It’s time for another Friday update about Sanibel & Captiva real estate. Island weather has been mostly hot and sunny this week. A good time for our photographer to capture blue skies – always a plus in listing photos.
Our listings are getting more inquiries and showings. We are handling showings cautiously, wearing masks whenever social distancing is not possible, and requesting that prospective buyers do the same.
Obviously, this is not the case everywhere as the number of COVID cases in Florida is increasing, including in Lee County. This week, again during my (at least) two daily passes up and down Periwinkle Way, it has been disheartening to see crowds and lines of patrons at restaurants along the way. Only once did I see a family wearing masks. Grrr! (Yes, they were outside, but they were squeezed together, young and old alike.)
No wonder Sanibel City Council has called another special meeting. It will be Tuesday at 9 a.m. which is when the current city Emergency Declaration expires. (I will be at the meeting.) You can listen to the audio through a link on mySanibel.com (click agendas & meetings and follow the link).
Though both the Sanibel July 4th parade and fireworks are cancelled, the number of holiday visitors arriving tomorrow and next week will increase. We hope they respect the situation and those around them.
The Luxury Housing Market Is Back & Vacation Destinations Are Hot
The below article by Clare Trapasso was posted yesterday (Jun 25, 2020) on Realtor.com. Though not mentioning Sanibel and Captiva specifically, much of what she writes applies here. Though there were several weeks on Sanibel/Captiva with little to no sales (late March and April), island popularity has grown. As we follow our listing hits on Realtor.com, the MLS systems, and other real estate sites, the numbers have increased dramatically over the last few weeks. It is more than just folks being stranded at home and having more time to search the internet. Sales are occurring. Read about that after the Realtor.com article below:
“The middle of a pandemic-induced recession, with millions of people out of work and the future uncertain, does not seem like the best time to drop big bucks on a home. That is, unless you’re a wealthy city dweller and that home is a luxury property with an in-ground pool and plenty of acreage, far from the potentially infected urban hordes.
“Interest and prices in the luxury housing market rose sharply in May, according to a recent realtor.com® report. (Realtor.com defines luxury as the top 5% of the most expensive homes in a given market.) And demand in that sector has shifted from sleek, urban high-rises to popular vacation destinations where buyers can score larger, more private residences in less populated areas.
“”COVID-19 and the recession have not affected everyone equally,” says Javier Vivas, realtor.com’s director of economic research. “We’re coming off a great economic boom … and home buyers in the luxury tier have accumulated wealth for these types of purchases. This is not atypical, as high net worth individuals are traditionally less affected by recessionary blips, and some see it as an opportunity to invest or offload cash into real estate.”
“This increase in demand for high-end homes is driving prices up. The entry point for luxury homes rose to a median $2.97 million in May. That’s up 0.5% from April and 6.1% from the previous May, when no one had even heard of COVID-19.
“In addition, views of luxury home listings on realtor.com shot up 7.3% year over year in May. That was a departure from April, when views of such listings plummeted 9.5% compared with the previous year.
“In the New York City region, an early U.S. epicenter of the pandemic, members of the richest 1% focus their home searches on the Hamptons, a string of exclusive beach communities on the eastern end of Long Island; in upscale parts of New Jersey; and the New York City suburbs. (Prices for luxury properties in the city itself remained steady though, a slight improvement over the mild declines they were seeing before the pandemic.)
Views per property on luxury listings rose 72% annually in the Hamptons in May. They also shot up 40% in Union County, NJ; 30% in Bergen County, NJ; and 28% in Somerset County, NJ. Before the pandemic, listing views were up only 10% to 21% in these areas.
“”COVID-19 hit these regions hard and early compared to the rest of the country, prompting potential buyers to reassess their needs and priorities,” says Vivas.
“”With the lockdowns and lingering health concerns, buyers of all ages are placing more value on extra space and privacy, with more opting for safer and larger spaces at the expense of [the] urban living lifestyle,” he adds. “That’s made the suburbs and exurbs more attractive, particularly for households who can afford the price tag and those who can work virtually.”
“Other popular destinations were the desert getaway of Palm Springs, CA and Greenwich, CT, a wealthy enclave just outside of New York City. Luxury listing views rose 28% and 24% in those locations, respectively.
“However, not all high-end markets fared as well. Interest has waned in Honolulu, Key West, FL; Pebble Beach, CA; and Colorado ski towns in Eagle and Summit counties.
“There was also still a shortage of luxury listings. The number of $1 million-plus homes on the market dropped 15.6% year over year in May. These homes also took a bit longer to sell—a median 89 days on the market in May compared with 71 days a year earlier.
“Clare Trapasso is the senior news editor of realtor.com and an adjunct journalism professor at the College of Mount Saint VIncent. She previously wrote for a Financial Times publication, the New York Daily News, and the Associated Press. She is also a licensed real estate agent. Contact her at email@example.com.”
At SanibelSusan Realty
In the office, our listings got good action this week. We had several inquiries and showings (including with our new listings). We also got another new condo listing and have a new home listing that begins tomorrow, plus we received a price reduction on a lot listing. I was out showing homes this afternoon and will be showing condos on Monday.
The action posted in the Sanibel & Captiva Islands Multiple Listing Service is below.
On Sanibel, there were another seven home sales and two condo sales. Homes sales continue to prevail, but the summer months often are when more condo buyers are here, particularly those looking for a weekly rental. We have some listings that are priced well and should move. The low interest rates will help.
Sanibel & Captiva Islands Multiple Listing Service Activity June 19-26, 2020
1 new listing: Blind Pass #E101 2/2 $499K (our listing).
4 price changes: Colonnades #C3 1/1 now $259K, Sanibel Moorings #1512 2/2 now $534K, Sanibel Arms West #M2 2/2 now $546K, Pine Cove #202 3/2 now $1.395M.
2 new sales: Heron at The Sanctuary #3B 3/2.5 listed at $799K, Island Beach Club #340E 2/2 listed at $1.149M.
2 closed sales: Sand Pointe #131 2/2 $709K, Tantara #203 3/2 $1.095M.
3 new listings: 799 Casa Ybel Rd 5/3 duplex $585K, 1114 Sabal St 2/2 $795K, 3850 Coquina Dr 3/3 $1.048M.
12 price changes: 1684 Bunting Ln 2/2 now $459.9K, 9465 Calla Ct 3/2 now $499K, 1954 Roseate Ln 3/2 now $549K, 1567 Sand Castle Rd 3/3 now $595K, 1031 Sand Castle Rd 3/3 now $695K, 934 Cormorant Cir 3/2 now $729K, 9128 Mockingbird Dr 3/2 now $739K, 5304 Umbrella Pool Rd 3/3 now $770K, 5659 Sanibel-Captiva Rd 2/2 now $790K, 734 Anchor Dr 3/2 now $889K, 6176 Henderson Rd 3/2 now $998K, 1081 Captains Walk St 4/2.5 now $1.04M.
7 new sales: 3947 Coquina Dr 2/2 listed at $569K, 1593 Sand Castle Rd 3/2.5 half-duplex listed at $589K, 701 Nerita St 3/2 listed at $698K, 1220 Sand Castle Rd 3/2.5 listed at $795K, 5056 Joewood Dr 3/2 listed at $824.5K, 660 Durion Ct 3/2 listed at $849K, 5615 Baltusrol Ct 4/6/3 listed at $2,999,999.
2 closed sales: 2065 Wild Lime Dr 3/2.5 $582,950; 1828 Farm Trl 3/2 $675K.
No new listings.
1 price change: 1894 Farm Trl now $199K (our listing).
No new or closed sales.
No new listings.
2 price changes: Tennis Villas #3120 1/1 now $308K, Lands End Village #1667 2/2 now $1.098M.
No new sales.
1 closed sale: Beach Villas #2414 2/2 $674.5K.
HOMES & LOTS
No new listings, price changes, new or closed sales.
This representation is based in part on data supplied by the Sanibel & Captiva Islands Association of Realtors® 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.
Below is our ad from today’s “Island Sun”.
Enjoy your weekend! Stay safe & well!
Susan Andrews, aka SanibelSusan