The Pine Island residential real estate market had 14 sales in October, 2009 ranging from an off-water Jim Walters home that sold for $95,900, to a bayfront home in St. James City that sold for $825,000.
As of this post, there are 232 active residential listings ranging from $54,000 for a manufactured home to $2,650,000 for a home situated on a private island.
There are 4 active contingent, 19 active contingent short sales, and 22 pending residential listings throughout Pine Island - Bokeelia, St. James City, and Matlacha!
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The vacant land market had 2 sales in October, ranging from a 12.5-acre parcel that sold for $110,000 and a waterfront lot in Bokeelia that sold for $160,000.
There are 257 vacant land listings ranging from $7,500 for a small lot in Sundiet Village to $7,900,000 for a 74-acre subdivision called Tranquility Bay.
There are no active contingent, one active contingent short sale, and 2 pending vacant land listings in the area as of this post.
The total inventory of residential and vacant land listings is "inching" down by a few each month; however, there is still high inventory and low prices! It's a great time to buy!
Monday, November 2, 2009
Tuesday, October 13, 2009
September Market Activity
There were 10 residential sales in September . . . the same number as in August . . . but less than in all other months this year. The sales ranged from a foreclosed home that needed extensive work, which sold for $49,900 to a short sale home on 7.9 acres that sold for $368,968.
At the time of this writing, there are 234 active residential listings on the market in the MLS, 2 active contingent listings, 24 active contingent short sales, and 15 pending sales (under contract). The total number of active residential listings has been steadily declining - these include single family homes, manufactured homes, condos, duplexes, triplexes, and quadruplexes.
Looking at residential sales on a quarterly basis - in the first quarter of 2009 Pine Island had 40 sales; second quarter 63 sales; and third quarter 40 sales.
There were 6 vacant land sales in September, ranging from $7,000 for a mobile home lot to $65,000 for a waterfront lot in Charlotte Shores in Bokeelia.
There are 263 active vacant land listings, zero active contingent, one active contingent short sales, and 2 pending sales. The total number of active vacant land listings has also been steadily declining - these include small residential lots for $7,250 up to $7,900,000 for a 74 acre waterfront subdivision in Bokeelia called Tranquility Bay. There is a development order on this acreage, which was originally designed as a fly-in community for residents with small personal aircrafts.
On a quarterly basis, there were 9 land sales in the first quarter, 17 in the second quarter, and 15 in the third quarter.
If this trend continues through the fourth quarter, 2009 will be very close to the overall number of residential and land sales in 2008 - 179 residential and 64 vacant land parcels sold.
At the time of this writing, there are 234 active residential listings on the market in the MLS, 2 active contingent listings, 24 active contingent short sales, and 15 pending sales (under contract). The total number of active residential listings has been steadily declining - these include single family homes, manufactured homes, condos, duplexes, triplexes, and quadruplexes.
Looking at residential sales on a quarterly basis - in the first quarter of 2009 Pine Island had 40 sales; second quarter 63 sales; and third quarter 40 sales.
There were 6 vacant land sales in September, ranging from $7,000 for a mobile home lot to $65,000 for a waterfront lot in Charlotte Shores in Bokeelia.
There are 263 active vacant land listings, zero active contingent, one active contingent short sales, and 2 pending sales. The total number of active vacant land listings has also been steadily declining - these include small residential lots for $7,250 up to $7,900,000 for a 74 acre waterfront subdivision in Bokeelia called Tranquility Bay. There is a development order on this acreage, which was originally designed as a fly-in community for residents with small personal aircrafts.
On a quarterly basis, there were 9 land sales in the first quarter, 17 in the second quarter, and 15 in the third quarter.
If this trend continues through the fourth quarter, 2009 will be very close to the overall number of residential and land sales in 2008 - 179 residential and 64 vacant land parcels sold.
Tuesday, September 8, 2009
August 2009 Market Activity
Residential sales were down in August to 10 total sales ranging from $38,000 for a manufactured home to $258,000 for a single family waterfront home. There are 10 "pending" sales, 20 "active contingent short sales", and 2 "active contingent sales". The residential inventory of "active listings" is down to 239 ranging from $47,000 for a manufactured home to $2,650,000 for a home on a private island off the southern end of Pine Island.
The number of vacant land sales for August were 4 ranging from $20,000 for an off-water lot to $185,000 for a single family waterfront lot. There are 4 "pending" sales, 1 "active contingent short sale", and no "active contingent sales". The land inventory is now at 276 - ranging from a small lot priced at $7,250 to $9,900,000 for a 74-acre waterfront subdivision know as Tranquility Bay on the east side of the Island.
The number of vacant land sales for August were 4 ranging from $20,000 for an off-water lot to $185,000 for a single family waterfront lot. There are 4 "pending" sales, 1 "active contingent short sale", and no "active contingent sales". The land inventory is now at 276 - ranging from a small lot priced at $7,250 to $9,900,000 for a 74-acre waterfront subdivision know as Tranquility Bay on the east side of the Island.
Tuesday, August 4, 2009
Current Inventory and July Sales
Our housing and land inventories are going down as properties sell, others go pending under contract, and still others drop out of the market . . . expired, withdrawn, or terminated.
On the housing side there are currently 247 "active" listings ranging from a $54,ooo manufactured home to $2,650,000 for a home on a small, private island in St. James City. From May 5 to August 3, the median list price of homes was $287,000. Although there are many affordable homes on the Island, there are several in the million dollar range that affect the median price.
There are 2 "active contingent" homes - both waterfront, single family. There are 15 "active contingent short sale" homes ranging from $99,000 for a manufactured home up to $899,000 for a waterfront, single family home. There are 14 "pending" sales ranging from $61,750 on a single family home to $269,000 on a condo.
In the month of July there were 20 residential sales. These sales ranged from $60,000 for a manufactured home up to $675,000 for a waterfront, single family home.
On the vacant land side the current "active" inventory is 281 parcels . . . from $7,250 for a small single lot in Pineland to $13,000,000 for a 74-acre waterfront property that has a development order for 57 homesites -Tranquility Bay on the east side of the Island.
There are no "active contingent" listings and only one "active contingent short sale" listings. Four parcels are "pending" and these are priced from $25,000 to $699,000 for a 7.71 commercial property.
Vacant land sales for July numbered 5 . . . from $19,900 for a 1/2 acre lot to $398,000 for two bayfront lots in Matlacha.
Some say that the bottom of the housing market has come and gone and that we are now stabilizing. That may be in some areas of the country; however, we are still experiencing short sales and foreclosures dropping into the market that will continue to affect normal sales by driving the prices down. I will continue to monitor the situation and keep you informed!
On the housing side there are currently 247 "active" listings ranging from a $54,ooo manufactured home to $2,650,000 for a home on a small, private island in St. James City. From May 5 to August 3, the median list price of homes was $287,000. Although there are many affordable homes on the Island, there are several in the million dollar range that affect the median price.
There are 2 "active contingent" homes - both waterfront, single family. There are 15 "active contingent short sale" homes ranging from $99,000 for a manufactured home up to $899,000 for a waterfront, single family home. There are 14 "pending" sales ranging from $61,750 on a single family home to $269,000 on a condo.
In the month of July there were 20 residential sales. These sales ranged from $60,000 for a manufactured home up to $675,000 for a waterfront, single family home.
On the vacant land side the current "active" inventory is 281 parcels . . . from $7,250 for a small single lot in Pineland to $13,000,000 for a 74-acre waterfront property that has a development order for 57 homesites -Tranquility Bay on the east side of the Island.
There are no "active contingent" listings and only one "active contingent short sale" listings. Four parcels are "pending" and these are priced from $25,000 to $699,000 for a 7.71 commercial property.
Vacant land sales for July numbered 5 . . . from $19,900 for a 1/2 acre lot to $398,000 for two bayfront lots in Matlacha.
Some say that the bottom of the housing market has come and gone and that we are now stabilizing. That may be in some areas of the country; however, we are still experiencing short sales and foreclosures dropping into the market that will continue to affect normal sales by driving the prices down. I will continue to monitor the situation and keep you informed!
Tuesday, July 14, 2009
Pine Island Land Market Update
The time period for this update is January 1 - June 30, 2009. In the Multiple Listing Service (MLS) there were 26 land sales in the first six months of this year and the MLS is usually what we track. However, I have also been following the private land sales reported in the Property Transfers section of the Pine Island Eagle Newspaper and on their website http://www.pineisland-eagle.com/.
According to that newspaper source, which is supplied by Lee County Property Appraiser's office, there were 18 private vacant land sales in that same time period between January 1 and June 30, 2009. These sales represent off-water and waterfront residential lots, acreage and industrial land. Although these sales are more time consuming to track, it's important to see the whole market and know what is transpiring on the Island.
Combining the MLS reported land sales and the LeePA private land sales, we have a total of 44 vacant land sales during the first half of this year.
While it is true that prices of vacant land skyrocketed through most of 2005, causing investors to abandon this market for greener pastures, prices have adjusted downward and many of those same properties can be bought today at much lower prices. The total land inventory is down, prices are down, and we are beginning to see a renewed interest in buying Pine Island land!
For more information on land prices visit our website at http://www.margaretbirdsong.com/. And contact us if we can be of service to you in your search for vacant land on Pine Island!
According to that newspaper source, which is supplied by Lee County Property Appraiser's office, there were 18 private vacant land sales in that same time period between January 1 and June 30, 2009. These sales represent off-water and waterfront residential lots, acreage and industrial land. Although these sales are more time consuming to track, it's important to see the whole market and know what is transpiring on the Island.
Combining the MLS reported land sales and the LeePA private land sales, we have a total of 44 vacant land sales during the first half of this year.
While it is true that prices of vacant land skyrocketed through most of 2005, causing investors to abandon this market for greener pastures, prices have adjusted downward and many of those same properties can be bought today at much lower prices. The total land inventory is down, prices are down, and we are beginning to see a renewed interest in buying Pine Island land!
For more information on land prices visit our website at http://www.margaretbirdsong.com/. And contact us if we can be of service to you in your search for vacant land on Pine Island!
Wednesday, May 20, 2009
First-Time Home Buyer Tax Credit
Congress increased the first-time home buyer tax credit to $8,000 from $7,500 in February 2009, and eliminated the repayment requirement. This tax credit is available to first-time home buyers who purchase homes between January 1, 2009 and December 1, 2009 . . . the sales contract must be closed by December 1.
Qualifications for these tax credits are shown below:
First-time home buyers . . . purchaser or his/her spouse . . . may not have owned a residence during the three years prior to the purchase.
Tax Credit applies to primary residences: single-family homes, condos, townhomes, and co-ops.
Maximum allowable credit is equal to 10% of the purchase price . . . up to $8,000.
Maximum tax credit is available to single buyers with income up to $75,000 and to married couples up to $150,000.
Tax credit decreases for single buyers with income between $75,000 and $95,000 and to married couples with income between $150,000 and $170,000.
Singles earning over $95,000 and couples earning over $170,000 are not eligible for the tax credit.
Home must be occupied for three years or more to qualify for non-repayment.
If property is sold during the three-year period, the credit will be recouped on the sale.
Starting July 1, 2009, First-time home buyers in Florida can apply for downpayment assistance in advance of closing and then repay the amount borrowed when they get their tax refund. The program will be administered by local county housing authority.
FHA-approved lenders will soon be able to issue a short-term bridge loan equal to the tax credit to be applied to additional downpayment or other closing costs above the 3.5% downpayment required to be paid by the buyer.
To discuss this tax credit, contact our office at 866-768-2895 or call your local county housing authority or an FHA-approved lender in your area. Also you may visit the website www.floridarealtors.org/aboutfar/homebuyercenter/index.cfm.
Please be advised that this is a new program and internal programs with lenders and county housing administrators will require some time to work out the details and are subject to change. The above details for the tax credit were provided by the National Association of Realtors and the Florida Association of Realtors.
Qualifications for these tax credits are shown below:
First-time home buyers . . . purchaser or his/her spouse . . . may not have owned a residence during the three years prior to the purchase.
Tax Credit applies to primary residences: single-family homes, condos, townhomes, and co-ops.
Maximum allowable credit is equal to 10% of the purchase price . . . up to $8,000.
Maximum tax credit is available to single buyers with income up to $75,000 and to married couples up to $150,000.
Tax credit decreases for single buyers with income between $75,000 and $95,000 and to married couples with income between $150,000 and $170,000.
Singles earning over $95,000 and couples earning over $170,000 are not eligible for the tax credit.
Home must be occupied for three years or more to qualify for non-repayment.
If property is sold during the three-year period, the credit will be recouped on the sale.
Starting July 1, 2009, First-time home buyers in Florida can apply for downpayment assistance in advance of closing and then repay the amount borrowed when they get their tax refund. The program will be administered by local county housing authority.
FHA-approved lenders will soon be able to issue a short-term bridge loan equal to the tax credit to be applied to additional downpayment or other closing costs above the 3.5% downpayment required to be paid by the buyer.
To discuss this tax credit, contact our office at 866-768-2895 or call your local county housing authority or an FHA-approved lender in your area. Also you may visit the website www.floridarealtors.org/aboutfar/homebuyercenter/index.cfm.
Please be advised that this is a new program and internal programs with lenders and county housing administrators will require some time to work out the details and are subject to change. The above details for the tax credit were provided by the National Association of Realtors and the Florida Association of Realtors.
Wednesday, May 6, 2009
A LOOK AT THE PINE ISLAND REAL ESTATE MARKET
Some customers and other real estate watchers have asked, “When will this market improve?” . . . “How will we know when we’re at the bottom?” There are varying opinions as to when we will actually hit the bottom and when the recovery will begin in Florida. Some observers think that this has actually happened – others do not. Real estate markets are “local” and the same rules do not apply to all markets in our country equally. My expertise is the Pine Island market, so that is the focus of this article!
The Pine Island housing market actually peaked in 2004, with 321 residential sales. The vacant land market peaked in 2005 with 343 land sales. We can track the buildup to these peaks by looking at the number of sales each year starting from 1999. We were wondering in ’04 and ‘05 how much higher the prices could go . . . and how much longer the insatiable demand for properties on the Island could last! Well . . . we found out!
Having been very active during those years leading up to ‘05, I decided to get my broker’s license and start my own real estate agency, which I accomplished by September ‘05. Before the end of that year, buyers had lost interest in Pine Island and were moving on to other markets. In ‘06, ‘07, and ‘08, the number of housing sales dropped down to around the numbers we had seen in ‘99 and ‘01 (168, 148, and 179 respectively). In contrast, land sales during that same time declined to levels lower than they were in ‘99 (88, 70, and 64).
What is the status of the real estate market on Pine Island this year? In the first quarter of ‘09, there were 40 housing sales . . . 15 in Bokeelia, 23 in St. James City, and 2 in Matlacha. Out of the 40 sales, 6 were bank owned foreclosures, 5 were short sales, and 29 were normal sales. Of the 15 sales in Bokeelia, 9 were single-family off water; 2 were single-family waterfront; and 4 were manufactured off-water homes. Of the 23 sales in St. James City, 12 were single-family waterfront; 4 were single-family off-water; and 7 were manufactured waterfront. The two sales in Matlacha were single-family waterfront homes.
In the first quarter of ‘09 there were 9 vacant land sales . . . 5 in Bokeelia and 4 in St. James City. Eight of the sales were off-water and only one was a waterfront lot for a manufactured home.
At the time of this writing, there are 273 active housing listings, 31 pending, 4 active contingent, and 16 active contingent short sales. In the month of April there were 18 housing sales, which makes our inventory of 273 homes a 15-month supply with an absorption rate of 7%.
There are 319 vacant land listings and 3 pending sales. In the month of April there were 3 land sales, making our inventory of 319 land listings a 106-month supply with an absorption rate of 1%.
In summary, the status of the real estate market on Pine Island is that our inventory is still high, and prices have come down considerably. We had 58 housing and 12 land sales through April of this year. There are currently 31 pending housing and 3 pending land sales. Our real estate market is better than most other markets in Lee County, mainly due to the fact that we did not have all the speculation building that occurred in those areas, so we have not experienced the high numbers of short sales and foreclosures.
Mortgage interest rates are currently low, and an $8,000 federal tax credit is available for first time homebuyers, if the sales contract is closed by December 1, 2009. It’s a buyer’s market, and many buyers are now seizing this opportunity to purchase their piece of paradise on beautiful Pine Island!
Located on a pristine Island in Southwest Florida, Pine Island offers a lifestyle that is unique . . . casual . . . and off the beaten track! It has charm and appeal that other geographical locations can’t claim. My husband and I have lived here for over fifteen years and know of no other place in the world that we would rather be!
The Pine Island housing market actually peaked in 2004, with 321 residential sales. The vacant land market peaked in 2005 with 343 land sales. We can track the buildup to these peaks by looking at the number of sales each year starting from 1999. We were wondering in ’04 and ‘05 how much higher the prices could go . . . and how much longer the insatiable demand for properties on the Island could last! Well . . . we found out!
Having been very active during those years leading up to ‘05, I decided to get my broker’s license and start my own real estate agency, which I accomplished by September ‘05. Before the end of that year, buyers had lost interest in Pine Island and were moving on to other markets. In ‘06, ‘07, and ‘08, the number of housing sales dropped down to around the numbers we had seen in ‘99 and ‘01 (168, 148, and 179 respectively). In contrast, land sales during that same time declined to levels lower than they were in ‘99 (88, 70, and 64).
What is the status of the real estate market on Pine Island this year? In the first quarter of ‘09, there were 40 housing sales . . . 15 in Bokeelia, 23 in St. James City, and 2 in Matlacha. Out of the 40 sales, 6 were bank owned foreclosures, 5 were short sales, and 29 were normal sales. Of the 15 sales in Bokeelia, 9 were single-family off water; 2 were single-family waterfront; and 4 were manufactured off-water homes. Of the 23 sales in St. James City, 12 were single-family waterfront; 4 were single-family off-water; and 7 were manufactured waterfront. The two sales in Matlacha were single-family waterfront homes.
In the first quarter of ‘09 there were 9 vacant land sales . . . 5 in Bokeelia and 4 in St. James City. Eight of the sales were off-water and only one was a waterfront lot for a manufactured home.
At the time of this writing, there are 273 active housing listings, 31 pending, 4 active contingent, and 16 active contingent short sales. In the month of April there were 18 housing sales, which makes our inventory of 273 homes a 15-month supply with an absorption rate of 7%.
There are 319 vacant land listings and 3 pending sales. In the month of April there were 3 land sales, making our inventory of 319 land listings a 106-month supply with an absorption rate of 1%.
In summary, the status of the real estate market on Pine Island is that our inventory is still high, and prices have come down considerably. We had 58 housing and 12 land sales through April of this year. There are currently 31 pending housing and 3 pending land sales. Our real estate market is better than most other markets in Lee County, mainly due to the fact that we did not have all the speculation building that occurred in those areas, so we have not experienced the high numbers of short sales and foreclosures.
Mortgage interest rates are currently low, and an $8,000 federal tax credit is available for first time homebuyers, if the sales contract is closed by December 1, 2009. It’s a buyer’s market, and many buyers are now seizing this opportunity to purchase their piece of paradise on beautiful Pine Island!
Located on a pristine Island in Southwest Florida, Pine Island offers a lifestyle that is unique . . . casual . . . and off the beaten track! It has charm and appeal that other geographical locations can’t claim. My husband and I have lived here for over fifteen years and know of no other place in the world that we would rather be!
Thursday, April 30, 2009
Staying Physically Fit for the Long Haul!
Each Tuesday, Thursday, and Saturday mornings my husband and I set the alarm for 6:30 am, have breakfast, complete our morning routine, and then head for the gym to work out. We don't have to go far . . . just to our garage, which is very handy!
Two years ago we were both experiencing some lower back problems and went to physical therapy for several weeks. With that in mind and knowing also that my mother has had a history of severe back issues, we decided to build a room in our oversized garage and put in a gym. Having been a remodeling contractor, my husband eagerly accepted the challenge of building the room. He only had to build two walls, but we had to design it so that we could also accommodate our main vehicle.
Before the design stage, Ken searched the Internet for gym equipment. I knew the exercises that would be most advantageous to us (having been to therapy) and we began looking for weight stack equipment that would give us the most stations where we could work out at the same time. We found the perfect equipment, plus one additional station for back and abs. We applied the measurements needed to our alloted space and it worked perfectly.
Ken ordered the equipment and started to work on the room. We allowed space for the gym equipment and then added a rub-down bench on one end of the room for back massages. Ken put in one glass door and one large window for light and fresh air when weather permits. We ordered a standing air conditioner/heating unit that is vented to the outside, which we run during the hottest and coolest days. Living in Florida, there are many days that we can enjoy the fresh air!
When the room was finished, the task of assembling the gym equipment began. Thank goodness Ken has had a great deal of experience in the assembling department because this equipment came in many parts - some large, but most small! But he did a masterful job and everything fit just as we had planned!
Building this gym in our home has been one of our best projects! We spend about 35 minutes three times a week working out. It gives us added energy, builds up our body, and strengthens us overall! In addition to the workout program, Ken and I try to eat healthy foods and try to have balance in our lives . . . physical and spiritual! If we are going to live longer, we want to "stay fit for the long haul!
Two years ago we were both experiencing some lower back problems and went to physical therapy for several weeks. With that in mind and knowing also that my mother has had a history of severe back issues, we decided to build a room in our oversized garage and put in a gym. Having been a remodeling contractor, my husband eagerly accepted the challenge of building the room. He only had to build two walls, but we had to design it so that we could also accommodate our main vehicle.
Before the design stage, Ken searched the Internet for gym equipment. I knew the exercises that would be most advantageous to us (having been to therapy) and we began looking for weight stack equipment that would give us the most stations where we could work out at the same time. We found the perfect equipment, plus one additional station for back and abs. We applied the measurements needed to our alloted space and it worked perfectly.
Ken ordered the equipment and started to work on the room. We allowed space for the gym equipment and then added a rub-down bench on one end of the room for back massages. Ken put in one glass door and one large window for light and fresh air when weather permits. We ordered a standing air conditioner/heating unit that is vented to the outside, which we run during the hottest and coolest days. Living in Florida, there are many days that we can enjoy the fresh air!
When the room was finished, the task of assembling the gym equipment began. Thank goodness Ken has had a great deal of experience in the assembling department because this equipment came in many parts - some large, but most small! But he did a masterful job and everything fit just as we had planned!
Building this gym in our home has been one of our best projects! We spend about 35 minutes three times a week working out. It gives us added energy, builds up our body, and strengthens us overall! In addition to the workout program, Ken and I try to eat healthy foods and try to have balance in our lives . . . physical and spiritual! If we are going to live longer, we want to "stay fit for the long haul!
Monday, February 16, 2009
Pine Island Florida and the Real Estate Market
The Greater Pine Island market area consists of three different communities - Bokeelia, St. James City, and Matlacha. When you return to my website, click on the red button on the home page that is labeled Pine Island, which will give you more information on these communities. Pine Island is unincorporated . . . we have no cities and only pay county taxes.
Bokeelia is everything from Pine Island Road in the Center to the north end of the Island. There are 130 active residential listings in Bokeelia, including single family homes, manufactured homes, condos, and duplexes . . . waterfront and off-water. These properties range from $49,000 for a manufactured home to $1,875,000 for a bayfront estate. The median priced home in Bokeelia is $279,000.
There were 6 residential sales in Bokeelia in January, 2009, ranging from $27,900 for a manufactured home to $325,000 for a canalfront home.
In this same area of Bokeelia, there are 212 active vacant land listings ranging from $13,000 for a lot to $699,000 for a 7.71 acre commercial property. There was only one land sale in January . . . a one-half acre developed lot (cleared, septic, well, electric) that sold for $26,000.
St. James City is everything from Pine Island Road in the Center to the south end of the Island. There are 158 active residential listings in St. James City, including single family homes, manufactured homes, and condos . . . waterfront and off-water ranging from $53,500 for a manufactured home to $1,700,000 for a bayfront home. The median price for a home in St. James City is $269,900.
There were 5 residential sales in St. James City in January, 2009, ranging from $95,000 for a manufactured home to $265,000 for a single family home.
There are 129 vacant land listings in St. James City ranging from $22,900 for a lot to $1,400,000 for a 3.87 acre commerical property in the Center. There were 2 land sales in January . . . $20,200 for a one-half acre in the Alaska Streets and $162,500 for a 5-acre property on Stringfellow Road.
Matlacha is a waterfront community between the mainland and Little Pine Island heading west before you get to Pine Island. There are 49 active residential listings in this area ranging from $75,000 for a small one bedroom/one bath home on a canal to $2,500,000 for a bayfront home.
The median price for a home in Matlacha is $359,400.
There was one residential sale in Matlacha in January - a bayfront home that sold for $830,000.
There are 11 vacant land listings in Matlacha ranging from $135,000 to $499,000 . . . and no land sales in January.
In the Greater Pine Island area of Bokeelia, St. James City, and Matlacha . . . we currently have 337 residential properties on the market . . . and with 12 sales in January - that gives us a 28 month (2.33 year) supply and an absorption rate of 4%. We have been affected by the short sales, bank foreclosures, and auctions, which have continued to drive down the prices, but buyers are still waiting to buy!
Active land listings for the area number 352 . . . with only 3 sales in January . . . gives us a 117.33 month (9.78 years) supply and an absorption rate of 1%.
My prediction is that sellers must reduce their prices in order to sell in this market and clear out the huge inventory. Buyers have told me, "We're starting over . . . sellers need to get realistic about their prices"!
Bokeelia is everything from Pine Island Road in the Center to the north end of the Island. There are 130 active residential listings in Bokeelia, including single family homes, manufactured homes, condos, and duplexes . . . waterfront and off-water. These properties range from $49,000 for a manufactured home to $1,875,000 for a bayfront estate. The median priced home in Bokeelia is $279,000.
There were 6 residential sales in Bokeelia in January, 2009, ranging from $27,900 for a manufactured home to $325,000 for a canalfront home.
In this same area of Bokeelia, there are 212 active vacant land listings ranging from $13,000 for a lot to $699,000 for a 7.71 acre commercial property. There was only one land sale in January . . . a one-half acre developed lot (cleared, septic, well, electric) that sold for $26,000.
St. James City is everything from Pine Island Road in the Center to the south end of the Island. There are 158 active residential listings in St. James City, including single family homes, manufactured homes, and condos . . . waterfront and off-water ranging from $53,500 for a manufactured home to $1,700,000 for a bayfront home. The median price for a home in St. James City is $269,900.
There were 5 residential sales in St. James City in January, 2009, ranging from $95,000 for a manufactured home to $265,000 for a single family home.
There are 129 vacant land listings in St. James City ranging from $22,900 for a lot to $1,400,000 for a 3.87 acre commerical property in the Center. There were 2 land sales in January . . . $20,200 for a one-half acre in the Alaska Streets and $162,500 for a 5-acre property on Stringfellow Road.
Matlacha is a waterfront community between the mainland and Little Pine Island heading west before you get to Pine Island. There are 49 active residential listings in this area ranging from $75,000 for a small one bedroom/one bath home on a canal to $2,500,000 for a bayfront home.
The median price for a home in Matlacha is $359,400.
There was one residential sale in Matlacha in January - a bayfront home that sold for $830,000.
There are 11 vacant land listings in Matlacha ranging from $135,000 to $499,000 . . . and no land sales in January.
In the Greater Pine Island area of Bokeelia, St. James City, and Matlacha . . . we currently have 337 residential properties on the market . . . and with 12 sales in January - that gives us a 28 month (2.33 year) supply and an absorption rate of 4%. We have been affected by the short sales, bank foreclosures, and auctions, which have continued to drive down the prices, but buyers are still waiting to buy!
Active land listings for the area number 352 . . . with only 3 sales in January . . . gives us a 117.33 month (9.78 years) supply and an absorption rate of 1%.
My prediction is that sellers must reduce their prices in order to sell in this market and clear out the huge inventory. Buyers have told me, "We're starting over . . . sellers need to get realistic about their prices"!
Tuesday, January 20, 2009
2009 Market Activity
In December, 2009, there were 17 residential sales for a total of 178 residential sales for the year. That's the highest yearly total since 204 when there were 207 sales . . . and it's the second highest total since before 1999 (our MLS will only go back to 1999). The short sales and foreclosures have effected our residential market on the Island, driving down the prices and thus making residential properties more affordable.
Also in December, there were only 7 land sales, which is the lowest number of land sales since before 1999. Prices are much lower than in the boom year of 2005; however, buyers are scarce.
As of this date, the residential inventory is still high with 340 active listings. And there are 16 pending sales.
The land market is also high with 361 active listings . . . and 3 pending sales.
What is the outlook for 2009? There are some positive signs for our market. First-time residential buyers have a great inventory from which to choose, low interest rates, great pricing and first-time homebuyer financing programs. Will we actually hit "the bottom"? Only if the number of foreclosures decline instead of continuing to flood the market.
My outlook is positive . . . I choose to look on the bright side and expect that 2009 will be a better year for the real estate market in Southwest Florida and on Pine Island!
Also in December, there were only 7 land sales, which is the lowest number of land sales since before 1999. Prices are much lower than in the boom year of 2005; however, buyers are scarce.
As of this date, the residential inventory is still high with 340 active listings. And there are 16 pending sales.
The land market is also high with 361 active listings . . . and 3 pending sales.
What is the outlook for 2009? There are some positive signs for our market. First-time residential buyers have a great inventory from which to choose, low interest rates, great pricing and first-time homebuyer financing programs. Will we actually hit "the bottom"? Only if the number of foreclosures decline instead of continuing to flood the market.
My outlook is positive . . . I choose to look on the bright side and expect that 2009 will be a better year for the real estate market in Southwest Florida and on Pine Island!
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