Over 90 Sanibel condominium board members and managers met last month to hear about the findings from the Highland Report: a study of the positive outcome of renovation for condominium rental and unit sales.
According to an article in the Island Sun, “The goal of the study was to help property owners increase rental and sales revenue. The findings were presented at a CASI (Condominium Associations of Sanibel, Inc.) meeting on October 18 at The Sanctuary.” This study is signaling a new generation of tourism in the region. While Lee County has for many years enjoyed visitors who come back to similar accommodations every year, this study revealed that millennial visitors desire new destinations and experiences in their travel.
The Highland Report was issued as an encouragement to property owners on Sanibel to consider remodeling their properties in order to energize tourism and increase revenues. For instance, a simple investment of $30,000, according to the Island Sun, “yields an average increase in annual rental revenue of $16,627, meaning the investment can be recouped, on average, in two years.” It is not a new concept, but this new data is emphasizing the value of renovations with detailed research and analysis.
The entire document, “Lodging Product Study, Lee County, Florida” is hosted on the Lee County Visitors and Convention Bureau website. One noteworthy outcome of the study is the revelation that the average age of visitors to Lee County is getting older. It is currently 52 which according to the study is “unusually high and puts the county at risk of aging out of a viable clientele …” So while Lee County has enjoyed many years of successful tourism, moving forward the region will be energized by new renovation investments and innovative approaches to rental and condominium ownership and marketing.
Considering the documented increase in revenue for units that have been thoroughly renovated, it is clear there is untapped potential in the region and a strong outlook for those ready to embrace the changing market. Most importantly, the beaches of Sanibel Island that have drawn individuals, groups, and families to the region are still the ultimate destination. The more owners can highlight this destination with seamless improvements and effortless hospitality, the more visitors will discover and rediscover the benefits of travel and residence in Southwest Florida.
To learn more about Sanibel real estate, contact us, search our MLS for available properties, or get in touch with one of our Sanibel realtors.
RELATED ARTICLES:
