The
Fall 2005
  Schuldenfrei
Serving
Sanibel &
Captiva for
over 29 years
REPORT
About real estate on Sanibel and Captiva • Going to 7,000 local property owners and 18,000 Northern visitors.

David L. Schuldenfrei
CRS, GRI, RealtorŪ

Selling the Islands for
more than 29 years

THE MARKET IS LOOKING GOOD
Sanibel is showing a healthy glow with all market segments looking positive for continued growth. Sanibel seems to have weathered the storm pretty well with most businesses up and running again and its value as a destination and investment venue is once again being demonstrated. That old
complaint, the market has peaked and can not get any better, seems to be falling by the wayside yet again. It really is true that when the basic product is good and the market is fundamentally sound there is surely an upside to the future.

Captiva has not shared the same good fortune as Sanibel. Their unit sales are running a bit behind last year. But, considering that South Seas is temporarily out of the market, it is doing very well indeed. We expect that as Captiva further shakes off the effects of Hurricane Charlie and South Seas returns to the market, the market will do just fine.

 


HOUSES ARE LOOKING HAPPY
While total unit sales are running at about the same level as last year the character of this performance looks promising. Houses are selling faster, at significantly better prices and in high end locations on the water. All in all it looks like a very positive picture.

CONDOS ARE JUMPING
And they are jumping high. Unit sales are running about 15% ahead of last year on Sanibel (YTD 8/31) with pricing about 20% higher. A very nice picture. On Captiva the unit volume is down but they have held their price levels. It is interesting that on both islands there has been a significant increase in unit volume for two bedroom condos and a decline in 1 and 3 bedroom units. This is a reverse of recent activity where 3 bedroom units showed the more active growth. We will continue to watch this to see if it is a market shift or simply the result of availability.

BUILDING LOTS ARE UP
The sale of building lots is largely a Sanibel activity since Captiva is virtually built out. There has been a surge of activity this year (YTD 8/31) in lots on Sanibel that are located away from water (inland and near

They represented 80% of lots sold this year compared to only about 70% last year.

beach properties). They represented 80% of lots sold this year compared to only about 70% last year. It is likely that this condition is probably due to the larger presence of building lots located away from the water and the declining inventory of waterfront lots.

RESTORATION HELP
For those of you who have not yet heard, there is an online forum that has been created by a local resident as a place where visitors and residents can share information about damage and recovery. The address is
www.bestofsanibelcaptiva.com. Soon after it was established the seasonal residents and visitors who went to the site were asking what they could do to help. In response there was a fund established called the San Cap Vegetation Restoration Fund. Donations came in from around the globe as well as locally. The funds are to be given to the city to help restore the islands to their normal paradise condition. There has already been $1,200 earmarked for the Periwinkle Way Restoration project which came from visitors and residents who were united by the forum. It is nice to hear things like this.

MORE NICE TO HEAR THINGS
People are really very nice. And their niceness seems to grow and expand during times of trouble. For example, two well known island residents have collected clothing and other necessities and taken them up to Sidell, LA. (a city northeast of New Orleans).There is a church there which will serve as a distribution point for area residents. That is a really nice thing to do. The response by the island to Hurricane Katrina has been heartening. Local businesses such as The Dunes, Ellingtons at Sanibel Inn and others have stepped up and helped out.

Another example - a group named Soon Come, Inc. and CROW hosted an event to raise money for the animals impacted by Katrina. They raised over $10,000. Its nice having neighbors like this who freely step forward to help others even in the face of their own adversity.

CITY BUDGET IS FRIENDLY
As of this writing the Sanibel City Council is making final adjustments to the city budget for fiscal 2005- 2006. The goal is to maintain city services at the current level and build up a healthy disaster relief fund. That means higher taxes, right? NO!!! The council is reducing the average tax by about 4%. Are they a great bunch or what?

CAUSEWAY BUZZ
The county has approved a reduction in the prepaid toll by $2 effective November 1, so you can enjoy the new causeway for a little less money. Construction of the new causeway is scheduled for completion around one year from now about September, 2006. The existing structures will be demolished by around January, 2007, and the demolished bridges will be sunk and become offshore reefs. The causeway islands will stay as they are so the new reefs will provide additional recreational opportunities. Sounds like a pretty good deal.

THE SANIBEL SCHOOL STRIKES AGAIN

Like so many other advances made by The Sanibel School they are now in the forefront in advancing bi-lingual education. On Sanibel bilingual instruction starts in the first grade rather than waiting until middle school as so many others do. And it is not done at the expense of math and reading. Sanibel continues to rank among the elite schools in Florida in math and reading FCAT scores and it is one of the few elementary schools in the region offering full time Spanish instruction. Not bad for a little small town school. Just one more reason this is such a special place to live.

REMODELING?
This is our periodic report of value added when you remodel. The overall value enhancement is 33% for each 1,000 feet of house added according to two professors at Florida State University. They report that if you add a bathroom you will get 8.7% more. Add a bedroom and you will get 3.7%. (Does this mean that sleeping takes a back seat to showering or whatever?). Add a garage and get 10.8%. Maybe the car is more important than we thought. In any event we all seem to know that improving your property will improve your value.

SMALL TOWN GOINS ON
We're coming up to season and the islands open up to all sorts of things.

  • Big Arts Film Society has a schedule of memorable films starting in October and going through April
  • The Shell Museum will have their 10th anniversary bash
  • The Luminary Festival will light your holiday season
  • There are several new restaurants that you might give a try
  • The Conservation Foundation has some new programs that will enlighten and amuse you.
  • The Refuge will welcome you to go out on the drive and enjoy the birding or engage in the many programs they offer at the Education Center.
  • And, of course, there is the theatres, the golf, the beaches the many and varied activities that make Sanibel and Captiva such special places.

So when you come down to this island paradise either as a visitor or a seasonal resident there will be much to do to make your stay a pleasant and memorable one.

DAVID'S RECENT HAPPY BUYERS AND ELATED SELLERS

HOMES
1571 San Carlos Dr........$1,700,000
941 Cormorant Cr .............Pending
1643 Atlanta Plaza ............$435,000

CONDOS
Pointe Santo B37 ..............$955,000
Pointe Santo B42 ..............$990,000
Sandalfoot 3D3.................$607,000
Ocean's Reach 1B4............$620,000
Nutmeg 209 ......................$639,000
Sanibel Siesta 211 .............$622,500
Beachcomber B-102 ......$1,875,000

Coquina Beach 1B ............$570,000
Poinciana 3A..................$1,400,000
Captains Walk F6..............$252,000

LOTS
1860 Ibis Lane...................$220,000
1060 Whisperwood ..........$390,000
809 Pyrula Ave .................$390,000

Join these satisfied clients and list your property with David. His experience will work for you!

 

DAVID HAS WHAT IT TAKES TO HELP YOU

David has been helping his clients on these paradise islands for a long time. He knows what works and he will put this to work for you. When you list your property with David it will sell as quickly as possible after it is listed because he knows how to do it. He has been doing it for 29 years and has built a reputation for excellence among his clients. Some of the many satisfied Buyers and Sellers are reflected in the recent sales made by David.

List your property with me and let my promise work for you!

SKILL + EXPERIENCE = BETTER SERVICE FOR YOU
David has developed special skills over the past 29 years that will help to make your real estate transaction as comfortable and fruitful as possible. Use them to your advantage. His 29 years of experience in helping people sell, buy or rent property on the islands will work to your benefit as it has for so many others. And do not forget the special programs to help you participate in this market.

  • MLS NOTIFICATION - Which lets you know whenever a property that
    meets your needs becomes available. You are notified the same day it comes
    on the market by e-mail. Also visit the all new vastly improved "Real Estate
    Availability" section of www.Schuldenfrei.com
  • PRICING SERVICE - If you want to know what price properties - similar
    to yours - have sold for recently he will prepare a written report for you.
    This free market analysis will help you with your pricing considerations,
    whether you are buying or selling.
  • GOPHER ENTERPRISES - A "Central Reservation Service" will help you
    find just the right condo or house to rent. They search all rental inventories
    throughout the islands to find just the right place for you. Now is the time
    to book 2006.

If you would like to learn more about these programs and how they can
help you just go to www.schuldenfrei.com. And click on the link to the
program that most interests you.

LET DAVIDS EXPERIENCE WORK FOR YOU!
Call David when you need effective real estate experience. He is prepared to help you whether you want to sell your property, buy a property or rent. He has been helping clients and customers for over 29 years so he knows this island very well. Nobody knows it better. Let him help you. Just call, write, fax or send an e-mail and you will be served with confidentiality and knowledge - and more island experience than you will find anywhere else.

DAVID'S SHOWCASE

Join these satisfied clients and list your property with David.
His experience will work for you!

GREAT OPPORTUNITIES PRESENTLY FOR SALE

COMPASS POINT 141
2 bed 2 bath den Gulf front
$1,299,000

PINE TREE DRIVE
Canal front double lot
$599,900

POINTE SANTO
Pointe Santo C-42
2 bed 2 bath Penthouse $1,200,000


POINTE SANTO
Pointe Santo B-3
2 bed 2 bath Gulf view $825,000
   
 
VIP Realty Group, Inc.
 

www.schuldenfrei.com • 800 553-7338 x 227 • davids@schuldenfrei.com