The following stats compare February 2017 to February 2016
Sold Single Family Homes DOWN 12% (29 vs 33)
Sold Condominiums UP 19% (43 vs 36)
Sold Single Family Vacant Lots UP 40% (14 vs 10)
Pending Condominiums UP 16% (64 vs 55)
Pending Single Family Vacant Lots UP 200% (12 vs 4)
(Pending means it went under contract but has not closed yet)
Inventory:
401 Single Family Homes (UP 2% from 2016)
412 Condominiums (UP 10% from 2016)
331 Single Family Vacant Lots (DOWN 8% from 2016)
Summary:
A total of $59 Million dollars worth of real estate closed on Marco Island in the Month of February, 2016 (and this was NOT a Leap Year like last year) - $57 Million dollars worth in January 2017 and $53 Million in February 2016, last year.
Being an avid Rock Climber I understand more than most how important your footing is, you just can't have a slip. Similarly, the Real Estate Market has been slipping a bit and I believe it is now finding it's footing again. (Ok, the only rock I ever climbed was when I stood atop an empty case of Rolling Rock Beer in college at my frat - What a guy, he's from Lambda Chi) If you look above at the Pending numbers all you see is green. In Rock Climbing the green ropes are used to go up, and up is good. The pending sales you see mean those properties will pretty much all end up as closed sales in the coming months and we will have more and more green sales numbers. (Rolling Rock comes in green bottles, so it must be good for you too) As you all know, I correctly predicted that once the Presidential election was won and done, the market would find it's footing. And guess what? That's exactly what is happening. I need to point out that there were 270 price decreases in the month of February which is about the pace we have been seeing each month. But, at the same time the list to sell ratio increased to 92%. This means that, ON AVERAGE, seller's accepted 8% less than what they were asking. All this mumbo jumbo means that the Buyers are willing to buy when the Sellers are willing to sell and they have a meeting of the minds. I had this customer of mine that had about $100 million dollars in the bank. We were trying to sell a condo he owned and he wouldn't negotiate at all when we had an offer. I asked him why and he said that when he died he was going to take all his money with him, but he couldn't take the condo, so he wanted all he could get for it. Guess what? he died and his widow wrote a check for $100 million and put it in the coffin so he could "take it with him". She then sold the condo with me and last I heard she moved to Spain with her chihuahua Esteban. I keep telling you folks, if you want it and can afford it, buy it, if you don't want it, sell it, cause you ain't taking it with you. This logic can also be applied to boats, cars and airplanes or the toy of your choice.
So, I have this loser friend that has been President of a nice condo for years. (What's another name for Condo President? Sucker/Wannabe are the two correct and acceptable answers). Anyway, in spite of him being a total loser, he has this tall, smart, hot wife with porcelain skin and two boys named Andy and Willy (all he ever wanted was a girl baby). To make matters worse, he's a Realtor and only has about 7.6 friends. Yesterday we were discussing our political affiliations over a glass of nice Chianti, liverwurst sandwiches and fava beans and he said "I read your stupid email once in awhile and I can't tell what you are, Democrat or Republican? I said "it's simple, there’s no such thing as a Republican Realtor or a Democratic Realtor, we just have Realtors on Marco Island.” At that exact moment I looked up at the TV in The Crazy Flamingo, and during his confirmation hearing Judge Neil Gorsuch pauses, and I swear he looked right through the TV at me and smiled.
As far as my customers go, I love the Republicans, I love the Democrats, and I kinda like the one Independent I dealt with once, but he didn't buy anything because he could never make up his mind.
For the faithful 7.6 readers who need to know: The sold $$ leaders for the month are a Single Family Home for $2,635,000 at 997 Aster Court. For Condos, Prince 301 closed for $1,512,500 and for Vacant lots, 1381 Caxambas Court closed for $2,500,000. (asking price was $3,474,000, see what I mean about a meeting of the minds...)
For you bargain hunters out there, a Single Family Home at 385 Tahiti Road closed for $370,000. A condo in Anglers Cove, Unit B405 closed for $153,300 and a Vacant lot at 1754 Dogwood Drive closed for $65,000.
When looking at the odd sales prices above I am often asked "why did a property close for such an odd number like the $1,512,500 above?" There is no one answer, but sometimes a seller will say "I want to net X $'s after the commission and estimated closing costs, When you back into their $X you end up with some goofy numbers sometimes. Also, sometimes you play the "Splitzy Game". The Buyer starts at some number, the Seller counters and then you start splitting the difference during an extended negotiation, next thing you know you are at $1,512,500 or some other odd/even number.
As always, please reach out and contact me if you have any real estate questions or need advice on how to raise successful sons cause I got nothing when it comes to raising the female species.
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
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
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
