Sanibel Lighthouse

It was just SanibelSusan in the office today and the phones were quiet. The bike path is busy with families decked out in their shorts and tee-shirts, some in Santa hats. The office is closed tomorrow but will be back open on Sunday, in case someone is ready to buy their island dream.

Holiday Happenings

With weather in the 70’s today and more of the same expected until early next week, it is a great time to enjoy the islands. Here are a few fun events:

Tonite, 5:30 p.m. – Christmas Eve service at Lighthouse Beach. Bring your own chair & flashlight.

Sun, Dec 26, 8 a.m. – 1 p.m. – Sanibel Farmers Market at City Hall

Sun – Wed, Dec 26-29, 10 a.m. – 8 p.m. – Holiday Mini-Golf at The Sanibel Community House

Thurs, Dec 30, 4-6 p.m. – Holiday Open Mic reading at The Bean. Thurs, Dec 30, 8-10 p.m. – Teen Pizza & Dance party aboard the Lady Chadwick.

New Books

A couple of our friends just had new books published.

Our client John Boynton who with wife Mary Ann travels from their Sanibel condo to family in Massachusetts and destinations in-between in their RV, called “The Lazy”, recently stopped in with copies of his new novel “The World of Bliss”. We all are in the throes of reading it and getting really good laughs. Copies are available at www.WorldOfBliss.com.

Also our long-time friend and real estate photographer, Jim Anderson, with his friend Jim George, have just published a new coffee table-type book called “Sanibel & Captiva, Our Islands In The Sun”. We are happy to be one of the local businesses that supported this new venture. Jim’s pictures are amazing. Both prints and books are available at www.discoverSanibelandCaptiva.com.

Real Estate Today

Did you know that the National Association of REALTORS® (NAR) owns the largest nationally syndicated real estate radio show in the country? The show airs weekly. Visit http://www.retradio.com to listen to broadcasts.

HouseLogic

NAR also has a world-class consumer website that is packed with useful information for home owners. Visit www.houselogic.com.

“Five to Watch”

Good article in the “REALTOR® magazine January issue:

“1. Who’s Using the MID? Households headed by persons between 35 and 45 years of age are the largest takers of the mortgage interest deduction, NAR research shows. Based on IRS data from 2008, these households take an annual average deduction of $13,829, compared with $9,577 for households headed by persons 65 and older and $8,799 for households headed by persons under 26. Reasons for this? Typically, homeowners in the 35-45 bracket still have many years left to go on their mortgage, and a relatively high proportion of their monthly payment goes to interest. Also their houses tend to be larger than those of the very youngest homeowners, so their mortgage and interest payments are higher.

“2. Straight Facts on Medicare Tax What’s the deal with the 3.8 percent Medicare tax you’ve been hearing so much about? That’s what the National Association of REALTORS® is hoping to clarify through a new video and brochure. The tax, which will apply to some investment gains of high-income households starting in January 2013, is expected to generate an estimate $210 billion to help shore up Medicare. The tax will affect people differently based on their financial circumstances. For most, the impact is expected to be limited. The tax will be applied to investment income (capital gains and rents after deductions, dividends, and interest) of single people with income of at least $200K and married couples with income of at least $250K.

“3. Banks, States Near Deal on Foreclosure Fund Homeowners who can provide they lost their home in an improper foreclosure could receive compensation from a fund set up by major lenders to help inoculate the banks from thousands of individual lawsuits stemming from the improperly processed foreclosures identified in late 2010. Details of the fund in mid-Nov were still being worked out between state attorneys general, who have been investigating improper foreclosure processing by the country’s largest lenders, including Bank of America, JP Morgan Chase, and Wells Fargo. Among the details to be finalized are whether banks would take a new stab at modifying the mortgages of homeowners whose foreclosure was processed improperly and whether the modifications would include write-downs of the principal. ”

4. Home Is Still a Good Investment Even with several years of price declines, the typical seller who purchased a home eight years ago experienced a median equity gain of $33K – a 24 percent increase – while sellers who were in their homes for 11 to 15 years saw a median gain of 40 percent. That’s according to NAR’s latest survey of home buyers and sellers. “Eighty-five percent of recent home buyers see their home as a good investment, and nearly half think that investment is better than stocks,” says Paul Bishop, NAR vice president of research. “This indicates the long-term view of home ownership as a fundamental goal and value remains sound.

“5. Going Beyond Dot-Com The Internet Corporation for Assigned Names and Numbers (ICANN), a nonprofit corporation that approves top-level domains like .gov and .edu passed rule changes two years ago that could result in a big expansion of these names in 2011. The new policy effectively throws open the door to any group that wants to have its own top-level domain and has the institutional strength to operate, police, and pay the costs of the name in accordance with ICANN’s rules. “We are opening up a new world,” said Robert Gaetano, one of ICANN’s board members, at the time the rule changes were approved. Operating a new top-level domain won’t be cheap or easy: Applications cost more than $100K, annual subscription costs will be tens of thousands of dollars, and the operator has to have advanced technical capabilities. Organized real estate is certainly interested. NAR announced two years ago that it was looking into a top-level domain for real estate, and some MLS executives have expressed an interest in doing something similar for the MLS system.”

Sanibel-Captiva Conservation Foundation Policy News Briefs

A recent e-mail from SCCF said that on December 9 “the South FL Water Management District Governing Board voted to recommend that the U.S. Army Corps of Engineers cut off needed freshwater flows to the Caloosahatchee, blaming dry conditions and lower Lake Okeechobee water levels. Despite these conditions and projections for a record drought, the only water restriction issued was a complete cut-off of water for the Caloosahatchee river and estuary. No other water shortage orders – let alone cutbacks – were ordered for any other users, not even non-critical users such as residential lawn watering. On December 16, the Corps decided to discontinue lake releases to the Caloosahatchee estuary until further notice. With this action, salinities have begun to creep upriver and have exceeded the tolerance of tape-grass causing it to die. The last of the tape grass is now being overrun by salinity-tolerant algae. This was the first year we began to recover some areas of tape-grass…. Manatees need freshwater as well and depend on tape-grass in the upper estuary to survive the winter months. On December 10, the Fort Myers Police Marine Unit reported the results of a manatee count that registered the highest congregation of manatees in the state at the Florida Power and Light power plant outfall in the Orange River, a tributary of the Caloosahatchee, where 706 adult and 46 calf manatees were counted in Lee County. A few were spotted in the Caloosahatchee moving either up or down river The lack of tape-grass in the upper estuary causes manatees to travel up to 20 miles downstream to find food. See more info at www.sccf.org.

Sanibel & Captiva MLS Activity Dec 17 – 24:

Sanibel:

CONDOS

7 new listings: Sundial #C204 1/1 $309K, Blind Pass #B208 2/2 $475K, Sundial #I302 1/1 $489K, Lighthouse Point #313 2/2 $495K, Heron at The Sanctuary #1A 3/2.5 $595K, Sunset South #1B 3/2 $595K, Heron at The Sanctuary #2B 3/3.5 $629.9K.

6 price changes: Colonnades #47 1/1 now $184K (our listing), Sanibel Arms #H2 1/1 now $284.9K, Sanibel Arms #D6 1/1 now $294.9K, Blind Pass #C110 2/2 now $470K, Heron at The Sanctuary III-1A 3/2.5 now $510K (short sale), Snug Harbor #311 2/2 now $649K.

7 new sales: Sandpebble #4A 2/2 listed for $359K; Sanibel Moorings #621 2/2 listed for $469K; Shell Island Beach Club #5C 2/2 listed for $699K; Lighthouse Point #325 2/2 listed for $699,996; Seascape #302 3/3 listed for $895K, Seascape #305 3/3 listed for $998K, Sandals #C l3/3 listed for $1,999,995.

1 closed sale: Sanibel Siesta #209 2/2 $305K.

HOMES

4 new listings: 1186 Sand Castle Rd 3/2 $479K, 930 Victoria Way 3/3 $1.095M, 3864 West Gulf Dr 4/5.5 $2.475M, 4340 West Gulf Dr 5/3.5 $2.775M.

6 price changes: 446 Lagoon Dr 2/2 duplex now $359K (short sale), 1562 Serenity Ln 5/3 now $439K, 474 Surf Sound Ct 3/2 now $560K (short sale), 4291 Gulf Pines Dr 3/2.5 now $650K, 4617 Rue Belle Mer 4/3 now $2.249M.

4 new sales: 2143 Periwinkle Way 6/6 listed for $446,250 (short sale), 1311 Sand Castle Rd 3/2 listed for $697K (our buyer), 475 Sawgrass Pl 4/3.5 listed for $1.14M, 829 Pyrula Ave 3/3 listed for $1.19M. 1 closed sale: 1262 Bay Dr 3/2 $800K.

LOTS

No new listings.

5 price changes: 5624 Baltusrol Ct now $279K, 1307 Par View Dr now $299K, 1311 Par View Dr now $299K, Bay Dr now $299.9K, 837 Limpet Dr now $975K (our listing).

No new or closed sales.

Captiva:

CONDOS

No new listings.

2 price changes: Bayside Villas 3/3: #4302 now $591K & #4306 now $640K.

1 new sale: Beach Homes #15 3/2 listed for $2.195M.

1 closed sale: Lands End Village #1629 2/2 $1.075M.

HOMES

1 new listing: 15557 Captiva Dr 4/4.5 $2.999M.

3 price changes: 11461 Dickey Ln 3/2 now $1.149M, 14980 Binder Dr 3/3 now $1.495M, 16310 Captiva Dr 4/5.5 now $5.5M.

1 closed sale: 13500 Palmflower Ln 4/4 $995K.

LOTS

Nothing to report.

Happy Holidays from The SanibelSusan Team

Susan, David, Elise, & Lisa

Sanibel Lighthouse

It has been a busy week for The SanibelSusan Team. Elise has been holding down the fort at the office, while Dave has been opening up properties for showings, finalizing closings, and following-up on re-inspections. I have worked with buyers for several days in a row now, written a few offers, and am in the throes of several negotiations.  Lisa has jumped in to help me. We all are very thankful for every minute of this last-minute action, during what is usually a quiet time. My favorite saying remains “in this business, always expect the unexpected.”
 
The islands are gearing up for the holidays, though I heard yesterday that there are not many visitor arrivals tomorrow. With week-long visit check-ins on Saturdays, it seems that the most vacationers this year are coming for Christmas to New Years, rather than before. If you know someone looking to make a getaway to warm weather, there are plenty of vacancies. (Our weather warmed up today too. It is expected to be in the 70’s for the next week plus.)
 
Here are a couple of news items followed by the MLS activity this week.

Reasonable Rates

For the 2nd consecutive year, Lee County Electric Coop has not increased rates. A flier enclosed with my recent electric bill said “Due to a comprehensive budget planning process & responsible management of operating & maintenance costs, LCEC customers will not see a base rate increase in 2011 either…The average monthly residential energy usage is approximately 1200 kWh and equates to approximately $4.50/day.” Thank you, LCEC. 

Foreigners Flock to Florida Real Estate Bargains

A Miami posting yesterday on Florida REALTORS® announced that foreign tourists are snapping up bargain-priced apartments & houses in FL, taking advantage of such deals as $70,000 to $100,000 apartments in popular South Beach. Most buyers hail from Latin America, Europe & Canada. High unemployment & foreclosure rates contributed to a 47% drop in housing prices in Miami since 2006, according to Standard & Poor’s Case-Shiller 20-City Home Price index, & experts credit foreign investors for preventing further price declines. There has been an increase in foreign buyers on the West Coast of FL too, mostly from Europe and Canada. I already have had inquiries from earning the Transnational Referral Certification this summer. Real estate professionals from around the world use WorldProperties.com to find assistance for their clients looking to purchase in other countries. If you go to that site and look up “agents” in USA, Florida, Sanibel, you’ll find that my name pops up first. I’m one of only two Realtors on the island with the TRC designation which qualifies me to work with thousands of referring agents in 40+ countries. Consumers can also search for “properties” through this website too. All of our listings appear twice with multiple photos and details. That system is being further expanded in 2011.
 

Sanibel & Captiva MLS Activity – Dec 10-17, 2010: 

This week’s cold front is just about over. Temps were down into the low 40’s every night this week, but a warm weekend is in store before the next chill arrives on Tues. Elise & I are still wearing our flip-flops. Dave continues to shake his head & Lisa’s smart enough to stay out of the discussion. Even cooler, we are all very thankful to be living & working in SW Florida.

 We had a few more showings this week, but only one sale was announced at our Association’s Realtor meeting yesterday. Price reductions & new listings continue to be the norm. Below are a couple of items that I found of interest this week. Some not the greatest news but all good things for us to know in trying to get real estate sold in our ever-changing marketplace.

Consumer Profile Shift

Interesting article by Jeremy Conaway published this week in the SW Realtor® magazine. Written to help real estate brokers drafting their annual marketing plans, it offers info on the dramatic shifts taking place in the real estate consumer demographic. Some of these stats were eye-opening to me. Here are some of the new sectors:

• One third of all homebuyers are single.
• Six million children in the U.S. are being raised by committed same-sex couples.
• Single childless women, in many major cities, now out earn their male counterparts.
• Nearly half of the baby boomers (age 50-60) are actively using social media.
• Only one of five new households in the U.S. in 2009 were non-Hispanic whites.
• There has been a 14% increase in the number of non-married households.
• Women within the 25-39 age range now make up 46% of those earning bachelor’s degrees in science & engineering.
• During the next six years the 82 million members of the millennial generation will hit their economic stride.
• Teen births are down to just 10% lower than births for women aged 35 & older.
• Four out of ten children are born to single mothers.
• In 2009, 16% of marriages were between non-Caucasian individuals of different ethic backgrounds.
• “As it relates to household buying power and influence, men are on their way out & women on their way in.”

Top 10 Cities With Most Underwater Homes in America

(compiled by Business Insider with data by Zillow). NOTE: this is an improved position for Fort Myers.

1. Las Vegas, Nevada              80.2%
2. Phoenix, Arizona                 68.4%
3. Reno, Nevada                      64.4%
4. Orlando, Florida                   64.2%
5. Stockton, California              57.5%
6. El Centro, California             55.0%
7. Modesto, California              53.9%
8. Lakeland, Florida                 53.7%
9. Port St. Lucie, Florida          52.0%
10. Fort Myers, Florida               51.6%

The Next Real Estate Boom

A recent article by Patrick C. Doherty & Christopher B. Leinberger gives this Realtor pause when considering how attractive Sanibel & Captiva Island will be in the years to come. The article reiterated that the Great Recession has highlighted a fundamental change in what consumers want: homes in central cities & closer-in suburbs where one can walk to stores & mass transit. These trends have been evident in many cities for a number of years. But the biggest factor is demographic. Baby boomers (those born between 1946 & 1964) & their children, the millennial generation, are looking for places to live & work that reflect their current desires & life needs. Boomers are downsizing as their children leave home while the millennials or generation Y, are setting out on their careers with far different housing needs & preferences. Both of these huge groups want something that the U.S. housing market is not currently providing: small one- to three-bedroom homes in walkable, transit-oriented, economically dynamic, & job-rich neighborhoods.

Florida Sues EPA to Block New Water Regulations

The Associated Press reported yesterday that Florida on Tues sued the U.S. Environmental Protection Agency seeking to block new clean water regulations opposed by business & agriculture interests as well as some municipal utilities. The federal lawsuit alleges the rules, which apply only to FL, are unfair, arbitrary & lack scientific support. FL is the first state where EPA has imposed such regulations although 13 others have adopted similar rules of their own. The regulations are required by EPA’s settlement of an earlier federal lawsuit that five environmental groups filed in Tallahassee. The agency was accused of failing to control pollution from such sources as fertilizer runoff from farms & lawns & effluent from sewage treatment plants. The environmentalists say those nutrients cause algae blooms that are choking Florida waters to the detriment of tourism-related businesses, property values, the environment & public health. (We know all about that here on the islands.) The new lawsuit by the FL Department of Agriculture & Consumer Services rehashes issues raised in court arguments against the EPA settlement. The new rules set numeric criteria to replace the state’s vague descriptive regulations for determining when lakes, rivers, streams & other inland waters are polluted with nutrients. EPA announced the regulations in November but delayed implementation for 15 months. Under the settlement, EPA will adopt another set of numeric standards for coastal waters by August 2012. The environmentalists’ suit was filed by the Sierra Club, FL Wildlife Federation, Conservancy of Southwest FL, St. Johns Riverkeeper & Environmental Confederation of SW FL. Stay tuned on this important issue & be sure to renew your PURRE membership (www.purre.org).

Sanibel & Captiva MLS Activity Dec 3-10, 2010: 

This has been a week of the island getting into the holiday spirit. Tonight is Sanibel Luminary & Captiva’s is tomorrow night. Storefronts and Periwinkle Way are already aglow with lights and festive decorations. An early cool front that arrived yesterday will contribute to it feeling like Christmas tonight. This unseasonably cold weather is expected to remain for at least the next week with daily temperatures in the low 70’s and nights down into the low 40’s. We’re all decked out in our long sleeves with our flip flops.

Economy Appears Headed for Strong Finish for 2010

Good news reported today by The Associated Press with the economy showing new life. Factories are busier, construction spending is up, and auto sales are rising. On Wednesday, the stock market had its best day since September after a report that the private sector hired the most workers in three years. The Dow Jones industrial average jumped more than 2 percent, enough to erase nearly two weeks of losses. Analysts said investors concluded that a stronger job market would support higher stock prices. The positive economic news comes on top of other signs that Americans are increasingly willing to spend money, raising hopes for the holiday shopping season. Measures of spending, consumer confidence and personal incomes are all up. We hope that brings them to the islands and puts them in the mood to buy.

How Sanibel & Captiva Sales Measure Up

Today, there are 642 Sanibel properties for sale and 152 on Captiva. Though these seem like big numbers compared to actual closed sales this year (248 on Sanibel and 32 on Captiva), there actually are fewer properties for sale here today than there were at the same time last year. Market improvement cannot be measured in higher prices, however, but rather a greater number of sales – movement in the right direction.
 

Fun Holiday Happenings on the Islands

There are plenty of island activities the next few weeks, here is a short schedule for the next few days:
Friday, Dec 3, Sanibel Luminary; BIG BIG ARTS Holiday Art Show & Sale; Captiva Village Seafood & Wine Festival
Saturday, Dec 4, Captiva Luminary & golf cart parade; Gulf Coast Symphony at BIG ARTS
Sunday, Dec 5, Messiah & More, Fort Myers Symphonic Mastersingers at BIG ARTS
Thursday, Dec  9, Community Chorus Concert at BIG ARTS (Your favorite REALTOR is singing with the altos)
Friday, Dec 10, Welcome Back Sanibel Pig Roast & Dance at Sanibel Community House; Captiva Village Sunset Arias, Fire Dancing, & Holiday Marketplace
Saturday, Dec 11, Gulfshore Ballet Presents the Nutcracker Suites at BIG ARTS; Captiva Village Skim Board Contest, Art Show & Stage Performance, Boat Parade, & Ribs & Blues Award Party

 
Sanibel & Captiva MLS Activity November 26 – December 3, 2010:

Sanibel

CONDOS

3 new listings: Sealoft Village #103 2/2 $549K, Heron at The Sanctuary III #2B 2/2.5 $634.9K, Sand Pointe #212 2/2 $649K.

5 price changes: Captains Walk #B8 2/2 now $299K, Sundial #H303 2/2 now $410K, Ibis at The Sanctuary #301 2/2 now $460K, Loggerhead Cay #401 2/2 now $629K, Wedgewood #102 3/3.5 now $2.495M.

2 new sales: Sunset South #5B 2/2 listed for $999K, Chelsea Place #2 4/4 listed for $3.495M.

4 closed sales: Sanibel Siesta #703 2/2 $440K, Mariner Pointe #232 2/2 $550K, Sundial #M303 2/2 $635K, Sanibel Sunset #201 3/2 $1.45M.

HOMES

3 new listings: 1581 Sand Castle Rd 3/2 $725K, 1236 Par View Dr 3/2.5 $798K, 1570 Sand Castle Rd 4/3.5 $1.15M (short sale).

11 price changes: 4109 San Cap Rd 2/1 now $249K, 1651 Sand Castle Rd 3/2.5 half duplex now $499.5K, 673 East Rocks Dr 3/2 now $639K, 2548 Wulfert Rd 4/3.5 half duplex now $899K, 4640 Rue Belle Mer 4/4 now $985K, 600 N Yachtsman Dr 3/2.5 now $1.189M (short sale), 569 Lighthouse Way 3/3 now $1.299M, 572 Kinzie Island Ct 5/5 now $1.4M, 2332 Troon Ct 4/5 now $1.65M, 4443 Waters Edge Ln 3/2.5 now $2.994.5M, 2963 Wulfert Rd 4/6.5 now $3.495M.

No new sales.

5 closed sales: 721 Cardium St 2/1 $200K, 997 Fish Crow Rd 3/2 $580K, 3751 Coquina 3/2 $612.5K, 561 Kinzie Island Ct 5/4.5 $1.05M (foreclosure), 2885 Wulfert Rd 5/5 $1.35M.

LOTS

1 new listing: 1226 Isabel Dr $1.9M.

1 price change: 5439 Osprey Ct now $381.5K.

No new sales.

1 closed sale: 3324 Saint Kilda Rd $225K.

Captiva

CONDOS

No new listings or price changes.

1 new sale: Lands End Village #1629 2/2 listed for $1.195M.

2 closed sales: Captiva Shores #5A 2/2 $685K, Lands End Village #1732 2/2 $1.043M.

HOMES

1 new listing: 11536 Andy Rosse Ln 3/3 $1.95M.

6 price changes: 11540 Gore Ln 3/3 now $995K, 16167 Captiva Dr 3/3 now $1.389M, 11523 Wightman Ln 4/4 now $1.725M, 16171 Captiva Dr 4/4.5 now $2.325M, 16585 Captiva Dr 5/4/2 now $2.495M, 15867 Captiva Dr 7/7.5 now $7.395M.

1 new sale: 11410 Dickey Ln 5/6.5 listed for $8.995M.

No closed sales.

LOTS

No new listings.

1 price change: 16297 Captiva Dr now $1.999M.

No new or closed sales.