Latest news with #PuntaGorda
Yahoo
4 days ago
- Climate
- Yahoo
On This Date: Hurricane Charley Tears Across Florida With Extreme Wind Damage After Category 4 Landfall
Hurricane Charley rapidly intensified and made landfall in southwest Florida as a Category 4 on this date 21 years ago, then tore across the state's peninsula like a buzzsaw, producing extreme wind damage along the way. Charley roared ashore near Cayo Costa, Florida, or west of Fort Myers, packing maximum sustained winds of 150 mph on the afternoon of Aug. 13, 2004. The intensification of Charley prior to landfall was a worst-case scenario since nearly eight hours earlier over the eastern Gulf, it was a Category 2 with 110 mph winds. The fierce hurricane was small in size, but left behind a trail of wind damage resembling a very large tornado from Punta Gorda and Port Charlotte in southwest Florida to Orlando and Daytona Beach as it raced across the Florida Peninsula in just seven hours. Orlando, about 125 miles from where Charley first made landfall, measured sustained hurricane-force winds (79 mph) with a peak gust of 105 mph. Charley's small size prevented storm surge from being as high as you would typically associate with a Category 4. Visual evidence at Sanibel Island suggested a peak storm surge of 6 to 7 feet above ground. Charley caused an estimated $26.7 billion in damage (adjusted to today's dollars) and was blamed for 35 deaths, according to NOAA. For Florida, Charley would be just the first of four hurricanes to impact the state in about 45 days during the 2004 season. Charley was followed by Frances and Jeanne making landfall along the state's Atlantic coast, and then Ivan's strike on the western panhandle region. Chris Dolce has been a senior digital meteorologist with for 15 years after beginning his career with The Weather Channel in the early 2000s.
Fast Company
5 days ago
- Business
- Fast Company
Underwater mortgages are climbing in Florida and Texas housing markets
Want more housing market stories from Lance Lambert's ResiClub in your inbox? Subscribe to the ResiClub newsletter. Since the Pandemic Housing Boom fizzled out in the summer of 2022, some overheated parts of the country—particularly in the West, Southwest, and Southeast—have experienced home-price declines from their peak (see this map). While many of these markets have seen only modest drops, a few metro areas, such as Punta Gorda, Florida, and Austin have undergone what I'd consider 'material' home-price corrections, falling 18.6% and 23.0% respectively from their peaks. These regional home-price declines raise the question: How many mortgage borrowers are actually 'underwater'—meaning their house is worth less than their outstanding mortgage balance—right now? To find out, ResiClub reached out to ICE Mortgage Technology—formerly known as Black Knight, before it was acquired by Intercontinental Exchange for $11.8 billion in 2023. 1.0% —> The share of outstanding homeowner mortgages with negative equity (i.e., underwater) at the end of April 2025, according to data from ICE Mortgage Technology provided to ResiClub this week.* 23.0% —> The share of outstanding homeowner mortgages with negative equity (i.e., underwater) at the end of September 2009, according CoreLogic/FirstAmerica. Why, on a nationally aggregated basis, are there still not many homeowners underwater, despite home-price declines in some markets? Nationally aggregate home prices are still pretty close to all-time highs. While many pockets of the West, Southwest, and Southeast have seen home prices decline at least some from the peak, nationally aggregated single-family prices are still pretty close to all-time highs. Amortization of ultralow mortgage rates. Many homeowners locked in ultralow mortgage rates during the Pandemic Housing Boom. With fixed rates around 2% to 3%, those monthly payments included a larger proportion of principal repayment from the start. That means borrowers have been paying down their balances more aggressively than they would under higher-rate loans. As of Q4 2024, 54% of outstanding mortgage holders have rates below 4.0%, which has helped some borrowers build equity faster and give them a greater buffer. Few buyers actually purchased at the peak in correction markets. Even in boom-to-correction markets like Cape Coral, Florida, or Austin, only a small share of homeowners bought at the absolute top of the market in spring 2022. Most current homeowners in those areas either bought before or after the peak. This limited exposure at the peak helps explain why negative equity, so far, hasn't been a big problem, even in some of the hardest-hit metros. While only 1.0% of outstanding U.S. homeowner mortgages have negative equity, there are few pockets where it's getting closer to 5.0%—or has even slightly crossed it. Among the 100 major metro areas for which ICE Mortgage Technology provided data to ResiClub, these 15 metros have the highest share of homeowner mortgages currently underwater: Cape Coral, Florida —> 7.8% Lakeland, Florida —> 4.4% San Antonio —> 4.3% Austin —> 4.2% North Port, Florida —> 3.8% Jacksonville, Florida —> 2.9% Baton Rouge, Louisiana —> 2.8% Palm Bay, Florida —> 2.7% New Orleans —> 2.7% Deltona, Florida —> 2.6% Tampa, Florida —> 2.5% Colorado Springs, Colorado —> 2.3% Little Rock, Arkansas —> 2.2% Dallas —> 1.7% Oklahoma City —> 1.6% Even in markets like Cape Coral (7.8%) and Austin (4.2%) that have higher shares of outstanding homeowner mortgages that are currently underwater, that's still far off from the levels seen at the height of the Great Financial Crisis-era bust. For comparison, back in September 2009, a staggering 68% of mortgage borrowers in Nevada, 48% in Arizona, and 45% in Florida were underwater. So far, in the down markets it's really just the 2022, 2023, and 2024 vintages being impacted. Even in Austin—a metro where home prices have fallen 23% from their May 2022 peak—only 1.5% of 2021 borrowers are underwater. Big picture: If home prices in parts of the Southwest, Southeast, and West continue to experience mild home-price pullbacks, the share of recent borrowers who are underwater in those markets will rise beyond the levels we've outlined here. However, barring a major downward shift, it still wouldn't come close to the depths of negative equity seen in 2009 or 2010 anytime soon.
Yahoo
06-08-2025
- Business
- Yahoo
New homes take root at Turnleaf with Builder lineup, model reveal
Sales are now underway at a new master-planned destination on Florida's Gulf Coast PUNTA GORDA, Fla., Aug. 6, 2025 /PRNewswire/ -- GreenPointe Holdings proudly announces sales are underway at Turnleaf, a new master-planned destination located just minutes from the expansive beaches of Florida's Gulf Coast. Turnleaf's premier builder lineup features three of the region's most respected homebuilders: Dream Finders Homes, Lennar and Perry Homes. "We are pleased to collaborate with this exceptional team of builders to shape the future of Turnleaf," said Jim McGowan, Regional President, West Coast Florida, GreenPointe Developers, the master-plan community and urban development division of GreenPointe Holdings. "These builders are among the best in southwest Florida, and we are proud to have them bring their craftsmanship, innovation, and decades of expertise to our amenity-rich community." Shop Top Mortgage Rates Personalized rates in minutes A quicker path to financial freedom Your Path to Homeownership Turnleaf features a diverse selection of single-family homes on 40', 50' and 60' homesites, thoughtfully designed with modern architecture, open-concept layouts and energy efficient features. Dream Finders Homes presents seven floor plans at Turnleaf ranging from 1,657 square feet to more than 2,699 square feet. Dream Finders model homes, Florence and Ravenna II, are expected to be completed mid-August. Lennar at Turnleaf showcases the builder's signature Everything's Included® program, where the homebuilder's most popular features and finishes are included at no additional cost. Homebuyers can choose from 14 floor plans ranging from 1,263 square feet to more than 3,800 square feet. Three model homes are currently open and ready for tours. Perry Homes at Turnleaf offers a selection of well-appointed homes featuring quality standard features and thoughtful design elements in every home. Perry Homes is building 25 plans at Turnleaf, ranging from 2,011 square feet to more than 3,600 square feet. Two model homes are currently under construction. New homes at Turnleaf are priced from the $300s, offering exceptional value in a well-designed master-planned setting. Construction will begin this year on Turnleaf's resort-style amenities created to elevate everyday living. Planned amenities include a 5,500-square-foot Amenity Center with sparkling pool, modern fitness center, pickleball and bocce courts, yoga lawn, outdoor dining and gathering areas, a playground and winding pathways for walking, jogging and biking – all reserved for the exclusive use of community residents. Turnleaf's prime location offers easy access to entertainment, shopping, dining and recreation in Southwest Florida. To learn more, visit About GreenPointe Holdings, LLCGreenPointe Holdings, LLC is a diversified holding company that brings together the necessary disciplines to create sustainable, high-value communities built upon intelligent design principles and solid financial structures. GreenPointe Holdings was founded by visionary leader Edward E. Burr in 2008 with a charge to create livable communities of lasting value for today's homebuyers. GreenPointe Holdings is led by veterans of land and community development, homebuilding, lifestyle and amenities management, equity and debt financing, and infrastructure development. The combined leadership team has led the master planning and development of more than 80 communities and over 100,000 residential units. With headquarters in Jacksonville and regional offices throughout Florida, GreenPointe's current portfolio consists of 20 master-planned communities in Florida, accounting for approximately 27,000 homesites, 2,200 multi-family units and 950,000 square feet of commercial and retail space, with over $1 billion invested to-date. More information is available at GreenPointe is proud to support the Monique Burr Foundation for Children and its mission to protect children by providing comprehensive, evidence-based personal safety programs. For more information, visit View original content to download multimedia: SOURCE GreenPointe Holdings, LLC Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Fast Company
16-07-2025
- Business
- Fast Company
Southwest Florida's housing market is undergoing a material home price correction—here's why
Want more housing market stories from Lance Lambert's ResiClub in your inbox? Subscribe to the ResiClub newsletter. Back in June 2022, this home at 1137 Treasure Cay Ct in Punta Gorda, FL, was purchased for $985,000. Just one month later, home prices in the Punta Gorda metro area peaked, and the market slipped into what ResiClub calls 'correction mode.' In April 2025, the homeowner listed the property for sale at $1,150,000, and the price has since been cut six times, with the most recent asking price at $899,000. The home just went 'pending,' though it'll be a few weeks before we know the final sale price. If the home ultimately sells for $899,000—8.7% below its June 2022 purchase price—the seller might consider themselves lucky. Bank of America's AVM model (although I take those with a big grain of salt) estimates the home's value at $721,615, and ResiClub 's analysis of the Zillow Home Value Index shows that home prices in the Punta Gorda metro area are down -18.6% since the market's July 2022 peak. As we've closely documented for ResiClub PRO members for quite some time (here's our feature on just Punta Gorda), Southwest Florida is the weakest regional chunk of the U.S. housing market. While the Austin, Texas metro area has seen a larger overall price drop this cycle (-23% since its 2022 peak), it isn't experiencing year-over-year price declines as steep as those currently seen in Southwest Florida markets like Cape Coral and Punta Gorda right now. We should point out that the weakness in Southwest Florida—and Florida more broadly—is currently more pronounced in the condo market than in the single-family market. Take Punta Gorda, for example: Single-family home prices are down -13.6% from their 2022 peak, while condo prices there have fallen -20.4%. Heading forward, one big question is: Have home prices fallen enough in markets like Punta Gorda and Cape Coral to get the attention of homebuyers, mom-and-pop single-family investors, and single-family acquisition capital? That's something we'll do some reporting on in the coming weeks for ResiClub PRO members. What's the story with Florida—in particular SWFL—right now? As ResiClub has previously discussed, Florida's particularly intense overheating during the Pandemic Housing Boom is the key reason for its pricing vulnerability right now. While U.S. 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 home prices. Why has the supply-demand equilibrium in Florida markets recently shifted further toward buyers than in the rest of the nation? : 1) The migration surge to Florida fizzled out The Pandemic Housing Boom's domestic migration surge to Florida has fizzled out. Indeed, Florida saw net domestic migration of +64K in 2024, compared to +314K in 2022. Without that higher influx of deep-pocketed buyers and second homebuyers from up north, Florida home prices have had to rely more on local incomes. 2) Surfside condo fallout Following the Surfside condo collapse in June 2021, which killed 98 people, Florida passed new structural safety rules, requiring more inspections and additional funds for repairs to be set aside by the end of 2024. That has led to Florida HOAs issuing sky-high special assessments and monthly HOA fee increases to cover these costs. This has had a greater impact on older coastal Florida condo buildings. 3) Hurricane Ian spurred a softening Hurricane Ian spurred a greater SWFL softening. Markets like Cape Coral and Punta Gorda, which were hard-hit by Hurricane Ian in September 2022, saw thousands of damaged homes, and the subsequent need for renovations. According to the National Oceanic and Atmospheric Administration, Hurricane Ian caused an estimated $112.9 billion worth of total damage, making Ian the third-costliest U.S. hurricane on record. This combination of increased housing supply for sale (i.e., the damaged homes), coupled with strained demand (the result of spiked home prices), as well as spiked mortgage rates, higher insurance premiums, and higher HOAs has translated into market softening across much of Southwest Florida. 4) New construction supply elasticity Unlike many housing markets in the Northeast and Midwest, Florida has a higher level of homebuilding and multifamily construction. As new supply enters the market in this affordability-strained environment, builders are using bigger affordability adjustments—such as mortgage rate buydowns—where needed. This has helped cool the resale market by drawing in some buyers who might have otherwise purchased existing homes. As a result, inventory of existing homes is building up, making Florida one of the few housing markets where active listings now exceed pre-pandemic 2019 levels. 5) Home insurance shocks Over the past three years, the median annual U.S. home insurance premium has jumped 33%, but Florida homeowners have been hit even harder. The surge in Florida home insurance rates is partly driven by rising replacement costs—home prices and construction costs soared during the boom—and partly by increased hurricane risks and insurance payouts. Florida's sharp rise in insurance costs, combined with one of the biggest home price increases during the Pandemic Housing Boom, has led to one of the biggest housing affordability deteriorations. (ResiClub PRO members can find our latest county-level home insurance report here.) The super-early-rate deadline for Fast Company's Most Innovative Companies Awards is Friday, July 25, at 11:59 p.m. PT. Apply today.
CBS News
11-06-2025
- CBS News
Florida black bear caught on camera taking a dip in hot tub, napping 6 hours under lanai
Residents of an affluent community in Southwest Florida were shocked to find an uninvited guest in their midst over the weekend, one with fur, claws and a taste for luxury. On June 8, landscapers at Punta Gorda Isles spotted a black bear running through a backyard and called 911, according to CBS affiliate WINK. Punta Gorda police officers then went to the residence to warn the homeowner about the bear in his yard. Bear caught on security camera lounging in hot tub and lanai Homeowner Lynn Martin said at first he thought they were joking — that's until he checked his home security cameras. The bear was caught on video taking a dip in his hot tub. It then moved to a couch underneath a lanai, a a type of covered outdoor area commonly found in Hawaiian and Florida architecture. "He just took the pillows off of the couch and was getting ready to take a nap," Martin said. And nap it did — for nearly six hours. FWC responds with bear trap and hazing techniques Punta Gorda police contacted the Florida Fish and Wildlife Conservation Commission. They sent officers who placed a trap on the property. FWC officials then used hazing techniques to encourage it to leave. The bear eventually moved to a nearby vacant lot and climbed a tree. FWC placed a trap at the base of the tree and maintained a presence in the area. People who live in the neighborhood said the bear clearly meant no harm. "He's not looking for any trouble, that's for sure," Martin said. The following day, the bear was spotted napping in another tree in the neighborhood. The FWC waited for the bear to wake before trapping it. The bear was then safely relocated back to its natural habitat. Deadly black bear attack reporter near Naples This was not the first encounter with a black bear in Florida this year. On May 5, black bears attacked and killed a man and his dog near Naples, according to the FWC. Robert Markel, 89, and his dog were not killed at the same time, according to the FWC which believes more than one bear was involved. That night, FWC officers killed the three bears in the area. DNA samples from the scene and the bears were sent to Gainesville for testing. Necropsy results revealed that one bear contained the partial remains of Markel, according to the FWC. Testing showed that the same bear's DNA was present on Markel's body, inside his home and on the dog's body. Wildlife officials have not explicitly said that bear is the one that killed Markel, an autopsy by the Collier County Medical Examiner found that Markel's cause of death is consistent with a bear attack. Florida man bit by bear while protecting dog near Pensacola A few weeks after Markel's attack, a man in Gulf Breeze, near Pensacola, reported that he had been bitten by a bear while protecting his dog. The man said he had just gotten home from work and was letting his dog out when the wild animal charged at them in his backyard. The man said after the bear bit him, he kicked it in the face. He said that's when the bear charged him again. He said he was able to make it to the house, shut the door on the bear and call 911. The man was taken to the hospital where he was treated and released. Florida's growing black bear population leads to more encounters Florida's black bear population, once classified as threatened, has rebounded in recent decades. The state has more than 4,000 black bears, according to the FWC. Bear sightings and interactions with people have become more common, particularly in rural areas of north and central Florida. The FWC has an interactive bear map to show bear related calls. FWC tips: What to do if you encounter a bear "First things first, stand your ground. Make yourself look large, talk to the bear in a calm fashion. Do not run, do not play dead. If you have small dogs or small children, pick them up. Make yourself look large. If a bear is touching you, you need to fight back. So if you're in Florida and you know you're having a conflict with a bear, fight back, because people have successfully been able to fight off bears," Mike Orlando, the FWC's bear management program coordinator, said. He added it's important to never intentionally approach a bear and never feed one, either intentionally or unintentionally.
