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 | | Sanibel Island Lighthouse |
Have We Hit the Bottom Yet?
It seems most savvy real estate investors have been trying to time the bottom of the market. Some buyers have already missed out on the buying opportunity of a lifetime. Others are waiting for the media to tell us now is the time to jump back in. And still other can’t seem to find the forest through the trees. Those of you who have not yet received the memo, some of the best deals of our lifetime are currently available.
The number of sales of single family homes on Sanibel and Captiva is higher in 2009 than it was in 2008. Yes, the obvious is true. The average and median sales prices are down from a year ago, but that is because the high end sales on the Gulf and Bay took a break this year. 143 single family homes closed in 2009 on Sanibel with an average sales price of just under $750,000. On Captiva, the average sales price of single family homes was over $2,400,000.
Condominium sales on Sanibel and Captiva have actually started picking up again. Although the average sales price is off 8% from last year on Sanibel, , there were 84 condominiums sold in 2009. On Captiva, the number of sales this year will exceed the number from last year. On both islands, there are some extremely good investment opportunities of income producing condominiums. Furthermore, the banks have started lending money again, and the interest rates have remained extremely low.
It is unfortunate that many of the ready willing and able buyers are focused on finding distressed sales, foreclosures or short sales. With more than 50% of the owners on the islands not having a mortgage, we have a significantly smaller percentage of distressed situations than other markets. Many buyers are interested in selling in the current market conditions because they are ready to move onto a different stage of their lives or they have their eye on another great deal currently available.
On Sanibel, there are currently 267 houses and 273 condominiums available for purchase at press time. Some of these are on the beach, a few are on the bay, several have boats in their backyards, and many are near a “forest” of conservation land behind some “trees”. If you agree that the end of the “once in a lifetime” buying opportunity has arrived, please give call Pfeifer Realty Group to allow us to help you find your property in paradise.
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