BayWatch Magazine – Property Values | December 2023
Welcome back to Bonita Bay, the soon-to-be season, and all of the activities including real estate activity in our community. The kickoff to this season is dramatically different from last year. Hurricane Ian was traumatic. The impact required many of us to restore and remodel, drove some to move away from Bonita Bay and also brought many here who had been displaced from properties on the beaches.
Increasingly, with time, many of the restored properties in Bonita Bay have been listed for sale and, for the most part, have been met with enthusiasm. Some beautiful homes have been absorbed and any nicely updated coach home seems to sell within a day.
What do the numbers say about our market? The numbers are dramatically different from years past. For the first time since 2020 buyers have choices. As of this writing there are 74 properties for sale in Bonita Bay. At this time last year there were 15 properties for sale, 26 in 2021, and 96 in 2020.
Of the 74 properties available, 26 are high-rises. Residents started moving into Omega within this last year. As was the case with openings of previous high-rises, many buyers have come from other high-rises and this has resulted in increased high-rise inventory. These properties are also being absorbed, and while a buyer might have an opportunity to negotiate more today than in the last few years, the sales continue and they continue at historically strong prices.
If we’ve learned anything in the last few years it is that life is unpredictable! The world seemed to be coming to an end in 2020 during the peaks of Covid-19. During lockdowns and work from home orders, the rise of Zoom and the like, Florida became more than just a retirement haven. The daily gains in Florida’s population are well documented and the demand for housing is steady.
One of today’s challenges is the interest rate environment. While all segments in the real estate market are interconnected to a degree, today’s higher interest rates have not impacted the luxury market. Economic and geopolitical conditions are concerning, but perhaps this Bonita Bay and Southwest Florida market remains that desired destination and safe haven even more.
Season will go quickly like it always does and the real estate activity remains equally brisk.