REALTOR® Magazine-Daily News-Fla.: Buyers Look for Deals in Sanibel, Captiva

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Daily Real Estate News | September 16, 2004 | Fla.: Buyers Look for Deals in Sanibel, Captiva Situated on one of the worst-hit areas of the Southwest Florida coast, REALTORS® on the islands of Sanibel and Captiva are slowly getting back to normal after Hurricane Charley. In their midst are a large number of bargain hunters looking for good deals on housing, says David Schuldenfrei, president of the Sanibel & Captiva Islands Association of REALTORS®. "There are an abnormally large number of ‘sharks’ circling the islands," Schuldenfrei quips. "They're looking, but I'm not sure if they're going to find anything." The bulk of the two islands' single-family and condominium properties are second and third homes. So far, Schuldenfrei says he's seen no listings come on the MLS as a direct result of hurricane damage. "I'm not seeing people bailing out," Schuldenfrei says. "I don't even think this is going to affect property values or the market in the long run." Mike McMurray with VIP Realty Group on Sanibel Island, says that by early September he was already out "showing homes" on both islands. McMurray owns investment properties on the island, and says they experienced "very little" damage. McMcMurray has also seen his share of "sharks" looking for good deals in storm's aftermath, but expects a full market recovery in just a few months. "People still want their place in the sun," he says. —By Bridget McCrea for REALTOR® Magazine Online