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Market Update

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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.

Dive Into Freedom, Join the Charlotte Harbor Freedom Swim

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Join the adventure that started as a spontaneous act over 30 years ago. Picture this: a group of friends led by the daring Punta Gorda attorney, Michael Haymans, decided to honor Independence Day by embarking on an extraordinary journey. They set out to conquer the 1.5-mile stretch across the majestic Peace River, inspired by tales of bygone generations who viewed this as a rite of passage. Little did they know that their audacious endeavor would blossom into something truly remarkable.

Word quickly spread about their exhilarating escapade, captivating the imaginations of those who yearned for a taste of the extraordinary. The flame ignited by Haymans and his comrades burned brightly, captivating hearts and minds. Today, an awe-inspiring spectacle unfolds on the waters of Charlotte Harbor—the renowned Charlotte Harbor Freedom Swim. An astonishing gathering of 1,000 to 1,500 individuals, adorned with red, white, and blue, come together for a remarkable celebration of freedom.

This is no ordinary race; it’s a vibrant happening that defies convention. Here, you’ll witness a kaleidoscope of creativity, as stand-up paddleboards, inflatable rafts, inner tubes, and even plastic noodles accompany the spirited swimmers. Kayaks glide alongside, their occupants accompanied by their beloved canine companions. It’s a dazzling display of unity, a bubbling symphony of laughter and joy. The locals fondly refer to it as a “bobblefest,” a term that captures the sheer bliss that permeates the atmosphere.

What sets this event apart is the absence of rigid regulations. Common sense and courtesy serve as the guiding principles for participants. And remember, it’s always wise to swim with a buddy, ensuring safety and camaraderie throughout the journey.

Picture yourself surrounded by a sea of patriots, basking in the warm glow of the sun on the afternoon of July 4, 2023. The tides dictate the start, precisely at 2:30 p.m., on the east side of the Punta Gorda Bridge’s north end. As you arrive, you’ll be welcomed by a brief but essential pre-swim briefing, ensuring everyone is prepared for the adventure that awaits.

This year, the conditions might pose a challenge, as the outgoing tidal current won’t be there to assist you. Fear not, for Michael Haymans, the unwavering force behind this remarkable event, assures us that “the slosh” will be in your favor, providing a slight advantage that will make the crossing a little easier. It’s an opportunity not to be missed.

To reach the starting point, venture to Live Oak Point Park, nestled at 5100 Tamiami Trail in Port Charlotte. Park availability is limited due to nearby construction, so we recommend an alternative approach. Consider parking at the end point of your grand aquatic journey—Fisherman’s Village. From there, arrange to be dropped off by car, boat, or even an Uber at the Freedom Swim’s starting location. Alternatively, you can park across the bridge in Punta Gorda and take a delightful stroll to the put-in site, immersing yourself in the anticipation that hangs in the air.

As you embark on this journey, you’ll find comfort in knowing that several vessels will accompany you, safeguarding your voyage. However, each swimmer is responsible for their own safety and support team, ensuring that courage and preparation go hand in hand.

But the adventure doesn’t end with the swim. Rejoice in your achievement at Fisherman’s Village, where lively melodies will grace your ears and a plethora of children’s activities, including face painting, will captivate the young at heart. The festivities commence at noon and continue until 9 p.m with the display of fireworks across the Harbor.

Master the Freedom Swim: Essential Tips for Participation

With the soaring popularity of the Freedom Swim, ensuring safety has become paramount. To preserve the spirit of this remarkable event, organizer Michael Haymans has implemented some crucial measures. Here are the must-know guidelines:

1. Know your limits: If you’re not a confident swimmer, it’s best to admire the spectacle from the bridge or join the adventure on a kayak or paddleboard. Remember, safety first! Haymans vividly recalls a past incident where a group of participants were swept upstream, leading to a rescue operation by law enforcement boats. Let’s strive to avoid such situations and cherish the swim responsibly.

2. Strength in numbers: Never embark on the swim alone. Whether you’re an experienced swimmer or a novice, ensure you have close support throughout your journey. Safety is a shared responsibility.

3. Sign in for success: Every swimmer must sign in at the start of the race. This helps organizers keep track of participants and ensures accountability. Make sure you check-in to be a part of this extraordinary experience.

4. Follow the leader: Rest assured, Michael Haymans, the driving force behind this event, leads by example. As a testament to his dedication, he stays by your side until everyone has taken the plunge. Count on him to be the last one to dive into the water, guiding you through this thrilling adventure.

By adhering to these guidelines, you can embrace the Freedom Swim with confidence, camaraderie, and an unwavering commitment to safety and be a part of local 4th of July tradtion.

*Pictures Sourced from Sun Herald

Real Estate Update: April 2022

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Many people have asked me with the war going on in Ukraine, inflation and interest rates on the rise when do I see the market crashing or at the very least bursting.
While no one has a crystal ball, we have several things going for us that I feel will enable Florida and our area specifically to do better than most. Yes, the higher cost of living does affect the discretionary income for many, while higher interest rates will impact those when it comes to financing a home. However, Florida remains very attractive for its climate, its cost of living when compared to many northern states, and for the tax benefits to be enjoyed. In other words “weather, water, way of life!”
As I’ve mentioned many times before, ever since the onset of Covid, those moving from the north found they could work remotely and sold their homes at a much higher price than the homes they were purchasing in Florida. Most paid cash, while others only borrowed 50-60%. There were no sub-prime mortgages and over leveraging granted to buyers who, under normal circumstances, wouldn’t qualify for the loans they were seeking. From a lending point of view the banks were in much better position to sustain a real estate slow down knowing those that were approved for loans were well qualified and weren’t a great risk.
Port Charlotte and Punta Gorda specifically were considered the fastest growing areas in the country and compared to our surrounding counties, we were the “bargain” that attracted the growth. However, with that growth and low inventory levels sellers started taking full advantage of the “captive market” and property prices started to soar. Unfortunately, when prices start to take meteoric rises on properties that shouldn’t be rising to that level, that is when you can start to see some pull back. I base this more on buyer feedback than any prediction of a crash.
While Covid may still be a presence, I think more people feel they can cope with it better now than at the panic levels we have experienced the past few years. While the real estate market has become a 365 day a year business, we are starting to see some of our winter visitors heading back home to be with family for Easter. These may ease the “frenzy” a bit when it comes to bidding wars, but keep in mind a well-priced property doesn’t require a buyer to be present to submit an offer on a home, so I would still expect to see multiple offers on those properties.
So what do I see? I feel prices will remain high, but for those properties that are perceived as excessively priced, there will be price reductions as buyers are keeping an eye on those market rates and inflation. The result is they will hedge themselves a bit from going out on a limb and submitting an offer for a property that is perceived to be well over market value. Coupled with material costs to build or remodel, I feel the market will remain strong, but buyers will exhibit a bit more caution and make offers more in line for what they feel their total investment will be in a home, and not be as influenced by emotion as what we may have been experiencing.
Very few can argue that Florida affords one an incredible lifestyle, and that bodes well for our community. By comparison we are better poised for continued growth and with developers and national home builders still attracted to our area I think pricing, especially in the $250,000-600,000 will remain very competitive.

Real Estate Update-“Nearly half of home buyers pay cash”

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By NANCY J. SEMON STAFF WRITER “Charlotte Sun Newspaper”

Homes sales strong despite holidays
January traditionally is a slower month for real estate sales, and although closed sales were down from December, the market shows no sign of slowing.
“There is a 30-day lag and due to the holidays in December, Realtors were not writing as many contracts; January is even lower than the summer months,” said Sharon Neuhofer, president of Realtors of Punta Gorda-Port Charlotte-North Port-DeSoto, Inc.
She said in some parts of the nation, rising interest rates might be attributed to slowing home sales, but not in our area.
Many buyers in Southwest Florida are paying cash, so the mortgage interest rates do not affect them, she pointed out.
In January, when there were 323 closed sales of single-family homes in Charlotte County, 46.4%, or 150 buyers, paid cash.
Neuhofer said beside January’s traditional slowdown in sales, Realtors “have buyers we don’t have houses for.”
She said current low inventory levels means would-be buyers do not have a lot to choose from, and when they do find a house, often there are multiple parties interested.
“You can’t sell what we don’t have,” she said.
The same scenario held true for townhomes and condominiums. Of the 66 closed sales, 47 buyers paid cash, or 71.2% in January.
But while the median and average sale prices of single- family homes in January was lower than in December, the median and average price of townhomes and condos was higher.
SINGLE-FAMILY HOMES
The median sale price in January was $346,500, compared to $350,000 in December. The average sale price of $407,678 was also lower than December’s $450,671.
For 11 consecutive months, sellers were getting 100% of the original listed price.
The median time to sale was 57 days, and time to contract was 12 days. There were 370 homes in inventory in January, which represented a 0.9 month supply.
The inventory level from a year ago was down 30.8%.
TOWNHOMES AND CONDOS
The median sale price in January stood at $287,000, up from $269,950 in December.
The average sale price was $312,069 versus $296,717 in December.
The median percentage of the original listed price was 100% in January, continuing a nine-month trend.
Inventory stood at a 0.6 month supply, the same as it was in December. The inventory level was down 77.8% from a year ago.
Those wanting to sell should “know what you’re going to buy, or you could wind up homeless,” Neuhofer said.
QUICK SALES
She said with cash buyers coming to buy in Southwest Florida, homes are being bought up quickly.
The median time to contract for single family homes in Charlotte County was 12 days, and the median time to sale was 57 days — under two months.
But in some cases buyers will offer incentives — such as a higher price — if sellers agree to move in 30 days.
The median time to contract for townhomes and condos was similar — 10 days, and 53 days for the median time to sale.
January saw 671 single family homes about to come onto the market in February, and 119 townhomes and condos.

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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