Summertime Scoop on Sunny Sanibel

With Lee County Schools back in session this week and other folks finishing up vacations, it has been another quiet few days on the islands. Luckily the Saharan dust has kept seasonal showers away much of the time. The good weather has helped some annual projects, including the summer roadside trimming and paving projects underway.

This time of the year, islanders keep a close watch on the tropics. Hard for us long-timers to forget that 18 years ago in August, on Friday the 13th 2004, Hurricane Charley came to visit.

So far, 2022 has been kind to Florida storm-wise. Before heading out, particularly in the afternoons, I check radar on WinkWeather. As they say in Florida, when a shower is coming/or arrives, wait a few minutes and it will pass.

For forecasts for more serious storms, I follow “Mike’s Weather Page” at www.SpaghettiModels.com. He’s on social media too, has links to the national and international projections, and has a track record of accurate predictions.

Island Real Estate Scoop

No weekly Sanibel & Captiva Islands Association of Realtors® Caravan meeting this week, but office calls at SanibelSusan Realty are picking up. Yesterday, teammate Dave and I viewed a condo that should come on the market soon, while yesterday afternoon I showed a home that soon will be available. All signals that snowbirds and winter are right around the corner. Our “Island Sun” ad from today’s paper (below) zeros in on that.

The activity posted since last Friday in the Sanibel & Captiva Multiple Listing Service follows a couple of news items below.

You will notice that there have been few sales this summer. No new ones on either island this week. That also likely will change soon. Supply and demand continue to dictate sale prices.

Below is a summary of Sanibel residential inventory today (August 12, 2022) by the property type (condos, homes, lots) and locations (bayfront, canal, gulf, inland, and near beach). Data from the Sanibel & Captiva Islands Multiple Listing Service.

SANIBEL

CONDOS

Bayfront Canal Gulf Inland Near Beach Total
# Median $ # Median $ # Median $ # Median $ # Median $ # Median $
For sale 0 N/A 0 N/A 16 1,362,000 3 1,198,000 5 685,000 24 1,049,000
Under contract 0 N/A 1 899,000 5 999,000 0 N/A 0 N/A 6 949,000
Sold yr-to-date 6 765,000 9 591,000 73 1,225,000 4 867,000 16 723,000 108 986,111

 

SANIBEL

HOMES

Bayfront Canal Gulf Inland Near Beach Total
# Median $ # Median $ # Median $ # Median $ # Median $ # Median $
For sale 2 7,800,000 9 1,995,000 1 4,295,000 13 1,625,000 7 1,179,000 32 1,795,000
Under contract 1 5,195,000 4 1,620,000 0 N/A 2 784,000 12 1,490,500 19 1,365,000
Sold yr-to-date 3 5,500,000 24 1,862,500 4 4,537,500 16 1,272,500 67 1,306,000 138 1,412,500

 

SANIBEL

LOTS

Bayfront Canal Gulf Inland Near Beach Total
# Median $ # Median $ # Median $ # Median $ # Median $ # Median $
For sale 0 N/A 1 699,000 1 5,995,000 1 348,000 2 672,500 5 699,000
Under contract 0 N/A 0 N/A 0 N/A 0 N/A 2 570,000 2 570,000
Sold yr-to-date 1 1,850,000 2 887,500 1 2,050,000 9 320,000 9 1,620,000 22 577,500

80% of Metros See Double-Digit Price Gains in 2Q

Posted yesterday, August 11, 2022, on Florida Realtors®:

“NAR: Median home prices in the second quarter were up 14.2%, but Fla. saw bigger gains: Of the top 10 U.S. metros for home-price increases, Fla. had 7 ranking cities.

“CHICAGO – Despite escalating mortgage rates and slumping home sales in the second quarter of 2022, more markets saw double-digit annual price gains compared to the prior quarter, according to the National Association of Realtors®’ (NAR) latest quarterly report.

“Of the 185 metro areas tracked by NAR, 80% posted double-digit price gains, up from 70% in the first quarter.

Nationally, the median single-family existing-home price eclipsed $400,000 for the first time, rising 14.2% from one year ago to $413,500. However, year-over-year price appreciation still eased slightly compared to the previous quarter’s 15.4%.

“In Florida, however, prices increased outpaced most of the nation. Of the top 10 metro areas with the largest year-over-year price gains, seven are in Florida:

“Top 10 U.S. metro areas for prices gains in 1Q 2022

  • Fayetteville-Springdale-Rogers, Ark.-Mo. (31.9%)
  • Lakeland-Winter Haven, Fla. (31.4%)
  • Naples-Immokalee-Marco Island, Fla. (28.9%)
  • North Port-Sarasota-Bradenton, Fla. (28.8%)
  • Myrtle Beach-Conway-North Myrtle Beach, S.C.-N.C. (28.5%)
  • Tampa-St. Petersburg-Clearwater, Fla. (28.0%)
  • Cape Coral-Fort Myers, Fla. (27.8%)
  • Punta Gorda, Fla. (27.4%)
  • Ocala, Fla. (26.7%)
  • Ogden-Clearfield, Utah (25.5%)

““Home prices have increased at a pace that far exceeds wage gains, especially for low- and middle-income workers,” says NAR Chief Economist Lawrence Yun. “Overall, the national price deceleration inevitably followed the softening sales, providing well-positioned prospective buyers a small measure of welcomed relief.”

Regionally, the South – the section that includes Florida – accounted for 44% of single-family existing-home sales in the second quarter, and it had the largest price appreciation at 18.2%. Prices increased 12.7% in the West, 10.1% in the Northeast, and 9.7% in the Midwest.

“The top 10 most expensive markets in the U.S., half of which were in California, included:

  • San Jose-Sunnyvale-Santa Clara, Calif. ($1,900,000; 11.8%)
  • San Francisco-Oakland-Hayward, Calif. ($1,550,000; 11.9%)
  • Anaheim-Santa Ana-Irvine, Calif. ($1,300,000; 17.2%)
  • Urban Honolulu, Hawaii ($1,145,000; 17.3%)
  • San Diego-Carlsbad, Calif. ($965,900; 13.6%)
  • Boulder, Colo. ($933,400; 11.8%)
  • Naples-Immokalee-Marco Island, Fla. ($850,000; 28.9%)
  • Los Angeles-Long Beach-Glendale, Calif. ($825,700; 9.2%)
  • Seattle-Tacoma-Bellevue, Wash. ($818,900; 14.4%)
  • Boston-Cambridge-Newton, Mass, N.H. ($722,200; 8.9%)

““The local job market performance and supply availability are the clear distinguishing factors driving local home price growth,” Yun added. “Job growth is positive and should be applauded, but supply restraints are creating unnecessary barriers to ownership opportunities.”

“Housing affordability pains – Housing affordability dramatically tumbled in the second quarter of 2022, driven by sharply rising mortgage rates and climbing home prices. The monthly mortgage payment on a typical existing single-family home with a 20% down payment jumped to $1,841. That’s an increase of $444 – or 32% – from the first quarter of this year and $612 – or 50% – from one year ago. Families typically spent 24.3% of their income on mortgage payments, up from 18.7% the prior quarter and 16.9% one year ago.

“Growing unaffordability impacted first-time buyers looking to purchase a typical home during the second quarter of 2022: For a typical starter home valued at $351,500 with a 10% down payment loan, the mortgage payment rose to $1,810 – a bounce of $433 (or 31%) from the prior quarter and $597 (or 49%) from one year ago. First-time buyers typically spent 36.8% of their family income on mortgage payments, up from 28.7% in the previous quarter. A mortgage is considered unaffordable if the monthly payment (principal and interest) amounts to over 25% of the family’s income. A family needed at least $100,000 to afford a 10% down payment mortgage in 53 markets, nearly double the 27 markets from the prior quarter. Yet, a family needed less than $50,000 to afford a home in 23 markets, down significantly from 63 markets in the previous quarter.”

Sanibel & Captiva Islands Multiple Listing Service Activity August 6-12, 2022

Sanibel

CONDOS

No new listings, price changes, or new sales.

2 closed sales: Nutmeg Village #104 2/2 $850K, Compass Point #201 2/2 $945K.

HOMES

1 new listing:  683 Emeril Ct 2/2 $1.099M.

4 price changes.: 1046 Sand Castle Rd 2/2 now $925K, 1447 Albatross Rd 3/2 now $970K, 1283 Par View Dr 2/2 now $1.149M, 1270 Par View Dr 3/2 now $1.649M.

No new sales.

3 closed sales: 9409 Moonlight Dr 3/2.5 $1.185M, 458 Casa Ybel Rd 3/2.5 $1.25M, 1324 Seaspray Ln 4/4 $3.295M.

LOTS

Nothing to report.

Captiva

CONDOS, HOMES, LOTS

Nothing to report.

This representation is based in part on data supplied by the Sanibel & Captiva Islands Association of Realtors® Multiple Listing Service. Neither the association nor its MLS guarantees or is in any way responsible for its accuracy.  Data maintained by the association or its MLS may not reflect all real estate activity in the market.  The information provided represents the general real estate activity in the community and does not imply that SanibelSusan Realty Associates is participating or participated in these transactions.

Until next Friday,

Susan Andrews, aka SanibelSusan

Summer Island Weather & Real Estate News

Anyone on Sanibel and Captiva Islands on Monday night got a good example of why SW Florida is the lightening capital of the world. There were so many strikes from about 11 p.m. until just after 2 a.m., that it would be surprising if anyone could sleep through it. Thousands were recorded.
Both Tuesday/Wednesday nights and late day yesterday (and again now) were/are more storms, though not as severe. This time of the year, they often begin inland or on the other coast, slowly traveling west out into the gulf. Their storm clouds create some terrific sunsets, and the rain has been contributing to many rainbows and keeping vegetation green.
Thankfully, though Florida temperatures in August may reach into the 90’s, there haven’t been a lot of those, or at least not yet. It was a breezy 76 degrees F when I left the house early yesterday heading to our Association of Realtors® Thursday caravan meeting. It warmed up to 89 as the day progressed but cooled right back to 80 following the afternoon shower. Forecasters say we could get some 90-degree days over the weekend and early next week with more sporadic showers expected.

Sanibel & Captiva Islands Association of Realtors® Caravan Meeting

Attendance was light and only one property was open for viewing at the Caravan Meeting yesterday. No new sales were announced and just one price reduction, plus one listing coming back on the market.

More Island Real Estate Scoop

Back-on-market listings have been more frequent this year. It happens most when a property sells using the “as is” contract and the buyer comes to view it and/or inspects during the cancellation period. An “as is” sale may be canceled for any reason – or no reason – provided it is within the agreed time period.
Yesterday, I spoke to several Realtors® at the Caravan Meeting. Those working with buyers, say their customers are expecting better “deals” now that the real estate market is shifting. Many, they say, are waiting to see what happens with prices in the weeks/months to come. However, we Realtors® agreed that they shouldn’t always believe what they hear on the news and read on the internet. Talking to a professional local to the area being considered is an important step for any prospective buyer.
The details of the action since last Friday – both with our listings and posted in the Sanibel & Captiva Islands Multiple Listing Service – follows a couple of news items below. First a summary of the island inventory and sales year-to-date (from San-Cap MLS August 5, 2022), including sales during the same time period last year.
Status
SANIBEL
Condos
Homes
Lots
#
Avg $
DOM
#
Avg $
DOM
#
Avg $
DOM
For sale
26
1,262,077
55
34
2,315,117
49
5
1,677,400
97
Under contract
7
1,059,842
42
20
1,712,700
37
2
570,000
253
Sold to-date 2022
107
1,129,467
42
135
1,682,963
58
22
674,670
231
Sold same time last year
199
868,925
139
258
1,287,790
97
56
718,205
473
Status
CAPTIVA
Condos
Homes
Lots
#
Avg $
DOM
#
Avg $
DOM
#
Avg $
DOM
For sale
8
1,620,312
106
9
6,853,085
105
1
15,500,000
132
Under contract
1
1,375,000
42
1
7,250,000
77
0
N/A
N/A
Sold to-date 2022
27
1,468,575
51
20
5,637,525
128
0
N/A
N/A
Sold same time last year
 40
1,068,160
180
35
2,807.868
270
 2
2,950,000
731
If you are wondering what Sanibel properties are available for sale today in the San-Cap MLS, below is a list of the 65 properties available (by property type, then in ascending price order). It illustrates the huge spread between lowest and highest priced in each property type. Inventory is increasing, albeit slowly.
CONDOS
Captains Walk #A6 – 2nd floor 1 bedrm with washer/dryer – $449K
Colonnades #8 – 1st floor 1 bedrm in on-site daily rental program – $489K
Blind Pass #D102 – ground floor 2 bedrm in on-site weekly rental program – $685K
Lake Palms #3 – 2 bedrm  townhome condo – $699K
Blind Pass #D201 -2nd floor 2 bedrm in on-site weekly rental program – $699,007
Sundial #D203 – 2nd floor 1 bedrm in off-site weekly rental program – $850K
Sundial #I-103 – 1st floor 1 bedrm in on-site daily rental program – $850K
Loggerhead Cay #323 – 3rd floor 2 bedrm in weekly rental program – $860K
Sundial #C310 – 3rd floor 1 bedrm in on-site daily rental program – $875K
Sanibel Arms West #K8 – 2nd floor 2 bedrm in on-site rental program – $889K
Loggerhead Cay #331 – ground floor 2 bedrm on weekly rental program – $899K
Loggerhead Cay #271 -ground floor 2 bedrm in weekly rental program – $900K
Sundial #D305 – 3rd floor 1 bedrm with washer/dryer & owner rentals – $950K
2661 Wulfert Rd, Sanctuary Golf Villages #2 – ground floor 3 bedrm – $1.198M
2633 Wulfert Rd, Sanctuary Golf Villages #5 – 3rd floor 2 bedrm – $1.299M
Pointe Santo #E21 – 2nd floor 2 bedrm with weekly rentals – $1.325M
Sundial #F403 – 4th floor 2 bedrm in on-site daily rental program – $1.325M
Pointe Santo #D41 – 4th floor 2 bedrm with roof-top deck & weekly rentals – $1.399M
Pointe Santo #B44 – 4th floor 2 bedrm with roof-top deck & weekly rentals – $1.4M
Pointe Santo #A25 – 2nd floor gulf-front 2 bedrm with weekly rentals – $1.4M
Sanibel Surfside #116 – 1st floor gulf-front 2 bedrm with weekly rentals & cabana – $1.495M
Sanibel Surfside #122 – 2nd floor gulf-front 2 bedrm with weekly rentals – $1,54M
Sanddollar #A302 – gulf-front 3 bedrm in weekly rental program – $1,85M
Seascape #302 – 1st floor 3 bedrm – $2.495M
Somerset #D101 – 1st floor 3 bedrm – $2.499M
Wedgewood #104 – 2nd floor gulf-front 3 bedrm – $3.495M
HOMES
1835 Farm Tr, Island Woods – 3 bedrm 2 ba inland – $899K
1046 Sand Castle Rd, The Dunes – 2 bedrm 2 ba – $942K
1447 Albatross Rd, The Dunes – 3 bedrm 2 ba with pool – $980K
1382 Tahiti Dr, Tradewinds – 3 bedrm 2 ba near-beach – $995K
671 Durion Ct, East Rocks – 3 bedrm 2 ba near-beach with pool – $1.095M
9476 Balsa Ct, Gumbo Limbo – 3 bedrm 2 ba inland with pool – $1.135M
542 Boulder Dr, East Rocks – 2 bedrm 2 ba near-beach with pool – $1.150M
749 Cardium St, Sanibel Shores – 3 bedrm 2 ba near-beach with pool & owner rentals – $1.179M
1283 Par View Dr, Beachview Country Club Estates – 2 bedrm 2 ba with pool & rentals – $1.199M
1018 S Yachtsman Dr, Sanibel Estates – 3 bedrm 3 ba canal-side with pool – $1.295M
9448 Begonia Ct, Gumbo Limbo – 3 bedrm 2.5 bath lakeside inland – $1.35M
4677 Rue Bayou, Chateaux Sur Mer – 3 bedrm 3 ba near-beach with pool – $1,495M
1224 Kittiwake Cir, The Dunes – 3 bedrm 2 ba lakeside with pool – $1.625M
917 Lindgren Blvd, Shell Harbor – 3 bedrm 2 bath canal-side with pool – $1.692M
1270 Par View Dr, Beachview Country Club Estates – 3 bedrm 2 ba with pool – $1.699M
9020 Mockingbird Dr, The Dunes – 3 bedrm 2 bath lakeside with pool – $1,795M
6136 Henderson Rd, Betts – 3 bedrm 2 ba with on direct access canal – $1.795M
931 S Yachtsman Dr, Sanibel Estates – 4 bedrm 3.5 ba canal-side with pool & rentals – $1.895M
9027 Mockingbird Dr, The Dunes – 4 bedrm 3 ba lakeside with pool – $1.895M
1433 Sanderling Cir, The Dunes – 4 bedrm 3 ba lakeside with pool – $1.975M
2474 Wulfert Rd, The Sanctuary – 4 bedrm 4.5 ba with pool – $1.995M
896 Angel Wing Dr, Shell Harbor – 3 bedrm 2.5 ba canal-side with pool – $1.995M
2729 Wulfert Rd, The Sanctuary – 4-bedrm 4.5 ba with pool – $1.998M.
5855 Sanibel-Captiva Rd, Metes & Bounds – 3 bedrm 2 ba with pool on bayou – $2.275M
424 East Gulf Dr, Sanibel Estates – near-beach duplex with pool, 2 bedrm 1 ba each side – $2.599M
4353 Gulf Pines Dr, Gulf Pines – 3 bedrm 2.5 ba near beach – $2.85M
1543 San Carlos Bay Dr, Sanibel Isles – 4 bedrm 4 ba with pool on deep-water canal – $2.995M
1690 Sabal Palm Dr, Water Shadows – 5 bedrm 3 ba with pool on deep-water canal – $3.177M
543 East Gulf Dr, Sanibel Estates – beach-front 2 bedrm 2 ba “Summer of 42” – $3.5M
1520 Angel Dr, Sanibel Isles – 4 bedrm 4.5 ba with pool on deep-water canal – $3.655M
2969 Wulfert Rd, The Sanctuary – 6-bedrm 6.5.5 ba with pool – $3.695M
1318 Seaspray Ln, Seaspray – 5-bedrm 3.5 ba gulf-front – $4.295M
1558 & 1545 San Carlos Bay Dr, Sanibel Isles – bayfront 3 bedrm 3.5 ba with pool & dock lot – $4.35M
1191 Bird Ln, Richardsons – bayfront 5 bedrm 4.5 ba with pool & 2 boat lifts – $11.25M.
LOTS
2462 Wulfert Rd, The Sanctuary – golf course – $348K
1994 Wild Lime Dr, Sanibel Bayous – near-beach – $350K
1084 S Yachtsman Dr, Sanibel Estates – canal – $699K
3005 Turtle Gait Ln, Cardinal Ridge – acre plus near-beach – $995K
West Gulf Dr parcel 1, Metes & Bounds – gulf-front – $5.995M
This representation is based in part on data supplied by the Sanibel & Captiva Islands Association of Realtors® Multiple Listing Service. Neither the association nor its MLS guarantees or is in any way responsible for its accuracy.  Data maintained by the association or its MLS may not reflect all real estate activity in the market.  The information provided represents the general real estate activity in the community and does not imply that SanibelSusan Realty Associates is participating or participated in these transactions.

Update on Sea Turtle Nesting

Posted Tuesday morning on FB by an island volunteer: “Things were slow on the beach this morning after some heavy storms last night. I checked the condition of 18 nests in the zone I cover. While loggerhead sea turtle nesting is starting to wind down, hatching season is ramping up. 773 nests have hatched on Sanibel and Captiva beaches so far, with many of those reported hatches occurring last week. Thanks to the hard work from our volunteers and staff, 15,548 hatchlings have already emerged this season. Currently, there are 483 nests incubating on the islands, and more are expected to trickle in throughout August. (All sea turtle monitoring and research activities are conducted by trained individuals operating under Marine Turtle Permit #047)”

New August Schedule at CROW

The CROW (Clinic for the Rehabilitation of Wildlife) Connection received this week advises that for the month of August there will be just ONE daily presentation at 11 a.m. (Mondays-Fridays) with ONE wildlife walk guided hospital tour each day after that presentation. Also, the Visitor Education Center will be closed Saturdays and Sundays.

Vacation Rental Company Sold

Back in June, Island Vacations of Sanibel & Captiva sold to Gulf Coast Vacation Rentals which is a division of Gulf Coast Property Management, which has expanded beyond the Florida panhandle. Island Vacations will continue to operate under the same name.

Sanibel & Captiva Islands Multiple Listing Service Activity July 29-August 5, 2022

Sanibel
CONDOS
3 new listings: Sundial #D203 1/1 $850K, Sundial #I103 1/1 $850K, Loggerhead Cay #331 2/2 $899K.
2 price changes: Somerset #D101 3/2.5 now $2.499M, Wedgewood #104 now $3.495M.
2 new sales: Seawind #105 2/2.5 listed at $899K, Pointe Santo #D44 2/2 listed at $1.399M.
4 closed sales: Spanish Cay #A4 2/2 $638.5K, Sandalfoot #2A2 $860K, Gulfside Place #210 2/2 $1.33M, Atrium #301 $1.959M.
HOMES
1 new listing:  9448 Begonia Ct 3/2.5 $1.35M.
No price changes.
4 new sales: 531 Birdsong 3/2 listed at $799K, 446 Lake Murex 2/2 listed at $820K, 1289 Par View Dr 3/2 listed at $999K, 488 Lighthouse Way 4/4 listed at $5.195M.
2 closed sales: 3947 Coquina Dr 2/2 $1.125M, 2658 Coconut Dr 3/2 $2.489M.
LOTS
Nothing to report.
Captiva
CONDOS
No new listings, price reductions, or closed sales.
1 new sale: Marina Villas #902 2/2 listed at $1.375M.
HOMES
1 new listing: 16512 Captiva Dr 7/5.5 $11.995M.
No price reductions or new sales.
1 closed sale: 11524 Andy Rosse Ln 5/5.5 $3.995M.
LOTS
Nothing to report.
This representation is based in part on data supplied by the Sanibel & Captiva Islands Association of Realtors® Multiple Listing Service. Neither the association nor its MLS guarantees or is in any way responsible for its accuracy.  Data maintained by the association or its MLS may not reflect all real estate activity in the market.  The information provided represents the general real estate activity in the community and does not imply that SanibelSusan Realty Associates is participating or participated in these transactions.
Below is our ad from today’s “Island Sun”.
Enjoy your weekend! 

Susan Andrews, aka SanibelSusan

Little Rain This Week on Sunny Sanibel

It has been another quiet week on the islands. No meeting at the Association of Realtors® and little action reported by the Sanibel & Captiva Islands Multiple Listing Service. No new listings on either island. That MLS activity since last Friday is posted after a couple of news items below. Also, our “Island Sun” ad from the paper today.

Photo below from Thistle Lodge. Was great to return there last week for dinner. Service, food, and view still as terrific as ever! Also had lunch today at Doc Ford’s. It also remains a favorite!

Economic News

All eyes are on the economy. Wednesday when the Federal Reserve enacted its 2nd consecutive 0.75%-point interest rate increase as it tries to slow down runaway inflation, we couldn’t help but wonder when all of this will stop affecting island sales.

This week, we are thankful that the Sanibel-Captiva Bank again got a transaction done on time for a client. We love it when we can make a recommendation and it turns into a positive experience.

Local Schools Starting August 8

With Lee County schools starting in just two weeks, local kiddos already are preparing to go back.

It sure was a fast summer this year!

Inching Closer to Recession

The Sumer 2022 issue of Realtor® magazine arrived this week. It includes the following article by NAR (National Association of Realtors®) Chief Economist, Lawrence Yun:

“The next downturn may be different than the last. Look to commercial real estate for clues about the direction of the economy.

“The U.S. gross domestic product contracted in the first quarter by 1.5%. The stock market has bee tumbling. Inflation is stubbornly high. The Federal Reserve plans to continue raising interest rates. Pending home sales have fallen for six straight months and are now trending slightly below 2019 levels. The economy, in short, is on the verge of a recession.

“Yet, it will not be a straightforward recession. Despite hiring freezes at tech firms and recent job cults among mortgage lenders as refinance business dries up, the bigger problem for the economy is not a lack of jobs but rather a shortage of workers. Statistically, there are two job openings for each unemployed person. That’s why wages are up an average of 5.5% from a year ago, to nearly $32 per hour nationwide. However, inflation is gobbling the increase up with an 8% rise in cost of living.

“A recession typically means bad news for commercial real estate. But this time, the condition of the commercial market may not be an indicator about the direction of the overall economy. Demand for apartments and single-family rentals is booming because of consistent job gains and affordability challenges in the For Sale market. Low vacancy rates, though, have pushed up average rents significantly this year.

“Demand for warehouse space has surged as retailers took to avoid supply-chain disruptions. The retail sector is recovering, with more fitness gyms, nail salons, and restaurants popping up in the suburbs. Hotel bookings, air travel, and park attendance, are above pre-pandemic levels. Consumer spending in the GOP calculation was up a solid 3.1%, even after adjusting for inflation.

“Weak trade numbers – exports were down, and imports were up – brought the fall in GDP. Homeowners, after all, have accumulated sizable housing wealth: $75,100 in the last two years and $155,400 over the past five years. The stock market is going through a painful correction, though the broad S&P 500 index is up by 70% from five years ago. That’s why total net household wealth has essentially doubled from 10 years ago.

“The office market is another story. There’s no strong desire on the part of employees to return to their downtown offices. Google’s GPS tracker shows robust movement just about everywhere except in office locations during work hours. Some form of working from home will be a permanent feature of the post-COVID-19 economy. This is also the reason traffic jams are happening more often on weekends than on weekdays. Welcome to the new normal.”

Sanibel City Happenings

Tuesday was Land Development Code meeting where the agenda was the proposed revisions to the Land Development Code pertaining to Chapter 94-Floods based upon the updated FEMA Flood Insurance Rate Maps (FIRM) which include the delineation of the Limit of Moderate Wave action (LiMWA).

Though these new FEMA maps are not effective until mid-November, they result in positive changes for many island properties. The new maps may be viewed in person at City Hall in the Planning Department. Electronic versions may be seen and downloaded through the   These new maps may be viewed in person at the Planning Department at City Hall.  Electronic versions may be viewed and downloaded through the FEMA Flood Map Service Center search by entering the State, County and Community in the drop down menus.

Sanibel & Captiva Islands Multiple Listing Service Activity July 22‑29, 2022

Sanibel

CONDOS

No new listings.

1 price change: Loggerhead #323 2/2 now $860K.

No new sales.

3 closed sales: Captains Walk #A5 2/1 $549K (our buyer), Sandalfoot #1A3 2/2 $1.135M, Pine Cove #101 3/2 $1.65M.

Captains Walk Bldg A

HOMES

No new listings.

1 price change: 446 Lake Murex Cir 2/2 now $820K.

5 new sales: 4052 Coquina Dr 3/2 listed at $1.199M, 5802 San-Cap Rd 3/3.5 listed at $1.365M 5690 San-Cap Rd 3/3 listed at $1.875M, 437 Lake Murex Cir 5/3 listed at $1.95M, 1318 Seaspray Ln 5/3.5 listed at $4.295M

3 closed sales: 1545 Serenity Ln 3/2 $820K, 947 Lindgren Blvd 3/2 $1.2M, 585 Chert Ct 3/2 $1.48M.

LOTS

No new listings or price changes.

1 new sale: 1321 Seaspray Ln listed at $995K.

1 closed sale: 1226 Isabel Dr $1.85M.

Captiva

CONDOS, HOMES & LOTS

Nothing to report.

This representation is based in part on data supplied by the Sanibel & Captiva Islands Association of Realtors® Multiple Listing Service. Neither the association nor its MLS guarantees or is in any way responsible for its accuracy.  Data maintained by the association or its MLS may not reflect all real estate activity in the market.  The information provided represents the general real estate activity in the community and does not imply that SanibelSusan Realty Associates is participating or participated in these transactions.

Enjoy your weekend!

Until next Friday, Susan Andrews, aka SanbelSusan

Another Wonderful Friday on Sunny Sanibel

This week as much of the world has suffered with high temperatures, weather on Sanibel and Captiva has been normal for summer rainy season – maybe even with fewer showers that usual for late July. Sunny daytime temperatures are mid to high 80’s F, while sometimes the high humidity makes it feel warmer. Occasional showers pass quickly, but it makes sense to always keep an umbrella handy.

Sanibel & Captiva Islands Association of Realtors®

Yesterday morning was the July Membership Meeting of the Sanibel & Captiva Islands Association of Realtors®. County Commissioner (former Sanibel Mayor) Kevin Ruane was the guest speaker. Following the meeting, the Caravan of new listings had six properties open for viewing, including our new listing at Captains Walk. Six properties “open” is the highest number in months, years. Probably another sign that the market is shifting.

The activity posted since last Friday in the Sanibel & Captiva Islands Multiple Listing Service and our ad from today’s “Island Sun” are after a couple of news items below.

First a few highlights from Commissioner Ruane’s talk. His transition from serving for more than a decade on Sanibel City Council, including as Mayor, to Lee County District 1 Commissioner (covering Sanibel, Captiva, Pine Island, St James City, Boca Grande, and southwest Cape Coral) sure is a plus for us.

Thank you, Kevin, for all you continue to do! Here are some items mentioned:

  • Restructuring of Sherriff’s department, office, and 911 system upgrade. Lee County now ranks the safest in 67 counties. To improve safety, added 24 new sheriffs and more prosecutors.
  • Emergency response improved with addition of 32 more ambulances.
  • 34,000+acres preserved through Conservation 20/20 program, exceeding original goal.
  • With 100% increase in Florida visitors since the pandemic, the Port Authority (SW Florida international Airport (RSW)) is undergoing a $331 million expansion. Last two years, it has ranked as fastest growing airport in the county.
  • With last tropical storm causing loss of ~5” on both sides of the causeway islands, the $10 million erosion plan underway is of utmost importance to islands who rely on the causeway as their way on/off to mainland. Though some plans still being finalized, intent is to reduce number of parked cars to 450. Parking cost expected to remain free, but still being discussed in workshops. Sheriff and ranger presence has increased tremendously to keep the public in check. Causeway A expected to remain with open areas for windsurfing, kayaking, etc.

Island Inventory

Sanibel and Captiva inventory continues to stabilize with summer activity this year significantly less than last. Economic worries seem to be the biggest factor. Below is an update of inventory today (July 22, 2022) with data from the Sanibel & Captiva Islands Multiple Listing Service.

 

 

Status

SANIBEL
Condos Homes Lots
# Avg $ DOM # Avg $ DOM # Avg $ DOM
For sale 28 1,294,214 63 40 2,262,375 38 9 1,220,177 312
Under contract 13 1,106,284 34 18 1,583,277 27 1 145,000 6
Sold to-date 2022 98 1,132,004 42 124 1,679,275 61 22 676,943 231
Sold 2021 287 875,127 113 355 1,341,881 89 69 698,862 442

 

 

 

Status

CAPTIVA
Condos Homes Lots
# Avg $ DOM # Avg $ DOM # Avg $ DOM
For sale 8 1,725,312 88 8 6,210,345 106  1 15,500,000 118
Under contract 1 535,000 62 2 5,622,500 45  0 N/A N/A
Sold to-date 2022 27 1,468,575 51 19 5,723,973 134  0 N/A N/A
Sold 2021  64 1,150,373 145  44 2,988,520 261  2 2,950,000 731

 

Sanibel City Happenings

Tuesday afternoon/evening, I listened to Sanibel’s City Council Meeting where a lengthy (12-page) agenda (beginning at 9 a.m. and not wrapping up until 5:58 p.m.) covered such topics as proposed 2023 budget millage rates, changes to FEMA flood maps that become effective in November (available for viewing at City Planning Dept), non-motorized vehicles on beach, smoking on beach, digging holes on beach, operation of low-speed vehicles on roadways, boat ramp parking, and more. Sanibel City government officials and staff certainly are a thoughtful careful bunch. Kudos to all involved in this successful meeting, especially Mayor Holly Smith.

Midweek, it was announced that vegetation trimming has begun and will continue through August 3 on Periwinkle Way (including the shared use path) from the Lighthouse to Tarpon Bay Rd. The road occasionally may be limited to one lane with minor delays expected.

Last night, the City announced that their new website is “up & running”. Check it out at www.MySanibel.com.

NAR Study: International Buyers Are Back

By Kerry Smith, posted Monday July 18, 2022, on FloridaRealtors®:

“WASHINGTON – Foreign buyers purchased $59 billion worth of U.S. existing homes over a one-year period (April 2021 through March 2022) – an 8.5% increase from the previous 12-month period and the end of a pandemic-led three-year skid.

“The 98,600 existing homes sold – the lowest since NAR tracking began in 2009 – were down 7.9% year-to-year. Overall, however, Florida led the nation in welcoming foreign investment as one in four international buyers (24%) selected property in the Sunshine State.

“Top international buyer destinations

  • Florida (24%)
  • California (11%)
  • Texas (8%)
  • Arizona (7%)
  • New York (4%)
  • North Carolina (4%)

“Florida ranking among residents of foreign countries

  • Canada: Florida was the No. 1 choice for 45% of Canadians
  • China: Florida No. 4 for 7%
  • Brazil: Florida No. 1 for 55%
  • Mexico: Florida No. 2 for 12%
  • Colombia: Florida No. 1 for 60%

“Region of origin for Florida’s top foreign buyers

  • Latin America/Caribbean: 39%
  • North America: 25%
  • Europe: 12%
  • Asia/Oceania: 4%
  • Africa: 0%
  • Region not identified 20%

““For the second year in a row, restrictions and general caution tied to international travel during the pandemic slowed home buying by wealthier foreign buyers,” says NAR Chief Economist Lawrence Yun. “Even so, domestic home buying demand was exceptional and, therefore, boosted home sales nationally.”

“NAR’s 2022 Profile of International Transactions in U.S. Residential Real Estate surveyed members about transactions with international clients who purchased and sold U.S. residential property from April 2021 through March 2022.

“Foreign buyers who resided in the U.S. as recent immigrants or holding visas that allowed them to live in the U.S. purchased $34.1 billion worth of U.S. existing homes, a 5.2% increase from the prior year and 58% of the total dollar volume of purchases.

“Foreign buyers who lived abroad purchased $24.9 billion worth of existing homes, up 13.2% from the 12 months prior and for 42% of the dollar volume. International buyers accounted for 2.6% of the $2.3 trillion in existing-home sales during the time.

“Typical foreign buyer home

“The average ($598,200) and median ($366,100) existing-home sales prices among international buyers were the highest ever recorded by NAR – and 17.7% and 4.1% higher, respectively, than the previous year. The increase in foreign buyer prices partly reflects the increase in U.S. home prices, as the monthly average existing-home sales price rose to $374,300, up 10% from the prior period.

“At just over $1 million, Chinese buyers had the highest average purchase price, and nearly a third – 31% – purchased property in California. “Affordability challenges along with the inability to find the right property were the top reasons given for prospective international buyers who showed interest but ultimately did not purchase a home in the United States,” says Yun.

“China and Canada remained first and second in U.S. residential sales dollar volume at $6.1 billion and $5.5 billion, respectively, continuing a trend going back to 2013. India ($3.6 billion), Mexico ($2.9 billion), and Brazil ($1.6 billion) rounded out the top five.

“For the 14th straight year, Florida remained the top destination for foreign buyers.

“All-cash sales accounted for 44% of international buyer transactions, nearly twice the rate (24%) of all existing-home buyers. Non-resident foreign buyers (60%) were twice as likely to make an all-cash purchase compared to resident foreign buyers (30%). Nearly 7 out of 10 Canadian buyers (69%) made all-cash purchases, the highest share among foreign buyers. Asian Indian buyers were the least likely to pay all-cash, at just 9%. Almost 6 out of 10 Chinese buyers (58%) and a quarter of Mexican (27%) and Brazilian buyers (26%) made all-cash purchases.

““Due to rising interest rates, overall home sales will decline in the U.S. this year. Foreign buyers, however, are likely to step up purchases, as those making all-cash offers will be immune from changes in interest rates,” Yun says. “In addition, international flights have increased in recent months with the lifting of pandemic-related travel restrictions.”

“Type of homes purchased

“44% of foreign buyers purchased their property for use as a vacation home, rental property or both.

64% purchased detached single-family homes and townhouses.46% bought a home in the suburbs while 29% bought a home in an urban area, numbers which have held steady over the last five years. 5% bought property in a resort area, down from 17% in 2012

“NAR “collaborates with groups across the country to help our members unlock and better understand the opportunities in U.S. real estate for foreign buyers, maximizing the global business potential in our local markets,” says Katie Johnson, NAR’s general counsel and chief member experience officer. The network has grown to include more than 100 real estate associations across 76 countries.”

Redfin Reports Prices Begin to Fall from Record Highs

Posted on-line Monday July 18, 2022, on “Realty Times” and sourced to RedFin:

“Inflation and high mortgage rates are taking a bite out of homebuyer budgets, leading to fewer sales and supply gains The median sale price for U.S. homes came down 0.7% from its record-breaking June peak during the four weeks ending July 10, according to a new report from Redfin (redfin.com),….

“Sellers’ asking prices also came down 3% from their May peak as the share of homes with price drops hit another new high. Home supply posted its first year-over-year increase since August 2019 as pending sales continued to slide. These changes in the housing market can be attributed to buyers reaching their limit on costs—not just of homes and mortgages, but also food, transportation, and energy.

““Inflation and high mortgage rates are taking a bite out of homebuyer budgets,” said Redfin Chief Economist Daryl Fairweather. “Few people can afford homes costing 50% more than just two years ago in some areas, so homes are beginning to pile up on the market. As a result, prices are starting to come down from their all-time highs. We expect this environment of reduced competition and declining home prices to continue for at least the next several months.”

“Leading indicators of homebuying activity:

  • For the week ending July 14, 30-year mortgage rates rose to 5.51%. This was down from a 2022 high of 5.81% but up from 3.11% at the start of the year.
  • Fewer people searched for “homes for sale” on Google—searches during the week ending July 9 were down 5% from a year earlier.
  • The seasonally-adjusted Redfin Homebuyer Demand Index—a measure of requests for home tours and other home-buying services from Redfin agents—was down 18% year over year during the week ending July 10.
  • Touring activity as of July 10 was up 1% from the start of the year, compared to a 23% increase at the same time last year, according to home tour technology company ShowingTime.
  • Mortgage purchase applications were down 18% from a year earlier during the week ending July 8, while the seasonally-adjusted index was down 4% week over week.

“Key housing market takeaways for 400+ U.S. metro areas: Unless otherwise noted, the data in this report covers the four-week period ending July 10. Redfin’s weekly housing market data goes back through 2015.

Data based on homes listed and/or sold during the period:

  • The median home sale price was up 12% year over year to $393,449. This was down 0.7% from the peak during the four-week period ending June 19. A year ago the median price rose 0.9% during the same period. The year-over-year growth rate was down from the March peak of 16%.
  • The median asking price of newly listed homes increased 14% year over year to $397,475, but was down 2.8% from the all-time high set during the four-week period ending May 22. Last year during the same period median prices were down just 0.9%.
  • The monthly mortgage payment on the median asking price home hit $2,387 at the current 5.51% mortgage rate, up 44% from $1,663 a year earlier, when mortgage rates were 2.88%. That’s down slightly from the peak of $2,487 reached during the four weeks ending June 12.
  • Pending home sales were down 14% year over year, the largest decline since May 2020.
  • New listings of homes for sale were down 1.7% from a year earlier.
  • Active listings (the number of homes listed for sale at any point during the period) rose 1.3% year over year—the largest increase since August 2019.
  • 43% of homes that went under contract had an accepted offer within the first two weeks on the market, down from 47% a year earlier.
  • 29% of homes that went under contract had an accepted offer within one week of hitting the market, down from 33% a year earlier.
  • Homes that sold were on the market for a median of 18 days, flat from a year earlier and up slightly from the record low of 15 days set in May and early June.
  • 51% of homes sold above list price, down from 54% a year earlier.
  • On average, 7.1% of homes for sale each week had a price drop, a record high as far back as the data goes, through the beginning of 2015.
  • The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, declined to 101.6%. In other words, the average home sold for 1.6% above its asking price. This was down from 102.2% a year earlier.

“To view the full report, including charts and methodology, please visit:
https://www.redfin.com/news/housing-market-update-prices-fall-inventory-climbs/

Sanibel & Captiva Islands Multiple Listing Service Activity July 15‑22, 2022

Sanibel

CONDOS

2 new listings: Colonnades #8 1/1 $489K, Lake Palms #3 2/2.5 $699K.

2 price changes: Loggerhead Cay #271 2/2 now $900K, Sanddollar #A302 3/2 now $1.85M.

1 new sale: Gulf Beach #107 2/2 listed at $999K.

4 closed sales: Seashells #9 2/2 $650K, Sundial #D405 1/1, $851,350, Seawind #110 2/2.5 $900K, Pointe Santo #C26 2/2 $950K.

HOMES

2 new listings: 9027 Mockingbird Dr 4/3 $1.895M, 1543 San Carlos Bay Dr 4/4 $2.995M.

4 price changes: 446 Lake Murex Cir 2/2 now $844K, 1289 Par View Dr 3/2 now $999K, 542 Boulder Dr 2/2 now $1.15M, 1283 Par View Dr 2/2 now $1.199M.

6 new sales: 1421 Sandpiper Cir (1/2 duplex) 3/2.5 listed at $769K, 760 Cardium St 3/2 listed at $1.172M, 3947 Coquina Dr 2/2 listed at $1.249M, 1260 Par View Dr 3/3 listed at $1.699M, 1313 Seaspray Ln 3/3 listed at $1.795M, 839 Birdie View Pt 3/3 listed at $1.995M.

1 closed sale: 1827 Middle Gulf Dr 2/2 $917K.

LOTS

No new listings, price changes, or new sales.

1 closed sale: 1226 Isabel Dr $1.85M.

Captiva

CONDOS

No new listings, price changes, or closed sales.

1 new sale: Tennis Villas #3113 1/1 listed at $535K.

HOMES & LOTS

Nothing to report.

This representation is based in part on data supplied by the Sanibel & Captiva Islands Association of Realtors® Multiple Listing Service. Neither the association nor its MLS guarantees or is in any way responsible for its accuracy.  Data maintained by the association or its MLS may not reflect all real estate activity in the market.  The information provided represents the general real estate activity in the community and does not imply that SanibelSusan Realty Associates is participating or participated in these transactions.

Until next Friday,

Susan Andrews, aka SanibelSusan

More Sanibel/Captiva July Fun & Real Estate News

It is the end of another sunny week on the islands. Rainy season occasionally produces a quick afternoon or evening shower, but most of those have been inland. More of the same is expected through the weekend.

There was no Association of Realtors® Caravan Meeting this week, but early Tuesday the Professional Development Committee met. Guess who got up early to make 16 mini-strawberry shortcakes for us to enjoy after singing “Happy Birthday” to our Assoc Prez-Elect. He was grateful and his members appreciate that he volunteers his time, especially at 8:30 a.m. on his bday..

The Committee worked on scheduling the educational events/classes and the monthly meeting speakers for the rest of the year. The annual Continuing Education offering with the classes required for sales associates and brokers to renew their licenses is on track for September 12 through 14. It is always a treat to take the hands-on in-person classes including boat trip highlighting local environmental considerations.

Next Thursday is the island Association of Realtors® July Monthly Breakfast Meeting. Speaker is Lee County Commission (former Sanibel Mayor) Kevin Ruane, who will update members on county initiatives and the causeway project. Following the meeting there will be a Realtor Caravan of new listings.

There was not much real estate sales action here this week. The Sanibel & Captiva Islands Multiple Listing Service reports no sales on Captiva and just one on Sanibel. Those details are posted after a couple of news items below. Our “Island Sun” ad from today’s paper also is below.

Summer Things

Bailey’s General Store Adds Vehicle Charging Station just east of the main entrance near the community bulletin board. It has two charging points to accommodate two vehicles at the same time and can charge all brands of electric vehicles. The store is open daily 7 a.m. to 7 p.m.

Great American Outdoors Day at The Refuge is coming up on Thursday, August 5. This is the 2nd celebration of this day across federal lands. It is now one of six fee-free days the Government has designated throughout the year. In addition to touring Wildlife Drive free that day, visitors may go to WoW (Wildlife on Wheels) and participate in a free family scavenger hunt for prizes and go on guided tours.

LCEC Vegetation Trimming on Sanibel began this week and will continue through August. This is a continued effort to improve and maintain the reliability of the island electric service. LCEC’s contractor is Asplundh with crews working Mondays through Thursdays from 7 a.m. to 5:30 p.m. Schedule updates will be posted at https://www.MySanibel.com/.

Lee Health Opens Primary Care Walk-in Clinic on Sanibel

On June 28, Lee Health opened its newest primary care practice in SW Florida. Located at 2495 Palm Ridge Rd, Lee Health Sanibel Primary/Walk-In Care offers primary care and walk-in services. One physician with 40 years medical experience already is seeing new patients at the clinic. A second physician, currently practicing with Lee Health in Fort Myers, will join the Sanibel office next week. The facility is open Monday through Friday 8 a.m. to 6 p.m. Visit www.LeeHealth.org to make an appointment in MyChart or call 239-343-6990.

Housing Expert Says Homebuyers are ‘Hitting the Brakes’

Interesting article posted on-line Tues July 12, 2022, at “yahoo! Money” by Ronda Lee. Seems like every week, there is a different perspective on the economy.

“The housing market has absolutely shifted, and buyers have been hitting the brakes in June,” Jeff Tucker, an economist at Zillow, told Yahoo Finance Live. “It suggests buyers are finally including contingencies in the offers they made this spring, which gives them that possibility of opting out.”

“In June, approximately 14.9% or 60,000 home purchases under contract were canceled, according to a recent Redfin report, while 7% of homes for sale had a price drop, a high for records dating back to 2015, according to a separate Redfin report.

“The culprit? Mortgage rates that are two percentage points higher than the start of the year, with major up and down movements in the last two months. The 30-year fixed mortgage rate dropped to 5.30% last week from 5.70% the week prior. Rate fluctuations mean that unless homebuyers locked in rates, those who once qualified might become ineligible as rates increase.

““It’s affordability. Higher mortgage rates and higher home prices means that the typical mortgage payment is up over half, about 60%,” Tucker said. “A lot of buyers can’t afford that or heard the bad news from their mortgage lender that where mortgage rates are today, you can’t afford this house.”

“Inflation and talks of recession also may be cooling homebuyer demand. The areas that saw the biggest run-up in housing prices due to the pandemic migration patterns may experience the largest price drops, Tucker said.

““This is a necessary cooling down and rebalancing after we’ve just had the most unbalanced, overheated housing market on record,” Tucker said. “Buyers are pulling back, inventory is beginning to climb and then the last domino to fall is to push home price growth back down. So, we should expect it to kind of level off and actually see some modest home price declines in certain parts of the country.””

Ronda is a personal finance senior reporter for Yahoo Money and attorney with experience in law, insurance, education, and government.

Sanibel & Captiva Islands Multiple Listing Service Activity July 8-15, 2022

Sanibel

CONDOS

3 new listings: Captains Walk #A6 1/1 $449K (our listing), Sanibel Arms West #K8 2/2 $889K, Somerset #D101 3/2.5 $2.695M.

Captains Walk #A6 looking toward bay, lighthouse, & gulf

No price changes.

1 new sale: Spanish Cay #A4 2/2 listed at $649.9K.

1 closed sale: Sanctuary Heron #3-1B 3/2.5 $875K.

HOMES

6 new listings: 1447 Albatross Rd 3/2 $980K, 6136 Henderson Rd 3/2 $1.795M, 1433 Sanderling Cir 4/3 $1.975M, 424 E Gulf Dr duplex 4/2 $2.599M, 2969 Wulfert Rd 6/6/2 $3.695M, 1191 Bird Ln 5/4.5 $11.25M.

6 price changes: 446 Lake Murex Cir 2/2 now $859K, 1835 Farm Trl 3/2 now $899K, 1046 Sand Castle Rd 2/2 now $942K, 749 Cardium St 3/2 now $1.179M, 5802 San-Cap Rd 3/3.5 now $1.365M, 1260 Par View Dr 3/3 now $1.699M.

No new sales.

3 closed sales: 9076 Mockingbird Dr 3/2 $985K, 2010 Wild Lime Dr 4/4 $1.1M, 917 Pepper Tree Pl 4/3 $1.436M.

LOTS

Nothing to report.

Captiva

CONDOS, HOMES, LOTS

Nothing to report.

This representation is based in part on data supplied by the Sanibel & Captiva Islands Association of Realtors® Multiple Listing Service. Neither the association nor its MLS guarantees or is in any way responsible for its accuracy.  Data maintained by the association or its MLS may not reflect all real estate activity in the market.  The information provided represents the general real estate activity in the community and does not imply that SanibelSusan Realty Associates is participating or participated in these transactions.

Until next Friday, Susan Andrews, aka SanibelSusan

More Summertime News on Sunny Sanibel

I hope you had a safe happy July 4th holiday. Sanibel festivities were terrific with the morning weather perfect – bright sunny, with slight breeze, when the parade passed by the office.

I was joined by regulars who like our shady location – which also is just before the judges’ reviewing area. I took plenty of photos which are posted on Facebook (if you are a social media follower).

If you also follow island restaurants, you may be interested in hearing that The Sandbar (Steak & Seafood) recently changed hands. New owner also is the new owner of The Green Flash on Captiva. I had dinner at The Sandbar this week and it was wonderful, busy as always with locals and visitors, so before you go, be sure and make a reservation.

A little more restaurant scoop is that I heard today that Café Italia (currently in the Publix shopping center across the street from the outlet malls) is moving to Sanibel in September. They will be in the location of former restaurants (Bamboo, Il Tesoro, & Twilight Café) at 751 Tarpon Bay Rd, Unit #2, behind the Art Gallery.

Sanibel & Captiva Islands Real Estate News

I was busy meeting a contractor early yesterday so missed the Realtor® bi-weekly Caravan Meeting. Just one property was on tour for viewing after the meeting. The activity posted since last Friday in the Sanibel & Captiva Islands Multiple Listing Service follows some news below.

Now that the year is half over, and inventory is changing slightly, I thought it would be interesting to compare island sales status today to year-to-date sales during the same time last year and 2020. Usually, the most contracts occur and sales close during that “high season”. Though changes in interest rates do not have a huge bearing on island sales, the shift toward a more balanced market has begun (or so it looks to SanibelSusan). There was little new sales activity, this past week. Data below is from the Sanibel & Captiva Islands MLS today.

 

 

Status

SANIBEL
Condos Homes Lots Total
# Avg $ DOM # Avg $ DOM # Avg $ DOM # $ change over previous year
For sale 24 1,328,787 64 38 1,956,447 32 10 1,523,160 281 72
Under contract 17 1,055,752 33 16 1,513,625 20 1 145,000 6 34
Sold 1/1-7/8/2022 93 1,147,421 39 125 1,699,504 60 21 621,083 241 239 +31%
Sold 1/1-7/8/2021 187 862,247 144 237 1,299,038 100 53 706,783 462 477 +20%
Sold 1/1-7/8/2020 80 726,294 155 116 993,923 157 4 849,666 423 200

 

 

 

Status

CAPTIVA
Condos Homes Lots Total
# Avg $ DOM # Avg $ DOM # Avg $ DOM # % $ change over previous year
For sale 9 1,593,055 71 9 6,075,307 90 1 15,500,000 104 19
Under contract 0 N/A N/A 2 5,622,500 45 0 N/A N/A 2
Sold 1/1-7/8/2022 27 1,468,575 51 19 5,723,973 134 0 N/A N/A 46 +73%
Sold 1/1-7/8/2021 39 1,006,830 184 34 2,846,629 278 1 2,000,000 129 74 -4%
Sold 1/1-7/8/2020 15 882,666 104 13 3,188,230 332 2 1,925,000 462 30

Is It OK to Self-Insure Our House?

Posted on-line at FloridaRealtors® in late June, this Question/Answer was reposted from the South Florida Sun Sentinel, by Gary M. Singer:

‘As property insurance grows more expensive, homeowners study other options. If an owner has paid off the mortgage, is self-insurance an option?

“FORT LAUDERDALE, Fla. – Question: We own our home outright, without a mortgage. Because of the insurance crisis, what is the feasibility of self-insuring our house rather than renewing our policy at an ever-higher cost? –Thomas

“Answer: Under certain circumstances, it is feasible to go without homeowner’s casualty insurance. Even still, it is rarely, if ever, a good idea or a sound financial policy.

“Banks and other mortgage lenders are good at making money and protecting their investments.

“I often look at what mortgage lenders require of their customers to gauge the risk of a proposed action. For example, when asked whether a homeowner needs title insurance when purchasing a home, I respond that although they are not required by law to have this valuable coverage, every lender I have dealt with requires title insurance when lending money.

“If a bank thinks it is necessary to protect their investment in your asset, you should afford yourself the same protection. Lenders also require their borrowers to have a casualty insurance policy for many of the same reasons.

“Most people think of insurance as covering the small events – a fender bender, prescription drugs or a leaking water heater. While this is important, minor claims rarely exceed the cost of the policy, especially when considering the deductible.

“When insurance shines is when the rare severe event happens. Not having health insurance and developing a serious health condition bankrupts many people. A dented fender is easy enough to live with, but replacing a totaled car can cost decades of car insurance premiums.

“Similarly, if your house suffers a significant casualty – for example, a lost roof and flooding from severe weather, a fire, or even a guest hurting themselves on your lawn – the costs to the homeowner can be more than a lifetime of insurance premiums.

“While no one enjoys paying their insurance bills, especially when they seem to increase every year, it still makes sense to grit your teeth and write a check.”

Upcoming BIG ARTS Community Chorus Concerts

If you are a follower of the BIG ARTS Community Chorus, you may be interested in marking your calendar for their upcoming concert events. As a chorus alto since the beginning in 1992, the pandemic caused SanibelSusan to miss a couple of seasons. Here’s hoping that things are back to more normal this fall. If you are interested in singing with us, please let me know and I will get you on our message alerts.

The chorus Holiday Concert will be Wednesday December 7 at 7 p.m. in BIG ARTS Christensen Auditorium.

The spring concert also at 7 p.m. in BIG ARTS Christensen Auditorium is scheduled for Wednesday March 29, 2023.

Also in spring 2023, a new special concert is scheduled. This one, at the same BIG ARTS location, will be Tuesday April 4 at 6:30 p.m. and a combined effort with the singers of the Sanibel School Seahorse Chorale, under the direction of Joey Giangreco..

Sanibel & Captiva Islands Multiple Listing Service Activity July 1‑8, 2022

Sanibel

CONDOS

2 new listings: Sundial #C310 1/1 $875K, Wedgewood #104 3/3.5 $3.695M.

No price changes.

3 new sales: Seashells #9 2/2 listed at $650K, Sandalfoot #2A2 2/2 listed at $850K, Sundial #N301 3/2 listed at $1.328M.

1 closed sale: Colonnades #10 1/1 $455K.

HOMES

5 new listings: 531 Birdsong Pl 3/2 $799K, 1289 Par View Dr 3/2 $1.1M, 1018 S Yachtsman Dr 3/3 $1.295M, 917 Lindgren Blvd 3/2 $1.692M, 9020 Mockingbird 3/2 $1.795M, 5855 San-Cap Rd 3/2 $2.275M.

3 price changes: 446 Lake Murex Cir 2/2 now $899K, 1382 Tahiti Dr 3/2 now $995K, 437 Lake Murex Cir 5/3 now $1.95M.

1 new sale: 1031 Bird Watch Way 3/2 listed at $950K.

3 closed sales: 1236 Sandcastle Rd 2/2 $932,111, 1710 Dixie Beach Blvd 3/2 $2.195M, 2915 Wulfert Rd 5/5.5 $3.495M.

LOTS

Nothing to report.

Captiva

CONDOS

No new listings.

1 price change: Tennis Villas #3113 1/1 now $535K.

No new or closed sales.

HOMES

No new listings, price changes, or new sales.

1 closed sale: 1114 Schefflera 4/3.5 $3.6M.

LOTS

Nothing to report.

This representation is based in part on data supplied by the Sanibel & Captiva Islands Association of Realtors® Multiple Listing Service. Neither the association nor its MLS guarantees or is in any way responsible for its accuracy.  Data maintained by the association or its MLS may not reflect all real estate activity in the market.  The information provided represents the general real estate activity in the community and does not imply that SanibelSusan Realty Associates is participating or participated in these transactions.

Until next Friday,

Susan Andrews, aka SanibelSusan

July 4th Holiday Weekend 2022 on Sunny Sanibel

Best wishes for a safe happy July 4th holiday weekend wherever you are. Here on Sanibel, locals and visitors are looking forward to several special events on Monday.

As usual, SanibelSusan will be in the office which is a great vantage point for parade watching. See schedule below:

Sanibel July 4th Fun

  • 7 to 9:15 a.m. – Pancake breakfast at Sanibel Community Church, SanibelChurch.com
  • 9 a.m. to noon – Periwinkle Way closed from Donax St to Tarpon Bay Rd.
  • 9:30 a.m. – 30th Annual Independence Day Parade down Periwinkle Way (Tarpon Bay Rd to Casa Ybel Rd).

  • 11 a.m. to noon – Ice cream at St Michael & All Angels Episcopal Church
  • 11 a.m. to 2 p.m. – July 4th Celebration at Jerry’s Foods parking lot.
  • Noon – 42nd Annual Road Rally begins at The Timbers parking lot.
  • 3 to 6 p.m. – Marty Stokes Band performing at American Legion Post #123
  • 5:30 to 9:30 p.m. – Dunes Golf & Tennis Club July 4th Celebration (reservations needed, 239-472-3355)
  • Dusk – Fireworks launched from end of Bailey Rd over bay. Bailey Rd will be closed all day.

Sanibel & Captiva Real Estate News

In the world of island real estate, it was another quiet week. Just four sales – total for both islands since last Friday. The SanibelSusan Team is thankful that one of those sales was our buyer.

There was no Realtor® Caravan this week, but the activity posted in the Sanibel & Captiva Islands Multiple Listing Service follows a couple of news items below. Sanibel inventory is inching up slowly.

Our ad from today’s “Island Sun” is below.

Homebuyer Demographics Are Changing

The July 2022 issue of “Florida Realtor®” magazine arrived this week. Under “finances”, it mentions that “Gen Z and Millennials will play a big role in the housing market this year. Some 26% are likely to purchase a new home this year, compared to 12% of Gen X and 8% of Baby Boomers, and 23% would purchase a home without seeing it in person first (compared to 16% of Gen X and 5% of Baby Boomers.”

If you need a reminder of the ages of those generations, today Baby Boomers are 56 to 77; Gen X-ers are 40 to 55; Millennials are 24 to 39; while Gen Z-ers are 10 to 23. Does this mean that more than a quarter of those 39 and younger are expected to buy this year, many without ever visiting the property? Wow!

CROW Clinic Summer Schedule

The CROW (Clinic for Rehabilitation of Wildlife) Connection (www.CROWClinic.org) just posted their new summer schedule. They will have two daily presentations at 11 a.m. and 2 p.m. (except Saturdays) and one Wildlife Walk Guided Hospital Tour each day after the 11 a.m. presentation.

CROW Visitor Education Center will be closed Monday, July 4 as staff will be participating in the Sanibel’s “Red, Wild, & Blue” Parade.

Sanibel & Captiva Islands Multiple Listing Service Activity June 24‑July 1, 2022

Sanibel

CONDOS

3 new listings: Seashells #9 2/2 $650K, Sandalfoot #2A2 2/2 $850K, Sandollar #A302 3/2 $1.9M.

No price changes.

2 new sales: Captains Walk #A5 2/1 listed at $549K (our sale), Sundial H406 2/2 listed at $1.329M.

3 closed sales: Sanibel Arms #G8 2/2 $1.295M, Tarpon Beach #105 2/2 $1.3M, White Pelican #124 2/2 $1.699M.

HOMES
6 new listings: 1283 Par View Dr 2/2 $1.249M, 749 Cardium St 3/2 $1.279M, 4677 Rue Bayou 3/3 $1.495M, 1224 Kittiwake Cir 3/2 $1.625M, 1260 Par View Dr 3/3 $1.799M, 896 Angel Wing Dr 3/2.5 $1.995M.

3 price changes: 760 Cardium 3/2 now $1.172M, 4052 Coquina Dr 3/2 now $1.199M, 1318 Seaspray Ln 5/3.5 now $4.295M.

2 new sales: 1012/14 E Gulf Dr 4/2 listed at $995K, 947 Lindgren Blvd 3/2 listed at $1.456M.

2 closed sales: 600 Boulder Dr 3/2 $970K, 4612 Rue Belle Mer 3/2 $1.495M.

LOTS

1 closed sale: 451 Sawgrass Pl $949K.

Captiva

CONDOS

No new listings, price changes, or new sales.

2 closed sales: Bayside Villas #5110 1/2 $673.5K, Gulf Beach Villas #2001 2/2 $1.15M.

HOMES

No new listings.

1 price change: 1106 Tallow Tree Ct 3/3 now $3.75M.

No new or closed sales.

LOTS

Nothing to report.

This representation is based in part on data supplied by the Sanibel & Captiva Islands Association of Realtors® Multiple Listing Service. Neither the association nor its MLS guarantees or is in any way responsible for its accuracy.  Data maintained by the association or its MLS may not reflect all real estate activity in the market.  The information provided represents the general real estate activity in the community and does not imply that SanibelSusan Realty Associates is participating or participated in these transactions.

Enjoy your holiday!

Happy birthday, America!

Susan Andrews,aka SanibelSusan

Summer Starts on Sunny Sanibel

It’s Susan, reporting another sunny Sanibel Friday. We enjoyed a few low humidity days here this week, with little rain, but that is expected to change beginning later today.

Real estate wise, it was quiet on the island again this week, though we are happy to have another new listing and look forward to perhaps more action with holiday visitors soon arriving for the 4th.

Below are info from our Association of Realtors® meeting yesterday, scoop on Sanibel/Captiva residential real estate inventory today, info about upcoming holiday events, and the activity this week posted in the islands Multiple Listing Service.

Sanibel & Captiva Islands Association of Realtors®

Yesterday was the June Membership Breakfast Meeting at the islands Association of Realtors®. Largest in-person turnout that one of these meetings has had since pre-Covid. Speaker was Chief Economist for the National Association of Realtors®, Dr. Lawrence Yun. Here are a few tidbits from his presentation:

  • National Association of Realtors® membership has increased from 1.4 million to 1.55 million with Florida having more Realtors® than any other state.
  • Yun is often asked if the housing bubble will pop. His answer is a definite “no”. Today unlike before the recession, people must qualify to get loans and there is no subprime lending.
  • Latest data shows that prices in the Cape Coral – Ft Myers area (including Sanibel & Captiva) are up 35% from a year ago.
  • With the economy out of control, he concurred that the Feds are not doing their job. He also said that mortgage rates and the Fed Funds Rate are not a one-to-one relationship, they do not mirror each other.
  • With prices of so many things up, gas, air travel, food, etc., it noted that one thing not up is mass transit use with crime being the biggest reason people are not using metro systems.
  • He likened real estate price increases to West Texas crude oil prices. Explained how the U.S. is not drilling more so an oil price reduction is not likely, while Putin continues to make huge profits selling to China, India, & smugglers.
  • Looking at payroll and jobs, nationally jobs are almost back to where they were pre-pandemic. Here in Florida, there are 3.3% more jobs than there were in March 2020. States with the strongest increase in percentage of new jobs are Utah and Idaho.
  • Here in the local area, there were 150K jobs in 2000, that number has doubled to more than 300,000.
  • Considering those now working remotely, before Covid about 9% of full-time workers worked from home. That number now is closer to 21%. Of course, “working from home” benefits Florida. Who wouldn’t want to work where the weather is nice and there is no income tax?
  • Regarding the future, he expects that 4th quarter sales will be down 15% from last year. Cash sales will continue to be king, while lower inventory than 2000, yet sound underwriting standards likely will result in prices remaining where they are or increasing.

Island Sales Stats

To put the Sanibel & Captiva Island sales in perspective. Below are the statistics from the Sanibel & Captiva Islands Multiple Listings Service as of today (June 24, 2022).

 

 

Status

SANIBEL
Condos Homes Lots
# Avg $ DOM # Avg $ DOM # Avg $ DOM
For sale 22 1,236,495 54 26 1,928,307 31 10 1,523,160 267
Under contract 17 1,109,256 41 20 1,648,000 15 2 547,000 56
Sold to-date 2022 89 1,146,181 39 120 1,696,216 62 20 604,687 244
Sold 2021 287 875,127 113 355 1,341,881 89 69 698,862 442
Sold 2020 193 733,136 174 289 950,426 161 23 606,233 393

 

 

 

Status

CAPTIVA
Condos Homes Lots
# Avg $ DOM # Avg $ DOM # Avg $ DOM
For sale 9 1,594,111 57 9 6,091,973 76  1 15,500,000 90
Under contract 2 911,750 18 3 4,948,333 42  0 N/A N/A
Sold to-date 2022 25 1,513,121 54 18 5,847,527 140  0 N/A N/A
Sold 2021  64 1,150,373 145  44 2,988,520 261  2 2,950,000 731
Sold 2020  47 821,713 134   27 2,923,148 315  4 2,537,500 448

Scoop on July 4th Happenings

30th Annual Sanibel Parade – 30th year for this event which began as the idea of island Realtor® Don Bissell. As always, the parade will form on Island Inn Rd which usually is closed to through vehicular traffic. Periwinkle Way will be closed along the parade route from 9 a.m. until noon (Tarpon Bay Rd to Casa Ybel Rd). Parade begins at 9:30. Get your spot early!

Post Parade Fun at Jerry’s – immediately following the parade, from 11 a.m. until 2 p.m., a celebration at Jerry’s Foods parking lot includes bounce house, water games, snow cones, face painting, & local Boy Scouts fundraiser (handing out hot dogs & water).

42nd Annual Road Rally – Beginning a noon in The Timbers restaurant parking lot, this scavenger hunt is benefitting Community Housing & Resources. The after-party and awards presentations will be at The Sanibel Grill.

Fireworks – begin at 9 p.m. from the beach at the end of Bailey Rd. Best viewing on the causeway. Bailey Rd will be closed to traffic all day.

Sanibel & Captiva Islands Multiple Listing Service Activity June 17‑24, 2022

Sanibel

CONDOS

4 new listings: Seawind #105 2/2.5 $899K, Sundial #D305 1/1 $950K, Sundial #N301 2/2 $1.328M, Sundial #H406 2/2 $1.329M.

No price changes.

4 new sales: Sanibel Arms West #B8 2/2 listed at $875K, Sandalfoot #1A3 2/2 listed at $1.175M, Pointe Santo #C26 2/2 listed at $1.095M, Gulfside Place #210 2/2 listed at $1.499M.

3 closed sales: Seawind #106 2/2.5 $925K, Sanddollar #B301 2/2 $1.699M, Gulfside Place #101 3/3 $2.495M.

HOMES

No new listings.

4 price changes: 446 Lake Murex Cir 2/2 now $920K, 1835 Farm Trl 3/2 now $949K, 1313 Seaspray Ln 3/3 now $1.795M, 931 S Yachtsman Dr 4/3.5 now $1.895M (our listing).

Dock with lift at 931 South Yachtsman Dr

1 new sale: 458 Casa Ybel Rd 3/2.5 $1.25M.

3 closed sales: 496 Lake Murex Cir 3/2 $950K, 1985 Wild Lime Dr 3/2 $1.28M, 5075 Joewood Dr 4/4.5 $4.1M.

LOTS

Looking from 1084 South Yachtsman Dr to marina, bay, causeway

1 new listing: 1084 S Yachtsman Dr $699K (our listing).

No price changes, new sales, or closed sales.

Captiva

CONDOS

1 new listing: Marina Villas #902 2/2 $1.375M.

No price changes or new sales.

2 closed sales: Beach Villas #2635 3/3 $1.5M, Gulf Beach Villas #2027 3/2 $1.55M.

HOMES

Nothing to report.

LOTS

Nothing to report.

This representation is based in part on data supplied by the Sanibel & Captiva Islands Association of Realtors® Multiple Listing Service. Neither the association nor its MLS guarantees or is in any way responsible for its accuracy.  Data maintained by the association or its MLS may not reflect all real estate activity in the market.  The information provided represents the general real estate activity in the community and does not imply that SanibelSusan Realty Associates is participating or participated in these transactions.

Until next Friday, enjoy summer! (Our ad from today’s “Island Sun” below.)

Susan Andrews, aka SanibelSusan

 

It’s a Happy Friday Both on The Islands & At Sea

It’s Susan reporting from the Celebrity Equinox en route back from a few days in the Caribbean, docking back in Florida tomorrow. Technology has me working wherever I am.

Teammate Dave has been handling things in the office and says it has been very quiet on the islands – not totally unexpected for early June. Lisa will be in the office tomorrow morning & I bet I’m back there by early afternoon,

Dave’s info on the action posted since last Friday in the Sanibel & Captiva MLS is after a couple of news items below. Also below is our ad from today’s “Island Sun”. This terrific home is getting showings!

Instant Reaction from NAR’s Chief Economist

Posted Wed, June 15 by National Association of Realtors Chief Economist, Lawrence Yun:

“Today’s announcement by the Federal Reserve set a big increase in interest rates and means several more rounds of rate hikes are on the way in upcoming months. So far, the short-term fed funds rate that the Fed directly controls has risen by 175 basis points. But the 30-year fixed rate mortgage has risen even more – by nearly 300 basis points. On the same $300,000 mortgage, the monthly payment has risen from $1265 in December to $1800 today. That’s painful and, consequently, will shrink the buyer pool.

“Home sales have recently been trending down toward 2019 figures. Sales could fall even further with some inventory sitting on the market for more than a month like in pre-pandemic days. Pricing a listed home properly will, therefore, be the key to attracting buyers. In the meantime, rental demand will strengthen along with rents. Only when consumer price inflation tops out and starts to fall will mortgage rates stabilize or even decline a bit. That is why providing additional oil supplies will be critical in containing consumer prices and interest rates.”

This coming Thurs, he also will speak at the islands Association of Realtors monthly membership meeting. Those comments will be shared next week.

Blind Pass Beach Park Closed

The City of Sanibel announced Tues that Blind Pass Beach Park would close the next day, June 15, out of concern for public safety. Since May, the shoreline at the park gradually has eroded and a steep escarpment developed at the end of the beach access paths making public access to the water unsafe.

The escarpment can reach up to 6 feet at times and extends from the Blind Pass Bridge south to near Castaways Cottages. The City said conditions will be monitored and the park will reopen when the public can safely access the beach again.

Sea Turtle Nesting Season Reaching Peak

SCCF’s sea turtle team has documented 411 nests as of June 15. That total is on pace with nest count last year at this time. The impacts of recent rains and wind that became Tropical Storm Alex were minimal, with only five nests lost in that surge.

Mid to late June is peak nesting season on the islands so busy weeks are expected. With nesting turtles coming ashore at night, the public is reminded to turn off lights, fill in beach holes, remove furniture, and to please call the SCCF Sea Turtle Hotline to report any stranded turtles or hatchlings, nests that have been tampered, eggs that are exposed, or nests being washed away. Call 978-SAVE-ONE. Visit sancaplifesavers.org to learn about helping.

Sanibel & Captiva Islands Multiple Listing Service Activity June 10-17, 2022

Sanibel

CONDOS

1 new listing: Pointe Santo #A25 2/2 $1.4M.

2 price changes: Blind Pass #D201 2/2 now $699K, Sanibel Arms West #F2 1/1 now $769K.

2 new sales: Sundial #D405 1/1 listed at $850K, Nutmeg Village #104 2/2 listed at $874.9K.

5 closed sales: Loggerhead Cay #351 2/2 $824K, Nutmeg Village #211 2/2 $1.125M, Sundial #G401 2/2 $1.274M, Sanctuary Golf Villages #5-6 3/3 $1.398M, Pelicans Roost #302 $1.4M.

HOMES

5 new listings: 1046 Sand Castle Rd 2/2 $995K, 1012/1014 E Gulf Dr 4/2 $995K, 3947 Coquina Dr 2/2 $1.249M, 760 Cardium St 3/2 $1.25M, 5690 SanCap Rd 3/3 $1.875M.

4 price changes: 646 Rabbit Rd 3/2 now $799K, 9476 Balsa Ct 3/2 now $1.135M, 2474 Wulfert Rd 3/2.5.5 now $1.995M, 1740 Dixie Beach Blvd 3/2.5 now $2.495M.

5 new sales: 1236 Sand Castle Rd 2/2 listed at 929K, 1827 Middle Gulf Dr 2/2 listed at $950K, 9409 Moonlight Dr 3/2.5 listed at $1.282M, 671 Durion Ct 3/2 $1.395M, 585 Chert Ct 3/3 listed at $1.549M.

6 closed sales: 1202 Sand Castle Rd 4/2.5 $1.265M, 9405 Beverly Ln 3/2 $1.335M, 1178 Harbour Cottage Ct 3/3 $1.395M, 4204 Old Banyan Way 3/2.5 $1.525M, 204 Daniel Dr 3/2 $1.575M, 479 Las Tiendas 4/3 $1.575M.

LOTS

No new listings, price changes, or new sales.

1 closed sale: 1836 Ardsley Way $305K.

Captiva

CONDOS

No new listings, price changes, or new sales.

2 closed sales: Bayside Villas 1/2 $605K, Lands End Village #1628 3/4 $3.9M.

HOMES

Nothing to report.

LOTS

Nothing to report.

This representation is based in part on data supplied by the Sanibel & Captiva Islands Association of Realtors® Multiple Listing Service. Neither the association nor its MLS guarantees or is in any way responsible for its accuracy.  Data maintained by the association or its MLS may not reflect all real estate activity in the market.  The information provided represents the general real estate activity in the community and does not imply that SanibelSusan Realty Associates is participating or participated in these transactions.

Best wishes to all for a Happy Fathers Day weekend.

Susan Andrews, aka Sanibel Susan

June on Sanibel & Captiva – More Inventory & Other News

It’s Susan, reporting another sunny Sanibel Friday. Lee County schools are out, family vacations are beginning, and plenty of spring/summertime fun events are being announced.

Luckily, the heavy rains last weekend, didn’t cause much long-term flooding and it resulted in some terrific shelling for those enthusiasts. Now that the ground is saturated, islanders will be keeping a close eye on future rainy events. Meanwhile, the Anchor Dr bunnies are loving the juicy vegetation at my house. There were two munching in my yard this morning as I headed out to work. I love those little guys!

Sanibel & Captiva Islands Association of Realtors®

Some good news at the Sanibel & Captiva Islands Association of Realtors® Caravan meeting yesterday. As incoming Association Prez, Realtor® Greg Demaras mentioned in his opening remarks, there has been 100% increase in Sanibel home listings compared to ten days ago when there were only 11 homes for sale. (Actually, today the number of Sanibel homes available according to the islands MLS is up to 26. More inventory is becoming available.)

The other percentage mentioned was that the number of properties open for Caravan viewing was up 400% from the last meeting two weeks ago, when there was only one available to see. These may be subtle market changes, yet still worth watching.

One of the properties open for Caravan viewing was our new listing on South Yachtsman Dr. The action posted in the island Multiple Listing Service (MLS) since last Friday follows a couple of news items below.

2022 SCIS Designation Classes

Also. yesterday morning, I taught the 2022 Resort & Second-Home Market module for the Sanibel & Captiva Islands Specialist (SCIS) designation.

My 10th year teaching that class and it’s always fun. The 12 attendees this year included nine taking the classes or the first time and three Realtors® working on their renewal.

They all tolerated my insistence that the class photo be taken with them wearing funny resort-wear props.

Wishing them much success in their resort & 2nd home market business.

 

Governor DeSantis Vetoes SB 2508

Posted Wed, Jun 8, 2022 by Sanibel-Captiva Conservation Foundation (SCCF):

“Today, in a move that is a significant win for Florida’s environment—Governor DeSantis exercised his executive power to veto Senate Bill 2508. This bill would have undermined the extensive work by SCCF and our partners to base the Lake Okeechobee System Operating Manual (LOSOM) on sound science and an equitable distribution of water. It would have had a chilling effect on water management decisions related to discharges from Lake Okeechobee, perpetuating the harmful “hold and dump” practices that currently allow for high-volume discharges to our coastal communities during the wet season. In addition, the bill would have accelerated the destruction of wetlands by allowing private reviewers to process expedited dredge and fill permits for utilities, resulting in further deterioration of water quality. Furthermore, it would have negatively impacted the Florida Forever land acquisition program by allowing the Florida Department of Agriculture and Consumer Services to compete with the Department of Environmental Protection for state funding.

“We thank Governor DeSantis for demonstrating great political courage in vetoing this harmful bill. Our coastal communities in Southwest Florida have been devastated by declining water quality and harmful algal blooms for far too long. The red tide bloom in 2018 resulted in more the 425 tons of dead sea life being removed from the beaches of Sanibel, and more than $47 million in economic losses.  Scientists with SCCF and the University of Florida’s Center for Coastal Solutions recently published data linking pollution from stormwater runoff and harmful algal blooms. We now know that preventing harmful nutrients from reaching the coast is one way to reduce the extent and severity of red tide events in the future.  This is not only critical for the ecology of our coastal waters, but it is also essential for protecting the quality of life of our residents, and Florida’s economy.

“SCCF remains engaged in the LOSOM process with the Army Corps, South Florida Water Management District, and our environmental partners to eliminate the harmful discharges that contribute to harmful algal blooms.  With extensive modeling we have demonstrated that an equitable distribution of water can meet the needs of all stakeholders without any being sacrificed.  By vetoing 2508, Governor DeSantis has confirmed that he is listening to stakeholders, and will not let politics take priority over sound science.

“We sincerely thank all of you who spoke out against this harmful bill.”

Housing Market Is Strong – But Time to Sell?

Posted Mon, Jun 6, 2022 on FloridaRealtors® and sourced to Daily Commercial, by Don Magruder. He is the CEO of Ro-Mac Lumber & Supply Inc., and he is also the host of the “Around the House” Show which can be seen at AroundtheHouse.TV. More good news here about Florida.

“Housing remained resilient – Fla. more than many states – but signs suggest a slowdown in price increases. Still, investors moving away from stocks may be a wild card.

“NEW YORK – The Florida and national housing market remain very strong by every metric, but the overall health of the United States’ economy, inflation worries, interest rate hikes, and the downward spiral of many investment markets are starting to create some buts in the housing forecast long-term.

“The overall economy will affect housing especially regarding increased interest rates, but through the first quarter of 2022, housing has been very resilient.

“In March, per the United States Census Bureau, United States housing starts hit an annual seasonal rate of 1,873,000 which was 0.4% higher than February, and 6.7% above the previous year.

“Within those numbers, single-family homes cooled by almost 5%, but multi-family housing bolstered the sector to an increase. Because of the COVID-19 pandemic, multi-family housing projects have been delayed, but with the current rental demand, most expect multi-family housing to grow.

“The dirty secret about these numbers is that starts would have been higher if not for supply chain woes. Housing starts and production are being suppressed because of serious supply chain issues throughout the country.

“The Monthly New Residential Sales report from the Census Bureau tells a different story, which may suggest interest rates and the economy may be slowing new home sales. Sales were 763,000 units which is 12.6% below the previous year, but the median price rose to $436,700 with a 6.4-month supply at current sales volume.

“The buyers remain in the market, but many are being priced out by higher interest rates and soaring prices for homes. This may be an inflection point in which home sellers will have to start reducing the prices to attract buyers since the low interest rate environment is going away.

“Some point to the fact that a late winter weather surge could have hampered sales in March and getting buyers back in the market may soon become a priority for sellers. In short, housing prices coupled with higher interest rates are too much for many buyers.

“Florida’s housing numbers are somewhat robust as compared to the national housing markets. Florida Realtors® reports that first quarter sales of housing were down 2.6% compared to the previous year, but housing inventories across the state were down to 1 month or a 10.2% drop as compared to the previous year.

This indicates sales were subdued because there were simply not enough houses in the market for sale. Additionally, the median sales price jumped 21.3% from the previous year to $385,000 while new listings for the quarter were flat from the year before.

“Here is another key fact; homes on the market were down to 53 days as compared to 64 days a year ago. The Florida housing market remains red hot, and builders simply cannot build enough units timely with all the supply chain disruptions.

“Two other big facts about Florida’s housing market that cannot be ignored are the percentage of cash sales for new homes and the rate of foreclosures. For the first quarter, cash buyers made up 33.5% of all the homes sold while foreclosures across the state were down 34.8% to a measly 362 units, which is nothing for a state of 23 million people. It seems money is moving out of Wall Street and other investments to real estate, and that most homes are in good shape financially.

“With all these first quarter numbers and economic data, where does the housing market go the rest of 2022? First, the Florida market will probably be one of the most robust markets in the country, but all markets, including Florida’s, will start seeing some capitulations in housing prices.

“Low interest rates have shielded sellers for some time, and with a forecasted rise in interest rates in June and July of half points on top of the May half point increase, something has got to give on pricing.

“What about Wall Street investors? Here is the big but: Do large amounts of money flow out of riskier investments on Wall Street and cryptocurrency find a safe haven in real estate? That is a possibility as builders and investors build rental housing for a population dealing with a lack of housing.

“Unlike some of the funny money investments on Wall Street, housing does provide one huge advantage as a tangible investment that delivers real value like a place to live and a nice tax advantage, plus there is a genuine need for more housing in America.

“It appears housing will cool some in other parts of the country, which should help ease supply chain disruptions. Additionally, pricing overall will moderate, probably knocking out the over-exuberance; but in Florida, unless the economic conditions deteriorate significantly, expect housing to remain strong.

If you are a home seller, the environment suggests you sell sooner rather than later.”

Sea Turtle Update

Posted Tues, Jun 7, 2022 by SCCF (Sanibel-Captiva Conservation Foundation). All sea turtle research and monitoring is conducted by trained individuals operating under Marine Turtle Permit #047:

“As of today, 296 loggerhead and 3 green turtle nests have been laid on Sanibel and Captiva Islands! Fortunately, the impacts of last weekend’s storm on our nests were minimal and we only lost 5 on both islands to storm surge.

“Sea turtles have a nesting strategy that accommodates for natural events such as storms. Each nesting female turtle deposits several nests throughout the duration of the nesting season – essentially hedging her bets to make sure that even if a storm hits at some point during the nesting season, there is a high probability that at least a few of the nests will incubate successfully.

“If you see a new nest on the beach that hasn’t been marked yet, please keep your distance. While well intentioned, marking it with beach objects or walking on the tracks makes it much more difficult for our staff and volunteers to interpret the field signs. To help our sea turtles, please remember to turn off all white lights visible from the beach (including flashlights), fill in holes at the end of the day, and remove furniture from the beach at night.”

Volunteers Needed for Beach Bucket Program!

Coastal Watch has partnered with the City of Sanibel and Bailey’s General Store to install Beach Bucket Stations at a few Sanibel beach access points. The project objective is to provide beachgoers with a vessel to collect trash as they enjoy the beach. The stations will be located at Lighthouse Beach, Tarpon Bay Beach, and Bowman’s Beach. They are looking for volunteers that frequently visit these areas or live close by, who are willing to check on the stations and make sure all buckets are accounted for and in good condition. If interested email coastalwatch@sccf.org.

At SanibelSusan Realty Associates

Join Dave, Lisa, and I as we wish our long-time teammate, Elise, well in her new position beginning Monday at Florida Gulf Coast University. We have worked together so long; she is like family.

Our loss is FGCU’s gain. Plus, she sure will enjoy her commute going from hours to just minutes. Best wishes on your new adventures, Elise!

Sanibel & Captiva Islands Multiple Listing Service Activity June 3-10, 2022

Sanibel

CONDOS

3 new listings: Sandalfoot #1A3 2/2 $1.175M, Sundial #F403 2/2 $1.325M, Sanibel Surfside #122 2/2 $1.54M.

3 price changes: Sanibel Arms West #B8 2/2 now $875K, Gulf Beach #107 2/2 now $999K, Sanctuary Golf Villages #5-2 3/3 now $1.198M

4 new sales: Seawind #110 2/2.5 listed at $895K; Tarpon Beach #105 2/2 listed at $1,297,555; Pine Cove #101 3/2 listed at $1.65M, Gulfside Place #101 3/3 listed at $2.495M

1 closed sale: Sundial #B206 2/2 $1.3M.

HOMES

8 new listings: 1236 Sand Castle Rd 2/2 $929K, 1031 Bird Watch Way 3/2 $950K, 1835 Farm Trl 3/2 $993K, 4052 Coquina Dr 3/2 $1.25M, 9409 Moonlight Dr 3/2.5 $1.282M, 671 Durion Ct 3/2 $1.395M, 585 Chert Ct 3/2 $1.549M, 437 Lake Murex Cir 5/3 $2.199M.

2 price changes: 446 Lake Murex 2/2 now $934K, 947 Lindgren Blvd 3/2 now $1.456M.

1 new sale: 4612 Rue Belle Mer 3/2 listed at $1.495M.

2 closed sales: 4577 Brainard Bayou Rd 3/2 $771K, 1196 Sand Castle Rd 2/2 $875K.

LOTS

1 new listing: 1994 Wild Lime Dr $350K.

1 price change: 3005 Turtle Gait Ln now $995K.

No new sales.

1 closed sale: 3938 West Gulf Dr $853,750.

Captiva

CONDOS

No new listings, price changes, or new sales.

2 closed sales: Marina Villas #790 2/2 $10925M, Lands End Village #1610 3/3 $3.6M.

HOMES

1 new listing: 16163 Captiva Dr 3/2 $4.125M.

1 price change: 11517 Andy Rosse Ln 4/4.5 now $4.995M.

No new sales.

1 closed sale: 15261 Captiva Dr 4/4.5 $10.25M.

LOTS

Nothing to report.

This representation is based in part on data supplied by the Sanibel & Captiva Islands Association of Realtors® Multiple Listing Service. Neither the association nor its MLS guarantees or is in any way responsible for its accuracy.  Data maintained by the association or its MLS may not reflect all real estate activity in the market.  The information provided represents the general real estate activity in the community and does not imply that SanibelSusan Realty Associates is participating or participated in these transactions.

Until next Friday,

Susan Andrews, aka SanibelSusan