For months we’ve been posting updates on the real estate market which up until recently has impacted the local and statewide markets by the higher than anticipated taxes, rising insurance premiums, interest rates and the election. While those factors alone led for a decline in sales and sales prices for most of the state, the devastating effects of the hurricanes over the past few months have had a unique impact of their own, especially to our local markets.
Typically this time of year we not only focus on the year to year sales comparisons, but the year to date recap as well, however, adding in the variable of multiple hurricanes are skewing the numbers resulting in fewer showings, inventory that was damaged or lost this year versus last, and listing prices decreasing. While we would typically see more inventory coming on the market this time of year in anticipation for the upcoming season and the arrival of our winter visitors, we are also seeing a significant number of inquiries by investors looking for opportunistic buys. Unlike Hurricane Charley where Money and Forbes magazines had just voted our area as one of the best places to retire that created an unique competition between investors and buyers vying for limited inventory, there is plenty of inventory for buyers and investors of all types. The silver lining for some is if their homes have not been impacted by the recent storms, those homes will be viewed more favorably and the potential is for shorter times on the market if priced competitively. For others who did not fare as well, keep in mind there is a 50/50 rule that will impact your recovery plans. When in doubt call a reputable contractor to give you an estimate, and who can also determine if any of your damage was wind related or just caused by rising water. Before making any decisions check with your accountant and financial advisor as they will help you decide if rebuilding is a viable option or selling the property “AS IS” is your wisest financial choice.
Compared to the last couple of years, the real estate market may seem to be very quiet, but it is really just more of a return to the normal ebb and flow of the real estate market. Our busiest times of year have always been from January through March/April with September and October typically a bit more quiet. Compared with the Covid era, it is a stark comparison, but we are pretty much back to our normal market in terms of our out of state visitors. Since the beginning of the year, when compared to the same time from January through the end of August of the previous year, Charlotte County did experience over 15% fewer homes being sold, but those decreases only accounted for an approximate 5.00% decrease in the overall price of a home. On the other hand, condominiums prices in Charlotte County rose slightly by 2.70%.
I share a story of blues and rock guitar virtuoso Mike Imbasciani, who has not only entertained multiple generations of local followers for years but is now looking to inspire his generation. Using a combination of music and podcasts Mike challenges the younger generation to get more involved in local politics and become more self-reliant. He believes this leads to “self-sustainability.” We first saw Mike perform when he was so young a hat was passed around to pay him. I was amazed to learn he began playing guitar at five years of age and by 11 was playing professionally. He started his first band at 14 and has compiled a resume of venues he’s played, including The House of Blues in Orlando, Florida, and Tootsie’s Orchid Lounge in Nashville, Tennessee.
While there are many talented bands and musicians in the entertainment industry, Mike is wise beyond his age at 26. His music has entertained generations, but now he’s reaching out to a younger generation, challenging them to better understand economic and political decision-making bodies within their community and become more astute to the changes in the world today.
Through his political and current events based internet podcast, which he calls “The Freedom Chronicles,” Mike wants to get his generation more involved in their community and to ask the questions most take at face value. He said too many people his age don’t want to listen to the news, as it is too biased. They become influenced by the latest opinions and trends found on social media. I heard this same viewpoint from former Younglife area director Tom Parker who said people use social media as their source of information and communication. I remember my interview with Tom, who said,” Today’s generation is more guarded and only shares what they want you to hear.” I learned from him pure communication is often missing, and no longer are they taught to question what is being presented to them, whether it is in school, on social media, or just the opinion of a friend.
Mike is looking at this next generation, which could run for office in a few years. He feels they need to stop relying on government handouts and start questioning the decision makers, parties, and what the media is promoting that are collectively influencing our thought processes. Mike recounted his experience and the negative feedback he received when incorporating the Beatle’s 1968 song, “Back in the U.S.S.R.,” into his repertoire. People asked why he would play a song that held life in the U.S.S.R. in such high regard. They never thought to research Paul McCartney’s thought process in writing the song, which was considered a musical satire that poked fun at just about everyone during that time. Mike explains this is what is going on today. “People don’t question, they take everything at face value, and there is no middle ground. People don’t talk to each other; they talk at each other,” a viewpoint I’ve had for years. He feels both sides of the aisle and the media share most of the blame. However, he feels it goes deeper, and people in general, and his generation in particular, need to get to the root cause of the things that impact society today. Many take the approach that until they feel it affects them personally, there is no need to take action, almost like the frog in boiling water. Mike wants to get people to draw their line in the sand and not play the role of the victim but take action before it is too late. He quoted Psychologist Jordan Peterson, who explained in a GQ interview the thought behind self-defense. He said, “You need to have the capacity for danger. You need to be dangerous. But you need to learn how not to use it except when necessary.” The premise behind his comment was to understand things are not always as they appear, and with knowledge of the underlying cause comes the ability to anticipate and protect one’s self. Mike feels most people are quick to point out the injustices they experience but aren’t willing to take the necessary steps to affect change. His goal is to get his generation, in particular, to start looking at the deeper motives of those that are driving the various issues such as abortion, Covid, the economy, cryptocurrency, the stock market, worldwide financial markets and trends, ongoing wars, and even CBDC (Central Bank Digital Currency; making your money programmable by the government), to name a few. In short, he wants his generation to understand who and what controls these issues that impact us all and how they benefit from them. He feels things are moving very quickly, yet there is a complacency where young people today think if they don’t see how it is affecting them, there is no sense of urgency to question it. He wants his generation to become more aware and self-reliant, which he feels will lead to being more self-sufficient and less dependent on government handouts, which only creates more dependency.
When questioned why he relates to older generations, Mike said he learns more from their life experiences, and having a grandfather who served in World War II has added to his interest in history. His podcasts are full of interesting guests who share their viewpoints, life experiences, and even some with rags-to-riches stories. A few such guests are comedian Bobby “Sauce” Saucilito, who entertains his audience using political humor to get people thinking. At the same time, Tyrone Jackson of “The Good Frank” fame talks about how they went from having a hot dog cart to creating their highly successful brand of hot dogs that arose when they researched the harmful ingredients that went into the hot dogs they sold from their cart.
Mike feels entertainment should be an outlet for us to enjoy and not be used as a political outlet, as we see in sports and entertainment today. “Music and other forms of entertainment can be interpreted in their own way, which keeps it on the individual level once again.” His “Simply Clapton” show pays tribute to this highly regarded artist and reaches across multiple generations. “Music, like comedy, is powerful where people can leave politics behind and forget about their problems.” Mike’s “Imbasciani Chronicles” on Apple Podcast, Youtube, and Spotify is another platform that is music and entertainment based, promotes more of a one-on-one conversation. His podcasts (The Freedom Chronicles and The Imbasciani Chronicles) aim to provide opportunities to get his audience to think about the issues of the day and to have a dialogue.
Music is a language we all enjoy, and Mike and his “BluezRockerz” will continue to reach across generations, and with his “Simply Clapton” tribute show, hopes to reach a younger age who someday could become our next great leaders.
It seems like yesterday when Hurricane Charley came ashore and devastated our area. Call it complacency or just lack of experience, but I haven’t come across anyone who thought that storm was going to take a right-hand turn into Charlotte Harbor and create the devastating damage that it did. Perhaps it was due to having a Governor whose brother was the President of the United States at the time, but the speed at which our area was back on its feet was miraculous, and one that was well-documented in the media. The community came together and with the help of a master planner, our city came back better and stronger than anyone could have imagined. What struck me most was the heartfelt compassion so many had who came to our rescue. Those who tried to gouge, or take advantage of us were quickly dealt with, while others came from all over the country to lend their support.
Our friend and insurance agent was Bill Martin, who owned the State Farm Agency in Punta Gorda at the time. I remember seeing him manning the makeshift State Farm command center that was set up in the Publix Shopping center parking lot in Port Charlotte. People were searching for answers on what to do, still somewhat in shock from the devastation that came upon us almost without warning. Watching Bill handle each person with such style and grace was like having your security blanket. You couldn’t help but feel his sincerity that we would get through this together. For us, it was a seamless transition, as the field adjuster who came to our home was equally caring and conveyed that same feeling that we would be well taken care of, and we were.
Most would agree, Hurricane Charley, inflicted more damage to our area than Hurricane Ian. Perhaps it is due to newer building codes or after going through one hurricane we protected our homes and businesses much better, but overall I think for the exception of some, most fared a bit better. Having dodged a bullet of sorts, I felt based on our past claim experience with Charley, this would be handled with the same compassion. Unfortunately, Bill had retired and the field adjuster we had this time had an agenda. It was very apparent from the outset his goal was to help us as little as possible in recovering from the loss we incurred.
Having been a Realtor for 18 years, we’ve helped many clients over those years navigate inspection reports and repairs so they can enjoy a smooth closing. We’ve learned a great deal from inspectors and contractors alike, and the difference between a repair and replacement. So you can imagine my frustration when our insurance field adjuster went on our 18-year-old roof and after surveying all the broken tiles said, “This can be repaired.” When I asked him about all the loose tiles he missed he replied, “Let me know if you see anything and I’ll add it to my report.” Anyone who knows me, knows I don’t like heights. Unless my roof was the height of my dining room table I wasn’t going to climb my roof to point out all the tiles he missed….thus began my “Art of War.”
How do you know which roofer is being honest with you and not just looking to gouge the insurance company, when all you need is a repair? What about all the other damage to your pool cage or other items that were destroyed? It starts with having a good insurance broker who can guide you through the claims process. Then if you aren’t fortunate enough to get an adjuster who is keeping your best interests in mind, you have to get as many opinions and references as possible before signing anything. Whatever you do, don’t sign over your benefits, otherwise known as A.O.B., and not to be confused with New York Congresswoman A.O.C.
A.O.B. is the acronym for “Assignment Of Benefits” and some people have unwittingly fallen victim to signing these over to a third party, who can be a roofing contractor or someone claiming to be working in your best interests. For those of you unfamiliar with the process, by signing over your claim benefits you are now on the outside looking in as all decisions and reimbursements will be going to the third party. You are no longer in control of your insurance benefits or reimbursements. In Florida, you do have a 14-day rescission period in which to cancel that agreement, but it is best to seek the advice of an attorney or your insurance broker before signing anything. Some people will automatically engage the services of a public adjuster to fight their battles. I look at this as more the last option than my first. Public adjusters on average will make ten percent of the total claim. If the insurance company doesn’t reimburse you enough to cover their “commission” you are on the hook. If you have a deductible of $5,000-10,000 and you have $60,000-100,000 in damages, and the insurance company is only looking to cover the cost for damages and nothing more, you could be out of pocket another $6,000-10,000 on top of your deductible. Another thing to consider is the contract you are signing with a roofer. Are you bound to them regardless of whether they get enough money to complete your roof repair or replacement, or are you responsible to make up the difference? Questions you need to ask aside from getting a quote and an estimated time of completion to complete the job are 1. Is there a cancellation period in the contract should I decide to terminate this agreement? 2. Am I bound to you if the insurance company is unwilling to agree to your estimate?
While I’ve been sharing my experience with a roofer and an insurance company that seems more concerned with their interests than helping us through this time, there is a reason many of you may be experiencing what we are. Ask any insurance broker how many questionable claims for new roofs were submitted years after Hurricane Irma impacted Florida. They’ve shared with us the weather-related causes we just didn’t experience, but that it was cheaper to pay the claim than battle in court. As a result, insurance companies are now insuring roofs for less time than the projected lifespan from the manufacturer. On average, an insurance company will insure a shingle roof for 10-15 years, a tile roof for 20-25 years, and a metal roof for 25-30 years before requiring you to replace it to continue coverage. The question becomes, “Is the insurance company looking to “repair” when you need a replacement, knowing in a few short years you’ll need to incur the cost of replacement yourself?” The important thing to keep in mind is to get several estimates from respectable contractors who have good reviews and standing with the Better Business Bureau. For those living in the general area, you can always reach out to the Charlotte Desoto Building Industry Association otherwise known as the CDBIA. They are comprised of local contractors, lenders, and related trades and services that can give you guidance and resources when needed. While none of us want to wait for a prolonged period to get our homes put back together, don’t feel pressured to sign a contract until you’ve thoroughly researched the company and the contract. Our understanding is you have up to a year to file a claim, but check with your insurance broker to verify the details of your policy.
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.