Sanibel, Captive, and South Fort Myers

REAL ESTATE MARKET UPDATE 

Whew, what a season! This has been a terrific “Buyers Market”! Lee County, Florida has led the nation in home and condo price declines with some areas down well over 50% in the past 2 years. South Fort Myers has faired a bit better with pricing off about 35-40%. The specialty markets of Sanibel & Captiva Islands have seen prices come down about 25-30% for homes, and 30-35% for condos since their all time highs in late 2005/early 2006. There have been record “Short Sales” (where the loans on a property are more than the property is worth), and foreclosures in both Cape Coral and Lehigh Acres.

Sales of distressed properties in those areas have resulted in the highest number of closings for each of the past 3 months since records have been kept in Lee County.

That is good news for future price stability as the absorption rate (number of months of inventory on the market) in those areas has reduced from over 3 years to less than 5 months.

Turning our attention to Sanibel & Captiva we find that there are 16 homes on the market out of 379 that are Short Sales and 2 that are in foreclosure.

There are 3 Condominiums that are Short Sales out of 348 on the market and none in foreclosure at this time.

The reason for Sanibel & Captiva being more stable than some other areas of Lee County is attributed to the following: the small number of properties (less than 8,000 total homes and condos), the affluent nature of owners on the islands, the uniqueness of these islands with over 68% dedicated as conservation lands, and the restrictive building codes that will never allow high rises or overdevelopment. It is a special place where nature and man can and do live in harmony!

Welcome to Paradise!

Looking to buy or sell a home on Sanibel-Captiva Islands? Team Petel is here to offer "the perfect blend of ingredients" for success in the sale and purchase of Southwest Florida real estate, with the highest level of professionalism and service using local market expertise, in-depth research abilities, creative, client-specific marketing plans for sellers and comprehensive information for buyers.

Kathy and John believe that moving to Sanibel in 1987 was the best decision they have made in their 30 years together. They know the secret: that Sanibel-Captiva Islands and Southwest Florida offer a lifestyle, not just a place to live.

If you are in the market for a new home, or are looking to sell your existing residence, look no farther. John and Kathy have you covered every step of the way! So stop in, call, or email Team Petel today and get started on the smoothest real estate transaction you will ever have!