Fall Friday…Sanibel Island Real Estate

imageThe good news is that Hurricane Matthew had little effect on Sanibel and Captiva Islands, with beautiful lower-humidity weather is expected here, now that it has passed.

The week’s activity posted in the Sanibel/Captiva Multiple Listing Service follows a couple of news items below. Our listings had a few more showings this week, we had a nice closing, and I negotiated an offer on a condo listing – a good indications that the islands are picking up.

Traffic by the office is noticeably heavier and several snowbirds have stopped in to say they are back.

5 Key Issues Affecting Real Estate

Florida Realtors logoHere are some excerpts from an article in the October issue of “Florida Realtor®” magazine. Headlined with “Get Ahead of the Curve”, it describes the five issues which will have the greatest effect on real estate business in the next few years, as identified by Counselors of Real Estate. There is a list of the top 10 issues at http://www.cre.org.

“The Changing Global Economy. Currency issues, declining exports and soft energy prices are three reasons the International Monetary Fund (IMF) has revised Gross Domestic Product (GDP) growth downward for much of the globe in 2016-2017. Political issues and conflict undermine stability, as well….

“Demographic Shifts. The Millennials (ages 19-35) have overtaken the Baby Boomers (ages 52-70) in sheer numbers, but both groups remain substantial real estate consumers. America’s population of persons aged 90 and older has almost tripled since 1980, and is expected to increase to more than 7.6 million over the next 40 years, according to the U.S. Census Bureau. Older households and younger households are competing for housing in many places….

“The Political Environment. The political environment has become acrimonious at all levels – global, national, state, local – and affects investment, business and household location decisions with issues ranging from the perceived ability of governments to function to taxation to social issues….

“Housing Affordability & Credit Constraints. New housing market issues are emerging as affordability and credit constraints are challenging both the rental and homeownership markets. Continued stringent credit requirements prevent many households from buying homes, increasing demand for rental property. Limited availability of for sale inventory and income stagnation are affecting affordability. Multifamily development continues but rents are outstripping incomes in many communities….

“The Disappearing Middle Class. The wealth and income gap continues, with a number of measures showing stagnant or declining wages and wealth. A Pew Research study shows that the median income for middle-class households fell by nearly 5% between 2000 and 2014. Their median wealth declined by 28% after the housing market crisis and the subsequent recession. Costs have risen dramatically for many large-dollar items that affect middle-class families, including college tuition and out-of-pocket costs under employer health plans. To cover increasing costs and eroding asset wealth, an increasing percentage of households has moved from one income to two incomes. At the same time, the Millennial generation is falling behind in assets and income (and many young people are coping with student loan debt)….”

When a Property Under Contract Is Damaged

As posted Wednesday on FloridaRealtors® on line:

“Since all contracts are different and contain various provisions regarding how damage to the property is handled, the answers depend on the language of your specific deal. However, if you use the Florida Realtors/Florida Bar contracts, Standard 18M covers repairs, the obligation of the seller and other issues related to property damaged before closing. (Note: SanibelSusan uses the contracts approved by Florida Realtors and the Florida Bar.)

“This section, entitled Risk of Loss, states that if the property is damaged by fire or other casualty loss and the cost of restoration does not exceed 1.5% of the purchase price, the seller must restore the property and closing shall proceed according to the terms of the contract. In the event the cost of restoration exceeds 1.5% of the purchase price, the buyer has the option of taking the property “as is” together with the 1.5%, or the buyer can receive his or her deposit back, and all parties are released from the contract.

“In the event of any casualty damage to the property, it is important for the parties to get an estimate for repairs as quickly as possible so they will have a better understanding of their options. Additionally, depending on the type of casualty loss, the contract’s force majeure provision may apply, which could delay the closing or terminate the deal.

“As risk of loss could involve potential legal issues, buyers and sellers may also want to consult their own legal counsel.”

What Is Shiplap? Do You Know About This Hot Decor Trend?

HGTV logo.jpgMost friends know that SanibelSusan is not a big TV fan, but when I do watch, I often flip to HGTV. Here is an article posted on Facebook today (Wednesday) by Realtor.com. The show mentioned is one of my favorites.

“One of the hottest trends in wall decoration might be a term you’ve never heard of. Fortunately, we’re here to save you from embarrassing yourself in front of your design-savvy peers by blurting, “What is shiplap?”

“This horizontal pattern of interlocking wooden boards was traditionally used to build sheds and barns (but not ships, in spite of its name). Long seen as cheap weatherproofing, shiplap is now being used by designers to cover interior walls. Here’s everything you need to know about shiplap.

“How did shiplap become so popular? Shiplap became all the rage thanks to HGTV’s “Fixer Upper,” a home design show hosted by Chip and Joanna Gaines. The Texas-based couple have used the stuff in many of the homes they renovated, and the look caught on from there. It’s not hard to see why—shiplap has a lot going for it as a way to add rustic chic for cheap.

““People are seeing more and more of it in magazines and on TV, because it is reminiscent of a simpler time,” says interior design expert Danielle Driscoll of Finding Silver Pennies.

“Shiplap also adds subtle texture to walls without going overboard, giving a clean-but-not-boring backdrop to a room. And this simplicity makes shiplap versatile and able to complement a number of styles. “Neutral decor is very popular, and you can get a very neutral look with shiplap, with its horizontal lines,” Driscoll adds.

“How to install shiplap – Installing shiplap onto an interior wall is easy, because the grooved boards interlock. Just start at the bottom, screwing the first board in place. “Once you’ve put the bottom piece onto your wall, everything sits on top,” says Driscoll. “Just slot in place.”

“Before installation, however, Driscoll recommends priming the wood then painting, since it’s easier to do these steps before the boards are on the wall.

“While shiplap is usually installed horizontally and painted white, there are many other possibilities. According to Driscoll, shiplap can also be used untreated, stained, or washed with another color. It can also be used vertically to make a low-ceilinged room look taller.

““Particularly painted white, it can make a space look bigger and more inviting,” she says.

“After installing shiplap in her home, Driscoll added a nautical theme complete with a “Sea Side” sign on the wall. But she doesn’t think people interested in it should feel limited. “It really works well with any decor: coastal, shabby chic, farmhouse, modern, and industrial,” she says. “Shiplap gives an old-world, charming look to any home.””

Sanibel & Captiva Islands Multiple Listing Service Activity September 30-October 7, 2016

2 new listings: Loggerhead Cay #332 2/2 $494.5K, Gulfside Place #123 2/2 $1.388M.
1 price change: Atrium #203 3/2 now $1.695M.
3 new sales:  Sundial #A208 2/2 listed at $809.9K, Sanibel Surfside #123 2/2 listed at $874K (our listing), Sanibel Surfside #117 2/2 listed at $965K.
5 closed sales: Sanibel Moorings #822 2/2 $422.5K (our listing), Sandpebble #3D 2/2 $425K, Loggerhead Cay #331 2/2 $495K, Heron at The Sanctuary #1B 3/3.5 $584.5K, Sandalfoot #5A1 2/2 $752.5K.

5 new listings: 9247 Dimmick Dr 3/2 $629K, 810 Elinor Way 3/2 $649K, 563 Hideaway Ct 3/2 $795K, 3125 Twin Lakes Ln 3/3 $839K, 2143 Starfish Ln 3/3.5 $1.495M.
3 price changes: 519 Kinzie Island Ct 3/2.5 now $1.395M, 626 Kinzie Island Ct 3/2.5 now $1.799M, 2451 Blind Pass Ct 4/4.5 now $2.199M.
2 new sales: 9292 Belding Dr 3/2.5 listed at $399K, 526 N Yachtsman Dr 3/2 listed at $995K.
1 closed sales: 1439 Albatross Rd 3/2 $444.5K.

No new listings or price changes.
2 new sales: 2153 Periwinkle Way listed at $299K, 3965 Coquina Dr listed at $399K.
No closed sales.

1 new listing: Beach Homes #25 3/2 $2.295M.
No price changes.
2 new sales: Bayside Villas #4206 1/2 listed at $285K, Beach Villas #2614 2/2 listed at $620K.
No closed sales.

No new listings or price changes.
1 new sale: 1135 Longifolia Ct 4/4.5 listed at $3.5M.
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.)

Happy weekend to all! If this write up is a little sketchy, it is from being posted from my iPad. I am in Maine/New Hampshire for the weekend for a class reunion.

The SanibelSusan is working on Sanibel too though. Dave, Elise,& Lisa are covering the office until I return. TGIF, Susan Andrews, aka SanibelSusan