Sanibel Island Real Estate Happenings Plus What’s A Bloom!

It was another quiet week on Sanibel until yesterday when the traffic picked up and sunshine gave way to a few clouds. Maybe that means the 3-day weekend is beginning early. Whatever it means, at SanibelSusan Realty Associates we like it. Daytime weather is expected to be down into the 70’s for the next week which will be a nice change after the 80-degree weather we have experienced the last few weeks. It was only 47 degrees this morning and so far has only warmed up to 64 – nice day for long sleeves with the flip flops.

We had a little real estate action at SanibelSusan Realty this week – a nice closing on Tuesday and a couple of vacant land offers. Below are a few real estate and island news items, followed by the activity posted in the Sanibel & Captiva Islands Multiple Listing Service this week.

Thursday Sanibel Real Estate Caravan

Our island Realtor® meeting yesterday was well attended and we had a “mini-awards” ceremony when I presented our “2012 Got Ethics” game show participants with trophies for their roles in that November educational event. It wasn’t like the Critics Choice, Peoples Choice, Emmys, or Oscars, but it got a laugh.

With 20 East-end properties on tour and slow going on Periwinkle Way, it was difficult to see all of the open listings within the 3-hour time period. Dave and Lisa viewed a few, while I viewed some others. We all have buyers coming in a few weeks so we want to be ready!

I took a few iPhone snapshots along the way and another few today. If you are wondering what is blooming on Sanibel Island in mid-January, this is it!

Dredging Blind Pass Again

Dredging of the inside of Blind Pass was expected to begin again this week. The pass was dredged several years ago, but has since choked up with sand and needs to be reopened. All beach compatible sand dredged from the pass (estimated to be about 40,000 cubic yards) will be placed near Silver Key. The project is being managed by Lee County Natural Resources, with shorebird and sea turtle monitoring conducted by the Sanibel-Captiva Conservation Foundation under contract with Lee County.

Results of the 2012 Tropical Storm Season

According to a recent report by Sanibel’s Natural Resource Director, Sanibel’s beaches were eroded in several locations during summer-fall storms. In June, Tropical Storm Debby caused damage to the access road to the Sanibel Lighthouse and erosion of the shoreline east of the fishing pier. That shoreline has since stabilized.

In August, Hurricane Issac skirted the gulf before making landfall in Louisiana. Wind and high surf from that storm resulted in moderate erosion along West Gulf Drive and the beaches south of Blind Pass. At the end of October, more wind and surf from Hurricane Sandy further exacerbated those same areas. In some spots, escarpments were as much as five feet high. The Natural Resource Director is working with Sanibel’s Public Works Department and Lee County Natural Resources to develop a plan to address this.

Sanibel Island Golf Club

In the two months, since the former Beachview Golf Club was purchased (for $7M), the 152-acre facility has seen several changes. Bought by two well-known island golf professionals with years of experience at courses on the island, as well as Massachusetts, Connecticut, and Michigan, one of the changes is the name. Now called “Sanibel Island Golf Club”, the course is getting some landscape and aesthetic changes. According to a local paper, membership is about 175 now, and expected to push past 200 by the end of season. They also offer weekly or 10-round packages.

When Is Sanibel Chorus Singing?

In response to a few queries about when the BIG ARTS Community Chorus is singing again, here is our winter/spring schedule so far. We have a varied repertoire in the works including some pieces from Les Miserables score. The full chorus now has nearly 80 members again, while the ensemble which sings for smaller venues is about 30 voices. No try-outs necessary for the full chorus which practices on Tuesday nights Oct through Mar, at BIG ARTS.

• Feb 26, Tues, FISH Annual Meeting & Volunteer Recognition Luncheon at The Sanctuary
• Mar 6, Wed, Ensemble singing at Center-4-Life Pot Luck Dinner Meeting at The Sanibel Rec Center
• Mar 18, Mon, Minnesota Twins vs. Miami Marlins game at Hammond Stadium (Star Spangled Banner & 7th inning stretch)
• Mar 20, Wed, Spring Concert at BIG ARTS (matinee performance)
• Mar 21, Thur, Spring Concert at BIG ARTS (evening performance)

REALTOR.com® Highlighted in Joint NAR/Google Study

A recent study from the National Association of Realtors® (NAR) and Google examined the connection between consumer Internet use and online home search and shopping patterns. It shows the value of REALTOR.com® in the home search process. According to the 2012 NAR Profile of Home Buyers and Sellers, multiple listing service websites and Realtor.com® were the top two websites used in recent home searches. (I am sure that you know that since I belong to two Multiple Listing Services, your property is featured in two systems, which also results in two postings on Realtor.com. Those two MLS systems sites have public search links at The Sanibel & Captiva Islands Association of Realtors® website at www.SanibelRealtors.com and The Realtor® Association of Greater Fort Myers and the Beach website at www.SWFLRealtors.com which links to the Florida Gulf Coast database.)

Steady Market Gains Ahead

An article in the Jan/Feb issue of Realtor® Magazine offered the following 2013 economic outlook:

“Modest growth in the economy and improving job picture bode well for both residential and commercial real estate. For residential practitioners, the National Association of Realtors® (NAR)’s forecast for 2013 looks like a return to normalcy with healthy price appreciation, an increase in both existing- and new-home sales, and a drying up of the shadow inventory. Interest rates are expected to remain low, though inflation could put upward pressure on both rates and home prices. For commercial practitioners, the rise in renal households is good news for the multifamily sector. Office, industrial and retail are all expected to inch back, with slight declines in vacancies and positive growth in net absorption and rents.”

“Where We’ve Been

“Own vs. Rent – The number of owner households has been flat over the past several years. Despite U.S. population growth of roughly 1% per year, the number of owner households has held steady, in the range of 75 million since 2007, while the number of rental households has increased from 35 million in 2007 to nearly 40 million today. Some renters who’d like to take advantage of today’s favorable prices and interest rates are finding credit standards too tight to obtain financing. NAR warns that continued tight credit conditions threaten to widen the wealth gap between owners and renters.

“Builder Activity – New home construction has been well below the 50-year average of 1.5 million. Housing starts remain well below historical averages, even with new construction expected to rise from 776,000 units last year to more than 1.1 million in 2013. Depressed construction activity has kept inventories down and put upward pressure on prices.

“Shadow Inventory – Delinquencies and foreclosures have dropped but remain high. Since hitting a level of nearly 4.3 million units in the fourth quarter of 2009, the shadow inventory – seriously delinquent mortgages and homes in foreclosure – has been declining. It was at 3.1 million units in 2012’s 1st quarter, still high but sharply below the peak. As a percentage of total sales, distressed sales are on the decline. In 2010 and 2011, they constituted about a third of the market. That dropped to 25% in 2012 and is expected to decline to single digits by 2014.

“Where We’re Going

“The Forecast Calls for – NAR is forecasting 3% growth in U.S. gross domestic product by 2014, along with a steady increase in national medial home prices. After years of tepid performance, both existing-home sales and new-home sales are expected to see significant gains this year and next, despite a gradual rise in interest rates. Commercial sectors are also seeing signs of upward progress. And good news is expected in the all-important employment picture: NAR Research estimates payroll jobs will grow by 2 million this year and 2.6 million next year.”

Sanibel & Captiva Multiple Listing Service Activity January 11-18

Sanibel
CONDOS
3 new listings: Nutmeg Village #202 2/2 $629K, Loggerhead Cay #522 2/2 $695K, Sedgemoor #103 3/3.5 $2.55M.
4 price changes: Sundial #I-103 1/1 now $396K, Ibis at The Sanctuary #302 2/2 now $399K, Sundial #J207 2/2 now $529K, Compass Point #181 2/3 now $949K.
2 new sales: Sundial #G106 1/1 listed for $292.9K (short sale), St. Croix #3 2/2.5 listed for $849K.
3 closed sales: Captains Walk #A8 2/2 $275K, Sandpebble #1F 2/2 $325K, Compass Point #141 3/2 $847.5K (our listing).

HOMES
7 new listings: 696 Durion Ct 3/2.5 $665K, 2631 San-Cap Rd 2/2 $699K, 3131 Twin Lakes Ln 3/2 $739K, 5403 Shearwater Dr 4/3 $1.249M, 2695 Wulfert Rd 4/4/2 $1.345M, 1141 Paper Fig Ct 3/3.5 $1.495M, 4525 Waters Edge Ln 3/3 $2.95M.
9 price changes: 1854 Farm Trl 3/2 now $598K, 1183 Kittiwake Cir 4/3 now $699.9K, 1225 Junonia St 3/2 now $719K, 1230 Par View Dr 3/2.5 now $739K, 765 Conch Ct 5/4 now $849K, 2498 Harbour Ln 4/3 now $888.5K, 743 Sand Dollar Dr 3/2 now $899K, 6123 Starling Way 3/2.5 now $999K, 228 Violet Dr 3/2/2 now $1.325M.
6 new sales: 1809 Farm Trl 3/2 listed for $499K, 3344 Twin Lakes Ln 3/2 listed for $549K, 525 N Yachtsman Dr 3/2 listed for $579K, 928 Pepper Tree Place 2/2 listed for $639.9K, 576 Hideaway Ct 3/2 listed for $749K, 4709 Rue Belle Mer 3/2 listed for $2.1M.
No closed sales.

LOTS
No new listings.
3 price change: Sea Bell Rd now $265K, 5116 Sea Bell Rd now $265K, 3792 Coquina Dr now $389K.
1 new sale: 1028 Bayview Dr listed for $1.795M.
No closed sales.

Captiva
CONDOS
1 new listing: Captiva Cove #5236 3/2 $1.299M.
No price changes or new sales.
1 closed sale: Bayside Villas #5236 1/2 $307K.

HOMES
3 new listings: 11541 Wightman Ln 3/2 $1.585M, 1102 Tallow Tree Ct 5/4 half-duplex $3.3M, 15009 Binder Dr 4/5.5 $3.95M.
1 price change: 11513 Wightman Ln 5/5 now $1.795M.
2 new sales: 56 Sandpiper Ct 2/2.5 listed for $669K, 16742 Captiva Dr 3/3 listed for $2.795M.
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.

Happy Weekend to All Sanibel & Captiva Island Real Estate Lovers!