It’s SanibelSusan reporting that this week, it is REALLY QUIET on the islands – hopefully the end of that lull between “season” and the arrival of summer vacationers. Lee County Schools are out today, so maybe we will see more Floridians on the island in the upcoming weeks. In the meantime, the reprieve is giving the locals a little time to stop and smell the roses, or in my case, appreciate my bougainvillea explosion and happy trumpet bush.
Happenings at SanibelSusan Realty
The local Association of Realtors® did not have a Caravan meeting this week. The next one is June 18, which also is a monthly Membership Meeting. The real estate activity posted this week in the Sanibel & Captiva Multiple Listing Service follows a few news items below.
On Tuesday, I taught my annual class at the Association Office. Each summer, the Sanibel/Captiva Islands Association offers the 12 modules of instruction that are needed for Realtors® to earn their SCIS designation (Sanibel & Captiva Islands Specialist). Nearly 15 candidates this year are working to earn theirs, looking to join our 75 active certificate holders. You-know-who was in the first class many years ago.
Three years ago, I wrote the module on the Resort & 2nd Home Market and have taught it each year since. Here are a few tidbits that were added this year to the class handout:
- Last year, vacation home sales nationally climbed to an estimated 1.13 million, the highest since NAR (National Association of Realtors®) began tracking those statistics in 2003. This was an increase of 57% over the number sold in 2013. Vacation home sales in 2014 nearly doubled the combined total of the previous two years. Nationally, vacation home sales were 21% of all transactions in 2014.
- As vacation home sales soared & despite a strong rental demand, investment purchase dropped for the 4th consecutive year to their lowest since 2010. (These national statistics are on trend with Sanibel/Captiva too.)
- Why? Lawrence Yun, NAR’s Chief Economist, says: “Affluent households have greatly benefitted from strong growth in the stock market in recent years, & the steady rise in home prices has likely given them reassurance that real estate remains an attractive long-term investment. Furthermore, last year’s impressive increase also reflects long-term grown in the numbers of baby boomers moving closer to retirement & buying 2nd homes to convert into their primary home in a few years.”
Tomorrow, Sat, June 6 – National Trails Day kicks off free summer programs at J.N. “Ding” Darling National Wildlife Refuge with special activities held from 9 a.m. to 4 p.m. Events tomorrow include scheduled hikes on Indigo Trail & the Wildlife Education Boardwalk; Reading in the Refuge & Animal Tracking 101 in the Visitor & Education Center; & Animal Olympics on Indigo Trail. Bi-weekly family nature films & weekly walks & nature crafts highlight the free summer programs offered through August 9. See full schedule at www.dingdarlingsociety.org/summer-programming.
“Know Before You Owe” Disclosure Forms
“On August 1, 2015, new rules go into effect to combine the Good Faith Estimate and the initial Truth in Lending (TIL) disclosure into a single “Loan Estimate” and combine the HUD-1 Settlement Statement and the final TIL disclosure into a single “Closing Disclosure”. The Consumer Financial Protection Bureau (CFPB) refers to these as the “Know Before You Own” disclosure forms.
“Because of the new requirements, at least initially, it might be unrealistic to plan a 30-day closing for most transactions. Until we see what impact the new rules will have, NAR (National Association of Realtors®) advises to plan on 45-day closings instead of 30-day closings, and to be ready for closing (including doing the walk-through) a week in advance.
“These modifications, which come as part of the CRPB’s changes to the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA) under the Dodd-Frank Wall Street Reform and Consumer Protection Act, will apply to most closed-end consumer mortgage loans.
“As part of the new rules, the lender must give the loan estimate to the buyer within three business days after the lender receives a completed application from the buyer. A completed application contains six items of information: buyer’s name, income, Social Security number, property address, estimated property value and loan amount.
“The lender or the closing agent must give the buyer the Closing Disclosure at least three business days prior to closing. Changes to the information provided in the document may require a revised Closing Disclosure and an additional three-day review period to be given. Buyers may waive the review period for a bona fide financial emergency.”
Upcoming Summer Projects on the Islands
Summer into fall, when fewer occupants will be disturbed, is when most associations allow noisy projects in their communities. When working with Buyers thinking of purchasing a property that is in need of renovation, we always advise that they pay strict attention to the association rules and guidelines on how and when those projects may be accomplished, including what approvals and permits may be required. Some associations also have restrictions on what the improvements may be. For those looking for contractors, www.MySanibel.com has a list, by discipline, of those licensed here.
One of those summer projects began this week, at Seascape. Their stucco restoration project began June 1; while at Sunset South, we understand that their Building 8 will be reconstructed beginning July 1.
Some broader news is that last week, the City (Sanibel) was notified by the Lee County Department of Transportation that they will be performing bridge maintenance on all three causeway bridges beginning Monday June 8 and ending Thursday June 18, weather permitting. The bridges will remain open during this time, but there may be some lane shifts.
Sanibel & Captiva Multiple Listing Service Activity May 22-June 5
1 new listing: Loggerhead Cay #474 2/2 $489.9K.
1 price change: Sundial #R401 2/2 now $824K (our listing).
6 new sales: Captains Walk #F6 2/2 listed for $319.9K, Mariner Pointe #121 1/1 listed for $369K, Sunset South #2D 2/2 listed for $525K, Pointe Santo #C4 1/1 listed for $639K, Island Beach Club #P2E 2/2 listed for $799.9K, Seascape #201 3/3 listed for $1.795M.
2 closed sales: Ibis at The Sanctuary A101 2/2 $449K, Ibis at The Sanctuary #B201 2/2 $435K.
2 new listings 9439 Coventry Ct 2/2 $525K, 1730 Jewel Box Dr 4/3 $1.85M.
4 price changes: 9032 Mockingbird Dr 3/2 now $598.4K, 1460 Court Pl 6/5.5 multi-family now $649K, 1328 Seaspray Ln 4/4 now $895K, 1245 Isabel Dr 3/3.4 now $1.649M.
2 new sales: 778 Cardium St 3/3 listed for $449K, 4620 Rue Bayou 3/3 listed for $899K.
6 closed sales: 4109 Sanibel-Captiva Rd 2/1 $275K, 828 Rabbit Rd 2/1 $360K, 257 Daniel Dr 3/2 $604K, 1755 Jewel Box Dr 3/2 $685K, 667 Anchor Dr 4/3.5 $1.05M, 3400 West Gulf Dr $1.1M.
No new listings.
1 price change: 3723 West Gulf Dr now $2.895M.
2 new sales: 0 Bowmans Beach Rd now $125K, 247 + 255 Robinwood Cir now $229K.
No closed sales.
No new listings or price changes.
2 new sales: Beach Villas #2322 1/1 listed for $499K, Marina Villas #706 2/2 listed for $625K.
1 closed sale: Bayside Villas #5318 3/3 $600K.
No new listings.
1 price change: 16897 Captiva Dr 5/5.5 now $3.09M.
No new or 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 general real estate activity in the community and does not imply that SanibelSusan Realty Associates is participating or participated in these transactions.
Until next Friday, Susan Andrews, aka SanibelSusan