 For weeks I’ve been trying to come up with the perfect thought for this newsletter and found myself continually searching for something meaningful. When I first sat down to write Passover and Easter were upon us and I thought, what a great way to welcome in the new spring season by entitling my thoughts “A Second Chance.” This was a time when the Hebrews were saved from their captivity by the Egyptians and the angel of death passed over sparing their firstborn sons. For Christians, Christ’s resurrection was their second chance to realize there was life after apparent death and now there was the promise of an eternal life to come. While both holidays are rich in history today they are commonly seen as the welcoming of spring and one of hope.
To me, spring has always been a rebirth of sorts with flowers and trees coming back to life after a long harsh winter where it appeared they succumbed to the ravages of the snow and ice. People emerged from their homes after being cooped up most of the winter and everything just seemed more alive as the promise of summer with its warmer weather and outdoor activities was just around the corner. It was that euphoric feeling I wanted to capture, and one that has been on the faces of many we’ve seen this year who have decided to make Florida their permanent home in search of a better quality of life.
 As much as I intended to embrace this theme, I found I was continually approached by many asking how to navigate a real estate market that seems more like a runaway train. What started as their euphoric journey to a new beginning has become anything but, as we are experiencing what has become a feeding frenzy. Wasn’t March supposed to come in like a lion, marking the beginning of spring, and exiting like a lamb? If that is the case, then April and May must be monsters and our “Spring” has more than sprung. Of course, I am referencing the real estate market and not the weather, as by all accounts our temperatures this season have been some of the most enjoyable we’ve experienced in a long time.The real estate market on the other hand is something I don’t think anyone could have predicted. Low inventory levels combined with significant numbers of those looking to move to the area have created a unique market the likes most people have never seen. No longer is a full-price offer going to guarantee you’ll be the winning bid, in fact, most likely you’ll be looking from the outside in. Remember when a home that was on the market for ten days was considered a very new listing worth seeing? In today’s market, most people look at a home that has been on the market for ten days and wonder, “What’s wrong with the house?” Offers of $20,000, $30,000, $50,000 and moreover full price are now commonplace. Some are foregoing inspections and offering to compensate the seller on some of their closing costs. And did I mention “escalation clauses?” What is going on? For the seller, it’s almost like shooting fish in a barrel. Those who never thought of selling their homes are now thinking, “With the meteoric rise in offers, let’s put our house on the market.” Of course, that may be a double edge sword as once they sell their home they now jump into the tank with all the other buyers competing for the limited inventory on hand.
Others feel, “I’ll just wait for the housing market to crash, and then I’ll buy a home at a more reasonable price.” While I’d be as foolish as anyone to predict that will never happen again, after seeing what happened to the housing market in 2007 and 2008, I can tell you this is a very different market. Then we had much higher inventory levels and sub-prime mortgages were given to almost anyone who could sign their name. Today, most likely many would not be able to secure a loan under today’s lending guidelines. Then it was very much a speculative market driven by investors. Baby Boomers were supposed to be moving down for the next 20 or 30 years, so how could the sky ever fall? Unfortunately, we all found out, “Man makes plans and God laughs.”
What I’m seeing in the housing market today reminds me of the behavioral patterns of the panic hoarding we’ve seen when a major storm is in the forecast or during this pandemic. Fear of not having enough and grabbing as much as you can reach epidemic proportions as store shelves laid barren for weeks on end. I’m still trying to understand the rush on toilet paper, paper towels not to mention hand sanitizers! Since when did everyone become so obsessed with being germ-free? Go to a store today and the shelves are fully stocked once again, although I still have been challenged at times to find chicken wings! Panic shopping now seems to be a distant memory for some but now it has manifested itself in the housing market.
Having worked in the “concrete jungle” of New York City myself, I can understand why someone would want to move to Florida, but many states like Florida aren’t closing their doors to those looking to relocate for a better quality of life. For those waiting for the market to crash before they buy, you may be waiting for a while as this market is characterized by “end users, not investors. Inventory levels are much lower and you’ll be surprised by the number of cash buyers in the market. My advice is not to worry new listings are coming on the market every day. It may not be the home at the price you originally were after, but it is hard to put a price on the quality of life you will gain.
I feel life gives us lessons we can either learn from or repeat. When we couldn’t get the products we wanted during the pandemic, we found we could be just as happy with something that served our needs almost as well. We didn’t get to visit our favorite restaurants or entertainment venues as much, but most of us found enjoyment in the simple pleasures of early morning walks or bike rides together, perhaps even watching a Hallmark movie or two together.
 Spring is a wonderful time of year and this year it is even more special as not only are flowers and trees coming into full bloom but so are we as a community now that many of the restrictions that have governed much of our lives for the past year are being lifted. The lesson we learned from the “pause” the pandemic forced on us was to enjoy each other and the pleasures life gives us. If we’ve learned our lessons from the past we don’t need to panic every time we encounter something we’ve never experienced before. Spring is in full bloom this season and perhaps more bright and full of appreciation and hope than ever before.-Gary Cardillo
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Luck, Not only for the Irish
Do you ever find yourself looking forward to that “holiday” of the month with the same anticipation you did as a kid? For me, I think of those special days almost as the dessert after a wonderful home-cooked meal. When I think of those days I find they mean the same to me today as they did when I was a child, and perhaps are the only traditions that haven’t changed throughout the years. I think of the fun we had on Halloween trick or treating in our costumes, Thanksgiving where we played touch football games before gorging ourselves on turkey and all the side dishes until we couldn’t move, and what more needs to be said about the excitement of the holiday season and New Year! While each month brings us a unique joy in its own way, the ones I find that make us all seem to laugh and take life a little less seriously are St. Patrick’s Day and Cinco de Mayo. It doesn’t matter the color of your skin, your religion, ethnic background, or political beliefs, on those days we proudly celebrate with revelry as if that was part of our ancestry.
Recently we had dinner with a couple who introduced Gail and me on a blind date 35 years ago. They are from New York where the husband has had a jewelry business in the heart of New York’s Diamond District for many years. We were dining outside in St. Armand’s Circle in Sarasota and this couple was looking around like two kids entering Disney World, amazed at the number of people out and about enjoying the shops, restaurants, and beautiful evening weather. They had been to Florida many times before but this time was extra special as New York has been shut down to a large degree, and according to the husband, New York City has become a ghost town of sorts with rising crime rates and the closure of many businesses. However, despite the depressing news from New York, our conversations are always full of laughter as the husband has an uncanny sense of humor and like most wives, she just rolls her eyes.
While many have grown depressed being quarantined in their homes for months up north, the husband has maintained his sense of humor. He said, “You try to get creative, and when weather permits, you try to make the most of your time outdoors.” Being an avid tennis player who also enjoys the game of golf I asked, what other things he had tried. He replied, “Skeet shooting.” Detecting the puzzled look on my face he said, “I thought I’d give it a try….As a Jew we don’t hunt, we order in, but I figured it was something new and different. Unfortunately, birds were dropping from the trees and a plane fell out of the sky, but while I seemed to hit everything else, I couldn’t hit those clay pigeons.” I was so glad he hadn’t lost his sense of humor!He continued by saying, “You guys don’t realize how lucky you are to live in Florida,” and for a couple who at first was very critical of our Governor opening up the state for business and schools the way he did, he said it is no wonder our Governor is the top real estate agent in New York as he is single-handedly spearheading the mass exodus out of the state.”
I 
found it amazing to see the change in perspective as years ago Florida was only seen as a place to retire, and now couples like our friends are giving serious consideration to possibly making the move themselves in the not too distant future, which we couldn’t be happier if they did. What I also found interesting is most of the husband’s Florida clients are in the Palm Beach area, which years ago seemed like the place they would eventually relocate, however, they shared with us how they wanted to get away from the stress, congestion, and the “personalities” they deal with daily and are finding southwest Florida provides everything they could want. I have to agree as I still find myself wondering in amazement that we live in a place people come to vacation.
found it amazing to see the change in perspective as years ago Florida was only seen as a place to retire, and now couples like our friends are giving serious consideration to possibly making the move themselves in the not too distant future, which we couldn’t be happier if they did. What I also found interesting is most of the husband’s Florida clients are in the Palm Beach area, which years ago seemed like the place they would eventually relocate, however, they shared with us how they wanted to get away from the stress, congestion, and the “personalities” they deal with daily and are finding southwest Florida provides everything they could want. I have to agree as I still find myself wondering in amazement that we live in a place people come to vacation.As we were leaving the husband said, “Don’t forget St. Patrick’s Day is coming up.” I replied, “What side of your Jewish heritage emigrated from Ireland?” He replied, “I think it was the dog, but the only thing you need to remember is no one makes a better corned beef sandwich than a kosher deli.” As we walked away at the end of another perfect day, I had to admit he wasn’t wrong.
-Gary Cardillo
“How can I get the seller to accept MY offer?”, buyers wonder in today’s heated, multiple-offer market
In some areas of the country, “love letters” – a note from buyer to seller praising the home – are common. But some of the letters may flirt with Fair Housing Act violations.
The National Association of Realtors® (NAR) Conference and Expo was held virtually in 2020, and many of the sessions involved discussions about buyer “love letters.”
For those who aren’t aware of what I am referring to, “love letters” are written statements that accompany a potential buyer’s offer. While these types of letters are not in and of themselves illegal, it’s important to note that if done without careful consideration, it could end up being a Fair Housing Act (FHA) violation.
How is this a possibility? Let’s examine a couple of examples of “love letters” – one that could be problematic with one that likely isn’t.
Example 1: A buyer drafts a love letter that includes how excited the buyer is to raise a family in the home. They can’t wait to see future children excitedly running down the stairs on Christmas morning.
Sounds harmless enough, doesn’t it? However, this buyer’s letter touches on two protected classes under the FHA: familial status and religion. Should a seller take these factors into account in arriving at a determination to accept the buyer’s offer, it could be a fair housing violation.
Example 2: A buyer drafts a love letter that discusses the buyer’s love of the homes’ architectural features and the buyer’s appreciation of the various details of the home’s construction.
Here, as the buyer solely focused on the property’s characteristics, none of which fall under a protected class, it’s likely not a fair housing violation.
As agents, it’s important to remind consumers about fair housing issues if you see a potential problem on the horizon. While no agent is expected to explain the legal nuances of the Fair Housing Act, it may be wise to suggest a buyer or seller consult their personal attorney if either of the respective parties veer into potential FHA violation territory.
Recently, I personally had a family with two young girls that were very excited about purchasing a home they had seen but knew the market was very strong and were afraid they would be outbid. Their daughters Lily and Hailey, sensing the seller could sell the home to someone else asked if they could write letters to be sent along with their parent’s offer. Little did these girls know the letters they wrote were compliant with the National Association of Realtor compliance guidelines, but they brought tears to the seller who accepted their parents offer.
A Different Kind of New Years Resolution
Each December we reflect on our journey from the past year with all its twists and turns and with great optimism look forward to the opportunities and promise that lie ahead in the coming New Year. Typically we start by making some kind of promise or resolution to ourselves in the form of increased exercise or by embarking on something more “self-focused” to make us a new and better version of ourselves. However, I’m sure like you, it doesn’t take long before life gets in the way and our best intentions are often put on the back burner only to be reset each month until we run out of months and it becomes next year’s resolution once again. The exercise I wanted to do, the book I wanted to read, the one I wanted to write, the trip I wanted to take, or just the simple pleasure of playing more golf or tennis seems to always fall under the category of “Things to do tomorrow,” only tomorrow has already been filled with ”Things that can’t wait another day!”This year has been different. In looking back over the past year, in particular, it has been one where I feel we’ve all had a blaring horn in our face the entire time. If it isn’t the political parties blaming each other for the divisiveness going on in the country, it is the round the clock media coverage each claiming the other is biased, while giving you their jaded view. Try having a conversation with someone before it turns into political dialogue and even if you agree it is typically emotionally filled. Add the Coronavirus to the mix, and the impact it has had on all of us, and you find yourself saying, “I’m so glad 2020 is over.”
While to some that may seem like a welcome relief, I thought, “How sad?” We just took one valuable year out of our lives and said, “Let’s throw it away.” I’ve gone through many trying periods in my life, but I never wanted to throw away an entire year, as despite the challenges and difficulties there were lessons learned that have benefitted me throughout my life.
People ask me all the time what my thoughts have been this past year and why I seem so calm as a result. My faith in God has been the main reason for me to remain somewhat at peace amid the media chaos however, I have always tended to look at things from a common-sense perspective. I don’t feel the need to be heard, or for my opinion to outweigh those of others. I find as I’ve gotten older there is more wisdom in listening than projecting an opinion and somewhere along the way common sense becomes even more clear despite what the media critics have to say.
Since Covid began I’ve seen it bring out the best and worst in some people. Some are doing their best to support those struggling through these challenging times by supporting their businesses, bringing food to those in need, or just staying in touch, letting them know there is someone who cares. Others haven’t been quite so gracious, never embodying the desire to share or step aside to help others. Some have become depressed from the lack of social interaction while others maintained their sense of humor. In a post I read the other day, a man by the name of Bernie posted, “I told my wife post Covid I will take her anywhere in the world. I’m holding up a map of the world in the kitchen and told her to throw a dart and wherever it lands, we would go…..Apparently we are going to spend two weeks behind the refrigerator!” For me, it has been a time to reflect on what is important in life and realize how fortunate we are.Since this pandemic began we’ve seen a tremendous influx of people moving to Florida, finally realizing what we have been blessed with for so long, “water, warmth, and way of life,” a phrase I credit to a friend, public speaker, and respected Realtor Denny Grimes. Since January of last year, we were hearing stories of those looking to escape the inclement weather and high taxes in the north. However, when the pandemic hit it facilitated a mass movement of those looking to escape the densely populated areas and where commuting via mass transit was a way of life. With the realization, it was now possible to work remotely and transition from the rat race to a better quality of life, these “new Floridians” were about to discover what we have oftentimes taken for granted. As a Realtor, we are typically one of the first points of contact for those looking to relocate to our beautiful state. To see the look of almost disbelief on their faces that they have arrived at what many call “paradise,” and no longer have to make the dreaded journey back north in a few short weeks, has been one of my most gratifying experiences and one I find so hard to put into words. Before long they usually share with me how friendly everyone is, how people are always outside enjoying each other’s company, and how clean our highways and stores are kept, things we oftentimes take for granted. Isn’t it funny how those of us who lived in the north often say when returning from a trip back home say, “How did we ever want to live in that environment?
As I look at the changes I want to make in myself this year I’m often amazed at the wisdom and futuristic foresight that writers of the 1940’s and 1950’s such as Ayn Rand, (Atlas Shrugged), George Orwell (“Nineteen Eighty-Four), and Ray Bradbury (Fahrenheit 451) documented in their writings. Many of the scenarios they envisioned we are living in today. For those who have read these books and other similar themed writings look at the tug of war and name-calling going on in our nation’s capital and the controlling influence of social media with little or no surprise. While others may feel they are on a runaway train they can do nothing about, my resolution is not to panic and assume the role of the victim, but to incorporate the lessons learned from these writings so I can take the emotion out of the “news of the day,” and interact with those I meet from a common-sense perspective and help preserve those special attributes that have made our community and those we share it with so special. Future generations are watching, as well as those moving to our communities. Hopefully the difference I make in myself will inspire others to do the same and instead of talking at each other we can speak with one another and enjoy this wonderful quality of life we’ve come to call home.
Housing Market Update In a Nutshell
Unless you haven’t been watching the news or seeing the number cars with out of state license plates traveling our roads, let me tell you there has been a tremendous increase in the number of people who are now calling Florida “home” on a full time basis. As I’ve mentioned many times in our previous newsletters, last January we were hearing people saying it was the inclement weather and high taxes that had them strongly considering a move to Florida however, when Covid hit, it changed the market dynamics.No longer did people want to live in densely populated areas, commute via mass transit and work in the tight quarters of commercial office buildings. Employers found production levels didn’t decrease as anticipated and were now allowing their employees to work remotely. As a result instead of waiting for retirement to move to Florida, they were making the lifestyle change now, and for some cities, it has become a mass exodus!
Florida and Texas are two states seeing a tremendous influx of people looking to relocate on a permanent basis and with very low inventory levels the competition for existing homes has been fierce. In fact some of major builders such as Lennar have put a “sales hold” on some of their developments so construction can catch up with sales.
Recently we had three of our listings sell in one day, and well over full price. Our most recent listing had 28 confirmed showings within 12 hours and 15 offers, with the accepted high offer almost $80,000 over full list price….yes, you read it correctly! Agents were telling us of their frustrations in not having their offers accepted when bidding $20,000, $30,000, $40,000 and more over list price. Buyers who wanted to give some thought to the home they viewed before making an offer found themselves on the outside looking in as the property went pending shortly thereafter.
While this may seem reminiscent during the real estate boom in 2004-2006, it is a very different scenario. Sub-prime mortgages and other forms of loans were being approved for buyers who under normal circumstances would never have been able to qualify. Inventory levels were much higher and the speculation that baby boomers were headed to Florida for the next 20-30 years had everyone giddy the sky wasn’t going to fall. Appraiser’s couldn’t keep up with the increases and started giving valuations on properties that were called into question years later.
What you are seeing now are not only retirees, but those looking to make lifestyle changes prior to retirement, both vying for short supply of available properties. Unlike the market back in 2004-2006, this market is not being driven by investors and speculations. We are in a market where there is strong demand and short supply. With the cold weather now hitting the north, those that were contemplating a lifestyle change are acting with a sense of urgency, adding an additional strain to an already robust market. Sensing their opportunity may be slipping away we have seen an immense uptick in offers well above list price. What was a market characterized by gradual growth, we are now seeing the realization by some this may be their last opportunity for some time and are willing to pay a premium for it.
As always if you have any real estate questions, feel free to reach out garycardillo@wesellpg.com 941.916.0939
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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.