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Marco Island, Marco Island Real Estate, Marco Island Homes, Marco Island Condos, Marco Island Realtors
Wednesday, November 6, 2019
Marco Island Real Estate - Stats and Commentary Sept 2019 Halloween Edition
Thursday, July 25, 2019
Marco Island Real Estate Stats and Commentary - June 2019
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Tuesday, May 21, 2019
Marco Island Real Estate Stats and Commentary - April 2019
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Monday, April 29, 2019
Marco Island Real Estate Stats and Commentary - March 2019 Inbox
The following stats compare March 2019 to March 2018.
Sold Single Family Homes UP 21% (35 vs 29)
Sold Condominiums DOWN 7% (52 vs 56)
Sold Single Family Vacant Lots DOWN 31% (11 vs 16)
Pending Single Family Homes UP 10% (74 vs 67)
Pending Condominiums DOWN 10% (62 vs 69)
Pending Single Family Vacant Lots DOWN 13% (14 vs 16)
(Pending means it went under contract but has not closed yet)
Inventory:
361 Single Family Homes ( UP 6% from 2018)
443 Condominiums (UP 13% from 2018)
336 Single Family Vacant Lots (UP 9% from 2018)
1,140 Total (Total Inventory is really going up and that can cause more competitive pricing)
Summary:
A total of $70 Million dollars worth of real estate closed on Marco Island in the Month of March 2019. $52 Million dollars last month and $69 Million in March 2018 (last year). For the first quarter total sales stand at $164,000,000 for 2019 vs $160,000,000 in 2018 which is pretty dang even. HOWEVER, the average sale price went from $673,000 to $782,000 (up 16%) which backs up what I have been harping on all year, that the high-end market is where the strength lies. (the median is up 4.4%) Furthermore, to date, there were just 210 total sales compared to 238 last year, which is a 12% decrease. So, as this is sinking in and filtering down to the, let's say, under 1 million dollar Seller, they are appropriately responding by lowering their asking prices. In March there were 115 single family home price reductions, 5 increases. Condos saw 134 reductions and 8 increases. Lots had 42 reductions and 3 increases. Unfortunately for Mr. and Mrs. Seller, until a good chunk of this inventory is sold off, which we don't know when that will happen, you will need to lower your price until you can find a comfortable Mr. and Mrs. Buyer. And to you Buyer's out there, now is the best time for you to jump in and try to buy something before the inventory diminishes and prices start to go up. Prices will only go so low, so don't think you can wait forever.
I was with a future customer recently who is a proctologist. He is shorter than I am and has little stubby fingers with very short nails; from biting them. I casually made a comment, where I said, as a layman, I thought to be a good proctologist you would have to have longer thinner fingers to be efficient and/or effective. He looked at me and politely said "that is because you are prejudiced" I said, "no I'm not, I like people of all colors, religions, most political affiliations, meat, drinks besides Manhattans, and sailboats". He said "that's not what I mean, you expressed physical prejudice because you think someone's skills or abilities are linked to their physical attributes. I said, "well sometimes it is true, look at basketball players, they're all tall". He said, "what about Spud Webb, he was only 5' 7' and could dunk". I said, "What about actors, they're all handsome". He said "Steve Buscemi". I said, "sons are better than daughters" to which he replied, "how are things working out with your two, Andy and Willy?" I said "witches, they all ride brooms and have black pointy hats," he said, "how about your first wife, she rode in a Bentley and wore a dew rag, and besides that has nothing to do with a physical prejudice, stick to the point". I said, "I can't because she put a spell on me which makes me stewpit, that's how she got me to marry her in the first place". He said "now, there is a prejudice that may be true for all Realtors", to which I replied, "huh?"....
Again, my 7.6 Faithful Readers already are sensing the meaning of all this and what it has to do with Real Estate here on Marco, and here it is for those that have not figured it out yet. Don't judge a property by its size, shape, age, or whatever physical prejudice you may have in your mind. I recently met with some folks that swore they needed a waterfront home with 3 bedrooms, a den/office, and 3 bathrooms (one needed to have a tub for soaking a bad back) for them to be happy because they had a 2 little dogs, one grown married son with two young children that visited 1 week per year. We looked at some places in their price range that met that criteria and they all had icky views. Being stewpit, I suggested we look at one condo that allowed 2 pets, had 2 bedrooms, a den, and 2 bathrooms, but no tub. But this condo had a view that would not quit and was breathtaking. They stood on the lanai looking out at the beauty that Marco offers and said: "where will the grandkids sleep when they are here for the week?" I said, "check out the full size pull out couch, or the Murphy Bed in the den". The husband said, "there's no tub, how is Monica going to soak the Bursitis in her Coccyx bone?" I laughed and showed them the 104-degree hot tub next to the pool. Slowly but surely all of their prejudices were dispelled and here we are 6 months later with them living in a condo with a beautiful view and they could not be any happier. And when their son showed up and saw it and realized he would inherit it one day, he too was ecstatic. Sometimes you need to think a little bit outside the box, realize you really don't need that tall supermodel wife, and try out the short and stout like a teapot reliable one, and put some trust in your stewpit Realtor.
The inquiring 7.6 faithful readers demand to know The High and Low Sales for the month of March, and they are as follows:
Single family home, 1475 Butterfield Court closed for $2,250,000 (this is an old home built in 1966 that will be torn down). Condo, Madeira 908 closed for $3,050,000 (sold by the stewpitist Realtor on Marco) and a vacant lot at 507 Tigertail closed for $2,250,000.
For the bargain hunters, a 3 bedroom home at 2054 Sheffield Ave. closed for $365,000. A condo in Seabreeze West E-8 closed for $110,000, and a vacant lot at 1432 Leland Way closed for $120,000, YES, you can still get a great deal on Marco Island.
Keep the dinner invites coming, HP, Shirl, and Suz took me and the Yogi to C.J.'s for a fantastic fun-filled dinner. You too could have the pleasure of our company.
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 wrote a song in honor of my first wife and the band Iration recorded it. If you would like to hear it, click here. https://www.youtube.com/
Past boring newsletters can be viewed here: https://viewmarco.
Sold Single Family Homes UP 21% (35 vs 29)
Sold Condominiums DOWN 7% (52 vs 56)
Sold Single Family Vacant Lots DOWN 31% (11 vs 16)
Pending Single Family Homes UP 10% (74 vs 67)
Pending Condominiums DOWN 10% (62 vs 69)
Pending Single Family Vacant Lots DOWN 13% (14 vs 16)
(Pending means it went under contract but has not closed yet)
Inventory:
361 Single Family Homes ( UP 6% from 2018)
443 Condominiums (UP 13% from 2018)
336 Single Family Vacant Lots (UP 9% from 2018)
1,140 Total (Total Inventory is really going up and that can cause more competitive pricing)
Summary:
A total of $70 Million dollars worth of real estate closed on Marco Island in the Month of March 2019. $52 Million dollars last month and $69 Million in March 2018 (last year). For the first quarter total sales stand at $164,000,000 for 2019 vs $160,000,000 in 2018 which is pretty dang even. HOWEVER, the average sale price went from $673,000 to $782,000 (up 16%) which backs up what I have been harping on all year, that the high-end market is where the strength lies. (the median is up 4.4%) Furthermore, to date, there were just 210 total sales compared to 238 last year, which is a 12% decrease. So, as this is sinking in and filtering down to the, let's say, under 1 million dollar Seller, they are appropriately responding by lowering their asking prices. In March there were 115 single family home price reductions, 5 increases. Condos saw 134 reductions and 8 increases. Lots had 42 reductions and 3 increases. Unfortunately for Mr. and Mrs. Seller, until a good chunk of this inventory is sold off, which we don't know when that will happen, you will need to lower your price until you can find a comfortable Mr. and Mrs. Buyer. And to you Buyer's out there, now is the best time for you to jump in and try to buy something before the inventory diminishes and prices start to go up. Prices will only go so low, so don't think you can wait forever.
I was with a future customer recently who is a proctologist. He is shorter than I am and has little stubby fingers with very short nails; from biting them. I casually made a comment, where I said, as a layman, I thought to be a good proctologist you would have to have longer thinner fingers to be efficient and/or effective. He looked at me and politely said "that is because you are prejudiced" I said, "no I'm not, I like people of all colors, religions, most political affiliations, meat, drinks besides Manhattans, and sailboats". He said "that's not what I mean, you expressed physical prejudice because you think someone's skills or abilities are linked to their physical attributes. I said, "well sometimes it is true, look at basketball players, they're all tall". He said, "what about Spud Webb, he was only 5' 7' and could dunk". I said, "What about actors, they're all handsome". He said "Steve Buscemi". I said, "sons are better than daughters" to which he replied, "how are things working out with your two, Andy and Willy?" I said "witches, they all ride brooms and have black pointy hats," he said, "how about your first wife, she rode in a Bentley and wore a dew rag, and besides that has nothing to do with a physical prejudice, stick to the point". I said, "I can't because she put a spell on me which makes me stewpit, that's how she got me to marry her in the first place". He said "now, there is a prejudice that may be true for all Realtors", to which I replied, "huh?"....
Again, my 7.6 Faithful Readers already are sensing the meaning of all this and what it has to do with Real Estate here on Marco, and here it is for those that have not figured it out yet. Don't judge a property by its size, shape, age, or whatever physical prejudice you may have in your mind. I recently met with some folks that swore they needed a waterfront home with 3 bedrooms, a den/office, and 3 bathrooms (one needed to have a tub for soaking a bad back) for them to be happy because they had a 2 little dogs, one grown married son with two young children that visited 1 week per year. We looked at some places in their price range that met that criteria and they all had icky views. Being stewpit, I suggested we look at one condo that allowed 2 pets, had 2 bedrooms, a den, and 2 bathrooms, but no tub. But this condo had a view that would not quit and was breathtaking. They stood on the lanai looking out at the beauty that Marco offers and said: "where will the grandkids sleep when they are here for the week?" I said, "check out the full size pull out couch, or the Murphy Bed in the den". The husband said, "there's no tub, how is Monica going to soak the Bursitis in her Coccyx bone?" I laughed and showed them the 104-degree hot tub next to the pool. Slowly but surely all of their prejudices were dispelled and here we are 6 months later with them living in a condo with a beautiful view and they could not be any happier. And when their son showed up and saw it and realized he would inherit it one day, he too was ecstatic. Sometimes you need to think a little bit outside the box, realize you really don't need that tall supermodel wife, and try out the short and stout like a teapot reliable one, and put some trust in your stewpit Realtor.
The inquiring 7.6 faithful readers demand to know The High and Low Sales for the month of March, and they are as follows:
Single family home, 1475 Butterfield Court closed for $2,250,000 (this is an old home built in 1966 that will be torn down). Condo, Madeira 908 closed for $3,050,000 (sold by the stewpitist Realtor on Marco) and a vacant lot at 507 Tigertail closed for $2,250,000.
For the bargain hunters, a 3 bedroom home at 2054 Sheffield Ave. closed for $365,000. A condo in Seabreeze West E-8 closed for $110,000, and a vacant lot at 1432 Leland Way closed for $120,000, YES, you can still get a great deal on Marco Island.
Keep the dinner invites coming, HP, Shirl, and Suz took me and the Yogi to C.J.'s for a fantastic fun-filled dinner. You too could have the pleasure of our company.
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 wrote a song in honor of my first wife and the band Iration recorded it. If you would like to hear it, click here. https://www.youtube.com/
Past boring newsletters can be viewed here: https://viewmarco.
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
Saturday, March 23, 2019
Marco Island Real Estate Stats and Commentary For February 2019
The following statistics compare February 2019 to 2018
Sold Single Family Homes DOWN 16% (26 vs 31)
Sold Condominiums DOWN 12.5% (28 vs 32)
Sold Single Family Vacant Lots DOWN 57% (3 vs 7 )
Pending Condominiums DOWN 3% (59 vs 61)
Pending Single Family Vacant Lots DOWN 54% (6 vs 13)
(Pending means it went under contract but has not closed yet)
Inventory:
366 Single Family Homes (UP 8% from 2018)
434 Condominiums (UP 15% from 2018)
336 Single Family Vacant Lots (UP 10% from 2018)
1,136 Total - Really Creeping up
A total of $52 Million dollars worth of real estate closed on Marco Island in the Month of February 2019. $42 Million dollars last month and $49 Million last February. Looking up at the numbers the trend continues whereby the number of sales overall is decreasing, but the dollar volume is increasing solidifying that the higher end market is where all the strength is. The other number that keeps heading up is the inventory or number of properties on the market. Now I am not saying the market in the $0 to $1,000,000 range is deceased, I am just saying it has slowed down. I also know that at X price, pretty much anything will sell; finding X can be the challenge. So when the inventory creeps up and sales slow down, Sellers are forced to make one of two decisions. Lower their price and hope to find the magic number where a buyer finds it attractive, or hang on to the property and ride out the storm. By way of example, in February (a short month mind you) there were 97 price reductions for single family homes and 4 price increases for existing homes on the market. For condos, there were 126 reductions and 1 increase, and for vacant lots, there were 47 reductions and 3 increases. What is causing this weakness? Part of my answer is subjective; I just think with the increased inventory Buyer's have less of a feeling of urgency or pressure to jump in and buy. A new topic I will bring up is the expansion in East Naples. Sure, Marco is an Island Paradise and many of you reading this would not consider calling anywhere else home, or second home, or third home. HOWEVER, there are many, many others out there that are looking at what they can get for their money in the sub $1,000,000 range, and brand new product in the East Naples corridor, when compared to Marco Island, is drawing them away. I am seeing this first hand and it is for real. On the upside, there will always be buyers that will settle for nothing less than what Marco has to offer and we will be here waiting for them.
I live in a condo and the other day we had a Barbie-Q. I received the extreme high honor of being one of the burger flippers/ hot dog rollers. Hours upon hours of preparation went into figuring out how much food to order, where to order it, when to order it, who would pick it up, how to keep it cold and many, many other fine details. When the big night came I was on the grill armed with my favorite spatula and tongs, ready for anything. Being a novice at this, I brought a cooler full of water to keep myself hydrated as I knew things would be hot and sweaty next to the grill. I noticed that my fellow grill-mates all had coolers themselves, but not one of them was carrying water on board. The invitation called for the food to start coming off the grills at 6:30ish. I was told to be at the grills at 5:00 which I thought was to give us all time to plan our preparation and serving technique. Well, at "5:00 somewhere" sharp, the first of my grill-mates opened his cooler and popped open a can of Budweiser and the pre-Barbie-Q preparations began. The second opened his cooler and opened a bottle of white wine and poured himself a big red Solo Cup full, the third opened his cooler where he had a mini bar installed and he proceeded to concoct a Tito's Vodka martini, shaken (not stirred), slightly dirty with blue cheese stuffed olives. I opened my bottle of water with a flourish as if I were uncorking a bottle of Dom Perignon; I even made a cork popping sound. My grill-mates pretty much dismissed me and promptly broke into conversation about religion, politics and who would win the NCAA basketball tournament. (ironically the basketball talk caused the most argument). After an hour or so of intense preparation, we were ready to start slinging food. Unbeknownst to me, someone took the liberty of inviting my first wife to the Barbie-Q, since her name is Barbie they thought it would be cute to have her there. My boy Willy was standing by my side as I thought this would be a good father/son bonding experience as his older brother Andy is already wise in the ways of the grill. Willy sees Barbie heading towards us and say's "uh oh, what is she doing here?" Since Barbie has hypoglycemia and needs to be fed every hour on the hour, she marched her 4 foot nothing, 88 pounds right up and pushed her way to the front of my grill. She said, "hello grill boy, I want a burger". I said "hello Princess, how would you like that cooked?", her reply, "not pink". I said, "okay, one burger well-done coming up". She replied, "I didn't say well done, I said not pink". I said, "okay, one not pink, not well-done burger coming up". She stood there giving me the old stink eye as the burger cooked; I remained focused but felt the heat and tension. I could feel a bead of sweat was building on my forehead and ever so slowly it slid down my nose, off onto her burger. Because, as usual, she was busy yacking away about yoga to anyone standing within 10,000 feet of her that would listen (whether they wanted to or not) she didn't see this. When I calculated that the burger was "no longer pink inside, but not well done" I placed it on a bun. She looked down and said, "I want cheese on it". I put a piece of cheddar on it and she said "I want the cheese melted", so I put it back on the grill". After 20 seconds I took it back off the grill and put it back on the bun and she said "I wanted Swiss cheese, not Cheddar", so I threw that one in the garbage and put Swiss cheese on another burger and once it melted I put it on a new bun and handed it to her. She walked away and 2 minutes later she weaseled her way back to the front of the line and said, "it's not done enough in the middle and it's too well done on the edges, and it needs a bit more salt". I smiled, put a fresh burger on the grill, and being that I was much hotter now, I seasoned this one up just right.
Now most of my 7.6 faithful readers know Barbie and they also want to know what does her burger eating ways have to do with Real Estate and I will now tell you. Think of property in terms of a Barbie-Q where you make your first choice as to whether you want a burger (a house) or hotdog (a condo) or a veggie patty (vacant lot). Once you make that first big choice you can add ketchup (waterfront), pickle chips (one for each bedroom or bath), lettuce (wilty for older or crisp for newer), relish (furnished or unfurnished) and so on. (feel free to make up whatever similes/metaphors you like, it's fun). Sometimes you may like 80% of what a property has to offer, but you may not like the paint color or the outdated kitchens or baths or such. That is when you need to think of Barbie's burger and remember that if you start out with a good foundation that you like, you can always add some sweat equity and turn that property into exactly what you want. Bon appetite!
The 7.6 faithful also want to know the high and low sales for the month and here they are:
The highs for the month are... a Single-Family Home for $5,000,000 at 870 Eubanks. For Condos, Veracruz 2203 closed for $2,500,000 (sold by your writer). For Vacant Lots, 375 Wild Coffee Lane in Hideaway closed for $180,000.
For you bargain hunters out there, a 3 bed/2 bath Single Family Home at 372 Hazlecrest closed for $325,000. In Condos, we have an efficiency in the Aquarius that went for $107,500 and a Vacant Lot at 101 Bald Eagle Dr. closed for $85,000. Prices do appear to be bottoming out and now is a great time to explore what is out there.
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.
My current wife and I await and welcome your dinner invitations.
Gerry Rosenblum
Broker Associate
B
Sunday, February 24, 2019
Marco Island Real Estate Stats and Commentary - January 2019
The following statistics compare January 2019 to 2018
Sold Single Family Homes UP 27% (19 vs 15)
Sold Condominiums DOWN 29% (25 vs 35)
Sold Single Family Vacant Lots DOWN 30% (7 vs 10)
Pending Condominiums DOWN 35%(41 vs 63)
Pending Single Family Vacant Lots DOWN 21% (11 vs 14)
(Pending means it went under contract but has not closed yet)
Inventory:
353 Single Family Homes (UP 8% from 2018)
433 Condominiums (UP 20% from 2018)
318 Single Family Vacant Lots UP 6% from 2018)
1,104 Total - Is on the rise, keep an eye on this.
Summary:
A total of $42 Million dollars worth of real estate closed on Marco Island in the Month of January 2019. $50 Million dollars last month and $43 Million in January 2018 (last year). Let's just say this year is starting out with a clang instead of a bang. Cutting right to it; here we go. I blame the stock market which ended the year with The Dow and S&P 500 recording their worst December performance since 1931 and their biggest monthly loss since February 2009. Folks, I don't care how good a Realtor you know I am, it's hard to sell MAGA hats at the Democratic Convention. That's it. The whole shebang. Now you want to know why the Stock Market took a pooper? Only I could figure this one out. Ready? It is because of the restaurants and golf courses here in Marco and Naples. WHAT! you ask does that have to do with the stock market? Here is the hidden algorithm I solved, stick with me. Our real estate market rides on the coattails of the boys up on Wall Street. Many of them fly into Naples on their private jets on the weekends to stay at their Mega Mansions. When they get here all they want to do is go out to dinner and play golf. As soon as they realized the wait times at the local restaurants and tee times at the golf courses were increasing because more and more people were moving here and crowding them out, they decided to take action... with me so far? So, they all flew back to NY around Thanksgiving and they met in secret where they devised a way to make the market drop, knowing when they hit Collier County prospective property purchasers in the wallet/pocketbook, real estate sales and discretionary spending would slow, resulting in a decrease in the hungry people going to restaurants and golfers hitting the 19th hole. This strategy would simply thin out the herd. Once the herd is thinned, there is plenty of room at the old watering hole for the privileged few. Ingenious I say for them to pull it off - and this brought a new meaning to the Trickle Down Theory of economics. What they weren't counting on is the fact that little ol' me would figure out their scam and bring it to light. Since I have, you may have noticed that the stock market is robust again and I think February and March will show much stronger real estate numbers. Mankind can thank me later when I accept the Noble prize in economics for cracking this.
As my faithful 7.6 readers know, my first wife is smarter than all of these fancy wall street actors and knows how to get immediate results. Last month she asked me to meet her for cocktails at Trulucks Restaurant to discuss the fact that our son Willy was accepted into The University of Florida, and how was I going to pay for all of it. Apparently, Willy can't live in a dorm with the regular students, he will need to live in a private home with a staff based on what she told me it will cost. Anyway, Barbarita asked for 2 seats at the bar and was told there was a 45-minute wait. She then announced that she was "vertically challenged" and demanded that she be accommodated immediately. The manager got very nervous and figured to avoid a lawsuit he better act quickly. He pulled two stools out from a back room, pushed 6 other patrons closer together and squeezed us right in there and offered my first wife a complimentary Hemlock cocktail and me a Manhattan. When he brought out a phone book for her to sit on so she could see over the bar, she fist punched him. From there the dinner became complimentary as well.
Now, as usual, you are asking what does all of this have to do with Real Estate, and as usual, I will pull it all together and try to make sense of something. Sometimes in Real Estate, things are simply out of your control. If you are a Buyer, the Seller may be extra motivated and sell you something cheap because an alimony payment is coming due and liquidity is needed. Or, sometimes you may be a Seller and the Buyer makes you what they think is a very generous offer, you figure if that is what they offered, there MUST be more meat on the bone. Ultimately you sadly find out they were vegetarians and there were no more peas in their pod and the deal goes South. It is an awful feeling not to be in control of something (shout out to my boy Andy here), but if you go with what the deal brings you, sometimes even though you may not be in control, you can get it all wrapped up nicely and move on with your life to new adventures.
Barb and I are now Slingers and are open to anyone that wants to take us out for dinner and Sling later on.
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
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
Saturday, January 26, 2019
Marco Island Real Estate and Commentary - The BIG 2018 Year End Review
Total Value of All Property Sold on Marco Island UP 1% ($709 Million vs. $700 Million)
Total Number of Sales on Marco Island (All Property Types) DOWN 4% (976 vs. 1,012)
Number of Sold Single Family Homes DOWN 6% (361 vs. 385)
Number of Sold Condominiums UP 3% (485 vs. 469)
Number of Sold Single Family Vacant Lots DOWN 23% (108 vs.140)
Average Sale Price of a Single Family Homes Sold was $1,007,000 UP 6% from $949,000
Average Sale Price of a Condominium Sold was $599,000 UP 10% from $545,000
Average Sale Price of a Single Family Vacant Lot was $474,000 DOWN 10% from $524,000
The overall List to sell Ratio was 93.24%. This means that on average properties sold within 6.76% of their asking price. Put another way, the average sale price was negotiated down 6.76% from the asking price.
Average days a sold property was on the market DECREASED from 181 days to 172 days.
This means properties were on the market 9 days less than last year. (In this case, the RED is good)
Current Inventory of Single Family Homes is UP 6% (319 vs. 302)
Current Inventory of Condominiums is UP 14% (388 vs. 339)
Current Inventory of Vacant Single Family Lots is UP 6% (300 vs. 283)
State Of The Real Estate Market Address
2018 was a rock solid year for Marco Island Real Estate and was basically a continuation of 2017. The dollar volume went up a smidgen from $700M to $707M, the total number of properties sold was down a tad from 1,012 to 976 and the average sale price overall was up a bit from $949k to $1M. Homes and Condos in the higher end of the market (Over $1 Million) are doing very well and I don't see any weakness here for the foreseeable future. I can tell you that in December the total number of properties sold was $50M in 2018 vs $54M in 2017 and the total number of properties closed dropped from 84 to 65. However, the average sales price went up from $643,000 to $773,000 and the median sale price went up from $494,000 to $600,000 which again reinforces the notion that the higher end is getting stronger and expanding. (This also proves that the rich are getting richer; right HP?) Another thought is that most of the higher end deals are cash (no mortgage) and as the interest rates have crept up past 5% this is causing a bit of weakness in the under $1,000,000 arena as many of these buyers obtain mortgages. The stock market has been an absolute roller-coaster and some folks are getting sick, jumping off, and bringing their puked on money to Marco to secure a place for their early retirement.
Now let's talk about vacant lots. Here the story is different, the number of lots sold is way down and the average sale price is down as well. Why? Well, here is the slant I have taken for the past year or so and it goes like this... A bunch of wealthy people came to Marco 2-4 years ago and bought up a whole bunch of lots and spec built homes on them. Many of these homes are still for sale and these spec home builders have decided to take up yoga instead of buying more lots and building more homes. (Why yoga?, because punching people isn't cool). On top of that, I am hearing that the price per square foot of construction has gone up and seawall prices have really gone up which makes spec building a more expensive proposition. However, there are always buyers looking for nice new homes so either they will buy a lot and build their dream home or a new bunch of speculators will come into the market and buy up the lots, build more spec homes and the ebb and flow will continue. Overall, I think the market is very healthy, not crazy at all, and picking up steam as we move into the busy season. Now is the time to make your move as inventories are creeping up slowly and there are more properties to choose from. All is good!
So I spent some time in the hospital with kidney stones last week. I was told by my first wife that she heard passing a kidney stone hurt as much as having a baby and she laughed and laughed as she told me this. When all the dust settled, I passed 6 stones or my little sextuplets as I refer to them. Naturally, I have opted to name them. First out was Andre "The Giant", now 5 millimeters may not seem like much when you look at a ruler, but when it's shaped like a razor blade it's massive. Next came Hillary and Donald, they both had big heads and started fighting and crying in the specimen cup. Then I pushed out little Tommy Brady and man is he a winner. Then came Squirt named both literally and figuratively. Last, but not least, was the Barbara stone, this one was the smallest but caused the most pain and suffering by far. 17 oxy's and 12 ice packs later, I can now write my name in the snow. My 7.6 faithful readers know there is a moral buried in here somewhere and this is it - Sometimes there is some pain in real estate transactions. Maybe you don't get as much money as you want, maybe you have to pay a little more than you want, possibly it takes more time than you want, or it could be that you thought the deal was done and then something happens which causes the pain to start up again. But just like kidney stones eventually everything works out and you get to go back to normal. As they say, "this too shall pass" and I am now a firm believer in that saying more than ever. And just like childbirth, eventually you forget the pain and you may even try to have another, and another, and another, because it does get easier and the joys certainly outweigh the pain.
On the extreme downside my dad passed away on January 5th at 89 years old. My current wife (she lost her dad in September) and I were out eating lunch at the Sunset Grill last week talking about life, our kids Willy and Andy, and how we needed to get back on track after our mourning. As we were finishing our lunch and getting ready to pay our tab our server told us a nice gentleman had paid our bill. I looked up and there is an old customer of mine smiling. He had no idea what had just happened in our lives, but his kind gesture meant more to us at that moment than he could ever know. There is good in this world and when you least expect it, bang, there it is. I know he doesn't have a lot of money because one of his friends told me he drives a goat truck. I'm not sure what a goat truck is, but apparently, there are lots of them in Michigan and this guy must be the best goat trucker there is in my book. Regardless, my wish is that each of my 7.6 faithful that read this will go out and do some sort of "pay it forward" gesture for someone because it really can make a difference in someone's life.
For those of you keeping score, the HIGH sales for the year by catatory are:
Single Family Home - 1002 Royal Marco Way sold for $7,225,000 CASH
Condo - Madeira Penthouse 1506 sold for $6,200,000 CASH
Vacant Lot - 1431 Caxambas Court sold for $2,910,000 CASH
The LOW sales for the year by catagory are:
Single Family Home - 1216 Fruitland sold for $285,000 CASH
Condo - Seabreeze West unit G2 sold for $100,000 CASH
Vacant Lot - 797 Whiskey Creek in Key Marco sold for $50,000 CASH
Congratulations to our winners!
Call, email or text with Real Estate questions and/or dinner invitations. Speaking of dinner, Mr. and Mrs. Roache` (pronounced like the French bug Roh-shea) took us out to ZaZa's for Mexican food, but I ordered the French Fries in their honor. Come on folks, let's step it up with the dinner invitations, my current wife is down to 89 pounds.
In 2019 I still will not be out thought or out fought when it comes to Real Estate.
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
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