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The Great Migration of 2020

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Did you know, roughly 950 people move to Florida every day? We have seen this ‘unprecedented demand’ and the increase in luxury home sales as people in northern states are fleeing the larger cities amid the pandemic.
No longer are people looking just to escape the harsh winter weather in the north, we are seeing people moving south as a quality of life change. Most of the people moving in are from high-taxed areas like New York, Boston, California, and Chicago, according to the New York Times. What makes Florida so appealing is residents pay no state income or estate tax and receive a homestead exemption of up to $50,000 on a primary resident and a 3% annual cap on home assessments.
The sunshine state also grew more appealing with the Tax Cuts and Jobs Act of 2017 which limited the amount of total state and local taxes that can be deducted on a federal income tax return to $10,000. Those living in densely populated areas and commuting via mass transit are now looking to move to areas outside the major metropolitan areas and avoid the close quarters that were inherent with train or bus travel. Families are fleeing cramped apartments and are looking for home offices, home gyms, larger kitchens for increased in-home dining and private pools. What we have noticed, is that people who have seasonal rentals, or who frequent the state, have snapped up permanent residences and turned their short-term stays during the pandemic into a permanent move.

During this time many discovered they could work remotely and with management seeing no drop off in productivity, employees as well as entrepreneurs started to relocate south to areas such as Florida and Texas. New contracts for single-family homes in Charlotte County were up 41% in August compared to this time last year. Single family homes are the “crème de la crème” vs condos and townhomes because most feel it is not only easier to social distance in a house, but weren’t quite ready to give up homeownership and downsize into a condominium.

Also, a booming housing market means more new homeowners – and a higher demand for new appliances such as refrigerators, dishwashers, washers and dryers. With more people staying at home and cooking, appliances are getting much more use requiring replacement, thus adding to manufacturers being backlogged to the end of the year. This pandemic has created a perfect storm for those looking to escape the high cost of urban living and unwittingly finding there are tax advantages and low mortgage rates to be enjoyed in areas with more desirable climates.  According to the latest trends, many of Florida’s gulf coast towns and cities top the list as the choice of many seeking a better quality of life.
One of those being our town of Punta Gorda. Punta Gorda is what so many people are looking for, a laid-back community where residents know one another, engage with one another and enjoy life together in a relaxed, harbor-side destination-the ideal getaway from the hustle and bustle of big city living. As always, we are here to answer any of your real estate questions and if you feel now is your time to make the lifestyle change you’ve been putting off, we’d be happy to show you our piece of paradise.
 -Gary Cardillo

Hear Ye, Hear Ye, the Real Estate Market is Booming!

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The coronavirus pandemic doesn’t seem to be making the Charlotte County housing market sick. The market is seeing a surge in listings and buyers continue making offers.

With inventory levels so low, if there was ever a time in which to sell your home, this would be it! As of July, the median is 49 days on the market, a trend that is 9 days less from last year, and I see it moving lower in the next few months. Looking at sales of homes over the last year, the market in our area is highly active. In July of 2019, there were 345 homes sold in our area where for July 2020 we had 488 sales. Recently Punta Gorda was in the top 3 cities for people who are relocating to Florida. A lot of interest in our housing market is coming from people relocating from the north looking to escape the harsh winter weather and high taxes, but with concerns from this pandemic are looking to move to areas with less congestion where they can work remotely and avoid mass transit. With the influx of those moving to the area competition is fierce which has resulted in the median price of homes rising to $237,450. So not only are our sales looking good, but the price of our homes are attractive as well. Homes valued in the $250,000-$350,000 range are the most popular among buyers right now.

With mortgage rates at record lows, some buyers who are self -employed are having a harder time qualifying due additional qualifying guidelines stemming from the impact of the pandemic. Others are challenged in trying to get pre-qualified fast enough in order to submit offers quickly on what has become a very limited supply of inventory. Buyers shopping for a home in our area should first get pre-approved so they know what they CAN buy. Second, you need that pre-approval or proof of funds letter as sellers don’t want to tie up their properties for those who can’t qualify. In short, get pre-qualified and if you see a house you better act on it. If you are someone who has a hard time making up your mind now is not the time to just be looking. Homes have hit the market and are immediately going under contract when priced well and buyers are trying to make their offers very attractive in order to outbid their competition.

An article I read recently, “More Buyers Nix Inspections as Bidding Wars Heat Up”, a Redfin agent study found that almost one in five offers (19.9%) waived the inspection contingency to make their offers more attractive. This study was done with agents in select major US markets. The previous year it was 13.2%. Although, I understand why some are doing this I do feel this is a major part of home buying not to skimp on.

Our local newspaper mentioned how single family home permits in Charlotte County were on the rise with 216 permits were issued for the month of July which is up over 189 from the same time period a year ago. The value of the permits were $58.5M which is a $9M jump over the previous two July’s. This also represents a 14.3% jump year to year which runs from October to September. 1,791 single family home permits have been issued representing a 22.7% increase over 2019 year to date, and we still have 2 months to go. Total permits account for $487.9M, more than 2019 with 2 months to go and Charlotte County has outpaced the rest of the state which had a 17.1% increase over 2019.

We have a good education system, good government and we offer a vibrant waterfront town with many medical options nearby and our crime is low. It is just a great place to live and why we love to call it home!

If you are looking to sell, do the following to help it sell sooner rather than later. If your house is cleaned, updated, priced right and has a pool/view your days on the market will be less. Buyers are looking for those recreational activities to keep their families busy as they work from home. And of course you can reach out to me anytime if you would like a free market analysis. As we say to all of our clients, “We will be there with you every step of the way.”
-Gary Cardillo

Good News for a Change

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If you’re like me it seems every time you turn on the t.v. or pick up a newspaper there is nothing but negative news. If it isn’t the Coronavirus it is the political and racial divisiveness that is making front page news. The left is yelling at you “we want change,” the right is screaming “come to your senses.” Can’t I just be left alone? And let’s not forget about the stock market. I don’t know about you, but I don’t think any Disney World roller coaster ride has anything over the highs and lows we are seeing in the stock market.  One day it is up 800 points and the next day it is down 400. What is going on with this country we live in? Can’t we just go back to the way things used to be?Call me an eternal optimist, but for some time I decided to take a step back and take a look at things from a different perspective. Sure, I have my opinions, but what if I quieted down the entire minutia and got back to the basics of what were the most fond moments of my youth? What I found was without all the clamor the very things I held most dear I was having an opportunity to experience again.  I, too, got caught up in the rat race of everyday life and the simple things I thought of most I was now being given another opportunity to enjoy.
I was forced to slow down and savor each day and the friends we have made along the way . It was the same feeling I had after working in the “concrete jungle” of New York City and coming to Florida 21 years ago. It was like a breath of fresh air that afforded us a quality of life we didn’t have in New York because of the fast paced lifestyle. Unfortunately like most, we got so caught up with work and projects around the home we didn’t take the time to savor the life we found those twenty one years ago. However, the Coronavirus changed all that and we’ve not only had an opportunity to reflect on what really matters in life, but how fortunate we really are.
Closer to home in the smaller cities like Venice and Punta Gorda you are seeing the embrace of a community and a quiet enthusiasm that is translating into new developments and business. Once seen only as places to escape the cold weather up north, we are now seeing somewhat of an exodus from those looking to escape the high taxes and congestion for a better way of life.
I sat down to interview Mark and Leigh McCann who are Captains with Allegiant Airlines . In fact, Leigh is the most tenured Captain in Punta Gorda that has 38 Captains based here and 36 First Officers.  According to Mark and Leigh, air travel dropped in March, but came back in May and June very strong. Out of the 186 passengers the planes can hold, they were flying typically with 170 passengers and sometimes more!
Back in 2007 & 2008 when airlines were suffering from the downturn in the economy, Allegiant was the only profitable airline and up to this pandemic had 70 consecutive quarters of profitability. While the stimulus was supposed to keep the airline industry running through September, like many airlines, Allegiant had plans to furlough an estimated 30% of its pilots however, now there is not only no plans to furlough anyone, they are training new pilots.
Mark and Leigh continued by saying while other airlines are downsizing and pulling out of marginal routes, Allegiant will have an opportunity to pick up new routes and more equipment (planes). The attribute Allegiant’s success to tourist or pleasure travel, not business travel and said they have developed a loyal passenger base.
Turning our conversation to Sunseeker, Mark went on to say, we have a connection to this community, and for all the positives that Allegiant is doing for the community by bringing passengers from various points around the country to our area, the last thing they want is to be tied to a failed project.  He said while it was important to make sure the airline remained on solid ground during this time, which led them to delaying the development of Sunseeker , the 18 month delay was seen as a conservative estimate and that they hope to resume the project prior to then . He said as a company they are cautiously optimistic, but optimistic nevertheless!
Turning back to the real estate market and it’s upturn in activity, RE/MAX Harbor had 61 showings for the month of May, however that number dramatically increased in June to 458! Yes, people are still looking to move from the large cities where this pandemic has had them reconsider their routine of day to day activities. They are finding out what we’ve known all along…. “Quality of life.”  And it comes from moving to those smaller, quaint towns with a feel of community.
In speaking with those in the RV and marine industries, sales have increased dramatically and as one representative from a local marine company said, “We just can’t find any new or used boats to meet the demand.”And most recently, Punta Gorda was named #2 in  USA Today’s Readers Choice Awards for “Best Small Town Food Scene.” 
All this and more is why we love living in Southwest Florida and why others are choosing to do so as well. As we soar through 2020, all the ups and downs, I think something we can all agree that truly matters is our faith, family, sense of community, and stopping to focus on all the good around us.
-Gary Cardillo

A Different Kind of Spring

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Most will find from our monthly newsletters that I tend to look at life through my years as a youth. It was a special time when you could savor the simple things life had to offer and take those exciting moments and defeats a bit more in stride. Of course we didn’t have families to support, financial responsibilities to meet, and those never-ending deadlines that collectively seemed to have stolen those precious moments of reflection and appreciation from our lives. We just savored the simple pleasures of life, oftentimes taking them for granted. I always considered myself a “summer kid,” as my fondest recollections revolved around summers spent outdoors at our home on Shelter Island, New York.

After what seemed like an eternity being confined indoors due to harsh winter weather, I couldn’t wait for spring to arrive with the awakening of its colorful plants and trees signaling summer was just around the corner. It was like watching a black and white picture come to life with color and air that smelled so fresh and clean. Once again we were outdoors looking forward to endless hours of bike riding, the start of the little league season, and a host of other outdoor activities along with those special holidays of Mother’s Day and Easter.

This year we are experiencing a different kind of spring, and one not so different in some ways from those I experienced as a child. While we are starting to “awaken” from the “confinement” we’ve experienced over the past few months and resume our “physical” connection with friends, I think we are doing it with a greater appreciation for our home life, our families and the friends who make our lives so special.

During these past few months, I’ve seen couples taking walks hand in hand, families bicycling and kayaking together, neighbors celebrating cocktail hour on the quiet streets in which they live, and with joyful amazement, I watched a group of couples from the condos across the water from our home dancing on the lawn and docks to songs from years gone by. There is no doubt in my mind, while we are experiencing a very different chapter in our lives; our inherent desire to be socially connected and enjoy the simple pleasures life affords us has not changed. 
Whoever thought we would be using Facetime, video chats and Zoom to satisfy that innate desire to stay visually connected? Could this be a forced reset of sorts we all needed? For me it has been a welcome change from the constant drone of political opinions and divisiveness the media feeds us each day. It has also been a wonderful time to reflect on what is important in life and to explore those interests or hobbies we’ve been too busy to pursue.

While we are adjusting to our new way of life in how we live, work and play, I find myself saying “History has a way of repeating itself,” and I’m not going to squander the lessons learned from this reset. I am going to savor my times with friends and family, along with the blessings I received, with a renewed appreciation long after the challenges we currently face have passed. I also feel our community will be the beneficiary of this renewed personal connection with each other. I sense more of a community spirit as we look to support those local businesses fighting to stay alive while doing their best to serve the community. Like many I speak to, there is a pent up desire for people to embrace their communities and each other during this time with a spirit of “We’ll get through this together.”
In an article I recently read by internationally acclaimed speaker and bestselling author John O’Leary, he describes a conversation he had with his grandfather during lunch twenty years ago that changed his perception of the meaning of success. With vivid detail he recalls his grandfather’s question, “Do you know why they call my generation the “Greatest Generation?” It isn’t because we survived the Great Depression…. It’s not because we served in World War II…..It’s not because we came home and built the most productive society in the history of the world.  They call us the Greatest Generation because we never forgot all the lessons learned along the way. The Depression taught us to value the little things and to live within our means. The war taught us what real evil looked like, what real sacrifice looked like, what real heroism looked like.”  
John continues, “The Greatest Generations conception has much in common with the situation we find ourselves in now…. The collapsing markets and soaring unemployment witnessed by my grandfather evolved into the practice of appreciating the little things, living within their means, and taking nothing for granted.

Likewise, we have the opportunity to shift into this mindset for the long haul, instead of shifting back to the over-scheduled, over-extended, avaricious society we found ourselves in before we were rocked by shelter in place orders.”

He concludes by saying, “Although the journey forward remains unclear, the Greatest Generation reminds us that what defines a society during adversity is not only how they respond in the midst of it, but whether they afterward apply the lessons they’ve learned from it.“
This is just one of the many lessons I’ve learned and one I remind myself that “All is well.”
-Gary Cardillo

Time to Take a Pause April 2020 Newsletter

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I have always considered myself more of a spiritual type person, one who was more interested in learning about others, their thoughts and what brought them to their current walk in life. As far as I can remember, I can vividly recall conversations around those summer campfires where we shared life stories and explored parts unknown, at least to us as a bunch of young kids. We rode our bikes on dusty country roads often stopping to pick wild raspberries and honeysuckle.

We sat on the tailgate of our parent’s Ford Country Squire station wagon on our way to the beach where we swam all day, made sandcastles and threw jellyfish at each other. As if we didn’t spend enough time together during the day, many times we would sneak out at night to play flashlight tag or just sit and talk about the day’s events or what we would like to do when we grew up. My fondest recollections are those of summer when life seemed sweeter and gentler with each day being more savored.

 It was a time before electronics, emails and text messages replaced heartfelt handwritten letters and phone calls. Back then we enjoyed the simplicity life had to offer and some of the best plans and most fond memories were those that were made on the spur of the moment . Those are the times I cherish most and have kept me young at heart. I have never lost the simple pleasures gained from the scent of a flower, a freshly mowed lawn, the chirping of crickets at night or the sounds of laughter from others enjoying impromptu get-togethers. When we were impacted by the devastation from Hurricane Charley, we had a hint of capturing those moments once again. Forced out of our air-conditioned homes, living on the bare essentials, we found comfort in the company of friends and neighbors as we recovered together.

As a community, we all seemed to grow a bit closer. Today I see something vastly different. While we aren’t consumed picking up the pieces from homes and properties lost during Hurricane Charley, we have been forced to ” pause,” and with that pause, I am seeing people going back to those things I was so fond of as a child. I see couples taking early morning walks and riding bikes together. Many have taken to the water paddling kayaks or taking out those boats that have been sitting idle for months on lifts. I can hear the laughter of neighbors planning impromptu cocktail hours in the streets or on front lawns as they socially distance themselves from one another.  Long overdue phone calls are being made and facetime chats are now allowing us to speak with loved ones in real-time.

During this time I’ve often wondered if this was God’s way of bringing us back to the way of life he intended for us. Where those simple pleasures and friendships we enjoyed as kids were meant to be enjoyed as adults, and not to be taken for granted.For those who celebrate Easter and the significance of its meaning, this year will be one that is very different. No longer will people be getting dressed up to go to church. Children won’t be participating in community-sponsored Easter egg hunts and small gatherings with only immediate family for Easter dinner will become this year’s norm.

However,  this year could be the most special Easter many will experience as the pause in our lives that has been  created will allow us to  savor the significance of Easter and this new chapter in our lives even more.  Instead of searching for Easter baskets filled with jelly bean stuffed eggs and chocolate rabbits perhaps if we look even deeper under the artificial colored grass we  may find an egg filled with the book we’ve been wanting to read, another with the story we wanted to write, one containing the handwritten note to a friend that is long overdue or perhaps one with all those things we wanted to do or create if we only took the time.
For those who believe, Easter was one very special person’s sacrifice to give us a better life. One filled with simple pleasures to enjoy and friends to share them with. In a very different way,  this pause has given me an even greater appreciation for the things I cherished as a child, the friends we have made along the way and the blessings we’ve received and to know I can enjoy many of those things again.
My hope is this will be that wonderful period of reflection on the memories and dreams you savored as a child and celebrated with friends new and old you’ve met along the way.
-Gary Cardillo

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.
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