Market Conditions in Sanibel>Question Details

D Stanton, Other/Just Looking in Philadelphia, PA

Looking to buy a condo on South Seas resort Lands End.

Asked by D Stanton, Philadelphia, PA Sun Oct 12, 2008

in Captiva, Florida however the prices don't seem to have come down relative to the rest of South FLorida. Any insight into why this is or if we can expect prices to come down in the near future.

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A lands end unit was just foreclosed on being listed at $842,000n for a 2 bedroom, 2 bath unit. If you click the link below, you will be able to view more information about it. If you have any other questions or would like more information about this and other units, don't hesitate to call 239-850-7602 or email me at kharrell@viprealty.com.

Thank you,
Kasey Harrell

Kasey Harrell
VIP Realty Group
kharrell@viprealty.com
239-850-7602
http://www.SteveAndToby.com
1 vote Thank Flag Link Sun Jul 22, 2012
D, Prices have adjusted at Lands End on South Seas Island Resort. We live on Captiva and own a Bayside Villa at South Seas. We would be happy to help you investigate buying at Lands End.
Give us a Call at 239-357-5500 or email at info@beggsrealtors.com for more information
0 votes Thank Flag Link Sat Jul 31, 2010
Fascinating Realtor conspiracy theory offered up by the last poster. I have to respectfully disagree, as I would certainly welcome additional pricing compression in the Captiva and Sanibel markets. We have quite a few prospective buyers closely monitoring the market in both these communities waiting for "a deal." Unfortunately, there just are not many distressed seller scenarios on Sanibel and Captiva.

It will be interesting to see if adjustable ARM resets put more island investors in a state of distress and force firesales. I suspect not, as most of these buyers have significantly more skin in the game than the typical Cape Coral/Lehigh no $ down investor.
0 votes Thank Flag Link Wed May 13, 2009
Do not be fooled by the answers, they are all by realtors who have vested interst in maintaining the fiction of a stable market, unsatble matket = no sales plus many of them bought multiple investment properties in the boom. bottom line they are trying to talk up the market
Home values in sanibel cannot be isolated from what is happening in the rest of the country.
if you analyze the data and curves provided by trulia and at zillow and at aol real estate.
the following facts emerge:
1. Sales are declining : 7 single family homes sold in sanibel in april 09 ( aol)
2. Median estimayted value is declining trulia ( aprox 570) zillow 418 ( was 570's till 4/30 then changed0
3. avg listing price is going up. trulia
4. however the sanibel median value decline curves are phase shifted from say cape corals ie declines are occuring several months later

what logical interpretation can one make of these numbers
1. One or more of the realtors are right, as there is a greater number of cash properties than highly leveraged ones: the catastrophic declines that occured in cape coral havent quite come to pass here. owners have deper pockets.
2. deep pockets are not infinitluy deep. ergo a frame shift. same phenomena just occuring later as deeper pockets were able to withstand pressure to do a fire sale for longer.
3. more and higher priced properties are coming to market. many purchased in the boom. with ARM's that will start to track market conditions in mortgage rates very soon.
4. mortgage rates will be going up. the fed cannot indefinitely intervene. so the property some guy bought for 2 million that he is paying 2- 3 % on right now, that is already in negative amortization, that he is somehow struggling with payments on will become unaffordable when interst rates hit 6-7 % or even double digits.
5. sales are very low. this to me is a leading indicator of a crash. right now sellers are holding out for a higher price, so no sales. the dam is going to break very soon.

so hold tight
it is a buyers market.

1.
0 votes Thank Flag Link Sun May 10, 2009
Hi D,

I am an agent with Southeby's and an owner at South Seas. Your observation is correct. The Land's end prices have been pretty steady over the last few years. Below is the lowest price closing by year for a 2 bedroom/2 bath:

2004 $1.055M
2005 $1.025M
2006 $1.480M
2007 $1.125M
2008 $1.073M

and the lowest price active is $1.130. In a nutshell if you are concerned about the market continuing to drop Land's End provide a stable price relative to Florida real estate. On the other hand, if you are looking for a deal I would focus on the Beach Villa units at South Seas. Beach Villa units have dropped 20-30% since their peak and they are direct beach front something that does not exist at Land's End.

If you are interested in the financials on owning a condo I would be more than happy to work with you on either Land's End, Beach Villas or other real estate. If you need a deep dive to compare the condo complexes on Sanibel and Captiva, see my rent by owner site, IslandRatings.com.

Best Regards,

Linda Gogan
Southeby's Gulf to Bay
239-850-1759
0 votes Thank Flag Link Sun Feb 22, 2009
A January, 2009 update: Currently there are 5 Lands End Village properties for sale ranging in asking price from $1,130,000 to $2,250,000. Sellers who are listing their properties in today's market have a reason for doing so. Recent buyers of island properties are finding that there are some great values to be found once they make an offer. In general our home market has held its value very well, while the condominium prices have dropped from the 2004 - 2006 elevated prices.

Because Sanibel and Captiva Islands are a second home market, they have not followed nationwide trends. Also many island property owners do not hold mortgages, which buffers the market further as these sellers are not motivated by changes in mortgage interest rates. The uniqueness of these sanctuary barrier islands will always be appealing to investors. As a full time Sanibel Island resident, I believe that this is the best place to vacation, retire, raise a family, work and play. It is a pleasure to help buyers and sellers achieve their real estate goals here in paradise.
Web Reference: http://www.SunnyCaptiva.com
0 votes Thank Flag Link Fri Jan 2, 2009
Captiva has not experienced the price erosion that has taken occurred throughout the Southwest Florida region. There are a several of factors that have helped keep the prices strong in Captiva including: limited supply of housing, a shortage of buildable land; and fewer short-term investors looking for a flip.

Here is a link to the available property at South Seas including Lands End, which is my favorite spot behind the South Seas gate. if anything catches your eye, please drop us a line.
0 votes Thank Flag Link Tue Dec 9, 2008
Hi Mr Stanton,
Captiva will always be a strong market; even with the damage of charley we did not see much movement in prices. Captiva and Sanibel are always a hot vacation spot world wide. I don't expect to see any drastic move in prices in that area. I would be happy to send you what is available, best of luck to you.
Have a great day,
Nancy


Nancy Doyle
Realtor
239.209.2237
Fax: 866.526.4756
nancy.doyle1@comcast.net
http://www.nancydrealtor.net
0 votes Thank Flag Link Mon Oct 13, 2008
Sanibel and Captiva did not feel the "crunch"( or "crash?") as did other SW florida cities. Let me know if you would like specific information on any property.

Serpil Ludwig
Coldwell Banker
serpil.ludwig@floridamoves.com
800-274-7979 x138
0 votes Thank Flag Link Sun Oct 12, 2008
There are some very desirable areas where the prices of homes did not come down much, such as Lands End in Captiva, and I do not expect the prices to come down there in the near future. However, if you would like me to email you the listings currently available at Lands End, please drop me an email and I'll be glad to do so.

Regards,

LLoyd Nichols
Right Choice Realty LLC
Realtorlloydn@aol.com
cell: 239-810-2980
Fax: 239-463-4826
home office: 239-463-5217
0 votes Thank Flag Link Sun Oct 12, 2008
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