Pine Island Florida Real Estate Update

February and March Market Updates

2010-04-19T07:52:00.000-07:00

RESIDENTIAL: ACTIVE, ACTIVE CONTINGENT SHORT SALES, PENDING, SOLD.

As of April 13, there were 295 active residential listings, ranging from a manufactured home at $39,900 to a single family home on 22.34 acres at $1,750,000 (way over priced for off-water homes). There are 23 "pending" singles family homes, 3 manufactured homes, and 4 condos. There are 13 "active contingent short sales" (under contract but not yet approved by the lender) single family homes, and one residential income duplex.

In February, 17 single family homes "sold", 7 manufactured homes, one condo, and one residential income property.

In March, 13 single family homes "sold", 4 manufactured homes, one condo, and 3 residential income properties.

VACANT LAND: ACTIVE, ACTIVE CONTINGENT SHORT SALES, PENDING, SOLD.

As of April 13, there were 304 active vacant land properties on the market, ranging from a residential lot at $7,500 to a 74-acre, waterfront, fly-in subdivision for $2,250,000 (with a development order in place). There are 5 "pending" land sales and 9 active contingent short sales.

In February, there were 7 land sales.

In March, there were 9 land sales.

For more information about the Pine Island real estate market, contact Margaret Birdsong at 866-768-2895.

January 2010 Market Results

2010-02-09T07:06:00.000-08:00

There were 21 total residential sales on Pine Island in January 2010. That's the highest monthly number since July, 2009, which was 22. Currently, there are 281 active residential listings. There is one active contingent property, 17 active contingent short sales (seller has signed but lender has not accepted the offer), and 29 pending sales (under contract and waiting for closing).

The land market is a different story. There was only one land sale in January 2010, which is lower than any other month last year - February and November 2009 had 2 land sales. There are 285 active land listing on the market. Waiting in the wings are 8 pending sales, 3 active contingent short sales, and one active contingent.

Out of the 8 pending land sales, this agency has 3 waterfront lots that are scheduled for closing this month - that's 38%!

Hopefully, January represents the low point in the land market and we will see an increase in land sales during the rest of this year!

2009 Market Results

2010-02-08T12:06:00.000-08:00

Closing out 2009 (I finally had the time to accomplish this task!) . . . it was a better year for home sales on Pine Island. The total number of home sales was 198 - the best year since 2005! There were 40 in the first quarter of the year, 66 in the second quarter, 43 in the third quarter, and 49 in the fourth quarter. What accounts for this increased activity you ask? . . . foreclosures and short sales dropping into the market and driving down the prices. Sellers with normal sales (not foreclosures or short sales) also had to price lower in order to compete!

Land sales in 2009 were not so high with 53 total sales all year - the lowest number of land sales since before 1999, which is as far back as our MLS will allow us to go to collect data. There were 9 in the first quarter, 18 in the second quarter, 15 in the third quarter, and 11 in the fourth quarter. Prices are low and buyers are scarce!

Even through all this, our agency had the best year in total sales and revenues since 2005!

My next post will be about January 2010 sales and current active and pending listing activity in residential and vacant land properties.

October Update

2009-11-02T08:32:00.000-08:00

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!

September Market Activity

2009-10-13T06:31:00.000-07:00

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.

August 2009 Market Activity

2009-09-08T10:52:00.000-07:00

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.

Current Inventory and July Sales

2009-08-04T07:12:00.000-07:00

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!

Pine Island Land Market Update

2009-07-14T07:14:00.000-07:00

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!

First-Time Home Buyer Tax Credit

2009-05-20T10:37:00.000-07:00

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.

A LOOK AT THE PINE ISLAND REAL ESTATE MARKET

2009-05-06T09:47:00.000-07:00

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!

Staying Physically Fit for the Long Haul!

2009-04-30T08:11:00.000-07:00

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!

Pine Island Florida and the Real Estate Market

2009-02-16T07:33:00.000-08:00

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"!

2009 Market Activity

2009-01-20T10:23:00.000-08:00

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!

November Market Activity

2008-12-02T08:16:00.000-08:00

In November there were 10 sold residential properties on the Island that ranged in price from $84,900 for a manufactured home to $445,000 for a single family home. That is the highest number of residential solds since July when there were 19!

The current total inventory of residential listings on the Island is 348 - ranging from $39,900 for a small manufactured home to $1,995,000 for a bayfront single family home. There are definitely some bargains available and now is the time to buy!

Also in November there were NO vacant land sales . . . the worse month this year. In 2008, there will be the lowest number of overall land sales since before 1999.

The current total inventory of vacant land listings is 377 - ranging from $14,000 for a small lot in Sundiet Village to a package deal of multiple waterfront lots in St. James City that is listed for $1,500,000.

The short sales and foreclosures (although few in number compared to other areas like Cape Coral) are driving some prices down. We keep a positive attitude and trust that 2009 will be a better year for the real estate market!

Have a very Merry Christmas and a Happy New Year!

September and October Market Update

2008-11-04T09:26:00.000-08:00

Residential sales in September totaled 9, ranging in price from $77,250 for a manufactured home to $640,000 for a single family 3 bedroom/2 bath home on 7 acres with stables and a pool that was a short sale.

Vacant land sales in September totaled only 2, which were a 1/2 acre lot for $30,000 and 125 acres of mangroves that was purchased through the 20/20 Conservation Program for $321,300.

Residential sales in October totaled 8, ranging from $75,000 for a manufactured home to $380,000 for a large single family home with a pool in The Nesting subdivision.

Vacant land sales in October totaled 5, ranging from $20,800 each for four lots in Pine Island Center to $70,000 for a lot in The Nesting.

As of this date there are 353 residential active listings ranging from a $39,900 manufactured home to $1,995,000 for a bayfront single family home . . . and 380 vacant land listings ranging from $14,000 for a small lot in Sundiet Village to $1,500,000 for a combination of 13 commercial and residential waterfront lots in St. James City.

What is most important to consider is the continued high inventory on the Island. The 353 residential listings represent 44.13 months or 3.68 years of inventory. Based on the 8 residential sales in October, this shows an absorption rate of just 2% (8 divided by 353). There is so much competition in this market that sellers must clean up, paint up, and fix up in order to attract buyers - and price competitively!

With the current 380 vacant land listings, we have 76 months or 6.33 years of inventory with an absorption rate of only 1% (5 sales in October divided by 380).

All sellers must keep in mind the absorption rate when pricing their residential or vacant land listings for a successful sale!

Southwest Florida Demographics

2008-09-29T07:42:00.000-07:00

Usually I blog about market activity as well as unique features of Pine Island, but in this post I want to talk about demographics in our Southwest Florida area, namely education! I subscribe to the "Gulfshore Business Magazine", which recently published a supplement that is called the "Southwest Florida Relocation and Expansion Guide for 2008-2009". In this supplement, a feature article is titled "Land of Opportunities". This article provides excellent information about the Lee, Collier, and Charlotte County areas including demographics, which gives age, housing, financial, labor, and education data for the three counties, Florida, and the United States.

The data on education was alarming! In Lee County, only 9% were reported as having a graduate or professional degree; 15.8% having a bachelor's degree; 6.9% an associate degree; 21.4% some college, no degree; 33.7% a high school diploma; and 13.2% less than a high school diploma. That's 46.9% of the population in Lee County that have a high school diploma or less!

In Collier County, 11.8% have graduate or professional degree; 19.8% bachelor's degree; 4.9% an associate degree; 19.5% some college, no degree; 29% high school diploma; 15% less than high school diploma. That's 44% in Collier County who have a high school diploma or less!

And in Charlotte County, 7% have graduate or professional degree; 10.3% bachelor's degree; 7.5% associate degree; 20.9% some college, no degree; 43.3% high school diploma; and 11% less than high school diploma. That's 54.3% in Charlotte County who have a high school diploma or less!

It's interesting to see that these three Southwest Florida Counties - Lee, Collier, Charlotte - are fairly typical of Florida (45% high school diploma or less) and the United States (44.3% high school diploma or less).

We are squandering the opportunity to teach, encourage, and inspire our youth to reach for greater heights . . . to strive for something other than the status quo . . . to believe that they can achieve higher goals and aspirations! How will our country compete on the worldwide stage if we have one-half of our young people who are satisfied with only a high school diploma or less and nothing more? Where will the jobs be for those young adults? How will they pay for higher and higher costs of living?

I am deeply disturbed by the educational system in this country! We have to do better . . . expect more . . . and raise up students who are hungry for learning and self-improvement, regardless of their circumstances!

July and August Market Activity

2008-09-03T11:17:00.000-07:00

July was the third stongest month so far this year for residential sales with 19 sales Island wide. The strongest months were April with 33 sales and May with 24 sales. There were also 10 pending sales at the end of July. At the end of that month there were still over 300 residential properties in the active for-sale inventory.

Vacant land sales were down to 5 in July. The strongest months for land sales were January with 8 sales and April also with 8 sales. At the end of July there was only one pending lot sale and over 350 active listings in the inventory.

August residential sales were down to 4 with 10 pending at the end of the month.

Land sales in August were down to 3 with only one pending at the end of the month.

At the time of this post, residential sales for the year (January through August) total 130. Land sales total 49.

It will be interesting to see if we can surpass the total number of residential properties sold in 2007 (147) by the end of this year . . . and the total number of vacant land sales in 2007 ( 70).

Even though the sales may rival what there were last year, the prices of both residential and vacant land properties have been significantly reduced . . . the result of a buyer's market.

The inventory remains too high, which is a good thing for buyers. They have a good selection from which to choose!

June 2008 Market Activity

2008-07-14T10:24:00.000-07:00

In June, we saw a considerable drop in residential market activity from the highs in April and May! There were only nine residential sales in June. . . 8 single family and one manufactured home . . . ranging in price from $105,000 to $769,000. Currently, there are 307 residential listings on the market on Pine Island.

In the same month we had 7 land sales, which is comparable to previous months this year. Of these 7 sales, 5 were off-water and 2 waterfront, ranging in price from $19,000 for a 1/2 acre in Bokeelia, to $408,000 for a waterfront lot in St. James City. Currently, there are 373 active land listings on the market.

Although the market sales were lower in June, at least we are seeing the overall inventory numbers drop from near 400 to close to 300 for residential listings, and from over 400 to 373 for active land listings. This inventory remains higher than normal and our buyers are still holding out for "THE BOTTOM"!

Well, if all predictions are accurate, we are very near "THE BOTTOM" - at least we hope so! If you are a buyer, act now or you may miss it!

April and May 2008 Market Activity

2008-06-11T08:06:00.000-07:00

Taking a look at the market activity for April and May, we find increased buying activity on Pine Island. In April there were 33 residential sales as compared to 15 in March - an increase of 45%. Prices ranged from $61,000 for an off-water manufactured home to $575,000 for a waterfront single family home in Matlacha. There were 4 condo sales, 10 manufactured home sales, and 19 single family home sales.

Land sales in April were still low with 8 properties sold, slightly over the number of sales for March which were 7. The land sales ranged from $22,000 for an off-water lot to $470,000 for a waterfront lot.

In May the number of residential sales dropped to 24 from 33 in April, a decrease of 27%. The sales ranged from $26,000 for an off-water manufactured home to $1,172,500 for a bayfront home in Bokeelia. There were 2 condo sales, 6 manufactured home sales, and 16 single family sales that month.

Land sales in May were down to 4 from 8 in April, and all the sales were in Bokeelia - 3 waterfront lots which sold for $155,000, $180,000, and $180,000 and one off-water 2.5 acre parcel which sold for $135,000.

It is encouraging to see the market activity from these two months, especially in the residential market, but also in the sale of waterfront lots, which had been sluggish for many months.

It is also encouraging to see the current supply of inventory drop to 321 for residential properties and to 389 for vacant land properties. Prices continue to drop and it is still a buyer's market. We trust that in the second half of 2008, we will see buyers who want to buy make a move to do so. They have been reluctant to buy; however, with the increased sales we are experiencing, perhaps that reluctance is over and we will see more sales in the coming months.

March 2008 Market Activity

2008-04-24T06:51:00.000-07:00

In March, there were fifteen residential sales - one condo, five manufactured homes, and nine single family homes. Ten sales were waterfront and five sales were off water. Sale prices ranged from $70,000 for an off-water manufactured homes to $599,000 for a waterfront home in Matlacha.

In the same month there were seven vacant land sales - one canal front, one fresh water canal, and five off-water. Most of these sales were well under $50,000 with the exception of one waterfront lot in St. James City that sold for $250,000. The lowest priced lot sale was at $12,500.

First Quarter statistics show forty-one residential properties and twenty-two vacant land properties that have been sold. As of today our inventory is still very high with 338 residential listings and 400 vacant land listings - that's several years supply!

We are seeing some increased activity this month in pending and closed sales. Keep posted for April 2008 market activity!

Short Sales

2008-03-25T09:45:00.000-07:00

Short sales occur when the lender is willing to settle for less than the amount currently owed on the mortgage. The short sale is a preforeclosure process that, if successful, would mean your credit would be damaged for only two years, rather than seven to ten years if the home goes to foreclosure. And the IRS will not tax you on the difference between the amount of the mortgage and the short sale payoff.

This relatively new real estate phenomenon strongely appeared on the scene early last year in Southwest Florida, and has affected the market especially in Cape Coral where the housing inventory is bloated out of proportion. Pine Island is affected, but not as severely because the Island didn't have the speculation building and buying that was so prevelant in Cape Coral.

Our office recently handled the short sale of a house in Cape Coral, where the sellers owed $262,000 (the mortgage amount plus a prepayment penalty). We had listed the house, which was a four bedroom, two bath home built in 2003, at $262,000, and then lowered the price several times until it was listed at $139,000. We received an offer of $135,000. The lenders agreed to accept $124,000 and we closed the deal.

If you are faced with the possibility of a foreclosure, but would like another option to consider, please contact us. We could assist you in setting up a short sale with your lender to avoid a foreclosure and limit the damage to your credit. The short sale takes longer than a normal sale and the lender has the final decision about the sale price, but it is an option that is better than a foreclosure. Call today for more information about short sales!

February 2008 Market Activity

2008-03-06T07:11:00.000-08:00

In February, there were fifteen total residential sales in Bokeelia, St. James, City, and Matlacha, which consisted of two condos, four manufactured homes, and nine single family home sales. From these fifteen sales, eight were waterfront and seven off-water. Sale prices ranged from $65,000 for an off-water manufactured home to $1,100,000 for a three story waterfront home on Martin Cove in Bokeelia.

Also in February, we had seven vacant land sales - two waterfront lots, five off-water lots, and one industrial lot in the Pine Island Industrial Center. The prices of these lots ranged from $5,000 for a lot with no road access to $200,000 for a canal front lot in Bokeelia.

Compared to January, the residential sales were up by four - from eleven in January to fifteen in February; however, the vacant land sales went from eight in January to seven in February. As of this date, we still have a huge inventory in both residential and land listings with 392 residential properties and 406 vacant land parcels now on the market. And these stats do not include all the "for sale by owner" properties that have signs in the yards and private sales that have taken place!

Currently, we have almost a three-year supply of homes and a six-year supply of vacant land on the market. Unless sellers price their properties right, they will not sell. Buyers are smart and they do their homework! It is still a strong buyers market!

January 2008 Market Activity

2008-02-13T08:26:00.000-08:00

In January, we had eleven residential sales - three manufactured home sales and eight single family home sales. Of these eleven, six were waterfront and five off-water. And the sale prices ranged from $70,000 for a manufactured home in Flamingo Bay to $1,000,000 for a three-story waterfront home on 8th Avenue in St. James City.

During that same time, we had eight vacant land sales - one lakefront property and seven off-water properties sold. One of the off-water parcels was an industrial lot in the Pine Island Industrial Center. The prices of these eight lots ranged from $8,500 for a 50x79 lot on Bouney in Sundiet Village to $90,000 for the 5.4 acre lakefront property.

This activity is a good start for 2008; however, it does not signal a true "season" as we had been experiencing prior to 2006. We do see an increase in potential buyers who are cautiously looking and who are seeking the lowest price they can find. It is still a buyers market and we continue to have an inflated inventory with 392 vacant land parcels and 379 residential properties on the market. There are "deals" to be had and now is the time to buy!

It's Just Paradise!

2008-02-01T08:12:00.000-08:00

Pine Island is a very unique place! We have no traffic lights and only one major intersection with a four-way stop in the Pine Island Center. Stringfellow Road, the main thoroughfare, runs north and south the entire length of the Island. If you drive around the Island, you will see some banks, a major grocery store, several restaurants, and a few fast food establishments. You will also see churches, real estate offices, several marinas, an 18-hole golf course, a community pool, tennis courts, a library, and a little league complex. And a closer look will reveal beautiful waterfront homes and off-water homes, manufactured homes, and condos.

One of the most fascinating aspects of the Island is the agricultural activity. Pine Island is home to several large palm farms. I have been told that the Island is perfect for growing palms - the soil is good and we do not experience severe cold temperatures like the farmers do inland. However, some of the farmers install equipment to keep the colder air moving when we do get temperatures approaching freezing. The palm farms contribute to the tropical atmosphere of the Island. And as a palm tree affectionado, I enjoy living in an area where there are so many palms!

Another great feature is the abundant wildlife on the Island. The birds are incredible - great blue herons, pelicans, white herons, egrets, and smaller birds like cardinals, woodpeckers, and doves. And of course, there are always the squirrels. We keep feeders and a birdbath for birds and squirrels in our area, and we enjoy seeing them feeding and bathing in our back yard!

Boating and fishing are the main draws to Pine Island. We are surrounded by Matlacha Pass and Pine Island Sound. The Gulf of Mexico is just minutes away, as are the barrier Islands of Caya Costa and Sanibel.

As fourteen year residents of Pine Island, we have made this our home and would not consider living any place else! The weather is great - the lifestyle is casual - and there is no traffic congestion! Cape Coral and Ft. Myers are just minutes away for off-Island excursions, serious shopping and medical care. All in all the quality of life is outstanding on our Island. It's Just Paradise!!

Adverse Possession

2008-01-22T08:13:00.000-08:00

Recently, I read an article reprinted from The News Herald in Panama City Florida, about a case in Colorado involving a vacant land parcel that was taken from the owners in an adverse possession claim. The owners had owned the land and paid taxes on it for more than 20 years; however, the neighbors had been using part of the land - walking their dogs, holding fund-raisers, and creating trails. The owners were unaware of this activity and did not prevent the neighbors from trespassing on the land. The neighbors were successful in bringing an adverse possession claim on the land and won the suit.

The moral of this story is that if you own vacant land, put up a no trespassing sign. Walk the land regularly, if you can, and inspect it. According to the article you should "know your individual rights and guard them fiercely".

IT'S A BUYERS MARKET!

2008-01-08T10:36:00.000-08:00

Now is the time to buy! The inventory is high and prices are low. If you are looking for a deal in homes or land, we can find it. Pine Island is a very unique location off the southwest coast of Florida. It has no traffic lights, light traffic, low crime, beautiful palm farms and enjoyable nature. It's off the beaten track and has quiet rural areas and more developed communities.

If you are interested in real estate on Pine Island give us a call at 866-768-2895. You can also visit our website at www.MargaretBirdsong.com.

A look back at 2007

2008-01-05T08:48:00.000-08:00

In 2007, there were 147 residential listings and 70 vacant land listings that sold on Pine Island. These numbers are down from 2006, when we had 169 residential listings and 88 vacant land listings that sold. As in most problemmatic real estate markets, the inventory is too high and buyers are too few.

At the beginning of 2008, we have 343 active residential listings and 393 active vacant land listings on the market. If we divide the current number of residential listings (343) by the number of residential sales in December (14), we get 24.5 months or 2 years of inventory. If we do the same for lots (393 current listings divided by 4 sales in December), we get 98.25 months or a little over 8 years of inventory.

Our downturn began in October, 2005, and has still not leveled off. A few realtors are posting price increases on properties in the MLS in an effort to change the course of this market, but there are many more price reductions. When will this valley end? Some experts predict by the latter part of 2008 or early 2009. We'll have to wait and see!