Post-boom hangover lingers [South Florida]
The first thing you notice as you drive the hundreds of miles of crumbling roads in this once rapidly growing city is the enormous number of “For Sale” signs.
Every 9th or 10th house is either listed for sale or will be as soon as foreclosure proceedings are concluded.
All told, as many as 2,000 of North Port’s 20,600 homes hang over the market, grossly distorting any semblance of balance between supply and demand, data from the Sarasota County Multiple Listing Service, RealtyTrac.com and Port Charlotte property appraiser Dennis Black shows.
“Drive any block in North Port and you will see four or five ‘For Sale’ signs in every direction,” said Michael Tenn, a Daytona Beach resident still trying to sell the house his grandmother moved out of last year. “Everybody is trying to get rid of property.”