Considering a Florida Home Loan? North Port is Attracting Buyers

As buyers search the state for a Florida home loan, they may wish to consider North Port. While real estate agents, builders, investors and lenders all seem to agree that realty prices are leveling out in the area, a strong economy bodes well for those thinking of residing in the city.

Experts agree that sellers need to forget the exorbitant sales prices of last year and focus on more realistic home values. Buyers, meanwhile, must realize that, despite sticker shock, costs are still pretty reasonable in the North Port area.

Arthur Broslat, of RE/MAX Palm Realty, said: “We’ll get this market going again as soon as people’s expectations become realistic. People are expecting too much from the sale of their homes.

“They tell me, ‘I could have sold it last July for that amount,’ but I tell them that was last July, and you missed it.”

The attraction of North Port and surrounding areas

Florida home prices are considered more reasonable here than in Naples. Nevertheless, there are issues to be addressed; chief among them is the city’s ability to expand to serve this growing population.

“Sewer, water, roads, those are major points,” said Darlene Capdarest of Wachovia Bank. “We can’t continue just doing septics and wells.”

Ted Allen said that builders find North Port a good place to invest.

“As Chair of the Planning & Zoning Committee, it seems like all we are doing is approving new homes. Big developers like DiVosta and Centex are overwhelming the market.”

Broslat said these big developers will bring in more buyers. The prices and association fees in some of those larger developments won’t appeal to everyone, though, and buyers will also be looking for values in non-deed-restricted areas without the higher assessments.

Furthermore, DaCosta felt that North Port is in a great location - easy to get to, close to Sarasota, within driving distance of Orlando and Miami, but without the high costs.

While else should you look into a Florida home loan here? Bunny Jones, from Century 21 Sunbelt, added that North Port has a low crime rate.

“The town still has a down-home feeling,” Capdarest said. “It’s neighborly, not like it was in Bradenton. People still let you in in heavy traffic.”

The role of the local government

Ted Allen observed that local government plays an important role.

“The city’s former economic developer did not, in hindsight, have enough support. We’re now working with the new city manager to improve that. One of the things we have to do is make sure there are good jobs here for those who want them.”

Broslat agreed: “The Sarasota County Economic Council seems to be helping more than the city is.”

A focus on business growth

When asked what people are doing to turn their businesses around, Carr said, “I am staying friendly with bankers. Real estate in Florida is good and has staying power if you can stick with it.”

Tony Linton with Premier Home Builders added that given the number of properties available now, investors have time to wait for the slow time to pass. “But homeowners who have to sell now will have to readjust their expectations.”

Broslat said, “You need to educate buyers and sellers. I have to tell sellers all the time, ‘Last summer was a good time: You missed it.’”

DaCosta also said that they are coming up with more creative financing methods now.

“You have 40- and even 50-year mortgages,” DeCosta said. “That can make a deal within reach of some buyers.”

As a growing city, North Port is trying to attract potential Florida home loan clients. With affordable housing and a prime location, it’s an area worth looking into.