Sanibel and Captiva Islands have experienced a very mild winter. Our daily temperatures for several weeks have been in the 70s/80s with cooling breezes off the gulf and bay waters.
Shellabration 2012 Begins
- Next Friday, February 17, at 10 a.m. sharp is Sanibel’s effort to set an official Guiness World Record. The goal is to have at least 500 people come to Bowman’s Beach to perform the “Sanibel Stoop” and in the process break the record for the world’s largest treasure hunt. Pre-registration and transportation arrangements begin today at the Sanibel Community House. Pre-registration is necessary to be counted! Official T-shirts will be distributed free to those attending.
- Also on the 17th, in the evening, the Community House is hosting a “Shellegant” opening gala dinner and dance at the Sanctuary Golf Club.
- On Monday, February 27, tickets are available for the Shell Couture Fashion Show and Lunch, also at the Sanctuary Golf Club. The BIG ARTS Community Chorus is providing entertainment. (Bet you know who will be singing in that).
- The fair itself, runs daily from March 1-3 at The Community House. SanibelSusan Realty this year again is a trophy sponsor. For more details on these events, either call the Sanibel Community Association at 472-2155 or go to their website at http://SanibelCommunityHouse.net.
With our office being in close proximity to The Community House, we often get walks-ins during their scheduled events.
More Deals Falling Through
An article posted this week in Florida Realtors® caught my eye. The article was sourced from “Real Estate: A Buy or Bust This Spring Selling Season?” Investor’s Business Daily (February 2, 2012) and Realtor Magazine Daily News. Here in Southwest Florida and even on Sanibel and Captiva Islands, the same problem exists. The article said:
“Appraisals coming in lower than the agreed-upon sales price continue to cause more real estate deals to be cancelled, recent surveys show. In December, a third of real estate professionals reported they had a real estate contract fall through, up from 9% a year earlier. The National Association of Realtors®, along with other housing industry groups, point to low appraisals and rejected mortgage applications from a stringent lending environment as the main forces behind the high number of transaction cancellations in recent months. Too often, foreclosure sales – which tend to be sold at big discounts – are being weighted into valuations of non-foreclosure homes, experts argue.
“The National Association of Home Builders’ chairman Bob Nielsen has called the use of distressed and foreclosure sales in comparables in appraisals “inappropriate” and “needlessly driving down home prices.” Sixty percent of builders say they’re seeing problems from appraisals coming in below their contract sales price. “This is not only unfair and unreasonable, but it perpetuates the cycle of declining home values, drives more homeowners underwater, harms local economic activity and acts as an obstacle to the recovery of the housing market,” Nielsen said in a statement in December about appraisals.
“But the lending environment also needs to change for the housing market to recover and for fewer deals to stop falling through, housing experts say. “If we simply return to the normal credit standards, verifying income and looking at the creditworthiness of an individual to stay in a property long term, we think sales will be 15% to 20% above where they are,” NAR spokesman Walt Molony told Investor’s Business Daily. “There are more people trying to buy homes than are succeeding today.”
Sanibel & Captiva Island Real Estate Activity This Week
Our Sanibel and Captiva Islands Association of Realtor® Caravan meeting yesterday was held at The Sanctuary Golf Club where Ken Kouril, the Club General Manager, updated us on memberships. It has already been a busy “season” at The Sanctuary, as he reported that they have only five social and five golf memberships left. Once those are gone, memberships will be wait-listed.
Lots of new real estate sales were announced during the meeting. Our listings had good showing activity too, plus we held several open houses which brought in some lookers (probably helped that we had a couple of cloudy afternoons). Lisa and I were out showing property on Tuesday. Now we have an offer in the works. I also am negotiating an offer that came in on one of our listings. All-in-all, this is more positive news than we have had in a long time. “Season is here”, with another good eight weeks of action expected.
Multiple Listing Service Activity February 3-10
3 new listings: Sundial #C110 1/1 $329K, Breakers West #B1 2/2 $399K, Sanddollar #C101 2/2 $899K.
10 price changes: Coquina Beach #1D 2/2 now $379K, Sanibel Arms #2 1/1 now $395K, Blind Pass #B103 3/2 now $499K, Mariner Pointe #1052 2/2 now $499K, Pelicans Roost #104 2/2 now $650K, Pointe Santo #C25 3/2 now $799K, Sanibel Surfside #125 2/2 now $849K, Sundial #A301 2/2 now $875K, Sundial #T306 3/2 now $995K, Beachcomber #A101 2/2 now $1.549M.
6 new sales: Tennisplace #C23 2/1.5 listed for $269.9K, Mariner Pointe #1082 2/2 listed for $298.5K, Sundial #B301 1/1 listed for $315K, Kings Crown #104 2/2 listed for $629K, Signal Inn #18 2/2 listed for $889K, Sunward #203 3/2 listed for $1.195M. 2 closed sales: Seawind II #5 2/2.5 $539K, Sedgemoor #203 3/3.5 $2.082.5M.
12 new listings: 565 East Rocks Dr 3/2 $448K, 750 Nerita St 3/2 $509K, 236 Hurricane Ln 3/2 $549K, 3868 West Gulf Dr 3/2 $599K, 1366 Sand Castle Rd 3/2.5 $725K, 4518 Bowen Bayou Rd 4/4 $779K, 963 Kings Crown Dr 3/3 $795K, 4996 Joewood Dr 3/3 $799K, 2479 Harbour Ln 3/2 $850K, 6433 Pine Ave 4/3 $989K, 836 Sand Dollar Dr 3/2/2 $1.199M, 4215 West Gulf Dr 4/5.5 $4.999.9M.
17 price changes: 984 Sand Castle Rd 4/3.5 now $353K, 761 Nerita St 3/2 now $465K, 1610 Sabal Sands Rd 3/2 now $499K, 2560 Coconut Dr 3/3 now $515K, 5841 Pine Tree Dr 3/2 now $519.9K, 1245 Anhinga Ln 3/2 now $569K, 220 Palm Lake Dr 3/3 now $574K, 1705 Serenity Ln 3/2.5 now $584.5K, 955 S Yachtsman Dr 3/2 now $595K, 1390 Middle Gulf Dr 3/3 half-duplex now $599K, 9470 Balsa Ct 3/2 now $749K, 5864 Pine Tree Dr 3/3.5 now $899K, 569 Lighthouse Way 3/3 now $950K, 2367 Wulfert Rd 4/3.5 now $1.098M, 1743 Venus Dr 4/3.5 now $1.279M, 1470 Middle Gulf Dr 4/5.5 now $2.095M, 568 Lighthouse Way 4/4.5 now $2.5M.
5 new sales: 1001 East Gulf Dr 2/2 listed for $399K, 761 Nerita St 3/2 listed for $465K, 237 Daniel Dr 3/2 listed for $550K, 4775 Rue Helene 4/3 listed for $729.9K, 1331 Sand Castle Rd 3/2.5 listed for $749K.
5 closed sales: 5657 SanCap Rd 3/2 $400K, 1345 Junonia St 2/2 $530K, 1242 Middle Gulf Dr 3/2 $730.75K, 4405 West Gulf Dr 2/1.5 $1.65M, 5045 Joewood Dr 3/3.5 $1.8M.
1 new listing: 861 Birdie View Pt $374.9K.
1 price change: 1657 Sabal Sands Rd now $279,999.
1 new sale: 604 Boulder Dr listed for $270K.
2 closed sales: 4407 West Gulf Dr $1.65M, 3935 West Gulf Dr $2.15M.
3 new listings: Bayside Villas #4302 3/3 $635K, Bayside Villas #5338 3/3 $635K, Bayside Villas #5343 3/3 $699K.
3 price changes: Bayside Villas #5308 3/3 now $599K, Seabreeze #1251 3/3 now $1.649M, Beach Homes #2 3/2 now $1.749M.
1 new sale: Sunset Beach Villas #2323 1/1 listed for $475K.
No closed sales.
2 new listings: 11522 Andy Rosse Ln 4/4.5 $2.375M, 11530 Paige Ct 4/4.5 $3.995M.
No price changes or new sales.
1 closed sale: 11522 Andy Rosse Ln 4/4.5 $1.96M (foreclosure).
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.