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You are here: Home / The Gary Cardillo Group’s Blog

Q: What is happening in the real estate market and do you think it is going to crash?

November 1, 2022 by Gary Cardillo

A: I don’t think there is anyone who wasn’t aware how hot the real estate market was since the beginning of Covid, and the frenzied buying characteristic of that time. I’ve often wondered, “Why do humans panic so much, and who started the fear and supplied the response to that fear?” I’m sure many a forest was cleared to produce the paper needed for the consumption of toilet paper that was purchased. And what about hand sanitizer? With hurricanes we see water flying off the shelves and gas being purchased in amounts that could sustain a small town, let alone a single family. This is what happened with the housing market. Someone “Started the fire” as singer Bill Joel wrote in his song, and before you know it the real estate market took off to heights seldom seen before. Now that we’ve all taken a breath and realized Florida isn’t closing its borders to people looking to relocate from the north to purchase a home, we are all settling back to the normal real estate trends. We typically see fewer buyers this time of year as people are just starting to return from their summer getaways, and children are engrossed in school activities. The start of the typical “hot seasonal market” starts in January and runs throughout the late spring and early summer. The slowdown you are currently seeing with fewer buyers in the market is a stark contrast to what we’ve seen with the panic buying the past couple of years, but the sky isn’t falling.

 

Yes, interest rates will play a role for some, but keep in mind those that purchased homes the past few years paid cash or borrowed around 50%. Those that purchased did so as a permanent move, and not so much as an investment. We don’t see short sales and defaults due to sub prime mortgage lending. In short we don’t see a market crash. In fact we see well priced properties continue to be in hot demand as this part of Florida offers a more affordable way of life than many other areas around the state or country.

 

What I am hearing is some people who are “hurricane weary” saying they are considering a move, as they don’t want to go through another storm and the cleanup aftermath. If you are one of them, before you do anything please give us a call. This is not a solicitation to list your home and to wish you much success on your move, but to help you decide if making a move is really going to give you the peace of mind and enjoyment you are seeking. People buy and sell real estate on emotion, and that emotional desire is different for everyone. There isn’t an area in the country that isn’t impacted by one form of catastrophic weather or another, but there is a reason you came to Florida. The two pieces of advice we would give anyone giving serious thought to a move would be 1. Research the area you are considering and determine if it really provides you all the things that meet your interests, and not just an emotional escape. 2. Know the value of your home. When Hurricane Charley impacted us there were countless stories of people coming in and preying on the emotions of those most severely impacted, especially the elderly. They agreed to accepting extremely low offers and in some cases even signed over their insurance benefits. Our goal is, and always has been, to give honest advice and insight to the market. If a move is a serious consideration, make sure it is for all the right reasons. Who knows, you may find in a short time your current home and community in which you live offers you the best quality of life you’ve been seeking.

Filed Under: Buying Real Estate, Selling Real Estate Tagged With: charlotte county, for sale, gary cardillo, hurricane ian, market update, real estate, sold

Hurricane Ian and The Art of War

November 1, 2022 by Gary Cardillo

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.

Having a home 15 ft. from a seawall doesn’t give you much hope if a storm surge is in the forecast, and just like Charley, we weren’t expecting to come back to a home with Hurricane Ian either. Fortunately for us, we were spared however, our sense of being in good hands was to be short-lived.

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.

I’ve never been an ambulance chaser and don’t believe in cheating the system to claim things we are not entitled, but when you don’t put in for claims and still get increases in your premiums, it is a hard pill to swallow when in your time of need you are treated like the adversary.

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.”

Sun Tzu’s, “The Art of War,” is a philosophy that war should be avoided and if it can’t it should be fought psychologically and strategically to minimize loss or damage. Having worked in cut-throat industries in New York City, applying the principles of Sun Tzu’s approach would be the last thing I would have been taught to consider. Do I take the field adjuster’s ladder away and leave him up on the roof so he can see all the damage the roofers who did go up on the roof point out to me? Do I toss him up a stronger pair of glasses? Maybe I even ask if he’s even done this before? I’m sure those approaches wouldn’t work in my favor, but when your insurance company tells you that you need a repair and the suppliers for roofing materials they gave you say “Your tile was discontinued a “long, long time ago,” you realize you have to fight for yourself. So like many, I now have to fight my battle with contractors I have little or no experience with, and for someone who doesn’t know where to turn, this can be frightening.

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.

Despite going through a major storm for the second time in 18 years, we are safe and just like last time, our homes and our community will come back better than before, and we’ll all grow a little closer to each other.

 

-Gary Cardillo

Filed Under: Community Information Tagged With: art of war, cdbia, community, florida waterfront, gary cardillo, hurricane charley, hurricane ian, punta gorda, realtor punta gorda, swflstrong

Love Languages and The Art of the Deal

September 26, 2022 by Gary Cardillo

In 1987 Donald Trump co-penned a book with journalist Tony Schwartz entitled “The Art of the Deal.” While there is some discrepancy as to how much Trump contributed to the book, it was supposed to be part memoir, part business advice. Being from New York, Trump’s name seemed to be on everything from billboards advertising his commercial projects throughout the city and around the country, to his ownership of a fleet of commercial aircraft called “Trump Shuttle.” So who wouldn’t want to read this book and find some nugget of advice on how to negotiate, as he always seemed to come out on the winning end of the deal. As I learned later in life from people who had transactions with him The Marquees of Queensbury Rules did not apply.  

Having majored in Psychology, I’ve always been fascinated by how people interact with each other, and how circumstances can affect the way a person reacts from one situation to the next. Nothing has been a better case study to me than watching how people react during a hurricane or the recent pandemic. With another hurricane threatening to possibly impact our area, I couldn’t help but look back and think, “Haven’t we learned anything?”
Hurricane Charley took all of us by surprise, as many, including myself, were breathing an early sigh of relief as we watched reports that Charley had his eye on making landfall in the Tampa area. When he decided the waters of Charlotte Harbor looked too good to pass up we learned a very hard lesson in disaster preparedness. One would think with a lesson like that, we’d be able to take things a bit more in stride and plan well in advance without the panic buying of gas and water we are currently seeing. And don’t think we haven’t experienced this in the real estate market as well. Why do we jump into this hoarding for ourselves mentality? My thought has been, “Unless we just increased our population two or three-fold, shouldn’t our normal buying practices be able to carry us through without taking more than we need and leaving very little for others?” When the pandemic hit everyone purchased paper towels, hand sanitizer, and toilet paper. I thought, “Has everyone become a doctor where shelves were stripped bare of hand sanitizers, masks, and latex gloves?” Nothing was left for doctors and those in poor health. Some physicians I knew said they were forced to limit their interactions with patients since supplies were being bought in excess by the general population. And what about all the toilet paper? I’ve had a bad meal, but I never felt I would run that short that I needed to have the store manager deliver it to my car on a forklift! I guess I look at the big picture and think, somehow we managed to survive these challenges and with a little planning we can take what we need, leave plenty for others, and feel less stressed since this isn’t our first rodeo. My wife then pointed out to me how men and women think completely differently, and I thought, “Perhaps that explains the panic buying.” She pointed out, “Many women worry about the “what if’s,” while men say, “I’ll worry about it when it’s on fire.” I thought she was on to something when the year after Hurricane Charley it looked like we might encounter the effects of another hurricane. Being the cool, calm, and collected husband I think I am, I suggested on the day she was shopping with her friend that they pick up the staple items needed in case we get impacted once again. Upon her return, I asked if she got everything only to have her tell me “Staples was running a sale on back-to-school merchandise and I was able to pick up all of our son’s school supplies.” I looked at her as if we were speaking two different languages and said, “Am I to assume if we get hit by the storm we’ll be eating Crayola crayons?” With a look only a wife could give, she replied, “What are you worried about, nothing’s going to happen?” Weren’t those the same words mentioned on the Titanic’s maiden voyage? I had to wonder if somehow during the night our roles were reversed! My years of preparedness training through Boy Scouts and as a former lifeguard suddenly were being called into question. I’m usually the one keeping things calm and now I feel like I’m riding in the back seat. Perhaps she was right. Maybe even with the little we needed, it will most likely be more than we need, and there will be plenty to go around for others.

I know it is often said, “One of the most difficult things to do in life is to wait when you feel like you need to do so much.” The other thing I’ve learned with each passing year is that “God always provides in one way or another, and we often don’t need as much as we think.” I guess I have to be thankful for a wife who felt there was little need for concern. I just hope I don’t have to hear the smoke detector go off for her to spring into action!

While no major storm or pandemic is anything to be taken lightly, we are sending our best wishes to all of you in the areas that could be impacted for your safety and care during this time. If there is a positive to be taken out of events such as we are possibly facing it is the closeness or bond in our community that seems to be strengthened during these times. Ask for help and know we are all here to help each other.

-Gary Cardillo

Filed Under: Community Information

A Farewell to Summer for Some

September 7, 2022 by Gary Cardillo

I always thought of myself as a real summer kid. Growing up in New York I was willing to sacrifice all the other months just to get to the summer season that started with Memorial Day and ended on Labor Day. That’s when I felt the most alive, and it was almost like watching life through a black and white t.v. that just transitioned to color. While my father claimed his favorite time of year was the fall, he would often say, “If you took out January, February, and March you would have perfect weather.” With a puzzled look on my face, I would reply, “You just cut out a quarter of the year like it was nothing.” Then I thought to myself, “I was willing to give up three quarters of the year just to get to my favorite 3 months.” I had to ask myself, “Which of the two of us was really nuts?”

Don’t get me wrong, we had lots of great activities and music that occurred throughout the year, but the fun we had, and the music that played throughout the summer was something very special. I bet my “championship” music trivia teammates, Greg and Toni White would agree “The Twist” by Chubby Checker, “Summer In the City” by The Lovin Spoonful, and the Beach Boys, “California Girls” never sounded better than in the summer months. I’ll even add Sly and The Family Stone’s “Hot Fun in the Summer Time” and what kid wouldn’t feel his summer was just starting when listening to Alice Cooper’s “Schools Out?” It didn’t matter the era you grew up in, the music never sounded better than it did in the summer, especially if the windows in your car were rolled down or you were driving in a convertible on your way to the beach!

When I was young the summer seemed to last a lot longer than it does now. Maybe it was our carefree attitudes where we crammed lots of activities into one day. We swam, water skied, and had endless games of Frisbee and flashlight tag, and those beach parties were second to none. Perhaps it’s me, but did this summer seem to be missing a month? Friends of mine up north are already dreading the end of summer. Stores have already put out their fall and early winter merchandise, and soon they will be experiencing “Tumbleweed Tuesday,” which is the day after Labor Day when it seems like summer came to a sudden stop and the merchants are desperately looking for those last customers seeking to stretch their summer vacation out a few more days. While my northern friends are starting to mourn the passing of summer, those of us living here feel like our summer with its fun activities is soon to get started. Think about it.

When we were under travel restrictions from Covid, many flocked to Florida in an attempt to move to a more desirable climate and lifestyle. Instead of people returning north for the summer they remained here with us. We may have social distanced, but we got creative and put together impromptu potluck dinners on our streets, and figured out how to enjoy each other’s company….from a distance of course. It was as if summer gained a few extra months. Then as life returned to normal many of our friends and neighbors resumed their trek north for the summer where the season was just kicking off, and we settled into the more quiet days of summer, which wasn’t such a bad alternative considering all our area has to offer. With boating, beaches, golf, tennis, pickleball, entertainment venues, waterfront shops, and restaurants why would anyone want to leave? Isn’t this what people are going north to enjoy and from what I hear, it was just as hot up there this summer! With even more activities planned by our local Chambers of Commerce, Country Clubs, and Charitable Organizations in the upcoming months, it seems like our summer may just be going into its second phase as there are a host of activities and events I’m looking forward to enjoying.

As for those who are returning now that summer is in their rearview mirror, I’m sure my music trivia teammates Greg and Toni could put together a playlist for you that would include “See you in September.” The great news is our summer is not over, and as a kid at heart who loves the excitement of summer, I couldn’t be happier.

Filed Under: Community Information Tagged With: florida home, flwaterfront, gary cardillo, newsletter, punta gorda, summer always

July Housing Update

August 31, 2022 by Gary Cardillo

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.

Filed Under: Buying Real Estate, Selling Real Estate Tagged With: charlotte county real estate, condos, florida, gary cardillo, real estate recap, realtor, sarasota real estate, waterfront

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