2011 has been good for business in East and West Rocks - a near beach neighborhood on Sanibel Island off the dead-end section of West Gulf Drive, west of Rabbit Road.
To date in 2011 there have been 7 houses that have sold and an additional one under contract. The sales prices have ranged from $520,000 for an older model, 3 bedroom, 2 bath pool home to $899,900 for a 4 bedroom, 3 bath pool home build in 1991.
The low price of $520,000 is an increase over the low price in 2010 of a comparable home by 5%. This increase reflects the active market we have seen in 2011 for properties on Sanibel Island. With the increase in activity comes a decrease in the inventory - hence a bit of price pressure.
The Days on the Market ranged from 91 days (meaning it went under contract very quickly after coming on the market) to 762 days. In the Real Estate market these days - 2 years to sell has not been uncommon. We are seeing that properties that are priced well - taking into account the age, condition and past sales of comparable properties tremendously reduces the time on the market.
Currently there are 4 Active listings in "The Rocks" ranging from $449,000 for a 2 bedroom, 2 bath property to $799,000 for a 3 bedroom, 3 bath home. Perhaps one of these should be yours!
To check out a couple of great videos of East Rocks and West Rocks... CLICK HERE!