Island Real Estate Market Update

I have discussed in past articles about where the island real estate market was heading. As I see it now, a dearth of supply on the market will bring prices down in the mainland markets such as Fort Myers and Cape Coral - particularly as all the adjustable rate mortgages held by investors finally start to lose their rate locks. Out here on the island, selling prices won't likely drop by much - but many asking prices will. This is a buyers market.... and some of the sellers are finally starting to realize that. Now is the time where you can go pick out the house or lot you like ( not paying much attention to asking price ), and simply make an offer. No matter how richly valued the asking price, the seller might take your offer. From what I am seeing on the front lines, there are buyers for beach property on beautiful North Captiva Island - but they will not pay a penny more than last year's comps.