Who is buying Condos and Homes on Sanibel? In my view, most of our Buyers purchase for three reasons, some are a “blend.”
Buyer #1 is looking for a return on the investment. Most of these purchases are condominiums that allow weekly rentals. The advantages to the Buyer is that they may produce a conservative rate of return on their investment, allow limited personal enjoyment of the Unit and potential price appreciation. Worth mentioning, make sure you factor in wear and tear and replacement of furniture, appliances and A/C. In addition, anticipate future assessments levied by the Association in Condominium purchases. In a perfect world, price appreciation will cover the costs.
Buyer #2 will buy for personal use and enjoyment. They have been visiting Sanibel for years and dream of retiring on the island or having a winter residence. Plain and simple, they are fulfilling their dream.
Buyer #3 buys now, as a rental income investment with the idea of having a “toehold” on the island.
Homes with year-to-date sales are 269 with average sales price of $1,308,899. Condo sales year-to-date are 206 with average sales price of $868,672.