It’s another quiet week on Sanibel and Captiva Islands. At least pretty quiet in the real estate business.
Plenty of families were here over the holiday enjoying the festivities. The Independence Day Parade again was well attended. This year, there were several special music entries including the Sanibel-Captiva Conservation Foundation who headlined the parade, celebrating their 50th anniversary. Their upbeat band was terrific as was the more traditional patriotic-song playing BIG ARTS Community Band.
The Bissell family whose Dad/Granddad Realtor® Don Bissell, founded the parade 27 years ago, had a fun entry too. With plenty of Bissell boys dressed as Olympic athletes & pushing mock bobsleds, they “struck a pose” whenever a spectator wanted a photo.
After the parade, the Sanibel-Captiva Optimists Club Road Rally was tougher than I remember from earlier years (winners not announced yet). Hopefully plenty was raised for local scholarships. The Sanibel Grill at The Timbers Restaurant certainly did their part after the rally in providing food and drink to the 20-some rally teams. I’m sure that Team #12, “Beamer Stars” didn’t win any awards, but we sure had fun. The fireworks went off without a hitch too.
With nice summer weather, followed by late day or evening rains, the beaches, waterways, and bike paths have been busy the rest of the week too. There will be lots of check-outs tomorrow.
The activity posted since last Friday in the Sanibel & Captiva Multiple Listing Service follows a few new items below.
Blind Pass Beach Parking Lot Closed for Maintenance
A City of Sanibel notice was posted today advising that the City will begin maintenance of the parking lot at Blind Pass Beach Park on Monday, July 10. Weather permitting repairs, it will be closed until Friday, July 14. Residents and visitors are encouraged to use other public City beach parks during this time.
State’s Economy To Top $1 Trillion Next Year
As posted today in Orlando on FloridaRealtosr® on-line and sourced to “Sarasota Herald-Tribune” (07/07/17):
“University of Central Florida (UCF) Economist Sean Snaith predicts that Florida’s gross state product will break the $1 trillion mark next year – and then climb to $1.074 trillion in 2019.
“That gross state product level would make the Florida economy the 16th largest in the world, as ranked by the World Bank.
“Snaith expects the gross state product to expand at an average annual rate of 2.9% through 2019 and outpace the projected average for the United States’ gross domestic product for the same period. Driving the economy will be job growth and home construction, Snaith said in his 2nd quarter Florida & Metro Forecast.
“”The fundamental underpinnings of the housing market in Florida continue to strengthen. Job growth in Florida is forecasted to continue outperforming the U.S. labor market and more baby boomers continue to reach the end of their working lives,” says Snaith, the director for the Institute for Economic Competitiveness at the UCF College of Business Administration. “This bodes well for continued population growth via the in-migration of workers and retirees.”
“Snaith notes that Florida faces a growing single-family-housing shortage because of the shrinking inventory of existing homes and a pace of housing starts that trails growth, which is rapidly pushing prices up in the single-family market.
“”While this looks like another housing bubble, it’s really just an old-fashioned shortage in the single-family market,” Snaith says. “It is expected to correct itself as new housing starts ramp up over the next few years.””
It’s Not Easy to Regulate Rentals
Today, I read an interesting article from the “Miami Herald” that was reposted today on FloridaRealtors®.
Of course, the islands are a far cry from Miami, but the subject hit close to home when it described how the unincorporated Miami-Dade County commissioners spent hours of deliberation over a proposed ordinance that would create a laundry list of new regulations for short-term rental owners. The ordinance which had been fine-tuned over four months of meetings, would require rental platforms like Airbnb to sign up for a certificate of use, register for a business tax receipt, screen for sexual offenders, and enforce a number of “vacation rental standards” on their guests. The ordinance also imposes requirements on the platform hosting the listing, whether it be Airbnb, HomeAway, Craigslist or another site.
The commissioner who proposed the ordinance said, “The industry is here; I just want to see it sufficiently regulated for our client Miami-Dade County.” That industry is here in Southwest Florida too. Time and time again in the real estate business, we run into island owners and similar platforms violating the rental restrictions of a community or complex or not collecting taxes on short-term rentals, and guests who unknowingly are renting where they shouldn’t be.
In the case of this proposed ordinance on the other coast, the commissioners were unable to agree on several of the provisions and were worried that Airbnb and others may sue the city, so they deferred their vote until Sept. 7. At question were some of the specific requirements imposed on hosts, such as home inspection rules, the potential effect vacation rentals could have on affordable housing and the legality of creating requirements for the platforms themselves.
State law prohibits local governments from enacting new rules after 2011 that impact the frequency and duration of short-term rentals.
With the onset of the internet, the rental business changed significantly and it has been a continual work in progress then. Stay tuned for more on this subject. Sanibel and Captiva Islands are and will continue to be mostly a second home and investment market. Rental business affects that tremendously.
Sanibel & Captiva Islands Multiple Listing Service Activity June 30-July 7, 2017
No new listings.
1 price change: Sand Pointe #113 2/2 now $719K.
1 new sale: Spanish Cay #A6 2/2 listed at $389K.
1 closed sale: Seashells #6 2/2 $385K.
No new listings.
3 price changes: 673 East Rocks Dr 3/2 now $739.9K, 932 Whelk Dr 3/3 now $1.299M, 984 Oyster Ct 3/3.5 now $1.65M.
3 new sales: 9409 Moonlight Dr 3/2.5 listed at $599K, 2489 Harbour Ln 3/2 listed at $699.9K, 6494 San-Cap Rd 3/2 listed at $1.795M.
2 closed sales: 1315 Par View Dr 3/2 $676K, 2507 Blind Pass Ct 3/3 $1.34M.
No new listings or price changes.
2 new sales: 540 East Lake Rd listed at $169K, 1340 Eagle Run Dr listed at $270K.
1 closed sale: 434 Lake Murex Cir $250K.
No new listings or closed sales.
1 price change: Sunset Captiva #201 2/2 now $895K.
1 new sale: Bayside Villas #4102 1/2 listed at $348.5K.
No new listings, new sales, or closed sales.
1 price change: 16525 Captiva Dr 8/8 now $3.995M.
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.)
Enjoy your weekend!
Susan Andrews, aka SanibelSusan