Monthly Archives: September 2011

Hooray, It’s Almost October

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One of my favorite months on Sanibel & Captiva Islands is October. That is when the weather is usually as good as it gets, with humidity down and temperatures dropping into the 60’s at night. Traffic is light. Shops and restaurants that were closed for vacations and refurbishment reopen. Snowbirds begin arriving with big smiles on their faces. Schedules are posted with upcoming fall and winter activities, holiday sensations begin. In the real estate business, it is also when we get our new listings for the upcoming “high season” and when we like to adjust any existing listings so that they are well positioned for “season” too. October is just that month when things start hoppin’ on the islands again.

This year is no exception. According to local weather reports, two cool fronts are on their way to SW Florida with our forecast for the weekend and beyond, “perfect”.

When Dave went out this afternoon to do his periodic listing checks, I asked him to snap a few photos which are posted in the slide-show above. They include the playground at Bowman’s Beach, an osprey nest on Tarpon Bay, and the new bike path which was just paved in front of our office. That path now connects most of the town center area including Sanibel’s Community House, Sanibel Square (home of Nanny’s Children’s Shoppe, SanibelSusan Realty, Island Therapy Center, Norm Ziegler’s Fly Shop, BIG ARTS on Periwinkle, Molnar Electric, Nave Plumbing, Sanibel Rental Service, Sanibel Design Center, and Sanibel Bean), Sanibel Library, City Hall, BIG ARTS & the playhouse, the Sanibel Museum & more. How cool is that?

One more tidbit, a new tab has been added above for those wanting to search for Sanibel & Captiva property. Hopefully, by next week, I’ll have figured out how to post more details on each my listings too. In the meantime, the above tab will bring you to the information that is shared cooperatively through our island Multiple Listing Service and the Internet Data Exchange. A full-page of info on each of my listings, including streaming videos and aerials, can be found today at www.SanibelSusan.com 

Ready to Invest in Homes Again

Those who read these blogs probably have figured out that I am a big fan of Lawrence Yun, chief economist for the National Association of Realtors®. Here is what he had to say in the October issue of “Realtor®” magazine. It is a good summary of the status of the economy.

“Americans socked away $250 billion in each of the ten years prior to 2008 – before the onset of the financial crisis. The savings rate was a low 2% to 3% of disposable income. Starting in 2008, consumers became more careful about spending and are now saving some $600 billion a year.

“The adjustments were certainly warranted. But the rise in savings has not affected all sectors of the economy equally. Spending on food, clothing, utilities, and health care has hit new highs. The growing population is fueling these areas, so where are the increased savings coming from?

“Vehicle sales have fallen to about 12 million units a year over the past three years, well below the 16 million to 17 million unit sales pace typical before the slowdown. Then there are home sales. New- and existing-home sales hit $1.2 million and $7.1 million, respectively, in 2005. The comparable figures are now $300,000 and $5 million.

“This process of saving more and reducing debt is known as deleveraging, and it’s not just households doing it. Businesses, banks, and state and local governments are doing it, too.

“Only the federal government has been moving in the opposite direction: spending more using borrowed money. But this trend is likely to reverse soon. The debt ceiling bill enacted in early August all but ensures federal borrowing will slow because it creates a mechanism for $1.5 trillion in spending cuts if Congress fails to act on the recommendations of a new super committee of lawmakers charged with identifying cuts.

“Meanwhile, we can expect deleveraging to slow among businesses and consumers. There isn’t a perfect straight-line path in economics. Deleveraging is big now, but tomorrow will be different. Despite major hurdles in the housing market, there are also signs sales and prices have reached the bottom.”

What’s New at “Ding” Darling Refuge

An e-mail received this week from the “Ding” Darling Wildlife Society, said that the U.S. Fish & Wildlife Service thought of “Ding” Darling Refuge when deciding where to debut one of three new traveling Climate Change interpretive exhibits. Newly arrived at the Refuge’s free Education Center, the exhibit will be at the Refuge through “Ding” Darling Days in Oct and at least until the end of Jan when it will help to kick off the Refuge’s winter lecture series. The background of the climate change exhibit displays a map of coastal refuges, including “Ding” Darling, that are at risk due to climate change, rising sea levels, loss of wetlands and other habitat, flooding and drought. For the complete 2012 Lecture Series Schedule.

Sanibel MLS Activity – September 23-30

Sanibel

CONDOS
4 new listings: Sanibel Arms West #M7 2/2 $399.9K (our listing), Blind Pass #B209 2/2 $479K, Kings Crown #216 2/2 $749K, Lantana #202 4/3.5 $1.899M.

3 price changes: Sundial #B402 1/1 now $395K, Lighthouse Point #318 3/2 now $449K, Clam Shell #C 2/2 now $749K.

1 new sale: Mariner Pointe #1062 2/2 listed for $299K.

2 closed sales: Sanibel Arms #D6 1/1 $180K, Loggerhead Cay #544 2/2 $525K (our listing).

HOMES
1 new listing: 955 S Yachtsman 3/2 $649.9K.
5 price changes: 1214 Par View 2/2 now $499K (our listing), 5657 SanCap 3/2 now $545K, 1284 Par View 2/2 now $549K, 935 Lindgren 3/2 now $624.9K, 5035 Joewood 4/4.5 now $3.75M.
3 new sales: 1672 Atlanta Plaza 2/1 listed for $350K, 617 East Rocks 3/2 listed for $545K, 618 N Yachtsman 3/2 listed for $772.5K(short sale).
2 closed sales:  965 Main 4/2 $216K, 4248 Old Banyan 3/2 $430K.

LOTS
No new listings.
3 price changes: 1299 Par View now $215K, 9056 Mockingbird now $299K, 3411 West Gulf now $3.74M.
No new sales.
No closed sales.

Captiva
CONDOS
2 new listings: Bayside Villas #4319 3/3 $559K, 4306 Bayside Villas 3/3 now $625K, Lands End #1628 3/3 $1.799M.
1 price change: Bayside Villas #4306 3/3 now $625K.

1 new sale: Lands End #1640 listed for $1.899M.

1 closed sale: Lands End #1639 2/2 $1.075M.

HOMES
No new listings.

1 price change: 16585 Captiva 5/4.5 now $2.2M.
No new or closed sales.

LOTS
Nothing to report. 

This representation is based in whole or in part on data supplied by the Sanibel & Captiva Islands Association of Realtors or its 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. If your property currently is listed with another broker, this is not intended as a solicitation of that listing.

 

Until next week, best weekend wishes & Happy October.

Here’s to the beginning of a wonderful fall & winter “season” on the islands!

Another Great Friday on Sanibel & Captiva Islands

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Today is the first day of fall and this week the first of my snow-bird neighbors returned to the island for the winter. There will be more renewed interest in Sanibel and Captiva Islands as the weather up north begins to turn cool.

Today Dave and I were at Loggerhead Cay condominium where I took some of the above photos. Looking toward the Fort Myers Beach skyline, you can see those afternoon popcorn clouds rolling in. I snapped another photo as we were heading back to the office, along East Gulf Dr where some local vegetation continues to bloom. The final pictures with the colorful umbrella are from one of our favorites listings on Lighthouse Way. It sold and closed this week and though we are very thankful for the sale, we sure are going to miss that house. It is truly a special one. One of these photos is featured in Jim Anderson & Jim George’s book “Sanibel & Captiva – Our Islands In The Sun“. which as been out less than a year and already is an island top seller.


Sanibel’s Millage Rate Dropped to 2.1038

During a public hearing on Tuesday, Sanibel City Council approved a resolution adopting the final FY 2011-12 $47+M budget, lowering the operating budget, and setting the ad valorem millage rate at 2.1038, a decrease of 2.74% from the tentative rate approved earlier. Highlights of the adopted budget include:

  • City salaries will remain flat for the 4th consecutive year.
  • Full-time employees have been reduced through attrition from 142 in FY 2007 to 114 in FY 2012.
  • Pay-down of the City’s pension plan unfunded actuarial accrued liability by $3M.
  • With the exception of the sewer rate, which will increase 3%, all other city fees were held flat.
  • $3.2M is allocated toward general government capital improvements, including $1.4M of capital projects rolled over from the prior years and $1.8M for new projects.

Mortgage Closing Costs Up 8.8% 

The Sept issue of REALTOR® magazine included the following article: “Closing costs on mortgages have increased dramatically nationwide, spiking on average 8.8% from a year ago, according to a survey from Bankrate. Origination, title, and third-party fees on a $200,000 loan average $4,070, up from $3,741 from Bankrate’s survey at the same time last year. Analysts attribute the increase to lenders having to do extra work in approving mortgage applications due to increased scrutiny and tighter lending regulations. New York remains the most expensive state to close a loan at an average of $6,183. Arkansas remains the lowest at an average of $3,378.”

More Visitors Coming to SW Florida from Scandinavian Countries 

The Lee County Port Authority announced that Scandinavian tour operator Comefly will bring back its nonstop weekly service from Aalborg (which is the 4th largest city in Denmark) and SW Florida International Airport on Dec 19. The flights will operate on Mondays from Dec 19 through Apr 9. For more info, go to http://comefly.dk.

Just Off Island

Shell Point Retirement Community, just off island, is converting the Country Inn & Suites hotel (which they own) on Summerlin Rd, at Shell Point’s entrance and just two miles from the Sanibel causeway, into a new assisted living facility called The Springs at Shell Point. The hotel which has been in operation since 2001, closed as a hotel last week and soon will begin a $2M renovation to convert the building in the nonprofit community’s third assisted living facility. It is estimated to open in Feb 2012 with 105 units, offering heated swimming pool, exercise facilities, transportation, dining, 24-hour healthcare staffing, and a professional activities director.

Realtors® Fighting for Healthy Housing Market

Ron Phipps, National Association of Realtors® 2011 President, was quoted in the last REALTOR® magazine saying” I’m fighting for a healthy housing market for my grandchildren. That means creating a new secondary mortgage market that works with private lenders to serve all borrowers in all market conditions. It means preserving the mortgage interest deduction. And it means fighting a regulatory proposal that would require home buyers to put 20% down on a mortgage; it is not needed for sound underwriting and would disproportionately hurt first-time buyers and minorities.” The National Association’s elected leaders have testified before Congress and regulators and have mobilized members through the Realtor® Action Center. A recent call-to-action drew letters from 125,000 Realtors® asking U.S. House of Representatives members to cosponsor a House Resolution, affirming the value and importance of the mortgage interest deduction. On opposition to the 20% down payment proposal, more than 2/3 of the U.S. House and more than half the Senate have declared their support for the Association’s position.

House Fails to Vote on Extending Loan Limits

There was another call-to-action posted this week as the conforming loan limit on government-backed mortgages is set to expire Oct 1 because attempts to extend them have not gained traction in Congress. As the posting indicated “The math is simple: If Fannie Mae, Freddie Mac and FHA buy higher cost loans, more buyers will net a lower interest rate.” In 2008, Congress raised limits up to $729,750 in some areas to make larger mortgages available in high-priced housing markets. The limits will drop to $625,500 in the many areas, mostly affecting housing markets on West and East Coasts. The National Association of Home Builders has said it fears more than 17 million homes nationwide will become ineligible for more affordable federal funding if the loan limit expires. Federal Reserve Chairman Ben Bernanke has said he’s confident that the private market, including investors and insurers, would step up to fill the void by offering jumbo loans when the conforming loan limits expired – although likely at a higher cost to borrowers.

Home Building Slide Continues

An AP article on Tuesday reported that “builders broke ground on fewer homes in August, a reminder that the housing market remains depressed. The Commerce Department said Tuesday that builders began work on a seasonally adjusted 571,000 homes last month, a 5% decline from July. That’s less than half the 1.2M that economists say is consistent with healthy housing markets. Single-family homes, which represent roughly 2/3 of home construction, fell 1.4%. Apartment building plunged 12.4%. Building permits, a gauge of future construction, rose 3.2%. Hurricane Irene also slowed construction in the Northeast. Overall, homebuilding fell to its lowest levels in 50 years in 2009, when builders began work on just 554,000 homes. Last year was not much better.

“While home construction represents a small portion of the housing market, it has an outsize impact on the economy. Each home that is built creates an average of three jobs for a year and about $90K in taxes, according to the National Association of Home Builders. After previous recessions, housing accounted for at least 15% of economic growth in the United States. Since the recession officially ended in June 2009, it has contributed just 4%. Cash-strapped builders are struggling to compete with deeply discounted foreclosures and short sales, when lenders allow borrowers to sell homes for less than what is owed on their mortgages. And few homes are selling. New-home sales fell in July to a seasonally adjusted annual rate of 298,000, the weakest pace in five months. This year is shaping up to be the worst for sales on records dating back a half-century. “Renting has become a preferred option for many Americans who lost their jobs during the recession and were forced to leave their homes. Still, the surge in apartments has not been enough to offset the loss of single-family homebuilding. Another reason sales have fallen is that previously occupied homes are a better deal than new homes. The median price of a new home is nearly 28% higher than the median price for a resale. That’s almost twice the markup in a healthy housing market.

“The trade group said Monday that its survey of industry sentiment fell slightly to 14 in September. The index has been below 20 for all but one month during the past two years. Any reading below 50 indicates negative sentiment about the housing market. The index hasn’t reached 50 since April 2006, the peak of the housing boom.”

This Winter at BIG ARTS

When I went to BIG ARTS this week to sign up for community chorus, it reminded me that often island visitors, and sometimes even residents, are not aware that in addition to their many musical performances, special events, movies, and exhibits, BIG ARTS also offers a wonderful selection of classes and workshops. Here is a smattering of some that are available this winter: Painting & Drawing (from acrylics & oils, to watercolors, pastels, mixed media, decorative painting, Chinese painting, still life, with models, & more); Fine Crafts (including jewelry, metal-smithing, collages, papier-mache, basketry, printmaking, glass fusing, & more); Pottery (clay, sculpting, wheel throwing); Dance/Fitness (tap, jazz, hip hop, youth, Pilates); Discussion Groups; Language; Music (chorus, band, & lesson); Technology & Art (iPhone, iPad, iPod, iCloud, iPhoto, iTunes, Facebook & Social Media, Mac, photography, Photoshop, & more); Theater; Writing; and the Winter Academy, which is a variety of multi-week sessions on topics as varied as health care, music, story telling, creative thinking, psychology, and law. It is always good to sign up early.

Sanibel & Captiva MLS Activity September 16 – 23

Sanibel 

CONDOS
1 new listing: Sandpiper Beach #105 2/2 $640K.
5 price changes: Captains Walk #F7 2/1.5 now $229K; Tennisplace #E33 2/1.5 now $278K; Sundial #F408 1/1 now $303K; Loggerhead Cay #232 2/2 now $585K; High Tide #B202 2/2 now $1,447,500M.
No new or closed sales.

HOMES
2 new listings: 1436 Sandpiper Cir 2/2 half-duplex $315K, 2560 Coconut Dr 4/3 $538K.
5 price changes:  1123 Sand Castle Rd 3/2 now $544.9K, 4215 Gulf Pines Dr 5/3.5 now $619K, 1449 Tahiti Dr 3/3 now $659K, 1339 Par View Dr 3/2 now $769K, 2294 Wulfert Dr 4/4 now $1.089M.
1 new sale: 4632 Rue Belle Mer 3/2 listed for $549.9K.
6 closed sales: 491 Rabbit Rd 2/2 $339K, 495 East Lake Rd 3/2 $342.5K, 1525 Wilton Ln 3/3 $482K, 3550 Bunny Ln 3/2 $485K, 697 Birdie View Pt 3/2 $555K, 536 Lighthouse Way 4/4.5 $2.15M (our listing).

LOTS
No new listings.
5 price changes: 1657 Sabal Sands Rd now $299,999; 0 Gulf Pines Dr now $319K; 4309 Gulf Pines Dr now $319K; 2562 Coconut Dr now $449K; 6401 Pine Ave now $779K.
No new sales.
1 closed sale: 629 Lighthouse Way $550K.

Captiva

CONDOS
No new listings.
1 price change: Tennis Villas #3120 1/1 now $229K.
No new or closed sales.

HOMES
No new listings or price changes.
1 new sale: 16891 Captiva Dr 3/2 listed for $1.295M.
No closed sales.

LOTS
Nothing to report. 

This representation is based in whole or in part on data supplied by the Sanibel & Captiva Islands Association of Realtors or its 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. If your property currently is listed with another broker, this is not intended as a solicitation of that listing.

Until next Friday, here’s to more wonderful weather and clear sailing for all,

SanibelSusan

P.S. If you noticed that the blog this week is posted in a new theme, you are right. I’m still technically challenged by all of this; but the old dog is working on some new tricks, so stand by. As always, your comments are appreciated.

Today’s Roseate Spoonbill & Other Realtor Stuff

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While driving onto the island this morning, I noticed a lone roseate spoonbill wading just off the causeway. It was unusual, first since it was alone – as they are often seen in groups, but also because it had such a distinct color difference between its upper and lower body – snowy white on top and bright pink, almost fuscia, from the wings down. Too bad I wasn’t in a spot where I could stop and take a quick picture. It made me go back to the office and Google these birds again. Here’s a little “did you know” about these wonderful animals.

Spoonbills eat shrimp. Shrimp eat algae and the algae make their own red and yellow pigments, called carotenoids. Some scientists believe that the pink coloration that roseate spoonbills acquire as they mature is due to their diet of carotenoid-rich organisms like shrimp. The more they eat, the pinker they get. Flamingos are close relatives of the roseate spoonbill. They both have pink feathers, but the flamingos are much larger, with a longer neck. From March through October, roseate spoonbills prefer bays, marshes and estuaries along the Gulf Coast. Occasionally they will travel inland through the eastern third of Texas. In winter, most roseate spoonbills migrate to Central and South America, and the West Indies.

The slideshow above has photos taken by my friends, Doris and Hans from Switzerland. Love their island pix! They like roseate spoonbills almost as much as SanibelSusan.

September Realtor® Membership Meeting

Even with the island quiet, we had a good turn-out yesterday at our monthly Sanibel & Captiva Islands Association of Realtors® membership meeting. Ada Shissler, one of our semi-retired members, who started Sanibel Beautification and also is a long-time island boater, gave a presentation on our local canals and the benefits of our area to those who enjoy being on the water. Her pointers on things Realtors® should know when selling waterfront property in Southwest Florida were well received. As a boater myself, it was good to learn a few tidbits from a gal who put herself through college working as a member of the Seamen’s Union on the Great Lakes. I thought I knew Ada pretty well, but sure didn’t know that about her past. The locals call that “learning about a life B.S.” (before Sanibel).

Galloway Captiva Triathlon

Due to this event permitted by Lee County, Sanibel-Captiva Rd will be closed on Sunday, Sep 18, from 6:45 a.m. to 8:45 a.m. for traffic heading on and off of Captiva Island in the area of Blind Pass. Traffic on Sanibel-Captiva Rd at Blind Pass will be routed in a one-way circular pattern around Pine Ave to Coconut Dr and Mangrove Ln back to Sanibel-Captiva Rd area until Captiva Rd is re-opened. Instead of making that loop, you might want to consider stopping for breakfast at Sunset Grill located at the corner of San-Cap and Pine. Their gulf view is terrific and their chow is great!

Future Rental Bookings

Today, I again had lunch with colleague Dave Schuldenfrei who manages VIP’s Rental Divisions. He concurred that the islands are very quiet now, though his company does have a few units booked both this week and next. More importantly, he said that future bookings are well ahead of past years at this time. He thinks we will have a busy winter on the islands. We all hope so! If you know someone looking for a rental have them check out VIP’s offerings at www.VIP-VacationRentals.com

Sanibel & Captiva MLS Activity September 9-16

Sanibel
CONDOS
2 new listings:  Colonnades #43 1/1 $169K, Duggers Tropical Cottages #2 1/1 $286K.
2 price change:  Lighthouse Point #217 3/2 now $400K, Sunward of Sanibel #101 3/2 now $775K.
1 new sale:  Pointe Santo #C7 2/2 listed for $749K.
No closed sales.

HOMES
4 new listings:  1948 Roseate Ln 2/2 $389K, 490 Old Trail Rd 3/2 $459K, 476 Las Tiendas Ln 3/2 $679K, 927 Limpet Dr 3/3 $749K (foreclosure).
5 price changes:  1755 Jewel Box Dr 3/2 now $629K, 618 N Yachtsman Dr 3/2 now $772.5K (short sale), 557 N Yachtsman Dr 4/3 now $789K, 1066 Bailey Rd 3/3 now $1.895M, 4949 Joewood Dr 5/5 now $2.975M.
No new sales.
2 closed sales:  4797 Rue Helene 3/2 $542.5K, 2622 Coconut Dr 3/3 $1.35M.
 
LOTS
2 new listings:  5321 Punta Caloosa Ct $420K; 2427,41, & 57 (triple parcel) Palm Ridge Rd $950K.
3 price changes:  437 Lake Murex Cir now $249.9K, 513 Sea Walk Ct now $325K, 4954 Joewood Dr now $469K.
No new or closed sales.
 
Captiva
CONDOS
No new listings.
1 price change:  Bayside Villas #5134 1/2 now $285K.
1 new sale:  Lands End Village #1639 2/2 listed for $1.225M.
No new or closed sales.

HOMES
1 new listing:  16891 Captiva Dr 3/2 $1.295M.
1 price change:  11514 Andy Rosse Ln 4/4 now $2.395M.
No new or closed sales.

LOTS
Nothing to report.

This representation is based in whole or in part on data supplied by the Sanibel & Captiva Islands Association of Realtors or its 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. If your property currently is listed with another broker, this is not intended as a solicitation of that listing.

Best Weather Comes Right After Summer

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What a quick week. How can it already be Friday? Below are a few news items followed by the Sanibel & Captiva Islands MLS activity for the past week. Lisa will be in the office tomorrow updating our inventory lists. Be sure and let us know anytime you would like an update. They continue to be “best sellers”.

Sanibel & Captiva Islands Association of Realtors®

There was no Realtor Caravan meeting this week, but next Thursday is our monthly Membership Meeting with breakfast and speaker (talking about our canals and waterways). I will be monitoring our Orientation Session for new Realtors® on Tuesday morning (yes, there really are new agents still joining this profession) and was just advised of our annual Professionals Standards training in November. Our Realtor® organization requires that each Association have trained representatives to handle arbitration and ethics complaints. I have been part of that group for years and may eventually qualify as an official Mediator.

Island Weather

After seeing what has been happening around the nation this week, I am almost embarrassed to report how wonderful the weather has been here on the islands. We have had mostly sunny bright days with occasional showers, just enough to keep the temperatures down and the sunsets magnificent. The views driving over the causeway on the Labor Day weekend were postcard picture- perfect, though the beaches and waterways were not very busy. September truly is a wonderful time to be here. Traffic is light and it is a fun-time for the locals to enjoy the islands.

Planning Ahead

If you are thinking about what will be happening on the islands between now and the end of the year and when you should plan your next visits, keep these dates in mind. These are a few of my favorites:

Oct 16-22 – “Ding” Darling Days (we again are sponsors this year)

Oct 23 – 26th Annual Bailey Fest (with a few tunes by the Sanibel Community Chorus – tra-la)

Nov 4 – Sanibel Cracker Fest 2011 by START (Solutions to Avoid Red Tide)

Nov 6 – Sanibel Farmers Market reopens (Sunday mornings on City Hall grounds)

Nov 13 – CROW’s 30th Annual Taste of the Islands (across the street from our office)

Nov 26 – Livingston Taylor at BIG ARTS

Dec 2 – Sanibel Luminary

Dec 4 – Gulf Coast Symphony at BIG ARTS

Dec 8 – BIG ARTS Holiday Concert (with your favorite Realtor® again in the alto section)

Dec 17 – Clyde Butcher Photographer “Adventures in the Swamp) at BIG ARTS

Flooding Affects All of Us

A call to action by our National Association of Realtors® President yesterday was a strong reminder that this year flood insurance has become more important on the national level, as the Eastern seaboard faces the aftermaths of incredible storms. While wind and erosion were issues, the lasting legacy and real expense is related to flooding. Every state has flooding at some time or another, but Congress has yet to extend the National Flood Insurance Program, which expires on September 30. If there is no program, buyers cannot get insurance. They cannot get a mortgage. They cannot close.

Personally, I think it is ridiculous that every year this program goes through the same gyrations and often expires before the program is eventually extended. It is about time for the program to be changed to “natural disaster” insurance, Realtors® have been lobbying for that for years. In the meantime if you are inclined, please write to your congressmen. It might help. We do not want settlements delayed because buyers cannot get insurance.

High-End Still Selling Best

I just did a quick MLS search to confirm recent comments that it is the “high-end” that remains the top commodity on the islands. Here are the results:

Median Asking Price Today – on Sanibel $599,000 – on Captiva $1,295,000

Median Sale Price – 1/1 to 9/9/2010 – on Sanibel $1,608,000 – on Captiva $1,335,000

Median Sale Price – 1/1 to 9/9/2011 – on Sanibel $2,450,000 – on Captiva $2,936,250

What does all of this really mean? There still is a lot of island property for sale – over 500 listings on Sanibel and nearly 150 on Captiva. This year has had more sales over $2M than in many years, but like the lower-end, the well-priced properties are selling to astute cash buyers. We still have a long way to go with most properties selling at 2000 to 2003 prices.

Sanibel & Captiva MLS Activity September 2 to 9

Sanibel
CONDOS
3 new listings: Mariner Pointe #1082 2/2 $349.9K, Seashells #6 2/2 $359K, Sand Pointe #211 2/2 $669K.
2 price changes: Colonnades #47 1/1 now $155K (our listing), Tarpon Beach #201 2/2 now $639K.
4 new sales: Colonnades #10 1/1 listed for $175K, Sundial #C201 1/1 listed for $269K (short sale), Spanish Cay #B1 2/2 listed for $299K, Gulfside Place #128 3/2.5 listed for $1.895M.
2 closed sales: Seashells #35 2/2 $200K, Heron at The Sanctuary II #2B 3/3.5 $599K.

HOMES
2 new listings: 9454 Cotten Ct 3/3 $619K, 1516 Angel Dr 3/2.5 $1.095M (foreclosure).
3 price changes: 766 Donax St 2/2 duplex now $320K, 4210 Old Banyan Way 3/2 now $599K, 1817 Buckthorn Ln 4/3.5 now $1.16M.
3 new sales: 3808 West Gulf Dr 3/2 listed for $425K, 4248 Old Banyan Way 3/2 listed for $479K, 533 N Yachtsman Dr 3/2 listed for $499K.
2 closed listings: 1615 Sand Castle Rd 3/3 half-duplex $360K, 720 Birdie View Pt 3/3 $900K.
LOTS
No new listings.
1 price change: Periwinkle Way now $310K.
No new or closed sales.

Captiva
CONDOS
1 new listing: Bayside Villas #5228 1/2 $299K.
1 price change: Seabreeze #1251 3/3 now $1.695M.
No new or closed sales. 

HOMES
Nothing to report.

LOTS
Nothing to report.

This representation is based in whole or in part on data supplied by the Sanibel & Captiva Islands Association of Realtors or its 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. If your property currently is listed with another broker, this is not intended as a solicitation of that listing.

The Sun is Out & There Still Is Time to Come to the Islands for the Holiday. Plenty of Vacancies Here!

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We were hoping that the islands would be busy during the upcoming 3-day weekend, but today when we checked the bookings for our seasonal-rental condo listings, we found plenty of vacancies. Perhaps that is weather related as it rained here much of this week. It’s bright and sunny out now though!

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There has been plenty of action today from the work crews and construction equipment working on the new bike path directly in front of our office. When the work is done our Listing Coordinator Elise is going to have a first-hand view of every biker that passes by. Bet that brings us more business! Meanwhile, we are open all weekend for those buyers looking to make their island purchases before “season”.

Sanibel Scoop

It’s a good indication that “season” is just around the corner when the local papers start reporting more upcoming events. Here are a couple of newsworthy items from the “Island Sun” this week:

  • Sanibel 1927 Community House rendering showing proposed improvementsSanibel Community Association launches $3.5 million campaign to preserve, renovate, and modernize The Community House (The 1927 House). It’s exciting. To learn more, visit www.SanibelCommunityHouse.net or log on to the website especially designed for the capital campaign at www.The1927House.org.
  • International Coastal Cleanup is September 17. This year, the Sanibel-Captiva Conservation Foundation will coordinate the cleanup on the beaches of Sanibel and Captiva, working with the Ocean Conservancy, Keep Lee County Beautiful, and The City of Sanibel. In this international effort, hundreds of thousands of volunteers around the world will form the largest one-day event on behalf of clean oceans and waterways. Just report for duty at 9 a.m. on the Saturday, the 17th at the SCCF Nature Center at 3333 Sanibel-Captiva Road or at Captiva Kayak at 11401 Andy Rosse Lane on Captiva. Cleanup lasts until noon. Then, bring your bags of trash and debris back to SCCF and join fellow volunteers for hotdogs on the porch!
  • Mark your calendar: CROW’s (The Clinic for the Rehabilitation of Wildlife) has announced that the 30th Annual Taste of the Islands will be on Sunday, November 13 at Sanibel Community Park (right across the street from our office on Periwinkle Way).

National Debt Ceiling Agreement

According to the National Association of Realtors® (NAR) “The Washington Report”, the debt ceiling agreement signed into law on August 2 has no direct impact on real estate tax rules or spending provisions. No tax laws of any kind were changed, nor were any housing programs cut. The legislation provides very broad dollar targets for overall spending reductions over 10 years, through 2021. The broad categories of reduced spending are defense and some so-called “discretionary” domestic spending. Beyond the target dollar amounts, no specifics are provided. Even though the package has no revenue provisions and makes no changes to the mortgage interest deduction (MID), carried interest or any other tax/revenue rule, we are not out of the woods yet. The next 100 days could be the most important part of the battle over MID and carried interest. NAR will be engaged actively in lobbying Congress on the importance of preserving real estate tax provisions.

New Appraisal Rules Effective September 1

A posting by Florida Realtors® yesterday reminded us that appraisers must now follow new rules beginning yesterday, providing the appraisal goes to government-sponsored enterprises (GSE) Fannie Mae or Freddie Mac. A required Uniform Appraisal Dataset (UAD) effective September 1, 2011, also was supposed to impact Federal Housing Administration (FHA) loans, but FHA postponed compliance until January 1, 2012. The FHA delay confused some industry observers who expected Fannie Mae and Freddie Mac to follow suit, and rumors followed. However, the National Association of Realtors® (NAR) told appraisers on August 26 that it confirmed no change for the GSEs even though FHA postponed its compliance deadline. “Appraisal reports submitted to the GSEs on or after (September 1, 2011) are required to be UAD compliant,” NAR said. “You can get more information on UAD requirements by visiting the Fannie Mae or Freddie Mac UAD web pages.” For many appraisers, the change means they must use different software if they have not already made the change. The change affects single family and condominium exterior and full forms only. In general, the new rules say:
• Appraisers must use UAD compliant software.
• Appraisers must standardize the abbreviations they use and values for many form fields.
• They also must use standardized ratings and definitions for quality, condition, view and location sections on the appraisal.

Foreign Investors Will Not Save U.S. Housing Market But May Help Some States

I am frequently asked what percentage of my business comes from foreign buyers. Though that number has increased slightly in recent years, the article I read today in the September 2011 issue of SW Realtor® by Krista Franks offers more insight.

“The combination of declines in home prices and in the value of the dollar is making U.S. homes very affordable for some foreign buyers, according to a Capital Economics report released Thursday. However, the research firm says foreign demand is not likely to bring recovery to the American housing market in the near future.

“The 33% decline in housing values since the beginning of 2006 translates to an even greater decline when the dollar value is compared with some foreign currencies, such as the Chinese renminbi, Canadian dollars, and the euro. In fact, for Canadians, the U.S. homes are more affordable now than any time in the past 35 years. The 33% decline represents at 45% decline when converted to Chinese renminbi and a 43% decline for Canadian dollars. While these percentages relate to average prices, “if overseas buyers are attracted to the many foreclosed properties, which tend to be sold with an extra discount of around 25%, then U.S. housing looks even more attractive,” states the Capital Economics report.

“For the 12-month period ending March 2011, international buyers made up 3.8% of existing homes sales values. This is down from 4.6% during the same period last year. The decline may be more a result of falling prices and the lower dollar value than a decline in foreign interest. According to Capital Economics, the actual number of homes bought by foreign clients has either fallen slightly or not at all. Similarly, the percentage of Realtors® who worked with at least one overseas client for the year remained the same as the previous year – 28%.

“Nevertheless, restoring international sales to their 1998-to-2010 value levels would require a fivefold increase, which is highly unlikely, especially in the short term, according to Capital Economics. While foreign investors may not restore the U.S. housing market over the next few years, they may boost some states’ real estate markets.

“According to the National Association of Realtors®, 58% of all international transactions in the 12-month period ending March 2011 took place in Arizona, California, Florida, and Texas. The lion’s share – 43% – occurred in Florida and California. Florida is seeing an increase in Canadian buyers, while California is experiencing increases from China. Florida’s high number of foreclosures – and thus high number of discounted homes – is likely part of the draw for Canadian buyers. Barring another global financial crisis, foreign investing in the U.S. housing market is likely to increase over the next 10 to 20 years. However, the increase over the next five years will not be enough to recover the market.”

Sanibel & Captiva MLS Activity August 26 – September 2

This is the east-end of Sanibel Island looking west

Sanibel
CONDOS
4 new listings:  Spanish Cay #B1 2/2 $299K, Seawind #A103 2/2.5 $485K, Loggerhead Cay #234 2/2 $575K, Sandpiper Beach #504 2/2 $729.9K.
4 price changes:  Colonnades #9 1/1 now $160K, Mariner Pointe #1062 2/2 now $299K, Sanibel Moorings #1622 2/2 now $350K, Sanctuary Golf Villages I #3 3/3 now $699K.
4 new sales:  Blind Pass #D205 2/2 listed for $289K (short sale), Mariner Pointe #1012 2/2 listed for $299K (our listing), Village of Sanibel #R-1 3/2.5 listed for $339K (foreclosure), Coquina Beach #3E 2/2 listed for $419K.
2 closed sales:  Dugger’s Tropical Cottages #5 1/1 $222K (short sale), Sanibel Arms #D8 2/2 $399.9K.

 
HOMES
3 new listings: 721 Cardium St 2/1 $297.5K, 531 Piedmont Rd 2/2 $329K, 5841 Pine Tree Dr 3/2 $549.9K.
5 price changes: 4632 Rue Belle Mer 3/2 now $549.9K, 940 S Yachtsman 3/2.5 now $595K, 3050 West Gulf Dr 3/2.5 now $750K, 2294 Wulfert Rd 4/4 now $1.139M, 1765 Venus Dr 3/3 now $1.299M.
3 new sales: 495 East Lake Rd listed for $399K, 5659 SanCap Rd 2/2 listed for $549K, 4628 Rue Belle Mer 3/3 listed for $739K.
5 closed sales: 1674 Bunting Ln 3/2 $450K, 3017 Turtle Gait Ln 3/2 $541.5K, 617 Lake Murex Cir 3/2 $550K, 676 Anchor Dr 3/3 $750K, 1670 Dixie Beach Blvd 3/2 $875K.
 
LOTS
No new listings.
1 price change: 4077 Coquina Dr now $289K.
No new or closed sales.
 
Captiva
CONDOS
No new listings, price changes or sales.
1 closed sale: Sunset Captiva #202 2/2 $725K.
 
HOMES
No new listings.
1 price change: 11516 Andy Rosse Ln 6/6 now $2.69M.
No new sales.
1 closed sale: 16167 Captiva Dr 3/3 $1.2M.
 
LOTS
Nothing to report.
 

This representation is based in whole or in part on data supplied by the Sanibel & Captiva Islands Association of Realtors or its 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. If your property currently is listed with another broker, this is not intended as a solicitation of that listing.

 

Best wishes from The SanibelSusan Team for a pleasant Labor Day weekend.