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| MARKET
BUZZ - The real estate market on Sanibel and Captiva is lookin' good.
The unit sales of houses and condos are up 25% over last year (YTD 9/30)
with a very positive progression. First quarter was down 5%, second quarter
up 18%, third quarter up 97%. (Consider that last years 3rd qtr. figures
were impacted by the WTC tragedy.) If our prognosis is right, the fourth
quarter should be up about 50%. That could make this year close to or equal
to the record year of 2000. |
| CONDOS ARE BUBBLING - The condominium market is exploding. Unit
sales are up 28% over last year (YTD 9/30) with the third quarter up an
astounding 127%. Even considering the September downturn of last year, that
is pretty impressive. Three bedroom units lead the way with one and two
bedroom units up at a moderate pace. |
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| HOUSES ARE UP - The single family home market is strong. Unit
sales are up 23% over last year (YTD 9/30). The homes directly on the gulf
or bay are up 100%. Other water front homes (canal, Bayou or Roosevelt Channel)
are up 8% while the more moderately priced homes away from water (inland
and near beach homes) are up 21%. |
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| PRICES
ARE MIXED - Average sale price for condos are up 13% over last year
(YTD 9/30). This is due to the surge in the sale of three bedroom units.
Their average sale price increased 26%. The sale price held steady at about
95% of list price. Single family homes increased just 3%. This is due to
the 22% increase in average sale price for bay front homes. All other water
front homes were down by 10% The more moderately priced homes off water
were about even with last year. The spread is wider between the list price
and sale price for homes. |
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LOTS ARE SCRAMBLING - Building lots are becoming
a smaller part of the market on our island paradise. Unit sales continue
to be down and we don't expect to see any major shift in this status.
Inventory on Captiva is almost nil and it's small and shrinking on Sanibel.
For those of you buying to hold for future building or investment, you
can expect that as the supply dwindles, the values will more than likely
go up
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