Phaidra McDermott: Successful Start to 2016 with Record Breaking Sales on Sanibel and Captiva

SANIBEL ISLAND, Fla. - May 19, 2016 - PRLog -- 2016 has already been quite a year for Sanibel realtor, Phaidra McDermott. Having lived on Sanibel her whole life, she's seen the island evolve over time, and with over 20 years of professional experience, she's no stranger to the shifts and trends in the local real estate market.

But the advancements she's seen this year are noteworthy, with a number of record breaking real estate transactions just within the first half of the year. In January, Phaidra represented the buyer in the highest selling property on Captiva Island to date. The 14,414 square-foot home on Captiva Drive sold for $16.3 million, roughly $3 million more than the former recorded highest sale on Captiva. The sale was also the highest in all of Lee County. Little Bokeelia Island previously held the record with a sale of $14.5 million.

Read More: http://www.sanibelrealestatemarket.com/phaidra-mcdermott-successful-start-to-2016-with-record-breaking-sales-on-sanibel-and-captiva/


This spring, Sanibel Island also had it's highest recorded sale, and Phaidra represented the seller. Nestled along Sanibel's West Gulf Drive, the 5,534 square-foot zenith of a home sold for $6.837 million. Before that, similar listings were hovering in the lower 5 to 6 million range. To top it off, Phaidra and fellow Sanibel realtor, Barbara Maughan, co-listed a Sanibel property on Tropical Way for a record breaking price in its neighborhood.

So what's with all the record breaking sales? The answer has to do with one thing these three homes all have in common: they're all newly built.

These higher priced homes are building a new foundation in Sanibel and Captiva real estate, quite literally. Over the past 10 years, our means of construction have changed dramatically. Advancements in technology and smarter building codes have ushered in a new wave of homes on Sanibel and Captiva that are built to a significantly higher caliber than the existing homes on the islands. These newer, state-of-the-art homes are highly desirable and taking things up a notch, or two. Phaidra breaks it down:

"Larger, newer constructed homes aren't comparable sales to the homes in the past. Most of these newer homes have been constructed within the past 10 years, and most are still occupied by the original owners. Now we're starting to see these properties come onto the market, and as they do, these newer, more substantial homes are going to elevate our price levels on the Islands." - Phaidra McDermott

It wasn't so simple at first to fit these homes into the existing Sanibel real estate market. When pricing the Sanibel properties, Phaidra recalls having to reevaluate her approach. With no comparable homes on the market, she had to look at it from a cost perspective and not historical closed sales. That included consulting with contractors about production costs for a more accurate appraisal and value assessment. It turns out these homes are in high demand, and Phaidra notes, "people are willing to pay a premium for better built homes that are built to code, especially in the luxury market."

This is just the beginning. Not only will more of these already existing newer homes continue to enter the market, there's also the consideration of increasing land value. Sanibel and Captiva land values are beginning to exceed the value of the houses built before this new construction era, which means we'll start to see more of the older homes taken down and replaced with new, larger, state-of-the-art homes.

As for Phaidra, the rest of 2016 still has more in store. She says she's continuing to study up on building codes and requirements to be as informed as possible and mentioned teaming up with Barbara Maughan. Besides the listing on Tropical Way, the two have worked together in the past and are both planning to expand their business into Fort Myers.

In the end, the work is truly a labor of love. "What a wonderful place to live and grow up as an adult," Phaidra says, "to be able to share my passion for this area with the people I assist is very rewarding."

read more: http://www.sanibelrealestatemarket.com/