Another Friday is here following another week of mostly sunny sometimes chilly (or under 70 degrees F) weather. Temps are expected to reach the high 70’s soon, so the nice weather continues.

There seemed to be a few more visitors/vacationers here this week following the 3-day holiday weekend, a noticeable increase of both bikers and walkers on the shared use paths and side streets, and definitely more at the public beach parking areas.

Our Travels

Both teammate Dave and I have been out showing property again this week. Our challenges included some occasional cell phone service delays and the return of heavy contractor traffic after the long weekend.

Personally, I try not to leave the island often, but traveling from the East End, there are delays on Periwinkle leaving after 2 p.m. and returning anytime in the morning. Returning after 2 p.m. also usually results in a long delay at the 4-way stop with off-island vehicles given priority.

Leaving the island, Summerlin Rd from the toll booth to Port Comfort Rd (site of Lighthouse Waterfront Restaurant) is now limited to one lane. The right-hand lane along what we often call “the mud flats” is completely closed off for about three months as contractors perform work to protect the shoreline. They will be clearing vegetation and installing underground marine mattresses. Expect slow going along that stretch.

More Progress

On the causeway, marine mattresses are also being installed, these from the water. With bridge travel now on what will become the permanent roadways, good progress continues too on the islands and bridges themselves.

The Sanibel beach restoration project work is also moving along nicely. At Lighthouse Beach, the bayside parking lot closed beginning this week, to be used as a staging area for the restoration underway between the Lighthouse and Donax St,

At the actual Lighthouse, scaffolding went up this week, as it soon will get a new coat of paint.

Re-Building, Re-Openings, Restoration

The Bubble Room – I saw a post this week saying that the Bubble Room Restaurant will be reopening later this year. They do not have a set month yet, but recently had a new roof put on. Meanwhile, Boop’s by The Bubble Room is open daily 8 a.m. to 6 p.m. with their famous cakes and desserts, plus breakfast and lunch items. The Bubble Emporium Gift Shop is also open daily 9 a.m. to 6 p.m. with gifts, Bubble Room merchandise, and antiques.

Olde Sanibel East End Shops – At the Olde Sanibel East End shops, it’s wonderful to see the parking lot often busy with increased activity now that The Magic Bus is open. I see lotsa folks enjoying ice cream. Wickie’s Lighthouse Restaurant (in the former location of Lighthouse Café) also looks to be close to opening. They have their tables and chairs set up! Between the action there and the sand trucks heading to the Lighthouse, the East End is busier than in a very long time.

Kiwanis Annual Spaghetti Dinner – This annual event returns tomorrow night after a three-year hiatus due to the pandemic and hurricane. If you were planning on buying your ticket at the door, it looks like it is too late for that, I just saw a notice that the event is sold out. With proceeds going to local youth education and recreation, this event always brings out islanders.

Sanibel & Captiva Islands Real Estate News

The Caravan of Open Houses following the local island Association of Realtors® monthly membership meeting yesterday included 12 Sanibel homes, two Sanibel condos and a home on Captiva. The next Caravan is in two weeks.

As I prepared my company ad for the monthly Real Estate Guide magazine and collected sales data from the Sanibel and Captiva Islands Multiple Listing Service, I also noticed postings by colleagues about what many are calling a market correction. Those are normal occurrences in the real estate market when there is more inventory than buyers or more buyers than inventory. Sometimes prices go up, sometimes they go down.

On Sanibel and Captiva where the most sales usually occur when the most buyers are in town which typically is the winter, the end of February often is when prices are corrected to ensure a successful sale “in season”. This year not only is “high season” winding down, but it is happening as the number of listings continues to increase. Many of those are the result of the hurricane. I look at it as a transition period and actually a good time for both sellers and buyers as the islands continue to recover and bounce back to what probably will be a new normal.

The good news is that there are more choices for buyers whether they want a property ready for occupancy, investment, a project, or in a specific location or community. Below, with data from the islands MLS, are summary tables of the island residential sales statistics, followed by the MLS action reported this week.

First week in memory that there was no action posted on Captiva, while Sanibe shows twice as much action with homes as condos – double the number of listings, new listings, price reductions, new sales, and closed sales. Condos will catch up eventually.

SANIBEL RESIDENTIAL	CONDOS			HOMES			LOTS
	#	Avg Price	DOM	#	Avg Price	DOM	#	Avg Price	DOM
For sale:	89	1,047,979	154	169	1,801,696	91	41	826,412	174
Under contract	16	1,022,106	76	32	1,383,262	55	2	2,745,000	114
Sold 2024 to 2/23	8	659,625	99	18	1,743,888	90	3	2,658,333	182
Sold 2023	98	955,261	65	263	1,267,390	73	24	920,645	76
Sold 2022	123	1,136,199	44	185	1,602,745	52	26	779,528	223
Sold 2021	287	875,127	113	355	1,341,881	89	69	698,862	442

 

CAPTIVA RESIDENTIAL	CONDOS			HOMES			LOTS
	#	Avg Price	DOM	#	Avg Price	DOM	#	Avg Price	DOM
For sale	30	1,406,200	129	19	7,502,473	157	3	9,998,333	125
Under contract	3	1,896,333	92	1	3,495,000	272	0	N/A	N/A
Sold 2024 to 2/23	2	747,500	85	2	4,062,500	112	0	N/A	N/A
Sold 2023	17	834,176	98	17	2,716,647	70	0	N/A	N/A
Sold 2022	28	1,458,983	52	22	5,636,386	133	0	N/A	N/A
Sold 2021	64	1,150,373	145	44	2,988,520	261	2	2,950,000	731

Sanibel & Captiva Islands Multiple Listing Service Activity Feb 16‑23

Sanibel

CONDOS

4 new listing: Sanibel Arms #D3 1/1 $425K, Mariner Pointe #1073 2/2 $749K, Blind Pass #D204 3/2 $850K, Gulfside Place #125 3/2 $1.895M.

7 price changes: Spanish Cay #C6 2/2 now $449K, Mariner Pointe #951 1/1 now $529K, Loggerhead Cay #282 2/2 now $844K, Mariner Pointe #223 2/2.5 now $874.9K, Pointe Santo #B44 2/2 now $995K, Pointe Santo #E43 2/2 now $1.15M, Sanibel Moorings #721 3/2 now $1.3M.

1 back-on-market: Bandy Beach #E101 3/2 $1.05M.

3 new sales: Sanibel Shores #B2 1/1 listed at $529K, LaPlaya #2A 3/2 listed at $1.095M, Gulfside Place #208 2/2 listed at $1.25M.

1 closed sale: Oceans Reach #2A2 2/2 $800K.

HOMES

11 new listings; 3902 Coquina Dr 3/2 $539K, 1866 Ibis Ln 2/2 $839K, 1625 Serenity Ln 3/2 $979K, 547 Chert Ct 3/3.5 $999K, 738 Durion Ct 3/3 $1.399M, 933 Whelk Dr 3/2 $1.695M, 819 Birdie View Pt 3/2.5 $1.895M, 1769 Venus Dr 3/2 $1.949M, 911 S Yachtsman Dr 3/3 $2.285M, 1283 Isabel Dr 3/2 $2.82M, 4352 West Gulf Dr 5/3.5 $3.395M.

14 price changes: 812 Rabbit Rd 3/2 now $768.5K, 1719 Serenity Ln 3/2 now $819K, 1196 Sand Castle Rd 2/2 now $825K, 9428 Moonlight Dr 3/2 now $869,999; 1731 Serenity Ln 4/3 now $994.5K, 9479 Blind Pass Ct 3/2 now $999,990; 737 Vinca Way 3/2 now $1.075M, 3822 Coquina Dr 4/3.5 now $1.395M, 729 Sand Dollar Dr 4/3 now $1.395M, 742 Nerita St 3/2 now $1.75M, 3744 West Gulf Dr 4/4 now $1.95M, 2969 Wulfert Rd 6/7.5 now $3.195M, 918 Limpet Dr 4/4.5 now $3.225M, 2960 Wulfert Rd 5/5.5 now $3.549M.

3 back-on-market: 931 S Yachtsman Dr 4/3.5 $998K, 932 Whelk Dr 3/3 $1.15M, 2276 Wulfert Rd 4/5.5 $1.6M.

7 new sales: 1113 Sand Castle Rd 3/2 listed at $798K, 2166 Egret Cir 3/2 listed at $799K, 920 Almas Ct 3/2.5 listed at $1.595M, 6129 Starling Way 3/2.5 listed at $1.598M, 840 Birdie View Pt 3/2.5 listed at $1.925M, 558 N Yachtsman 2/3 listed at $1.999M, 2871 Wulfert Rd 4/4 listed at $2.59M.

1 closed sale: 967 Cabbage Palm Ct 3/3 $1.275M.

LOTS

2 new listings: 5398 Osprey Ct $429K, 6008 White Heron Ln $1.195M.

1 price change: 2505 Island Inn Rd now $275K.

No new sales.

1 closed sale: 4717 Rue Belle Mer $3.2M.

Captiva

CONDOS, HOMES, LOTS

Nothing to report.

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.

Enjoy your weekend, Susan Andrews, aka SanibelSusan