The following stats compare July 2020 to July 2019.
Sold Single Family Homes UP 24% (36 vs 24) 8 SALES over $1,000,000.00
Sold Condominiums UP 18% (45 vs 38)
Sold Single Family Vacant Lots UP 140% (24 vs 10)
Pending Single Family Homes UP 100% (88 vs 44)
Pending Condominiums UP 68% (67 vs 40)
Pending Single Family Vacant Lots UP 164% (29 vs 11)
(Pending means it went under contract but has not closed yet)
Inventory:
166 Single Family Homes (DOWN 42% from 2019)
320 Condominiums (DOWN 12% from 2019)
181 Single Family Vacant Lots (DOWN 41% from 2019)
667 Total Homes, Condos, and Vacant Lots for sale. THIS NUMBER IS VERY LOW!
Summary:
A total of $68 Million dollars worth of real estate closed on Marco Island in the Month of July 2020. $83 Million dollars last month and $55 Million in June 2019 (last year). You would think we were having wildfires here on Marco because lot sales are so hot. I've been telling my 7.6 faithful readers for a year to get in the lot game and thank goodness 4.2 of you listened. Single-family home sales are also very strong and the condos are dong pretty well. The average closed sale price across the board is down to $651,000 which is about 9% lower than this time last year. A few years ago I was laying in a hospital bed with a kidney stone the size of my fist that was aching to get out. The nice doctor gave me a shot of something in my belly and said "this too shall pass". Next thing you know the nurse put on her catcher's mitt and out popped my first of 6 babies. Now, a few months ago when the COVID started up everyone was freaking out thinking the market would crash. Well, I knew that they aren't building any more Paradises and I think if the end is near folks are going to want to go out on Marco Island instead of Detroit or Hackensack. I just knew everything would be cool and I wrote "this too shall pass" harkening back to old Dr. Bellypoker. And guess what? The COVID is still wreaking havoc on the world but our real estate market is just fine. The biggest issue brewing now is the inventory is terribly low and that makes it a bit harder to find exactly what you want. And when what you want comes on the market jump on it like the early bird.
I flew back and forth from New Jersey to Florida over the summer on Spirit Airlines. Now for those of you that have never flown on Spirit you get a tiny cramped seat on the plane and the round trip ticket was literally $78.62 tax, tags, and title out the door. You cant drive a hybrid from New Jersey to Florida without spending more on gas than $78.62. Where does Spirit get you? You want to bring a bag? - that's an extra $40 or so. I beat that by wearing three pairs of underwear, three pairs of pants and 4 shirts. I obviously bring an extra shirt in case I get spaghetti sauce on one. The plane was spotless and they no longer reuse the barf bags. If they ask if you want a drink, your options are Yes or No. They did lock the doors to the bathrooms which is concerning to the enlarged prostate flyers, but after a few "accidents" they opened them. As the flight attendant was explaining the oxygen masks she said "for those of you flying with more than one small child, now is a good time to figure out which kid you like the best so you can put their mask on first." That made me think of my boys Andy and Willie, little did they know depending on the time of day and who was being the bigger PITA, that may have dictated their survival rate during depressurization. The flight attendant then said there is a good chance we could have an emergency landing in the ocean and when that happens we will immediately switch names from Spirit Airlines to Spirit Cruise Lines. I felt under my seat for a life jacket and all I found was blank space where it used to be and a note that said "swim". There were about 20 people on the plane and they let you social distance yourselves, I tried to get everyone to sit on the left side of the plane thinking it would be like a boat and list to the one side freaking out the pilot. Before I had the chance to do that, Captain Sully came out of his cabin and explained that because of the COVID and how slow business was for Spirit he realized they weren't topping off the fuel tanks, and according to his calculations we could make it about 3/4 of the way home. He then proceeded to take off his hat and pass it around trying to take up a collection for gas money hoping to stop in South Carolina he said where it's cheaper. When the hat came to me I ended up flying for free that day plus I made an extra $12.17. Happy hour started promptly at 4:30 and drinks were 2 for $10 so I left a $2.17 tip. I think they may be watering down the vodka...
Now, the faithful 7.6 readers are wondering what this has to do with Real Estate on Marco Island, right? I'll tell you what, it has to do with expectations. When you book a cheap plane ticket you're expecting a bumpy ride, well with Spirit that cheap ticket comes with a nice smooth ride and first-class is only a bit more if you want to pay for it. When many people drive around Marco for the first time they are captured by its beauty and Paradise like qualities. From a Real Estate standpoint, they are in awe of the big new beautiful homes and the tall spectacular condominiums. And, what I have found out over the years is that these Marco Newbies "expect" everything on Marco to cost millions of dollars and are in shock to find out they can buy a condo for close to $100,000 or single-family home for around $300,000, or a vacant lot for possibly UNDER $100,000, and that is not what they were expecting. Often times they only see the big beautiful things and are blinded to what else is there for the taking, thinking there is nothing for them. They are also in shock when they find out a trailer home down by the river costs $1,00,000. By way of analogy, I have a friend who went to the Chicken Ranch in Nevada one day. He was looking over the merchandise and called to tell me how beautiful the girls were and a few of them told him they had just started working there that day! He didn't have enough money at the time for a date or a fig, but he went back a few days later on Nickel Tuesday to try his luck. Later that night he called to tell me things weren't exactly the same on Tuesdays, but it worked for him and his expectations were apparently met and The Chicken Ranch now has a satisfied customer for life. The same thing applies to Real Estate sure the big house is a bit more beautiful as are the fancy beachfront condos. Keep in mind it will cost you more to get one, but it will also cost you more to have and keep it. Now, a bedroom is still a bedroom, a bathroom still gives you the same relief, and a kitchen is still a place to make reservations from whether it's in a multi-million dollar home or something more modest. Now, don't get me wrong, as your favorite Realtor I want you to spend the big bucks so I get the big commission and don't have to attend Nickle Tuesdays, but in reality, just like the owner of the Chicken Ranch I want you to spend what you are comfortable with and we'll both do our best to find you something that truly makes you happy and gives you a smooth ride.
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, 310 Seabreeze drive in Hideaway closed for $3,800,000. It was on the market for 482 days. Condo, Veracruz 2506 closed for 2,650,000 and it was on the market for 661 days. and a vacant lot at 849 Caxambas Drive closed for $800,000 and it was on the market for 2,566 days!.
For the bargain hunters, a 3 bedroom home at 350 Columbus closed for $407,500 (121 days) A condo in Seabreeze South closed for $156,000 (358 days), and a vacant lot at 758 Whiskey Creek closed for 35,000, 1 day on the market. YES, you can still get a great deal on Marco Island.
I am open to any COVID free dinner invitations.
And, if you are thinking of using me as your Realtor, keep in mind that I will never be out thought or out fought.
Past boring newsletters can be viewed here: https://viewmarco.
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
