What’s Cookin’ With Sanibel & Captiva Island Real Estate…

Here’s hoping everyone has had a good holiday so far. Thankfully, it has been a busier week, than last, for us at SanibelSusan Realty Associates. We always know that “high season” has arrived when we see traffic control officers at, not only the 4-way stop coming on the island, but also at the Jerry’s intersection and at the end of Tarpon Bay Road. Unfortunately, they make for a long commute for those traveling on-off island, but undoubtedly are good protection for those visiting bikers and drivers unfamiliar with the surroundings.

With a cooler weather (down into the 60’s) both yesterday and today, the restaurants and shops too are busier, though our Realtor® colleagues report very few visitors during their Christmas week open houses. We also held listings open two afternoons and likewise had few inquiries. Once again this year, this holiday week has been more a family time for island fun. 

High Season Indicators

Reports are that Sundial Beach and Golf Resort was booked at only 60% over the Christmas holiday, with other rental organizations indicating similar occupancy. Even fewer arrivals are expected for the New Year when the Christmas visitors check-out tomorrow. After that, we expect our standard lull until about mid-January, when the snow really begins to fall up north and things will pick up here again. Good solid bookings already are indicated for both February and March.

We also always know that “high season” is upon us when we get a flurry of calls to list property. As much as we prefer getting new listings in the fall, many prospective sellers wait until December and January to contact us, when “season” is essentially here. We had three such calls yesterday and once again had to advise the owners that to position their properties to sell in today’s market, they need to be priced at considerably less than their expectations. Those conversations are definitely not the fun part of our job.

Status of Offers

Sanibel Lighthouse

I worked negotiating a couple of offers over the Christmas holiday. No good news to report on those yet. Just to illustrate the frustrations in today’s market, one is a situation where a prospective buyer offered 25% less than the asking price on one of our best-priced listings. The other is where I wrote a clean offer on another company’s listing at only 8% less that the asking price. That property has been on the market for several years and the sellers refuse to respond. We are persistent, however, so I anticipate that “season” will be a good one for the “reasonable” buyers and sellers.

Year-End Sanibel Update on Inventory and Sales

These probably are not the final numbers as there are a few island closings occurring this afternoon, but the summary below shows that Sanibel inventory is back up as we go into “season”.

  • 265 condos are for sale, 9 are under contract, & 142 have sold/closed this year, which is more than the 120 sales in 2010. Average sale price is $591,672 which is 3% less than last year & 32% less than the heyday of 2006.
  • 231 homes are for sale, 28 are under contract, & 177 have sold/closed this year, which is more than the 124 sales in 2010. Average sale price is $819,080 which is 6% more than last year & 28% less than the heyday of 2006.
  • 112 lots are for sale, 2 are under contract, & 18 have sold/closed this year. Average sale price is $378,381, which is higher than last year, but 21 lots sold in 2010, so the number of lot sales is down & the average sale price is 56% less than the heyday.

Filing for Florida Homestead & Property Tax Exemptions

The official filing period for the 2012 homestead exemption and property tax exemptions opens Sunday and ends on March 1. Applications filed after March 1 are considered late. If you believe you qualify as a Florida resident and reside in your home as a permanent resident as of January 1, you should apply right away, according to the Lee County Property Appraiser. Visit the property appraiser website – leepa.org for contact information, exemption qualifications and filing information. The office is at 2480 Thompson St., Fort Myers, corner of Fowler Street and Martin Luther King Jr. Boulevard.

Sanibel & Captiva Multiple Listing Service Activity December 23-30

Sanibel
CONDOS
1 new listing: Sundial #A405 2/2 $799K.
6 price changes: Sundial #G107 1/1 now $249.9K, Tennisplace #C35 2/1.5 now $255K, Coquina Beach #5A 2/2 now $304K, Sundial #D205 1/1 now $389K, Sunset South $9A 2/2 now $519K, Loggerhead Cay #411 2/2 now $575K.
1 new sale: Colonnades #C43 1/1 listed for $169K.
2 closed sales: Sanibel Moorings #1312 2/2 $340K, Tarpon Beach #110 2/2 $590K.
 
HOMES
6 new listings: 3822 Coquina Dr 3/2 $449K, 1394 Middle Gulf Dr 3/3 half-duplex $499K, 525 Lake Murex Cir 3/2.5 $499K, 733 Durion Ct 3/2 $577K, 5864 Pine Tree Dr 3/3.5 $995K, 1842 Woodring Rd 3/3.5 $1.998M.
2 price changes: 1433 Jamaica Dr 5/4 duplex now $455K, 2540 Coconut Dr 4/3.5 now $780K.
6 new sales: 1585 Serenity Ln 3/2 listed for $419K, 1123 Sand Castle Rd 3/2 listed for $539.9K, 411 Lighthouse Way 4/3 listed for $1.395M, 6004 White Heron Ln 4/4/2 listed for $1.895M, 909 Snowberry Ln 3/3 listed for $2.15M, 1191 Bird Ln 4/3 listed for $2.195M (short sale).
1 closed sale: 1454 Sandpiper Cir 2/2 half-duplex $280K.
 
LOTS
3 new listings: 564 Hideaway Ct $249,555; 707 Emeril Ct $345K; 5821 Pine Tree Dr $550K.
1 price change: 2562 Coconut Dr now $349K.
No new or closed sales.
 
Captiva
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. 

Until next Friday, Happy New Year & best wishes for a healthy 2012 from SanibelSusan

Busiest Week of the Year So Far On Sanibel & Captiva Islands

It’s the end of another fun-filled week on Sanibel and Captiva Islands. Reports are that it was the busiest week of the year so far, with another huge visitor/guest turn-over expected tomorrow. Today the annual Lion’s Club Arts & Crafts Fair across the street from our office at the Community House is bringing plenty of traffic. It continues through tomorrow.
 
Our Realtor® Caravan Meeting yesterday was held at The Sanctuary, with another update provided on their membership offerings. For those interested in a social membership, only a few remain. More new Sanibel sales were posted this week – five condos, eight homes, and one lot. One Captiva home sold. Price reductions continue, with 43 on Sanibel and five on Captiva announced just this week.
 
Here are a few news items followed by the Sanibel & Captiva Islands MLS activity this week.

Coyote Sighting

On Tuesday, a Tarpon Bay Explorers field guide at the J.N. “Ding” Darling National Wildlife Refuge confirmed that one of their trail cameras snapped a new photograph of the coyote originally spotted last month on refuge grounds. (The cameras were purchased by the ‘Ding’ Darling Wildlife Society to get pictures of island bobcats.) Three weeks ago, officials at the refuge reported a confirmed sighting of a coyote on the edge of a mangrove shoreline along Wildlife Drive. The report stated “This is a new mammal for Sanibel, now established throughout mainland Florida, which most likely arrived here by swimming island to island. It is probably a young adult, which disperse from their mother’s territory to establish their own.” A coyote diet in Florida is typically small mammals such as mice, rats and rabbits, and they are most active near dawn/dusk. They also are normally very shy and stay away from humans; however, young coyotes, new to capturing prey, have been known to eat everything from fruits and vegetables to garbage as well as dead fish and wildlife, sea turtle eggs, birds, livestock and small pets. A City of Sanibel notice issued on March 4 asked island residents to apply the same caution as with raccoons, to not leave pet food or other edibles outside, and to secure garbage cans. Other sightings should be reported to the City of Sanibel’s Department of Natural Resources, the Wildlife Refuge, or the Conservation Foundation.

 
It’s All About Location, Location, Location

An interesting article was posted Wednesday on WorldProperties.com about real estate sales in the New Europe. It describes the growing gap between the development of attractive markets… and less attractive….” Sounds very much like here in the U.S. and the popular real estate slogan “location, location, location.”  www.opp.org.uk/news_article.asp?id=5038 .

Building for the Future

This year’s Dancing With the Islands’ Stars event was even more successful than last year. Both rehearsal and gala nights were sold out, with live video feeds to seven local restaurants/clubs, resulting in over $138K being raised to redevelop the Sanibel Community House. It will be exciting to see the new changes evolve there. http://www.sanibelcommunityhouse.net/

 
BIG ARTS Chorus Spring Concert

Our local chorus spring concert last night was a huge success and again sold out. It was a hoot for our director to get 80+ mostly-retired singers to quick-change during intermission from formal wear into cowboy duds for our 2nd half presentation of “Oklahoma” with an island-twist. Here’s clip of one of the songs during the first half of the evening with flute solo by my friend, Jennifer Valiquette. She’s a terrific young island musician who also teaches music lessons. Bet she was surprised that we could sing in Italian.   http://www.youtube.com/watch?v=j_60KZ7iig8 

 I’ve been part of the chorus since it began in the early 90’s and each year these concerts get better and better. Our director is top-notch and continually challenges us with new and varied pieces. We have one more performance next week at the last Minnesota Twins game, then we hang up our music until next fall.

There are so many goings-on and so much to do on the islands this time of the year, that our visitors probably have difficult deciding which “fun” thing to do next.

 
Canadians Interested in Buying U.S. Property

A Florida REALTORS® article posted today, says “A new survey from BMO Bank of Montreal and conducted by Leger Marketing finds that one in five Canadians would now consider purchasing property in the United States. Lower home prices and a strong Canadian dollar have sparked their interest in purchasing U.S. property. Overall housing prices in the U.S. have fallen by 30% over the past four years. However, prices in traditional Canadian snowbird destinations have dropped even more. For example, prices in Tampa are down 44%, Phoenix fell 54%, Las Vegas 57%, and Miami 49%. “Now, with the American economy and employment gaining strength, home sales should pick up and put a floor under soft prices,” said Sal Guatieri, senior economist, BMO Bank of Montreal. “We expect prices to rise over time as the overhang of unsold homes eases.” He also expects the American dollar to strengthen, which would add to the investment potential for Canadians who jump into the real estate market now. Some Canadian banks, such as BMO, have branch offices operating in Florida and elsewhere in the U.S.”

 

Sanibel & Captiva MLS Activity March 18-25

 

CONDOS
1 new listing:  Seashells #20 2/2 $369K (our listing).
14 price changes:  Captains Walk #F7 2/1.5 now $239K, Seashells #15 2/2 now $299K, Spanish Cay #A1 2/2 now $329.9K, Blind Pass #A105 2/2 now $379K, Blind Pass #B102 2/2 now $449.9K, Lighthouse Point #318 3/2 now $489K, Sanctuary I #3-2 3/3 now $589K, Sandy Bend #2 2/2 now $599K, Kings Crown #211 3/2 now $749K, Pointe Santo #C25 3/2 now $849K, Gulfside Place #106 2/2 now $1.025M, Dosinia #2B 3/2 now $1.199M, Wedgewood #305 3/3.5 now $1.575M, Sedgemoor #105 3/3.5 now $2.49M.
5 new sales:  Blind Pass #B208 2/2.5 listed for $475K, Heron at the Sanctuary #2-1B 2/3.5 listed for $2/3.5 listed for $519.9K, Mariner Pointe #232 2/2 listed for $599K, Sandpiper Beach #401 2/2 listed for $649.5K.
3 closed sales:  Villa Sanibel #2A 2/2 $342K, Coquina Beach #2E 2/2 $575K, Plantation Village #A212 3/2 $900K.
 
HOMES
1 new listing:  2130 Sunset Cir 3/2 $579K.
21 price changes:  535 Piedmont Rd 3/2 now $355K, 984 Sand Castle Rd 4/3.5 now $365K, 1613 Sand Castle Rd 3/3 now $369K, 9292 Belding Dr 3/2.5 now $399K, 555 Rabbit Rd 3/2 now 425K, 4237 Old Banyan Way 2/2/2 now $479.9K, 474 Surf Sound Ct 3/2 now $499,627 (short sale), 3001 Singing Wind 3/2 now $520K, 4291 Gulf Pines Dr 3/2.5 now $620K, 4210 Old Banyan Way 3/2  now $622K, 1210 Par View Dr 3/2 now $675K, 1350 Tahiti Dr 3/2 now $679K, 450 Sea Walk 4/3 now $699K, 1234 Seagrape Ln 2/2 now $750K, 751 Sand Dollar Dr 4/2.5 now $815K, 600 N Yachtsman Dr 3/2.5 now $989K (short sale), 791 Pen Shell Dr 4/3 now $1.249M, 5709 Baltusrol Ct 3/3.5 now $1.295M, 2367 Wulfert Rd 4/3.5 now $1.395M, 5045 Joewood Dr 3/3.5 now $2.475M, 6015 Clam Bayou Ln 4/3.5 now $2.795M.
8 new sales:  1148 Seagrape Ln 2/2 listed for $529K (short sale), 3570 Bunny Ln 3/3 listed for $595K, 237 Daniel Dr 3/2 listed for $599K, 950 Cabbage Palm Ct 3/2 listed for $623K (short sale), 1562 Sand Castle Rd 4/3 listed for $732K, 5422 Shearwater Dr 3/2.5 townhouse listed for $835K, 970 Victoria Way 3/3 listed for $999K (short sale), 1320 Seaspray Ln 4/4.5 listed for $2.795M.
2 closed sales:  424 East Gulf Dr 4/2 duplex $465K, 1824 Farm Trail 3/2 $540K.
 
LOTS
No new listings.
8 price changes:  Beverly Ln now $149K, 2355 Wulfert Rd now $179K, Sea Bell Rd now $210K, 5624 Baltusrol Ct now $220.9K, 5116 Sea Bell Rd now $225K, 0 Coconut Dr now $399K, 2562 Coconut Dr now $429K, 659 Anchor Dr now $575K.
1 new sale:  5896 Dinkins Bayou Rd listed for $195.5K.
No closed sales.
Captiva
CONDOS
2 new listings:  Marina Villas #701 2/2 $569K, Sunset Beach Villas #2335 3/3 $895K.
1 price change:  Bayside Villas #4322 3/3 $579K.
No new or closed sales.
 
HOMES
1 new listing:  17 Urchin Ct 2/2.5 $71K.
4 price changes:  11536 Andy Rosse Ln 3/3 now $1.5M, 16171 Captiva Dr 4/4.5 now $1.755M, 16697 Captiva Dr 2/2 now $2.95M, 15631 Captiva Dr 5/4.5 now $3.15M.
1 new sale:  945 South Seas Plantation.
No closed sales
 
LOTS
Nothing to report.
NOTE: 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.

 

Orchids just outside our new listing at Seashell #20

Sanibel

Bring Your Flip Flops, Sanibel & Captiva Are As Tropical As Ever

It is yet another glorious Friday on Sanibel and Captiva Islands with the sun shining and temperatures in the high 60’s. Warmer days are expected next week, 80’s by Wednesday. There are plenty of fun events going-on this weekend and we had good showing activity with many of our listings this week.

Vacationers, visitors, snowbirds, and locals continue to remark about how wonderful island weather is this time of the year. Funny thing is, the weather is pretty terrific year-’round. January is usually when we see the most temperature differential (though it’s not too difficult to have 50 degree nights and 80 degree days). When you live here, it’s a treat to dig out our long sleeves occasionally. (Mine all coordinate well with my various flip flops.)

A favorite island past-time continues to be watching weather reports elsewhere while being very thankful to be here. Sunsets are now getting later and later – almost 6:30 p.m. today. We really like longer days which give us more time to enjoy the many great outdoor activities of the islands. Reports this week were that the fishing is excellent, the shells are plentiful, the birding is extra special with ospreys building nests like crazy, and the golf courses and tennis courts in near-perfect condition. Why would anyone be up north shoveling if they could be here? The rental organizations report that rooms are available, so those of you reading this from somewhere where it is chilly. Come on down…consider purchasing your own piece of paradise. There are still plenty of “good deals” here. 

Did You Know?

This tidbit was in the January Issue of “The Junonia” the Sanibel-Captiva Shell Club’s newsletter:

“In a recent article in the Los Angles Times titled “Men and Their Groom Habits”, a timeline stated: “30,000 BC: Stone Age man begins using sharpened flint and seashells to scrape the hair from his body, inventing the morning shave.””

 The Sanctuary Golf Club

Here’s an update on Sanibel’s private golf and tennis community. Many islanders don’t realize that Sanctuary home ownership is not longer a requirement to become a member of The Sanctuary Golf Club. The club opened 18 years ago in 1993 and sits on 400 acres with 50% dedicated to conservation land. It currently has 415 members with 60% living outside of The Sanctuary community. It has a 50,000 sq. ft. clubhouse, Arthur Hills championship golf course, practice facilities, full-service golf shop, fitness center, 5 Hydro tennis courts, and swimming pool. The golf course is a certified Audubon Cooperative Sanctuary and is the only course controlled by the Department of the Interior through the J.N. “Ding” Darling National Wildlife Refuge. The club has been designated a “Platinum Club” since 2009 by Club Leaders Forum (the equivalent of a Mobil 5-star rating). It also has received the Emerald Award since 2009 by Board Room Magazine, Distinguished Clubs of America (one of only two clubs in the U.S. to receive this designation). A variety of club memberships are available including Equity, Introductory, Associate, Social, and Temporary. I can arrange for introductory tours, including golf, tennis, lunch/dinner, attendance at the monthly member cocktail reception, and more – or check out their website at www.sanctuarygc.net.

Own a Rental Property?

The latest “Realtor®” magazine has an article called “The IRS Needs to Know”. It discusses a new law that requires you to issue an IRS 1099 form to handymen and other vendors doing at least $600 worth of work for you. This requirement is not a new one. It is something that larger rental property owners already must do. But last year when the federal government enacted the Small Business Jobs Act of 2010 (H.R. 5297), it expanded this requirement to all property owners, no matter how small. Even property owners who are just doing rentals as a sideline – maybe as part of a family investment fund or as part of a retirement savings plan – are not considered to be “conducting a trade or business,” so the 1099 reporting requirement now applies to them. If you own a rental, that means you have a legal obligation to obtain certain info from your vendors – generally their name, address, and Social Security number or other tax id – and to keep a record of the amount you pay them over the year. The requirement applies to all independent contractors or freelance workers that typically provide services in a rental real estate context. These include plumbers, electricians, painters, cleaning services, gardeners, landscapers, accountants, and handymen – in short, virtually all service providers to the property who don’t receive a W-2 form from you and who provide at least $600 in services for the year. It’s a cumulative amount so good to start keeping those records annual records now.

Sanibel & Captiva MLS Activity January 21-28

Sanibel

Condos

8 new listings: Colonnades #12 1/1 $189K, Tennisplace #A34 2/1.5 $266.9K (our listing), White Caps South #7 1/1 $399K, Sundial #T403 2/2 $625K, Sundial #R404 2/2 $650K, Pointe Santo #D2 2/2 $685K, Junonia #202 2/2 $899K, Gulfside Place #318 2/2 $1.2M.

8 price changes: Sundial #C204 1/1 now $299K, Donax Village #3 2/2 now $349K, Sundial #H306 2/2 now $549K, Sandpiper Beach #204 2/2 now $645.9K, Sanctuary Golf Villages I #3-2 now $649K, Sedgemoor #203 3/3.5 now $2.35M.

3 new sales: Tennisplace #A31 2/1 listed for $235K, Captains Walk #B8 2/2 listed for $299K, Pointe Santo #D36 2/2 listed for $599K.

No closed sales.

HOMES

5 new listings: 951 Sand Castle Rd 3/2 $499K, 610 Donax St 5/3 triplex $549K, 950 Cabbage Palm Ct 3/2 623K (short sale), 5657 SanCap Rd 3/2 $630K, 1210 Par View Dr 3/2 $699K.

7 price changes: 966 Fitzhugh St 2/1 now $374K, 1027 Sand Castle Rd 2/2 now $419K (short sale), 4248 Old Banyan Way 3/2 now $530K, 549 East Rocks Dr 3/2.5 now $749K, 5379 Shearwater 4/3 now $1.195M, 2332 Troon Ct 4/5 now $1.445M (short sale), 2899 Wulfert Rd 4/4/2 now $2.995M.

10 new sales: 5151 SanCap Rd 2/2 listed for $324.9K, 743 Martha’s Ln 2/2 listed for $379K, 1440 Sandpiper Cir 3/2.5 half-duplex listed for $425K, 1809 Farm Tr 3/2 listed for $479.9K, 1262 Par View Dr 3/2 listed for $650K, 799 Conch Ct 3/2.5 listed for $725K (short sale), 486 Surf Sound Ct 3/3.5 listed for $749K, 4996 Joewood Dr 3/3 listed for $895K, 6004 White Heron Ln 4/4/2 listed for $1.895M, 4741 Tradewinds Dr 3/3 listed for $1.995M.

2 closed sales: 1105 Skiff Pl 3/2 $435K, 9028 Mockingbird Dr 4/3 $500K.

LOTS Nothing to report.

Captiva

CONDOS

1 new listing: Beach Homes #32 3/2.5 $1.979M.

1 price change: Sunset Beach Villas #2336 2/2 now $769.9K.

No new or closed sales.

HOMES

1 new listing: 51 Oyster Ct 2/2.5 $915K.

7 price changes: 14970 Binder Dr 4/2 now $949K (short sale), 11540 Gore Ln 3/3 now $949K, 16167 Captiva Dr 3/3 now $1.295M, 11504 Wightman Ln 4/3 now $1.295M, 16727 Captiva Dr 5/3 now $1.395M, 11537 Andy Rosse Ln 4/4 now $1.725M, 16171 Captiva Dr 4/4.5 now $1.875M.

No new of closed sales.

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.

SanibelSusan’s Mid-Week Update About Sanibel & Captiva Island Real Estate at the 3/4-Year Mark

Now that most of the year is behind us and high season is just around the corner, it’s a good time to sit back and take a look at real estate market trends on Sanibel and her sister island, Captiva. Interestingly, they are not the same.

Sanibel Island Is Where Homes & Lots Are Moving

On Sanibel, home sales started to rebound last year, particularly when prices dropped, making entry-level homes more affordable to families looking to move here for our highly-rated & continually-awarded blue-ribbon school.  Lower-priced homes have continued to move well this year. Best sellers, as always, are those near the beach and with swimming pools. Today, the number of sales of gulf-front homes is already double the number sold in 2009, another good indicator that Sanibel homes are moving again.

Sanibel condo sales, on the other hand, just recently started to improve. Already 15 more have sold and closed than in all of last year.  Another 12 units are under contract awaiting closing. Condo inventory, however, remains high, so it will be some time before that market stabilizes again. There still are plenty of excellent offerings if you are looking for a well-priced Sanibel condo.

Sanibel lot sales are up significantly this year too. With 19 lots sold & closed during the first nine months of this year and another under contract, that number of sales already exceeds sales during each of the last four years, when 11, 13, 17, and 18 lots were sold, respectively, during 2009, 2008, 2007, and 2006. With Sanibel’s Land Development Code restricting the number of residential properties on the island, the end is in sight if you want a lot for a single-family home. The island looks like there is plenty of undeveloped land and there is. The majority will remain undeveloped too. Sanibellians love their conservation land. Before there can be much more new construction, there will be tear-downs.

Here is a summary of the Sanibel sales statistics, followed by a more detailed view of the sold properties by geographical location:

 Sanibel Condos Homes Lots
 # MedianPrice $  Avg DOM  # MedianPrice $  Avg DOM  # MedianPrice $  Avg DOM
For sale 236 577,000 420 248 882,000 387 112 395,000 746
Sales pending 12 549,000 340 19 599,900 415 1 299,000 22
Sold to 10/20/10 102 530,000 392 105 580,000 314 19 245,000 436
Sold in 2009 87 575,000 338 144 586,250 278 11 275,000 414

 

Sanibel Sales to 10/20/10 Condos Homes Lots
# Median Price $ # Median Price $ # Median Price $
Gulf-Front 75 585,000 4 2,200,000 1 1,295,000
Bay-Front 5 475,000 3 1,108,125 0 N/A
Bayou 0 N/A 2 1,005,000 1 560,000
Canal 2 450,000 18 910,000 0 N/A
Near Beach 17 325,000 52 557,500 15 237,500
Inland 3 590,000 26 485,000 2 177,500
TOTAL 102 530,000 105 580,000 19 245,000
This representation is based on data supplied by the Sanibel & Captiva Islands Association of REALTORS® Multiple Listing Service. Neither the author nor the Association guarantees or is any way responsible for its accuracy.

Captiva Island Is Just Starting to Catch Up

On Captiva, the market is different, perhaps related to the higher home prices and the more vacation-related owners. Remember, though Sanibel and Captiva are sister islands, their size, governing bodies, and demographics are not the same. Captiva’s year-’round resident population is measured in only hundreds, with most properties there used as second homes or investment rentals.

You will notice from the statistics below that fewer Captiva condos, homes, and lots have sold in 2010 than last year. Condos could catch up by year-end, but it’s unlikely that home sales will. Most of the condo sales were within South Seas Resort, some at very low prices. On Captiva, the condo market has rebounded before homes.

 Captiva Condos Homes Lots
 # Median Price $  Avg DOM  # Median Price $  Avg DOM  # Median Price $  Avg DOM
For sale 66 677,500 529 76 2,530,000 526 13 1,900,000 716
Sales pending 2 547,000 780 3 1,999,000 353 0 N/A N/A
Sold to 10/20/10 18 625,000 270 6 2,143,750 463 2 2,850,000 284
Sold in 2009 22 645,000 361 16 1,822,500 321 3 2,500,000 630

 

Captiva Sales to 10/20/10 Condos Homes Lots
# Median Price $ # Median Price $ # Median Price $
Gulf-Front 7 780,000 1 2,500,000 2 2,850,000
Bay-Front 5 572,500 2 2,318,750 0 N/A
Canal 2 437,500 0 N/A 0 N/A
Near Beach 4 607,500 3 1,430,000 0 N/A
TOTAL 18 625,000 6 2,143.750 2 2,850,000
This representation is based on data supplied by the Sanibel & Captiva Islands Association of REALTORS® Multiple Listing Service. Neither the author nor the Association guarantees or is any way responsible for its accuracy.

 The Sister Island Situation

Like Sanibel, Captiva continues to offer excellent value for the consumer who has been waiting for prices to hit bottom. Consider them there. Colleagues and I expect that this winter will be a good one for sales on both islands. Smart consumers already have recognized that the next step for our market is to swing up. This fall, returning snowbirds have been looking and buying. It’s not just REALTOR®-speak when I say, “the best time to buy on the islands is now”. October/November is always when we have new inventory and this year sellers are listening to pricing recommendations. There are some terrific properties for sale now that my fortune cookie says will sell this winter.

Friday, I’ll be posting the week’s real estate action for both islands.