Sanibel’s Condo Market & Other Island News

It’s been another quiet summer week on Sanibel Island. We have had a few late afternoon and evening showers, but some lovely weather otherwise.

Below are a few news items followed by the analysis that I promised last week about Sanibel’s condo market. Following it is the activity reported over the last seven days in the Sanibel and Captiva Islands Multiple Listing Service.

Doc Ford’s Captiva Is Open

Doc Ford’s Rum Bar & Grille, Captiva Island, officially opened on Wednesday. Located near the entrance of South Seas Resort be sure to check it out for lunch or dinner. Following a multi-month renovation, it has completely new interior plus desirable outdoor seating as well as a beautiful new bar, dining room, and entertainment area. What a terrific new venue for Captiva! You will recognize some familiar faces from their beloved Sanibel restaurant too.

The Case of the Missing Mail Boxes

Have you been looking for the mail boxes that previously were in the parking lot at The Sanibel & Captiva Islands Chamber of Commerce? We have. They were removed a few weeks ago when the Chamber lot was resurfaced with pavers. We noticed the work was done but had not seen the mail boxes return. This week, we learned that they were installed in a different location – at the City Boat Ramp park off Causeway Road. What a great spot for folks looking to drop mail as they are leaving the island! Elise is going to like that!

More Off-Season Maintenance Work

Lee County Electric Cooperative (LCEC) informed the City this week that circuit crews will begin vegetation trimming on Sanibel and Captiva next week. It will start near South Seas Resort and proceed down Sanibel-Captiva Road, continuing on Rabbit Road to West Gulf Drive. Crews are to make contact with businesses and homeowners before trimming, leaving door hangers when person-to-person contact is not made. LCEC vegetation trimming crews are expected to be on the island for about three months, weather permitting. Questions should be directed to LCEC at 239-656-2300.

New School Year Begins

Wouldn’t it be wonderful to attend school on Sanibel? Sure wish I had gone here. As I mentioned last week, Florida schools get back in session early. Here the 2013/2014 year begins at the Sanibel School on Thursday (Aug 8). Bus arrival and parent drop-offs are from 7:40 to 7:50 a.m., with school start at 7:55 a.m. and dismissal at 2:10 p.m. Their student open house is the day before.

What’s Happening with Sanibel Condo Sales?

The tables below show by geographic area the number of condos for sale, their median price, days-on-market, and, for comparison, those under contract, those that have sold this year to-date (through today August 2, 2013), and the total sales last year. Under the title of each search-able location is a list of some of the communities or subdivisions that are included in that area.

What do these statistics say? The Sanibel condo market continues to struggle to stabilize. Though the number of sales is up, the median sale price is not.

This activity shows that Sanibel’s condo market is transitioning to a more balanced market, albeit slowly.

Bay-Front (Lighthouse Point, Mariner Pointe, Yacht Haven)
Status	Number	Median Price $	DOM
For Sale	9	539,935*	207
Under Contract	0	N/A	N/A
2013 Sales	2	472,000	1291
2012 Sales	7	439,000	362

Canal-Front (Seawind, Seawind II, Tennisplace)
Status	Number	Median Price $	DOM
For Sale	3	399,000*	788
Under Contract	0	N/A	N/A
2013 Sales	5	249,000	520
2012 Sales	7	279,000	183

Gulf-Front (Angler’s Key, Atrium, Beachcomber, Clam Shell, Compass Point, Coquina Beach, Cottage Colony West, Cyprina Beach, Golden Beach, Gulfside Place, High Tide, Island Beach Club, Junonia, Kimball Lodge, Kings Crown, La Playa, Lantana, Loggerhead Cay, Nutmeg Village, Oceans Reach, Pelicans Roost, Pine Cove, Plantation Village, Pointe Santo, Sand Pointe, Sandalfoot, Sanddollar, Sandpiper Beach, Sanibel Arms, Sanibel Arms West, Sanibel Inn, Sanibel Moorings, Sanibel Siesta, Sanibel Surfside, Sayana, Seascape, Sedgemoor, Shell Island Beach Club, Shorewood, Signal Inn, Snug Harbor, Somerset, St Croix, Sundial, Sunset South, Sunward, Surfside 12, Tamarind, Tarpon Beach, Wedgewood, White Caps South, White Pelican)
Status	Number	Median Price $	DOM
For Sale	107	599,900*	491
Under Contract	15	599,000*	312
2013 Sales	77	599,000	322
2012 Sales	108	599,000	380

Inland (Captains Walk, Heron at The Sanctuary, Ibis at The Sanctuary, Lake Palms, Sanctuary Golf Villages,)
Status	Number	Median Price $	DOM
For Sale	1	609,000*	72
Under Contract	1	259,000*	135
2013 Sales	15	399,000	320
2012 Sales	8	450,000	761

Near-Beach (Blind Pass, Casa Blanca, Colonnades (aka Colony Resort), Donax Village, Duggers Tropical Cottages, Sandpebble, Sanibel Shores, Sealoft Village, Seashells, Spanish Cay)
Status	Number	Median Price $	DOM
For Sale	13	335,000*	236
Under Contract	0	N/A	N/A
2013 Sales	13	372,450	377
2012 Sales	21	324,900	479

DOM = days on market

* Asking price

Another way to view Sanibel condos is by size. Recognizing that the majority of the units built on the island are 2-bedroom floor plans, because there are so few of them, sometimes a premium is paid for larger or even smaller units.

1-Bedroom Condo
Status	Number	Median Price $	DOM
For Sale	29	349,900*	714
Under Contract	4	498,950*	208
2013 Sales	13	292,900	331
2012 Sales	22	284,450	409

2-Bedroom Condo
Status	Number	Median Price $	DOM
For Sale	81	589,000*	367
Under Contract	10	633,000*	293
2013 Sales	81	499,000	339
2012 Sales	103	498,700	399

3+Bedroom Condos
Status	Number	Median Price $	DOM
For Sale	24	1,298,500*	395
Under Contract	2	1,562,000*	524
2013 Sales	17	899,000	472
2012 Sales	26	918,500	435

DOM = days on market

* Asking price

Sanibel & Captiva Multiple Listing Service Activity July 27 – August 2

Sanibel

CONDOS

2 new listings: Sanibel Arms West #L3 2/2 $495K, Gulfside Place #121 2/2 $985K.

1 price change: Sundial #L304 2/2 now $995K.

1 new sale: Sundial #G205 1/1 listed for $299,999.

5 closed sales: Compass Point #203 2/2 $542K, Sundial #K203 2/2 $670K, Sanddollar #B104 2/2 $850K, Nutmeg Village #101 2/2 $870K, Tamarind #A202 2/2 $1.5M.

HOMES

4 new listings: 1342 Junonia St 3/3 $669K, 426 Lake Murex Cir 3/2 $699K, 497 Lake Murex Cir 4/3 $879K, 1504 Angel Dr 4/3 $948K.

5 price changes: 970 Sand Castle Rd 3/2 now $540K, 1073 Sand Castle Rd 3/2 now $569K, 395 Old Trail Rd 5/4 now $999K, 5115 Joewood Dr 4/3 now $1.25M, 4717 Rue Belle Mer 3/3 now $2.195M.

2 new sales: 1475 Court Pl 3/1 listed for $289K, 1520 Center St 2/2 listed for $319K.

2 closed sales: 1076 Captains Walk St 2/2 $540K, 9024 Mockingbird Dr 3/2 $661.25K, 1249 Par View Dr 4/4.5 $1.26M.

LOTS

No new listings.

3 price changes: 1307 Par View Dr now $239.5K, 5830 SanCap Rd now $399,999, 218 Violet Dr now $499,994.

No new sales.

1 closed sale: 3830 West Gulf Dr $600K.

Captiva

CONDOS

No new listings.

1 price change: Bayside Villas #5144 1/2 now $314.5K.

No new sales.

1 closed sale: Tennis Villas #3138 2/2 $372.5K.

HOMES

No new listings.

1 price change: 15361 Captiva Dr 5/4.5 now $1.995M.

No new sales.

1 closed sale: 15166 Wiles Dr 3/2.5 $2.895M.

LOTS

Nothing to report.

This representation is based in whole or in part on data supplied by the Sanibel & Captiva Islands Association of Realtors or its Multiple Listing Service.  Neither the association nor its MLS guarantees or is in any way responsible for its accuracy.  Data maintained by the association or its MLS may not reflect all real estate activity in the market.  The information provided represents the general real estate activity in the community and does not imply that SanibelSusan Realty Associates is participating or participated in these transactions.  If your property currently is listed with another broker, this is not intended as a solicitation of that listing.

 

Best wishes for a terrific weekend from SanibelSusan and team! Susan may spend a little time doing the Sanibel stoop…