It is another sunny Friday on Sanibel with the locals again enjoying island offerings. The beaches have been just beautiful this week with visitors posting terrific sunset photos and folks talking of dolphins jumping near shore. I heard a couple of vacationers say that the shelling is light, but Lighthouse Beach continues to bring raves from those collecting miniatures. Traffic is essentially nil with no one needed to direct at the 4-way stops the last few days. The shops and restaurants mostly are being patronized by locals too.
We can always tell that “season” is really over when colleagues and I go into an island hangout for lunch and know nearly everyone there. That is when other business owners quiz us about the real estate market and we compare notes. Yesterday, I chatted with Trasi, co-owner of “The Over Easy Cafe” and “Island Paws”. We always joke with her that her restaurant is one of the few places where we can count on getting “in and out” in less than an hour, but only after the snowbirds depart. The restaurant was busy, but patrons included several other Realtors® and many island worker bees. Like the rest of us, she and her staff are enjoying a little less pressure after a super busy winter season.
We are all very thankful for the upswing in business this year. Dave Schuldenfrei, Manager of VIP Vacation Rentals, also told us that their bookings continue to be up, more than 20% over last year overall, including more visitors in June, July, and August. I sure hope prospective buyers are heeding that news. It still is a good time to buy an investment rental. That inventory has good opportunities including several of our listings!
Our last home listing closed on Monday. If you have island friends thinking of selling, please tell them about us, as plenty of home buyers remain.
Below are a couple of news items followed by a report action posted in the Sanibel and Captiva Islands Multiple Listing Service over the last seven days, but first a few photos that I snapped today on my way back to the office about noontime. The beach shots came from the boardwalk at Gulfside City Park. The bay views are from the park at end the end of Dixie Beach Blvd overlooking San Carlos Bay. The turtle crossing the road was in Lake Murex and the pretty arbor is the entrance to the butterfly garden at West Wind Inn.
Sanibel & Captiva 2014 Sales Stats
With more high-end sales posted this week, it is a good time to update the sales statistics for 2014. Here they are with the closed sales reported through noon today:
|Average Price $||Average Price $||Average Price $|
|Under Contract Awaiting Closing||15||790,420||34||820,838||4||411,500|
|Sold in 2014 thru 6/6||92||687,650||111||856,567||15||454,204|
|Sold in 2013||161||573,557||197||910,321||26||416,502|
|Sold in 2012||151||551,244||183||823,598||33||487,687|
|Sold in 2011||142||591,861||179||826,130||19||363,729|
|Sold in 2010||120||608,545||124||775,805||21||336,905|
|Sold in 2009||87||670,489||144||755,003||11||333,136|
|Sold in 2008||95||731,648||148||952,695||13||379,927|
|Sold in 2007||86||791,163||143||1,024,007||17||854,803|
|Sold in 2006||143||866,972||156||1,143,682||18||523,917|
|Average Price $||Average Price $||Average Price $|
|Under Contract Awaiting Closing||4||863,125||5||2,284,800||0||N/A|
|Sold in 2014 thru 6/6||7||526,611||16||2,796,344||0||N/A|
|Sold in 2013||36||659,185||18||2,522,056||2||675,000|
|Sold in 2012||35||836,129||26||1,536,019||3||1,221,667|
|Sold in 2011||24||737,754||22||1,782,059||1||485,000|
|Sold in 2010||25||696,159||10||2,258,250||2||2,850,000|
|Sold in 2009||22||804,818||16||2,573,016||3||2,241,667|
|Sold in 2008||21||894,536||13||3,465,385||4||3,251,250|
|Sold in 2007||12||906,042||19||3,270,300||1||3,575,000|
|Sold in 2006||21||1,362,476||10||2,307,375||4||2,218,750|
Resort & 2nd Home Property Specialist (RSPS)
Tuesday, at our Association office, SanibelSusan taught one of the modules needed for island Realtors® to earn their Sanibel & Captiva Islands Specialist (SCIS) designation. The Sanibel & Captiva Islands Association of Realtors® offers this local education program annually. It is a good way for those working the island to learn what is different in selling real estate here. My 15 students included some brand-new Realtors®, some with many years of experience, some new here, and some that know the island well. It made for an interesting mix and good interaction.
As one of the 40 members of the 2014 Florida Realtors® Resort & 2nd-Home Specialists Forum and one of just six islands Realtors® holding the national RSPS certification, it always is fun to update my course material and get smarter myself, while sharing the knowledge. It goes without saying that the bulk of island sales are to buyers looking for vacation or 2nd-home property, rental income, or value appreciation.
Here is some info from my class. Some of the stats are based on the National Association of Realtors® “Investment and Vacation Home Buyers Survey 2014”.
- The states with the largest number of vacation and second homes are Florida, California, Texas, and Michigan.
- Nationally, 75% of these buyers get financing, here (Sanibel & Captiva) it is the reverse, with most buyers paying cash.
- 60% of today’s investment buyers are likely to buy another investment property.
- 55% of investment buyers are likely to buy a vacation property in the next two years.
- Similarly in two years, 51% of all vacation property buyers are likely to purchase an investment property and 52% are likely to purchase another vacation property.
- Among those buying primary residences, 37% are likely to buy an investment property and 40% a vacation property within the next two years.
- By 2020, the number of second homes is expected to increase by about 200,000 units per year with the South projected to see about half of all the new 2nd-home growth.
Housing Market Reaching Equilibrium
“Home prices have already begun moderating over the past year and appreciation likely will continue to gradually slow over the next two years, according to a forecast of 31 analysts recently surveyed by Reuters. Analysts predict home prices to rise 7.5% this year and then curtail to 4% by 2016.
“That marks a sharp slowdown from the double-digit increases reported last year. Analysts surveyed by Reuters say they expect prices to slow in the coming months due to tight lending standards, slow wage growth, and a lack of first-time buyers.
“”Growth would be more robust if we saw more first-time homebuyers in the market,” says David Nice, economist at Mesirow Financial. “That would put the housing market on a sustainable growth trajectory.” Analysts surveyed expect existing home sales to reach a 4.75 million annual rate in the second quarter of this year and rise to 5.10 million in the first quarter of 2015. “We are seeing a state of equilibrium,” says Mark Goldman, a real estate expert at San Diego State University in California. “I don’t see any symptoms that would cause housing prices to go up or down significantly.””
Sanibel & Captiva Islands Multiple Listing Service Activity May 30-June 6
1 new listing: Nutmeg Village #209 2/2 $675K.
5 price changes: Sundial #I103 1/1 now $349.5K, Loggerhead Cay #411 2/2 now $523.9K, Nutmeg Village #308 2/2 now $769K, Sanddollar #A104 2/2 now $829K, Sedgemoor #206 3/3.5 now $2.875M.
4 new sales: Sundial #I304 1/1 listed for $389K, Loggerhead Cay #583 2/2 listed for $540K, Sundial #O302 2/2 listed for $699K, Tarpon Beach #305 2/2 listed for $750K.
5 closed sales: Sunset South #1B 2/2 $515K, Sandpiper Beach #505 $575K (short sale), Surfside 12 #B1 3/2 $854.5K, High Tide #A102 3/2.5 $1.2M, Anglers Key #201 3/3 $1.62M.
4 new listings: 621 Lake Murex Cir 2/2 $509K, 2470 Harbour Ln 3/3 $999.9K, 5427 Osprey Ct 3/3.5 $1.2472M, 190 Violet Dr 3/2.5 $1.295M.
6 price changes: 3168 Twin Lakes Ln 3/2 now $579.9K; 1291 Sand Castle Rd 5/3.5 now $799K; 3351 Barra Cir 3/2.5 now $869,999; 904 Almas Ct 3/2.5 now $1.095M; 660 Anchor Dr 4/4 now $1.299M (short sale); 1206 Bay Dr 4/4.5 now $2.85M.
6 new sales: 1841 Ibis Ln 2/2 listed for $458K, 553 Lake Murex Cir 3/2 listed for $579K, 1284 Par View Dr 2/2 listed for $649K, 949 S Yachtsman Dr 3/2 listed for $775K, 2538 Blind Pass Ct 3/2 listed for $850K, 2279 Troon Ct 3/4 listed for $1.295M.
14 closed sales: 2007 Mitzi Ln 3/2 $399K, 9263 Kincaid Ct 3/2.5 $415K, 1890 Farm Trl 3/2 $427.5K, 3837 Coquina Dr 2/2 $415K, 1625 Serenity Ln 3/2 $480K, 706 Emeril Ct 3/2 $679.9K, 2550 Wulfert Rd 4/3.5 half-duplex $688K, 1300 Par View Dr 3/2 $726K, 1130 Seagrape Ln 4/3 $770K, 820 Angel Wing Dr 3/2 $910K (our listing), 1759 Jewel Box Dr 3/2 $917.5K, 5423 Osprey Ct 3/2.5 $1.337M, 4781 Tradewinds Dr 3/2 $1.485M, 1077 Bird Ln 4/4/2 $5M.
1 new listing: 1311 Par View Dr $295,555.
2 price changes: 9239 Dimmick Dr now $159.9K, 4636 Rue Royale now $429K.
1 new sale: 659 Anchor Dr listed for $549K.
1 closed sale: 1325 Eagle Run Dr $395K.
2 new listings: Sunset Beach Villas #2313 1/1 $539K, Beach Cottages #1403 2/2 $1.085M.
2 price changes: Sunset Beach Villas #2337 2/2 now $699K, Sunset Beach Villas #2332 2/2 now $699K.
1 new sale: Sunset Beach Villas #2316 1/1 listed for $525K.
1 closed sale: Sunset Beach Villas #2338 3/3 $773.5K.
No new listings.
1 price change: 16428 Captiva Dr 7/8/2 now $9.75M.
1 new sale: 11532 Wightman Ln 2/2 listed for $1.35M.
1 closed sale: 1129 Logifolia Ct 4/5 $5.3M.
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.
It will be summer beach weather with those afternoon showers still likely here!