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.
Real Estate Update: April 2022
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.
Easter, Where Hope Springs Eternal
If I had to summarize my outlook on life, I would have to say Alexander Pope’s “An Essay On Man” depicted it best when he wrote, “Hope springs eternal in the human breast.” Various interpretations characterize his words: “People will always be optimistic and think something better is coming.” That certainly describes me!
I’ve often thought, “Is it the child in me who wants to see life through rose-colored glasses, or is it my desire to see the best in people and what life offers?” I sense I’m not the only one as I find many who I meet are on the same path as me, looking for those little nuggets along our life’s journey that bring us joy. When you think about it, every month of the year has that little “treat” we refer to as a holiday we celebrate with great anticipation. However, when you look into the history of many of these holidays, their origins are vastly different than how we celebrate them today. We have molded them into a day that makes us feel good and gives us that renewed “optimism.” Think about it. January starts our new year, a clean slate, if you will. Some people look at it as a start of a better year than the previous one. New resolutions are made, and who cares if they are broken a few weeks later, we feel like we got a fresh start. February brings us Valentine’s Day, and who would think we somehow could turn a day honoring 2 Christian martyrs into a romantic day for lovers. March amazes me as St. Patrick would never have deemed people from all walks of life and races would claim their Irish heritage and celebrate it until all hours of the night. Somewhere along the way, the fact that it was to celebrate the arrival of Christianity into Ireland got lost between the corned beef, Irish soda bread, and another round of beer. May brings us spring flowers, Cinco de Mayo, and a day to honor our Mothers. While I understood the significance of Mother’s Day and spring flowers, can someone explain how a kid from New York interprets a day when Mexico celebrates its victory over the French Empire in The Battle of Puebla, known as Cinco de Mayo,” as one he should commemerate as well? June was one of my favorite months as it was not only the month of my birthday but Father’s Day and the start of another great summer. Soon to follow was the 4th of July, and all we could think of were those great summertime barbeques and firework displays and not so much as those who gave of themselves fighting for our independence. While August didn’t have any particular holiday we looked forward to, it was the last month of a summer that was in full swing.
Then came Labor Day, and once again, we somehow interpreted this day that originated as an observance of the labor unions contributions to the U.S. economy, as almost a weekend of rest and one final celebration before heading back to the drudgery of another school year. If you were like me, I bet you couldn’t wait for Halloween to arrive, and whoever would have thought we could have turned a day of observance for the deceased, martyrs, and saints into a night of ghoulish activities, costumes, and shopping bags full of candy! November brought Thanksgiving, which not only was the beginning of the holiday season but seemed to make us a bit more appreciative of the things for which to be grateful. There was a desire to savor the day in the company of family and friends, and it was perhaps one of the few holidays that genuinely made us reflect on the significance of that day. Then came Christmas for those of the Christian faith, and like most kids, it was a day we looked forward to since the end of summer. While it was supposed to signify the birth of Jesus Christ and God’s plan to bring salvation to the world, somehow, our focus was more about the gifts we showered on each other, and the Christ child in a manger got hidden behind that new bicycle and the mountain of toys.
I bet you think I forgot about April, didn’t you? For many, it represents the month that “God giveth and the taxman taketh away.” Perhaps Easter is God’s way of helping us endure that pain; however, Easter represents much more to me. The beginning of spring was starting to bloom. The air seemed fresher, and everything seemed to come back to life. As a child, my early recollections were of an Easter Bunny delivering a brightly colored basket full of jelly beans, a chocolate cross and rabbit, and a stuffed baby duckling, all nestled on a bed of colored cellophane grass. But, of course, no Easter would be complete without the dying of eggs and the Easter egg hunt that soon followed. As I got older, I thought, what sense did all of this make. Easter is supposed to be a celebration of the risen Christ and the hope of many for eternal life, and somehow we have a rabbit delivering colored eggs and candy. Did someone tell the rabbit he walked onto the wrong movie set?
I was relieved to find, according to Time, this “egg-laying hare” stems from a pagan tradition known as the Festival of Eostre, which honored the goddess of fertility and spring. It is said the goddess’s animal symbol was the rabbit, which stood for high fertility and reproduction rates. If you live in my community you will see first-hand the rabbits have successfully continued this time-honored tradition! However, in the 1700’s, German Immigrants coming to Pennsylvania brought this tradition of “Osterhase” or “Oschter Haws,” an egg-laying hare that would lay colorful eggs and give them to good children. I can’t tell you my relief as I must have been one of the good ones, or of mistaken identity, as I always awakened to a big Easter basket full of every sugar-filled treat known to man!
So what does Easter mean to me? Unlike most holidays steep in tradition, I always felt it was the start of something extraordinary inside me and the world around me. Everything seemed new and fresh; it was almost as if life was just beginning. As I’ve grown older, it has taken on a different perspective as chocolate bunnies and colored eggs have given way to more of a reflective period. Easter has almost become a better time to make those resolutions in bettering ourselves and sharing our gifts with others. I’ve often wondered if we make our New Year’s resolutions at the beginning of each year as something genuinely positive to look forward to, or is it our feeble attempt to distract us from the suffering of those long, harsh winters? After all, how many of those good intentions become just that after only a few short weeks? Yes, guilty as charged! For those who share the Christian faith, Christ’s death and resurrection was that opportunity to bury the old negative thoughts and way of life in exchange for a better, more rewarding eternal life. One in which we could find total enjoyment in the simple pleasures life had to offer without trying to create distractions to get us through each day. This is, to me, the actual “Hope Eternal,” as Easter has brought me a renewed appreciation for the things I have, the friends that surround me, and the hope of a better world to come.
My hope is this Easter season brings the same joy to you.
-Gary Cardillo
The Gift that Keeps on Giving
Do you remember the line in National Lampoon’s movie Christmas Vacation, where Clark Griswold, played by Chevy Chase, was expecting his year-end bonus to build a swimming pool? Gathered around him in anticipation of his big bonus check arriving any moment was his entire family and of course his Cousin-in-Law, Eddie, who according to Clark said, “his heart was bigger than his brain.” When Clark opens up what he thinks is his Christmas bonus only to find out he is enrolled as a member in the “Jelly of the Month Club,” Eddie blurts out, “The gift that keeps on giving.” While this movie has become a Christmas tradition our family watches each year, Eddie’s line is one of the most quoted of all those we have collectively memorized and perhaps the one that has the most significant meaning to me.
Not that I have aspirations of joining the Jelly of the Month Club, but many times this year I have been asked, “How has business been…it must be a great time to be a Realtor?” While it has been a good year, this business is far from shooting fish in a barrel, as anyone who understands the real estate market can attest, it is characterized by peaks and valleys. However, after almost 18 years in the business, I can honestly say there is something much more rewarding than just listing or selling a property; it is the friendships we’ve made along the way. To me, that is the true “Gift that keeps on giving.”
Through these friendships, we’ve been all over the world from Singapore and Vietnam to Europe and South America. We traveled through the back roads of our great country and journeyed the Intracoastal from Florida to New England. We’ve met politicians and have been to some of the most dangerous locations in the middle-east. “How did you get to do all of this in such a short life span you may ask?” While I’ve experienced some very special places when traveling through our country, unfortunately the closest I’ve gotten to Europe was a road trip to Massachusetts. Sarah Palin may have claimed to see Russia from her home in Alaska, but through the intimate stories told by clients who became close friends we feel as if we experienced these real-life stories and adventures, many of which we hope to take ourselves someday.
Everyone has a story or knows of someone who has a storied background, but when you have the opportunity to spend as much time with clients as we do, their histories come to life in a way that makes you feel as if you went through a time with them. I remember one client who had been in the largest naval battle to this day. He was on a 500 ft. aircraft carrier in the Philippines and to listen to his story of the incoming fire they took, you couldn’t help but feel you were right alongside him. Other clients spoke of Communist regimes they escaped and how their families lost everything they had to come to our country. Others have been in the entertainment industry, some have been writers and still, others have created products that are widely used today. There have been CEOs and those that rose from poverty to creating highly successful businesses, going on to mentor others so they could have an opportunity to better themselves. We’ve also heard countless stories from physicians, who without fanfare traveled abroad to many third world countries administering to those in need, and did I mention a Grammy award-winning Pastor whose lives he continues to touch each day? For those of you whose stories have appeared in our newsletters you know who you are, and how your stories have had such an impact on my life, as have so many others.
Some people measure success by the sales teams they put together and the volume of business they claim they do, but we’ve learned there is something much more important to life that isn’t found in the profit and loss column.
We live in a time where the media is focused more than ever on negative news and the things that divide us, not the common ground that can bring us together. When I see thousands of people turn out in mass to simply watch the lighting of a Christmas Tree or eight Clydesdale horses pulling a wagon through the streets of our downtown with two men and a Dalmatian sitting alongside them, I think to myself, “aren’t these the timeless pleasures we seem to embrace, and innately desire to enjoy?”
Through our business the people we meet that become such good friends, are the “gift that keeps on giving,” and why we consider ourselves so blessed to be involved in such a wonderful business that gives us that opportunity every day. Thank you, for making every year so special to us, and for always reminding us, what is important in life; our relationship with each other.
We wish you and your family a wonderful Christmas, a very happy holiday season, and much good health and happiness this coming New Year.
-Gary & Gail Cardillo
We Are One
Thanksgiving to me has always been the start of the holiday season. It’s a time where people seem to be a bit more appreciative of the things they’ve received and a desire to share those blessings with others. While we typically think of family and friends sitting around a large dining table decorated in a harvest motif, adorned with a variety of homemade dishes and a succulent roast turkey, I find in recent years my sentiments have turned more to ways we can share our abundance with others less fortunate. However, my thoughts this Thanksgiving season were inspired by a story I recently heard at church from a very special lady whose mission trip years ago to Nicaragua exemplified the true meaning of gratitude that will impact me for the rest of my life.Gwen Coté, is this special lady who grew up on a family farm in the small upstate town of Plattsburgh, New York. As a teenager, Gwen began to recognize “the place and importance of God in her life”. She said, “I felt a calling to serve the poor and to help people know God was loving.” Where some of us growing up were inspired to be policemen or firemen, Gwen always felt called to be a priest, but that wasn’t an option in the Catholic Church. With fleeting thoughts of moving to a church that would afford her that opportunity, the Catholic Church was where her soul was firmly rooted, and at age 18 Gwen entered the Religious Sisters of Mercy and served as a Sister of Mercy for the next 30 years. In 2006 God called Gwen to serve in a new direction where she continued her role as a Catholic school Principal until 2017 when she retired from education.
Gwen initially moved to Punta Gorda to care for her elderly mother who was suffering from age-related dementia, but needing to work, she added, “no one gets rich being a nun for 30 years,” she applied to Sacred Heart Church. Pastor, Jerome “Jerry” Kaywell recognized Gwen’s talents immediately and hired her to be his Pastoral Associate. Technically her role is defined as meeting the pastoral needs of the people of the parish however, to those who know her contributions her handprint can be found in almost every corner of the church. Gwen reflects, “Giving was a family thing. My Mom was very attentive to the needs around her and she seated the responsibility to help others deep in our hearts from my earliest memories. She would often adopt a project and we were always a part of the service.” She recalls one of the most “powerful” examples was when her mom “adopted” a man who lived a few miles from them. The man wasn’t related to them and didn’t have family to take care of him. Gwen’s mother decided that once a month they would bring him food she had frozen from what she made the family the month before. Then on a Saturday every month for years, they would clean his house, tidy his yard, plant flowers, and bring in wood, as he heated his home with only a wood stove. This care for others leads us to the inspiring story Gwen shared with the congregation that touched the lives of everyone present.
Looking back during the time she served as Principal of Seton Catholic High School in Plattsburgh, Gwen said for several years she had been involved with a group called “Mission of Hope.” Created as a result of a mission trip to Nicaragua that was inspired by one family from Nicaragua who attended the school to help their family back in their homeland recover from the mudslides from a devastating hurricane, this non-profit took on a “life of its own.” Today, Gwen adds, “it serves the people of Nicaragua in a multitude of ways from hospitals to eldercare, food to clinics and education to hope.” However, it was that trip to Nicaragua that left a lasting impression.Gwen recalls, “Several times I was tasked with bringing a bag of rice and a bag of beans to the homeless families living in the woods. It was perhaps enough to feed a family of 5 for a week if they had light appetites.” She continued, “We would travel along the dirt road, and wherever there was a worn footpath into the woods, we would walk in and bring our simple treasures to these families. It never ceased to amaze me that before we were even back to the road, we would hear the people calling for other families who were deeper in the woods to come. They were not calling them to come to us to get rice and beans for themselves, but instead, they were calling them to come and share in the bounty they had received.” If this isn’t touching enough, Gwen reflected on a day when she was leaving one of the homes having delivered the bags of rice and beans, when she heard a little girl of about 3 years of age calling out to her. “She was stark naked and dirty from head to toe, running down the path after me. With enormous brown eyes and a smile that overshadowed the filth, she handed me a wildflower, hugged my leg, and whispered, “Gracias, Santa dama.” Thank you, holy lady.” Gwen said, “I didn’t feel much like a holy lady. I had given her family perhaps a couple of days of food. She gave me all she had.”
Gwen’s story reminded me of the bible story of the “Widow’s offering,” found in the twelfth chapter of the book of Mark, verses 41-44. It tells how Jesus sat down opposite the place where the offerings were placed and watched the crowd putting money into the temple treasury. “Many rich people threw in large amounts, but a poor widow came and put in two very small copper coins worth only a few cents.” Jesus called his disciples to him and said, “Truly I tell you, this poor widow has put more into the treasury than all the others. They all gave out of their wealth, but she, out of her poverty, put in everything; all she had to live on.”During our trying times, whether through the devastating effects of a hurricane or more recently the pandemic, there have been those who selfishly took more than they needed while others shared what little they had. As an educator, and now in the capacity as a Pastoral Associate, I asked Gwen if she had seen a marked difference in how people respond to adversity over the years. She responded by saying, “I think people are people and they are the same in every age. Our country often seems negative and divided right now and if that is what you focus on, that is what you see. But people are also amazingly generous and giving. We have seen that throughout the pandemic and over and again after any natural disaster. Where you look determines what you see. If you focus on the good that is what you see. We all choose what we focus on and how we respond. If we as a country can turn the prism we see through just a little we could easily see all the goodness and kindness taking care of one another.”
As our time came to a close, I shared with Gwen my thoughts on Thanksgiving and its significance to me. I asked if there is a life lesson or message she felt could be learned. She replied, “I think the message is simple. We are one. We are one people, on one planet with one set of resources. Whatever barriers we build between people and nations are temporary and somewhat of an illusion. We will be saved together or damned together. We are responsible for one another. We need to make the tough decisions and get to work making our world better for everybody. We are ONE.”
As I reflected on Gwen’s closing thoughts, I couldn’t help but reflect on that little 3-year-old girl with the flower whose gesture of gratitude left a lasting impression on me. I had to ask myself if I was doing enough to make a difference in the lives of others, not just once a year, but throughout the year. I realized more than ever, how blessed I was and the best way to show my gratitude was to help others in their time of need. After all, isn’t that what Thanksgiving is all about?
We wish you and your family a blessed Thanksgiving
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.