It’s Susan with The SanibelSusan Team’s weekly update on island real estate activity. Things on Sanibel & Captiva Islands definitely are picking up.
We were especially reminded of that last Friday afternoon when 3 p.m. rolled around and traffic backed-up in front of the office heading east on Periwinkle. First time, we recall that happening in October, but it’s in line with the many visitors who come this month every year and saying that this year the island is busier than they remember it.
Of course, we hope plenty of these visitors are looking to buy real estate. Over the last seven days, there were three condo sales and a home sale on Sanibel, and one condo sale on Captiva. Those numbers need to pick up considerably for us to really say that “season” is in full swing. The activity posted since last Friday in the Sanibel & Captiva Multiple Listing Service follows a couple of news items below.
Sanibel & Captiva Islands Association of Realtors®
Yesterday’s Realtor® Caravan Meeting was well attended, with many dressed in costume adding some levity to our usually serious announcements.
Twelve new listings were on the following caravan tour including ours at 537 Lake Murex Circle. These meetings have now reverted to the “every Thursday” morning schedule, with up to 20 properties allowed each week, so if you are on the islands on Thursday mornings watch for the open house signs, if you like to preview new listings too.
Mortgage Rates Surge to 4-Month High
According to “Daily Real Estate News” on line, last week, “for the second week, mortgage rates moved higher. This time, the 30-year fixed-rate mortgage inched above 3.5% for the first time since June.
““This month, mortgage rates seem to be catching up to Treasury yields and returning to pre-Brexit levels,” says Sean Becketti, Freddie Mac’s chief economist.
“Freddie Mac reports the following national averages with mortgage rates for the week ending Oct. 20:
- 30-year fixed-rate mortgages: averaged 3.52%, with an average 0.5 point, rising from last week’s 3.47% average. Last year at this time, 30-year rates averaged 3.79%.
- 15-year fixed-rate mortgages: averaged 2.79%, with an average 0.5 point, also rising from last week’s 2.76% average. A year ago, 15-year rates averaged 2.98%.
- 5-year hybrid adjustable-rate mortgages: averaged 2.85%, with an average 0.4 point, increasing from last week’s 2.82% average. Last year at this time, 5-year ARMs averaged 2.89%.”
These rates still are near historic lows, but if you are thinking of taking advantage of them, you may want to lock in soon as increases may continue.
Sanibel Community House Update
Construction is moving along at the Sanibel Community House, but in their update this week, they mentioned that a delay is definite and that the annual mini-golf usually held between Christmas and New Years has been postponed. The annual island Thanksgiving Celebration held the Sunday before the holiday, this year will be at Schein Performance Hall at BIG ARTS, rather than the Community House. Appears that the new Community House will be ready in early January.
New Closing Rules Remain a Challenge
It has been a little more than a year since new federal closing rules took effect. Under the rules, the HUD-1 Settlement Form was replaced with a new Closing Disclosure, the Good Faith Estimate was replaced with a new Loan Estimate, and some new timing requirements were imposed.
Real estate professionals continue to have concerns with the changes and were among the many people and organizations that submitted almost 1,600 comments to the Consumer Financial Protection Bureau as it works to finalize a rule that would try to improve the process. The National Association of Realtors® (NAR) also submitted comments. Among other points, NAR says it remains too difficult for real estate professionals to get a copy of the closing disclosure so they can help their clients.
For many years on the islands, most sales have been cash. However, the low interest rates this year have brought an increased number of sales with bank financing. That probably will continue into “season”. Those sales with loans are the ones affected by the new federal forms, disclosures, and additional time requirements.
Most local Realtors® – us included – encourage buyers to do their financing here, not only are local lenders more attuned to what is needed for a loan on a barrier island, but their rates are competitive – and often better than a distant hometown bank. Also, it is much easier for us and local title companies to keep tabs on loan processing and ensure that timetables are met, when the lender is local.
Sanibel & Captiva Islands Multiple Listing Service Activity October 21-28, 2016
5 new listings: Donax Village 33 2/2 $499K, Villa Sanibel #2G 2/2 $589K, Sanibel Surfside #127 2/2 $1.15M, Signal Inn #19 3/2 $1.195M, Golden Beach #2 3/2.5 $1.499M.
2 price changes: Lake Palms #8 2/2.5 now $345.5K, Tigua Cay #487 3/3.5 now $1.849M.
4 new sales: Blind Pass #B203 3/2 listed at $575K, Loggerhead Cay #211 2/2 listed at $599K, Sunset South #15B 2/2 listed at $999K, Surfside 12 #B3 3/2 listed at $1.124M.
3 closed sales: Sundial West #B108 1/1 $340K, Sandpebble #2B 2/2 $390K (our listing & sale), Sanibel Surfside #117 2/2 $935K.
9 new listings: 1851 Farm Trail 3/2 $529K, 1150 Schooner Pl 2/2 $599K, 1245 Anhinga Ln 3/2 $649K, 958 Sand Castle Rd 3/2 $679K, 1809 Bowmans Beach Rd 3/2 $799K, 537 Lake Murex Cir 3/3 $949K (our listing, shown below), 3019 Poinciana Cir 5/3.5 $950K, 2479 Blind Pass Ct 3/2 $1.1M, 407 Bella Vista Way 4/4 $3.199M.
5 price changes: 5105 SanibelCaptiva Rd 4/3 now $677.7K, 5751 Baltusrol Ct 3/4 now $1.05M, 900 Almas Ct 3/3.5 now $1.289M, 1326 Seaspray Ln 4/4.5 now $2.145M, 5075 Joewood Dr 4/4.6 now $3.59M.
1 new sale: 1333 Par View Dr 3/2 listed at $879K.
1 closed listing: 3792 Coquina Dr 3/3 $987.5K.
No new listings.
1 price change: 690 Birdie View Pt now $389K.
No new or closed sales.
No new listings or price changes.
1 new sale: Seabreeze #1253 3/3 listed at $1.569M.
1 closed sale: Marina Villas #807 2/2 $645K.
No new listings.
3 price changes: 14980 Binder Dr 4/3 now $1,377,998; 11537 Laika Ln 4/3 now $1.575M; 14860 Mango Ct 5/4 now $2,343,999.
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.)
Hard to believe that next Friday is November. Until then,
Susan Andrews, aka SanibelSusan