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David L. Schuldenfrei
CRS, GRI, RealtorŪ
Selling the Islands for
more than 28 years
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CALL
TO ACTION
Following up on our report of building
lot sales, the Sanibel Building Department recently made a report
to the City Council on the inventory of housing stock on the island.
(housing stock includes all housing, commercial as well as residential)
The report concluded that the island is presently at about 90% of
buildout - at which point there will be no places left to build on. |
| Buildout projections show that single family
homes are and will continue to be the major share of all island housing
stock. Building permits for single family homes has declined by 85%
from fiscal 2001 to fiscal 2004, which is consistent with the declining
inventory of building lots. |
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Market
Update
The prediction we made in our last newsletter is coming
to fruition. The market seems to have turned the corner. Strong growth
is in the air so far (4/30) this year and it's been consistent from
month to month. Unit sales, all property types, is up significantly
- houses, condo's and even building lots. This is a healthy indication
that the current market is vital and moving with both buyers and sellers
as active participants.
HOUSES ARE BOOMING
The market for single family homes has exploded. There have been
almost twice as many homes sold so far this year (4/30) as for the same
period last year - phenomenal! The growth has been broad across all island
locations. It seems there is an insatiable appetite for houses. The prices
have been pretty steady for gulf and bay front homes as measured by average
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. . . there
seems to be a lot of buyers out there who want some action
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selling price. The price for all other homes (canal, bayou, inland and near
beach homes) is up considerably. This probably reflects the trend to new
construction and larger homes. Whatever the reason there seem to be a lot
of buyers out there who want some action.
CONDO'S ARE THRIVING
The growth in condominium sales has not been quite as remarkable
as for houses but it has been strong and aggressive. There were half again
as many condo units sold this year (4/30) as last year. It certainly captured
our attention and, it seems, condo buyers'. As in the case of houses the
condo growth has been broad and consistent, which makes us think this
is not just a blip, it's real. One and two bedroom condo's grew by about
a quarter while the larger three bedroom units almost tripled, reflecting
the trend toward more space. The prices for condo's has been steady to
marginally up.
BUILDING LOTS ARE BACK
Lot sales grew by about a third, which is pretty impressive given the
low inventory and their recent performance. The prices for lots went way
up, more so than one would reasonably expect. The reason is not so much
a basic shift in pricing for building lots but, rather to where the lots
were located. About 35% of lots sold this year were in premium locations
as compared to only 20% last year. This makes a difference. Our advice
is still the same. Those who are going to build should consider getting
their lot now.
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www.schuldenfrei.com
• 800 553-7338 x 227 • davids@schuldenfrei.com
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