To say, it has been a rainy week on Sanibel could be an understatement. The last partially sunny skies were on Monday morning when our teammate and Listing Coordinator, Elise attended the local Association of Realtors® annual 14-hour continuing education classes which included an environmental segment where attendees traveled by boat through Pine Island Sound and the estuary.
Heavy rain continued off-and-on since Tuesday with minor flooding – ankle-deep at Sanibel Square today. We look forward to clearing for the weekend, the sun is peeking out now. Bet it will be great shelling in the days ahead.
I attended our monthly Realtor® Membership Meeting yesterday. Details on that and a few news items are provided below, including the activity posted in the Sanibel/Captiva Multiple Listing Service since last Friday.
Good News for Sanibel Residents
During last Saturday’s first budget hearing, Sanibel City Council approved the operating millage rate for fiscal year 2016 at last year’s rolled-back rate of 1.9139 mills. In the FY2016 tentative budget report, taxable property values – influenced by property sales during calendar year 2014 – rose nearly 5%. It is important to note that the operating millage rate is the lowest it’s been over the past 10 years.
Other highlights in the proposed budget include an increase in sewer and reclaimed water rates (discussed below). The City’s final budget hearing will be this coming Tuesday, Sep 22 at 5:01 p.m.
Sanibel Sewer Rates to Raise 3 Percent
According to the “Santiva-Chronicle”, “A 3% increase in water rates and water reclamation fees was approved unanimously by the Sanibel City Council Saturday, Sep 12, in the council’s monthly meeting at City Hall.
“The increases will take effect Oct 1. The monthly rate for residential customers will raise from $56.50 to $58.20 and the quarterly rates goes to $174.60 from $169.50. For commercial customers the rate raises from $8.49 to $8.74 per 1,000 gallons. The sewer connection fees raise from $4,134.43 to $4,258.46.
“The raises were recommended by the city’s Finance Department based on the Sewer Expansion Feasibility Study update of 2014 by GAI Consultants Inc. It calls for a minimum of a 3% raise annually. That’s consistent with the Sanibel Municipal Code that provides for an annual automatic rate increase of 3%….”
The Sanibel/Captiva Islands Association of Realtors® monthly membership meeting yesterday was held at Sundial where the management staff was introduced. Recent resort improvements were announced and Realtors® were updated on their new rental agreement. Here is some of the info that was included in their handouts:
“New rental agreement that increases owners’ shares – It’s an exciting time for Sundial Beach Resort & Spa condo owners after an extensive, multi-million dollar renovation. In addition to experiencing new amenities, owners are seeing measurable benefits in the form of increased rent revenue. We’ve come a long way and we plan to continue making improvements to the resort to provide owners & guests the ultimate Sanibel Island experience.
- Interest free improvements for the first 25 properties that join
- Airfare for 2 on your next trip to Sundial (up to $1000) or $1000 Matter Brothers credit
- $1000 Resort food & beverage credit
- Complimentary exclusive Resort Membership
- 15% off of food & beverage during the term of the rental agreement with Sundial Beach Resort & Spa
- New rental agreement to increase owner revenue share
2016 55% to owner
2017 56% to owner
2018 60% to owner
- Renovation of Turtle’s Pool & Beach Bar
- Addition of Japanese Steakhouse
- Full renovated meeting space
- Onsite reservation agents
- New upscale lobby & enhanced public space”
For more info on these benefits contact Cara Pennetti at email@example.com or call 239-395-6026.
Owner Membership Options – Sundial owners also have a variety of membership options, the membership hand-out describes the following types of membership:
“Social Membership is complimentary to All Sundial Owners. It includes:
- Charging privileges at Sea Breeze, Turtles Pool Bar & other resort on-property dining outlets
- Priority seating & invitations to special events, holidays & promotions
- 10% spa discounts at on-site location
- Retail discount at on-site location
- Exclusive food & beverage promotions & offers
- 20% room discounts from best available rate for guests
Annual fee for Sundial owner family $5,000
Annual fee for Royal Shell Vacations owner family $3,000
Weekly access fee for Royal Shell Vacations guest: adults & children 13 & up: $150; children 6-12: $75; children 5 & under: free
Activities membership includes all of the social membership benefits shown above plus:
- 10% food & beverage discount in all outlets
- At Port Sanibel Marina – 10% off charter trips; 15-20% off canoe, kayak, & power boat rentals; $12/ft wet slips
- Up to 20% off best available rates at Big Bear Frontier (California), Holiday Inn & Roberts Convention Center (Ohio), The Park on Main (North Carolina), & Misty Mountain Cottages (North Carolina)
- 20% off greens fees at Golden Ocala (Florida) & 10% off rental rates
- Complimentary fitness classes
- Discounted Sanibel Buddies Kids’ Camp & activities
- Access to beach chairs & umbrellas
- Access to pool, pool chaises & towels
- Access to bicycles, kayaks, & paddleboards
- Complimentary Ding Darling membership
- Access to resort Fitness Center
Annual fee for Sundial owner single $1,500
Annual fee for Sundial owner family $2,000
Annual fee for Royal Shell Vacations owner single $1,200
Annual fee for Royal Shell Vacations owner family $1,500
Court access $10 per 90-minute intervals
Tennis membership includes all of the social & activities membership benefits shown above plus:
- 7-day advanced tennis court reservations
- Access to tennis courts
- Discounted events
- Discounted tennis clinics
- Discounted tennis lessons
- Discounted guest tennis court fees
- Complimentary racquet & ball use
- Discounted round robins
- Court match play
“Exclusive Resort Membership is complimentary to Sundial Resort Rental Program owners. It includes all of the above plus:
- Sundial membership at Sanibel Island Gulf Club
- Complimentary greens fees
- Local reciprocity (May 1 to Oct 31)
- 10% discount on golf lessons
- 10% discount on golf shop apparel
- 5-day advanced tee times
- Access to leagues with upgrade”
For more info, contact the membership department at 239-395-6020 or email firstname.lastname@example.org.
This Isn’t a Housing Bubble: Here’s Why
“Home prices are rising rapidly, but economists are deflating concerns that another “housing bubble” is brewing.
“A recent report from CoreLogic shows that twice as many metro markets are considered “overvalued” – prices are inflated relative to incomes — in the second quarter of this year compared to the first three months of the year. But economists say it’s not a housing bubble because bubbles eventually burst and home prices this time around aren’t likely to fall.
“”Just because you’re overvalued doesn’t mean that you’re in a bubble or there is an impending crash,” says Sam Khater, CoreLogic’s deputy chief economist. “Some markets are overvalued because of strong fundamentals.”
“The National Association of REALTORS® reported that the national median sales price is now above its 2006 peak. The median existing-home price for all housing types reached $236,400 in June – 6.5% above year ago levels and surpassing the peak median sales price set in July 2016 at $230,400, according to NAR.
“CoreLogic’s recent report shows that home prices in 14 of the largest 100 markets have now risen above its long-term fundamental values – with six of these markets in Texas alone. Housing demand is strong and supply has been near record lows, which has paved the way for price increases among the state’s strong economy.
“About 10 years ago, a housing bubble was being fueled by free and easy mortgage credit – not the case today, CNBC reports. Today, strong demand and weak supply is driving the rise in prices.
“”Agents continue to highlight buyers’ growing frustration with rising prices, but see current levels largely supported by tight inventory conditions,” according to a monthly survey of real estate professionals by Credit Suisse.”
Sanibel & Captiva Multiple Listing Service Activity September 11-18
1 new listing: Sanibel Moorings #822 2/2 $499K (our listing).
3 price changes: Sandpebble #1F 2/2 now $384.9K, Sanibel Inn #3522 2/2 now $719K, Sundial #F201 2/2 now $729K.
3 new sales: Mariner Pointe #1092 2/2 listed at $499K, Cottage Colony West #110 1/1 listed at $639K, Wedgewood #104 3/3.5 listed at $2.395M.
5 closed sales: Sundial #H211 1/1 $250K, Captains Walk #F7 2/1.5 $301K, Mariner Pointe #951 1/1 $410K, Sundial #O201 2/2 $660K (our listing), Sanctuary Golf Villages I #1-5 2/2.5 $755K.
5 new listings: 2065 Wild LIme Dr 3/2.5 $579K, 426 Lake Murex Cir 3/2 $669K, 1405 Jamaica Dr 3/2.5 $839K, 5436 Shearwater Dr 3/3 $989K, 3790 West Gulf Dr 3/2.5 $1.079M.
2 price changes: 9032 Mockingbird Dr 3/2 now $549,499; 1245 Isabel Dr 3/3.5 now $1.595M.
2 new sales: 3790 West Gulf Dr 3/2.5 listed at $1.079M, 6019 Clam Bayou Ln 4/3 listed at $1.185M.
3 closed sales: 5406 Osprey Ct 3/2 $700K, 2999 Twin Ponds Dr 4/3.5 $810K, 1041 Blue Heron Dr 3/2.5 $815K.
1 new listing: 1204 Par View Dr $329K.
1 price change: 4988 Joewood Dr now $475K.
2 new sales: 971 Main St listed at $199K, 1243 Par View Dr listed at $349K.
No closed sales.
No new listings or price changes.
1 new sale: Tennis Villas #3115 1/1 listed at $284.5K.
No closed sales.
1 new listing: 15735 Captiva Dr 4/5 $8.5M.
No price changes, 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.)
Susan Andrews, aka SanibelSusan