I was merrily working on today’s blog when Comcast service went out on most of the island. With no office internet (except by cell phones/iPads) until this afternoon, I now realize how much we take technology for granted.
Years ago when offers were transmitted by snail mail or FedEx, we were thrilled when faxes became acceptable. That was back when those were printed on thermal paper (that shows my age). I remember needing signatures on an offer and running one of those faxes to some folks lounging around the pool at Sundial Resort. The words started disappearing in the bright sunlight. That made for an interesting obstacle to overcome!
What a difference a few years make! Even without internet service today, I was able to type an offer up on my iPad and with electronic signatures AOK, what now can be accomplished in minutes used to take days!
Here are just a couple of news items, followed by a report of the action posted in the Sanibel/Captiva Multiple Listing Service since last Friday. It was a pretty quiet week, aside from the disruptions from the weather. The late day showers make for some fabulous sunsets though!
New Business Neighbors at Sanibel Square
Here’s a little scoop from the shopping center here at Sanibel Square:
Nave Plumbing, serving the island for more than 65 years changed hands recently. Located in the building behind us on Periwinkle Way, it has been renamed Sanibel Plumbing. The first of their trucks with a new wrap was in the 4th of July parade last week.
Next door to Sanibel Plumbing, Jeff Molnar also recently advised that his company, Molnar Electric, has changed hands. This company name will remain as Jeff will continue with them during the transition.
Congratulations to both families for some well-deserved retirement fun and best wishes for continued success to our new neighbors at “the Square”.
New Signs on Sanibel This Week
Coming onto the island from the causeway and coming from Captiva onto Sanibel, two new signs went up this week advising “Stop Algae! No fertilizer July to Sept”. What great tools these signs are to educate the public and get all of us thinking about the devastating effects that excess fertilizer can have on local water quality.
The SCCF (Sanibel-Captiva Conservation Foundation) Marine Lab is working with the City of Sanibel to develop a nutrient management plan: http://marinelab.sccf.org/research/sanibel-nutrient/
To learn about local fertilizer ordinances visit: http://fertilizesmart.com/
Survey: Lenders Fear Another Housing Bubble Is Brewing
“Mortgage bankers are fearful that another real estate bubble is on the horizon, according to a quarterly survey of 203 bank risk managers from the United States and Canada conducted by FICO. Fifty-six percent of respondents said that an “unsustainable real estate bubble is inflating.”
“”The home loan environment has bifurcated,” says Andrew Jennings, chief analytics officer at FICO and head of FICO Labs. “Six million home owners in the U.S. are still underwater on their mortgages, with the average negative equity a whopping 33%. Yet with home prices soaring in many cities, total home owner equity in the U.S. is at its highest level since late 2007. That doesn’t feel like a healthy, sustainable growth situation. No wonder many lenders in both Canada and the U.S. are concerned about the risk in residential mortgages.”
“But real estate experts mostly have downplayed housing bubble fears in recent months. In fact, a new report finds that home prices are still undervalued by 3% nationally. Trulia’s most recent Bubble Watch report found that at the current pace, home prices are expected to fall in line with long-term fundamentals – neither over- or undervalued – by the last quarter of 2014 or the first quarter of 2015. “Much of the recent house-price appreciation is a result of market correction for the significant undervaluation caused by the price declines,” Mark Fleming, chief economist at housing data provider CoreLogic noted in recent months. “There is no need to fear a bubble for at least a few years to come, if at all.”
“FICO’s survey also asked bankers about the most common concerns they have in the underwriting process on consumer loans. The most common concerns cited by bankers: “high debt-to-income ratio” in approving loans (59%); “multiple recent applications for credit” (13%); and “low FICO score” (10%). “As consumer confidence picks up and people increase their borrowing, lenders are understandably concerned about growing indebtedness,” says Mike Gordon, FICO’s executive vice president of sales, services and marketing. “For the last two quarters, around 65% of our respondents said they think credit card balances are headed higher. Those are the two highest figures we’ve ever seen in this survey. When I talk with bankers, they tell me they’re happy to see growing consumer optimism, but they’re wary of a return to reckless borrowing.””
Sanibel & Captiva Multiple Listing Service Activity July 4-11
3 new listings: Captains Walk #D5 2/1 $299K, Spanish Cay #A4 2/2 $349K (our listing), Lighthouse Point #219 2/2 $488.8K.
2 price changes: Sundial #D307 1/1 now $259K, Loggerhead Cay #453 2/2 now $469K.
2 new sales: Sanibel Arms #C1 2/2 listed for $499K, Gulfside Place #322 2/2 listed for $1.15M.
1 closed sale: Sundial #D304 1/1 $310K.
1 new listing: 547 Chert Ct 3/2 $739K.
1 price change: 5753 Pine Tree Dr 3/4 now $799K.
6 new sales: 5141 San-Cap Rd 2/2 listed for $299K, 490 Elizabeth Dr 2/2 listed for $379K, 5841 Pine Tree Dr 3/2 listed for $474.9K, 581 East Rocks Dr 3/2 listed for $495K (short sale), 917 Pepper Tree Pl 4/3 listed for $799,407; 3537 West Gulf Dr 3/3 listed for $3.9M.
1 closed sale: 949 S Yachtsman Dr 3/2 $740K.
1 new listing: 1820 Farm Trl $279K.
No price changes, new or closed sales.
No new activity for condos, homes, or lots.
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.
Best weekend wishes to all. Here we hope the weather stays like this photo (taken during a home inspection on Captiva early-afternoon Tuesday). SanibelSusan