I’m a little late posting the Friday blog this week, as just back from a week of rest and relaxation in the Eastern Caribbean aboard the Celebrity Solstice. With island stops in Puerto Rico, St Thomas, and St Maarten, it is still best at home on Sanibel and Captiva Islands, where this lone anhinga enjoys frolicking amid the roseate spoonbills. Is that like a thorn between the roses? Naught!
Dave & Elise report that here, the island again was very quiet last week. That will end soon, as our friends up north report colorful foliage and cooler temperatures. Island activity should pick up when October rolls around this Friday and the first snowbirds start arriving. Here is a little Sanibel Island news, following by some tax tidbits, and then the real estate activity posted in our Multiple Listing Service last week.
Lee County Electric Co-op
In response to city concerns, LCEC recently conducted an internal analysis to determine the causes and responses to electrical outages on Sanibel. They will now have increased lineman coverage 24/7, this month will install a 4th surveillance camera on the transmission crossings on Pine Island Sound, will accelerate on-going tree trimming, & install additional automated equipment. The city has a quick link power outage update on its website at www.mysanibel.com.
Sanibel City Council
will have two public hearings in October about whether to lift the ban on bayside docks. Planning Commission reworked the existing dock ordinance and sent it to Council for a final decision. If approved, the changes would allow up to 60 new docks between Woodring Point and the lighthouse.
Taste of the Islands
has launched its own website, www.tastesanibelcaptiva.com. The site contains info about the history of the event, participating restaurants, sponsorship opportunities, entertainment, video and a photo gallery. The event is scheduled for Sunday, November 21st, at the Sanibel Community Park across the street from our office.
Possible Capital Gains Tax Changes
If the Bush tax cuts are allowed to expire the year, the capital gains tax rate will go from the current 15 percent to 20 percent next year. That certainly will not make sellers of investment real estate happy, but owners can plan ahead based on their individual situations. If you intend to sell next year, you could keep more of your sale proceeds (after tax) if you close before January 1, 2011. If you can’t or won’t sell before the end of the year, then you have two choices with dramatically different tax consequences: 1) pay the higher capital gains tax and receive the cash equity from the sale proceeds, or 2) pay little or no capital gains tax by using a 1031 tax-deferred exchange. Many of our clients have used these two individuals to facilitate their exchanges:
(Dave Owens, CPA)
(Bruce Laughman, local Regional Manager)
Estate Tax Planning
In 2009, the maximum estate tax rate was 45 percent over $3.5M. Only a small part of the public had estates this big, so most folks had little concern over their estate tax planning, but new legislation changes the max rate to 55 percent over $1M starting in 2011. Good time to consult your tax adviser.
MLS Activity from Friday Sep 18 to Friday Sep 25
5 new listings: Sundial #D205 1/1 $395K, Beach Road Villa 2/2 $329K, Sunset South #9A 2/2 $568K, Gulf Beach #207 2/2 $769K, Shorewood #2C 3/2 $899K.
7 price changes: Blind Pass #D205 2/2 now $297K (short sale), Sundial #J108 2/2 now $525K, Island Beach Club #220C 2/2 now $549K, Pelicans Roost #103 2/2 now $650K (short sale), Pointe Santo #D42 2/2 now $689K, Sanibel Sunset #201 3/2 now $1.625M, Wedgewood #305 3/3.5 now $1.799M.
2 new sales: Colonnades #C49 1/1 listed for $199K, Somerset #D301 3/2.5 listed for $1.15M (our buyer).
No closed sales.
4 new listings: 678 East Rocks Dr 3/2 $615K, 5690 SanCap Rd 3/3 $674.9K, 1207 Par View Dr $789K, 720 Birdie View Dr 3/3 $999.9K.
6 price changes: 2001 Roseate Ln 2/2 now $320K (short sale), 1148 Shell Basket Ln 4/2 duplex now $398K, 1513 Sand Castle Rd 3/2.5 now $599K, 5313 Punta Caloosa Ct 4/3 now $899K, 444 Lighthouse Way 5/4.5 now $2.95M, 3705 West Gulf Dr 5/5/2 now $3.395M (short sale).
3 new sales: 753 Cardium St 4/2 listed for $369.9K (short sale), 1232 Isabel Dr 3/2 listed for $1.399M, 2885 Wulfert Rd 5/5 listed for $1.55M.
1 closed sale: 978 Sand Castle Rd 3/3.5 half-duplex $345K.
1 new listing: 946 Fitzhugh St $175,555 (short sale).
No price changes, new or closed sales.
This week’s posting will be back on schedule on Friday. ’til then.