The SanibelSusan Team has been watching the weather channel entirely too much today; but better safe than sorry. As a precaution, Dave brought in all of our “For Sale” signs this morning. We don’t want them to become airborne.
With all eyes on how Isaac moves after it crosses Cuba, our plan is to be open unless it looks unsafe. Being on the easterly side of a hurricane path is not the best from a wind and storm surge standpoint, so we naturally hope it either veers way out into the gulf or dissipates.
Dave and I did some business on Sanibel’s west end earlier in the week. He snapped these pictures near the dredging area of Blind Pass. The beach sure looked terrific. Let’s hope that Isaac doesn’t bring back the sand that just got moved offshore.
Real Estate Action This Week
We had no real estate caravan meeting yesterday, but there was a little island sales action as posted below. Last week, we had multiple offers on our Rabbit Road lot listing that went under contract. That definitely was a surprise, but fun! It has been a long time since that has happened.
Buyers Want a Bargain? Here’s Their Chance!
For home buyers who are looking for a chance to buy low, they may not want to drag their feet too much longer according to an article posted Tuesday in the “Daily Real Estate News”:
““Home prices have probably bottomed in most markets,” David Crowe, chief economist at the National Association of Home Builders, said in an NBC News-hosted Web chat with online visitors last week. “Mortgage rates are not likely to go down much further and will eventually rise as the economy recovers. Home builders are hungry and while you will still have to pay a fair price, you may not get a better bargain than now before all the rest of the demand comes back.” However, the best bargains will largely depend on where you’re at, Crowe says. “House prices are rising in some markets, notably Texas… In a few markets that were severely damaged by the recent Great Recession, prices may continue downward for another six to ten months,” Crowe says. Crowe says one hurdle that may slow the recovery is the inability for some home buyers to still not be able to qualify for financing due to banks’ tightened underwriting conditions in the last few years….”
Comparing this article to the Sanibel and Captiva market, I think it is safe to say that the tide is changing here too. Here are the latest inventory statistics with the number of sales “up” in all categories.
# # Sold # Sold # Sold # Sold
For Sale Year-to-Date in 2011 in 2010 in 2009
Sanibel condos 161 132 142 120 87
Sanibel homes 186 150 179 124 144
Sanibel lots 83 30 19 21 11
Sanibel Subtotal 430 312 340 265 242
Captiva condos 47 31 24 25 22
Captiva homes 41 25 22 10 16
Captiva lots 4 4 1 2 3
Captiva Subtotal 92 60 47 37 41
Total Both Islands 522 372 387 302 283
“Rescue Me” Partnership
This trimming made it particularly timely, when I saw this internet posting: “CROW (Clinic for the Rehabilitation of Wildlife) is working with the City of Sanibel, Lee County Electric Coop (LCEC) and Asplundh Tree service in an effort to protect our nesting birds. This huge undertaking requires a team of volunteers who can help identify which trees have nests and mark those trees in advance to alert the tree service crews. If an active nest is displaced or babies have fallen, the Asplundh Tree Service crew will place the nests and/or babies in “Rescue Me” boxes created by our local Boy& Girl Scouts, mark the location where the babies were found and then deliver them to CROW for short-term rehabilitative care and release back at the original nest site.”
Below are a few Sanibel bird photos. The baby red-shouldered hawk picture came from CROW while the others are from a Facebook acquaintenance who visited the island for many years and is willing to share his pictures. Thank you, Joe Santucci.
27th Annual Coastal Cleanup September 15
Top 8 College Towns for Investors
I had two clients tell me this week that they are looking at buying investment real estate in their college towns. Again another timely article was posted Wednesday on “Daily Real Estate News”. It says:
“Investors increasingly are eyeing college towns to snag properties at discounts and turn them into rental properties that could potentially offer steady cash flow with student tenants. But which college towns offer some of the best returns? Realtor.com recently released its second annual list of the best college towns for investors, factoring in average monthly rental prices and comparing it to estimated mortgage payments of a median priced home. The following are the top eight college towns for investors, according to this year’s report.
2. Princeton NJ, median list price: $265,000, average rent: $2,056, mortgage payment estimate: $980
3. Chicago, median list price: $194,000, average rent: $1,630, mortgage payment estimate: $720
4. Washington DC, median list price: $395,000, average rent: $2,637, mortgage payment estimate: $1,460
5. Houston, median list price: $183,000, average rent: $1,134, mortgage payment estimate: $680
6. Philadelphia, median list price: $234,900, average rent: $1,475, mortgage payment estimate: $870
7. Atlanta, median list price: $174,900, average rent: $1,187, mortgage payment estimate: $650
8. Pittsburgh, median list price: $140,000, average rent: $1,122, mortgage payment estimate: $520″
Price Your House To Sell Quickly
“Your home is worth what a buyer will pay for it given current market conditions. This may not be the same as your opinion of what your home will sell for, or what you hope it’s worth. Relying on emotion rather than logic when selecting a list price can lead to disappointing results…. Listings that sell today are priced right for the market. Buyers need to feel comfortable that they are getting a good deal. Buyers won’t overpay if they feel home prices are still declining, and in some areas of the country, they still are. In areas of strong sales, buyers may shy away from multiple-offer situations if they feel the recovery is fragile and that prices may slide further before stabilizing. Even in areas where home sales have been strong in the first half of 2012, local practitioners wonder how long the uptick will last.
“HOUSE HUNTING TIP: When selecting a list price, it helps to understand how real estate agents and appraisers establish an expected selling price or price range for your home. They research the recent listing inventory for homes similar to yours that sold. The most recent sales give the best indication of the direction of the market. They analyze these comparable sales giving more value to your home for attributes that it has that the comparables don’t, like a remodeled kitchen. Value is subtracted from your home for features it lacks when compared to the sold comparables, like an easily accessible, level backyard.
“It’s difficult for sellers to step back and take an attitude of detached interest in their home. But it’s essential to do so if you want to sell successfully in this market…. If the comparable sale information suggests that the value of homes like yours is declining, select a list price that undercuts the competition to drive buyers — and hopefully offers — to your home. You can take a more aggressive stance on pricing if the comparables show that prices are moving up.
“If there is high demand for homes like yours, you may receive more than one offer. But don’t list too high. It’s better to stay in the range shown by the comparables and expose the house to the market before accepting offers. The market will drive the price up if it’s warranted.
“THE CLOSING: Don’t rely on rumors circulating in the neighborhood about how high a home sold. Prices tend to get inflated when passed from one person to another. Select your list price based on hard facts.”
Sanibel & Captiva Multiple Listing Service Activity August 17-24
Sanibel
CONDOS
No new listings.
3 price changes: Blind Pass #E102 2/2 now $395K, Blind Pass #B102 2/2 now $359K, Loggerhead Cay #232 2/2 now $539K.
1 new sale: Compass Point #143 3/2 listed for $1.049M.
1 closed sale: Captains Walk #F7 2/1.5 $205K.
HOMES
1 new listing: 3825 West Gulf Dr 3/2 $2.35M.
2 price changes: 1536 Bunting Ln 3/2 now $433.5K, 5841 Pine Tree Dr 3/2 now $489.9K.
2 new sales: 750 Nerita St 3/2 listed for $499K, 494 Surf Sound Ct 5/2.5 listed for $899,555.
2 closed sales: 2210 Camino Del Mar 3/2 $512.5K, 1043 Sand Castle Rd 3/2 $535K.
LOTS
No new listings.
1 price change: 133 Butterknife Pl now $324.9K.
1 new sale: 545 Rabbit Rd listed for $179K (our listing).
1 closed sale: 4771 Rue Helene $345K.
Captiva
CONDOS
No new listings, price changes, or new sales.
2 closed sales: Captiva Shores #1B 3/2.5 $1M, Captiva Bay Villas #D 3/3.5 $2.5M.
HOMES
1 new listing: 1114 Schefflera 4/3 $1.795M.
No price changes or new sales.
1 closed sale: 11407 Old Lodge Ln $950K.
LOTS
No new listings, price changes, or new sales.
1 closed sale: 11401 Old Lodge Ln $2.5M.
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.