Marco Island Real Estate Stats and Commentary for August 2017

The following statistics compare August of 2017 to August 2016

Sold Single Family Home Sales UP 21% (29 vs. 24)

Sold Condominium Sales DOWN 10% (27 vs 30)

Sold Single Family Vacant Lots DOWN 13% (7 vs 8)

Average Sale Price Single Family Home DOWN 12% ($660k vs $750k)

Average Sale Price Condominium DOWN 31% (($595k vs $868k)

Average Sale Price Single Family Vacant Lot UP 81% ($491k vs $272k)

Total Dollar Value of all Single Family Homes Sold UP 6% ($19M vs $18M)

Total Dollar Value of all Condominiums Sold DOWN 38% ($16M vs $26M)

Total Dollar Value of all Single Family Lots Sold UP 58% ($3.4M vs $2.1M)

Current Inventory:

314 Single Family Homes (DOWN .32% from 2016)

336 Condominiums (DOWN 1% from 2016)

287 Single Family Lots (DOWN 16% from 2016)

A total of $39 Million dollars worth of real estate closed on Marco Island August of 2017 compared to $46 Million dollars worth in August 2016. Okay, let's not pussyfoot around (I think that's really what Trump meant to say) and talk about IRMA. As we all saw on all the news channels, Marco Island took a direct hit. And you know what? Marco proved it can take a punch. Sure, there were some knockdowns of trees, pool cages, roof tiles, the Sprint cell tower and signs, but in the end, Marco stood tall and was standing at the end of the storm. Certainly, there were some homes and condos that suffered more severe damage and there are some examples of freak issues, such as the seawall at Ville de Marco West failing and the water is now under the building and the pilings are exposed. (photo attached) Again, all in all, we took a direct hit and things are pretty good for most people.

So, you always ask "what does this have to do with Real Estate" I'll tell you. Once we had internet and phone back up I received multiple calls, texts, and emails from folks wondering if there would be any "deals" to be had. I am sure there will be and here is why....We have a summer home back in New Jersey on LBI that was wiped out by the flood of Super Storm Sandy. As a bit of time went by, it became apparent that many of the home owners had no mortgages, so they had no required insurance. In some cases, the homes suffered $50,000 to $100,000 worth of damage and the current owner didn't have the money or desire to repair the home.  In many cases, they would simply discount the home and sell it AS-IS. As many folks like to buy homes and remodel them with new roofs, flooring and the like, this resulted in the chance to buy property at a discounted price.  Not everyone on Marco is a multi-millionaire like my faithfull 7.6 readers, so I'm sure there will be those that begin to sell AS-IS properties at a discount here on Marco. One of the most important things I learned from living on Marco and New Jersey for decades is that people have short memories when it comes to storms. (but not for ex-spouses) Sure, things on Marco are a bit smelly now and it is sad to see all the trees and foliage damaged by the storm, but in a few weeks that will all be cleaned up and things will be looking pretty normal in no time. I'd say 90% of the businesses are back up and running and there is a sense of comaraderie/fraternity that I've mentioned before that is stronger than ever here in Paradise. It is heartwarming to see neighbors helping neighbors and strangers helping strangers.  Our good neighbors in Goodland and Isles of Capri have suffered much worse than Marco and any help you can send their way would be great. The other thing you can do is support your local businesses by patronizing them. I would encourage any of the faithfull 7.6 that are in town and want dine out to feel free to invite Barb and I. If you pay, we are more than happy to help run up the bill, which is our way of helping show support.

My first wife feels very strongly about this topic so she went right out and got her hair done. She was instrumental in raising Andy and Willy so they too showed their support by rushing out as soon as the fresh fish arrived so they could have sushi.

Luckily the liquor stores were open or there would have been bedlam. And another interesting fact is that all the caffeine addicts were lined up outside Starbucks with blank looks on their faces.

As a public service announcement, I would advise you NOT TO EAT ANYTHING IN YOUR REFRIGERATOR or FREEZER upon your return to Marco. The electric was out long enough in most places to allow everything in the freezer to thaw out and now that the electric is back on it refroze. Those bacon wrapped Omaha filets you left behind are now fit to be crab bait, don't throw them on the Barbie.  (my first wife)

Now, back to business. The sold $$ leaders for the month are... a Single-Family Home for $1.5 Million at 114 Coco Plum in Hideaway. For Condos, Belize Penthouse 2305 closed for $5,900,000.00 (nice) and for Vacant Lots, 152 Dan River Court closed for $825,000. 

For you bargain hunters out there, a Single Family Home at 508 Fifth Ave . closed for $292,500.  A Condo in Aquarius unit D4, closed for short money at $123,000 and a Vacant Lot at 1286 Bluebird closed for $112,000  Again, 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 me and my first wife out to dinner.

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