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Tax Credit Though we haven't seen a lot of action due to Govt stimulus legislation with these tax credits, the program ends soon. To take advantage of the $8K 1st-time home buyer tax credit or $6.5K credit to current home owners purchasing a new or existing home, sale contracts must be executed by Apr 30 & closed by Jul 1, 2010. Freddie Mac Easing Lending Rules on FL Condos Freddie Mac will back condo mortgages in financially troubled developments as long as seller's loan is already owned or secured by the mortgage finance company. That is a reversal by Freddie, who had been rejecting mortgages for units in complexes with low occupancy & high condo fee delinquency rates. FL's once-burgeoning condo market (particularly the East Coast) has been hit hard by foreclosures, falling prices, & high inventory from overbuilding. Prices have fallen by 1/2 since 2006 in many parts of the state. Fannie Mae is reviewing hundreds of state condo projects that currently don't qualify for its loans. Complexes deemed stable after the review will be given a special approval. If projects receive this approval, lenders may offer mortgages to buyers & sell those loans to Fannie Mae, which pools them into bonds & sells to investors.

3/26/10

27th Annual Lions Club Arts & Crafts Fair going on across the street at the Community House today & tomorrow. The island should stay busy for another week with Easter visitors arriving tomorrow.  Plenty for them to do in upcoming days: 3/28 12-4 p.m. Sanibel School Seahorse Festival 2010. Children's Education Center of the Islands Spring Festival is 4/3 10 a.m.-1 p.m. at City Park across the street. Also 4/3, the Egg Hunt at the Community Church at 11 a.m. Lily & Co. will have an Egg-stravaganza, also 4/3, 2-4 p.m. with egg hunts &  costume contest. Re:  real estate, we saw decent action this week: 13 new Sanibel sales (6 condos & 7 homes). To summarize year to-date sales compared to last year. 1/1/2009 to 3/26/2009: 11 condos, 16 homes, & 3 lots sold. From 1/1/2010 to 3/26/2010: 24 condos, 28 homes, & 5 lots sold. Another 28 condos, 29 homes, & 3 lots are under contract. We remain optimistic that more properties will go under contract over the new few weeks, as high season winds down. With 258 condos, 293 homes, & 122 lots on Sanibel still for sale, we are a long way from real estate recovery; but the improved activity this year has us all encouraged. It remains a terrific time to buy!

3/19/10

We happily report 1/2 the island sales this week were ours! Maybe "thankful" is more the word, as there were only 4 new sales. The only condo & lot sales were our listings. Just 3 more wks of high season to go. Here's some general island scoop.  Lots of going on: Traffic & Showings - Periwinkle gridlock continues mostly as island workers come & go.  Many families here for spring breaks. Community Park to Get Pavilion - This week City Council approved construction of a gazebo-style pavilion for community events, band concerts, etc. at Sanibel Community Park across the street from our office. We always get good walk-in traffic when they have special events at the park so this should contribute to our business too. 2nd Annual Car Show - tomorrow at Tahitian Gardens 10 a.m to 3. Springfest/Snookfest here in Sanibel Square Sun 1-5 at Norm Zeigler's Fly Shop at the other end of our bldg, proceeds to benefit SCCF. Sanibel-Captiva Cares is Sun at The Sanctuary. 10th yr of this event which has raised $2.5M to benefit Children's Hospital of SW FL. BIG Arts Chorus Yr-End Performances: Susan's singing with the altos Sat nite at the Millenium Development Goals fundraiser at the Community House. (That's the 10-yr UN project to reduce world hunger by 2015. http://www.un.org/millenniumgoals/ ) Tues nite, Schein Hall, Community Band & Chorus Spring Concert, w/special surprise soloist.

3/12/2010

Weather Today a SW FL soaker. Rain began last night with thunderstorms & continued ‘til midday. Came down sideways with white caps in our parking lot. Spring showers at their best! Showings Good island showing activity this week, mostly condos, but increased interest in homes & lots too. Several sales announced yesterday at Realtor Caravan. We are negotiating a few offers with indications that some will come to contract.  More on those next week. Island Occupancy Rental organizations expect the most yr-to-date check-ins tomorrow. Temps to be in the 70's all next week. Good weather usually results in visitors spending more fun-in-the-sun time than looking at real estate. It's the time of the year for the serious buyers though. Only 3 more wks ‘til Easter, then comes the period we refer to as "after season" (Easter to Jul). This year, there probably will be more "after season" sales than most yrs.

 

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4/2/2010 (Cont’d)

National Flood Insurance Program (NFIP) Hiatus The National Assoc of Realtors confirmed with FEMA that "lenders may consider assignment of a policy in order to obtain coverage through the NFIP during the hiatus." The closing papers must show that the unearned premium on the existing policy is paid by the buyer. This means that if the seller has an existing policy the buyer can assume that policy if the above conditions are met. (As background, insurance companies issue flood policies as part of the NFIP under an arrangement with the Federal Govt. The NFIP operates under authority from Congress that has to be renewed periodically. That authority to issue new policies expired at midnight on Mar 28, 2010, & is awaiting Congressional renewal.  Thus the NFIP is experiencing a hiatus - a period without authority to issue new policies, issue increased coverage on existing policies, or issue renewal policies - until Congress re-authorizes it.) Time Running Out on Home-Buyers

SanibelSusan Realty Associates

2242 Periwinkle Way, Suite 3 at Sanibel Square, Sanibel Island, FL  33957

Phone: 239-472-HOME (4663)

Fax: 239-472-4673

Toll Free:  888-603-0603

E-mail: Susan@SanibelSusan.com

SanibelSusan’s Weekly Blog