Marco Island Real Estate Stats for October 2016

The following stats compare October 2016 to October 2015

Sold Single Family Homes DOWN 4% (25 vs 26)

Sold Condominiums DOWN 43% (21 vs 37)

Sold Single Family Vacant Lots DOWN 46% (7 vs 13)

Pending Single Family Homes DOWN 12% (23 vs 26)

Pending Condominiums DOWN 6% (32 vs 34)

Pending Single Family Vacant Lots UP 64% (18 vs 11)

(Pending means it went under contract but has not closed yet)

Inventory:

313 Single Family Homes (UP 21 % from 2015)

362 Condominiums (UP 47% from 2015)

319 Single Family Vacant Lots (UP 9% from 2015)

Summary:

A total of $47 Million dollars worth of real estate closed on Marco Island in the Month of September 2016. $48 Million dollars last month and $54 Million in September 2015 (last year). For the trailing 3 months we are at $141 Million this year compared to $153 Million last year. There is an overall slowdown in the market and I know why. The answer/reason sales have been down is academically explained by the rarely recounted "couch potato theory of economics." We all know about the election. Buyers were sitting on the couch, glued to their favorite T.V. news source like Fox (For Only Xenophobes), CNN (Crappy News Network) and MSNBC (More Socialist Nonsense & Bull Crap) and this prevented them from getting out and buying homes, lots or condos. Sure, the Libertarians and Green Partiers were buyers, but their lack of numbers show up in our lack of numbers. 

I choose this month to not belabor the numbers. I told you we had to get this election behind us and it almost is. I predict that sales will be very strong this season, maybe even better than last year, maybe not. I predict that appreciation will be somewhere below 87%. I know that if you worked hard your whole life and want to enjoy yourself, Marco Island is THE place to do that. Even if there was only one sale next month, I would say that was one smart buyer.

Many of you have complained that I am late getting this October edition out. The reason is there has been quite an upheaval in Chateau Rosenblum. Our older daughter who we now call "Snowflake" and attends a new college, burned her bra, stopped shaving her armpits and legs and told us she would soon be  hitchhiking to North Dakota was all in for Madame Secretary Clinton. Our younger daughter Lily, who is upset her name even remotely rhymes with Hillary, is proud of the fact that at 15 years old she has never paid one cent in taxes and swears she's so smart she never will. Mitzi our dog likes to do her business in the grass, so she's a sworn Green Party lover. Put these three women in one condo, throw in a healthy dose of Barb and I, sprinkle it with some rum, and anybody that knows us well, knows the sparks were flying and we have recently called a truce. We took a vote amongst ourselves, as soon as we recount the results I will tell you who the household Presidential winner was.

 

For the faithful 7.6 readers who beg to know each month's high and low sale, here you go: The highs  for the month are... a Single Family Home for $5,400,000 (asking price was $7,495,000 which makes this statistically a great deal) at 820 South Barfield. For Condos, Belize 1708 closed for $2.1 Million (asking price was $2.2M). For Vacant lots, 1539 Heights Court closed for $5,300,000. That's a big'un, then you have to pay to build the house.....

For you bargain hunters out there, a Single Family Home at 255 Tahiti sold for $305,000 (3 bedrooms, no pool). In condos we have an efficiency  unit in Seabreeze South for $118,000 and a Vacant lot at 230 Bermuda closed for $90,000. I can tell you that the lower priced condos and lots are selling like crazy. Two customers of mine, Bob and Sheila jumped in this month and got a great deal. They were smart, got themselves a starter condo and in a few years they will be movin on up. 

As always, please reach out and contact me if you have any real estate questions.

And, if you are thinking of using me as your Realtor, keep in mind that I will never be out thought or out fought. 

GO PENN STATE!!!

I still await the dinner invitations. 

Gerry Rosenblum

Broker Associate

Berkshire Hathaway HomeServices Florida Realty

2013, 2012 & 2007 President Marco Island Area Association of 

Realtors

2008 Realtor of The Year - Marco Island 

239-450-4770 (cell)
1-888-239-5131 (toll free e-fax)
1-800-237-8817 (toll free)
To View the Entire Marco MLS go to: www.viewmarco.com

Marco Island Real Estate Stats for September 2016

The following stats compare September 2016 to September 2015

Sold Single Family Homes UP 14% (33 vs 29)

Sold Condominiums DOWN 22% (35 vs 45)

Sold Single Family Vacant Lots DOWN 65% (8 vs 23)

Pending Single Family Homes UP 10% (43 vs 39)

Pending Condominiums DOWN 54% (25 vs 54)

Pending Single Family Vacant Lots DOWN 50% (6 vs 12)

(Pending means it went under contract but has not closed yet)

Inventory:

296 Single Family Homes (UP 18 % from 2015)

339 Condominiums (UP 51% from 2015)

325 Single Family Vacant Lots (UP 16% from 2015)

Summary:

A total of $48 Million dollars worth of real estate closed on Marco Island in the Month of September 2016. $46 Million dollars last month and $63 Million in September 2015 (last year). For the trailing 3 months we are at $149 Million this year compared to $152 Million last year, so overall the sales are remaining fairly consistent. Above you see a pretty big blip in the number and dollar value of condo sales as well as those that went under contract, it may be just a blip but if not read on for my theory.

As I sit here petting my cat while I delete some junk e-mail, I can't help but wonder what the Presidential campaigns/debates are doing to the market. When I drill down a bit further into last month you see the blip I mentioned in the number and dollar volume of condo sales as well as those that went under contract. I want my faithful 7.6 readers to now lay down on a couch and get comfortable, clear your mind and read what I have to say as Dr. Gerry* is about to tell you what he thinks the problem is. First, if we look at the median sale price for single family homes for the trailing 12 months it is $705,000 and for condos it was $400,000. There were 342 homes sold and 492 condos sold. (I underline to give you the Evelyn Wood Speed Reading version - try reading it again, just the underlined parts). That tells us that single family home buyers usually have quite a bit more money on the line and overall there may be a bit more wealth in that group. Using my unproven socio-economic psychological extrapolation theory of those numbers, I submit that the single family home market, as a whole, is attracting buyers who are less politically sensitive and have the means to buy what they want now. Secondly, buyer's of the sub $300,000 condos are possibly not as affluent as a group and they are sitting on the sidelines waiting to see who moves into the White House thinking it may have an affect/effect on things. For those of you that have heard my shtick over the years, you know one of my sayings is that "Everyone on Marco Island is a Millionaire, however there are some with $1 Million, some with $10 Million, some with $100 Million and some that have a lot of problems, money just isn't one of them."  I also believe that many people purchase smaller condos with an emphasis on rentals or investment and may be concerned that the election result may put a damper on the rental market. For instance, if you're paying more taxes you may not have money to spend renting for 3 months on Marco. Again, I think there are distinct mindsets for the buyers in the different markets and the anticipation of the election is causing some pause in the condo market. As far as vacant lot buyers go, they are a whole different breed and based on the 8 sales of vacant lots in September, they are definitely spooked by the pending election right now. Lastly, no matter what your preferred political party is I can assure you there will be a winner, we will have a new president, things will calm down and we will move forward as one great nation. Marco Island Real Estate has prospered for over 60 years and nothing will change that....even if Gary Johnson wins we are safe because he doesn't know where Marco Island is.

None of these numbers have been fact checked and all future updates will be found on WikiLeaks. 

For the faithful 7.6 readers who beg to know each month's high and low sale, here you go: The highs  for the month are... a Single Family Home for $4,262,225 Million (I'm not making up this number) at 1460 Salvadore Court. For Condos, Marbelle 1202 closed for $1.2 Million. For Vacant lots, 1389 North Collier closed for $875,000.

For you bargain hunters out there, a Single Family Homes we have at tie at $330,000 at 1216 6th street and 478 Fieldstone. In condos we have a 2 bedroom unit in Marco Villa closing at  $115,000 (too good to pass up no matter who's running) and a Vacant lot at 1320 Riverhead closed for $107,000, which again was an "a-political" buy.

As always, please reach out and contact me if you have any real estate questions.

And, if you are thinking of using me as your Realtor, keep in mind that I will never be out thought or out fought. 

I still await the dinner invitations. 

* Dr. of Real Estate is used purely for fictional purposes.

Gerry Rosenblum

Broker Associate

Berkshire Hathaway HomeServices Florida Realty

2013, 2012 & 2007 President Marco Island Area Association of 

Realtors

2008 Realtor of The Year - Marco Island 

239-450-4770 (cell)
1-888-239-5131 (toll free e-fax)
1-800-237-8817 (toll free)
To View the Entire Marco MLS go to: www.viewmarco.com

Marco Island Real Estate Stats for August 2016

The following stats compare August 2016 to August 2015

Sold Single Family Homes DOWN 8% (24 vs 26)

Sold Condominiums DOWN 6% (30 vs 32)

Sold Single Family Vacant Lots UNCHANGED (8 vs 8)

Pending Single Family Homes DOWN 3% (38 vs 39)

Pending Condominiums DOWN 9% (40 vs 44)

Pending Single Family Vacant Lots DOWN 44% (10 vs 18)

(Pending means it went under contract but has not closed yet)

Inventory:

296 Single Family Homes (UP 17% from 2015)

327 Condominiums (UP 40% from 2015)

335 Single Family Vacant Lots (UP 21% from 2015)

Summary:

A total of $46 Million dollars worth of real estate closed on Marco Island in the Month of August 2016. $56 Million dollars last month and $36 Million in August 2015, last year. George P. wanted some crazy numbers, so you want some crazy numbers?, I'll give you some crazy numbers...for the trailing 3 months of June July and August of this year versus last year. The total amount of sales for single family homes was $87 million vs $86 million. Condos $80 million vs. $80 million. Lots $13 million vs. $12 million. Now that's some crazy consistency there. In my opinion the market continues to be strictly price sensitive. The buyers are out there, money is still very cheap if you are getting a mortgage and people keep looking for a get-away-from-it-all destination like Marco Island. In the month of August there were 101 price reductions across the board on homes, lots and condos, while there were only 8 price increases. That to me folks says it all along with the sales figures above. Price it right and someone is ready to buy it. The market is neither good nor bad, it's a practical one at this time.

Last month I forewarned my faithful 7.6 readers that the average sale price would go nuts this month because of some big ticket sales and not to freak out thinking you hit the lottery if you own a piece of Marco. Well because of those two sales (read below to find out what the biggun was) the average sales price for condos was up 47% in August and across the board it caused the overall average sales price to show a 12% increase. Now, I warned you this increase was coming and that other bloggers, newsletter writers and prognosticators would report on this huge increase which might prompt you to sell all your Apple stock thinking the easy money is in buying Marco Island property. While I can't totally disagree with that logic, I would like you to remember that your portfolio should be diversified and having a portion of your hard earned money in Marco Island Real Estate and Apple stock is how the 7.6 roll. 

For those of you that have had the embarrassing privilege of going out to a restaurant with Barb and I, you know that I never ever order off the menu. I ALWAYS tell the server " I would like you to pick my dinner and surprise me with your suggestion. I will eat anything on the menu cooked any way. I have no food allergies and don't be swayed by the color of the wine I am drinking". In my 20+ years of doing this at 100's of restaurants I was only disappointed once. It was at one of the most famous steak houses in Washington D.C. where the server brought me out a piece of swordfish. When I asked the server why would you bring me a piece of fish in a world famous steak house?, his reply was "I'm a pescatarian". I scratched my head wondering what religion had to do with it as I waited for dessert. The moral of the story is: sometimes you need to listen to, and trust your Realtor, as more often than not they know what's hot and fresh in the market and they want you to keep coming back. And like servers in restaurants, if they give you bad suggestions, try a new place. Lastly, if you would like to see my ordering technique in person, please feel free to invite Barb and I to dinner, at your expense, for a hands on experience which I assure you, if nothing else, will be entertaining and worth the price. 

For the faithful 7.6 readers who beg to know each month's high and low sale, here you go: The highs  for the month are... a Single Family Home for $1.6 MILLION at 680 Dorando (may have been bought for the lot). For Condos, Veracruz Penthouse 1 closed for $7,250,000. Yup, that's not a typo, 7 big ones (And a Madeira closed for $4 Million, kinda sad when you spend $4 Million and you're second fiddle).  For Vacant lots, 976 Birch closed for $475,000.

For you bargain hunters out there, a Single Family Home at 204 Clyburn closed for $325,000. (It appears to me that the lower priced single family homes are hot) Two efficiency condos in Seabreeze West both sold for $110,000 and a Vacant lot at 376 Live Oak Lane in Hideaway closed for $160,000, which again may be another "Club Lot". 

As always, please reach out and contact me if you have any real estate questions.

And, if you are thinking of using me as your Realtor, keep in mind that I will never be out thought or out fought. 

I await the dinner invitations. 

Gerry Rosenblum

Broker Associate

Berkshire Hathaway HomeServices Florida Realty

2013, 2012 & 2007 President Marco Island Area Association of 

Realtors

2008 Realtor of The Year - Marco Island 

239-450-4770 (cell)
1-888-239-5131 (toll free e-fax)
1-800-237-8817 (toll free)
To View the Entire Marco MLS go to: www.viewmarco.com

Marco Island Real Estate Stats for July 2016

The following stats compare July 2016 to July 2015

Sold Single Family Homes UP 38% (33 vs 24)

Sold Condominiums DOWN 9% (42 vs 46)

Sold Single Family Vacant Lots DOWN 25% (9 vs 12)

Pending Single Family Homes UP10% (32 vs 29)

Pending Condominiums DOWN 7% (41 vs 44)

Pending Single Family Vacant Lots DOWN 50% (10 vs 20)

(Pending means it went under contract but has not closed yet)

Inventory:

305 Single Family Homes (UP 12% from 2015)

315 Condominiums (UP 27% from 2015)

331 Single Family Vacant Lots (UP 9% from 2015)

Summary:

A total of $56 Million dollars worth of real estate closed on Marco Island in the Month of July, 2016 - $81 Million dollars last month and $53 Million in July 2015, last year. 

I've been reading some of the other recent blurbs and blogs about Real Estate in our area and I can't help but notice that they pretty much are telling you this month, what I told you last month. So, after you read this, you will have an advance copy of what they will tell you next month. Get that? 

First, here is a warning. In August there were two condo sales, one for just over $7 Million and one for $4 Million. That means next month the average sale price is going to go off the charts and all the other prognosticators will tell you prices are taking off. IGNORE IT. Nothing is taking off, nothing is going crazy, it's not too late to buy, you didn't miss the boat, Marco isn't just for rich folks. However, when that time does come, you will know because my own condo will be listed and I will be cashing out of Marco, so until that happens, rest assured things here are still good; no boon or boom yet. So back to this month. We are in a really nice summer groove. $56 million sold this July vs $53 million last July. We all know the summer months are a bit slower for Real Estate (the liquor stores are always busy) and some people specifically come here in the summer thinking they will get a better deal. I'm really not sure if that is technically/factually true or not, but if it works for you, it works for me. I can technically/factually tell you that looking at properties in the summer is much easier as many of them are vacant this time of year. You can really do some serious tire kicking without the renter who is cooking beef tongue and garlic on the stove, giving you the stink eye pushing you out the door. Another little tidbit for those looking to deal is knowing that the notice of proposed property taxes just went out in the mail. That owner looking to sell his piece of Paradise, is sitting up north, opens that envelope, curses a few times and then calls their Realtor and tells them "get me an offer and let's sell". Often times that seller is looking to upgrade on Marco and they have the itch to make a deal. And as the Dalai Lama says, if you have an itch, scratch it. Sage advice, no? Summing up, things are very good, not great. Spirit Airlines has very cheap flights into Fort Myers if you want to come look at property. The inventory is much better than it was a year ago and much, much better than 2 years ago. Interest rates are dirt cheap. Tax notices went out. I'm here ready to help you. I have Tito's and Crown Royale if needed. So you understand where I'm coming from, I just received Annie's college tuition bill and my little one had her wisdom teeth out. Barb needs something I'm sure and Mitzi has a spa day coming up. I just want to sell Real Estate. 

For the faithful 7.6 readers who beg to know: The GOLD medal winners for the month are... a Single Family Home for $4.25 MILLION at 580 South Heathwood. For Condos, Belize 2403 closed for $2,455,00 and for Vacant lots, 230 Stillwater closed for $950,000. 

For you bargain hunters out there, a Single Family Home at 301 Old Marco Lake closed for $278,250. A condo in Island Manor sold for $139,000 and a Vacant lot at 617 Waterside in Hideaway closed for $100,000. As an aside, many of the lots in Hideaway are nicknamed "Club Lots" because folks that live elsewhere buy the vacant lot, pay the $10,712 per year Hideaway fee and the taxes, but this lets you use the private facilities within Hideaway that are outstanding. Just thought I'd let you know that tidbit. 

Brian Lochte has reviewed everything written above and assures you of it's accuracy. 

As always, please reach out and contact me if you have any real estate questions.

And, if you are thinking of using me as your Realtor, keep in mind that I will never be out thought or out fought. 

Gerry Rosenblum

Broker Associate

Berkshire Hathaway HomeServices Florida Realty

2013, 2012 & 2007 President Marco Island Area Association of 

Realtors

2008 Realtor of The Year - Marco Island 

239-450-4770 (cell)
1-888-239-5131 (toll free e-fax)
1-800-237-8817 (toll free)
To View the Entire Marco MLS go to: www.viewmarco.com

Marco Island Real Estate Statistics - First 6 months of 2016 vs 2015

The following statistics compare the first 2 quarters of 2016 to 2015

Sold Single Family Homes DOWN 23% (190 vs. 248)

Sold Condominiums DOWN 21%  (280 vs 355)

Sold Single Family Vacant Lots DOWN 47% (56 vs 105)

Average Sale Price Single Family Home UP 2% ($969k vs $948k)

Average Sale Price Condominium DOWN 12% (($497k vs $563k)

Average Sale Price Single Family Vacant Lot UP 33% ($566k vs 425k)

Total Dollar Value of all Single Family Homes Sold DOWN 22% ($184M vs $235M)

Total Dollar Value of all Condominiums Sold DOWN 30% ($139M vs $200M)

Total Dollar Value of all Single Family Lots Sold DOWN 29% (32M vs 45M)

Current Inventory:

297 Single Family Homes (UP 9% from 2015)

303 Condominiums (UP 22% from 2015)

325 Single Family Lots (UP 7% from 2015)

Summary:

$360 MILLION  dollars worth of Real Estate closed in the first 6 months on Marco Island. That's a 26% decrease when comparing this year to last, but folks that's still a lot of commissions. The Trump and Clinton camps both reached out to me to speak at their respective conventions to explain what is going on in the Marco Real Estate market. I understand America needs to know, but I respectfully declined as my faithful 7.6 readers of this newsletter tell me they love getting the inside skinny first. So, without further adieu here is how I want you to think about this 26% decline in sales. In 1961 Wilt Chamberlain averaged 50.4 points per game over the course of the season. As some of you may know Wilt was a very busy guy, but he still found the time to have a monster season. The next player after Wilt in the record books is a player some of you may have heard of, Michael Jordan. Mike averaged 37.09 points per game in 1986. That's 26% fewer points than Mr. Chamberlain had, BUT IT WAS STILL CONSIDERED A GREAT YEAR. Sometimes there is an epic "blip" and all the pieces fall together and something astounding happens. I know that records are meant to be broken, but sometimes there was nothing wrong with the year you have even if it's not a record breaker. So, I want you to know that last year was pretty epic, but things are still great this year.

Without Micro analyzing things here are some of the points you can take away from this.

1. There were a lot of very high end sales last year which puffed things up.

2. Inventory is coming back up and there are more choices; I think this gives buyers a little breathing room when pulling the trigger so things naturally slow down. (Second amendment/Real Estate joke here)

3. The buyer's are out there and the seller's continue to cut their prices trying to find that common ground.

4. Life is short, if you want it, can afford it, buy it.

For all you Democrats, Republicans and Others out there, I know you all want to know the monthly high and low sales regardless of your politics, so here goes. A home at 750 Rockport sold for $4,925,000.00 while a home at 161 Tahiti closed for $270,000. A condo in Coquina Gardens sold for $89,900 while Riviera PH925 in Hideaway closed for $1,950,000. A vacant lot in Hideaway sold for $187,500 while we had a tie for the high lot, 1136 Edington and 1011 Coronado both closed for $1,150,000. 

If you would like to be put on my daily update list of what is coming on the market, just send me an email and I'll plug you in. 

And remember, I won't be out thought or out fought. 

Gerry Rosenblum

Broker Associate

Berkshire Hathaway HomeServices Florida Realty

2013, 2012 & 2007 President Marco Island Area Association of 

Realtors

2008 Realtor of The Year - Marco Island 

239-450-4770 (cell)
1-888-239-5131 (toll free e-fax)
1-800-237-8817 (toll free)
To View the Entire Marco MLS go to: www.viewmarco.com

Marco Island Real Estate Statistics - First 6 months of 2016 vs 2015

The following statistics compare the first 2 quarters of 2016 to 2015

Sold Single Family Homes DOWN 23% (190 vs. 248)

Sold Condominiums DOWN 21%  (280 vs 355)

Sold Single Family Vacant Lots DOWN 47% (56 vs 105)

Average Sale Price Single Family Home UP 2% ($969k vs $948k)

Average Sale Price Condominium DOWN 12% (($497k vs $563k)

Average Sale Price Single Family Vacant Lot UP 33% ($566k vs 425k)

Total Dollar Value of all Single Family Homes Sold DOWN 22% ($184M vs $235M)

Total Dollar Value of all Condominiums Sold DOWN 30% ($139M vs $200M)

Total Dollar Value of all Single Family Lots Sold DOWN 29% (32M vs 45M)

Current Inventory:

297 Single Family Homes (UP 9% from 2015)

303 Condominiums (UP 22% from 2015)

325 Single Family Lots (UP 7% from 2015)

Summary:

$360 MILLION  dollars worth of Real Estate closed in the first 6 months on Marco Island. That's a 26% decrease when comparing this year to last, but folks that's still a lot of commissions. The Trump and Clinton camps both reached out to me to speak at their respective conventions to explain what is going on in the Marco Real Estate market. I understand America needs to know, but I respectfully declined as my faithful 7.6 readers of this newsletter tell me they love getting the inside skinny first. So, without further adieu here is how I want you to think about this 26% decline in sales. In 1961 Wilt Chamberlain averaged 50.4 points per game over the course of the season. As some of you may know Wilt was a very busy guy, but he still found the time to have a monster season. The next player after Wilt in the record books is a player some of you may have heard of, Michael Jordan. Mike averaged 37.09 points per game in 1986. That's 26% fewer points than Mr. Chamberlain had, BUT IT WAS STILL CONSIDERED A GREAT YEAR. Sometimes there is an epic "blip" and all the pieces fall together and something astounding happens. I know that records are meant to be broken, but sometimes there was nothing wrong with the year you have even if it's not a record breaker. So, I want you to know that last year was pretty epic, but things are still great this year.

Without Micro analyzing things here are some of the points you can take away from this.

1. There were a lot of very high end sales last year which puffed things up.

2. Inventory is coming back up and there are more choices; I think this gives buyers a little breathing room when pulling the trigger so things naturally slow down. (Second amendment/Real Estate joke here)

3. The buyer's are out there and the seller's continue to cut their prices trying to find that common ground.

4. Life is short, if you want it, can afford it, buy it.

For all you Democrats, Republicans and Others out there, I know you all want to know the monthly high and low sales regardless of your politics, so here goes. A home at 750 Rockport sold for $4,925,000.00 while a home at 161 Tahiti closed for $270,000. A condo in Coquina Gardens sold for $89,900 while Riviera PH925 in Hideaway closed for $1,950,000. A vacant lot in Hideaway sold for $187,500 while we had a tie for the high lot, 1136 Edington and 1011 Coronado both closed for $1,150,000. 

If you would like to be put on my daily update list of what is coming on the market, just send me an email and I'll plug you in. 

And remember, I won't be out thought or out fought. 

Gerry Rosenblum

Broker Associate

Berkshire Hathaway HomeServices Florida Realty

2013, 2012 & 2007 President Marco Island Area Association of 

Realtors

2008 Realtor of The Year - Marco Island 

239-450-4770 (cell)
1-888-239-5131 (toll free e-fax)
1-800-237-8817 (toll free)
To View the Entire Marco MLS go to: www.viewmarco.com

Marco Island Real Estate Statistics - First 6 months of 2016 vs 2015

The following statistics compare the first 2 quarters of 2016 to 2015

Sold Single Family Homes DOWN 23% (190 vs. 248)

Sold Condominiums DOWN 21%  (280 vs 355)

Sold Single Family Vacant Lots DOWN 47% (56 vs 105)

Average Sale Price Single Family Home UP 2% ($969k vs $948k)

Average Sale Price Condominium DOWN 12% (($497k vs $563k)

Average Sale Price Single Family Vacant Lot UP 33% ($566k vs 425k)

Total Dollar Value of all Single Family Homes Sold DOWN 22% ($184M vs $235M)

Total Dollar Value of all Condominiums Sold DOWN 30% ($139M vs $200M)

Total Dollar Value of all Single Family Lots Sold DOWN 29% (32M vs 45M)

Current Inventory:

297 Single Family Homes (UP 9% from 2015)

303 Condominiums (UP 22% from 2015)

325 Single Family Lots (UP 7% from 2015)

Summary:

$360 MILLION  dollars worth of Real Estate closed in the first 6 months on Marco Island. That's a 26% decrease when comparing this year to last, but folks that's still a lot of commissions. The Trump and Clinton camps both reached out to me to speak at their respective conventions to explain what is going on in the Marco Real Estate market. I understand America needs to know, but I respectfully declined as my faithful 7.6 readers of this newsletter tell me they love getting the inside skinny first. So, without further adieu here is how I want you to think about this 26% decline in sales. In 1961 Wilt Chamberlain averaged 50.4 points per game over the course of the season. As some of you may know Wilt was a very busy guy, but he still found the time to have a monster season. The next player after Wilt in the record books is a player some of you may have heard of, Michael Jordan. Mike averaged 37.09 points per game in 1986. That's 26% fewer points than Mr. Chamberlain had, BUT IT WAS STILL CONSIDERED A GREAT YEAR. Sometimes there is an epic "blip" and all the pieces fall together and something astounding happens. I know that records are meant to be broken, but sometimes there was nothing wrong with the year you have even if it's not a record breaker. So, I want you to know that last year was pretty epic, but things are still great this year.

Without Micro analyzing things here are some of the points you can take away from this.

1. There were a lot of very high end sales last year which puffed things up.

2. Inventory is coming back up and there are more choices; I think this gives buyers a little breathing room when pulling the trigger so things naturally slow down. (Second amendment/Real Estate joke here)

3. The buyer's are out there and the seller's continue to cut their prices trying to find that common ground.

4. Life is short, if you want it, can afford it, buy it.

For all you Democrats, Republicans and Others out there, I know you all want to know the monthly high and low sales regardless of your politics, so here goes. A home at 750 Rockport sold for $4,925,000.00 while a home at 161 Tahiti closed for $270,000. A condo in Coquina Gardens sold for $89,900 while Riviera PH925 in Hideaway closed for $1,950,000. A vacant lot in Hideaway sold for $187,500 while we had a tie for the high lot, 1136 Edington and 1011 Coronado both closed for $1,150,000. 

 If you would like to be put on my daily update list of what is coming on the market, just send me an email and I'll plug you in. 

And remember, I won't be out thought or out fought. 

Gerry Rosenblum

Broker Associate

Berkshire Hathaway HomeServices Florida Realty

2013, 2012 & 2007 President Marco Island Area Association of 

Realtors

2008 Realtor of The Year - Marco Island 

239-450-4770 (cell)
1-888-239-5131 (toll free e-fax)
1-800-237-8817 (toll free)
To View the Entire Marco MLS go to: www.viewmarco.com

Marco Island Real Estate Statistics - First 6 months of 2016 vs 2015

The following statistics compare the first 2 quarters of 2016 to 2015

Sold Single Family Homes DOWN 23% (190 vs. 248)

Sold Condominiums DOWN 21%  (280 vs 355)

Sold Single Family Vacant Lots DOWN 47% (56 vs 105)

Average Sale Price Single Family Home UP 2% ($969k vs $948k)

Average Sale Price Condominium DOWN 12% (($497k vs $563k)

Average Sale Price Single Family Vacant Lot UP 33% ($566k vs 425k)

Total Dollar Value of all Single Family Homes Sold DOWN 22% ($184M vs $235M)

Total Dollar Value of all Condominiums Sold DOWN 30% ($139M vs $200M)

Total Dollar Value of all Single Family Lots Sold DOWN 29% (32M vs 45M)

Current Inventory:

297 Single Family Homes (UP 9% from 2015)

303 Condominiums (UP 22% from 2015)

325 Single Family Lots (UP 7% from 2015)

Summary:

$360 MILLION  dollars worth of Real Estate closed in the first 6 months on Marco Island. That's a 26% decrease when comparing this year to last, but folks that's still a lot of commissions. The Trump and Clinton camps both reached out to me to speak at their respective conventions to explain what is going on in the Marco Real Estate market. I understand America needs to know, but I respectfully declined as my faithful 7.6 readers of this newsletter tell me they love getting the inside skinny first. So, without further adieu here is how I want you to think about this 26% decline in sales. In 1961 Wilt Chamberlain averaged 50.4 points per game over the course of the season. As some of you may know Wilt was a very busy guy, but he still found the time to have a monster season. The next player after Wilt in the record books is a player some of you may have heard of, Michael Jordan. Mike averaged 37.09 points per game in 1986. That's 26% fewer points than Mr. Chamberlain had, BUT IT WAS STILL CONSIDERED A GREAT YEAR. Sometimes there is an epic "blip" and all the pieces fall together and something astounding happens. I know that records are meant to be broken, but sometimes there was nothing wrong with the year you have even if it's not a record breaker. So, I want you to know that last year was pretty epic, but things are still great this year.

Without Micro analyzing things here are some of the points you can take away from this.

1. There were a lot of very high end sales last year which puffed things up.

2. Inventory is coming back up and there are more choices; I think this gives buyers a little breathing room when pulling the trigger so things naturally slow down. (Second amendment/Real Estate joke here)

3. The buyer's are out there and the seller's continue to cut their prices trying to find that common ground.

4. Life is short, if you want it, can afford it, buy it.

For all you Democrats, Republicans and Others out there, I know you all want to know the monthly high and low sales regardless of your politics, so here goes. A home at 750 Rockport sold for $4,925,000.00 while a home at 161 Tahiti closed for $270,000. A condo in Coquina Gardens sold for $89,900 while Riviera PH925 in Hideaway closed for $1,950,000. A vacant lot in Hideaway sold for $187,500 while we had a tie for the high lot, 1136 Edington and 1011 Coronado both closed for $1,150,000. 

 If you would like to be put on my daily update list of what is coming on the market, just send me an email and I'll plug you in. 

And remember, I  won't be out thought or out fought. 

Gerry Rosenblum

Broker Associate

Berkshire Hathaway HomeServices Florida Realty

2013, 2012 & 2007 President Marco Island Area Association of 

Realtors

2008 Realtor of The Year - Marco Island 

239-450-4770 (cell)
1-888-239-5131 (toll free e-fax)
1-800-237-8817 (toll free)
To View the Entire Marco MLS go to: www.viewmarco.com

Marco Island Real Estate Stats for April 2016

The following stats compare April 2016 to April 2015

Sold Single Family Homes DOWN 19% (34 vs 42)

Sold Condominiums DOWN 28% (51 vs 71)

Sold Single Family Vacant Lots DOWN 40% (9 vs 15)

Pending Single Family Homes DOWN 7% (51 vs 55)

Pending Condominiums DOWN 16% (71 vs 85)

Pending Single Family Vacant Lots DOWN 60% (8 vs 20)

(Pending means it went under contract but has not closed yet)

Inventory:

369 Single Family Homes (UP 22% from 2015)

342 Condominiums (UP 14% from 2015)

363 Single Family Vacant Lots (UP 8% from 2015)

Summary:

A total of $66 Million dollars worth of real estate closed on Marco Island in the Month of April, 2016 - $43 Million dollars worth in March 2016 and $97 Million in April 2015, last year. 

I told you last month the sky wasn't falling and all I can say is "what a difference a month makes".  While there is a lot of red ink above when comparing last April to this April, I want to throw some numbers at you that show what a nice rebound we had in April 2016 compared to March 2016. Ready? here goes... 97 total sales in April compared to 79 in March, that's a 23% increase. Total dollar volume sold in April $66 Million compared to $43 Million in March, that's a nice big 54% increase in dollar volume. 133 properties went under contract in April compared to 106 in March, which is a healthy 25% increase. So, what gives you ask? I'll explain it with a story. To begin with, Bill and Hillary, my seller's, saw the market slowing because of unrealistic asking prices as I have been saying all along.  Bill and Hillary, listened to me their listing agent, got smart and started to lower their asking price in response to a stalling real estate market. Donald, the buyer, who is one of my loyal 7.6 readers has been sitting on the sidelines patiently waiting for prices to enter his strike zone. Finally he felt comfortable with the reduced asking price and made his offer through me. I rolled up my sleeves and negotiated a win win situation for the buyer and seller's and I closed both sides of the deal and got a Payday candy bar. The moving truck was called, and soon, Donald will be moving into the house that was previously occupied by Bill and Hillary. 

It's that simple folks. There lots of Buyers out there and if you price your property correctly they do just like their name states, they Buy. Sometimes you need to spruce up a place along with pricing it correctly, but in the long run, it's money well spent.  Then you do like your name implies, you Sell.

For the faithful 7.6 readers who need to know: The sold $$ leaders for the month are... a Single Family Home for $5,350,000 at 188 Beach Drive in Hideaway. The asking price was $8,950,000 which teaches you it never hurts to make an offer, the worst thing a seller can say is no. For Condos, Madeira 201 closed for $1,750,000 and for Vacant lots, 1045 Caxambas closed for $3,150,000, can't wait to see the house they build on that lot. 

For you bargain hunters out there, a Single Family Home at 1331 6th Ave. closed for $254,800.  A condo in Marco Villa (1 bed, 1 bath), on Tallwood Street closed for Short money at $81,000 and a Vacant lot at 143 Saxon closed for $129,000. As you see, there really is something for everyone here on Marco Island.

As always, please reach out and contact me if you have any real estate questions.

And, if you are thinking of using me as your Realtor, keep in mind that I will never be out thought or out fought. 

Gerry Rosenblum

Broker Associate

Berkshire Hathaway HomeServices Florida Realty

2013, 2012 & 2007 President Marco Island Area Association of 

Realtors

2008 Realtor of The Year - Marco Island 

239-450-4770 (cell)
1-888-239-5131 (toll free e-fax)
1-800-237-8817 (toll free)
To View the Entire Marco MLS go to: www.viewmarco.com

Marco Island Real Estate Stats for the First Quarter of 2016 Compared to 2015

The following statistics compare the first quarter of 2016 to 2015

Sold Single Family Home Sales DOWN 34% (73 vs. 111)

Sold Condominium Sales DOWN 25% (113 vs 151)

Sold Single Family Vacant Lots DOWN 52% (27 vs 56)

Average Sale Price Single Family Home DOWN 3% ($917k vs $948k)

Average Sale Price Condominium DOWN 17% (($488k vs $591k)

Average Sale Price Single Family Vacant Lot UP 38% ($620k vs 448k)

Total Dollar Value of all Single Family Homes Sold DOWN 36% ($67M vs $105M)

Total Dollar Value of all Condominiums Sold DOWN 38% ($55M vs $89M)

Total Dollar Value of all Single Family Lots Sold DOWN 33% ($17M vs $25M)

Current Inventory:

399 Single Family Homes (Up 21% from 2015)

369 Condominiums (Up 18% from 2015)

365 Single Family Lots (UP 5% from 2015)

Summary:

$141,000,000 (That's $141 Million) worth of Real Estate closed in the first 3 months on Marco Island and there is lots of red ink above. Is the sky falling Chicken Little you ask? NO! is my emphatic reply.  Before I go into detail as to why I say no, I'm going to tell you a story with a moral as to why you need to believe me. So, here goes. I'm standing around at a party the other day sipping a Perrier (ok, that's a lie but the rest here is equally as partially true). I get introduced to a man who was a doctor. I asked him if he was a medical doctor to which he replied yes. I said good, I've had a sore throat for a few days, could you take a peek in my mouth and tell me what you see. He said okay and as he looked in his eyes got wide and he said "Oh, my - you've got two of the biggest hemorrhoids I've ever seen in the back of your throat". I take a swig off my Manhattan, I mean Perrier, and I ask "what kind of doctor are you?" to which he replies "I'm a proctologist"...

There are many morals wrapped up in this little story. The first one is, consult with an expert that knows what they are talking about and trust what they tell you. The second moral is don't trust someone's opinion just because they offer it up to you and pretend they are an expert (especially at a party where liquor is served). The third, people sometimes see what they want to see and believe it. In short, I know what I'm looking at when I look at real estate statistics on Marco Island, but that doesn't mean it applies to every part of the country. And no matter where you are, I would quit going to Zillow and looking at their "Zestimates" for they are as worthless as a proctologist looking in your mouth. 

Now for those of you that pay for this vital newsletter each month, I keep hearing and reading that the market is crashing, burning and armageddon is just around the corner. But, I'm here to tell you it's not true. Sure, the market cooled off but it's healthy now. The inventory is creeping back up. The average sale prices are correcting because there hasn't been a lot of very high end sales. And I'll point out that those prior very high end sales skewed the market to a point whereby everyone looking at average price was screaming the market is on fire. That mentality spilled over to the sellers who kept jacking up asking prices in an attempt to keep up with perceived escalating average sale price increases. This in turned caused the buyers to stop buying, because they too can read the same articles and decide this is a bad time to buy. So, now what is happening? I'll tell you what... and my faithful 7.6 monthly readers will back me up on this because I called this one months before any of the other pundit Realtor proctologists figured it out. The lower and middle markets were not on fire, even though the average sale price was increasing and the smart sellers who read my newsletter started lowering their prices. Now, many properties are being put back into the selling strike zone and I predict sales will remain nice and healthy. For example I recently did a deal where the seller was asking $499,000 for months... and months... and months... and it's a beautiful unit. He wakes up one day and scratches his head and decides to lower the price to $475,000, then he waits a bit longer with no action and lowers it again to $450,000. Within a week he gets an offer and sells for about $420,000. This may or may not have been an actual loss for him, but, he moves on down the road with one less headache in his life besides the one from toooo many Manhattans. 

By example, in the numbers way above, I report the average sale price of lots is up 38% for the quarter. This is because one very, very wealthy Marconian bought two lots for $4 million dollars in January to add to his collection and that pushed the average WAY up. Does that mean everyone with a lot for sale should jack their price up 38%, no, but I guarantee you some will see that number and do just that. Here is another tip, if the rich guy is buying, it may be a good idea to follow his lead.

Now for the high and low sales for the month. A home at 267 Shadowridge closed for $270K on the budget end and a home at 1286 Orange Court closed for $3,300,000 in the caviar section of Marco. A 2 bedroom condo in Marco Manor closed for $126k and beautiful beachfront unit in the Princess closed for $1,515,250. (Glad he squeezed that buyer for the extra $250). And in the lot world 1160 Bluebird closed for $115,000 and 900 Caxambas closed for $514K. Keep in mind folks that no matter how much you spend you still get to eat dinner at any of the great restaurants here on Marco Island.

Repeating myself for the millionth time, if you are thinking of selling, it is a great time to do so, as long as you price your property correctly. The old days of there being a distinct "season" have diminished and property sells year round. If you would like to be put on my daily update list of what is coming on the market, just send me an email and I'll plug you in.

And remember, I won't be out thought or out fought. 

Gerry Rosenblum

Broker Associate

Berkshire Hathaway HomeServices Florida Realty

2013, 2012 & 2007 President Marco Island Area Association of 

Realtors

2008 Realtor of The Year - Marco Island 

239-450-4770 (cell)
1-888-239-5131 (toll free e-fax)
1-800-237-8817 (toll free)
To View the Entire Marco MLS go to: www.viewmarco.com

Marco Island Real Estate Statistics - February 2016

The following stats compare February 2016 to February 2015

Sold Single Family Homes DOWN 13% (33 vs 38)

Sold Condominiums DOWN 37% (36 vs 57)

Sold Single Family Vacant Lots DOWN 53% (9 vs 19)

Pending Single Family Homes DOWN 36% (41 vs 64)

Pending Condominiums DOWN 35% (55 vs 85)

Pending Single Family Vacant Lots DOWN 85% (4 vs 27)

(Pending means it went under contract but has not closed yet)

Inventory:

380 Single Family Homes (UP 13% from 2015)

367 Condominiums (UP 9% from 2015)

355 Single Family Vacant Lots (UP 6% from 2015)

Summary:

A total of $53 Million dollars worth of real estate closed on Marco Island in the Month of February, 2016 (and this was a Leap year with a whole extra day to sell Real Estate!) - $46 Million dollars worth in January 2016 and $72 Million in February 2015, last year. 

The March 9th Headline of the Naples Daily News was - Forecast: SWFL home prices will rise, become overpriced. Being that I am the self proclaimed, and legendary without peer expert in our market statistics, I was captivated by this headline, especially since I didn't write it. So, as I sat and ate my Cheerios I went on to read that the firm, Local Market Monitor, making this prognostication is out of Cary, North Carolina. Further into the article I read that they base their numbers on "Mortgage data the company tracks". I then ran a top secret report on my computer (with PZ's help) and discovered that of the 116 total properties that closed in our MLS in February, 73 were for CASH, no mortgage. So I think their numbers may be a bit off to say the least based on their sample. I then folded up the paper and put it in the bottom of Polly's cage. The New Jersey in me then figured the folks from Cary, NC fly around the country and visit all of the beautiful 315 markets they track, spend a few enjoyable days there, then write it off as a business expense. I thought long and hard about how they make a living and have since sent them my brief resume. I want in. 

Here is what I can factually tell you. In February there were 295 price reductions out of 1,138 total listed properties. (Some properties had more than 1 reduction so I can't say that 26% of the properties had a price change). BUT, for those of you that are ever the optimist, there were 12 brave sellers that RAISED their asking price in February. Makes sense to me that if a property won't sell at X price, why not try X plus Y and blame the dang Realtor for not having enough open houses or full page color ads if it does not sell. This reminds me of a wine glass a friend of mine had that had a line in the middle with Optimisto written above the line, and Pessimisto written below it. The more I drank the more Optimisto I became. I also learned it is more important to know how much was left in the bottle than what was in the glass. Then I learned not to worry about what was left in the open bottle but how many unopened bottles were still left. Then I learned not to worry about how many unopened bottles there were, but what time the liquor store closed. So, the moral here is to look at the big picture and not just the little bit in front of you. 

With that said, I think it is crystal clear that seller's understand the market is pushing back on asking prices and the seller's are responding appropriately by lowering their prices. $53 million dollars worth of property closed on little old Marco Island in February so there are still some happy Seller's, Buyer's and Realtors. We need to sorta kinda ignore the average, mean, median and mode of the overall market and really look at the segment you are selling and buying in. Find yourself a Realtor that can guide you through this maze, and when you can't, call me. The great intangible that can't be quantified is just how great Florida, and Marco Island in particular, are to live in. There will ALWAYS be smart folks looking to come here and git some of the great lifestyle we have. The end is not near, but life is short, so enjoy it.

 

For the faithful 7.6 readers who need to know: The sold $$ leaders for the month are a Single Family Home for $1,900,000 at 1795 Hummingbird Court. For Condos, Cozumel 804 closed for $2,075,000 and for Vacant lots, 1128 Edington closed for $1,950,000. 

For you bargain hunters out there, a Single Family Home at 291 West Flamingo Circle closed for $344,000.  A condo in Seabreeze South, Unit K8 closed for $118,000 and a Vacant lot at 1010 Mendel closed for $215,000. 

As always, please reach out and contact me if you have any real estate questions.

And, if you are thinking of using me as your Realtor, keep in mind that I will never be out thought or out fought. 

Gerry Rosenblum

Broker Associate

Berkshire Hathaway HomeServices Florida Realty

2013, 2012 & 2007 President Marco Island Area Association of 

Realtors

2008 Realtor of The Year - Marco Island 

239-450-4770 (cell)
1-888-239-5131 (toll free e-fax)
1-800-237-8817 (toll free)
To View the Entire Marco MLS go to: www.viewmarco.com