Latest news with #JohnLai
Yahoo
30-07-2025
- Business
- Yahoo
OTC Markets Group Welcomes PetVivo Holdings Inc. to OTCQX
NEW YORK, July 30, 2025 (GLOBE NEWSWIRE) -- OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced PetVivo Holdings Inc. (OTCQX: PETV), an emerging biomedical device company, has qualified to trade on the OTCQX® Best Market. PetVivo Holdings Inc. upgraded to OTCQX from the OTCQB® Venture Market. PetVivo Holdings Inc. begins trading today on OTCQX under the symbol 'PETV.' U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on The OTCQX Market is designed for established, investor-focused U.S. and international companies. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws. Graduating to the OTCQX Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors. 'Qualifying to trade on the OTCQX Best Market is a significant milestone for our Company,' said John Lai, Chief Executive Officer of PetVivo Holdings, Inc. 'This upgrade reflects our continued commitment to transparency, strong corporate governance, and delivering long-term value to our shareholders. Trading on OTCQX will enhance our visibility within the investment community and provide greater liquidity and accessibility for investors as we continue to execute on our strategic growth initiatives.' About PetVivo Holdings Holdings, Inc. and its wholly-owned subsidiary PetVivo Animal Health, Inc. (collectively "PetVivo"), are based in Edina, Minnesota. It is an emerging biomedical device company focused on the licensing and commercialization of innovative medical devices and therapeutics for equine and companion animals. PetVivo believes that it can leverage the investments in the human bio-materials and medical device industries to commercialize medical devices and therapeutics to animals in a capital and time efficient way. PetVivo's strategy is to internally develop and/or in-license proprietary products from human medical device companies specifically for use in pets. A key component of this strategy is the accelerated timeline to revenues for veterinary medical devices, which enter the market much earlier than the more stringently regulated pharmaceuticals. PetVivo has a robust pipeline of products for the treatment of animals and people. A portfolio of twelve patents and six trade secrets protects the Company's biomaterials, products, production processes and methods of use. The Company's lead products SPRYNG™ with OsteoCushion™ technology, a veterinarian-administered, intra-articular injection for the management of lameness and other joint related afflictions, including osteoarthritis, in cats, dogs and horses, and PrecisePRP, a first-in-class, off-the-shelf, platelet-rich plasma (PRP) product designed for use by veterinarians, are currently available for commercial sale. For more information about PetVivo Holdings, Inc. please contact info1@ or visit and About OTC Markets Group Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our public markets: OTCQX® Best Market, OTCQB® Venture Market, OTCID™ Basic Market and Pink Limited™ Market. Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets. OTC Link ATS, OTC Link ECN, OTC Link NQB, and MOON ATS™ are each SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC. To learn more about how we create better informed and more efficient markets, visit Subscribe to the OTC Markets RSS Feed Media Contact:OTC Markets Group Inc., +1 (212) 896-4428, media@
Business Upturn
30-07-2025
- Business
- Business Upturn
PetVivo Holdings Inc. to Trade on OTCQX Best Market
MINNEAPOLIS, July 30, 2025 (GLOBE NEWSWIRE) — PetVivo Holdings, Inc. (OTCQX PETV; OTCID: PETVW) working in cooperation with its wholly-owned subsidiary PetVivo Animal Health, Inc. (collectively 'PetVivo' or the 'Company'), an emerging biomedical device company focused on the commercialization of innovative medical devices and therapeutics for horses and companion animals, such as Spryng® with OsteoCushion® Technology and PrecisePRP®, today announced that the Company has qualified to trade on the OTCQX® Best Market. PetVivo Holdings Inc. upgraded to OTCQX from the OTCQB® Venture Market. PetVivo Holdings Inc. begins trading today on OTCQX under the symbol 'PETV.' U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on . The OTCQX Market is designed for established, investor-focused U.S. and international companies. The OTCQX Market has 625 securities as of today, while the broader OTC Markets Group includes approximately 12,000 securities. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws. Graduating to the OTCQX Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors. PetVivo's signature product, SPRYNG with OsteoCushion Technology, is an intra-articular injectable veterinary medical device consisting of sterilized, extra-cellular matrix microparticles. The microparticles of Spryng have been found to adsorb onto the joint synovial lining of animals and subsequently integrate with the animal's subsynovial tissue. Such action promotes the restoration of proper joint mechanics, thereby aiding in the management of noninfectious sources of joint pain such as joint instability, degenerative joint disease and osteoarthritis. PetVivo's other innovative product, PrecisePRP, is a first-in-class off-the-shelf platelet-rich plasma (PRP) product designed for use by veterinarians. PrecisePRP is a leucoreduced, allogeneic, pooled, freeze-dried PRP intended to provide a species-specific source of concentrated platelets in plasma for intra-articular administration in dogs and horses. Unlike any PRP mechanical kits currently on the market, PrecisePRP™ does not require a blood draw or centrifugation making it a truly off-the-shelf product that is easy and convenient. Perhaps more important is the uniformity and consistency that PrecisePRP® guarantees. Each vial of PrecisePRP® contains a consistent dose of 4 billion platelets per vial at a concentration of 500,000 platelets per microliter and is leucoreduced with less than 1500 white blood cells per microliter. 'Qualifying to trade on the OTCQX Best Market is a significant milestone for our Company,' said John Lai, Chief Executive Officer of PetVivo Holdings, Inc. 'This upgrade reflects our continued commitment to transparency, strong corporate governance, and delivering long-term value to our shareholders. Trading on OTCQX will enhance our visibility within the investment community and provide greater liquidity and accessibility for investors as we continue to execute on our strategic growth initiatives.' For more information about PetVivo Holdings, Inc. please contact [email protected] or visit , and . About PetVivo Holdings, Inc. PetVivo Holdings Inc. (OTCQX: PETV; OTCID: PETVW) is an emerging biomedical device company currently focused on the manufacturing, commercialization and licensing of innovative medical devices and therapeutics for equine and companion animals. The Company's strategy is to leverage human therapies for the treatment of equine and companion animals in a capital and time efficient way. A key component of this strategy is the accelerated timeline to revenues for veterinary medical devices, which enter the market much earlier than more stringently regulated pharmaceuticals and biologics. PetVivo has a robust pipeline of products for the treatment of animals and people. A portfolio of twelve patents and six trade secrets protects the Company's biomaterials, products, production processes and methods of use. The Company's lead products SPRYNG™ with OsteoCushion™ technology, a veterinarian-administered, intra-articular injection for the management of lameness and other joint related afflictions, including osteoarthritis, in cats, dogs and horses, and PrecisePRP, a first-in-class, off-the-shelf, platelet-rich plasma (PRP) product designed for use by veterinarians, are currently available for commercial sale. CONTACT: John Lai, CEO PetVivo Holdings, Inc. Email: [email protected] (952) 405-6216
Yahoo
26-06-2025
- Business
- Yahoo
PetVivo Sets Fiscal Fourth Quarter 2025 Conference Call for Monday, June 30 at 5:00 p.m. ET
MINNEAPOLIS, MN, US, June 26, 2025 (GLOBE NEWSWIRE) -- PetVivo Holdings, Inc. (OTCQB: PETV; OTCPINK: PETVW), a leading biomedical company delivering innovative therapeutic medical devices for equines and companion animals, will hold a conference call on Monday, June 30, 2025 at 5:00 p.m. Eastern time to discuss results for the fiscal fourth quarter and year ended March 31, 2025. The financial results will be issued in a press release prior to the call. PetVivo management will host the presentation, followed by a question-and-answer period. Date: Monday, June 30, 2025 Time: 5:00 p.m. Eastern time (2:00 p.m. Pacific time) Toll-free dial-in number: +1 253 205 0468 Conference ID: 83424004566 Passcode: 352845 Webcast (live and replay): click here A replay of the webcast will be available through the same link following the conference call. The conference call webcast replay will also be available via a link in the Investors section of the company's website at About PetVivo Holdings, Inc. PetVivo Holdings Inc. (OTCQB: PETV; OTCPINK: PETVW) is an emerging biomedical device company currently focused on the manufacturing, commercialization and licensing of innovative medical devices and therapeutics for companion animals. The Company's strategy is to leverage human therapies for the treatment of companion animals in a capital and time efficient way. A key component of this strategy is the accelerated timeline to revenues for veterinary medical devices, which enter the market much earlier than more stringently regulated pharmaceuticals and biologics. PetVivo has a robust pipeline of products for the treatment of animals and people. A portfolio of twenty-one patents protects the Company's biomaterials, products, production processes and methods of use. The Company's lead products SPRYNG™ with OsteoCushion™ technology, a veterinarian-administered, intra-articular injection for the management of lameness and other joint related afflictions, including osteoarthritis, in cats, dogs and horses, and PrecisePRP, a first-in-class, off-the-shelf, platelet-rich plasma (PRP) product designed for use by veterinarians, are currently available for commercial sale. CONTACT: John Lai, CEO PetVivo Holdings, Inc. Email: info1@ (952) 405-6216 Forward-Looking Statements: The foregoing material may contain 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Forward-looking statements include all statements that do not relate solely to historical or current facts, including without limitation the Company's proposed development and commercial timelines, and can be identified by the use of words such as 'may,' 'will,' 'expect,' 'project,' 'estimate,' 'anticipate,' 'plan,' 'believe,' 'potential,' 'should,' 'continue' or the negative versions of those words or other comparable words. Forward-looking statements are not guarantees of future actions or performance. These forward-looking statements are based on information currently available to the Company and its current plans or expectations and are subject to a number of uncertainties and risks that could significantly affect current plans. Risks concerning the Company's business are described in detail in the Company's Annual Report on Form 10-K for the year ended March 31, 2024, and other periodic and current reports filed with the Securities and Exchange Commission. The Company is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events or in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Miami Herald
29-05-2025
- Business
- Miami Herald
Inventory Surges in Florida Paradise Destroyed by Hurricane Ian
Nearly three years after being devastated by Hurricane Ian, the idyllic island of Sanibel, Florida, is now facing a surge in housing inventory, which is far outpacing home sales, as owners try to offload their properties to avoid rising costs and future storms. Florida, and especially its coastal cities, has long been among the most popular destinations in the country for American snowbirds and retirees looking forward to spending their golden years on the state's sunny beaches. However, the growing threat of natural disasters, fueled by climate change, and rising housing costs, including home insurance and homeowner association (HOA) fees, are eroding the state's charm, as well as its affordability. In places like Sanibel Island, which owes much of its success to its status as a retirement and vacation haven, the threat of more frequent, destructive extreme weather events and higher home insurance premiums could be profoundly disruptive, shaking the foundations of its economy and weakening its housing markets. Hurricane Ian caused catastrophic damage in Sanibel in September 2022, destroying several sections of the Sanibel Causeway that connects mainland Florida to the island, which is home to approximately 6,500 people year-round. Several homes were hit, and Sanibel residents, like many on Florida's Southwest coast, scrambled to salvage what they could and get back on their feet. "When Hurricane Ian hit, there was not a building on the island that was not impacted by that storm, whether it was by flood or wind. Every single unit or structure on the island was impacted in one way or the other," John Lai, president and CEO of the Sanibel and Captiva Chamber of Commerce, told Newsweek. "And then to add insult to that injury, there was our only bridge to the island, heavily damaged in that storm and needing to be restored before we could get cars back over here," he added. That impasse lasted about two months before the Sanibel Causeway was restored-an impressively quick turnaround, but not from the perspective of those waiting for it to be fixed. "That slowed down the infrastructure repair," Lai said. "It slowed down mitigation and insurance accessibility and then obviously slowed down the fact that we needed to get materials to rebuild." "So the restoration process was a little bit longer because of the fact we needed to wait for that bridge to be restored for us to get back over here with vehicles, particularly motor vehicles." It has taken longer than expected for Sanibel to recover, but that process is now well underway, Lai said. More than half of the island's hotels, signature boutique shops, world-class restaurants and attractions have all reopened since 2022. Every structure damaged by the storm had to be rebuilt, Lai said. While this was "burdensome," there is widespread excitement for brand-new buildings rising like phoenixes from the ashes of businesses destroyed by Ian. "We are starting to see now the desirable island that we had pre-Ian, but even better than before," Lai said. "We have completely restored our beaches to their pristine condition as they were before. Our attractions are all open and brand-new and every beach access has reopened here," he added. "From my perspective, we have done very well over the last two and a half years. The causeway was reopened in a surprising five weeks only. The utilities were then reinstalled within a few weeks, including water, sewer, and power. And then the cleanup began," Eric Pfeifer of the Pfeifer Realty Group told Newsweek. "In general, most of the single-family homes were restored within six to 18 months. The condominiums and commercial buildings took longer than the homes due to many insurance claim delays," he said, caused by the difficulties in accessing the island after the hurricane hit. Sanibel's housing market has failed to take notice of the island's stunning recovery. While the median sale price of a home in Sanibel was a staggering $1,410,000 just months before Ian struck, in May 2022, it was $860,000 in April, down 18.1 percent from the previous year and 60 percent from its pandemic peak, according to Redfin data. During the same month, the number of homes sold in the city, 28, had dropped by 36.4 percent compared to a year earlier, and the market was far from competitive, with the typical home spending an average of 110 days on the market before going under contract. Zillow data shows that there were 607 homes for sale in the Sanibel Island market as of April 30, while Bill Robinson, chief executive officer of the Sanibel and Captiva Islands Association of Realtors, said that there were 274 active listings in the city of Sanibel. As of March 31, 96.5 percent of the homes on the market on the island had sold for under their originally listed price, according to Zillow. In part, this is a phenomenon that is taking place across most of the Sunshine State. Inventory is rising because Florida has built more new homes than any other state in the nation over the past few years, and because owners have finally decided that mortgage rates will not significantly fall any time soon, so they might as well put their property on the market now. However, while the state, like the rest of the country, is still experiencing an inventory shortage, buyers are staying on the sidelines because affordability remains strained, with mortgage rates hovering near the 7 percent mark, HOA fees rising, and high home insurance premiums continuing to increase. The result is that, across Florida, inventory increased by 13.8 percent year-over-year in April, with a total of 230,793 homes listed on the market, while sales decreased by 10.9 percent. As a result, prices are falling statewide: the median sale price of a home was $411,200 in April, down 2.9 percent from a year earlier, according to Redfin. "Interest rates and home insurance have played into inventory going up," Robinson told Newsweek. "But then you know, pre-2022, inventory was at a historic low. So it had nowhere to go but up." Sanibel's surge in inventory and drop in sales, however, are nearly three times as high as those reported statewide in Florida. Pfeifer said that this is in part the result of the pandemic-driven homebuying frenzy, rather than the impact of Ian. "As a licensed realtor for 24 years on Sanibel, I suggest we look at the context regarding home values," he said. "The COVID-19 pandemic created the greatest real estate market in the recent past with many customers working from home in their new property in Florida. This excessive demand compared to a normal limited supply increased prices as high as 35 percent over a two and a half-year period. These values were not sustainable," he added. "The prices started leveling off in 2022 due to a normal cycle, and then hurricane Ian happened. That shifted a sellers' market to a buyers' market, which obviously brought prices down," Pfeifer said. "If someone who purchased during the pandemic is choosing to sell now, in a down market, yes, they are losing money. But if we compare values to 2019, pre-pandemic, the values are actually up about 3 percent to 4 percent, annualized." While active inventory is definitely higher than normal, this, too, can be explained by the current housing market dynamics, Pfeifer said. "On average, approximately 215 homes and 160 condos sell on Sanibel each year. During our season in 2024, there were a proportionate number of sales compared to prior years. However, in June through December 2024, the market slowed significantly and we had fewer sales compared to prior years," he said. "Our current inventory comprises those homes that did not sell last year in addition to the homes that would have normally gone on the market this year," he added. "Additionally, based on our demographics, some owners have expedited their plans to move to a retirement facility or move back up north to be near family. And finally, yes, there are listings this year due to the concern of additional storms." Lai said that Sanibel has started seeing the number of tourists to the island pick up again, though the demographics have changed. While the typical visitor used to be in the 65+ age range, Sanibel is now seeing a surge in tourism among Americans aged 45 to 55. "That's something that had not changed in my lifetime before. I've spent 36 years here in Lee County and on Sanibel Island. And as long as I've been here, the 65+ age range has always been the dominant demographic that we've seen here on the island," Lai said. When it comes to attracting people to the island permanently, Sanibel is currently undergoing efforts to make it a more desirable and safe place to live, introducing land development changes that allow for more resilient, elevated buildings and roads. This, in turn, has the potential to lower home insurance premiums-an appealing prospect for homeowners struggling with rising rates. It is unclear how a new bill that would prevent local governments from introducing tougher building codes after a hurricane for the next two years would impact Sanibel. SB 180, which was passed by both the Florida House and the Senate, is currently awaiting a signature from Governor Ron DeSantis. Local real estate agents are optimistic. "The future of Sanibel is extremely bright due to the construction of new homes, new businesses, new restaurants, new condos, and new hotels. Each of these new structures will be built more resilient than before," Pfeifer said. "I personally believe we will feel this change beginning in 2026 and culminating in 2027. Immediately after hurricane Ian, many people told me it would take five years to get back to normal. At that time, I was in denial. However, I think those people were correct," he said. "Hurricane Ian was a major natural disaster. It does take time to heal when you factor in insurance, construction labor and materials, and living on a barrier island. These disasters happen everywhere across the country. Sanibel is a very special place, and people want to live, vacation or move here." The issue with the island's housing market is not strictly a Sanibel issue, Lai said. "It's absolutely a Florida issue," he said. "I think it's somewhat nationwide, but it's a little bit exacerbated in Florida because of the insurance challenges that the coastal communities find themselves in right now." If the state manages to go through this year's hurricane season with little to minimal impact, the island will "absolutely" see its housing market rebound, Lai said. Related Articles Florida Pet Owners Could Go to Jail for 5 Years for Abandoning DogsMiami Airport Reveals Major $600M Improvement PlansSome People in Florida Advised To Stay Inside Amid Warning of Saharan DustFlorida Bill Could See Higher Flood Insurance Costs This Year 2025 NEWSWEEK DIGITAL LLC.
Newsweek
29-05-2025
- Business
- Newsweek
Inventory Surges in Florida Paradise Destroyed by Hurricane Ian
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Nearly three years after being devastated by Hurricane Ian, the idyllic island of Sanibel, Florida, is now facing a surge in housing inventory, which is far outpacing home sales, as owners try to offload their properties to avoid rising costs and future storms. Why It Matters Florida, and especially its coastal cities, has long been among the most popular destinations in the country for American snowbirds and retirees looking forward to spending their golden years on the state's sunny beaches. However, the growing threat of natural disasters, fueled by climate change, and rising housing costs, including home insurance and homeowner association (HOA) fees, are eroding the state's charm, as well as its affordability. In places like Sanibel Island, which owes much of its success to its status as a retirement and vacation haven, the threat of more frequent, destructive extreme weather events and higher home insurance premiums could be profoundly disruptive, shaking the foundations of its economy and weakening its housing markets. What To Know Hurricane Ian caused catastrophic damage in Sanibel in September 2022, destroying several sections of the Sanibel Causeway that connects mainland Florida to the island, which is home to approximately 6,500 people year-round. Several homes were hit, and Sanibel residents, like many on Florida's Southwest coast, scrambled to salvage what they could and get back on their feet. "When Hurricane Ian hit, there was not a building on the island that was not impacted by that storm, whether it was by flood or wind. Every single unit or structure on the island was impacted in one way or the other," John Lai, president and CEO of the Sanibel and Captiva Chamber of Commerce, told Newsweek. "And then to add insult to that injury, there was our only bridge to the island, heavily damaged in that storm and needing to be restored before we could get cars back over here," he added. A destroyed building sits among debris in Sanibel, Florida, after Hurricane Ian passed through the area on October 8, 2022. A destroyed building sits among debris in Sanibel, Florida, after Hurricane Ian passed through the area on October 8, impasse lasted about two months before the Sanibel Causeway was restored—an impressively quick turnaround, but not from the perspective of those waiting for it to be fixed. "That slowed down the infrastructure repair," Lai said. "It slowed down mitigation and insurance accessibility and then obviously slowed down the fact that we needed to get materials to rebuild." "So the restoration process was a little bit longer because of the fact we needed to wait for that bridge to be restored for us to get back over here with vehicles, particularly motor vehicles." It has taken longer than expected for Sanibel to recover, but that process is now well underway, Lai said. More than half of the island's hotels, signature boutique shops, world-class restaurants and attractions have all reopened since 2022. Every structure damaged by the storm had to be rebuilt, Lai said. While this was "burdensome," there is widespread excitement for brand-new buildings rising like phoenixes from the ashes of businesses destroyed by Ian. "We are starting to see now the desirable island that we had pre-Ian, but even better than before," Lai said. "We have completely restored our beaches to their pristine condition as they were before. Our attractions are all open and brand-new and every beach access has reopened here," he added. "From my perspective, we have done very well over the last two and a half years. The causeway was reopened in a surprising five weeks only. The utilities were then reinstalled within a few weeks, including water, sewer, and power. And then the cleanup began," Eric Pfeifer of the Pfeifer Realty Group told Newsweek. "In general, most of the single-family homes were restored within six to 18 months. The condominiums and commercial buildings took longer than the homes due to many insurance claim delays," he said, caused by the difficulties in accessing the island after the hurricane hit. A Housing Market Shake-Up Sanibel's housing market has failed to take notice of the island's stunning recovery. While the median sale price of a home in Sanibel was a staggering $1,410,000 just months before Ian struck, in May 2022, it was $860,000 in April, down 18.1 percent from the previous year and 60 percent from its pandemic peak, according to Redfin data. During the same month, the number of homes sold in the city, 28, had dropped by 36.4 percent compared to a year earlier, and the market was far from competitive, with the typical home spending an average of 110 days on the market before going under contract. Zillow data shows that there were 607 homes for sale in the Sanibel Island market as of April 30, while Bill Robinson, chief executive officer of the Sanibel and Captiva Islands Association of Realtors, said that there were 274 active listings in the city of Sanibel. As of March 31, 96.5 percent of the homes on the market on the island had sold for under their originally listed price, according to Zillow. In part, this is a phenomenon that is taking place across most of the Sunshine State. Inventory is rising because Florida has built more new homes than any other state in the nation over the past few years, and because owners have finally decided that mortgage rates will not significantly fall any time soon, so they might as well put their property on the market now. However, while the state, like the rest of the country, is still experiencing an inventory shortage, buyers are staying on the sidelines because affordability remains strained, with mortgage rates hovering near the 7 percent mark, HOA fees rising, and high home insurance premiums continuing to increase. The result is that, across Florida, inventory increased by 13.8 percent year-over-year in April, with a total of 230,793 homes listed on the market, while sales decreased by 10.9 percent. As a result, prices are falling statewide: the median sale price of a home was $411,200 in April, down 2.9 percent from a year earlier, according to Redfin. "Interest rates and home insurance have played into inventory going up," Robinson told Newsweek. "But then you know, pre-2022, inventory was at a historic low. So it had nowhere to go but up." Sanibel's surge in inventory and drop in sales, however, are nearly three times as high as those reported statewide in Florida. Pfeifer said that this is in part the result of the pandemic-driven homebuying frenzy, rather than the impact of Ian. "As a licensed realtor for 24 years on Sanibel, I suggest we look at the context regarding home values," he said. "The COVID-19 pandemic created the greatest real estate market in the recent past with many customers working from home in their new property in Florida. This excessive demand compared to a normal limited supply increased prices as high as 35 percent over a two and a half-year period. These values were not sustainable," he added. "The prices started leveling off in 2022 due to a normal cycle, and then hurricane Ian happened. That shifted a sellers' market to a buyers' market, which obviously brought prices down," Pfeifer said. "If someone who purchased during the pandemic is choosing to sell now, in a down market, yes, they are losing money. But if we compare values to 2019, pre-pandemic, the values are actually up about 3 percent to 4 percent, annualized." While active inventory is definitely higher than normal, this, too, can be explained by the current housing market dynamics, Pfeifer said. "On average, approximately 215 homes and 160 condos sell on Sanibel each year. During our season in 2024, there were a proportionate number of sales compared to prior years. However, in June through December 2024, the market slowed significantly and we had fewer sales compared to prior years," he said. "Our current inventory comprises those homes that did not sell last year in addition to the homes that would have normally gone on the market this year," he added. "Additionally, based on our demographics, some owners have expedited their plans to move to a retirement facility or move back up north to be near family. And finally, yes, there are listings this year due to the concern of additional storms." What Happens Next Lai said that Sanibel has started seeing the number of tourists to the island pick up again, though the demographics have changed. While the typical visitor used to be in the 65+ age range, Sanibel is now seeing a surge in tourism among Americans aged 45 to 55. "That's something that had not changed in my lifetime before. I've spent 36 years here in Lee County and on Sanibel Island. And as long as I've been here, the 65+ age range has always been the dominant demographic that we've seen here on the island," Lai said. When it comes to attracting people to the island permanently, Sanibel is currently undergoing efforts to make it a more desirable and safe place to live, introducing land development changes that allow for more resilient, elevated buildings and roads. This, in turn, has the potential to lower home insurance premiums—an appealing prospect for homeowners struggling with rising rates. It is unclear how a new bill that would prevent local governments from introducing tougher building codes after a hurricane for the next two years would impact Sanibel. SB 180, which was passed by both the Florida House and the Senate, is currently awaiting a signature from Governor Ron DeSantis. Local real estate agents are optimistic. "The future of Sanibel is extremely bright due to the construction of new homes, new businesses, new restaurants, new condos, and new hotels. Each of these new structures will be built more resilient than before," Pfeifer said. "I personally believe we will feel this change beginning in 2026 and culminating in 2027. Immediately after hurricane Ian, many people told me it would take five years to get back to normal. At that time, I was in denial. However, I think those people were correct," he said. "Hurricane Ian was a major natural disaster. It does take time to heal when you factor in insurance, construction labor and materials, and living on a barrier island. These disasters happen everywhere across the country. Sanibel is a very special place, and people want to live, vacation or move here." The issue with the island's housing market is not strictly a Sanibel issue, Lai said. "It's absolutely a Florida issue," he said. "I think it's somewhat nationwide, but it's a little bit exacerbated in Florida because of the insurance challenges that the coastal communities find themselves in right now." If the state manages to go through this year's hurricane season with little to minimal impact, the island will "absolutely" see its housing market rebound, Lai said.
