Sold Single Family Homes UP 24% (21 vs 17)
Sold Condominiums DOWN 4% (23 vs 24)
Sold Single Family Vacant Lots UP 200% (6 vs 2)
Inventory:
187 Single-family homes
252 Condominiums
88 Single Family Vacant Lots
527 Total Homes, Condos, and Vacant Lots for sale. THIS NUMBER IS STARTING TO CLIMB!
Summary:
A total of $73 Million dollars worth of real estate closed on Marco Island in October 2023. Last October the number was $63 Million.
The market is moving smoothly, nothing shooting up, no Chicken Little the sky is falling either. Interest rates broke the 8% mark, but with close to 70% of the deals on Marco being cash this does not impact our market much. However, those who need to sell their properties elsewhere and use tht money to buy on Marco, might be dealing with Buyers who are interest-sensitive and things could drag out for them. Remember, cash is King when it comes to Real Estate, and the Golden Rule is he who has the gold makes the rules. The stock market has had a nice run-up lately and when that happens all the cardiac patients start selling their stock to buy good old solid real estate. As a fringe benefit they can also then taper off on their Beta-Blockers and save money on prescriptions. Now, I'm not saying the stock market will make you die sooner, but why risk it? The average age of a Marco Island Resident is now approximately 109 years old, just saying it's some good living down here. We have some of the best doctors, dermatologists, dentists, podiatrists, bartenders, and plastic surgeons money can buy. Why just recently I had a nip and tuck done on my kidney and I swear it looks 20 years younger.
As 7.6 of you have heard, I listed my own condo for sale, and not one of you stepped up to buy it, that's the thanks I get for years of writing this blog and making all of you rich by taking my advice. And for all you Wisenheimers who told me to get a new Realtor to sell my unit, I'll tell you this story. I actually had someone call in who saw the listing online. They asked me 1,547 questions about the unit, Association, and building, the only lie I told them was when they asked if the unit was haunted and I said "no", but that's a story for another day. Anywho, their 1,548th question was to ask if I would represent them in the purchase of the unit. I said listen, the guy that listed that unit is a world-renowned realtor, his reputation is that he is a ruthless and shrewd negotiator and has been known to make other Realtors cry. They said, "That is exactly what we are looking for in a Realtor to represent us!" I said "Then I'm your man, but I'm warning you, this guy is borderline crazy" - "I know his shrink, and the shrink lays on the couch when this guy comes in for a session". Well, we put together a solid offer, they signed it, and I told them I would do my best. I then went to my kitchen and made a Manhatten knowing this was going to be a tough negotiation and I needed to calm my nerves. I then went into the living room looked at the signed offer on my condo and said out loud for me to hear "What is this agent nuts? Coming in at 10% off the asking price, the Seller is now insulted". The Seller and his agent were so upset by the offer that I went into the kitchen and made a Manhatten to calm myself down. I then called the Buyers and said "Listen, the other agent said the Seller was offended by the offer, it is so low he wouldn't even counter it, you'll need to come up". The potential Buyer's husband said, "First, I need to go take a Metoprolol because I feel a bit of angina coming on and I don't want my stent to blow out". 30 minutes later they called back and said "We can come up to 95% of the asking price". I said, "That sounds great, I'm pretty sure I can get the Seller to take that, he's nuts if he doesn't". In reality, I wasn't so sure what the Seller would do, so I figured I better go to the kitchen and make a Manhattan to put me on my game. I returned to the living room and looked at the new numbers on the contract. I said out loud to myself " Are you nuts?, there is no way I'd accept that" "you keep pissing me off and I'm going to have to punch you or something". I slapped myself in the face and retreated to the kitchen for another Manhattan to ease the pain and embarrassment. I called the Buyer back and said "No go on the offer, this agent is living up to his reputation and is like a brick wall I can't break down, I don't know what it will take to get him to cave". The Buyers asked me what I thought and I said "There are some other units for sale, let's take a run at one of them, I know we will have an easier time with another agent'. They agreed and thanked me profusely for the wise guidance. I then went to the kitchen and made a Manhattan to celebrate making these future customers happy by showing them my prowess as a negotiator. After that Manhattan, I had to have one last one to celebrate the fact that I stuck to my guns and wasn't going to let some agent bully me into taking an offer I didn't like. The next day I was bragging to my lawyer buddy Christopher Palmetto about how I showed myself who the boss was, and Attorney Chris said "A Realtor that represents himself has a fool for a client". I said, "I agree, and my shrink is going to have to sort this one out."
So, after visiting with Dr. J, here is what he came up with and I think it's an excellent lesson for life and Real Estate. Doc says "Sometimes you need to remove emotions from the situation and just be practical." Buying or selling a property can cause you to become emotional and that can sometimes lead you to make a bad decision. Sometimes as a Buyer, you are offended that a Seller doesn't accept your offer and you walk away, and vice versa, sometimes as a Seller you are offended by the offer and refuse to counter. To get a deal put together you have to have a "meeting of the minds" and if they are both "sound minds" the deal will come together. And as I've said before "a great deal is one in which both sides think they won." And, if we don't have sound minds, we always have Manhattans. Doc also said, "Let me freshen up your prescription for Pristiq, as a matter of fact, let's increase the dosage a bit while I'm at it".
My record of having only been wrong once in my life stands intact, and let me remind you that one time I said I was wrong, I was actually right, so it turns out I was really only wrong for saying I was wrong when I was right. Think about that....
On the personal side, My boy Andy will be cooking up the Thanksgiving poultry again this year. The kid went to Publix and got the biggest 3-pounder you've ever seen. Mmmmm Good, I like mine rare. Willy is still in Columbia and still can't speak a word of Spanish. However, the nearby sushi restaurants have written me and said they will chip in and pay for the tuition and rent for him to stay and get a Ph.D. if I simply agree to continue to pay for the daily sushi deliveries. Now, that's an example of a win-win.
The inquiring 7.6 faithful readers demand to know The high and low Sales for October, and they are as follows:
Single-family home, 999 Spruce Court $6,000,000 which may be a record for an indirect water access home. Condo, Tampico 505 closed for $2,700,000. The vacant lot at 812 Milan Court closed for $1,025,000.
For the bargain hunters, a 2-bedroom home at 201 Marco Lake Drive closed for $450,000, A 2/1 condo in Seabreeze Soutn, unit N1 closed for $285,000, and a vacant lot at 1385 Merrimac closed for $340,000. I'm telling you there are still value deals to be had.
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.blogspot.com/
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)
1-800-237-8817 (toll-free)
To View the Entire Marco MLS go to: www.viewmarco.com
