The island is all atwitter today and decorated tropical-style for Sanibel Luminary which begins at dusk this evening. The celebration on Captiva is tomorrow night. Both events were expanded this year. The Sanibel festivities end with an after-party at the historic Island Inn at 9 p.m. tonight. We will have BIG ARTS Chorus members singing carols for the arrival of Santa and lighting of the tree at Bailey’s Shopping Center at 6 p.m. Rumor has it that WINK News will be there too. Then we are off to sing at Island Inn.
On Captiva, Luminary is tomorrow night, with their partying continuing through December 17, their full schedule is posted on CaptivaHolidayVillage.com.com. BIG ARTS Chorus will be singing on Captiva tomorrow night too, at 6:30 p.m. outside the Shirley Allen Gallery on Andy Rosse Lane. No carols here but rather a dress rehearsal of our full holiday concert which is coming up next week, December 8 at 7 p.m. in Shein Hall at BIG ARTS.
Realtor Caravan at The Sanctuary
Our local Association of Realtors® had our weekly caravan meeting yesterday at The Sanctuary Golf Club. It was very well attended which probably had something to do with the wonderful breakfast buffet they provide. The Sanctuary staff, including their head of membership, Sheryl Tatum, does a terrific job in keeping the real estate community aware of their offerings and it is such a pleasure to work with them in selling the islands. For any readers, thinking of buying a social membership, there are only a handful (literally) of these opportunities left. The Club General Manager, Ken Kouril advised that the 12 months has seen a terrific increase in memberships of all types. With the 50,000 sq. ft. clubhouse decorated to the nines for the holidays, the golf, tennis, and pool/fitness facilities in perfect condition, and the food and service top-notch, it is no surprise.
Today’s Market – Once-in-a-Lifetime Opportunity
Florida Realtors® posted the following article this week: “The monthly cost of owning a home is more affordable now than in the past 15 years, and is less expensive than renting in numerous cities, according to The Wall Street Journal’s third-quarter survey. Low home prices mixed with low mortgage rates – hovering at 4% or lower – create an appealing buyer’s market, analysts say. For example, buyers today have a 77% increase in their borrowing power compared to 1991, according to Dan Green, a loan officer with Waterstone Mortgage in Cincinnati. He says that in 1991 a $1,700 mortgage payment allowed a borrower to take out a $200,000 mortgage; today, at current interest rates, the homebuyer can get a $350,000 loan for that same monthly mortgage payment. In 12 out of 28 cities tracked by The Wall Street Journal, monthly mortgage payments on a median-priced home – including taxes and insurance – were lower than the average rent levels. In Atlanta, owning was the most favorable compared to renting. The monthly rent on a median-priced home there was $539 during the third quarter (with a 20% down-payment) compared to the average asking rent, which averaged $840, according to data provided by Marcus & Millichap. Nationwide, apartment rents are expected to rise by about 4% this year, which may make the owning vs. renting picture tilt even higher, according to some analysts. Despite the appealing housing picture for homebuyers, some continue to stay on the sidelines, unable to sell their current home, qualify for a mortgage due to the tighter credit requirements or keep a steady job, housing experts say.”
City Meeting on Redevelopment
Dave represented SanibelSusan Realty at the cooperative meeting held at The Community House on Tuesday to discuss redevelopment of properties in the resort district areas. The City is updating the Sanibel Land Development Plan, tackling it in phases. The changes discussed at this initial meeting were made to encourage updating of some of the older non-conforming island resort-type properties, while retaining most of their rental capability and physical characteristics. The meeting was well received and we have a copy of the handout if anyone wants it sent to them.
Not Much Real Estate Action
You will notice below from the activity posted this week in our Sanibel and Captiva Multiple Listing Service that things have slowed down here a bit. It seems to happen every year, as folks get into the holiday spirit. We were fortunate to put a home contract together this week. I also received an offer on a condo listing today. A little too early to tell how that one will pan out, but we are very thankful for each and every offer.
Sanibel & Captiva MLS Activity November 25 – December 2
5 new listings: Tennisplace #A26 2/1 $325K, Mariner Pointe #1092 2/2 $436K, Ibis at The Sanctuary #302 2/2 $475K, Sunset South #1B 2/2 $588.5K, Tarpon Beach #101 2.2 $599K.
8 price changes: Colonnades #47 1/1 now $149K (our listing), Lake Palms #9 2/2.5 now $260K (short sale), Ibis at The Sanctuary #301 2/2 now $399.9K, Loggerhead Cay #232 2/2 now $569K, Loggerhead Cay #401 2/2 now $599K, Pine Cove #303 2/2 now $97K, Sundial #L205 2/2 now $995K, Sedgemoor #105 3/3.5 now $2.35M.
No new sales.
1 closed sale: Sunward #101 3/2 $750K.
1 new listing: 1800 Ardsley Way 3/2 $564.9K.
10 price changes: 555 Chert Ct 3/2 now $414K, 2210 Camino Del Mar 3/2 now $545K, 5740 SanCap Rd 2/2 now $549K, 9454 Cotten Ct 3/3 now $599K, 1400 Albatross Rd 3/3 now $549K, 1316 Eagle Run Dr 4/3 now $899K, 1570 Sand Castle Rd 4/3.5 now $1M (short sale), 569 Lighthouse Way 3/3 now $1.145M, 1765 Venus Dr 3/3 now $1.249M, 3400 West Gulf Dr 4/3 now $1.349M.
5 new sales: 1214 Par View Dr 2/2 listed for $499K (our listing), 4215 Gulf Pines Dr 5/3.5 listed for $619K, 2555 Coconut Dr 3/2 listed for $685K (short sale), 1242 Middle Gulf Dr 3/2 listed for $730,751, 784 Birdie View Pt 4/4 listed for $1.695M.
4 closed sales: 3180 Twin Lakes Ln 3/3 $582.5K, 618 N Yachtsman Dr 3/2 $670K (short sale), 6192 Henderson Rd 3/2 $829K, 1052 Whisperwood Way 3/3 $1.3M.
1 new listing: 847 Casa Ybel Rd $164,555.
1 price change: 6401 Pine Ave now $699K.
No new or closed sales.
1 new sale: Bayside Villas #5140 1/2 $285K.
1 price change: Seabreeze #1253 3/3 now $1.595M.
No new or closed sales.
No new listings.
3 price changes: 15351 Captiva Dr 5/4 now $2.895M, 15891 Captiva Dr 5/4 now $3.249M, 16730 Captiva Dr 5/4.5 now $5.25M.
1 new sale: 16 Urchin Ct 2/2 listed for $699K.
1 closed sale: 11536 Wightman Ln 3/3 $757.5K.
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.