Marco Island Real Estate Stats and Commentary - May 2018

The following stats compare May 2018 to May 2017.

Sold Single Family Homes UP 11% (52 vs 47)

Sold Condominiums DOWN 13% (52 vs 60)

Sold Single Family Vacant Lots UP 27%  (14 vs 11)

Pending Single Family Homes DOWN 22% (40 vs 51)

Pending Condominiums  DOWN 7%   (53 vs 57)

Pending Single Family Vacant Lots  DOWN 27% (11 vs 15)

(Pending means it went under contract but has not closed yet)

Inventory:

274 Single Family Homes ( DOWN 22%  from 2017)

375 Condominiums ( DOWN 1%  from 2017)

304 Single Family Vacant Lots (DOWN 1% from 2017)

953 Total

Summary:

A total of $92 Million dollars worth of real estate closed on Marco Island in the Month of May 2018. $90 Million dollars last month and $87 Million in March 2017 (last year). Again we had 2 homes sales over $3 Million, 4 over $2 Million and 10 over $1 Million. It makes me think of a book I read a long time ago called The Millionaire Next Door. There were 2 vacant lot sales over $2 Million and the big boy award this month goes to a unit in the Madeira Condominium that closed for $6.2 Million CASH (naturally). These numbers clearly show a big commitment by some big hitters on our little island. However, all these rich folks are really starting to give me an inferiority complex, so if any of my 7.6 faithful readers are trained in Psychiatry I would appreciate a free consultation. I am willing to barter bad marriage advice....

After a big selling season, most of the Realtors on Marco are fat, rich and happy which is better than after the hurricane when they were skinny, poor and drunk. Or, was is it fat, poor and sober? Anyway, things really ended strong and as we head into the summer things still look very good. The stock market was/is strong and many buyers were/are selling some stock and paying cash for Marco Island Paradise. That makes me think about something. In the stock market there are things called Real Estate Investment Trusts or REIT's. I figure a couple of my 7.6 faithful readers have some serious dough and maybe we aught to start up an IPO and start buying up all of Marco Island. We could be hoarders and collect all the properties like real life Monopoly. Instead of Boardwalk and Park Place we could have Caxambas and Waterside Drives in our portfolio. We can only build houses, so it won't really be like the game, but some of the houses they are building here now are as big as hotels. The other change is we won't be using play money, we need real cashish to play and we don't pay anything to pass GO. So, who's in? Harold P., BoBoC., Barbie R.?  As I ramble with this blog, my first wife, who also is my proof reader, tells me Fantasy Island should be the name of the REIT, because that's where I live, in a Fantasy world. Anyway, I can always count on her to ruin my Mojo and I guess I'll just keep selling them, just like I marry them, one at a time. A guy can dream, can't he?

So, what is the moral this month? I'll tell you what it is. Be happy with what you have. Sure that guy paid $6.2 Million cash for a condo, but little does he know the people living next door to him are nocturnal and make noise all night. The couple that paid $3.8 for the single family home? They could have bought it 6 months ago for $3.79 million and the folks that bought the expensive lot just found out that the lot isn't big enough to hold their 157' yacht, so they will have to sell the boat and get a 125 footer after they build the $10 million dollar house. Now those are real first world problems. And what is wrong in my perfect world, I'll tell you what, I just ate a big bowl of ice cream and forgot that I am lactose intolerant..... time for some paperwork.

Speaking of paperwork. Our eldest Andy graduated college and got the old sheepskin and I got some debt relief. The young'enWilly, is heading out on a road trip with me to evaluate colleges. Willy won the Wellesley College book award at her high school this year, but can't go there because apparently it is an all girls school which does not meet Wily's criteria.

The inquiring 7.6 faithful readers demand to know The High and Low Sales for the month of May, and they are as follows:

Single family home, 1629 McIlvaine Court closed for $3.8 Million.  Condo, as mentioned above Madeira Estate 4 closed for $6,200,000 and a vacant lot at 405 Inlet Drive closed for $2,350,000.

 

For the bargain hunters, a 3 bedroom home at 1216 Fruitland Dr. closed for $285,000. A condo in Seabreeze West unit F8, closed for $118,000 and a vacant lot at 797 Whiskey Creek Dr. closed for $50,000, yes, that is correct and you can still get a great deal on Marco Island.

And, if you are thinking of using me as your Realtor, keep in mind that I will never be out-thought or out-fought.   And, I would still love to have you take Babs and I out for dinner.

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

Marco Island Real Estate Stats and Commentary - April 2018

The following stats compare April 2018 to April 2017.

Sold Single Family Homes UP 7% (47 vs 44)

Sold Condominiums DOWN 2% (56 vs 57)

Sold Single Family Vacant Lots DOWN 23%  (10 vs 13)

Pending Single Family Homes UP 8%  (64 vs 59)

Pending Condominiums  UP 35%   (65 vs 48)

Pending Single Family Vacant Lots  DOWN 12% (15 vs 17)

(Pending means it went under contract but has not closed yet)

Inventory:

301 Single Family Homes ( DOWN 19%  from 2017)

371 Condominiums ( DOWN 7%  from 2017)

297 Single Family Vacant Lots (DOWN 6% from 2017)

969 Total

Summary:

A total of $90 Million dollars worth of real estate closed on Marco Island in the Month of April 2018. $69 Million dollars last month and $80 Million in March 2017 (last year).  

OMG - $90 Million dollars of sales in 1 single month, that is a lot of money changing hands and it was really focused in the single-family home market, as opposed to condos or lots. As a matter of fact $60 million of the $90 million were single family home sales. Playing a realtor dentist, I decided to drill down into the numbers until I hit a nerve and got a reaction that answered what happened. Here is what I can tell you. In the month of April there were 15 homes sold for over $1 million. Some rich person paid $4,000,000 and came in THIRD place. Yes, there was another sale at $6,325,000 and the winner who brought home the bacon this month and fried it up in a pan paid a whopping $7,225,000 for a beachfront home in Hideaway. (In the Port Royal section of Naples the same home would probably cost $37 Million, so I guess it's a deal in a sense). The $6,325,000 was also in Hideaway. So, if any of you out there are Fuller Brush or Electrolux salesperson's I would suggest you knock on the doors of the Hideaway folks. They have plenty of scratch in there. 

When I met my first wife she was pretty normal, nothing special. No money of her own, No dowery, No future prospects, brown mousey hair - like a 5 on scale of 1 to 10. On the upside she had a couple nice attributes and she was very tall and tan ( I used to say "worth the climb") but again, just a plain old Jane (except her name wasn't Jane). Anywho, while we were dating some other loser comes along and shows an interest in wife #1. I'm dating her and I'm scratching my head saying "what's this moron see in her?" I figure I'm missing something and it's making me crazy. I decide to spend more and more time with her, but, nope nothing, just plain old flameless Jane. Loser #2 (I'm #1) keeps sniffing around and it's driving me absolutely insane that I can't see what he sees in her. So, not being one to lose out at anything I slap a ring on her finger and declare myself the big winner and marry her. After a few years of pain and anguish it becomes crystal clear that the other guy really was an idiot because she had nothing to offer. I head for the hills and the rest is history. Recently someone told me she lost a few pounds and became a yoga instructor and still has a miserable very handsome and intelligent husband. Now, my faithful 7.6 readers of this newsletter know there is a moral to this story and are also thinking of old what's her name. Here is the connection. Nancy, my work wife, and I had a condo listed that was gutted to be remodeled and then the owner decided not to move forward with the remodel. So here we are selling a condo with no kitchen or anything in it. An offer came in within minutes of the listing hitting the MLS. Another agent called to show the unit and was told an offer had come in and they quickly wrote up an offer. Then a third agent jumped in with another offer. It's an offer frenzy folks and nobody knows why because we are selling a plain old Jane condo. So, the way we handled that is, we went back to the 3 agents and told them to bring us their best and final offer. The first offer came back at full price, cash as is. The second came back at $27,000 over asking, cash, as is. The third came back at $50,000 over asking cash, as is, close in 14 days. Winner Winner Chicken Dinner! 14 days later we are taking commission checks to the bank. The connection here to wifey #1 is that sometimes when somebody else wants what you want you might get a bit carried away and make a mistake. Or, sometimes you love something so much you just have to have it, no matter what it takes. (either way, you're stuck with it so you might as well enjoy it).

The inquiring 7.6 faithful readers demand to know The High and Low Sales for the month of February, and they are as follows:

Single family home, 1002 Royal Marco Way closed for $7,225,000.  Condo, Riviera Four Unit  628 closed for $1,350,000 and a vacant lot at 1628 Mcilvaine Court closed for $1,300,000.

 

For the bargain hunters, a 2 bedroom home at 1263 North Collier closed for $300,000. A 1 bedroom condo in Wexford Place unit 465, closed for $105,000 and a vacant lot at 393 Century Drive closed for $164,000, yes you can still get a great deal on Marco Island.

The dinner invites have been slow. M&S certainly showed us a good time and they aren't even customers, just folks that enjoy the newsletter and appreciate our company. (Company as in Barb and I, and company as in  Berkshire Hathaway Florida Realty Home Services)

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

Marco Island Real Estate Stats and Commentary - March 2018

The following stats compare March 2018 to March 2017.

Sold Single Family Homes  DOWN 31% (29 vs 42)

Sold Condominiums DOWN 5% (56 vs 59)

Sold Single Family Vacant Lots DOWN 11%  (16 vs 18)

Pending Single Family Homes   UP 6%  (67 vs 63)

Pending Condominiums DOWN 4%  (69 vs 72)

Pending Single Family Vacant Lots  DOWN 11%   (16 vs 18)

(Pending means it went under contract but has not closed yet)

Inventory:

326 Single Family Homes ( DOWN 19%  from 2017)

381 Condominiums ( DOWN 7%  from 2017)

304 Single Family Vacant Lots (DOWN 6% from 2017)

1,011 Total

Summary:

A total of $69 Million dollars worth of real estate closed on Marco Island in the Month of March 2018. $49 Million dollars last month and $79 Million in March 2017 (last year).  My finger is on the pulse of the Marco Island Real Estate market and it is beating like crazy, 69 million beats per month is strong, really strong. There is an undeniable sense of positiveness that is circulating allowing Sellers and Buyers to have a meeting of the minds and get things sold. The price reduction trend continues as everyone searches for the magic number. For the month of March, in the single-family home market, there were 101 asking price reductions, 3 increases - Condos saw 92 price reductions and 9 increases - Vacant lots had 41 reductions and 5 price increases. If you combine the price reductions and look at the nice number of pending sales up above, you can deduce that we are moving into a nice rhythm and the market is starting to dance fast like Chubby Checker's Twist, instead of a slow boring Waltz. Things are good in the market, sales are happening across the price spectrum and I think this is a happy time.

On a professional level, I had the craziest week of my 20+ year real estate career this week and my first wife (who still works as my assistant) was there heckling me as usual. I guess she keeps me grounded and reminds me that things really can be worse.  People were coming at me with some crazy deals, I learned more than I care to know about Radon, I had multiple offers on one property, I had a Seller withdraw a very expensive property after I had an excellent offer on it, (both sides of a deal is very nice until it blows up, then you are twice as sad). These are just a few of the odd things that happened this week and if you ever want to hear the gory details you would need to read the process, shown further below, to hear them in a restaurant. On a personal level, I had one of the craziest weeks as well because Willy, my youngest, showed me the prom dress that was picked out and it looks like it came from some Hooker catalog.  Andy, the eldest is graduating college next month and gave us the graduate school pitch. When I pointed out that I had a Masters degree, Andy stated: "yes, for some it obviously does not translate into success either professionally or personally". I think that was a cheap shot but I was taught never fight a red-haired hillbilly, they're crazy. People tell me I need a hobby. I don't golf, fish, boat, play tennis or pickleball. I think that maybe I just need a tall girlfriend and I am ready to start interviewing candidates.

So what does all this have to do with Real Estate you're wondering? It relates because there are different aspects of the market just like there are parts of your life. And in Real Estate sometimes your personality, both as a Seller, Buyer or Realtor plays a roll, and often the combinations create a chemical reaction that can explode or implode and then you bring me in as I am a great neutralizer just like Pepto Bismal. I had a Seller once remove a $50,000+ painting and replace it with a Walmart special. When confronted with the switch he claimed the inventory simply stated "Picture in Living Room". When the attorney explained that could be considered theft by deception, the painting miraculously reappeared. Countless times I have seen nice flat screen televisions swapped out for some old tube job, furniture dissapear and be told "oh, that old chair, dresser and bed?, well our twin grandsons were bouncing on the bed and when the bed broke one kid flew and hit the dresser and broke it and the other kid flew and hit the chair and it broke, so we did the buyer a favor and threw the furniture away because they were not only broken, they were obviously safety hazzards and we know the new buyers have their own grandchildren, so it is quite obvious we did them a huge favor by removing that furniture and we are sure they would understand and they would have done the same thing if they were us, and we would explain it further but we don't want to be late for Church because the confessional fills up quick when the Real Estate Market gets busier, and we heard from Gerry, as we are one of his 7.6 faithful readers, that the market is strong and as soon as our place closes we are going to buy another place and the Seller there told us" " the A/C was replaced new about 15 years ago" and he said "you know they can last 100 to 150 years if you get them serviced ever 10 years or so, as I diligently have done, and we never changed out the old carpet because styles change so fast it would be a waste of money, and no, the pool doesn't have a leak we keep it half full because it costs less to heat it and since the heater broke we let the sun heat it up and nobody cares if it's cold in the winter because nobody swims then because we go to Stan's on Sunday and do the Buzzard Lope, smell, what smell?"

The above is a partially exaggerated story woven to show you why you need a Realtor like me to guide you through the maze of buying and selling. My Realtor nickname is Tenacious G, I'm no quitter when it comes to business or family. I put everything I have into whatever I'm doing, and since I have no hobbies all I do is Real Estate and admire tall women.  I'm not saying everyone is like the characters above, I am just saying that you can't tell what you are getting into and you don't want to bring a knife to a gunfight. Bring along Tenacious G. and you'll never lose. 

As always, please reach out and contact me if you have any real estate questions or need any advice which can only be given at dinner. Last month one of my highroller customers and his wife took Barb and I to Da Vinci's Ristorante (eye-talian for restaurant).  Those that have never had the pleasure of buying us dinner would not know that I never order, I always let the server choose for me because I like the surprise, it's like opening a Hanukkah present on Christmas morning. Anyway, Mrs. highroller had a couple of those fruity cocktails with beach umbrellas sticking out of them and she decides she will order for me. So I excused myself from the table and stepped away. 35 minutes later I am brought out a bowl of hot water and 2 packs of saltines. Naturally, I get busy dunking those crackers and woofing them down (hey, I'm not paying so it tastes good to me). Suddenly, a huge bowl of Zuppa Di Pesce arrives and you couldn't get the smile off my face. Note to self: don't wear a white shirt while eating Zuppa Di Pesce.

The inquiring 7.6 faithful readers demand to know The High and Low Sales for the month of February, and they are as follows:

Single family home, 813 Giralda Cutler Court closed for $2,250,000.  Condo, Belize 802 closed for $1,450,000 and a vacant lot at 1431 Caxambas closed for $2,910,000.

 

For the bargain hunters, a 2 bedroom home at 2043 Apricot closed for $375,000. A condo in Seabreeze South L8, closed for $122,000 and a vacant lot at 1750 Dogwood closed for $85,000, yes you can get a great deal on Marco Island.

Steven C. you can put down that mouse now. 

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

Marco Island Real Estate Statistics and Commentary - February 2018

The following stats compare February 2018 to February 2017.

Sold Single Family Homes UP 7%  (31 vs 29)

Sold Condominiums DOWN 26%  (32 vs 43)

Sold Single Family Vacant Lots DOWN 50%  (7 vs 14)

Pending Single Family Homes DOWN 6%  (48 vs 51)

Pending Condominiums DOWN 5%  (61 vs 64)

Pending Single Family Vacant Lots UP 8%  (13 vs 12)

(Pending means it went under contract but has not closed yet)

Inventory:

328 Single Family Homes ( DOWN 21%  from 2017)

362 Condominiums ( DOWN 13%  from 2017)

304 Single Family Vacant Lots (DOWN 9% from 2017)

Summary:

A total of $49 Million dollars worth of real estate closed on Marco Island in the Month of February 2018. $43 Milliondollars last month and $59 Million in February 2017 (last year). Did you ever go to the County Fair or a Carnival in your hometown and there would be a love tester machine? (picture below) You know, the one where you would put your quarter in the machine then squeeze the handle and it would rate your love life? Well, I invented a new Real Estate Meter that you can use in the privacy of your own home or office. I am willing to share it with my faithful 7.6 readers right now, free of charge.  Interested in trying it? If so, here is how it works. First, I need each of you to hold your computer mouse firmly in your hand. Close your eyes tight and say Gerry - Gerry - Gerry - three times out loud and then open your eyes. After you open your eyes the rating shown below in Red will be the "hotness" of the Marco Island Real Estate Market. Ready to try it? Remember now, close your eyes, hold the mouse tightly and say Gerry - Gerry - Gerry - then open your eyes and see the instant results. (Please do this while you are alone as it could be hard to explain if someone was watching, and I don't need any more trouble than I already get from my boys Andy and Willy)

Okay.....Get ready.....Get set..... GO!!!

HOT - Property Values Doubled in 6 Months and you are tall and tan.

PRETTY HOT - Your property sold in less than a year and you are 83% healthy.

MEDIUM - You have an offer on your property, lower than you want, but you take it and move on.

NORMAL - There is no such thing as normal.

MILD - You have an offer on your property, lower than you want, but you pass and the buyer walks.

Cold - You're on your third listing agent & 5th price reduction. You'd give it away but nobody wants it. 

Ice Cold - You got foreclosed on, and your first wife, like mine, was a short nasty woman.

Wow, it works! Years of testing, analyzing women, drinking Manhattans, data crunching and I present to my faithful 7.6 readers the most accurate way to gauge the real estate market in the privacy of your own home. (Speaking of which, I was previously working on a colonoscopy testing mail away kit, but somebody stole that idea. However, I am improving on that concept with a stay at home colonoscopy testing kit that will eliminate the need to mail in your sample. It will work similarly to this real estate test, but I haven't found a satisfactory way to sanitize the mouse after the test.).

As usual, here we go because you are asking "what the heck does this have to do with Real Estate?" and now I am forced to tell you my inner thoughts, and they are, I don't believe there is a "normal" market. There are averages, means, modes, trends, highs, lows, dips, bounces, bumps, hiccups, and all kinds of words to describe the market. And, do you know why we have all these words? Because that's what the market does, it moves, it flows, it changes, it is not static. Is there a normal? I say no. And because I write this, I can say whatever I like. And you know what? - I was only wrong once, and most of you already know her name. So, bear with me here and let me continue this thought. I had a professor once in college that was grading a test of mine. It was a class in human sexuality. I had an essay question where I elaborated, based on first-hand knowledge, on what I thought was "normal", sexually speaking, with people that live in cold climates below the equator. He wrote on the essay, "this is so wrong, it's not even wrong" and gave me an F.  I was sharing this information with my Physics professor, who was a tall woman from Southern New Zealand who was tutoring me. She laughed and told me that my sex ed teacher stole that idea from the famous Physicists Wolfgang Pauli who coined the phrase "not even wrong"  She said the Cliff Notes version was that if you made an argument or explanation that is based on invalid reasoning or speculative premises that can neither be proven correct nor falsified, you are "not even wrong". As an example she said 2+2=22, then we went back to tutoring. 

Now back to the discussion. I stick to the fact that there is no normal, and I clearly explained above that I am not wrong. Put another way, the market is what it is. Today the buyers are finicky like Morris the cat, they are looking for price cuts, they take a swipe at the property then they pounce and go in for the kill. It's got to be just right. That's normal- today. Price cuts are very normal- today. Properties staying on the market longer is normal- today. Changing Realtors when things don't sell is normal- every day. All in all, things are selling right now. I bet March will be a very good month and I'm going to say that April will be really good. If you are looking to sell, check the comps and stick very close to them asking price wise. If you are a buyer, watch the price cuts very closely and be ready.  In number of days challenged February (my car dealer customers know what I mean there)  there were 94 single family home price decreases, 4 increases. 78 condo price decreases, 2 increases. 20 vacant lot decreases and 3 increases. Buyers can wait, or, simply make your offer and see if your Realtor can present an argument to the Seller's agent and justify the offer. The worse thing they can say is NO.  That my dear 7.6 faithful readers is "normal'.

As always, please reach out and contact me if you have any real estate questions or need any advice which can only be given at dinner. Last week, Bob, the engineer, and his lovely wife took us to 21 Spices where we ate, drank, laughed and solved the String Theory Equation over dessert. 

The High and Low Sales for the month of February:

Single family home, 1381 Cutler Court closed for $2,125,000.  Condo, Cozumel 1204 closed for $1,863,000 (normal number) and a vacant lot at 816 Heathwood closed for $975,000. 

For the bargain hunters, a 3 bedroom home at 1299 Apricot closed for $300,000. An efficiency condo at The Aquarius closed for $110,000 and a vacant lot in Hideaway at 608 Waterside closed for $180,000 and that new owner can enjoy the Hideaway Club and amenities.

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

Marco Island Real Estate Statistics and Commentary - January 2018

The following stats compare January 2018 to January 2017.

Sold Single Family Homes DOWN 35%  (15 vs 23)

Sold Condominiums DOWN 8%  (35 vs 38)

Sold Single Family Vacant Lots DOWN 17%  (10 vs 12)

Pending Single Family Homes DOWN 27%  (41 vs 56)

Pending Condominiums DOWN 2%  (63 vs 64)

Pending Single Family Vacant Lots EVEN (14 vs 14)

(Pending means it went under contract but has not closed yet)

Inventory:

312 Single Family Homes ( DOWN 22%  from 2017)

346 Condominiums ( DOWN 15%  from 2017)

298 Single Family Vacant Lots (DOWN 5% from 2017)

Summary:

A total of $43 Million dollars worth of real estate closed on Marco Island in the Month of January 2018. $54 Million dollars last month and $57 Million in January 2017 (last year). Now everyone just settle down, settle down. I know the numbers up top are not exactly what we were looking for but I have some excuses. First one is the cold weather up North. It was so cold for a few weeks that planes were being canceled and the dang geese (a.k.a. Snowbirds) couldn't fly south for the winter. Pence and I consulted with the man upstairs and he agreed to take care of the weather, so, as I write this, I hear it is 65 degrees in New York and this is February.  So that was taken care of.  Now we have this decreasing inventory problem to contend with and that is excuse number two. It is very hard for sales to increase when there is nothing for us poor salespeople to sell. (poor is the operative word here). Now, who's fault is that? Pencey and I again took it upstairs and were greeted with a shrug and a "nothing I can do for you here" answer.  So, for this one, I have to blame the happy tall and tan inhabitants of Marco Island, as it appears nobody wants to sell and give up their piece of the rock. The third excuse for lackluster sales is that combined with low inventory are some high or optimistic asking prices on some properties. I have a customer who's initials are M.O. (his full name is Modus Operandi) and we have been looking around for months for a certain something. There are a few certain somethings out there for the taking (like my first wife), but some have asking prices that are well above the recent sales prices of like units in a building. And in many cases not only is the asking price well above that of the previous sales price of a similar unit in a building, the unit that is now for sale is not nearly as improved as the one that sold for a lower price. In other words, the property for sale now doesn't compare to one that sold recently and they're asking more money for it. So M.O. and I continue on our quest to find him and his tall tan wife a good deal. Lastly, dang Irma is still haunting us as there are plenty of homes waiting on new roofs and what-not before they can close or go on the market.

Now sticking to the subject, the Sellers aren't happy campers (along with the Realtors) because when you see all those red numbers up top in this newsletter that means nothing is selling and Momma isn't happy, and when Momma isn't happy, nobody is happy.  As I may have said in the past, sometimes you need to think like Sigmund Freud to be a Realtor because there are tons of ids, egos, and superegos to deal with in real estate. The average Joe watches enough reality real estate T.V. shows to declare themselves an expert on all things related to the business. Spoiler alert. The people on those shows have the "picked" property either bought or under contract before they start filming.  And regarding the 

fixer-upper/flipper shows "NO, YOU CANNOT RE-DO A BATHROOM ON MARCO ISLAND FOR $6,500 NOR CAN YOU DO A KITCHEN FOR $10,000" Anyway, as usual, I digress. So, you ask what is going to happen? I'll tell you what. I predict prices will start to inch down as the Sellers realize we are in the heart of the season and they decide they don't want to come back next year. Before they throw in the towel, some will try a different Realtor thinking that will help. Some will paint their property or spend a bit of money jazzing things up thinking a little lipstick is the cure. Before you get all hopped up, I get that nobody wants to sell for less than they can get and Buyers don't want to pay more than something is worth, but right now the Buyers are winning the standoff. So, my secret I will share with you is that in the month of January there were 73 price reductions on homes, 2 increases. For condos there were 70 price reductions and 3 increases and for lots there were 31 decreases and 2 increases. That tells me the Sellers are coming to terms with the slow down and acting on it. And being that most everyone down here has a bad back, I don't see this limbo dance going very low.

I was watching the Superbowl with some friends recently. Most were Patriot fans and a couple were Eagles fans. I'm looking at Tom Brady on the T.V. (felt like I was looking in the mirror) and you just feel his confidence. He's a proven winner and you trust he will get the job done. Then I'm looking at Nick Foles who looks like he has an attitude (similar to my first wife) and he makes you nervous and causes you to sleep with one eye open. What is he going to bring tonight?... his "A" game (which is typically a C+) or will he get pulled to start the second half and the poor Eagles fans will have to wait for next season. Well Folesy has nothing to lose and he comes out throwing caution to the wind along with the football (is that a double entendre?). And what happens? The Eagles are the Super Bowl Champions. As usual, you ask "what the H-E double hockey sticks does this have to do with Real Estate?" And here is my Freudian answer. PATIENCE (not patients). The Patriots have won so many Superbowls, Tom Brady's above average looking soon to be ex-wife (and hopefully my next wife) said "sometimes you have to let the other guy win". The Eagles fans are like Buyers, they had patience, stuck by their team and they were rewarded after 147 years of never winning a Super Bowl. The Patriots fans are like Sellers. You can't always win; Brady won 5 and has lost 3. At this point the Buyers appear to be patient and are ready to pounce if a good deal comes along (a great deal is nice, but most people will settle for good). Now the Sellers realize it is the 4th quarter of the game and they are cutting their prices trying to get close to the goal line and hoping for the best. Sometimes you need to settle for getting close and then move on with your life.

Speaking of sports, did anyone hear Fergie sing the Star Spangled Banner during the basketball All-Star game? The only time I've ever heard anything worse is when my boy Andy kept singing The Sun Will Come Out Tomorow from the Broadway show Annie. Couldn't stop the kid from singing that tune for some reason. And as for my boy Willy, he's sitting next to me as I type this, working on some little brain teasers. Here is a word jumble Willy created just for you: NMRSLDCAOIA  First one to solve it and email me the answer gets to take Barb and me out to dinner. Speaking of which, we had 3 nice dinners out last month, thank you.

As always, please reach out and contact me if you have any real estate questions or need bad marriage advice.

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

Marco Island Real Estate and Commentary - The BIG 2017 Year End Review

The following MLS statistics compare 2017 to 2016 - Marco Island properties only.

Total Value of All Property Sold on Marco Island UP 6% ($700 Million vs. $662 Million)

Total Number of Sales on Marco Island (All Property Types) UP 3.5% (1,012 vs. 978)

Number of Sold Single Family Homes UP 6% (385 vs. 364)

Number of Sold Condominiums DOWN 2% (469 vs. 480)

Number of Sold Single Family Vacant Lots UP 24% (140 vs.113)

Average Sale Price of a Single Family Homes Sold was $949,000 UP .35% from $946,000

Average Sale Price of a Condominium Sold was $545,000 UP 4% from $522,000

Average Sale Price of a Single Family Vacant Lot was $524,000 DOWN 2% from $533,000

The overall List to sell Ratio was 93.04%. This means that on average properties sold within 6.96% of their asking price. Put another way, the average sale price was negotiated down 6.96% from the asking price.  

Average days a sold property was on the market INCREASED  from 172 days to 181 days.

This means properties took 9 days longer to sell. (In this case, the GREEN is bad)

Current Inventory of Single Family Homes is DOWN 24% (286 vs.375) 

Current Inventory of Condominiums is DOWN 15% (326 vs. 384) 

Current Inventory of Vacant Single Family Lots is DOWN 8% (282 vs. 308)

State Of The Real Estate Market Address

2017 was another banner year for the Marco Island Real Estate market (and it's Realtors) with $700 million dollars worth of property changing hands. Had it not been for Hurricane Irma who knows how much more would have sold!  Every year my faithful 7.6 readers wait to read this State Of The Real Estate Market Address because they are not so much interested in looking in the rear view mirror as looking out the windshield to see where I think we are headed.  Everyone that knows me well, knows I was only wrong once in my life, and my first nasty troll wife is living proof of that. Anyway, 2016 finished off soft because America was riveted by the Presidential debates and election and no one was taking time out to buy real estate. Once we got the election behind us and everyone's focus shifted back to getting a little piece of Paradise, we were back on track and momentum was building in the market for 2017. Then Irma came to town and we were derailed again. After a few months of putting Humpty Dumpty back together again we are again looking forward. Now, the stock market has been skyrocketing for the past few months and I am seeing and hearing about folks cashing in some shares of Tesla (or whatever) and securing themselves a nice piece of good old solid Marco Island. However, an Island is only so big, and there is only so much to go around and we are starting to hit a bump in the inventory or number of properties for sale. You all know my penchant for tall women, and just like property, there is only so many of them to go around and sometimes you have to settle for something that might not be exactly what you wanted, you know the old saying "you get what you get". Now, I am a settler and again I point to my first wife to prove that point. PAUSE: For those of you that have never read my newsletter you think I'm rambling, but my 7.6 faithful readers know there is a moral hidden as it relates to the Real Estate market and here it is. UNPAUSE. As I stated, the inventory is way down and that means there are fewer properties to pick from. When there are less to pick from, the choosy type of buyers will not settle and will wait for something better (or taller) to come along. Sometimes it comes along, sometimes it doesn't. Sometimes it comes with a big price tag, sometimes it is cold and lacks soul, but you buy it (or marry it) anyway. Sometimes you can buy one that needs work and turn it into something more robust than it was before and learn to love it. A good contractor can do miracles with a bit of silicon and a nip or tuck here or there. And as I tell my boys, Andy and Willy, marry for money, not love, because when the love is gone, the money is still gonna be there. Regardless, right now the inventory, or lack there of, is the problem. People are running around with crazy money to spend/invest and it is slim pickings out there. Also, last year I was ranting and raving about vacant land and telling you smart folks that under all buildings, lays/lies the land. Last year the number of lot sales was up 24% and if you factor in how many tear downs were sold the number is actually higher. Listen folks, like I have said before, if you already own a home or condo and have some cash laying around, buy land, invest in land, land bank, whatever you want to call it, just get some cause they ain't making any more of it. Looking further down the road for this year.... as for homes and condos here on Marco, I think the high-end market will continue to be strong because the rich are getting richer and the biggly tax reform is going to get the heavy hitters all fired up to buy. Now I know William Devane is telling you FOX Channel watchers to invest in silver on T.V. with Rosland Capital, but I disagree. Give me some good old dirt any day of the week. Now you CNN'ers are laughing at that while you slather Blue Emu on your aching joints because Johnny Bench tells you it works. Can't we all just get along? Getting back on point and delving further, I think the mid-range homes and condos will continue to be steady and I think the low end will really start to move up in appreciation. You can still get a condo on Marco in the $100,000 range, however I think those properties will soon become unicorns and only be a fantasy. BUT, you have your chance now to buy on the cheap, find a renter that doesn't set up a meth lab, maybe renovate it a bit and flip it in a few years with a handsome profit.  Come to think of it -- maybe that is a Realtor fantasy?

Anyway, let's talk about Politics and Religion here for a minute. Okay, let's not. I would say that I personally respect everyone and their opinions/beliefs. If you want to know the correct answers to all of life's questions, I encourage you to invite Barb and me to dinner and I will be more than happy to answer them, factually and in totality. You will have no further need to go on Facebook searching for the truth. In the meantime lets get ready for the Super Bowl and enjoy life for a moment.

I still will not be out thought or out fought when it comes to Real Estate.

Call, email or text with Real Estate questions and/or dinner invitations. 

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

Place your bets!

Marco Island Real Estate Stats and Commentary November 2017

The following statistics compare November of 2017 to November 2016

Sold Single Family Homes DOWN 25% (21 vs 28)

Sold Condominiums UP 33% (28 vs 21)

Sold Single Family Vacant Lots DOWN 71% (4 vs 14)

Pending Single Family Homes  UP 22% (39 vs 32)

Pending Condominiums DOWN 19% (38 vs 47)

Pending Single Family Vacant Lots DOWN 11% (8 vs 9)

(Pending means it went under contract but has not closed yet)

Inventory:

291 Single Family Homes (DOWN 20% from 2016)

325 Condominiums (DOWN 17% from 2016)

280 Single Family Vacant Lots DOWN 11% from 2016)

Summary:

A total of $52 Million dollars worth of real estate closed on Marco Island in the Month of November 2017. $48 Million dollars last month and $43 Million in November 2016 (last year). We had some whoppers close this month (which you will have to wait until the end of this report to read about) which pushed the gross sales and average sales price way up. As discussed in earlier newsletters we have properties closing now that were delayed by the hurricane and our numbers are looking a bit like a skinny guy in a stuffed Santa suit. Ergo, they look good, but there is a bit of fluff in there.

My 7.6 faithful readers are now worried that their sugar plum Real Estate Market (what is a sugar plum anyway?) isn't dancing like it was through their heads. And to this, I say Bah Humbug! Things are fine. But I am always honest with the 7.6 faithful and I have to say I looked at the Christmas Season sales past, present and I will now predict the future, and I see a slow down of sorts for the next few months. Why? I'll tell you why -- inventory. The number of properties for sale keeps dwindling because Marco is so great; why would you want to sell unless you are upgrading to a better property? Another problem is that four letter word IRMA, and here is how she still affects us: Why just today I was showing 2 beautiful beach front condos to some past customers of mine. Years ago when their kids were small they bought a 2 bedroom. Now Ralphie (who wears an eye patch) and Randy don't want to share a bedroom so mom and dad are looking for a 3 bedroom. We took a look at 2 units in one building and what to our wondering eyes should appear, but some drywall that showed rain was here. The workers are working feverishly to get things buttoned back up and it will be better than new when done, but in the meantime, my customers would prefer to sit back and wait until the work is complete before they commit. (Ironically the Mr. here is in the waterproofing business, go figure). Now there are dozens of units on Marco that are currently on the market in this state of flux and I tell you that once they are all squared away the buyers are going to jump on them. Also, a few condos will require that all the windows in units be replaced with hurricane glass and while this will take some of the cheer out of the holiday money for the current owners, it will add value to their units once done. There are also quite a few homes that are awaiting new roofs and once they get them they will be scheduled to close.

The New Year is almost upon us, and being Jewish, this is my chance to make an annual confessional to whoever/whomever will read this. In short, I've got a few things I would like to get off my chest so I can start this year off with a clean slate. To my first wife, I'm pretty sure I could not have treated you any better and I'm sorry if you disagree....well, maybe I could have been a little nicer. To my favorite children Andy and Willy, you do nothing but make your mother and me proud. To my second favorite kids Annie and Lily, you are becoming more like Andy and Willy every day and we know you will catch up to them soon. I'm sorry to myself for cheaping out this year and buying a bottle of Canadian Club to make my Manhattans instead of Crown Royale. Note to self, never do that again. I'm sorry I don't get enough sleep and I exercise too much. (I might have that one backward). I'm sorry that Irma came to town, but the roofers sure aren't. I'm sorry I sold some of my Apple stock before it hit a record high. I'm sorry I cursed 3 or 4 times........in the past 5 seconds. I'm really sorry I don't have more past customers like JCS who treat Barb and me to a lavish dinner every year. I'm sorry for my freestyle punctuation. I'm sorry for....uh, nope, that's it, it was a boring year. 

With that off my chest, you ask, as always, "what does this have to do with Real Estate?" and true to form I will tell you. The past is the past and you can't change it, but the future is ours to see. And in your future I see you buying that dream home, condo or lot on Marco Island. I see you finally being happy and relaxed. I see your years of work, toil, scrimping, saving and suffering all coming together in the one magic moment when you stand on Residents Beach and see a Green Flash for the first time. (If you don't see it you're not drinking enough) Sure, you could have sent your kids to a private college, but you were fiscally smart and sent them to a State University and now you have money to play with. True story here: My grandmother once told her friend I was at the State Penn and I would get out in about 4 years. At the time, I was really an undergrad at Penn State. But I digress, listen folks, look around Marco and see how much happier people are here compared to, say, Nome, Alaska. We get 23 hours of sunshine each day while they get polar bears and stuff like that. And if you're not buying a piece of this, for some of you, I see me selling your home, lot or condo here on Paradise (if we price it right). And if I can't sell your property I give you these words. "It is great to be the first born, the second wife, and the third listing agent."

I wish you all Health, Peace, Love, and Happiness in 2018.

For the faithful 7.6 readers who beg to know each month's high and low sales, here you go: The highs for the month are... a Single-Family Home for $8.5 Million at 1440 Caxambas Court and another for $4.35 Million at 316 Seabreeze. (I should have married for money the first time.) For Condos, Belize PH2402 closed for $3.5 Million and Madeira 503 closed for $3.2 Million. For Vacant Lots, 350 Seabreeze closed for $3.625 Million. That is some serious coin folks.

For you bargain hunters out there, a Single Family Home at 372 Third Street closed for $274,800. In Condos, we have Seabreeze South M-8 closing at $112,500 and a Vacant Lot at 685 Sixth Street closed for $80,000. It bears repeating, we really have something for everyone including tall women. 

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. 

I still await the dinner invitations. 

CLICK ON THIS LINK TO GET INTO THE SPIRIT OF THE SEASON

https://www.youtube.com/watch?v=VZC3WB4S0n8&list=RDVZC3WB4S0n8&t=56

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

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