also an adjunct professor of philosophy and ethics at three colleges, Jacksonville University, University of North Florida and Florida State College at Jacksonville. You can reach him at [email protected] This platform and all of its content are owned by Extensive Enterprises Media Publisher: Peter Schorsch @PeterSchorschFL © Copyright by Extensive-Enterprises 2025. All rights reserved. STAFF LOGIN Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page.