Apartments Are Changing Venice & North Port!

There's been a lot of new apartments being built in Venice, North Port, and Welland Park. And in this video, I want to go over some of the pros and cons of that development. And there's three main ones to go over. The first is a pro, maybe a con, and the next is a pro. And then finally, I think the last big thing to consider with it would be probably considered a con. So just to set the table for this so you understand what's going on, a lot of the apartments that are being built in Venice are like along Jacaranda as you get closer to 75. And then like in the North Venice area, stretching up a little bit closer towards Sarasota, and kind of along the highway there, and at the intersection by the highway, and Jacaranda. So that's kind of where most of those are going in in Venice. And then in Welland Park, they're kind of scattered throughout the downtown area for the most part. There's a few kind of a little bit further away from that that are more like senior living ones. We're by the Atlanta Brave Spring Training Facility, Cool Today Park. And then in North Port, technically I think, I'm not 100% positive about this, but I think they're like technically Port Charlotte, but it feels like you're on the edge of North Port. It's like right past the cocoa plum shops there. And so all of that is really adding to the area a lot more possibilities for living, and it's going to have some implications for living and the way of life. And in case you're wondering where I am, because people are always asking where I am in these videos, I am in Venice along the Intracoastal Waterway. I parked over at Skip Stasko Park. It's a good spot to park if you want to walk along the Intracoastal. So there you go. And so let's talk about the first thing to consider. Overall, I think this is probably most people are going to look at this as a pro. Some people might look at it as a con, but I would say for most, it's a pro. And it's the fact that usually what happens with building is when a bunch of new demand comes to an area, like definitely did with Venice and North Port and Welland Park over the pandemic, we saw an explosion of people wanting to move here. So that created a whole bunch of demand and builders just couldn't keep up. So you saw a lot of new construction going in, a lot of new communities, and finally now these apartments are coming in. But the way that usually ends up working out is while that demand is crazy, the builders realize it and like, oh, we got to get these new apartments put in, we got to get these houses put in, et cetera, et cetera. And something especially like apartments is going to take a little while, right? You know, houses you're talking, well, during COVID, I mean, with some of the supply constraints and things like that, that pushed things back and you were looking at, you know, anywhere from a year, maybe a year and a half for building and then something like an apartment even longer. Well, you know, that COVID boom is clearly over at this point and we're just now seeing some of these apartments and stuff being completed or almost completed in a lot of these areas. And so you get this whole big influx of supply. While the demand is now lower and you can see how that might work out for home prices, right? You have all these new units that are coming and both, you know, the houses and then the apartments obviously are adding lots of units to where people can live. Right. And so what that's going to do is give people options. And now if things are vacant, now they have to lower prices. Right. So you can see how people have that option of the apartments, which I guess I'm kind of getting into the second pro right away to begin with. You have that lower price option with the apartments, but it's also and this is the pro or the con going to potentially drive down the price of homes, you know, resale homes, new construction homes, because people have different options. And if places are vacant, whether that's, you know, someone trying to resell their home, a new construction home or these apartments, that's bringing downward pressure to prices. Now, the possible con to that is people that own a home in the area and maybe want to keep that appreciation, you know, that could be an issue. And I would say it would be most especially an issue for people that may be bought in like twenty, twenty two, twenty three, maybe earlier, twenty four, you know, and if home prices continue to decline like they have over the last couple of years, that's going to be a problem for those folks, you know, and I completely understand that as a whole. I think most people are like, oh, finally, home prices are going down. And I think for a lot of people, it is a breath of fresh air and it is something good because it makes things more affordable, especially if interest rates come down, which it looks like we're definitely on track for that to finally happen. But for those people that did happen to buy way back when things got crazy and reached the peak, yeah, that could be a little bit more of a problem. So we'll see how much, you know, all these apartments come into the area actually affects things because, you know, some of them aren't quite built yet, but we'll see how all these new apartments coming in does affect prices because, you know, a lot of the apartments are pretty much built in a lot of these areas, but there's still a few more coming. And I shouldn't say even a few, quite a few coming to the area. When you when you see some of these areas that are being developed and how many buildings are going up, it's going to be a lot of extra units. So it is going to give people a lot of options. And then just to elaborate a little further on the other pro, which would be having the apartments themselves, you know, just it's going to give people a lower priced way to live. Here's the interesting dynamic, though, for a lot of people nowadays, it is cheaper, you know, a lot of the United States to rent versus buy. However, it's a little bit trickier here because we're the one big opportunity that makes a lot of sense for a lot of people is going the new construction right now just because of all the incentives that they're offering, the different, you know, upgrades and additions you can get, et cetera, et cetera. Plus, you're talking about a brand new home. You probably don't have to worry about, you know, any issues for quite some time. And so that peace of mind is quite nice, plus also the equity, you know, that you'd be gaining. So that makes things a little bit trickier. You know, it's not such a clear cut decision, I think, for a lot of people. But in this area of, you know, the United States, the whole rent versus buy dynamic does make it a little bit of a harder decision. But even so, I think it's good to have options and could help drive those new construction prices down even further. By the way, if you are looking to buy or sell a home anywhere from Sarasota down to Port Charlotte, Inglewood areas, of course, Venice, Northport, Welland Park, get a hold of our team. We've helped a lot of people avoid mistakes, get answers to those questions that are sometimes impossible to find online and save a lot of money. We'd love to help you, too. And we're never going to try to steer you one way or the other. We just want to make sure you're happy. And that's our ultimate goal. 941-221-1897, call or text us at any time. OK, and let's get to the con. And then I actually just thought of while I was thinking about that, kind of a little bit more another pro. But the con would be traffic. You know, you get people in buildings going up and when they come down and they want to get on the road, the road didn't get any bigger. But there's a lot more people in that spot right by the road. Now, I will say this. I understand people's concern with traffic, especially like right around Jacaranda. That little chunk is a little bit more of a tricky one that I don't think is really quite built for it. It's already pretty congested, as is. But I would also say this. Outside of that, almost all the apartment buildings have been really like looking at them and paying attention to like what's the nearest road nearby. And most of them are being built in an area where it's like, OK, it's by a main road that's got two to three lanes or a highway or something along those lines where it can absorb a little bit more of those cars coming onto the road. So for the most part, I don't think it's going to be a massive negative traffic wise, but it is going to add to the amount of cars on the road and the amount of people living in these areas. And with that, I think it's also worth talking about not just what it's going to add to the roads, but also it's more people just living in the city. So there's more people in the stores, you know, going to the beaches, all those sorts of things. So it just adds congestion in general. However, that's where I got to be thinking a little bit more about some more of the possible pros, which is around a lot of these areas. We are seeing a lot more development also commercially. So that is kind of an upside to, you know, more people being in the area is you do get more amenities. A lot of it ends up being more like big box store chain type stuff and restaurants, shops, things like that. However, I mean, it is nice to have stuff on those ends of town that maybe don't have as much or just have new options that aren't in the cities. But I don't know. Leave me a comment. Let me know what you think about all this. If you are looking to buy or sell a home anywhere from Sarasota down to Port Charlotte, Inglewood areas, get a hold of our team, of course, Welland Park, Venice or Northport where the apartments are coming. We would love to help you out. We can help you avoid mistakes, can answer those questions that are sometimes impossible to find online and help you save as much money as possible. And we're never going to try to steer you one way or the other. We just want to make sure you're happy. That's our ultimate goal. Whatever that means, whether that means thought you wanted a house and you change your mind to finding that house in the location and the style of the home and all that that you want, we're always going to have your best interest in mind. And as always, if you want to know more about the different areas that we do serve, we always have playlists in the description down below. You can check those out to find some more information. Thanks for watching and live breezy.