Episode Transcript: Rivercreek by GL Homes – Episode #3
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Ep-1 – Rivercreek by GL Homes with Jack Mancini
Charlie McDermott 00:00
It’s time for the Mancini Real Estate minute podcast with Jack Mancini, is a Florida’s most trusted Real Estate agent. Hey there, Charlie McDermott, co-host of the show here back with Jack Mancini. Jack, how you doing?
Jack Mancini 00:15
I’m doing great, Charlie, good morning. Good to see you on this beautiful, Tuesday morning, 91 degrees at 9am.
Charlie McDermott 00:24
You know, I’m feeling a 10 a fall in the air, it was, I think 96 over the weekend. So, we’re trending in the right direction.
Jack Mancini 00:34
Yes, look forward to its cooling down. So, I don’t need to take a shower, every time I walk the dog.
Charlie McDermott 00:40
That’s the truth, you know, I was gonna do that with my wife last night, and I thought, do I really want to have to take another shower after walking the dog at eight o’clock at night? It didn’t happen. Well, let’s jump into the market update, always changing, must be so fun to be a realtor and know that tomorrow, everything could change, and it usually does, or at least within 30 days. So, what’s been happening in the last month?
Jack Mancini 01:13
Okay, the last 30 days a little snapshot of what’s been going on in an Estero 33928 zip code. I did some research, and in the past 30 days, there have been 42 new listings, and there have been 67 pending. So, there are more that are selling than are getting listed, which a lot of people think the markets down, it’s a buyers’ market, you know, there have been a lot of price reductions, but properties are still selling quickly, you know, compared to five years ago, when it was taking 90 days to sell a property. We’re in the 25 average days on market right now, and in the past 30 days, there have been 59 closed sales and Acero. Currently, on the market, there are 119 properties in Estero and that includes condos, villas, single family homes, so you can see the supply and demand still, you know, a seller’s market, they are chasing the highest price, still, as any seller wants [Crosstalk 2:24], highest price and I want that for all my sellers, but there have been quite a few price reductions, and you need to be strategic with the pricing on the front end. So, you’re not you know, having multiple price reductions, you don’t want to chase the buyer. So, get in front of a buyer and listed at the fair market value, not 10% over fair market value and see what happens. That’s the worst thing you can do. Hey, I don’t need to sell, if I sell it for 10% more than my neighbor did, I’ll sell if I don’t, I won’t you know, so price it right and it will sell. So, listed with Jack Mancini, and it will sell.
Charlie McDermott 03:09
There you go. I love it. So, how about let’s talk about strategy a little bit here. It’s now, basically mid-September, and oh, I just thought another cool breeze come in, and we’ve got probably homeowners, condo owners, what have you, who were thinking well, geez, the seasons about to hit in the next few months? Do I wait until then? Or do I list now what do you recommend?
Jack Mancini 03:36
Well, Charlie, that’s going to depend on what kind of inventory is out there. What your competition is right now. In The Preserve at Corkscrew for instance, there are none for sale. So, instead of waiting to list your property for sale in November or January, when you could have five or six or ten, other owners waiting for season to come before they list, lists now and you’re one of one, you’re the unicorn, you don’t have any competition. If a buyer wants to be in estero, in that community with those amazing amenities, they only have one option. So, you could be in a multiple offer situation if you’re the only property for sale, you know, so, but if there are 10 properties for sale in the community, you may want to consider waiting until season hits before you list yours for sale.
Charlie McDermott 04:34
Great advice, you really know what you’re doing there.
Jack Mancini 04:38
Thanks, Charlie. It’s been a tonne of years of selling. I hope that, by this time, I have a good pulse of the market, you know?
Charlie McDermott 04:47
Yeah, for sure, but you know, again, I’m only selling my home once every whatever it is, you know, seven years still the average in the Real Estate world, and so it’s only so much you’re gonna learn and use it what’d you learn doing it yourself or with someone with not that kind of experience, are mistakes that you learn from so, it’s better to do it, right?
Jack Mancini 05:10
So, we lose, you know, I lose a lot of listings to relatives of the owner, and a lot of times that hurts their relationship, you know what I mean? My sister-in-law, my brother-in-law, my uncle is a realtor now, and now is not the time to be getting into the real estate, changing your career to real estate. You know, there’s a tonne of agents out there because of all the low hanging fruit that’s been in our market for the past few years, and they see that it’s easy in their opinion, it’s been easy, and everybody wants to be a realtor because they think it’s easy and they can make a lot of money and not have to work but it’s a grind, you know, and there’s a lot of competition.
Charlie McDermott 06:05
Yeah. Well, let’s get into my goodness, you know, Southwest Florida, in general. It’s so much going on from a building standpoint. I know you have a new community going in in your neck of the woods there in the stairwell. River Creek, what do you know about river Creek?
Jack Mancini 06:24
Well, River Creek is a GL Homes Community. It is in between Wildcat run and The Preserve at Corkscrew, and it’s a beautiful community GL Homes has a great reputation in Southwest Florida and other areas, but they have homes in the price range from 550 up to 800, not sure how many lots there are, it’s about 150, I believe, I don’t know the exact number, the square footage is from 1900, up to 4400 square feet, they actually have a five bedroom, seven bath home that they’re building out there, and I’m sure that’s the 800,000, and you can add a pool. They do have some incentives this summer 10,000 toward designer options that they’re offering, and I think 7500 toward buyers closing costs, and by the way, just so you know, and maybe some of our viewers, when you buy from the builder, the buyer is responsible for paying doc stamps on the deed to the State of Florida $7 per 1000 of the sale price, and the buyer is responsible for paying for owners title insurance, and owner’s title insurance is calculated based on the sale price. The first $100,000 of the sale price is $575. Each additional 1000 is $5. So, you’re looking at an $800,000 house. Seven times five is 35+575. It’s $4,075 for title insurance, and then the dock stamps on the deed are $7 per 1000 on 800,000, that’s 5600. So, boom, you’re at 10,000, and then they have one-time hookups for irrigation and capital contributions and things like that. Those fees, the doc stamps and the title insurance are typically paid by the seller on resales. I mean 98% of the time the seller is paying title insurance 100% of the time the seller is paying doc stamps, on the deed to the State of Florida. We don’t have a state income tax, thank God and that’s why a lot of people are coming into Florida no State income tax, but when you resell real property, you do pay doc stamps on the deed, so that’s something that buyers need to be aware of when you’re buying new construction because it’s typically a seller’s expense, unless you buy from the builder.
Charlie McDermott 09:23
Interesting yeah, brings back memories of when we bought our place coming from Pennsylvania and I looked at that settlement sheet I was like Oh didn’t see that common, [Crosstalk 9:23].
Jack Mancini 09:37
I don’t like surprises, you know, Christmas and my birthday. It’s about all I want to surprise.
Charlie McDermott 09:44
That’s great. So, River Creek, now well that have you know, it sounds like about 150 or so homes plus or minus, you know, amenities and things like that are, [Crosstalk 9:59].
Jack Mancini 09:58
Very nice amenities, they just take a look while we’re talking here, very nice amenities, you know, of course the resort style pool, tennis, exercise room, things like that.
Charlie McDermott 10:14
Yeah, that’s awesome. I mean, love that and I’m a big fan of activities and geez, even better man if you could just jump on your bike or whatnot in your community go work out. Love it.
Jack Mancini 10:27
Yep, it’s gonna be a few months from now I’ll be walking the dog happily, cooled down a little bit. I run hot, you know I’m a Floridian by the way, born in Fort Lauderdale, grew up in Clearwater in Jacksonville and had the opportunity with US home mortgage to come to Southwest Florida in 2001, and moved into our first home in Stony Brook in 2002. So, love the area. Love the lifestyle, beach, golf, sun. I just need to wear sunscreen more often. A little Italian, I am this way.
Charlie McDermott 11:13
I am this way. I have a little mark on my cheek to remind me that yeah, maybe use a little more sunscreen going forward, but fortunate we have great Doc’s in Southwest Florida, you know, I mean, it really isn’t my place to live. It gets better and better every day, and now with these new developments and, you know, your expertise to find those up north or wherever they’re coming from an awesome place in Estero.
Jack Mancini 11:46
Yeah, I’m thinking of doctors. I think if I could do it over again, real estate’s great, but my dermatologist that guy is just killing it. I told one of my daughter’s, one of you need to be a dermatologist.
Charlie McDermott 12:00
Yes, I agree, maybe we share the same Doc. I had a conversation recently and I don’t know how he does it. I mean, he is so booked, solid.
Jack Mancini 12:14
That reminds me to mention if anyone that’s listening to this podcast needs a recommendation for a dermatologist, a pressure washer carpet, painter, electrician, plumber, I have been through the wringer, and I know who to use air conditioning, you know, granted, tile bathroom remodel. We’re going through a bathroom remodel, right now and everything’s going really smoothly, but yeah, it is there is a lot of dust involved.
Charlie McDermott 12:54
Now, you know, and I’m laughing but again, six years ago, that was me dermatologists you know, handyman for the house, roofer I mean, you name it, knew no one and you’re like rolling the dice, right? Because, you know, these guys kind of show up and what kind of work they’re going to do. So, you know, another great thing you bring to the table, I’m sure you get that question a lot with, you know, your clients who sure are moving in town. Yeah.
Jack Mancini 13:22
Local movers, like you’ve mentioned roofers, and of course everybody goes to Doctor help, right?
Charlie McDermott 13:30
There you go. You nailed it, you know, I’m telling you because I live as you can see if listeners who can’t see me I have a little mark on my cheek, and so I was there last Friday, and both, he and his brother, I don’t know if you know, Michael, he kind of overseas marketing and great guy and of course his father, is in the business. I don’t believe he practices anymore, but you know, family-based business company and the Doc reg you know, it’s Friday afternoon at four o’clock, 4:15, are you still standing and I’m just seeing him interacting with other patients and seeing me and it’s like it you know, he’s starting fresh and new and just I guess a great bedside man. You don’t feel like a number.
Jack Mancini 14:26
Absolutely. Yeah, and you don’t always get to see Doctor health, but all of his other dermatologists are great as well.
Charlie McDermott 14:35
Yeah. All right. So, we put in a great plug for Dr. Hack.
Jack Mancini 14:41
You know, we can have him on the show.
Charlie McDermott 14:47
Love it. Why speaking up the show. This one is in the ken thanks for sharing your knowledge with the Southwest Florida community and the world for that matter mean those folks in Chicago get on down here. We’ve got room for you. We have a brand-new community. We have River Creek. We need to fill that up Jack, right?
Jack Mancini 15:05
Yes, and you know their opening weekend I forgot to mention that they sold AD made AD reservations for. So, there are buyers out there. Let me navigate you through the new construction process so there’s no surprises, and I would love to represent you on new construction, listing or purchase.
Charlie McDermott 15:27
I love it. All right. Well get back out there. Do your thing, and we’ll see in the next episode.
Jack Mancini 15:31
All right. Thanks, Charlie. Have a great week.
Charlie McDermott 15:33
Thank you for listening to the Mancini Real Estate Minute. To learn more about the Jack Mancini team, go to jackmancini.com or call 239-218-2685.