Another Warm Sunny Friday on Sanibel Island

Hooray! The island winter weather this week has been warm and sunny, 70+degree F days. 60’s at night. Nice conditions for the many contractors still working outside and even better for the visitors here from colder areas. Forecasters say more of the same is expected next week.

During my travels yesterday, I spotted many white birds (ibis, heron, egret) on either side of the road at the culvert that goes under Bay Dr. It is not the first time since the hurricanes that I have seen a variety congregating there. Everyone including wildlife are adapting to landscape changes.

For beachgoers, the good news is that all Sanibel public beach parking lots are now open.

There have been plenty of vacant spots in the bayside lot at lighthouse beach, but usually just a handful on the gulf side.

On Captiva, the Turner Beach lot, just over the bridge remains closed.

IPicture taken at Lighthouse Beach bayside yesterday, 1/30/2025.)

Red Tide

Recent cold weather in Florida has kept red tide away. But lately SW Florida has had several health alerts issued for red tide along beaches. (Today the alert was at Bowman’s.) Meteorologists have been tracking the bloom for months.

According to Sanibel-Captiva Conservation Foundation (SCCF) Marine Lab Director Dr Eric Milbrandt, the bloom is quite large, extending from the lighthouse and central Sanibel almost down to Naples. It started near Tampa after Hurricane Milton and cold fronts have pushed it south.

Dr Milbrandt said, “This one is sort of in the medium development phase, where it is using nutrients that are coming off the coast and it is continuing to sustain itself.” Not only is runoff fueling the bloom, but waters in the Gulf soon will start to warm-up. “Red tide blooms that typically form in the fall, then can continue into the winter and spring months. If they continue into the summer, that is when they have become, in the past, sort of super blooms,” said Dr Milbrandt.

While a lot can happen between now and summer, it is something SCCF is watching. Given the bloom location and how the coastline is laid out, the effects of it may be felt if southerly winds get more common.

Restoration & Reopening News

Bailey Tract Reopens – The Bailey Tract on Tarpon Bay Rd has reopened after a four-week closure for trail enhancements to increase accessibility to the Mindfulness and Ani Pond trails. Renovations included resurfacing with fine rock and gravel and leveling/widening the trail.

The Bubble Room – posted Wed on social media: “A monumental day for The Bubble Room Restaurant: after 854 days we officially have permanent power! We are not ready to give an official opening date quite yet, but our timeline is between March 1st and April 31st. We appreciate everyone’s patience and enthusiasm for our reopening. Our staff and contractors are working tirelessly to reopen as soon as possible. Thank you for your continued support.”

News from Florida Realtors

Florida Realtors Mid-Winter Business Meetings are underway through Sunday in Orlando. I heard yesterday from pals serving on the day-long state Professional Development Committee Audition Panel evaluating prospective instructors.

Also, last night, the Sanibel & Captiva Islands Association took home four awards at the RPAC (Realtor Political Action Committee) Awards Ceremony: Triple Crown, Highest Percentage of Goal – Small Board, Highest Total Cash Raised – Small Board, and Highest Participation – Small Board. Congrats to all contributors!

The Sanibel and Captiva’s real estate market is so unique and specialized that state and national trends do not always directly apply, but it is important to stay aware of what is happening around us.

Earlier this afternoon, Florida Realtors Chief Economist Dr Brad O’Connor shared his insights into state economy and real estate. Here are some tidbits from his presentation:

Last year, Florida had the lowest number of closed single-family home sales since 2014. The number of sales was down 2% from 2023 which was the earlier low.

Condo/townhome sales were even weaker last year. It was the worst year since 2010.

“In some areas, like SW Florida where prices went up more than the rest of the state, when that changes, more buyers will come.”

He said, Florida housing demand was weaker in 2024 for several reasons:

• Mortgage rates still elevated
• Property insurance rates still elevated
• Market disrupted by two major hurricanes
• Domestic in-migration has slowed
• International buyer demand still tepid
• Job growth has slowed
• Condo issues (insurability and reserve requirements)

Regarding the number of new listings in 2024, that number for single-family homes was up 9.5% from 2023, but got back to normal. For condos/townhomes, that number was highest. It is a buyers’ market in Florida for condos, that started even before the new state requirements.

Looking to the future, it is too soon to predict market changes resulting from the new administration. The Fed watches job and inflation rates, we should too. He said this also, “Even if everyone in the government loses their job, that only would reduce the budget by 4%.”

Sanibel & Captiva Islands Association of Realtors

Though the island Association of Realtors did not meet this week, I chatted with several about their showing activity, pricing, etc. Like me, they are optimistic that Feb and Mar will bring more buyers, but also recognize that it will take time for today’s inventory to move.

Many are surprised that prices are not dipping but agree that most listings are priced based on the competition, not on comparable closed prices – or some just agree to client-suggested prices. As the market stabilizes, more price reductions are expected.

The next island Caravan Meeting is Thurs Feb 6. This week, the Sanibel and Captiva Multiple Listing (MLS) hot sheets added more new/back-on-market listings, and price changes, a total of 57, somewhat fewer than the whopping 70 reported last Friday.

During the last seven days, 12 new island sales were posted, all on Sanibel – four condos and eight homes.

Also since last Friday, five island closings were recorded, two Sanibel condos, two Sanibel homes, and a Captiva home.

Below, with data from the MLS are summary tables of the residential sales statistics, followed by the MLS action reported this week.

SANIBEL RESIDENTIAL	CONDOS			HOMES			LOTS
	#	Avg Price	DOM	#	Avg Price	DOM	#	Avg Price	DOM
For sale:	134	1,019,092	127	242	1,986,298	94	40	1,039,720	234
Under contract	16	773,617	84	25	2,027,276	50	0	N/A	N/A
Sold to 1/31/25	3	1,239,221	223	12	1,120,333	67	0	N/A	N/A
Sold 2024	75	818,493	117	164	1,471,981	115	15	1,403,533	192
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:	44	1,223,488	165	25	6,721,080	138	2	8,875,000	264
Under contract	0	N/A	N/A	0	N/A	N/A	0	N/A	N/A
Sold to 1/31/25	0	N/A	N/A	1	910,100	86	0	N/A	N/A
Sold 2024	13	1,728,846	185	8	4,887,187	182	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 Jan 24-31:

Sanibel

CONDOS

7 new listings: Sanibel Siesta #105 2/2 $649K, Sanibel Arms West #M4 2/2 $749.5K, Lighthouse Point #231 2/2 $819.5K, Loggerhead Cay #162 2/2 $899K, Oceans Reach #4D1 2/2 $925K, Oceans Reach #3A3 $980K, Lighthouse Point #124 3/2 $1.499M.  .

5 price changes: Colonnades #1 1/1 now $289,078; Cottage Colony West #102 1/1 now $575K, Sanibel Moorings #342 2/2 now $699K, Nutmeg Village #211 2/2 now $939K, Heron at The Sanctuary #1-2B 3/3.5 now $1.249M.

4 new sales: Blind Pass #A106 2/2 listed at $435K, Cottage Colony West #139 1/1 listed at $575K, Oceans Reach #4C2 2/2 listed at $989K, Lighthouse Point #323 3/2 listed at $1.025M.

 HOMES

17 new listings: 1258 Sand Castle Rd 3/2 $645K, 1410 Sand Castle Rd 2/2 $899K, 686 Spartina Ct 3/2 $1.199M, 1052 Fish Crow Rd 3/3 $1.225M, 604 Sea Oats Dr 4/3 $1.249M, 2449 Harbour Ln 2/2 $1.5M, 1973 Wild Lime Dr 4/3 $1.55M, 544 Sea Oats Dr 4/4 $1.695M, 1159 Junonia St 3/3 $1.795M, 1731 Venus Dr 3/3 $2.395M, 1656 Hibiscus Dr 4/3.5 $2.695M, 985 Oyster Ct 5/4 $2.795M, 880 Limpet Dr 4/3.5 $3.229M, 1114 Seagrape Ln 3/2 $3.3M, 1004 Bayview Dr 5/4 $4.595M, 906 Snowberry Ln 4/4.5 $4.75M, 5270 Indian Ct 6/6.5 $5.995M.

18 price changes: 2105 Sunset Cir 3/2 now $649K, 4560 Brainard Bayou Rd 3/2 now $775K, 4372 Gulf Pines Dr 3/2 now $823K, 846 Farm Tr 3/2 now $849K, 5089 San-Cap Rd 3/2 now $898K, 1242 Par View Dr 3/2 now $949K, 1073 Sand Castle Rd 3/2 now $994.5K, 5300 Umbrella Pool Rd 3/3 now $1.247M, 218 Daniel Dr 3/2.5 now $1.295M, 3131 Twin Lakes Ln 3/2 now $1,399,999; 5422 Osprey Ct 3/2.5 now $1.427M, 1985 Wild Lime Dr 3/2 now $1.495M, 748 Windlass Way 3/2 now $1.495M, 2711 Wulfert Rd 4/4.5.5 now $1.699M, 2402 Wulfert Rd 4/3.5 now $1.795M, 5810 Pine Tree Dr 4/3 now $1,999,999; 1321 Eagle Run Dr 4/4.5 now $2.2M, 1290 Bay Dr 3/2 now $3.675M.

8 new sales: 1950 Periwinkle Way (1/2 duplex) 3/2 listed at $699.9K, 1550 Wilton Ln 3/2.5 listed at $899K, 284 Ferry Landing Dr 3/2.5 listed at $1.095M, 803 Lindgren Blvd 4/4.5 listed at $1.695M, 539 N Yachtsman 4/3.5 listed at $1.699M, 5250 Caloosa End Ln 3/2.5 listed at $1.849M, 1052 Whisperwood Way 3/3 listed at $2M, 2319 Wulfert Rd 4/4.5 listed at $3.247M.

2 closed sales: 660/664 Periwinkle Way (multi-family) 4/2.5.5 $830K, 1866 Farm Tr 3/2 $758K.

LOTS

2 new listings: 5398 Osprey Ct $430K, 4741 Tradewinds Dr $2.7M.

3 price changes: 355 Cowry Ct now $499K, 1340 Eagle Run now $539K, 4501 Waters Edge Ln now $2.499M.

No new or closed sales.

CAPTIVA

CONDOS

1 new listing: Captiva Hide-a-Way #1C 2/2 $1.475M.

2 price changes: Bayside Villas #5112 1/2 now $350K, Bayside Villas #5208 1/2 now $540K.

No new or closed sales.

HOMES

1 new listing: 11530 Chapin Ln 3/2 $2.15M.

1 price change: 15891 Captiva Dr 5/4.5 now $6.25M.

No new, or closed sales.

1 closed sale: 11527 Wightman Ln 3/2 $910K.

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