The “rain rain” went away…it’s a gorgeous sunny Friday on Sanibel Island

Posted on September 27, 2013 by SanibelSusan

Finally after a weeklong run of rain, it is bright and sunny on Sanibel and Captiva today. We are so spoiled with routinely good weather (even in the summer) that multiple days of off-and-on showers are rare. Some of these summer storms were doozies too with heavy sideways driving rain. Lakes, ponds, rivers, and swales are overflowing with many areas in northern Lee County reporting sheet-flow flooding. They say it could get worse before it all dries out.

Luckily, here on the islands where the water-table is already high, standing water usually disappears in a few days. With this additional freshwater added to the already over saturated run-off from Lake “O”, I took a few gulf and bay photos earlier today. Maybe it’s because of the dilution, but the gulf waters look great and the bay waters are losing some of their brown tinge.

Gulf beach in front of Island Beach Club 09/27/13

Looking from Mariner Pointe over the canal to the Sanibel Marina 09/27/13

At the end of Bailey Rd looking into San Carlos Bay 09/27/13

Here are a few news items followed by the Sanibel and Captiva Islands Multiple Listing Service activity over the past seven days. Next week when October arrives, I bet we see the first of the snowbirds back on the islands.

Flood Insurance Rate Hike Imminent

Everyone is probably sick of me talking about the upcoming flood insurance changes, but the below article from Wednesday’s “Daily Real Estate News” and “Reuters” is a good summary of where things stand on this issue today. Before that, here is some encouraging news.

As 2013 Chairman of the local Realtor® Association’s Professional Development Committee, I was approached this week by one of our members who prior to her real estate career worked for many years as a Land Use Planner in Collier County (just south of us). She also is associated with an engineering company in Estero that specializes in revisions to FEMA’s Flood Insurance Rate Maps (which establish flood insurance premiums). Through some preliminary research, she has identified a few areas on Sanibel that may be candidates for zone changes (out of the “V” zone). So in hopes of initiating relief for some island owners, she is investigating these areas further and we have arranged for her and this firm to come to the Association in late October. They will present examples of their findings and describe how the zone change process works including typical timeframe and cost. There are no promises, but through this presentation, island Realtors® may be better prepared to help their clients on this important issue. Meanwhile, here’s the “Daily Real Estate News” article:

“More than 1 million home owners living in older houses along the coastlines and riverbanks of the United States are preparing for federal flood insurance rate hikes effective Oct. 1 under a law passed in the wake of devastating storms. Congress passed the law in an effort to balance a $24 billion deficit in the National Flood Insurance Program, which had growing losses from Hurricane Katrina in New Orleans in 2005 and earlier disasters. The rate increase is designed to make property owners pay for the true risk of living in high flood hazard areas, including coastal areas of Florida, New Jersey, New York, Texas, and Louisiana, and inland states prone to river flooding. Members of Congress from high-risk flood states want to delay the higher rates so they can gather more information on the impact on property owners, but with next Tuesday’s deadline, time is running out.

“The act requires the Federal Emergency Management Agency to phase out insurance subsidies enjoyed for decades by owners of homes that were built in high-risk flood zones before the creation of the original federal flood insurance rate maps and building standards, which in most communities occurred in the 1970s and 1980s.

“The act comes on top of a nationwide remapping of flood zones, which in some coastal areas has moved some properties into newly widened hazard zones, exposing them to rate increases. More than 80% of the 5.6 million properties nationwide covered by the $1.12 trillion program already comply with existing standards and would not see any change in their policies, at least for the time being, FEMA director Craig Fugate told a hearing of the U.S. Senate Banking, Housing and Urban Affairs Committee on Sept. 18. He acknowledged that the rates of those homeowners in compliance could go up, too, if new maps reveal higher flood risks.”

The Other Important Topic Today – Water Quality

Local Realtors® continue to work hard on local water quality issues too. On Tuesday, Realtor® Association Board member Shane Spring was in Tallahassee along with Sanibel’s Mayor Ruane. They attended committee meetings and met with state representatives behind-the-scenes to discuss what the effects of run-off from Lake Okeechobee are doing to island businesses. Flood insurance was very much on their agenda too.

Next week, several more island Realtors®, City officials, local scientists, educators, and concerned citizens will travel to Washington to also push on the Hill for reform on these same subjects. Enacting changes to mediate any damage (current or future) caused by water coming from Lake “O” and the fight for more equitable flood insurance costs are key subjects on the minds of everyone interested in protecting islanders’ personal property rights. Love it when Realtors® roll up their sleeves and put their negotiating skills to the test! Please continue to contact your congressmen about these important issues too.

If you have already received a new flood insurance bill or quote and it illustrates how drastically your costs are increasing would you please share it with me? The Realtors® fighting for you need examples to show congressmen. The more ammunition the better! These costs could be going up as much as 25% a year for the next several years, so we all need to ACT NOW!

8 States With Biggest Foreclosure Drops

Last week “Daily Real Estate News” sourced a “USA Today” article about homes going into foreclosure. It said “The number of home owners entering the foreclosure process dropped below pre-recession levels in August, according to RealtyTrac. In some states, the declines were even more pronounced. Financial site 24/7 Wall St reviewed the states with at least 500 foreclosure starts as of August 2013 to identify which had the largest declines in the last year:

“Illinois – Change in foreclosure starts: -66.2%
Arizona – Change in foreclosure starts: -64.9%
Washington – Change in foreclosure starts: -64.9%
Florida – Change in foreclosure starts: -64.6%
California – Change in foreclosure starts: -57.5%
North Carolina – Change in foreclosure starts: -56%
Michigan – Change in foreclosure starts: -55%
Tennessee – Change in foreclosure starts: -51%”

Let’s hope that trend continues.

Sanctuary Golf Club Scoop

In September’s “Sanctuary Sound”, The Sanctuary Golf Club newsletter, their Director of Membership, Sheryl Tatum, reported that because of the changes to their Equity Membership to this summer, the Club now has 20 new members. Four of these 20 new members are Social Members which leaves only two Social Memberships available for season (as the cap for Social Members is 100). It is likely that they will have a “wait list” for those Social Memberships soon. Their fees to join are: Equity Membership $110K, Introductory Membership $10K, Temporary Membership $5K/month (up to 2 months), and Social Membership $12K.

Move-Up Buyers Return

SanibelSusan Realty always targets potential move-up buyers through our post card mailings, so it was good news to read this. Posted last week in “Daily Real Estate News”, the article is sourced to “HousingWire” and says:

“As home equity levels improve, the move-up buyer is back on the market. More move-up buyers are selling their current properties to replace them with pricier homes, according to the latest report from FNC, a real estate data firm. The move-up buyers are coming with larger down payments on new homes as recent improvements in home equity levels have allowed them to move.

“”An important sign of a healthy and sustainable recovery is increased housing turnover driven by trade-up buying, which is more or less discretionary spending,” says Yanling Mayer, FNC’s director of research. “These buyers are typically more responsive to market conditions and financial incentives.” Rising mortgage rates are driving the higher demand because move-up buyers want to take advantage before mortgage rates rise up any more, brokers say.

“Plus, more move-up buyers are in a better position to move. Forty percent of all home owners now have at least 20% or more of equity in their homes now, according to RealtyTrac data. Also, 8.3 million additional home owners are expected to have at least 20% equity within the next 15 months if home prices continue to appreciate at the same pace, says Daren Blomquist, vice president of RealtyTrac. Blomquist adds that if 5% of these home owners decide to sell their homes, that would amount to an additional 415,000 homes for sale in the coming months.”

Younger Buyers to Dominate Luxury Market

I was surprised to see this heading on a Daily Real Estate News posting this week. It says: “A new survey by Coldwell Banker Previews International and the Luxury Institute finds that wealthy younger buyers are driving the luxury real estate market, and they are willing to pay more than similar wealthy buyers age 55 and older.

“The survey looked at Americans age 21 or older with a minimum gross annual household income of $250,000. It found that 43% of younger wealthy consumers are considering purchasing residential property in the next 12 months, compared to 21% of those aged 55 and older. These younger, wealthy buyers spent an average of $2.1 million on their most recent purchase of residential property, approximately twice the average amount spent by older and similarly wealthy buyers….So what are these younger buyers looking for? The survey found they are significantly more likely than wealthy buyers age 55 and older to want homes with amenities such as a pool, outdoor kitchen, home gym, home theater, wine cellar, and four or more garages. They are also more than twice as likely to value green or LEED-certified properties….For most luxury buyers, location is the most important factor when considering the purchase of residential property. And though they may travel internationally, only 6% of wealthy homeowners surveyed own residential property located outside the U.S.

September is REALTOR® Safety Month

Coinciding with Realtor® Safety Month, this week SanibelSusan teammate Elise attended a 3-hour continuing education class at the Sanibel & Captiva Islands Association office. She shared her hand-outs which cover three topics: social media safety tools; safety tips for open houses, listing appointments, and vacant properties; and protecting you and your clients from identify theft.

Here are a few additional owner-related safety tips recently offered by California’s Silicon Valley association in the “San Jose Mercury News”:

“Make sure all doors to the outside of a home are metal or solid hardwood and have good, sturdy locks.
Sliding glass doors should be secured with commercially available bars or locks.
Make sure all windows — especially those at ground level — have good locks, and use them.
Lighting is important, so be sure all porches and other possible entrances are well illuminated. Motion-sensing lights are an especially good option for outdoor lights.
Keep any bushes or trees that hide doors or windows trimmed.
Keep a tight rein on trash. Those homeowners who recently bought big-ticket items, such as a new entertainment system, should not put the empty boxes out by the curb. It can attract the attention of would-be thieves. A better idea is to cut the boxes down and stuff them in trash bags.”

To Renovate or Rebuild?

With all the recent island discussions about remodeling old structures and build-back, this recent article that was contributed to REALTOR®Mag Blogs was interesting. It was submitted by Blu Homes. As a Certified Eco-Broker®, “green” features always catch my eye.

“The housing stock is getting older in many parts of the country, and more home owners are facing the need to make drastic upgrades. In some cases, home owners are facing an even bigger decision, such as whether to tear down and rebuild a new home. The following infographic (http://www.bluhomes.com/infographics/renovate-or-rebuild/) from Blu Homes, a builder of prefab green homes, provides information to help home owners reach a cost-effective decision on whether to renovate or rebuild, including even how to recycle your old home and ways to incorporate green features too.

Upcoming Events at Sundial Beach Resort

After a successful Sanibel Summerfest promotion, Sundial Resort recently announced the events planned as part of their Fall Festival:

Saturdays noon to 4 p.m. – All you can eat BBQ beach buffets at Turtles Beach & Pool Bar.
Oct 12 & 13 – Columbus will land on the beach to party with guests and natives.
Nov 1 – “Thriller Halloween” costume party and fundraiser for F.I.S.H. (Friends In Service Here).
Thanksgiving Day & Christmas Day – buffets at Waterview (restaurant).
New Year’s Eve Gala – featuring The Danny Morgan Band. (Danny also will perform every Friday and Saturday in the Sea Breeze Cafe (from 7-10 p.m.) Other island performers play at Turtles Beach & Pool Bar every Friday and Saturday from 1-4 p.m.)

November Fun at The Bait Box

Nov 8th – 5th Annual Cracker Fest. This evening of island camaraderie includes dancing under the starts to the music of Uproot Hootenanny, and good food – all in laid-back cracker-style! This celebration of Florida’s cultural legacy benefits START (Solutions to Avoid Red, Inc.) and includes a live auction and raffles. Attendance is limited so make your reservations early.
Nov 9 – 20th Annual Esperanza Woodring Memorial Cast Net Rodeo. In the morning & also to benefit START. This event includes cast net lessons and demonstrations, plus competition by children. Registration is free and each child receives a prize just for competing.

Sanibel & Captiva Islands Multiple Listing Service Activity from September 20-27

Sanibel
CONDOS
No new listings.
3 price changes: Beach Road Villas #106 2/2 now $299.9K, Beach Road Villas #103 2/2 now $374.5K, Loggerhead Cay #331 2/2 now $484.9K.
2 new sales: Sundial #I101 1/1 listed for $349.9K (our listing), Lighthouse Point #125 2/2 listed for $539,935.
No closed sales.

HOMES
3 new listings: 778 Cardium St 3/3 $545K, 4992 Joewood Dr 3/3.5 $1.459M, 1800 Woodring Rd 2/2 $1.995M.
2 price changes: 1644 Atlanta Plaza Dr 2/2 now $459.5K, 1225 Junonia St 3/2 now $679K.
2 new sales: 1809 Farm Trl 3/2 listed for $499K, 2695 Wulfert Rd 4/4/2 now $1.345M.
1 closed sale: 984 Greenwood Ct 3/2.5 half-duplex $359K.

LOTS
No new listings.
1 price change: 3037 Poinciana Cir now $215,555.
No new sales.
1 closed sale: 2512 Wulfert Rd $231.5K.

Captiva
CONDOS
No new listings or price changes.
2 new sales: Gulf Beach Villas #2008 2/2 listed for $649K, Captiva Bay Villas #A 3/3.5 listed for $1.995M.
No closed sales.

HOMES
No new listings.
1 price change: 11541 Wightman Ln 3/3 now $1.495M.
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.

Here’s just one more photo before I say, “happy weekend”. This one shows some of the activity going on at the future location of Bennett’s Fresh Roast on Periwinkle Way which is scheduled to open in November. Meanwhile the remodeling continues, their new drives are in, and a zillion plants/trees were being put in today. It already is looking terrific!

Happy weekend to all & let it be sunny wherever you are!

SanibelSusan

Market Upswing Continues on Sanibel & Captiva Islands

Posted on September 20, 2013 by SanibelSusan

Not quite as much real estate action on Sanibel this week as last, but there still are a few things to report which makes it a better than usual September. SanibelSusan got a nice new listing at Pointe Santo (see photo of the view above & the beach below), we had a lot listing go under contract, yesterday we had a productive meeting at the Association of Realtors® plus had a new home listing on caravan, and today we got a good call about another new listing. Here are a couple of news items, followed by the activity posted over the last seven days in the Sanibel and Captiva Islands Multiple Listing Service.

Realtor® Monthly Membership Meeting & Some Sanibel Scoop

The Sanibel and Captiva Islands Association of Realtors® had one of their best-attended monthly membership meetings yesterday, with a standing-room-only crowd by 8 a.m. Our local District Vice President Gary Verwilt was a special guest. Our district covers the nearby Realtor® Associations which include, in addition to Sanibel and Captiva Islands, the Bonita Springs – Estero Association, the Cape Coral Association, the Realtor® Association of Greater Fort Myers and the Beach, the Marco Island Area Association, and the Naples Area Board. We like networking with our surrounding colleagues so they will sell our listings too.

Gary offered special kudos to the Sanibel and Captiva Islands Association for our strong efforts toward improving water quality and for our 2013 RPAC achievements. It looks like we will garner some state awards again this year for our Realtors® participation and many contributions. During the next two weeks, two of our board members will be traveling to the state capitol in Tallahassee and then on to Washington DC to continue the fight for clean water.

Our featured speaker was Sanibel Mayor Kevin Ruane who gave us some good news on recent budget meetings. City finances are strong with real estate taxes being cut for the sixth year in a row – though he noted that only 12-cents from every real estate tax dollar come back to the island. City debt has been reduced $45 million, while $17 million have been added to reserves.

Mayor Ruane also offered some insight into the City’s progress in creating a new “Cultural Core” area where residents and visitors will be able to walk to events and connectivity will be provided to local amenities. The City is working toward this development in cooperation with several local organizations, including The Community House, BIG ARTS/Playhouse, the Library, and the Sanibel Historical Village and Museum. Currently the 25 acres near City Hall are being considered for development and grants are being explored.

Realtors® thanked the Mayor for City support regarding the current flood insurance bill that could delay some of the upcoming changes in how those insurance premiums will increase for Floridians. In commenting, he referred back to his insurance background. Particularly noteworthy is that Florida has contributed $16 billion to the federal flood insurance program, but has only received $4 billion in benefit. We all know there is something wrong with that picture! That fight must continue too!

More on Water Quality

The Sanibel-Captiva Conservation Foundation (SCCF) September newsletter has several excellent articles about water quality and how you can help. The rainy season is almost over and we cannot have the squeaky wheel stop squeaking. It will be back again next summer. Click here for the newsletter.

At the bottom of page 8, SanibelSusan got a little free press too. It is in the article about our recent Realtor® continuing education class at SCCF. Thank you, Kristie Anders!

Openings & Closings

The Over Easy Cafe and the Lighthouse Cafe both are back open. Hooray!

Noah’s Ark reopens October 1.

Wildlife Drive in the J.N. “Ding” Darling Wildlife Refuge reopens October 1.

The Shell Museum is closed until October 7 for renovations.

Event Reminders

Tomorrow, September 21 is international Coastal Cleanup. To participate, be at SCCF between 9 a.m. and noon.
Taste of the Island will be returned to The Dunes. This annual fundraiser for CROW is November 10.

Florida’s Housing Market Continued Upswing in August 2013

FloridaRealtors® on-line posted the following article mid-week. All good news for Florida’s recovering real estate market.

“Florida’s housing market continued its positive trend in August with increased closed sales, higher median prices, more pending sales and a stable supply of homes for sale, according to the latest housing data released by Florida Realtors®. “Both sales and prices demonstrate that Florida’s housing market is growing and continuing to gain strength,” says 2013 Florida Realtors President Dean Asher, broker-owner with Don Asher & Associates Inc. in Orlando. “The growth in jobs and other positive signs are putting buyers at ease with how the economy is progressing. At the same time, prices are encouraging sellers to get off the fence and helping to ease inventory pressures. “August is the 20th month in a row that we’ve seen the statewide single-family home median sales price increase year-over-year.”

“Statewide closed sales of existing single-family homes totaled 20,933 in August, up 12.5% compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. Closed sales typically occur 30 to 90 days after sales contracts are written.

“Meanwhile, pending sales – contracts signed but not yet completed or closed – for existing single-family homes rose 17.2% over the previous August. The statewide median sales price for single-family existing homes last month was $175,000, up 18.6% from the previous year….”

Sanibel & Captiva Islands Multiple Listing Service Activity from September 13-20

Sanibel
CONDOS
3 new listings: Mariner Pointe #732 2/2 $389K, Pointe Santo #C34 1/1 $499K (our listing), Sanibel Inn #3535 2/2 $699K.
2 price changes: Sundial #H111 1/1 now $269K, HighTide A101 3/2 now $1.199M.
2 new sales: Sanibel Arms West #M4 2/2 listed for $450K, Atrium #307 2/2 listed for $1.2M.
3 closed sales: Spanish Cay #C3 2/2 $325K, Pointe Santo #D24 2/2 $620K, Sundial #R202 2/2 $603K.

HOMES
No new listings.
2 price changes: 720 Periwinkle Way 3/3.5 now $1.379M, 2964 Wulfert Rd 5/5.5 now $1.997M.
2 new sales: 420 Lighthouse Way 3/2 listed for $589K, 6014 White Heron Ln 3/3.5 listed for $1.35M.
1 closed sale: 916 Palm St 5/4 multi-family $529K.

LOTS
No new listings or price changes.
1 new sale: 1847 Farm Trl listed for $224K (our listing).
No closed sales.

Captiva
CONDOS
No new listings or price changes.
3 new sales: Beach Villas #2611 2/2 listed for $610K, Gulf Beach Villas #2008 2/2 listed for $649K, Sunset Beach Villas #2238 listed for $825K.
1 closed sale: 2512 Wulfert Rd $231.5K.

HOMES
No new listings.
1 price change: 4 Sunset Captiva Ln 2/2 now $2.395M.
1 new sale: 14971 Binder Dr 4/3 listed for $2.695M.
1 closed sale: 15160 Captiva Dr 6/6.5 $1.8M.

LOTS
Nothing to report.

Here’s to another sunny weekend, wherever you are.

Below is a photo shared by teammate Lisa Murty. (After all the recent rain in southwest Florida, the vegetation is a vivid green and the local critters are happy!)

2-Sale Double-Dip Week Plus a New Great Listing for SanibelSusan

Posted on September 13, 2013 by SanibelSusan

We had a flurry of activity at SanibelSusan Realty this week. There was no Realtor Caravan meeting yesterday, but I (Susan) had two unexpected sales (both my listings – love those) – one by a past client and the other a new customer who called from reading my Friday blog. How about that!

Yesterday, we received a terrific new listing in The Dunes. A photo taken from the great room of this house at 1311 Sand Castle Road is shown above. It has peaceful lake views perfect for wildlife watching.

With good feedback from other listings that were shown this week too, our fingers are crossed on a couple of those! Maybe “season” is starting early!? That sure would be nice!

Special shout-outs to Dan Cronin, Assistant Vice President and Loan Officer, with the Sanibel-Captiva Community Bank and Ron Dehler, Chief Inspector, with Horizon Inspection Service, Inc. for their expert service this week too!

Great to refer business to folks who respond, professionally and quickly!

Mid-September on Sanibel & Captiva Islands

The peak day of hurricane season was Tuesday, so hopefully Southwest Florida will wind down through the next two months with less rain and no storms. Though it has been one of the wettest summers in recent history, there has been wonderful weather the last few days. The typical afternoon/evening showers have not made it to the island, though there has been some pretty serious flooding in some areas off-island.

It also was reported on the news that the water releases from Lake Okeechobee will be reduced 60% beginning today because the water level in the lake is down to a more reasonable level. There have been a few inquiries about the water, but mostly locals are fielding visitor questions about what is open and what’s not. With schools back in session, September is usually the islands’ quietest month. Ding Darling Drive remains closed until October 1. The Sanibel Movie Theater is closed all month and many restaurants and shops continue to close for fix-ups and vacations.

Here are a couple of wind insurance news items followed by this week’s action in the Sanibel and Captiva Islands Multiple Listing Service.

Florida Approves Citizens Property Insurance Hikes

Sometimes these news items are not much fun to post. Earlier this week the “Associated Press” posted the following article from Tallahassee:

“Florida customers of the state’s largest property insurance company – including many homeowners who live near the coast – will be paying more in the coming year. State regulators on Monday announced that they had approved an overall statewide rate hike of 6.3% for customers of Citizens Property Insurance Corp. The hike means that the state-created Citizens – which has 1.22 million policyholders – will have raised its rates for four straight years.

“The Office of Insurance Regulation’s hike is slightly smaller than what Citizens officials had requested. The increases would take effect in January and February 2014.

“But the range of hikes varies depending on where homeowners live and what type of policy they have with the insurer. Many policyholders in South Florida as well as coastal counties such as Sarasota, Escambia and Volusia may see a 10% jump in their insurance bills while the rate change will be lower for those who live further inland.

“Barry Gilway, president and CEO of Citizens, maintained that exposure to hurricanes and sinkholes were the “major drivers” behind the need for the rate hikes this year. In a statement, Gilway said he was pleased that regulators “agreed with our overall approach.”

“Citizens would have likely asked for larger increases next year – but state law does not allow Citizens to raise rates on most coverage more than 10% a year. That cap does not apply to sinkhole coverage.

“The final order issued by regulators allows sinkhole rates to go up by 20% in Hernando and Pasco counties and 50% in Hillsborough County.

“Citizens has the power to place a surcharge, also called a “hurricane tax,” on its own policies and on the policies of most insurance policies if it can’t cover its losses following a major storm. That has prompted a push by Gov. Rick Scott and others to force Citizens to improve its finances. Citizens has billions of dollars in surplus now, but a series of a storms, or back-to-back years with major hurricanes, could wipe out the surplus. “The agency’s action will allow Citizens to continue providing quality service to our 1.2 million policyholders while reducing the risk of assessments on all Floridians,” Gilway said in his statement.

Citizens Insures Thousands of Out-of-State Owners

Continuing with more news about Citizens, I read this article on FloridaRealtors this morning. It was sourced to “The Miami Herald” yesterday.

“When Citizens Property Insurance sends out its monthly customer bills, only 31% of them go to the same house that is insured. The rest go to other mailboxes in Florida – and around the globe, according to data analyzed by the American Consumer Institute of Citizen Research. More than 19,000 bills go to people who live in Canada, nearly 27,000 go to New Yorkers, almost 12,000 go to folks in New Jersey and hundreds more go to England, Germany and France. From Singapore and China, to South Africa and Luxembourg, Florida’s state-run insurance company is providing subsidized insurance coverage to 22,775 property owners who reside abroad. Another 176,465 policies go to homeowners with primary addresses in other states, the study found.

“At least 1 million of the nearly 1.3 million monthly bills for homeowners policies stay in Florida, but that includes an estimated 500,000 policies that go to addresses different from the property that is insured. As Florida grapples with how to lower the cost of homeowners insurance along its hurricane alley, the out-of-state subsidies are a luxury it cannot afford, said Steve Pociask, president of the Washington, D.C.-based think tank that reviewed Citizens’ billing lists. “It all comes down to affordability,” he said. “People who live here and have their primary homes insured here are teachers, police, service workers and they are being stung by higher prices, while 27,000 people who have their bills sent to New York are getting subsidized insurance. Why do we want to subsidize these folks?”

“The inequities are enough to prompt Sen. David Simmons, the chairman of the Senate Banking and Insurance Committee to draft legislation to require that out-of-state policyholders whose second homes or vacation are insured by Citizens no longer receive subsidized rates. “It is a real issue,” said Simmons, R-Maitland. “We thoroughly investigated it. The people who have the wind-only policies in the coastal accounts pay comparatively less than people who have personal accounts who are paying close to actuarially sound rates. It’s grossly unfair.”

“Pociask’s findings have also prompted a coalition of business and environmental groups this week to call for legislation to ban property owners whose primary residence is out of state from qualifying for Citizens insurance, which are offered at below-market rates. “It is bad public policy to continue to allow public subsidies for wealthy, out-of-state homeowners, including coastal homeowners who should be paying a fair price to live in a vulnerable area,” said Manley Fuller, president of the Florida Wildlife Federation and a member the Stronger Safer Florida Coalition, whose goal is to reduce the risk of hurricane losses in the wake of a major storm.

“The study, produced independently by Pociask using data supplied by Citizens, does not distinguish between policyholders who own or rent their property to full-time residents in Florida but receive their bills out of state, and those who live in Florida only part of the year. It’s a controversial suggestion in a state where steady improvements in the real estate market are being driven in part by international buyers.

“For example, in Sunny Isles Beach, development is under way for eight luxury condominiums, most of which are being marketed to foreign and out-of-state investors. Mayor Norman Edelcup predicts the city’s property tax base will double in the next five years because of it. But, he said, access to property insurance is key. “If Citizens were to deny insurance coverage to non-resident owners – in effect creating second class citizens – I would be totally against it,” he said. If those property owners are denied Citizens coverage, and can’t obtain insurance from an alternative carrier, “that would immediately cut those buyers out of the market and that would have a dramatic effect on us,” he said.

“Legislators tried to impose a surcharge on non-homesteaded property once before, in 2006. But the measure, which was adopted by legislators as part of a sweeping insurance reform bill, was repealed the next year in the wake of spiraling insurance costs at the state-run carrier. Under the current system, anyone who obtains a Citizens policy faces the risk of being charged additional assessments if the state runs out of money to cover claims in a massive storm. Floridians who don’t carry Citizens coverage would also face fees to bail out the state carrier, leading some to question the fairness of giving out-of-state residents subsidies if they escape the added costs. “We should not be subsidizing insurance – period – because it distorts risk and it distorts the market,” said Christian Camara, Florida state director of the R Street Institute, a free-market think tank. “But we especially should not be subsidizing folks who do not live in Florida and would not be subject to the assessments in a worst-case scenario.”

“Efforts to shrink Citizens and reduce the potential size of those assessments was the focus of a major property reform bill passed last session. Under the plan, Citizens established a clearinghouse to encourage private insurers to take over Citizens plans, limited the maximum Citizens policy from $2 million to $1 million and eliminated subsidizes for new construction in environmentally-sensitive coastal areas.

“But Pociask, who said his organization receives no funding from Florida entities, warns that because of the large number of out-of-state policyholders, the reforms may not do enough to ease the financial burden on Florida residents if a massive storm were to hit. “The whole idea of having that investment from other countries is really good for the state, but, the question is, should somebody else be on the hook for paying for their insurance?” he asked.

“Simmons said he is prepared to find the answer with legislation next session. “Our plan is to address the inherent inequities that exist without denying anybody access to Citizens,” he said. “But we want to make sure the existing Citizens policyholder are not subsidizing other policyholders who are out of state.””
Sanibel & Captiva Islands Multiple Listing Service Activity from Sep 6-13

Sanibel
CONDOS
3 new listings: Beach Road Villa #103 2/2 $349.5K, Sanibel Moorings #1622 2/2 $439K, Sanibel Arms West #M4 2/2 $450K.
2 price changes: Blind Pass #E206 2/2.5 now $479K, Pointe Santo #B25 2/2 now $749K.
4 new sales: Duggers Tropical Cottages #2 1/1 listed for $249K, Mariner Pointe #1042 2/2 listed for $424K (our listing & sale) (picture of that view above), Sanibel Arms #D1 2/2 listed for $450K, Sunset South #3B 2/2 listed for $595K.
1 closed sale: Sanibel Siesta #210 2/2 $414.5K.

HOMES
4 new listings: 1039 Beach Rd 2/2 $340.5K; 579 Rabbit Rd 3/3.5 $579,555; 1311 Sand Castle Rd 3/2 $749.9K (our listing); 600 N Yachtsman Dr 3/2.5 $1.195M.
2 price changes: 1809 Bowmans Beach Rd 3/2 now $499K, 1342 Junonia St 3/3 now $629K.
4 new sales: 659 Donax St 2/2 listed for $449K (our listing & sale), 470 Lake Murex Cir 3/2 listed for $495K, 4585 Bowen Bayou Rd 4/4 listed for $645K, 200 Robinwood Cir 3/3.5 listed for $1.268M.
3 closed sales: 1520 Centre St 2/2 $319K, 1941 Roseate Ln 3/2 $420K, 1066 Bailey Rd 3/3 $721K (short sale).

LOTS
No new listings.
1 price change: 4954 Joewood Dr now $399K.
1 new sale: 5439 Osprey Ct listed for $379K.
No closed sales.

Captiva
CONDOS
No new listings, price changes, or new sales.
1 closed sale: Bayside Villas #5134 1/2 $257K.

HOMES
1 new listing: 16249 Captiva Dr 3/3 $2.995M.
1 price change: 11525 Chapin Ln 4/4 now $1.449M.
No new or closed sales.

LOTS
Nothing to report.

Here’s to sunny weekend weather…on the islands & beyond…

Sanibel Sunrise & This Week’s Real Estate Scoop

Posted on September 6, 2013 by SanibelSusan

Sanibel Sunrise

The above photo looking from the causeway to the lighthouse was taken by SanibelSusan teammate and best daughter-in-law, Lisa.

Realtor® Happenings This Week

Another week is behind us on Sanibel Island with a sprinkling of showings and a Realtor® Meeting yesterday. The morning Open House Caravan was interrupted a bit by a last-minute call-to-action from Sanibel Mayor Kevin Ruane. In preparation for last night’s Town Hall meeting about the Lake “O” run-offs, he asked local businessmen to be at the Sanibel boat ramp at 10 a.m. where Florida Senator Lizbeth Benequisto came to see bay-water first hand. She also visited Pink Shell Resort on Fort Myers Beach. The photo here was taken yesterday at the boat ramp by Realtor colleague Shane Spring.

The Town Hall meeting was at The Lee County Emergency Operation Center and included a presentation by the Army Corp of Engineers and water management officials. The public also had opportunities to ask questions and comment. The good news is that City/State officials and the public are involved and they are raising cane (no pun intended)!

The Sanibel Real Estate Market

Below are a couple of other news items followed by the week’s Multiple Listing Service action. First a quick summary showing how the Sanibel market has fared during the first eight months of the year, compared to 2012. It’s getting better! (Prices are the median value.)

CONDOS HOMES LOTS

# Price DOM # Price DOM # Price DOM

Sold (1/1-9/6/13) 129 539,000 351 163 699,000 295 15 449,555 506

Sold (1/1-9/6/12) 127 529,000 406 132 624,950 280 24 299,450 527

Wonder what inventory is like today? Recognizing that we are coming into what is traditionally a time when sellers list their property it is good that inventory is down (or there are fewer listings now than in other recent Septembers). Here is summary of Sanibel inventory today:

CONDOS HOMES LOTS

# Price DOM # Price DOM # Price DOM

For sale 137 539,935 444 151 948,000 359 85 369,000 890

DOM = days on market.

Florida’s Rating Improves

In a mass email last weekend from Jeff Atwater, Florida’s Chief Financial Officer, he said: “…the Fitch Rating Agency reaffirmed Florida’s AAA credit rating and upgraded our outlook from negative to stable. Fitch’s announcement is great news for our state and an affirmation that our efforts to grow the economy, decrease debt and ensure government accountability are paying off…The Fitch report attributes Florida’s upgrade to a trend of economic stabilization and the implementation of fiscally prudent measures, such as a balanced state budget….”

Home Prices Showing Signs of Cooling?

The Sanibel & Captiva real estate market has always been seasonal – i.e. “more” sales (than in the summer) in the last quarter of the year, usually to folks securing a winter getaway or seasonal vacation rental, followed by the “most” sales in the first quarter of the year when the most prospective buyers are in town. It still was interesting to read the below article posted Wednesday on “Daily Real Estate News” and further sourced to “HousingWire”:

“Home prices continue to appreciate nationwide, even amid rising borrowing costs due to an increase in mortgage rates. However, home prices may be showing some signs of slowing in the coming months, according to two housing reports released Tuesday.

“Home prices nationwide rose 12.4% year over year in July, according to the latest report by CoreLogic. That marks the 17th consecutive month of growth in home prices.

“A report by Clear Capital, also released Tuesday, showed home prices ticked up 10.2% year over year — however, Clear Capital’s report reflected August data. The last time Clear Capital noted a double-digit yearly price gain was in mid-2006 during the housing bubble, according to the report.

“CoreLogic experts predict that home prices will rise by 12.3% year over year in August. But home prices likely will start to curtail in the second half of the year, says Mark Fleming, chief economist for CoreLogic. “Price growth is expected to slow as seasonal demand wanes and higher mortgage rates have a marginal impact on home purchase demand,” Fleming notes.

“Clear Capital economists note that the low-tier price segment of the housing market showed the lowest quarterly gain in prices since April 2012 — increasing just 2%. “Considering the low tier price segment of the housing market led the recovery, the cooling in this segment will likely transfer through to the broader housing market,” says Alex Villacorta, vice president of research and analytics at Clear Capital.””

A First-Ever Flip in Mortgage Affordability

Yesterday, “Daily Real Estate News” sourced a Wall Journal Article. It says:

“For the first time ever, interest rates for jumbo mortgages have dropped below the average rates for conforming mortgages, lenders say. The average interest rate for a 30-year fixed-rate conforming mortgage last week was 4.73% while the average for a jumbo 30-year fixed-rate mortgage was 4.71%, according to the Mortgage Bankers Association. “In my 30-year career, I’ve never seen nonconforming loans priced below conforming loans,” says Brad Blackwell, executive vice president of Wells Fargo Home Mortgage. Typically, rates for jumbo mortgages run at least 0.25% points above rates for conforming loans. In 2008, jumbo mortgage rates peaked at 1.8% points above conforming rates, according to HSH.com data….Jumbo mortgages are those that exceed the $417,000 limit to qualify for backing by mortgage giants Freddie Mac and Fannie Mae. The limit may be lifted to $625,000 in some high-cost markets, such as New York and Washington.”

Annual International Coastal Cleanup

If you are on the island on Saturday, September 21, please join the Sanibel-Captiva Conservation Foundation (SCCF) in participating in an international volunteer effort to rid coastlines and waterways of marine litter, pollution, and debris. As many as 600,000 volunteers worldwide help in this annual event which is going into its 27th year. Participation is easy, just bring friends and family to the SCCF Nature Center at 3333 Sanibel-Captiva Road between 9 a.m. and noon on the 21st to check in and pick up your Coastal Cleanup data cards and trash bags. If you bring your own gloves and water, it will reduce the use of plastic. There will be lunch and snacks on the Nature Center porch from 10 a.m. until noon when you bring your trash back to deposit in the dumpster. Last year in Florida alone, 23,362 people collected 452,913 pounds of trash on 1,175 miles of coast. To reserve your clean-up spot or get your data cards in advance, call 239-472-2329.

Captiva Bridge to Close Briefly During Captiva Triathlon

The 3rd Annual Galloway Captiva Triathlon organizers advise that the all regular traffic on Captiva Drive will be closed from 6:45 to 8:45 a.m. on Sunday, September 15. Approximately 900 athletes and 30 teams will compete in the sold-out event spanning both the 14th and 15th, with proceeds benefiting the Backpack and School Pantry Program of Community Cooperative Ministries.

The children’s triathlon is first on Saturday morning where 140 young athletes split into ages 6-9 and 11-13 will swim, bike, and run. Adults will compete on Sunday by completing a quarter-mile swim, 10-mile bike ride, and 5K run. During that biking leg, local traffic toward Captiva will be re-routed to make it easier for large vehicles and trailers to head back down San-Cap Road until the bridge reopens.

This year’s triathlon is unique because the first wave of athletes are competing in a new “elite” division where they had to post qualify at a USAT (USA Triathlon) sanctioned event. For more info, go to www.CaptivaTri.org.

Sanibel Marina Scoop

I read in one of the local papers this week that the fuel dock next to Gramma Dot’s store at the Sanibel Marina will be torn out and replaced by the time seasonal residents return this fall. Did you know that the marina has 77 slips, many sized for large vessels?

The marina is especially handy to Marine Pointe condo boat owners. I loved having it nearby when I had my boat and lived there.

It also is just up the canal from the large lot we have listed on Limpet Dr. Overlooking intersecting canals, a home built on this parcel will have expansive water views. If you know of anyone looking to build a convenient home all on one level on high ground in a well-established neighborhood with easy deepwater access (no bridges) and a patio dock (great spot for a yacht tender), this lot is it! It is one of the last undeveloped parcels in Sanibel’s Shell Harbor which has a large private community beach access with parking on East Gulf Dr (between Tortuga Beach Club and The Sanibel Inn). The price was reduced this week too! Check it out below in our report of MLS activity this week.

Sanibel & Captiva Islands Multiple Listing Service Activity from Aug 30 to Sep 6

Sanibel
CONDOS
6 new listings: Sundial #D305 1/1 $439K, Sanibel Arms #D1 2/2 $450K, Sanibel Arms West #G5 2/2 $525K, Loggerhead Cay #412 2/2 $548.8K, Heron at The Sanctuary #2B 3/3.5 $625K, Sundial #L305 2/2 $975K.
2 price changes: Sundial #G407 1/1 now $339K, Sanddollar #A104 2/2 now $859K.
3 new sales: Sundial #C307 1/1 listed for $339K, Kings Crown #313 2/2 listed for $590K, Shorewood #3 3/3 listed for $1.625M.
6 closed sales: Loggerhead Cay #582 2/2 $512.5K, Pointe Santo #D2 2/2 $555K, Tarpon Beach #206 2/2 $625K, White Pelican #112 2/2 $720K, Surfside 12 #C4 3/2 $730K, Gulfside Place #103 2/2 $900K.

HOMES
7 new listings: 470 Lake Murex Cir 3/2 $495K, 581 East Rocks Dr 3/2 $525K (short sale), 420 Lighthouse Way 3/2 $589K, 1854 Farm Trl 3/2 $599K, 2529 Harbour Ln 3/3 $725K, 1444 Causey Ct 4/4 $1.2M, 6014 White Heron Ln 3/3.5 $1.35M.
1 price change: 5307 Lady Finger Lake Rd 3/3 now $638K.
2 new sales: 490+460 Old Trail 3/2 listed for $375K (short sale), 1566 Sand Castle Rd 3/3 listed for $699K.
5 closed sales: 2560 Coconut Dr 3/3 $428K, 1281 Par View Dr 3/2 $610K, 734 Pyrula Ave 3/2.5 $850K, 960 Victoria Way 3/3 $950K, 4067 West Gulf Dr 4/4.5 $4.1M.

LOTS
No new listings.
1 price change: 837 Limpet Dr now $749K (our listing).
No new or closed sales.

Captiva
CONDOS
No new listings or price changes.
1 new sale: Bayside Villas #4204 1/2 listed for $259K.
No closed sales.

HOMES
Nothing to report.

LOTS
Nothing to report.

Until next Friday, happy weekend!

Good weather is expected on the islands with more 90-degree days & 72-degree nights.

Sanibel Scoop & Captiva Chatter

SanibelSusan's Blog About What's Happening on the Islands

Monthly Archives: September 2013

The “rain rain” went away…it’s a gorgeous sunny Friday on Sanibel Island

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Market Upswing Continues on Sanibel & Captiva Islands

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2-Sale Double-Dip Week Plus a New Great Listing for SanibelSusan

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Sanibel Sunrise & This Week’s Real Estate Scoop

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