Susan here, reporting the end of another busy week at SanibelSusan Realty Associates.
For those not in town, I would be remiss if I didn’t mention that this week has been the weather that makes most locals happy. Bright breezy days with temperatures down into the 60’s at night. The highs forecast for the next week range from low to high 70’s.
Picture perfect Thanksgiving weather for those lucky enough to be here for the holiday. Great weather for viewing property too, so we hope to have lots of real estate inquiries over the next week.
We had good showing action this week with some weekend and early week showings already scheduled for next week. It should be a busy one – holiday and all.
The activity posted in the Sanibel & Captiva Islands Multiple Listing Service since last Friday, follows a few news items.
Sanibel & Captiva Islands Association of Realtors®
Yesterday morning was the local Association of Realtors® November Membership meeting.
At The Sanctuary – This week being a West-End Caravan, it was handy that the meeting was at the newly refurbished Clubhouse at The Sanctuary. Here are a few photos of the new décor. It is beautiful with a natural coastal modern casual vibe.
After the meeting, I got a private tour of the new 6000 sq. ft. fitness center by Club Manager Ken Kouril. This building is under construction, but is two months ahead of schedule. Now due to open in January. It will be a wonderful improvement for Sanctuary owners too. The facility which replaces a smaller building taken down some months ago, will house larger areas for exercise equipment, plus a huge yoga studio, special spa treatment rooms, and larger locker/baths/changing areas. The new pool outside is large – as big as the Rec Centers – and elevated with expansive deck area. Next to the tennis courts will be court(s) for the new popular sport – pickle ball.
News From City Hall – The speakers at the meeting were Sanibel City Manager Judith Zimomra; Sanibel Senior Planner Roy Gibson, and City Accounting Operations Manager Laura Zautcke.
Sanibel City Manager – Judie began her comments with “Every town is unique. Everyone thinks theirs is. Sanibel really is.”
As partners in our industry, Judie further described how the City works to keep government lean and taxes low and how Council has focused on ways to systematically increase property values, by getting growth through reinvestment. Examples are renovations of commercial buildings like Bennett’s Fresh Roast which formerly was an old real estate office and Huxters Center which recently updated both inside and out through a new waiver system.
Sanibel Senior Planner – Roy’s power point further discussed planning and zoning initiatives for redevelopment of nonconforming island properties. The goal of the redevelopment vision statement is to provide equitable process for redeveloping non-conforming properties that existed at the time of incorporation to redevelop through a transparent process without expanding existing non-conformities. The redevelopment process steps include reviewing the existing Land Development Code regulations and amending them to enhance incentives and improve standards for redevelopment, including Build-back Regulations (non-conforming structures and non-conforming uses), Resort Housing District, and Commercial District standards.
Other recent amendments to Sanibel regulations related to redevelopment include pervious brick pavers (excluded from coverage calculations) and a revised definition of substantial improvement. Regarding pervious pavers for residential driveways, the pavers now are excluded from calculations of impermeable coverage. This exclusion applies only for conforming properties, and currently only applies to driveways for single-family and duplex properties.
Regarding substantial improvements – this is a big change. “Substantial improvement means any repair, reconstruction, rehabilitation, addition or other improvement, or combination or accumulation of any repair, reconstruction, rehabilitation, addition or other improvement of a structure in which the cost of the improvement equals or exceeds 50% of the market value of the structure at the time that an application is filed”. This 50% rule used to apply for five years, now it applies per project, so allows for more improvements in shorter timeframes.
Sanibel City Accounting Operations Manager – During Laura’s financial presentation, she described the changes in the City’s 2016/2017 budgets. Her pie chart on taxes paid by Sanibel citizens based on final rates adopted by taxing authorities in September showed the 2016 average residential taxable value to be $558,975 with an average tax bill of $8,641. Of that bill, 45.2% goes to Lee County schools, 26.2% goes to Lee County, 14.9% goes to the City of Sanibel, and 13.7% goes to independent districts (like the Sanibel Library District, Sanibel Fire & Rescue District, etc.)
She also proudly described how Sanibel’s operating millage rate steadily has gone down from 2.5 in 2007 to 1.9139 which was the rate in 2016 and will be again in 2017.
Essentially during the same time, 2006 to 2015, Citywide outstanding debt (governmental, sewer, & pension) has gone from $79,147,305 to $40,634,677.
Thanks to these speakers for keeping our Realtors® up-to-date on what is happening at City Hall. We appreciate these annual presentations and City cooperation with us and our members whether it be researching properties, their permit histories, improvement potential, or in educating us on ways to improve our services. We are very lucky to have them, their resources, and partnership.
1 in 4 Florida Owners With Mortgage is ‘Equity Rich’
Posted on line yesterday at FloridaRealtors®:
“ATTOM Data Solutions’ Q3 2016 U.S. Home Equity and Underwater Report finds that 23.4% of U.S. homeowners with a mortgage are equity rich, meaning their loan-to-value ratio is 50% or lower. It’s a year-to-year increase of more than 2.6 million owners.
“In Florida, the ratio is similar, according to ATTOM, where 23.2% of owners with a mortgage are equity rich.
On the flipside, 16% of Florida owners with a mortgage are still “seriously underwater,” meaning they have a loan-to-value ratio of 125% or higher. Nationwide, the seriously underwater percentage is 10.8% – a year-to-year decrease of 854,000-plus homeowners.
“”Close to one in every five U.S. homeowners with a mortgage is now equity rich thanks to a combination of rising home prices and lengthening homeownership tenures,” says Daren Blomquist, senior vice president at ATTOM Data Solutions.
“”Median home prices increased on a year-over-year basis for the 18th consecutive quarter in Q3 2016, and homeowners who sold in the third quarter had owned their home an average of 7.94 years – a new high in our data and substantially higher than the average homeownership tenure of 4.26 years pre-recession,” says Blomquist. “As homeowners stay in their homes longer before moving up, they are amassing more home equity wealth.”
“A closer look by metro areas finds no Florida city in the top 10 on ATTOM’s list, however. Still, one city – Cape Coral-Fort Myers – was notable for being the only state city in the list of seven metro areas that saw the number of equity-rich homeowners increase by more than 10% as the area logged a 11.5% point increase.
However, one Florida metro area also made ATTOM’s list of seven cities where more than 20% of homeowners with a mortgage are still underwater: Lakeland-Winter Haven ranked at No. 7 with an even 20%.”
Upcoming Island Events
Nov 20 – Sunday – Sanibel Annual Thanksgiving Celebration beginning at 6:30 p.m. at BIG ARTS Schein Performance Hall. Free non-denominational celebration of Thanksgiving. (SanibelSusan and fellow BIG ARTS chorus members will be singing, as will a new children’s chorus from The Sanibel School.)
Nov 24 – Thanksgiving Day – Turkey Bowl from 9 to 11 a.m. – 2-hand touch football at Sanibel Community Park, open to all ages.
Nov 25 & 26 – Friday & Saturday after Thanksgiving – 25th Sanibel Masters Art Festival from 9 a.m. to 5 p.m. at Sanibel Community Part (across the street from SanibelSusan Realty). BIG ARTS Community Chorus is singing two holiday sets Saturday morning.
Sanibel & Captiva Islands Multiple Listing Service Activity November 11-18, 2016
6 new listings: Sanibel Arms #B1 1/1 $369K, Sundial West #G307 1/1 $424.9K, Sundial West #H209 1/1 $439K, Loggerhead Cay #434 2/2 $639K, Snug Harbor #312 3/2 $739K, High Tide #C101 2/2 $1.195M (our listing).
2 price changes: Tennisplace #C21 2/1.5 now $369,555; Sandy Bend #6 2/2 now $949K.
3 new sales: Kimball Lodge #263 1/1.5 listed at $415K, Mariner Pointe #622 2/2.5 listed at $639K, Kings Crown #315 2/2 listed at $899K.
1 closed sale: Sundial West #A208 2/2 $790K.
12 new listings: 2030 Sunrise Cir 3/3 $699K; 525 N Yachtsman Dr 3/2 $749K; 1559 Sand Castle Rd 3/2 $799K; 1683 Bunting Ln 3/3 $799,555; 8991 Mockingbird Dr 3/2 $829K; 1232 Par View Dr 3/2.5 $929K; 5838 Pine Tree Dr 3/3 $1.295M; 2474 Wulfert Rd 3/3/2 $1.495M, 3790 West Gulf Dr 3/2.5 $1.6M; 1717 Jewel Box Dr 3/3.5 $2.1M; 267 Ferry Landing Dr 3/2 $2.195M, 2405 Blue Crab Ct 4/4.5 $2.695M.
9 price changes: 4619 Brainard Bayou Rd 3/2 now $549.9K; 752/754 Cardium St 4/2 duplex now $639.9K, 3152 Twin Lakes Ln 3/3 now $789K; 3354 Barra Cir 3/2 now $899K; 1270 Bay Dr 3/2 now $1.299M; 2479 Blind Pass Ct 3/2 now $1.3M; 513 Lighthouse Way 3/3 now $1.795M; 2451 Blind Pass Ct 4/4.5 now $1,999,999; 4190 Dingman Dr 4/3.5 now $2.299M.
2 new sales: 5279 Umbrella Pool Rd 3/2 listed at $648K, 677 Durion Ct 3/2 listed at $728K.
2 closed sales: 1333 Par View Dr 3/2 $825K, 4014 West Gulf Dr 3/2/2 $1.35M.
No new listings.
1 price change: 6419+6428 Pine Ave now $1.499M.
No new sales.
2 closed sales: 2153 Periwinkle Way $265K, 3965 Coquina Dr $350K.
1 new listing: Bayside Villas #5320 3/3 $650K.
No price changes, new sales, or closed sales.
HOMES & LOTS
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.)
Thanksgiving good wishes to all,
Susan Andrews aka SanibelSusan