Marco Island Real Estate Statistics and Commentary for First Quarter 2017

The following statistics compare the first quarter of 2017 to 2016

Sold Single Family Home Sales UP 29% (94 vs. 73)

Sold Condominium Sales UP 24% (140 vs 113)

Sold Single Family Vacant Lots UP 57% (44 vs 28)

Average Sale Price Single Family Home UP 10% ($1.0M vs $917k)

Average Sale Price Condominium UP 10% (($537k vs $488k)

Average Sale Price Single Family Vacant Lot DOWN 5% ($576k vs $606k)

Total Dollar Value of all Single Family Homes Sold UP 41% ($95M vs $67M)

Total Dollar Value of all Condominiums Sold UP 36% ($75M vs $55M)

Total Dollar Value of all Single Family Lots Sold UP 49% ($25M vs $17M)

Current Inventory:

397 Single Family Homes (DOWN 4% from 2016

404 Condominiums (Up 8% from 2016)

320 Single Family Lots (DOWN 14% from 2016)

A total of $196 Million dollars worth of real estate closed on Marco Island in the First Quarter of 2017 compared to $142 Million dollars worth in 2016. Thats-a-nice (said with an Italian accent) rebound from where we were. Thank you for the applause as this is what I predicted. But that was then and this is now, so where are we headed? First, let me mention interest rates, the average 30 year fixed is below 4% again, so for those of you that missed that boat, you can hop back in. Don't miss it again because it may pull away from the dock for good next time. Next, the inventory is backing down a bit and there are still a lot of properties out there that are a bit overpriced, others need some TLC and are priced like they are the Taj Mahal, and to be frank, the pickin's are a bit slim in some markets. Again in March, we saw OVER 300 price reductions across the board and about 15 price increases and we are heading out of the peak busy season. So, when it's all said and done, I'm seeing an easing in the market and I think the sales figures will start to let up. Nothing dramatic, I'm just not seeing increases in my crystal ball. Jane and John Q. Buyer are still out there ready to pounce, they just need a bit more cat-nip to get motivated, or a nice price reduction.

So, I'm driving my imaginary Ferrari with my imaginary Super Model wife over to my imaginary Mansion. When I really get to Pier 81, I get out of my Cadillac with my lovely wife Barbara and we go up to our unit. There I open my imaginary bottle of Louis XIII Cognac which sits next to my real jug of Tito's Vodka. My imaginary sons Andy and Willy ask if I want to go out and toss around the ball, but then Annie and Lily snap me out of my imaginary world and ask if they can take my credit card to the mall for some exercise and then out for Sushi.

I assure you I have a very vivid imagination, and in my mind, I can hear that Ferrari, I can taste that Cognac and I know that Super Model is a biotch. (At least that's what Tom Brady tells me). Anyway, I digress, and you are wondering what the point is and how it relates to Real Estate? Here is the deal, when buying Real Estate sometimes you need to use your imagination. The house or condo you look at may be decorated in the Tommy Bahama goes Mediterranean theme but you can fix that. The walls might be painted a beautiful shade of Caribbean Blue that you hate, but you can paint over that. You can re-model, you can re-paint, you can re-tile, re-build, gut, raze it, or renovate however you please, and create the home of your dreams. One of my famous lines in my soon to be released best-selling book is, "You can fix a house or condo, but you can't fix a view". So people, what I am telling you is, find the right property, look past the warts and dermatological surgery scars and USE YOUR IMAGINATION to create value. The second part of my imagination monolog today is to point out what an opportunity vacant land is as an investment. As it sits there all you do is pay a little bit of tax and get the weeds cut once a month, no hurricane/flood insurance, utility bills or crazy renters to worry about. The Mackle Brothers (talk about guys with imagination) stopped building vacant land on Marco a long time ago and they ain't making any more. In Real Estate there is a slogan that "It all begins with the land" and I agree with that. Contemplate buying a vacant lot, use your imagination and see a new home built on that lot and then start counting your imaginary money after you sell that lot down the road, or build on it and enjoy it....until you die, then the kids sell the house and they get to enjoy the real money. It's a win/win for the whole family. One of my faithful 7.6 readers listened to this advice recently and just signed a contract to buy a vacant lot. He plans to build an imaginary fish camp on it in the future. 

Now, for those of you that have mediocre imaginations here is a way for you to get in the game....Psst, come get a little closer to the screen and listen carefully. If you want in on the ground floor of something, have I got a deal for you. The developer of Pier 81 owns the Hibiscus Golf Course up in Naples. He's decided to build Shadow Creek at Hibiscus which will consist of 9 buildings with 54 units at the entrance to his Golf Course. (He's going to build a pretty high wall around the property to make it a private gated community) He made a wise choice and hired me to sell the condos and if you're interested I can pull some strings and get you a unit starting around $300,000. In this case, you piggyback on his imagination and get the same result. Now, talk about a guy with imagination, developers have huge imaginations, the biggest you've ever seen. In his imaginary world, he probably has his own Jet, is also married to a Super Model and is President of the United States.  

For the faithful 7.6 readers who demand to know: The sold $$ leaders for the month are... a Single Family Home for $2,350,000 at 1285 Martinique Court. For Condos, Riviera 4-629 in Hideaway Beach closed for $1,200,000 and for Vacant lots, 490 (shades of) Gray Court closed for $2,150,000

For you bargain hunters out there, a Single Family Home at 363 Columbus Ave. closed for $280,000.  A condo in Seabreeze, unit A8, closed for short money at $98,000 and a vacant lot at 1873 Dogwood closed for $95,000! 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 or want to take Barb and I out to dinner.  Last week JM/LM took us and we had a great evening at La Tavola! Thank you!

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