At this point, you’ve likely heard about this summer’s Red Tide on Sanibel Island. If you’re not from the area, you may be unfamiliar with the term. In short, Red Tide refers to the uncontrolled growth of certain types of algae, which produce toxins that are lethal to other sea life and can be harmful to inhale when released in the air.
In general the “bloom” has existed from the Sarasota area down to Marco Island. During the height of the bloom, two local resorts suffered massive cancellations.
Good information is available regarding on the city’s website at mysanibel.com
Our office is located very close to the beach along West Gulf Drive, allowing us to visit the beach on a daily basis and experience the air quality. In general the month of August was discouraging due to the sheer number of dead fish on the beach, as well as coughing and breathing difficulties. Thankfully, currently prevailing winds have pushed the algae bloom away from the beach, minimizing its negative effects.
How has this affected Sanibel’s Real Estate Market? Recently, we’ve closed three transactions and have entered into two additional pending sales on Sanibel. All buyers were aware of the red tide. One has visited Sanibel for the past 30 years and the other currently lives on the Island. In our opinion, both buyers purchased properties that were attractively priced.
Existing condos and residential inventories on Sanibel continue to be at low levels, which is good for the seller. Having said that, if you’re looking to sell, buyers are very well informed and will buy if the price reflects the current market conditions and if you are open to a reasonable offer.
Locally, in my opinion, it is currently a buyer’s market. If you want an unvarnished opinion on the market value of a property, call us at 239-850-0979.