It’s SanibelSusan reporting that we have had our heat on for another two nights this week, which has been novel for us locals, but not so much fun for the visiting vacationers. Though there was a freeze warning last night in Lee County, the island only experienced temperatures in the 40’s. It warmed up to the mid-60’s this afternoon. Daytime temperatures are expected to remain in the 60’s and low 70’s right into the middle of next week. Thank goodness the skies are bright and sunny, or there would be more grumbling.
Here’s a photo of the many egrets trying to warm up by sitting on the sunny cars parked behind our office this morning. Quite a sight!
They had moved to the roof tops by early afternoon when things warmed up.
Prospective buyers often prefer looking at property on these cooler off-beach days so many Realtors® were out showing this week. Periwinkle Way is busy with extra day-tripper and shopper traffic too. There are lines at most restaurants and traffic jams at the 4-way stops. “High season” arrived right on schedule Jan 15th. It’s already looking like we are going to have a very active productive winter this year! We are so ready for that!
4 Keys Identified for a Full Housing Recovery
“In order to have a fully recovered housing market and economic recovery, economists point to the need for four positive indicators:
1. A healthy job market with low stable unemployment;
2. Mortgage delinquencies that have returned to historical averages;
3. Home prices consistent with an affordable mortgage payment–to–income ratio; and
4. Home sales that are in the range of historical norms.
“So, is the housing market inching closer?
“Freddie Mac’s U.S. Economic and Housing Market Outlook for January takes a look at how the housing market is performing among these four indicators. Economists note that the unemployment rate — while inching down — still remains high at 6.7%. Meanwhile, mortgage delinquencies have fallen to 5.88% — nearly half of their peak rate but still higher than the national average of about 2%, Freddie notes.
“Home prices still have some room to grow without outpacing income growth, economists say. “From 1999–2006, mortgage payments on a hypothetical 30-year fixed-rate mortgage would have increased by 50% more than income growth,” Freddie Mac notes in the report. “Currently, payment-to-income ratios are only 60% of the level we had in 1999, suggesting room for continued housing growth.”
“Finally, home sales have risen over the past two years but remain below levels from nearly a decade ago. Home sales, historically, average a rate of about 6 percent of the housing stock every year. They dropped to 4% during the housing crisis. Economists are predicting a 5.7% pace in 2014. “As we start 2014, the housing recovery continues its steady pace,” Frank Nothaft, Freddie Mac’s chief economist. “House-price gains will likely moderate from last year’s pace but rise about 5% in national indexes. Home sales, as well as other key indicators, continue to trend in the right direction, although in some markets we are seeing the sales recovery strengthen while many others remain weak.”
Sanibel & Captiva Islands Multiple Listing Service Activity January 17-24, 2014
4 new listings: Sanibel Moorings #422 2/2 $475K, Lighthouse Point #324 3/2 $679.9K, Sundial #O307 2/2 $975K, Signal Inn #18 3/2 $1.049M.
1 price change: Sundial #H407 1/1 #399K.
4 new sales: Mariner Pointe #112 2/2 listed for $569K (our Buyer), Heron at The Sanctuary II #2A 3/2.5 listed for $609K, Island Beach Club #220D 2/2 listed for $849K, Sundial #L304 2/2 listed for $995K. 1 closed sale: Mariner Pointe #1083, 2/2 for $350K.
9 new listings: 1596 Bunting Ln 2/2 $419K; 600 East Rocks Dr 3/2 $535K; 3001 Singing Wood Dr 3/2 $585,555; 4472 Waters Edge Ln 3/3 $849K; 529 Lighthouse Way 3/3 $985K; 466 Sea Oats Dr 4/3.5 $995K; 9007 Mockingbird Dr 3/3 $1.035M; 1500 Angel Dr 3/2 $1.279M; 4577 Waters Edge Ln 4/3 $2.95M.
6 price changes: 9459 Begonia Ct 3/4 now $549.9K, 1342 Junonia St 3/3 now $579K, 1748 Jewel Box Dr 4/4 now $1.298M, 842 Limpet Dr 3/3.5 now $1.695M, 2964 Wulfert Rd 5/5.5 now $1.947M, 1266 Isabel Dr 3/3 now $2.095M.
5 new sales: 579 Rabbit Rd 3/3.5 listed for $574,555; 1342 Sand Castle Rd 3/2 listed for $599K; 5750 Pine Tree Dr 2/2 listed for $699K; 5742 Pine Tree Dr 4/2 listed for $749K, 720 Periwinkle Way 3/3.5 listed for $1.379M.
7 closed sales: 960/964 Palm St 3/3 $450K (short sale), 1009 Dixie Beach Blvd 3/2 $495K, 4515 Bowen Bayou Rd 3/2 $530K, 1419 Albatross Rd 3/3 $715K, 2367 Wulfert Rd 4/3.5 $1.188M, 775 Limpet Dr 3/3 $1.5M, 431 Bella Vista Way E 3/3 $2.4M.
2 new listings: 2324 Starfish Ln $549K, 3723 West Gulf Dr $3.295M.
1 price change: 5627 Baltusrol Ct now $410K.
No new sales.
1 closed sale: 4954 Joewood Dr $365K.
1 new listing: Bayside Villas #4210 1/2 $299.5K.
1 price change: Sunset Beach Villas #2332 2/2 now $765K.
1 new sale: Captiva Hide-A-Way #2B 2/2 listed for $899K.
No closed sales.
2 new listings: 15017 Binder Dr 3/3.5 $3.899M, 15300 Captiva Dr 16/12.5 multi-family $12.998M.
3 price changes: 16785 Captiva Dr 4/3.5 now $1.795M, 16447 Captiva Dr 7/6/2 now $2,999,999 (short sale), 16645 Captiva Dr 7/6/2 now $3.55M.
1 new sale: 51 Oster Ct 2/2.5 listed for $795K.
No closed sales.
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.