|
 | | Sanibel Lighthouse |
Are We There Yet?
APRIL, 2009 SANIBEL ISLAND: The million dollar question is, “Have we hit the bottom of the real estate market”? The answer is no, not yet. For three years now, we on Sanibel & Captiva Islands have always said we were insulated from the “Real World” across the bridge. We never had the same spike in prices as they did in Fort Myers or Cape Coral because it has always been cost prohibitive for most buyers of Florida real estate to purchase here. Consequently, we have not seen the same proportionate drop in prices during the downturn. In other words, the values have been maintained better on the islands, and the risk is safer here. The problem is someone forgot to tell the buyers.
Realtors are getting the same requests every day: “Send me a list of foreclosures”, “What is a short sale?”, “How much does the seller owe on the property?”, “How long has the property been on the market?” and “Call me if you have any good deals”. Whatever happened to someone fulfilling their lifelong dream of buying a piece of paradise on an island in the sub-tropics? These buyers must be back home adjusting to the curve balls life has thrown them. They will return when the economy has settled down. But when will that be?
On Sanibel, the inventory is higher than I have ever seen with 347 houses and 302 condos currently available for sale. Captiva has 78 houses and 83 condos for sale. If 2009 turns out to be as strong as the previous two years, we have a three year supply of properties to sell. So what is making the buyers jump into this market? Lower prices. As prices get reduced, we see the buyers “coming out of the woodwork” to snap up the deals. Some sellers are recognizing that the equilibrium point is within reach and they are responding with price reductions. Pfeifer Realty Group has already helped 15 families achieve their real estate goals on Sanibel since January 1, 2009. Other sellers are holding firm with their prices waiting for the market to turn or for that dream buyer who has fallen in love with the property.
If you are serious about selling in a timely manner and are not ready to lower your asking price for fear that your neighbor will hold you responsible for the economic problems in the world, you may want to consider a Luxury Real Estate Auction. In conjunction with Williams & Williams the premiere brand in real estate auctions, Pfeifer Realty Group has created a Luxury Auction Division to sell a limited number of properties on Sanibel & Captiva. The auction process creates open, competitive, and dynamic bidding which results in a time definite sale at true market value.
If you would like to discuss your options with a Realtor, please give us a call. We will be happy to meet with you to help you achieve your real estate goals.
|
