Just in time for a 3-day weekend, SanibelSusan is ready for some holiday real estate business. Island weather is almost in full summer-mode with a few afternoon showers expected to crop up inland. It is AOK if they occasionally hit the islands too since rain still is needed and the after-affects usually make for great sunsets.
With the islands quiet earlier in the week, our listings only had a handful of showings. A report of the Multiple Listing Service action over the last seven days follows a couple of news items. You will notice that another of our Mariner Pointe listings (the 3 bedroom) went under contract this week and we had a nice Gumbo Limbo home closing this afternoon.
19th Annual RPAC Auction & After-Season Party
This annual Sanibel & Captiva Islands Association of Realtors® event was held Wednesday again this year at The Sanctuary Golf Club. It included a golf outing, silent, and live auctions, plus after-party, all to benefit RPAC (REALTORS® Political Action Committee).
Wondering what RPAC is or does? If there is a federal, state, or local topic related to real estate, owner rights, and property values, you can expect a Realtor® PAC to be involved. In recent years, on the islands, we have benefitted from PAC money helping with such issues as water quality, flood insurance, beach re-nourishment, and build-back.
Wondering how each RPAC dollar is spent? 30% goes to the national Realtors® PAC, 45% goes to Florida Realtors® PAC, and 25% goes to the local associations.
For many years, the Sanibel and Captiva Islands Association has led the state in several fund-raising categories including the most RPAC dollars raised and the highest percentage of goal for a small board. Last year, we won four of the five trophies awarded, so you know what we want this year.
A special guest at this year’s event was Florida Realtors® Senior Vice President of Public Affairs, John Sebree, from Tallahassee. It was such a treat to have him update our members on what he and RPAC are doing. SanibelSusan’s “mystery basket” of closing gifts was auctioned off and SanibelSusan again was a major donor.
Tab for Captiva Beach Re-nourishment
According to an article posted Wed in the “Captiva Current”, “Captiva Island property owners are about to get an invoice in the mailbox. Owners holding some 1,108 properties are on the hook for about $5.7 million of a project designed to replace sand lost to erosion and storms. The 3-month Captiva Beach Re-nourishment Project cost nearly $20 million. The work replenished sand to nearly five miles of exquisite Captiva beachfront. The work ended in December. It is considered vital in protecting the region from storm damage, but nice beaches with fluffy sand also attract investment and tourists. Captiva is rated among the world’s finest vacation spots.
“The U.S. Army Corps of Engineers initially had pledged $8 million towards the project, but yanked the funding due to technical issues related to easement and beach access, causing howls of resentment at the last-second decision. Lee County in 2013 upped its commitment to the project by $1 million to $7.1 million. Other sources covered all but $5.7 million in the restoration project.
“The bottom line is that Captiva must pony up the balance. Letters to individual property owners go out beginning May 19. There will be a June 5 public meeting at the ‘Tween Waters Inn/Resort, where property owners can voice concerns, applaud the decision. But it won’t change much, officials concede. The 5:01 p.m. meeting time has the flavor of a final notice.
“Some contention was raised May 13 by Mike Mullins, chair of The Captiva Community Panel, the island’s oversight group, voicing doubts about the formula for spreading the debt fairly among property owners. Mullins inferred he absorbed a large bill for a 2010 re-nourishment project, that homes were assessed differently based on the number of structures on a private residence, Mullins inferred he absorbed a large bill for a 2010 re-nourishment project, that homes were assessed differently based on the number of structures on a private residence, he said. Multiple structures could signify rental or multifamily, but not necessarily, Mullins said. The formula is largely based on home value, but the recreational and storm-benefit value also are figured into the complicated formula. “Homesteaders should be considered differently than second home (owners),” Mullins said.
“The invoice could be as low as $500, but go well above that figure considering the extreme value of some of Captiva’s beachfront homes. Each property will receive a bill. Property owners will have the choice fo paying the bill upfront, or spreading it over seven years, officials with the governing Captiva Erosion Prevention District said.”
National Flood Insurance Program Effective May 1
With flood insurance continuing to be a frequent question from prospective buyers and ground-level island homes popular, I thought it worth repeating the following article that was posted on-line by the National Association of Realtors® (NAR) back on April 30:
“Effective May 1, 2014, all buyers of older properties (“pre-FIRM”) will see a premium rate reduction under the Homeowner Flood Insurance Affordability Act of 2014. Instead of jumping to “full cost” for flood insurance, buyers will assume the seller’s Oct-2013 rate for a pre-FIRM property.
“NAR prevailed upon FEMA to implement this provision seven months early. FEMA also extended the rate relief so all pre-FIRM properties (including 2nd homes and businesses) will begin paying Oct-2013 rates when they purchase or renew their flood insurance after May 1, including:
- ALL buyers of a pre-FIRM property, not just those whose seller has an existing policy;
- ALL recent owners who apply for a new flood insurance policy on a pre-FIRM property;
- ALL recent owners who reinstate an old pre-FIRM policy that previously lapsed for any reason;
- ALL recent owners who renew a policy on a pre-FIRM property bought or newly insured after the 2012 Biggert-Waters law.
“While expediting the rate relief, FEMA must still issue refunds to all those who paid more than their Oct-2013 rate.
“NAR will continue working with FEMA and Congress to quickly issue these refunds to anyone overcharged for flood insurance under Biggert-Waters.
“NAR Flood Insurance Resources on the Web:
- NAR Flood Insurance Webpage
- FEMA Bulletin W-14014 (dated April 15th)
- FEMA Bulletin W-14016 (dated April 24th)
- NAR Implementation Survey
- NAR Frequently Asked Flood Insurance Questions
- NAR Legal Guidance on what to tell clients.”
The Resort & 2nd Home Market
Summer or the “off-season” is education time for most island Realtors®. This weekend, I will be updating the class that I teach in early June to students looking to get their “Sanibel & Captiva Islands Specialist (SCIS)” designation. Earning that designation requires completing 12 different modules, each specific to buying and selling real estate on the islands. The module on the resort and 2nd home market is my specialty. I wrote this module three years ago and it has become more popular each year as that market has grown.
According to NAR’s 2014 Investment and Vacation Home Buyers Survey, last year, vacation home sales were up 29.7% over 2012, with 38% of buyers paying cash. Nationally, vacation home sales accounted for 13% of all transactions last year, their highest market share since 2006. Here on the islands, those numbers are significantly higher.
Sanibel & Captiva Islands Multiple Listing Service Activity May 16-23, 2014
No new listings.
5 price changes: Sundial #H411 1/1 now $277.5K, Loggerhead Cay #451 2/2 now $475K, Mariner Pointe #332 2/2 now $499.9K (our listing), Loggerhead Cay #583 2/2 now $540K, Sundial #E108 2/2 now $799K.
2 new sales: Mariner Pointe #711 3/2 listed for $599.9K (our listing), Tamarind #A101 2/2 listed for $1.505M.
5 closed sales: Sanibel Shores #2 2/1 $289K, Sanibel Moorings #1322 2/2 $400K, Pointe Santo #E21 2/2 $650K, Sundial #E208 2/2 $780K, Pointe Santo #C25 3/2 $825K.
4 new listings: 580 Birdsong Pl 3/2.5 $599K, 1228 Anhinga Ln 3/2 $625K, 9448 Cotten Ct 3/2 $898K, 676 Anchor Dr 3/3 $965K.
5 price changes: 490 Elizabeth Dr 2/2 now $379K; 1504 Angel Dr 4/3 now $745K; 917 Pepper Tree Pl 4/3 now $799,407; 1528 Angel Dr 3/2 now $864K; 857 Birdie View Pt 3/2.5 now $1.029M.
5 new sales: 1744 Bunting Ln 4/2 listed for $599.7K, 1063 S Yachtsman Dr 3/2 listed for $675K, 1529 Sand Castle Rd 3/2 listed for $787.5K, 1058 Fish Crow Rd 4/3 listed for $849K, 2279 Troon Ct 3/4 listed for $1.295M.
8 closed sales: 736 Cardium St 3/2 $385K, 1659 Serenity Ln 3/2 $600K (our buyer), 1213 Par View Dr 3/2.5 $700K, 3711 Agate Ct 3/2.4 $784.5K, 5690 Pine Tree Dr 3/2 $745K, 4622 Rue Belle Mer 4/2 $788K, 2749 Wulfert Rd 3/3.5 $900K, 5115 Joewood Dr 4/3 $944K.
No new listings.
1 price change: 3792 Coquina Dr now $339K.
1 new sale: 1325 Eagle Run Dr listed for $475,555.
1 closed sale: Middle Gulf Dr $525K.
2 new listings: Tennis Villas #3111 1/1 $255.5K, Bayside Villas #5130 1/2 $275K.
2 price changes: Ventura Captiva #5B 3/3.5 now $975K, Lands End Village #1665 2/2 now $1.195M.
No new sales.
1 closed sale: Beach Villas #2634 3/3 $746.5K.
Nothing to report.
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.