All’s well again on another Sanibel sunny Friday as we push forward to what are traditionally the busiest real estate months of the year on the islands – February and March. That activity may even stretch a few weeks longer this year with Easter not until April 16.
At SanibelSusan Realty Associates
This week we had another nice condo closing, a home listing that went under contract, an excellent sprinkling of showings, and good Open House action. Once February visitors settle in inquiries should pick up too. We already are getting requests for viewings in March during spring breaks.
I had lunch today with a client who made me a “gator”. Shown here on our office sofa, I intend to take him home where he will recline on a special spot on my red love seat, but in the meantime, she said he needs a name.
Now called “Gator #5″ because he’s the 5th one she has made, I need suggestions! He’s going to be a neck scarf on the next cool day too, sure hope I don’t have to wait until next January. Isn’t he great? Thank you, Dianne! What’s your name for my gator?
Sanibel & Captiva Island Real Estate
With January over, it is a good time to look at market inventory. The report of the Sanibel & Captiva Islands Multiple Listing Service activity over the last seven days follows a few news items below and includes many price adjustments. Here is a quick summary of the number of units for sale, compared to the activity last year.
How Many for Sale
Condos – 116 on Sanibel; 30 on Captiva
Homes – 186 on Sanibel; 38 on Captiva
Lots – 68 on Sanibel; 2 on Captiva
How Many Under Contract
Condos – 14 on Sanibel; 4 on Captiva
Homes – 27 on Sanibel; 3 on Captiva
Lots – 5 on Sanibel; 1 on Captiva
How Many Sold in January 2017
Condos – 11 on Sanibel; 2 on Captiva
Homes – 19 on Sanibel; 1 on Captiva
Lots – 5 on Sanibel; 0 on Captiva
How Many Sold in January Last Year
Condos – 15 on Sanibel; 1 on Captiva
Homes – 10 on Sanibel; 5 on Captiva
Lots – 3 on Sanibel; 0 on Captiva
Florida Realtors® PAC
As follow-up to my posting last week about the four awards that the Sanibel & Captiva Islands Association of Realtors® won for 2016 at FloridaRealtors®.
Here are a few highlights of how those RPAC dollars work.
- 92% of all endorsed candidates were elected (23 of 25 Senate candidates won, 23 of 26 Congressional candidates won, 67 of 73 State House candidates won).
- Constitutional Amendments 3 & 5 passed (grant tax exemptions for disabled first responders and seniors, and a big WIN for homeowners)
- Won victories for homeowners and Realtors® (removed regulatory fees (HB 303), helped pass statewide comprehensive water policy to effectively manage and protect Florida’s natural resources (SB 552), revised the Value Adjustment Board process (HB 499)).
Working Together To Make a Difference in January
Written by yours truly, here is the first 2017 press release from the local Association of Realtors® Communications and Public Relations Committee. It was published in the “Santiva-Chronicle” this morning.
“Ever wonder what members of a Realtor® organization do other than list and sell real estate?
“This year “Working Together to Make a Difference”, the Sanibel & Captiva Islands Association of Realtors® will report each month highlighting some other things accomplished by its members. Association members include Realtors®, their brokers, office managers, staff and affiliate business partners (mortgage brokers, insurance providers, home inspectors, appraisers, title companies, decorators, builders, non-profit organizations, attorneys, etc.).
“This is the first monthly report. It covers volunteer activities that members of the Sanibel & Captiva Islands Association of Realtors® did in January.
“Mints for the Military – From January 9 until mid-March, local Girl Scout Troop 673 is collecting donations for boxes of Girl Scout cookies as part of their Mints for the Military drive. Association member Carol McCarley, Noack & Company CPA’s, and her daughters help in this effort, with hundreds of boxes expected to go overseas from their troop. Last year, the Girl Scouts Gulf Coast of Florida Council sent 57,854 boxes in total. That’s a lot of cookies!
“Water Quality – On January 11 and 25, Association Past-President and Realtor® David Schuldenfrei and others attended and spoke in Tallahassee at Florida Senate subcommittee hearings on Lake Okeechobee discharges. The hearings went well, with Senator Joe Negron on January 27 filing SB 10 for the purchase of land south of the lake for water storage and cleaning before it goes south into the Everglades and Florida Bay. The bill now must pass the House and Senate, before being signed by the Governor. It has a long way to go, but is headed in the right direction. Thank you, David!
“Collections, Contributions, Volunteers, & Donations – “Working Together to Make a Difference” the CRPC members will be reaching out to local organizations and non-profits to find: ways the Association may get more cooperatively involved in the community; if donation items are needed and if there is a time of the year when they are needed most; and if there are small hands-on projects that could use a team of 5-10 volunteers to get them done. An investigation already is underway to help the Sanibel Historical Preservation Committee, which is chaired by Realtor® Deb Gleason, with the new Sanibel Heritage Trail.
“If you have suggestions, please contact Association Communications & Public Relations Committee members: Realtors® Judie Anderson, Sarah Ashton, Deb Gleason, Kelly Huguenin, Cathie Lewis; Affiliate Business Partners: Nanci Berlin, Barrier Island Title Services and Angela Larson Roehl, Rosier Insurance; or Realtor® Chair Susan Andrews.
Watch next month for our February progress report.”
Cost vs. Value: Which Home Improvements Offer the Highest Return on Investment in 2017?
This article was posted on-line Jan 16, 2017 at “Housecall” which is RISMedia’s blog. Since we get asked this question too, it’s interesting to hear their take. Note the projects vary based on the geographic area and price of the property.
“With the many different projects reported annually in Remodeling Magazine’s Cost vs. Value Report, not much has changed from last year…and that’s not a bad thing. The 29 projects found on this year’s report paid back an average of 64.3 cents on the dollar in resale value. Looking at the 24 most tracked projects (projects consistently tracked for the last six years), their payback for 2017 was also 64.3 cents—only three-quarters of a penny higher than 2016 projections.
“Why the little change? Simply put: the differences in underlying numbers was minimal year-to-year. The average cost for those 24 projects rose a meager 3%, while the value that real estate professionals put on said projects only rose 4.2%. Minor gains, yes, but we’ll take what we can get.
“Recent and long-time trends continued, reports Remodeling. Curb appeal projects like changes to doors, windows and siding garnered a higher ROI than work done inside the home. Replacement projects, like doors or windows, scored higher among real estate pros than did remodels.
“On a national scale, the top five projects with the greatest ROI in the report’s “midrange” cost category are:
- Attic Insulation (Fiberglass) (107.7% ROI), Average Cost: $1,343, Average Resale Value: $1,446
- Entry Door Replacement (steel) (90.7% ROI), Average Cost: $1,413, Average Resale Value: $1,282
- Manufactured Stone Veneer (89.4% ROI), Average Cost: $7,851, Average Resale Value: $7,019
- Minor Kitchen Remodel (80.2% ROI), Average Cost: $20,830, Average Resale Value: $16,699
- Garage Door Replacement (76.9% ROI), Average Cost: $1,749, Average Resale Value: $1,345
“The top five projects with the greatest ROI in the report’s “upscale” cost category are:
- Garage Door Replacement (85.0% ROI), Average Cost: $3,304, Average Resale Value: $2,810
- Entry Door Replacement (fiberglass) (77.8% ROI), Average Cost: $3,276, Average Resale Value: $2,550
- Window Replacement (vinyl) (73.9% ROI), Average Cost: $15,282, Average Resale Value: $11,286
- Window Replacement (wood) (73.0% ROI), Average Cost: $18,759, Average Resale Value: $13,691
- Grand Entrance (fiberglass) (70.1% ROI), Average Cost: $8,358, Average Resale Value: $5,855
“Regionally, the Pacific division (California, Oregon, Washington, Alaska and Hawaii) saw an average payback of 78.2% for all projects, with 10 projects posting cost-recouped levels of at least 90%. The East North Central states of Ohio, Indiana, Michigan, Illinois and Wisconsin, however, saw an average of just 54.9%, with no single project offering a payback of as much as 80 cents on the dollar.
“At the other end of the spectrum are projects with the lowest returns on investment—improvements generally not in demand by the market. Again, on a national scale, the five projects with the lowest ROI in the “midrange” cost category are:
- Bathroom Remodel (64.8% ROI), Average Cost: $18,546, Average Resale Value: $12,024
- Master Suite Addition (64.8% ROI), Average Cost: $119,533, Average Resale Value: $77,506
- Backyard Patio (54.9% ROI), Average Cost: $51,985, Average Resale Value: $28,546
- Backup Power Generator (54.0% ROI), Average Cost: $12,860, Average Resale Value: $6,940
- Bathroom Addition (53.9% ROI), Average Cost: $43,232, Average Resale Value: $23,283
“The five projects with the lowest ROI in the “upscale” cost category are:
- Major Kitchen Remodel (61.9% ROI), Average Cost: $122,991, Average Resale Value: $76,149
- Master Suite Addition (59.9% ROI), Average Cost: $250,687, Average Resale Value: $150,140
- Bathroom Remodel (59.1% ROI), Average Cost: $59,979, Average Resale Value: $35,456
- Bathroom Addition (57.1% ROI), Average Cost: $81,515, Average Resale Value: $46,507
- Deck Addition (composite) (56.4% ROI), Average Cost: $39,339, Average Resale Value: $22,171
“The 2017 Cost vs. Value Report compares, across 99 markets, the average cost of 29 popular remodeling projects with their average value at resale one year later. Average resale value is calculated based on estimates provided by real estate professionals. View the full report, including project descriptions and city-level data, here.”
Late January Island Weather
With January bringing serious cold/snowy/icy winter weather to so much of the nation, the islands got some residual effects. With Sanibel under tornado watch through the early morning hours of January 23, the local papers this week said the City reported no significant damage. The fast-moving storm brought little rain and wind, considering what had been projected. Though gusts of up to 60 mph were reported, in most areas the beaches gained sand.
Among the resulting beach debris were 250 crab traps which the City collected and crabbers retrieved from Public Works. It probably goes without saying that because of the storm, fishing was not the best, but the shelling was outstanding. After winter storms is often the best time for finding “big” shells.
The last few days of January were a little chilly – island sweater weather, but since then and for the next week temperatures in the mid to high 70’s are expected.
The Housing Crunch for Older Adults Nears
Posted on-line Tuesday at “Realtor®Mag” under “Daily Real Estate News” this article is sourced to Forbes.com:
“The 65-plus population is expected to surge from 48 million to 79 million in the next 20 years. Yet, the availability and affordability of housing to meet this blooming population is inadequate, according to a recent Harvard Joint Center for Housing Studies report.
“The report shows that only 3.5% of today’s housing contains the following three key elements of “universal design”: zero-step entrances, single-floor living, and wide halls and doorways. Further, nearly 6.4 million low-income renters will likely need to devote more than 30% of their income to housing by 2035, the report notes.
Housing experts say builders are not growing the supply enough to meet future demands from older adults and instead are continuing to put most of their focus on higher-end construction.
““The Harvard study was a scary forecast,” says Lukas Krause, CEO of Real Property Management, the largest property management franchise in the nation. “The senior sector will be one of the hardest hit for affordability. The most important thing we can do is find affordable housing for older Americans and contemplate layout and design to accommodate the older population.”
“More homes will need to be tailored to older adults. For example, homes likely will need to be retrofitted as single-floor living with a master suite, wider doorways to accommodate wheelchairs, and walk-in showers with grab bars.
“Retrofitting needs to extend to the multifamily sector too. Landlord and property owners have not yet largely embraced retrofitting apartments to accommodate older Americans, Krause says. “As the older population grows, economic factors will change and it will be more attractive to build more versatile homes,” he says.
Also, expect some changes in the way people live as the older population grows. For example, cohabitation and shared housing may grow in popularity as affordability concerns brew. And, expect a growth in mother-in-law suites in single-family residences as well as grandparents living with their families like previous generations once did, Krause says. Furthermore, programs like the Johns Hopkins project, CAPABLE, may expand. The Johns Hopkins program seeks to help people age in place by assigning them a nurse, an occupational therapist, and a handyman.”
Sanibel & Captiva Multiple Listing Service Activity Jan 27-Feb 3, 2017
5 new listings: Captains Walk #D5 2/1 $325K, Sanibel Moorings #931 2/2 $550K, Heron at The Sanctuary #1B 3/2.5 $620K, Bayview Village #1A 3/3 $789K, Pointe Santo #D32 2/2 $819K.
7 price changes: Mariner Pointe #1412 1/1 now $349.9K, Donax Village #3 2/2 now $464K, Mariner Pointe #712 2/2.5 now $498K, Mariner Pointe #533 2/2 now $499K, Pointe Santo #D6 2/2 now $719K, High Tide #A102 3/2.5 now $1.695M, High Tide #A302 3/2 now $1.725M.
5 new sales: Sundial West #F103 2/2 listed at $459.5K, Coquina Beach #2C 2/2 listed at $599K, Compass Point #222 2/2 listed at $689K, Sundial West #K203 2/2 listed at $879K, Somerset #302 3/2.5 listed at $1.65M.
3 closed sales: Coquina Beach #4C 2/2 $430K, Sundial East #P201 2/2 $760K, Gulfside Place #115 2/2 $1.4M (our buyer).
7 new listings: 1940 Periwinkle Way 3/2 half-duplex $495K, 9446 Yucca Ct 3/2 $609K, 3784 Coquina Dr 3/3 $714K, 1717 Sand Pebble Way 3/2 $719K, 3359 Barra Cir 3/3 $789K, 1294 Par View Dr 3/2.4 $949K, 687 Anchor Dr 4/3 $1.795M.
15 price changes: 1651 Sand Castle Rd 3/2.5 half-duplex now $477.5K, 1212 Par View Dr 2/2 now $619K, 1073 Fish Crow Rd 3/2.5 now $699K, 4694 Rue Bayou 3/3 now $699K, 1429 Jamaica Dr 3/3 now $699.9K, 978 Black Skimmer Way 3/2 now $712K, 5757 Pine Tree Dr 3/2.5 now $799K, 1314 Par View Dr 4/3 now $899K, 1174 Harbour Cottage CT 3/3 half-duplex now $1.05M, 1270 Bay Dr 3/2 now $1.249M, 5403 Shearwater Dr 4/3 now $1.295M, 500 Periwinkle Way 3/3 now $1.295M, 1475 Angel Dr 3/4.5 now $1.649M, 1743 Venus Dr 4/3.5 now $1.749M, 900 Snowberry Ln 4/3 now $3.495M.
5 new sales: 608 Boulder Dr 3/3 listed at $869K, 537 Lake Murex Cir 3/3 listed at $899K (our listing), 2920 West Gulf Dr 3/2 listed at $939K, 935 Lindgren Blvd 3/2 listed at $696K, 3557 West Gulf Dr 3/3.5 listed at $4.5M.
6 closed sales: 474 Lake Murex Cir 2/2 $360K, 810 Elinor Way 3/2 $570K, 750 Nerita St 3/2 $650K, 5751 Baltusrol Ct 3/4 $975K, 1665 Sabal Palm Dr 3/2 $1.05M, 800 Sand Dollar Dr 3/3.5 $1.625M.
2 new listings: 5116 Sea Bell Rd $185K, 5126 Sea Bell Rd $185K.
1 price change: 5687 Baltusrol Ct now $315K.
No new sales.
1 closed sale: 2462 Wulfert Rd $200K.
No new listings or price changes.
1 new sale: Beach Villas #2322 1/1 listed at $499K.
1 closed sale: Tennis Villas #3121 1/1/2 $253K.
No new listings.
2 price changes: 1114 Schefflera Ct 4/3.5 now $2.65M, 11551 Wightman Ln 4/4.5 now $4.9M.
1 new sale:13500 Palmflower Ln 4/4 listed at $1.795M.
No closed sales.
No new listings or price changes.
1 new sale: 953 South Seas Plantation Rd listed at $2.1M.
No closed sales.
(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 – enjoy the sunset, your weekend, & don’t forget to help me “name that gator”!
Susan Andrews aka SanibelSusan