SWFL housing market remains resilient following Ian

September 28 is a day that will forever live in the history books as Hurricane Ian made landfall in Southwest Florida. The 500-year storm brought with it an astonishing level of devastation and property damage. The entire region came to a halt for close to two months as the recovery efforts started, including the housing market. For our team, the real estate agent hats were set aside, and we focused on being neighbors first.

In the days and weeks to follow, while continuing to meet the ongoing needs of friends and strangers, our local agents started assessing the impact on real estate. There was fear the property values in Southwest Florida would take a substantial hit following such a major storm. There was speculation the storm would deter buyers and that the market would be flooded with sellers looking to leave the area.

What we are seeing, however, is that the Southwest Florida market is resilient, and the storm has not affected the value of land or undamaged homes. As real estate transactions resume, listing prices are being adjusted to reflect damage, but the average unaffected home values have not changed nor have new construction rates.

The amount of standard inventory has also not seen a true increase to meet the continued demand.

BY APRILE OSBORNE Guest Columnist

Though it appears as if there are four months’ worth of inventory on the market, it can be estimated that a conservative 20% of that inventory has storm damage that would limit buyer potential. Houses that have damage will not qualify for most traditional mortgages, which will limit the buyer pool. Understanding that the market has been skewed with damaged homes coming into the mix, there is still limited inventory for the average buyer that was seen prior to Hurricane Ian. If you are in the market for elusive waterfront or beach property, now is the only time you can expect any form of a deal and only if you have the capital to pay cash and the time and tolerance to renovate. New beaches are not being created in America, and the lifestyle this region offers remains highly desirable.

Some of the local markets are even hotter now than they were prior to the storm. Inland properties still allow a buyer to be close to the desirable beaches but far enough away that they will not be affected by the impact of expected insurance rate

Chamber cuts ribbon at Blue Giraffe food truck

The Sanibel & Captiva Islands Chamber of Commerce celebrated the debut of the Blue Giraffe Restaurant food truck at its Periwinkle Place location on Sanibel Island with a ribbon cutting on Jan. 5. Co-owner Bill Letrendre says the food truck, with its limited hours and menu, will serve loyal customers while his two brickand-mortar restaurants undergo restoration.

“The Periwinkle Place location was totally destroyed and must be rebuilt from scratch,” he said. “The Beachview Estates location was not destroyed and will require much less repair to re-open… If all goes well, the goal is to be ready by Christmas 2023 for both locations.”

“The Letendres do the islands a great service by providing a convenient, central location where customers can enjoy a degree of normalcy with some of Blue Giraffe’s most well-loved dishes,” said John Lai, chamber president and CEO. “We commend them for their ability to pivot quickly to keep their business vital in these trying times.”

The food truck opens Monday through Saturday for breakfast 8 a.m. to 11 p.m. and lunch until 3 p.m. It gives customers a choice of six breakfast items and 10 lunch dishes including wraps, tacos, burritos, beer, and wine. A number of tables with umbrellas provide seating for customers.

Blue Giraffe first opened at Periwinkle Place in October 2016 and at Beachview in December 2020. The food truck launched on Jan. 2, and has exceeded Letendre’s expectations since then. He thanks the chamber for helping inform islanders about his food truck and other hurricane recovery-related news.

“I am very pleased with the chamber’s informative online newsletters as well as speakers’ program,” said Letendre. “It has kept us fully informed on all topics affecting our rebuilding efforts. The chamber is definitely a great resource for all businesses on the island.” increases.

There has also been a new group of buyers in the market. There are a group of people who have the capital and have been displaced from the islands following the storm are buying as opposed to renting as they wait for their homes to be rebuilt.

For those in the market with some time flexibility new construction is something to highly consider. There are communities popping up all over Southwest Florida and the price points are either more reasonable or at least comparable to other homes on the market. With new construction there is the added benefit of customizing homes to fit the buyer’s needs before purchasing, which can save the time and money of remodeling an older home.

Though the market is still hot, there is no denying that Hurricane Ian has made a major impact on our area and the effects are still not truly known. What is certain is that Southwest Florida remains a highly desirable community and our market reflects the resilience of those who call it home.

Aprile Osborne, Call it Closed International Realty co-founder, has been a licensed agent in Southwest Florida for almost 20 years. Naples-based Call it Closed International Realty currently operates in 14 states. Visit aprileosborne.callitclosed.com.

Regional Economic Indicators

Airport Passenger Activity

Airport activity for the region was 11 percent lower in November 2022 compared to November 2021.

Tourist Tax Revenues

Tourist tax revenues for the coastal counties were down 10 percent in September 2022 compared to September 2021

Taxable Sales

Taxable sales in the five-county region were up 16 percent in October 2022 compared to October 2021

Unemployment Rate

The seasonally-adjusted unemployment rate in Southwest Florida fell 0.1 percentage points from October to November 2022 at 3.9 percent.

Single-family Building Permits

Single-family building permits for the coastal counties fell 32 percent from November 2021 to November 2022.

Single-family Home Sales

Single-family home sales for the coastal counties slipped 43 percent in November 2022 compared to November 2021

Single-family Home Prices

Single-family prices for all three coastal counties increased by 6 to 29 percent in November 2022 over November 2021

Active Listings

Active listings for the coastal counties were up 98 percent in November 2022 compared to November 2021

Consumer Sentiment Index*

The Florida Consumer Sentiment Index rose in November 2022, increasing 1.8 points from October 2022.

*Updored dara was nor available at time of publication. Text reflects data from the previous report.

Source: FGCU Regional Economic Research Institute