2022 Property Patterns & Trends in Port Charlotte, FL
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Port Charlotte is Gulf Coast living at its finest, with plenty of things to see, do, explore, and enjoy. The area is more than just about spring training for the Tampa Bay Rays or the stunning golf courses; a rich history awaits anyone ready to explore Port Charlotte on their own terms.
Over 165 miles of waterways beckon people to Port Charlotte every year, and some people love it so much they decide to live permanently in the area. Given the number of sunny days, amenities, attractions, and chances for great outdoor recreation, it’s wise for anyone truly interested in expanding their commercial real estate opportunities to study Port Charlotte.
Florida is full of opportunities, and Port Charlotte is definitely part of those opportunities. Here’s a quick roundup of 2022 property patterns and trends for Port Charlotte, FL.
Studying Port Charlotte, FL Demographics for Position and Profit
Not even the annual hurricane season can stop over 60,000 people from calling Port Charlotte home. This is up from 54,392 ten years ago. The census data is quite interesting: over 13.8% of the population is composed of people born in a foreign country; this indicates the area is much more diverse than meets the eye.
The median household income in Port Charlotte was $46,603 in 2019, but current development trends may indicate that this has gone up since then.
Senior Housing Making Waves in Port Charlotte
Senior care is one of the fastest-growing segments in the healthcare world. According to the Population Reference Bureau, over 100 million Americans will be 65 or older in 2060. That isn’t as far away as meets the eye, and it’s wise to take that projection in stride with what’s being seen in local markets.
Last month, a large senior housing community was sold to an affiliate of the Dallas-based McFarlin Group. Parkside Assisted Living and Memory Cottage is one of Port Charlotte’s large senior communities. It is a 65-unit facility with 94 beds. The sale marks a few interesting points that really highlight shifting trends in Port Charlotte.
Proximity Still Pays Off
Access is the lifeblood of commercial real estate, and it’s more important than ever for acquisitions to be close to other points of interest. With something like senior housing, access to shopping and entertainment is still important, as well as access to hospitals. While some health-supporting activities will undoubtedly take place at an assisted living facility, some issues are far too severe to not be close to a hospital.
Existing Facilities Can Boost Investment Returns
Cleaning up an existing property is often easier than going through the extensive time and cost to build something from the group up. It is a great idea for commercial real estate enthusiasts to think about the potential to elevate existing spaces, not just what can be built from scratch.
The McFarlin Group didn’t just buy Parkside Assisted Living and Memory Cottage by chance or accident. This was an acquisition focused on improving a space that already has close proximity to amenities, along with an audience that needs consistency. Senior housing is about providing a community that seniors can trust, with the services they need most.
The Demand Is Only Going to Rise
The need for memory care in particular is on the rise. According to the Alzheimer’s Association, more than 6 million Americans are living with Alzheimer’s. And by 2050, the number is projected to rise to nearly 13 million.
It is the slow and often uncertain progression of memory care disorders that leads to the high cost of treatment. The Alzheimer’s Association stated in their “Facts and Figures” report (linked above) that people age 65 and older survive an average of four to eight years after a diagnosis of Alzheimer’s, but that’s only an average. Some can live as long as 20 years with the disease.
Shopping Centers on Shaky Yet Promising Ground
The Port Charlotte Town Center has had a shopping crisis for a long time. The owners filed for bankruptcy in June of last year, the property itself was put up for a foreclosure auction late last month, and now the property is held by the same owners of the bankruptcy note.
A group of bondholders now own the title to the property. It’s a 54-acre giant that is right at US 41 and Murdock Circle.
Malls across the country have taken a deep hit over the last decade due to the rise of online shopping. Some retail centers have been able to adjust to the changing times, while others continued to fall into decline.
Uncertainty and Opportunity Go Hand in Hand
While retail is still recovering slowly, the reality is that uncertainty can still lead to new opportunities. Port Charlotte Town Center is still in a great location, and there are still tenants in the building. Some people really do want to shop in person instead of online, especially a more senior audience.
According to the Pew Research Center, 34% of seniors surveyed indicated that they don’t have great confidence in using electronic devices. While technology use has gone up, the reality is that there are still strong barriers to using tech.
Add in concerns about elder fraud online and it just makes sense not to throw out the in-person shopping experience with the proverbial bathwater.
Tying it All Together
Senior housing and shopping malls might not seem very exciting, but these local property patterns indicate some bigger trends going on. The graying of America is here to stay, and that means building services around the myriad web of issues that seniors will face in the decades to come.
Issues over access aren’t anything new, but it’s how they’re handled by communities that can make all of the difference.
Building a strong plan to get more entrenched in a local community often means looking at the demographics involved. Port Charlotte, FL demographics are solid and ever-changing, but taking the time to study the data can only lead to better deals in the future.
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