The Gary Cardillo Group

Your Punta Gorda Waterfront Specialists

You are here: Home / Archives for Buying Real Estate

Real Estate Update

by

You may be thinking, “What goes up, must come down,” and the real estate market is no different. However, unlike the stock market you still have your property which continues to have great value. When Hurricane Charley impacted the area, property prices skyrocketed due to investor interest and limited supply. A few years later many homeowners looking to sell complained that prices dropped. What they didn’t consider was unless they bought at the high, most still enjoyed increases in the valuation of their property that outpaced returns they were getting in the stock market. Now we are seeing the same thing. Prices rose due to what we perceived as panic buying that occurred during the pandemic, but with those fears subsiding, and travel being restored to more normalcy, we are seeing that buying frenzy abating. It started the end of July 2022, and with higher interest and insurance rates in addition to inflation and banking concerns for some, valuations have been trending lower. Single family home prices in Sarasota County dropped 9.6% in the month of April compared to the year before, dropping to an average of $650,789.00, while condominiums in Sarasota County fell by 3.3% to $640,583.00. Charlotte County saw a more significant decrease in the price of single family homes over the same time period falling 18.4% to $417,914.00 from a high of $511,939.00. Condominiums saw a 16.4% decrease from the previous year to $325,303.00. The boating communities of Punta Gorda Isles and Burnt Store Isles also saw single family homes selling for 20% less this April compared to April 2022, as the average selling price dropped from $1,043,625.00 to $835,166.00. Condominiums experienced a 13.25% drop as the average selling price adjusted from $422,510.00 to $383,854.00.

While the numbers may have adjusted, take heart. Most would agree the valuations of their homes are still significantly higher now than they were prior to the pandemic. For those who bought at the high during the pandemic, I would venture to say you are enjoying your lives here in Florida. For those looking to sell at this time, keep in mind the market isn’t the same as it was during the pandemic. Inventory is a bit higher and buyers are being more patient and looking for prices that aren’t as inflated. The good thing to consider is with the lower prices buyers are going to start reentering the market, but they are factoring in higher interest rates if they are financing, along with high costs association with insurance. With remodeling costs remaining high, these are the factors buyers are keeping in mind when purchasing a home. Homes are selling if they are being perceived to be competitively prices to others on the market when factoring in the cost to remodel along with the price to purchase the property.

Press Release: Cardillo is a Certified Luxury Home Marketing Specialist™

by

“Gary Cardillo with The Gary Cardillo Group of RE/MAX Harbor Realty Punta Gorda, FL has earned The Institute for Luxury Home Marketing’s Million Dollar GUILD™ recognition for experience, knowledge, and expertise in million-dollar and above residential properties.

Cardillo is a Certified Luxury Home Marketing Specialist™ (CLHMS), an exclusive group of real estate professionals who have completed The Institute’s training and have a proven performance in the upper-tier market.

“Agents who have earned the CLHMS designation are performing at the highest level in their community,” said Diane Hartley, president of The Institute. “It takes a superior level of service to be successful and consistently close sales at or above one million dollars. We want to recognize this performance, and give these elite professionals the earned distinction that they are the agent of choice for affluent buyers and sellers.”

The specialized training and ongoing membership with The Institute provide Cardillo with the knowledge and tools to better serve his clients. The GUILD recognition provides evidence of the successful commitment to service at the highest level. “I am always looking for ways to learn and better serve my clients,” said Gary.

Q: What is happening in the real estate market and do you think it is going to crash?

by

A: I don’t think there is anyone who wasn’t aware how hot the real estate market was since the beginning of Covid, and the frenzied buying characteristic of that time. I’ve often wondered, “Why do humans panic so much, and who started the fear and supplied the response to that fear?” I’m sure many a forest was cleared to produce the paper needed for the consumption of toilet paper that was purchased. And what about hand sanitizer? With hurricanes we see water flying off the shelves and gas being purchased in amounts that could sustain a small town, let alone a single family. This is what happened with the housing market. Someone “Started the fire” as singer Bill Joel wrote in his song, and before you know it the real estate market took off to heights seldom seen before. Now that we’ve all taken a breath and realized Florida isn’t closing its borders to people looking to relocate from the north to purchase a home, we are all settling back to the normal real estate trends. We typically see fewer buyers this time of year as people are just starting to return from their summer getaways, and children are engrossed in school activities. The start of the typical “hot seasonal market” starts in January and runs throughout the late spring and early summer. The slowdown you are currently seeing with fewer buyers in the market is a stark contrast to what we’ve seen with the panic buying the past couple of years, but the sky isn’t falling.

 

Yes, interest rates will play a role for some, but keep in mind those that purchased homes the past few years paid cash or borrowed around 50%. Those that purchased did so as a permanent move, and not so much as an investment. We don’t see short sales and defaults due to sub prime mortgage lending. In short we don’t see a market crash. In fact we see well priced properties continue to be in hot demand as this part of Florida offers a more affordable way of life than many other areas around the state or country.

 

What I am hearing is some people who are “hurricane weary” saying they are considering a move, as they don’t want to go through another storm and the cleanup aftermath. If you are one of them, before you do anything please give us a call. This is not a solicitation to list your home and to wish you much success on your move, but to help you decide if making a move is really going to give you the peace of mind and enjoyment you are seeking. People buy and sell real estate on emotion, and that emotional desire is different for everyone. There isn’t an area in the country that isn’t impacted by one form of catastrophic weather or another, but there is a reason you came to Florida. The two pieces of advice we would give anyone giving serious thought to a move would be 1. Research the area you are considering and determine if it really provides you all the things that meet your interests, and not just an emotional escape. 2. Know the value of your home. When Hurricane Charley impacted us there were countless stories of people coming in and preying on the emotions of those most severely impacted, especially the elderly. They agreed to accepting extremely low offers and in some cases even signed over their insurance benefits. Our goal is, and always has been, to give honest advice and insight to the market. If a move is a serious consideration, make sure it is for all the right reasons. Who knows, you may find in a short time your current home and community in which you live offers you the best quality of life you’ve been seeking.

July Housing Update

by

While some are feeling the effects of higher interest rates and media reports the early stages of a recession are upon us, our housing market continues to remain strong, especially with homes that are well priced. I think it is safe to say the frenzy may be over as the buyers have adjusted to Covid from the panic buying it elicited. Comparing sales in June and July of 2021 to the same time period this year for Charlotte County while there were a 186 fewer homes sold, the average selling price increased from $390,024 to $461,425 or 18.3%. Sarasota County had 442 fewer homes sold during the same period of time however the average selling price of a home increased from $606,904 to $716,607 or by 18%. The fewer number of sales can be attributed to low inventory and supply chain issues that have delayed new construction. We are seeing some reductions in list price from those who wanted to test the market by pricing their homes above what the market would support. Another indication there will be more of a balance in the buyer vs. seller market.

Charlotte Harbor Freedom Swim 2022

by

It started small and spontaneous. Over thirty one years ago, Punta Gorda attorney Michael Haymans and some friends decided to celebrate the Fourth of July by swimming the 1.5 mile distance across the Peace River. They weren’t athletes in training; they had heard stories about how in the 1940s, swimming across the river was a rite of passage for teens.
They had a good time, they told their friends, and those friends told a few more friends.
Haymans resists commercializing the event. He doesn’t charge participants, require advance registration or give prizes.
It’s a happening, not a race; some don’t even swim. There are stand up paddleboards, inflatable rafts, inner tubes, even folks on plastic noodles. Kayaks join the procession with dogs on board. Takes about 40 minutes to 3 hours to cross.
There are no rules except using common sense and courtesy. (Swim with a buddy!) Many swimmers go for red, white and blue attire. For a few years, some swimmers took “freedom” to another level: They swam au natural and ran their swim suits up the mast of their sailboat. (Word has it that sailboat owner isn’t around any longer.)
The 2022 Charlotte Harbor Freedom swim will start at 9:00 AM at Live Oak Point-5100 Tamiami Trail Charlotte Harbor, FL 33980. You must sign in the day of the swim and it is recommended to be at starting point a half hour early to hear the instructions for safety. Participants will gather in the water/public beach on the northwest side of the north end of US41 North Bridge at the start of the swim, and parking is recommended at Fishermen’s Village since the swim ends at Harpoon Harry’s. Harpoon Harry’s will open and hour EARLY @10 am Monday morning to welcome guests and swimmers!
Over at Fishermen’s Village, Punta Gorda will keep the swimmers happy with live music until the fireworks start with a variety of children’s activities such as face painting. The fireworks display over Charlotte Harbor begins at 9 p.m. Here is a list of events: Fishermen’s Village Independence Day Celebration
Source: Herald Tribune

About The Gary Cardillo Group

Gary Cardillo, Realtor While most people would like to talk about themselves, Gary and Gail have always put their clients first, and their diverse backgrounds have provided their clients an unparalleled level of service and knowledge throughout the past years.
  » Read More...

Read Our Blog