John R. Wood Island Real Estate Blog

JRW Wins Most Patriotic

Thu, 12 Jul 2012 12:00:00 GMT

All of us here at John R Wood Real Estate enjoyed a fantastic 4th of July holiday week. Our "Sani-bike Island" theme was a big hit and included the whole team on their patriotic bikes, we even bedecked the JRW Woody to mark this special occasion. Owner Joe Mondelli got the whole office excited about this effort and we are excited to tell you we won "Most Patriotic." Congratulations to the whole JRW team for making this holiday bash such a success.

Meet all of the John R Wood Island Real Estate Realtors HERE

Learn about the areas communities with photos, information and community spotlight videos click HERE

John R. Wood Island Real Estate Inc. is located at 1019 Periwinkle Way, Sanibel, FL. 33947

Sanibel Island Real Estate - Investors see bigger profits from rising rents

Wed, 09 Nov 2011 13:00:00 GMT

NEW YORK – Oct. 27, 2011 – Rental demand and prices continue to soar, and investors are cashing in. Rents are rising at a 5.17 percent annual rate – up from last year’s 4.72 percent rate. If rents continue to grow at their current pace, they won’t be too far behind the record-high reached in 2000 of 6.18 percent, according to Axiometrics Inc.

The rental market has added about 1.4 million new renters this year, some of whom were former homeowners who faced foreclosure or a short sale. Renters are increasingly showing an appetite for single-family homes owned by investors.

As such, the number of investors in the market is growing. Investors make up anywhere between 20 and 40 percent of monthly existing home sales, according to home-sale data. With home prices and interest rates low, more aspiring investors are jumping in. Nearly 60 percent of investors in a recent survey by Realtor.com considered themselves newcomers to real estate investing.

“This is a long-term investment,” says Greg Rand, CEO of OwnAmerica. “Rents are a steady return on your investment through the years, leaving you with an attractive asset when prices improve. And they will. The best profits in real estate accrue to long-term investors who take a long-term view.”

Source: “Rising Rents Improve Investors’ Return,” RISMedia (Oct. 20, 2011)

Photo:

Search all available properties through MLS on Sanibel and Captiva HERE

John R. Wood Island Real Estate Inc

1019 Periwinkle Way

Sanibel, FL. 33957

239-472-2411

www.SanibelRealEstateMarket.com

Sanibel Island - Florida Real Estate News : Fewer real estate agents expect price drops

Wed, 21 Sep 2011 12:00:00 GMT

EMERYVILLE, Calif. – Sept. 19, 2011 – Most real estate professionals and homeowners expect home values to decrease or stay the same through the end of the year, according to HomeGain’s third quarter survey. While the outlook remains dour, however, a higher percentage of real estate agents seem to think their market area has hit bottom and is rebounding.

In Florida, one in five (22 percent) real estate professionals surveyed expect prices to rise over the next six months, as did 22 percent of homeowners. That’s second only to Arizona, where 33 percent of agents anticipate a price increase and 29 percent of homeowners.

Nationally, 11 percent of real estate professionals expect home values to increase in the next six months, down one percent from last quarter; 12 percent of homeowners expect home values to increase, down 3 percent from last quarter.

According to the survey, 47 percent of agents and brokers and 45 percent of homeowners think that home values will decrease over the next six months. However, agents’ attitudes have become slightly less pessimistic since the second quarter (50 percent expected price declines) even though homeowners have become more pessimistic (30 percent expected price declines).

An almost equal number of agents and homeowners expect selling prices to remain roughly the same for the next six months, with 42 percent of agents expecting the status quo to continue compared to 43 percent of homeowners.

According to agents and brokers, 75 percent of homeowners believe their homes are worth more than the agent’s recommended listing price. In contrast, 68 percent of homebuyers believe homes are overpriced.

The five states with a rising outlook about home prices – Arizona, Florida, Texas, California and Ohio – were generally hit hard by the real estate crisis and now may be bouncing back. The five top states where agents expect prices to decline include New Jersey (77 percent of agents expect a six-month price drop), Pennsylvania (75 percent), North Carolina (68 percent), Georgia (62 percent) and Virginia (58 percent).

Over 500 real estate agents and brokers and over 2,200 homeowners were surveyed.

Source: © 2011 Florida Realtors® www.floridarealtors.org

Click HERE to search all of MLS for available Sanibel, Captiva and Fort Myers homes

Market Report ? August 2011 for Naples, Bonita, Estero Market Areas

Thu, 15 Sep 2011 12:00:00 GMT

for Naples, Bonita, Estero Market Areas

prepared by John R. Wood Realtors

Closed Sales

? The number of closed sales in August remains approximately the same as August 2010, and the third highest for the month in 11 years.

? Year-to-date closed sales are up approximately 5% and volume is up 6.5%.

? Sales of properties priced above $1,000,000 are up 11% through August (545 in 2011 vs. 489 in 2010).

Pended SA LES

? Pended sales remained approximately the same in August as July.

? Although pended sales for August are among the lowest for the month, a rolling 12 month comparison (8/1/10 - 7/31/11) ranks

them among the highest on record for this period.

NEW LISTINGS

? The number of properties placed in inventory during August is 12% lower than August 2010.

? Available inventory in the Naples, Bonita Springs, Estero market stands at 7,263 units (3,913 condominiums and 3,350 single family

homes). This represents a 26% decrease from August 2010.

? Overall inventory represents approximately an eight month supply based on the number of closed sales during the past 12 months

Sanibel Real Estate Update - CoreLogic: July home price index shows fourth consecutive month-over-month increase

Tue, 13 Sep 2011 12:00:00 GMT

SEATTLE – Sept. 1, 2011 – CoreLogic’s July Home Price Index (HPI) finds that home prices in the U.S. increased for the fourth consecutive month, inching up 0.8 percent on a month-over-month basis. On a year-over-year basis, however, national home prices, including distressed sales, declined by 5.2 percent in July 2011 compared to July 2010.

Excluding distressed sales, year-over-year prices declined by 0.6 percent in July 2011 compared to July 2010, and by 1.9 percent in June 2011 compared to June 2010. Distressed sales include short sales and real estate owned (REO) transactions.

Source: FloridaRealtors.org

Search all of Sanibel & Captiva Island's available properties HERE

Vacation- and investment-home shares hold even in 2010

Wed, 13 Apr 2011 12:00:00 GMT

Here is an interesting article that can apply to our Sanibel Captiva Real Estate market, found from the Florida Association or Realtors.

Vacation- and investment-home shares hold even in 2010

WASHINGTON – March 30, 2011 – The market share of vacation- and investment-home sales held steady in 2010, although the sales volume declined with the overall market, according to the National Association of Realtors® (NAR).

NAR’s 2011 Investment and Vacation Home Buyers Survey, covering existing- and new-home transactions in 2010, shows vacation-home sales accounted for 10 percent of transactions last year while the portion of investment sales was 17 percent – both unchanged from 2009.

“Despite extraordinarily tight credit conditions for purchasing a second home, the market share for vacation and investment homes held steady,” says NAR Chief Economist Lawrence Yun. “A sizeable number of buyers made deals with all-cash offerings.”

All-cash purchases have become prevalent in the second-home market in recent years: 59 percent of investment buyers paid cash in 2010, as did 36 percent of vacation-home buyers.

With an overall decline in home sales during 2010, the volume of 543,000 vacation-home sales was down 1.8 percent from 553,000 in 2009. Investment purchases fell 7.8 percent to 867,000 in 2010 from 940,000 the previous year. Primary residence sales declined 5.6 percent to 3.81 million from 4.04 million in 2009.

Foreclosure or trustee sales accounted for 17 percent of investment purchases and 11 percent of vacation-home sales in 2010, compared with 5 percent of primary purchases.

“Second home buyers purchased more distressed homes at discount than did buyers of primary residences,” Yun says.

The median vacation-home price was $150,000 in 2010, down 11.2 percent from $169,000 in 2009, while the median investment-home price was $94,000, which is 10.5 percent below the $105,000 median in 2009. By contrast, the median primary residence price declined a relatively modest 4.5 percent to $176,700 last year from $185,000 in 2009.

The typical vacation-home buyer in 2010 was 49 years old, had a median household income of $99,500 and purchased a property that was a median distance of 375 miles from his or her primary residence; 31 percent of vacation homes were within 100 miles and 41 percent were more than 500 miles.

for more on this article go to http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=257430

To view featured properties on Sanibel, Captiva and Fort Myers click here

John R. Wood Island Real Estate 1st quarter statistics 2011

Fri, 08 Apr 2011 12:00:00 GMT

Information Per Sanibel Captiva Association of Realtors

Sanibel Real Estate Information and Sales

John R. Wood Island Real Estate 1^st quarter statistics 2011

Up 7% in sales volume

Up 15% in units closed

Up 27% in pending sales

Current Pending Sales Activity 2011 Residential total #’s

4/6 3/23 3/16 3/8 2/24 2/17

34 34 34 40 30 31

Pending Sanibel 2011 Condominiums total #’s

4/6 3/23 3/16 3/8 2/24

33 31 30 24 16

To view our current featured real estate information click here or to search the All available properties through MLS click here

Strauss Theater Fundraiser Is April 11

Wed, 30 Mar 2011 12:00:00 GMT

Herb Keyser will present The Geniuses of American Musical Theater for BIG ARTS’ Herb Strauss Theater Fundraiser on Monday, April 11.

The evening is being planned by Maddy Mayor, fundrais- er chair, with honorary chairs Terry Igo and Cristin Bishara.

Attendees will experience an evening filled with the songs of Gershwin and Berlin, followed by a dessert recep- tion, a performance by the Ain’t Misbehavin’ cast, and a raffle drawing.

The show will be held at BIG ARTS Schein Performance Hall.

Raffle prizes include a diamond starfish pendant or a $2,500 Congress Jewelers gift certficate, a golf foursome at The Sanctuary Golf Club, and four season tickets to 2011- 12 Herb Strauss Theater select performances.

Raffle tickets are $25 donation per ticket, or $100 donation for five tickets, available at all three BIG ARTS locations, Sanibel Farmers Market and Congress Jewelers.in Periwinkle Place. Prizewinners will be announced April 11; the winner need not be present.

Source: Island Sun Newspaper 3/25/11 go to www.IslandSunNews.com

John R. Wood Island Real Estate Inc. is dedicated to helping BIG Arts as well. Click here for more information

Curb appeal even more important today

Tue, 29 Mar 2011 12:00:00 GMT

Curb appeal even more important today

PHILADELPHIA – March 8, 2011 – In normal market times, the National Association of Realtors says, 49 percent of buying decisions are based on curb appeal.

These are not normal times – in fact, some Realtors call current market conditions the “new normal.” Yet curb appeal is still of major importance, especially with so many houses for sale.

It’s unlikely to get you more money for your house. But it will get buyers’ eyes on your prize.

In effect, curb appeal is “outdoor staging,” said Center City Realtor Joanne Davidow, of Prudential Fox & Roach. Even if the interior decor is Buckingham Palace-quality, no one will ever know if the place isn’t appealing from the street – because no one will ever ring the doorbell to see it.

In fact, Davidow said, she is working on a listing now where the interior is wonderful, but the doorbell is hanging off.

“You need to pay attention to outside as well as the indoors,” she said.

Still, Marilou Buffum of Eichler & Moffly, Realtors in Philadelphia’s Chestnut Hill neighborhood, who concentrates on Northwest Philadelphia properties, cautioned that curb appeal “depends upon what a buyer is looking for.”

“If you have an urban-oriented buyer, a house with a lovely lawn isn’t high on the list,” Buffum said. “Clean windows, paint that isn’t peeling, an attractive front door, nice plantings, leaves raked and the lawns mowed set the tone of what the buyer thinks the house should be.”

There are challenges to curb appeal everywhere. Read more . . .

John R. Wood Island Real Estate inc, is dedicated to helping our local Island non profits. Click here to see how

For our local Island Blog go to www.sanibelmarketplace.com/blog

Spring jobs outlook goes up in 2011

Mon, 28 Mar 2011 12:00:00 GMT

Spring jobs outlook goes up in 2011

News-Press Ft Myers Fl

Job prospects are expected to be better this spring than a year ago even as hiring slows slightly from earlier this year according to a labor market forecast to be published today. About 16 percent of Lee County employers expect to increase their staffing from April to June which is doubled from the 8 percent recorded a year ago, according to Manpower Economic Outlook Survey. That is a doubling no matter which way you look at it

Article from the Newspress 3/4/11 click here for the full story

For our Island Blog Click Here

Sanibel's Pending Sales

Fri, 25 Mar 2011 12:00:00 GMT

I find that tracking current number of pendings gives me a barometer on sales traffic. It represents the current inventory of properties in the title companies working toward a closing. The number decreases when a closing occurs but increases on a new pending. Sanibel Condominiums continues to grow each week as Residential has remained the same. reported by Jay Richter Managing Broker

Pending Sanibel 2011 Residential total #’s

3/23 3/16 3/8 2/24 2/17

34 34 40 30 31

Pending Sanibel 2011 Condominiums total #’s

3/23 3/16 3/8 2/24

31 30 24 16

At John R. Wood Island Real Estate we are dedicated to help support our Island and local non profits. Click here to see how you can help.

For our Island Blog click here

Florida?s existing home, condo sales up in February

Thu, 24 Mar 2011 12:00:00 GMT

Florida’s existing home, condo sales up in February

ORLANDO, Fla. – March 21, 2011 – Florida’s existing home and existing condo sales rose in February, according to the latest housing data released by Florida Realtors®. Existing home sales increased 13 percent last month with a total of 13,701 homes sold statewide compared to 12,164 homes sold in February 2010, according to Florida Realtors. February’s statewide sales of existing condos rose 29 percent compared to the previous year’s sales figure.

Article from Florida Realtors, click here for more information

Help Support our local Island Non Profits by purchasing Our Islands in the Sun Photo book, Click here for more information

To View our local Island Blog Click Here

Sanibel Island as of 3/22/2011

Wed, 23 Mar 2011 12:00:00 GMT

Sanibel Island as of 3/22/2011

Florida

Per Sanibel Captiva MLS System:

276 listed Residential properties

274 listed condominium properties

New 2011 Catalog is Here!

Tue, 22 Mar 2011 12:00:00 GMT

View our Sanibel & Captiva 2011 Marketplace Catalog, click here

We, at John R.Wood Island Real Estate, are proud to offer some of the very best Sanibel & Captiva island properties as well as select areas of S. Fort Myers.

Our agents have noticed a recent increase in the number of first time visitors. If this is you, we want to extend a special welcome! We all remember our first trip over the bridge and the feeling of wonder.

If you are a long time visitor and have followed our market, you know we have some rare properties listed this year. Properties that have been “in the family” for years, as well as those owned by motivated sellers who have priced their homes & condos to sell now. In either case, there has never been a better time to consider buying a Sanibel, Captiva or SW Florida home. Timing is everything, and now is the time!

To Request a Catalog mailed to you click here

2011 rebound: Prices low, investors back

Thu, 17 Mar 2011 12:00:00 GMT

Sanibel Island & Captiva Island Real Estate Information and Real Estate Market Conditions

NEW YORK – March 4, 2011 – Plenty of signs point to the housing market finally bottoming out and moving into rebound mode this year, experts say in a recent article in The Wall Street Journal.

Investors, who were burned when the housing bubble burst in 2006, are back on the market, betting on a rebound and snagging up houses and condos in all-cash deals.

What’s more, housing is at the most affordable it has been in decades nationwide — when home prices and average incomes are taken into account, according to analysts at Moody’s Analytics. The cost of a house is equal to about 19 months of income for an average family, which is at the lowest level in 35 years. (Prices generally average nearly two years of pay.)

“Pricing is down so much in some markets that when you analyze renting versus owning it makes much more sense to own,” Michael Larson, a real-estate analyst at Weiss Research in Jupiter, Fla., told The Wall Street Journal.

Housing prices likely will bottom in 2011, says Scott Simon, a managing director at the money-management firm Pimco in Newport Beach, Calif

John R. Wood Proudly Supports Island Non Profits

Mon, 14 Mar 2011 12:00:00 GMT

Island Nonprofits Get Boost from Local Realtor

Island real estate company, John R. Wood Realtors, has come up with a unique idea to promote Sanibel and Captiva islands while at the same time assisting local island organizations to raise needed funds for their varied programs.

The company has identified 11 island nonprofits to which they will donate proceeds of the purchase price of a recently published coffee table book, Sanibel and Captiva, Our Islands in the Sun. “This is the first book we’ve seen that really captures the essence of these barrier islands therefore we purchased a large quantity,” said Joe Mondelli, president of the company. “There is nothing we can tell a visitor or a resident about these islands that would improve on the photos in this book so we decided to make the book available on our website as a service to our customers and potential customers.”

Mondelli added, “My partner, Jay Richter and I, along with the staff and agents of John R. Wood Island Real estate encourage and support all these great island organizations so a decision was made to allow the purchasers to select which nonprofit they would like to receive the donation. It’s a win, win situation. They get a beautiful, hard cover coffee table book, we’re showing them how beautiful these islands are and we’re generating a contribution to their chosen nonprofit.

The book, published in late December by Pelican Wing Publishing, retails for $39.95 and is comprised of photos by photographer Jim Anderson. It is dedicated exclusively to photos of Sanibel and Captiva. In a hard cover, glossy, full color format, the book includes 125 photos that were selected from over 1500 that Anderson shot for the book. Anderson’s photos were also used exclusively in the best seller, Summer of Fury, the account of Hurricane Charley’s strike on the islands in 2004.

Mondelli listed the following charities: P.U.R.R.E. (People United to Restore our Rivers and Estuaries); C.R.O.W. (Clinic for the Rehabilitation of Wildlife); S.C.C. F. (Sanibel Captiva Conservation Foundation); Sanibel Captiva Cares- The Children’s Hospital; The Sanibel Community House, BIG Arts, J.N. “Ding” Darling Wildlife Refuge, F.I.S.H. of Sanibel (Friends in Service Here), The Bailey-Matthews Shell Museum, START (Solutions to Avoid Red Tide) and Sanibel Sea School

“We hope there’s a huge response to this,” Mondelli said. “I know people will enjoy the book and ultimately the non-profit’s benefit.”

You can preview and purchase the book to benefit your favorite island non-profit by going to the website at www.sanibelcaptivaphotobook.com

Seated: Joe Mondelli (L), Jay Richter, John R. Wood Realty

Back row: (L to R) Kevin Vertesch (START); Lee Harder, (BIG ARTS); Linda Mondelli (Sanibel Captiva Cares); Jill Kobe (Community House); Jose Leal (Shell Museum); Steve Greenstein (CROW); Chip Roach (Sanibel Sea School); Bill Fellows (FISH); Eric Lindblad (SCCF); Bergie Vertesch (JN “Ding” Darling Wildlife Refuge); Mike Valiquette (PURRE)

Captiva Real Estate

Wed, 16 Jun 2010 12:00:00 GMT

Sanibel Residential & Condos Closed Sales 1/1/10-5/31/10

Tue, 01 Jun 2010 12:00:00 GMT

Closed Sanibel Residential & Condo Sales 1/1/10 - 5/31/10
as per Lee County Tax Records

Residenital

SELL DATE	STREET NUMBER	STREET NAME	SELL PRICE

5/28/2010	1282	PAR VIEW DR	$585,000
5/28/2010	1419	ALBATROSS RD	$725,000
5/26/2010	1314	PAR VIEW DR	$1,020,000
5/26/2010	1356	EAGLE RUN DR	$1,200,000
5/25/2010	653	EAST ROCKS DRIVE	$667,000
5/24/2010	1006	SPANISH LAUREL LN	$650,000
5/19/2010	682	PYRULA AVE	$1,200,000
5/18/2010	509	LAGOON	$660,000
5/14/2010	526	N YACHTSMAN DR	$630,000
5/14/2010	4709	RUE BELLE MER	$2,000,000
5/14/2010	4099	WEST GULF DRIVE	$3,275,000
5/13/2010	6126	CASTAWAYS LN	$535,000
5/10/2010	1838	LONG POINT LN	$620,000
5/6/2010	4249	OLD BANYAN WAY	$552,000
4/29/2010	320	EAST GULF DRIVE	$662,500
4/29/2010	4689	RUE BELLE MER	$1,680,000
4/27/2010	590	PIEDMONT ROAD	$525,000
4/26/2010	736	DURION CT	$539,000
4/26/2010	200	ROBINWOOD CIR	$1,099,000
4/23/2010	534	PIEDMONT RD	$400,000
4/23/2010	4203	DINGMAN DR	$1,200,000
4/16/2010	9408	MOONLIGHT DR	$485,000
4/16/2010	1060	BAILEY ROAD	$781,000
4/14/2010	4421	GULF PINES DR	$540,000
4/9/2010	1521	WILTON LN	$439,000
4/9/2010	987	SAND CASTLE RD	$425,000
4/8/2010	2275	STARFISH LN	$875,000
4/8/2010	1018	KINGS CROWN DR	$935,000
3/31/2010	9455	CALLA CT	$580,000
3/31/2010	4210	OLD BANYAN WAY	$637,500
3/29/2010	1389	ALBATROSS RD	$405,000
3/29/2010	3748	WEST GULF DR	$680,000
3/26/2010	250	PALM LAKE DRIVE	$535,000
3/26/2010	4207	GULF PINES DR	$800,000
3/26/2010	1657	VENUS DR	$1,019,000
3/25/2010	1855	FARM TRL	$570,000
3/23/2010	1554	SAND CASTLE RD	$937,500
3/15/2010	470	LAKE MUREX CIR	$402,500
3/15/2010	4215	OLD BANYAN WAY	$570,000
3/9/2010	1582	SAND CASTLE RD	$575,000
3/8/2010	9461	BEGONIA CT	$517,500
3/5/2010	493	LAKE MUREX CIR	$557,500
3/4/2010	759	SAND DOLLAR DR	$700,000
3/1/2010	819	TULIP LN	$1,300,000
2/26/2010	3731	AGATE COURT	$680,000
2/24/2010	748	RABBIT RD	$480,000
2/23/2010	6014	WHITE HERON LN	$1,150,000
2/22/2010	1409	CAUSEY CT	$447,000
2/19/2010	4654	RUE BAYOU	$479,000
2/16/2010	2449	HARBOUR LN	$866,250
2/10/2010	520	SEA OATS DRIVE	$518,500
2/5/2010	4556	BOWEN BAYOU RD	$380,000
2/2/2010	819	BIRDIE VIEW PT	$900,000
1/28/2010	963	SAND CASTLE RD	$487,000
1/27/2010	1550	ANGEL DR	$900,000
1/26/2010	1245	PAR VIEW DR	$840,000
1/21/2010	1146	BUTTONWOOD LN	$638,000
1/20/2010	770	ELINOR WAY	$560,000
1/20/2010	284	FERRY LANDING DR	$855,000
1/19/2010	520	N YACHTSMAN DR	$875,000
1/15/2010	9067	MOCKINGBIRD DR	$575,000
1/15/2010	561	LIGHTHOUSE WAY	$1,400,000
1/14/2010	682	KINZIE ISLAND CT	$1,387,500
1/5/2010	480	PEACHTREE RD	$364,900

Condos

SELL DATE	CONDO NAME	UNIT	SELL PRICE

5/28/2010	DONAX VILLAGE	18	$325,000
5/28/2010	SIGNAL INN	11	$467,500
5/28/2010	CYPRINA BEACH	10	$665,000
5/28/2010	POINTE SANTO DE SANIBEL	A-1	$749,000
5/28/2010	SUNDIAL	E-301	$872,000
5/27/2010	SANIBEL ARMS	G2	$470,000
5/25/2010	HERON AT THE SANCTUARY II	2A	$589,000
5/24/2010	SEAWIND	A-101	$450,000
5/21/2010	SANIBEL ARMS	A5	$300,000
5/20/2010	SANIBEL ARMS	B5	$275,000
5/17/2010	SEASHELLS OF SANIBEL	25	$309,000
5/14/2010	SUNWARD OF SANIBEL	102	$740,000
5/14/2010	COMPASS POINT	193	$850,000
5/14/2010	CHELSEA PLACE	1	$1,700,000
5/12/2010	MARINER POINTE	631	$475,000
5/7/2010	DONAX VILLAGE	14	$325,000
5/7/2010	SANCTUARY GOLF VILLAGES I	4	$685,000
5/5/2010	SUNDIAL	S401	$574,000
5/5/2010	SANDPIPER BEACH	503	$595,000
4/30/2010	PINE COVE OF SANIBEL	C	$700,000
4/30/2010	POINTE SANTO DE SANIBEL	E47	$1,350,000
4/29/2010	COMPASS POINT	241	$542,000
4/26/2010	SPANISH CAY	C3	$289,000
4/21/2010	SUNDIAL	F301	$540,000
4/21/2010	HIGH TIDE	B302	$1,680,000
4/20/2010	SOMERSET AT THE REEF	C 101	$990,000
4/13/2010	SEAWIND	107	$458,000
4/12/2010	SANDPEBBLE	2E	$335,000
4/12/2010	SUNSET SOUTH	3C	$585,000
4/12/2010	SHELL ISLAND BEACH CLUB	6D	$650,000
4/9/2010	SUNDIAL	F-208	$280,000
4/9/2010	MARINER POINTE	321	$470,600
4/9/2010	POINTE SANTO DE SANIBEL	D22	$586,000
4/6/2010	SUNSET SOUTH	3A	$450,000
4/1/2010	SUNSET SOUTH	6A	$431,250
4/1/2010	OCEANS REACH	2D3	$770,000
3/31/2010	SUNDIAL	D401	$726,500
3/29/2010	BLIND PASS	F203	$530,000
3/26/2010	SAND POINTE	215	$590,000
3/26/2010	SANIBEL ARMS WEST	F2	$691,525
3/25/2010	POINTE SANTO DE SANIBEL	D-3	$595,000
3/19/2010	COLONNADES	C11	$160,000
3/19/2010	COQUINA BEACH CONDO	4B	$380,000
3/19/2010	SANIBEL SURFSIDE	235	$640,000
3/17/2010	BLIND PASS	F-111	$385,000
3/17/2010	LOGGERHEAD CAY	433	$416,000
3/15/2010	CAPTAINS WALK UNIT	C5	$220,000
3/15/2010	DONAX VILLAGE	7	$325,000
3/10/2010	SEASHELLS OF SANIBEL	30	$259,000
3/8/2010	VILLA SANIBEL	2H	$495,000
3/8/2010	BEACHCOMBER	C102	$1,250,000
3/5/2010	POINTE SANTO DE SANIBEL	C22	$560,000
2/26/2010	SANCTUARY GOLF VILLAGES I	4	$450,000
2/23/2010	LIGHTHOUSE POINT	226	$715,000
2/18/2010	LOGGERHEAD CAY	332	$385,000
2/18/2010	POINTE SANTO DE SANIBEL	A36	$915,000
2/12/2010	POINTE SANTO DE SANIBEL	C1	$595,000
2/11/2010	KIMBALL LODGE	303	$485,000
2/11/2010	SANDPIPER BEACH	206	$550,000
1/14/2010	JUNONIA OF SANIBEL	103	$915,000
1/5/2010	SANIBEL MOORINGS	1522	$400,000
1/4/2010	BLIND PASS	C101	$350,000
1/4/2010	SANIBEL ARMS WEST	A-1	$380,000
1/4/2010	ISLAND BEACH CLUB	330A	$395,000

Captiva Closed Sales YTD 1/1/10 - 5/31/10

Tue, 01 Jun 2010 12:00:00 GMT

Captiva Island Closed Sales 1/1/10 - 5/31/10
As per Lee County Tax Records

Residential

SELL DATE	STREET NUMBER	STREET NAME	SELL PRICE
5/14/2010	11520	ANDY ROSSE LN	$1,430,000
4/15/2010	15017	BINDER DR	$2,400,000
3/31/2010	16201	CAPTIVA DR	$2,237,500
2/10/2010	11535	CHAPIN LN	$850,000
2/1/2010	11527	ANDY ROSSE LN	$2,050,000

Condos

SELL DATE	CONDO NAME	UNIT	SELL PRICE
5/14/2010	BAYSIDE VILLAS	5324	$572,500
5/11/2010	MARINA VILLAS	610	$430,000
4/30/2010	SUNSET CAPTIVA CONDO	204	$1,100,000
4/9/2010	BAYSIDE VILLAS	5344	$670,000
3/31/2010	BEACH VILLAS	2627	$415,000
3/25/2010	SUNSET BEACH VILLAS	2318	$580,000
3/12/2010	TENNIS VILLAS	3235	$240,000
3/3/2010	BAYSIDE VILLAS	5228	$272,000
2/22/2010	SUNSET BEACH VILLAS	2333	$675,000
1/29/2010	TENNIS VILLAS	3217	$230,000
1/29/2010	CAPTIVA SHORES	7A	$989,900

Florida?s existing home, condo sales up in 1Q 2010

Wed, 12 May 2010 12:00:00 GMT

ORLANDO, Fla. – May 11, 2010 — Salesof existing single-family homes in Florida rose 24 percent in first quarter 2010 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. A total of 38,846 existing homes sold statewide in 1Q 2010; during the same period the year before, a total of 31,410 existing homes sold. It marks the seventh consecutive quarter that Florida has seen higher existing year-to-year home sales, according to the state association.

Statewide sales of existing condominiums in the first quarter rose 67 percent compared to the same time the previous year. This marks the sixth consecutive quarter for increased statewide sales in both the existing home and condo markets compared to year-ago levels.

"The first quarter data release from the Florida Realtors paints a picture of a housing market continuing down the long road to recovery," said Dr. Sean Snaith, director for the University of Central Florida's Institute for Economic Competitiveness. "Transactions in the single family market have extended quarterly year-over-year gains for nearly two years, and condo sales have also risen sharply. Median prices in most areas of the state continue to fall; however, the rate at which they are falling has diminished significantly and this is indicative of a bottom approaching.

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=239307

Florida Real Estate Hits Bottom

Fri, 07 May 2010 12:00:00 GMT

UF: Florida real estate market has hit bottom

GAINESVILLE, Fla. – April 29, 2010 – Florida real estate markets show the first tentative signs of recovering from the most painful recession in the state's history, according to the latest University of Florida (UF) report.

"Results of our first quarter survey indicate that the real estate market in Florida has hit bottom and is in the process of stabilizing across most property types," says Timothy Becker, director of UF's Bergstrom Center for Real Estate Studies.

But while most of the survey respondents report the market probably won't get any worse, few say it has actually begun to improve yet, Becker says. "One of our respondents summed it up by stating that 'if anything, we will get less bad.'"

On the positive side, private capital – both foreign and domestic – is continuing to enter the state in search of quality investment deals. As banks start to deal with their problem assets, more deals will come to market.

Another good sign: Life insurance companies have started to re-invest in commercial properties after backing off for the last year and a half, Becker says. Because these companies use premiums from life insurance policies to make investments, they are not deterred by the lack of available bank financing.

"(Life insurance companies) see the fundamentals of the economy stabilizing and they see the opportunity to get quality assets at a good price," Becker says. "So if they think things aren't going to get worse and they may actually get better, it follows that they're going to want to start investing again."

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=238713

Sanibel Real Estate

Tue, 09 Mar 2010 13:00:00 GMT

An overview with 2009 statistics

Florida?s existing home, condo sales up in July 2009

Wed, 26 Aug 2009 12:00:00 GMT

Strong gain in existing-home sales maintains uptrend, says NAR

ORLANDO, Fla., Aug. 21, 2009 – Florida’s existing home sales rose in July – the 11th month in a row that sales activity increased in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). Statewide existing home sales in July also rose over the previous month’s sales level.

Existing home sales rose 37 percent last month with a total of 15,882 homes sold statewide compared to 11,595 homes sold in July 2008, according to FAR. Statewide existing home sales in July increased 0.2 percent over June’s statewide activity. Florida Realtors also reported a 48 percent rise in statewide sales of existing condos in July.[more/];

Eighteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing home sales in July; the same number of MSAs also showed gains in condo sales. A majority of the state’s MSAs have reported increased sales for more than a year (13 consecutive months).

To gain insight into current trends in Florida’s real estate industry, the University of Florida’s Bergstrom Center for Real Estate Studies conducts a quarterly survey of industry executives, market research economists, real estate scholars and other experts. According to the recent second quarter 2009 survey, investor confidence in the outlook for business and availability of money are reasons for cautious optimism.

“I think we’re on the road to recovery and even though most markets report they’ve seen the bottom, it’s going to be a long climb,” said Timothy Becker, the center’s director. He noted that the investment outlook for single-family development increased to its highest level since the survey began, with more respondents than ever believing it is a good time to buy.

Florida’s median sales price for existing homes last month was $147,600; a year ago, it was $193,800 for a 24 percent decrease. According to housing industry analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in June 2009 was $181,600, down 15 percent from a year earlier, according to NAR. In Massachusetts, the statewide median resales price was $306,000 in June; in California, it was $274,740; in Maryland, it was $274,008; and in New York, it was $189,900.

Several positive market factors are influencing the housing sector, notes NAR’s latest industry outlook. “Historically low mortgage interest rates, affordable home prices and a large selection are encouraging buyers who’ve been on the sidelines,” said NAR Chief Economist Lawrence Yun. “Activity has been consistently much stronger for lower priced homes. We expect a gradual uptrend in sales to continue due to tax credit incentives and historically high affordability conditions.”

In Florida’s year-to-year comparison for condos, 5,035 units sold statewide compared to 3,396 units in July 2008 for a 48 percent increase. The statewide existing condo median sales price last month was $108,300; in July 2008 it was $168,700 for a 36 percent decrease. The national median existing condo price was $183,300 in June 2009, according to NAR.

Interest rates for a 30-year fixed-rate mortgage averaged 5.22 percent last month, down significantly from the average rate of 6.43 percent in July 2008, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state’s smaller markets, the Pensacola MSA reported a total of 371 homes sold in July compared to 321 homes a year earlier for a 16 percent increase. The market’s existing home median sales price last month remained level compared to a year ago at $157,800. A total of 48 condos sold in the MSA in July, up 23 percent over the 39 units sold in July 2008. The existing condo median price in July was $250,000; a year earlier, it was $325,000 for a 23 percent decrease.

© 2009 FLORIDA ASSOCIATION OF REALTORS®

Some Real Estate Markets Warming Up

Thu, 02 Apr 2009 12:00:00 GMT

By: Sara Clemence,, Special to CNBC.com | 23 Mar 2009 | 11:05 AM ET

When Carole and Jim Gourley started looking at vacation properties in Florida last December, they weren’t all that serious. The retired couple, who live in Ontario, had rented in Panama City Beach for five winters. Stuck at home with a sick pet this year, Jim Gourley started browsing for foreclosures down south for fun.

“One thing led to another and we found a condo we liked the look of and decided to pursue it,” Carole Gourley says. “We could not believe the prices that some of the properties were being listed for, especially since the one we liked is only four years old.”

They ended up buying a three-bedroom condo in Bellasol, a development in Fort Myers, where prices currently range from $39,000 to $170,000. “We paid 25% of the original selling price,” she says. “We feel that we got an extremely good deal.[more/];

The Gourleys are part of a new surge of buyer interest along Florida's Gulf Coast, where real estate websites are seeing a dramatic increase in traffic and local brokers are experiencing an uptick in inquiries and sales.

In housing markets around the country, there are signs that perhaps the bottom has been reached, and sales are beginning to come back up—with prices hopefully to follow.

To get a handle on these rebounding markets, we asked real estate search firm Trulia to tell us the cities in which they have seen the greatest rise in searches—a proxy for buyer interest—over the last year

The result: Seven of the ten cities were in Florida, a poster state for the real estate boom and bust, and five were on the Gulf Coast side of the state.

REAL ESTATE MARKETS GAINING INTEREST

City	Search Rank in February 2008	Search Rank in February 2009	Change
Fort Myers, Fla.	39	13	+26
Cape Coral, Fla.	33	12	+21
Miami, Fla.	20	6	+14
Sarasota, Fla.	42	29	+13
Naples, Fla.	34	21	+13
Fort Lauderdale, Fla.	49	37	+12
Scottsdale, Ariz.	48	39	+9
Washington, D.C.	29	20	+9
Charlotte, N.C.	24	19	+5
Queens, N.Y.	13	9	+4
Tampa, Fla.	21	18	+3

Source: Trulia.com

Obviously, this isn’t boom buying, wherein people are investing their money because prices are rising dramatically.

Housing news restarts rally

Thu, 19 Mar 2009 12:00:00 GMT

NEW YORK (AP) — You know things have changed on Wall Street when the housing industry saves the day.
A surprise government report that home construction picked up in February caught traders off guard and injected a week-old stock market rally with new energy Tuesday. Stocks of homebuilders and banks jumped as bullish investors saw yet another sign that the deeply troubled economy was beginning to show signs of stabilizing.[more/];Tuesday’s rally, which picked up momentum as the day went on, wound up pushing the Dow Jones industrial average up 179 points, or 2.5 percent and the broader Standard & Poor’s 500 index up more than 3 percent. It was the market’s fifth gain over the past six trading days The housing report was the latest checkmark in a growing list of upbeat news. Traders began reconsidering their dire view of the economy early last week when Citigroup Inc. said it had generated a profit in the first two months of the year.

ther troubled banks handed out similarly upbeat assessments, followed by encouraging reports on key measures of the economy’s health such as retail sales.

Since the rally began last week, the Dow is up 849 points, or 13 percent. That’s the kind of percentage gain that might normally take a year to assemble.

The market has established a clear shift in tone over the past week. Jittery traders had blown apart earlier rallies this year by selling just as stocks managed to advance. A 20 percent gain from late November until the start of the year vanished as worries grew about the tattered balance sheets at large banks and signs that consumers will pulling back on their spending.

For the first time in months, traders are starting to allow themselves to think that this past week’s rally could be the one that sticks.

“I’d say it’s very encouraging, maybe even sustainable,” said Randy Bateman, chief investment officer at Huntington Funds, in Columbus, Ohio.

Traders didn’t appear to be at all nervous as they awaited the outcome of a two-day meeting of the Federal Reserve’s interest rate committee that ends Wednesday. The central bank is widely expected to leave rates at their current historically low level, but the market will be keen to see how the Fed sizes up the economy in its statement that accompanies the decision on rates.

The Dow rose 178.73, or 2.5 percent, to 7,395.70 after falling modestly on Monday.
Broader stock indicators also showed big gains. The S&P 500 index rose 24.23, or 3.2 percent, to 778.12, while the Nasdaq composite index rose 58.09, or 4.1 percent, to 1,462.11.

The Russell 2000 index of smaller companies rose 17.23, or 4.5 percent, to 403.59.
Four stocks rose for every one that fell on the New York Stock Exchange, where consolidated volume came to 6 billion shares, compared with 7.6 billion shares traded Monday.

Brett D’Arcy, chief investment officer at CBIZ Wealth Management, said the market’s measured moves are a healthy sign because it means traders aren’t simply trying to grab quick profits.

Investors embraced the data on home construction that came in well above what economists forecast. Building permit applications, a key measure of future activity, also rose unexpectedly.

Tim Courtney, the chief investment officer at Burns Advisory Group, said the report was encouraging. “We could be in the very early stages of some kind of normalization” in housing, he said.

The housing report sent homebuilder stocks higher. Pulte Homes Inc. rose 64 cents, or 6.7 percent, to $10.16, while Lennar Corp. jumped 68 cents, or 8.7 percent, to $8.52. Toll Brothers Inc. advanced 95 cents, or 5.9 percent, to $17.06.

Stocks of home-supply retailers including Home Depot Inc. and Lowes Cos. rose more than 6 percent.

Financial shares, which led the rally last week, put up big gains again Tuesday.
Banks have been hit hard by souring mortgage debt, and any pickup in housing could help their balance sheets.

Citigroup rose 18 cents, or 7.7 percent, to $2.51, nearly two weeks after falling below $1. PNC Financial Services Group Inc. rose $1.19, or 4.4 percent, to $28.51, and JPMorgan Chase & Co. rose $2.05, or 8.9 percent, to $25.14.

Bond prices were mixed. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.01 percent from 2.96 percent late Monday. The yield on the three-month T-bill, considered one of the safest investments, slipped to 0.22 percent from 0.23 percent.

The dollar was mixed against other major currencies, while gold prices fell.

Light, sweet crude rose $1.81 to settle at $49.16 a barrel on the New York Mercantile Exchange.

Overseas, Britain’s FTSE 100 fell 0.2 percent, Germany’s DAX index fell 1.4 percent, and France’s CAC-40 slid 0.9 percent. Japan’s Nikkei stock jumped 3.2 percent.

Pending Homes sales from the National Association of Realtors

Wed, 17 Dec 2008 13:00:00 GMT

October's pending home sales eased 0.7 percent against a deteriorating economic backdrop but remained stable, according to NAR. In the South, however, pending home sales jumped 7.8 percent. Going forward, NAR Chief Economist Lawrence Yun expects lower mortgage rates to tempt pent-up demand from homebuyers.

On the house

Tue, 16 Dec 2008 13:00:00 GMT

ON THE HOUSE

Home sellers and builders desperate to unload properties are offering upscale incentives such as gas cards worth thousands of dollars, personal-training sessions, pools or solar panels. A homeowner in Austin, Texas, hoping to sell his 6,238-square-foot property for $2 million will give a new $50,000 Porsche Boxster to a buyer willing to pay the listing price;[more/]; and a homeowner selling a $700,000 home in LaHabra, Calif., will cover the costs of lawn maintenance for six months. In Harbor Beach, Fla., a couple who put their Mediterranean-style home up for sale in 2006 for $7.4 million saw a dramatic jump in buyer traffic when they offered an all-expense-paid trip for two to France to the agent responsible for finding a buyer - but reducing the price to $6.3 million ultimately resulted in a sale.

Source: Wall Street Journal (12/02/08) P. R2; Ransom, Diana

Americans still see real estate as their best shot at wealth

Wed, 10 Dec 2008 13:00:00 GMT

Over the past few years, Americans have had a brutal lesson in the risks of real estate. House prices have crashed more than 35% in some parts of the country, millions of people are losing their homes to foreclosure, and banks are failing.

The takeaway? Many Americans still see real estate as their best shot at wealth. In survey after survey, people expect prices to bounce back -- in some cases, as soon as six months from now. [more/];

Those hoping for a quick rebound are likely to be disappointed. Economists and other pros generally say home prices won't bottom out before the second half of 2009, and some don't see a bottom until 2011 or 2012. Even when they stop falling, prices may scrape along the bottom of the rut for years.

Down the Road

And longer term? Over the next 10 to 20 years, housing economists expect prices will rise again -- but, on average, probably not nearly as much as they've averaged over the past decade. That isn't to say that some places won't experience booms (and busts). But, the experts say, you should generally expect house prices to rise just a bit more than inflation and roughly in line with household income.

Karl Case, an economics professor at Wellesley College whose name adorns the S&P Case-Shiller home-price indexes, has studied U.S. house prices going back to the 1890s. Over the long run, he says, home prices tend to increase on average at an inflation-adjusted rate of 2.5% to 3% a year, about the same as per capita income. He thinks that long-run pattern is likely to continue, despite the recent choppiness.

Other experts make similarly modest predictions. William Wheaton, a professor of economics and real estate at the Massachusetts Institute of Technology, says he expects house prices to increase at a rate roughly one percentage point higher than inflation over the long term. Celia Chen, director of housing economics at Moody's Economy.com, a research firm, expects house prices to increase an average of around 4% a year over the next couple of decades.

Some experts say it's a bad idea to count on your home rising in value at all. People should think of their own homes mainly as places to live, not as investments, advises Kenneth Rosen, chairman of the Fisher Center for Real Estate at the University of California, Berkeley. Sure, home mortgages provide tax benefits, and most homes appreciate in value over the long run, he says, but there is always risk.

For all of those forecasts, many Americans are undaunted. Consider three surveys, all from October.

In a poll of 2,000 adults, real-estate-data provider Zillow.com found that 61% believed the value of their home would either remain level or rise over the next six months. Another survey of more than 1,000 homeowners, sponsored by real-estate-services firm Realogy Corp., found that 91% thought that owning a home was the best long-term investment they could make. And an online survey of 5,000 people commissioned by Citigroup found that just 32% believed it was a good time to invest in stocks -- but 51% said it was a good time to buy a home.

The S&P/Case-Shiller home-price index showed accelerating price declines in September. See a sortable chart of home prices, by metro area.

"I just believe in real estate," says Jason Schram, a lawyer in Chicago who has bought two rental properties this year at what he considers fire-sale prices. "I've seen over and over people I know build wealth through rental real estate, and that's the path I intend taking, even though it's a bit bumpy at the moment."

Location, Location

So, as homeowners and buyers look ahead, what factors will determine whether their homes are really likely to rise in value, rather than just in their dreams? What are some of the bullish signs -- and some of the bearish ones?

In the long term, house prices are driven by fundamentals that are hard to predict: immigration, birth rates, the size and nature of households, and incomes. The trick is to figure out where job and income growth will be strongest and where immigrants and others will want to live.

William Frey, a demographer and senior fellow at the Brookings Institution, a think tank in Washington, says young people and immigrants are likely to flow to Florida, Georgia, the Carolinas, Tennessee, Virginia, Nevada, Arizona and some of the more affordable interior parts of California.

These areas generally have lower housing costs than the Pacific Coast or Northeast and job growth from modern industries and leisure businesses, he says. Areas with little immigration and low growth or falling populations are likely to include Michigan, Ohio, the Dakotas, Iowa, western Pennsylvania and upstate New York, Mr. Frey says.

Hit Parade

Newland Communities LLC, a San Diego-based planner and developer of neighborhoods, employs a full-time researcher to study long-term housing demand and ranks metro areas in terms of their growth prospects. Among those near the top of Newland's hit parade are Washington, D.C., Raleigh and Charlotte, N.C., Atlanta, Dallas, Houston, Phoenix and Las Vegas, says Robert McLeod, the developer's chief executive.

All of them, Newland believes, will keep growing because they have well-diversified regional economies and other attractions, including mild climates. With the exception of Washington, they all have fairly affordable housing costs. Washington has a highly educated work force, high incomes, a stable source of government-related jobs and rapidly expanding technology firms, Newland says.

"The older industrial cities are going to suffer" from shrinking employment and forbidding weather, says Mr. Rosen of the University of California. Some Sun Belt cities, including Atlanta, also could languish if traffic jams and sprawl ruin their charms, he says.

Among metro areas that Mr. Rosen expects to do well in the long run are Albuquerque, N.M.; Boise, Idaho; Salt Lake City; Seattle; Portland, Ore.; Denver and Colorado Springs, Colo. He says those places generally offer "urban vitality" and "easy access to outdoor activities" combined with affordable housing and good job-growth prospects from modern industries, such as biotechnology.

Still, just looking at population trends isn't enough. Prices in the crowded coastal areas tend to be more volatile, rising and then falling much faster during booms and busts than do inland areas, Mr. Case notes. Shortages of land and building restrictions make it hard for builders to respond quickly when demand for housing rises in coveted neighborhoods near the coasts; further inland, it's usually much easier to find vacant homes or land, and so sudden movements in prices are less likely.

For instance, despite rapid growth, home prices in Texas cities have tended to climb only gradually. Those cities typically have plenty of room to sprawl, and Texas regulates land use less strictly than many other states. Supply swells to meet demand.

What's more, no one can assess the outlook for housing without considering the effects of 78 million aging baby boomers. For instance, some housing experts believe the boomers will be much less likely than their parents to settle for sun and golf in their retirement; they may prefer urban settings with lots of cultural life or to live nearer friends and families. That could mean higher demand -- and increased prices -- for housing in urban neighborhoods.

Most of this is just guesswork, though. "A lot of people have theories about the baby boomers," says Mr. Frey, the Brookings demographer, but boomers always have tended to confound expectations.

Dowell Myers, a professor of urban planning and demography at the University of Southern California, warns that the retirement of boomers over the next two decades is likely to depress house prices in many areas. As boomers relocate to retirement homes and cemeteries, there will be a lot more sellers than buyers in parts of the country, he says.

"It's going to really mess up the housing market," says Mr. Myers. He predicts that this "generational correction" will be larger and longer-lasting than the current slump.

To get a sense of the effects of aging boomers, Mr. Myers looks at the number of Americans 65 and over per 1,000 working-age people. He sees that number soaring to 318 in the year 2020 and 411 in 2030 from 238 in 2000.

Many people over 65 buy homes, of course, but as they get older they become more likely to sell than buy. People aged 75 to 79 are more than three times as likely to be sellers than buyers, Mr. Myers says.

In some areas, younger people will be happy to buy (and probably renovate) those boomer nests. The problem, Mr. Myers says, will be in places where lots of older people are selling and few young people are settling down. He says the effects will be strongest in the "coldest, most congested and most expensive states rather than the high-growth states of the South or West." Among the states where Mr. Myers sees downward pressure on prices within the next decade: Connecticut, Pennsylvania, New York and Massachusetts.

Of course, applying demographic trends to house-price forecasts can be hazardous. Economists N. Gregory Mankiw and David Weil predicted in a paper in 1989 that demographic trends would lead to a "substantial" fall in real, or inflation-adjusted, home prices over the next two decades "if the historical relation between housing demand and housing prices continues." They reasoned that baby boomers were coming to the end of their prime house-buying years and that the smaller baby-bust generation would bring lower demand for housing.

That warning proved, at a minimum, premature. Despite the recent drop, the average U.S. home price is up about 35% in real terms since the end of 1989, according to the Ofheo index. Messrs. Mankiw and Weil both declined to comment.

Few people who invest in housing have time to follow these academic debates. For nearly four decades, Rich Sommer and his wife, Carolyn, have been investing in rental properties in and near Stevens Point, Wis. Mr. Sommer describes real estate as a good way "to get rich slowly." He and his wife, both former schoolteachers, gradually have built their net worth from zero to around $2.5 million through their rental properties. They have dealt with countless plumbing emergencies, evicted deadbeats and even once had to clean up after a suicide in one of their properties.

Still, he hasn't been hit very hard by the real-estate crash, in part because the Midwest is much less vulnerable to booms and busts than coastal areas. When asked what he would do if someone handed him $1 million today, Mr. Sommer doesn't hesitate: He would put it into real estate.

—Mr. Hagerty is a staff reporter for The Wall Street Journal in Pittsburgh.

Write to James R. Hagerty at bob.hagerty@wsj.com

Lee home sales building

Fri, 05 Dec 2008 13:00:00 GMT

Sales increased 73 percent from 1,273 to 2,198 in the third quarter of 2008 in Lee County. As sales units continued to rise home prices continued to fall for the same period, according to statistics released Tuesday by the Florida Association of Realtors. A separate report by the National Association of Realtors said U.S. prices declined nationally 9 percent to $200,500 in the same period. The median price of an existing Lee County single-family home sold with the help of a Realtor was an unbelievable price of $147,800, down 39 percent from $243,800 in the third quarter of 2007. At the peak of the real estate boom in the county, the median single-family home sold for $322,300, more than twice what it is now. For condominiums, the same trend was in effect: The number of unit sales rose 38 percent from 359 to 495 while the median price fell 17 percent from $232,800 to $193,900. Homes being put on the market at fire sale prices by lenders that took them back in foreclosure are behind the falling prices, which in turn attract more buyers. Buyers are flooding to this inventory with many properties obtaining contract prices over the list prices because of the demand. Foreclosures and other distressed sales made up about 40 percent of transactions in the quarter nationally.

- BY DICK HOGAN • DHOGAN@NEWS-PRESS.COM • NOVEMBER 19, 2008 AND

The Associated Press contributed to this report.

Bullish on Sanibel and Captiva

Wed, 19 Nov 2008 13:00:00 GMT

Real Estate on Sanibel is special. It offers buyers the winning combination of location, location, location. Where else will you find a pristine tropical Island that is considered a sanctuary for wildlife, phenomenal shelling, a multitude of outdoor activities and quiet relaxation? Our island Real Estate continues to spark the interest of people across the globe because of its abundance of natural benefits. Our uniqueness has and will continue to be the anchor keeping our market safe during this economic storm.

Our office has noticed an increase in buyer activity. Property showings, offers and calls from residents of the cold north have resulted in pending sales. The Real Estate market is still very favorable to buyers and many good values remain. Browse our catalog and let us know your needs. We can then match your needs with our listing inventory and the entire multiple listing service of properties matching your criteria. Now is the time to proceed with the purchase of that unique property.

Since opening in May 2007, we have outgrown our facilities and are moving our office to be able to accommodate future growth. We have selected 1019 Periwinkle, the site of the formerly successful Priscilla Murphy Realty (PMR). The office has the legacy of being THE place to stop for information, assistance and soon, Legendary Service. By doubling our space, we will be better able to meet the needs of our rapidly growing company. We will have many office suites, facilities for meetings and educational seminars, an internet café and one stop shopping for island information. Watch for our opening soon.

We are bullish on the islands. The market is changing every day, but the islands are not. Their appeal grows quietly and peacefully.

We, at John R. Wood, Realtors, Island Real Estate, Inc, are independently owned and operated by island residents. We have an alliance with John R. Wood, Realtors of Naples and Bonita, which is one of the top 100 Real Estate companies in the United States, the highest ranking of any SW Florida company. They have 5 office locations with 375 agents and we enjoy our referral relationship. Allow us to serve you.

Sanibel Residential Closings

Mon, 20 May 2013 12:47:23 GMT

January 2009

per Lee County Tax records

9490 Peaceful Drive $600,000

513 Lighthouse $1,575,000

640 Kinzie Island Ct $2,195,000

Median Price of Sanibel Real Estate 08 vs. 07

Mon, 20 May 2013 12:47:23 GMT

Our Sanctuary Barrier Island has worldwide appeal and our Real Estate has outperformed many of the “regular” Florida markets. Reports have shown some Florida cities median prices down 50%. Sanibel is unique and has a limited supply of offerings for sale which has limited our decrease in median price.

Median price info for Sanibel

RES IDENTIAL CONDOMINIUM

2007 $790,000 $670,000

2008 $700,000 $612,500

Down 13% down 9%

Picky first-time buyers may lose out on great deals

Mon, 20 May 2013 12:47:23 GMT

Real Estate information for Sanibel and Captiva Island

WASHINGTON – March 7, 2011 – Finding a “move-in ready” home was important to 87 percent of 300 first-time buyers recently polled by Coldwell Banker Real Estate. Some agents say first-timers are being more selective; and some are even turning away from well-priced homes because they do not have granite countertops, need a new carpet or have wall colors not to their liking.

Zillow says higher downpayments and stricter underwriting standards mean today’s buyers want to ensure their homes need few – or at least inexpensive – improvements

for our Sanibel Marketplace "Island Blog" goto http://www.sanibelmarketplace.com/blog/