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Friday, October 20 2017

Sanibel and Captiva Bounce Back From Hurricane Irma

The winds have passed, the rain has stopped and the predicted storm surge failed to fully materialize. The overturned trees, broken limbs and dead leaves are being cleaned up. Without a doubt we dodged a really big mess and are working through the aftermath of merely a moderately sized mess. That isn't saying we don't have some damage to homes – trees did hit a few. Nor is it saying that there wasn't some water damage from some roof leaks or higher than average water levels. What is true is that this could have been much worse.

sanibel real estate

sanibel real estate

sanibel real estate After Hurricane Charlie in 2004, we had a good deal of damage, particularly Gulf front condos. The 'bargain hunters' were out in force, looking for The Deal. Now the question on the minds of many is: What does Irma mean for Island property values and for the upcoming season? This depends somewhat on the type of property your are discussing. In general, the Season will likely start out slowly with buyers being keenly aware of the recent threat of Irma. Prices will likely be flat or lower over the same time last year until confidence returns. Some specific segments may respond differently.

Rental Condos: One thing seems very clear – any island rental properties should have ZERO vacancies through Season. With all the damage to other popular winter rental destinations – The Keys, Marco Island, part of Naples and the Caribbean Islands – the demand for intact places to escape the cold will be high. Typically this means that the value of these rental properties rises as they are viewed as great investments.
Prediction: Increasing prices

sanibel real estate

sanibel real estate

sanibel real estate

Single Family Homes: Most homes on Sanibel and Captiva came through with little or no damage. Screen enclosures has some screen blow out and the vegetation around many yards are messy. Four months from now few will be able to tell Irma even came close. What did happen with Irma however was the increased awareness of the potential for Storm Surge. After Harvey in Houston we all saw the impacts of water pushed up froma large storm. Ultimately, this is going to affect our Flood Insurance rates and will adversely affect the interest in, and hence, prices of ground level homes – at least in the short run. Homes built to the newer building codes will be at premium.
Prediction: Ground level homes – prices down; Elevated homes – prices stable or increased

Residential Condos: (those with restrictions on duration and frequency of rentals) Most of these condos on Sanibel and Captiva are directly on the Gulf of Mexico. They have terrific views and generally are larger. Initially, interest in these properties will be slow to return in part because of their price point and in part because of their exposure in the event of a storm.
Prediction: prices stable to slightly up

sanibel real estate

sanibel real estate

Vacant Lots: Building on the islands has never been for everyone. It is costly and it is a lengthy process with the premitting and the building process. The number of vacant lost on the islands has been decreasing steadily over the years with very few remaining. Additional building sites have been created by tearing down older properties in desirous island locations. This is very likely to continue.
Prediction: Lot prices up slightly and more tear downs to create 'new' vacant lots, particularly in desirous locations.

Only time will tell what really happens to the values of properties on Sanibel and Captiva. What is true is that there are still more folks retiring every day and many of them from New England and the Midwest have little interest in toughing out the winter. Barring any other economic factors, the demand will be back.

sanibel real estate

So don't let this past storm change your interest in Sanibel and Captiva Islands. We have a super inventory of properties for sale. Condos, homes and homesites - I can find the perfect property for you!

Contact me with your criteria and I will do the work and put together a list of properties that match your needs. Beat the winter season rush and start your property search today!  If you wish, you can start your search yourself through my advanced property search. Just Click Here to see what Sanibel and Captiva have to offer!

Sarah Ashton, Broker Associate
ReMax of the Islands
239-691-4915
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Posted by: AT 08:01 am   |  Permalink   |  Email


Servicing the Real Estate Needs of Buyers and Sellers on Sanibel and Captiva Islands.
 

 
ReMax of the Islands
Sarah Ashton Sarah S. Ashton, Broker Associate, Realtor®
ReMax of the Islands
2400 Palm Ridge Road
Sanibel, FL 33957

 

Office Phone: 239.472.2311
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