It’s a Summer-Like Sanibel February

It’s SanibelSusan reporting that all’s well on another sunny Sanibel Friday. I won’t mention the traffic which is worse than I ever remember it pre-weekend. It’s been a constant stream of cars tying up Periwinkle, coming onto the island until midday, when it changes to heavy traffic in both directions. From mid-afternoon on, as usual there is extra traffic heading off-island. Last night it cleared up by 6:30 p.m.

So, we grit our teeth, plan our days differently, don’t turn right, and remember that we are sharing fabulous weather with extra snowbirds and vacationers. It makes it a challenge when we are driving with prospective buyers. Those new to the island have a hard time believing that it’s like this for just a few weeks each year.

They sure love the weather though. It really has been amazing for February – bright blue skies with a few occasional clouds, daytime temperatures ranging from the low 80’s into the 90’s (record setting numbers), and sparkling water surrounding the island.

At SanibelSusan Realty Associates

We had good action with our listing this week, with several more showings scheduled tomorrow during turn-over in some of the vacation rentals. With the big annual Arts and Crafts Fair across the street from the office both tomorrow and Sunday, we hope for some walk-in business.

If you have a three-day weekend, we hope you enjoy it. If you are here, we hope you drop in.

Sanibel & Captiva Islands Association of Realtors®

Monthly Membership Meeting – Yesterday was the February monthly Membership Breakfast Meeting and Caravan for the local Association of Realtors®. Guest speaker was Julie LePore with FIRPTA Solutions, Inc. FIRPTA is the Foreign Investment in Real Property Tax Act of 1980 and it covers the disposition of U.S. real property interest by a foreign person. I’ve covered it in my updates before, but she mentioned a couple of points many Sellers don’t realize.

FIRPTA – If you are selling real estate in the U.S. and are NOT a foreign Seller, there still is a form required by FIRPTA. These Sellers must sign a Certificate of Non-Foreign Status which indicates that FIRPTA withholding is not required. So, don’t be surprised if the title company handling your closing asks you to sign a form that includes your social security number or tax identification number.

Alternatively, in the case where the Seller is foreign, more questions apply. If the Buyer does not have definite plans to reside at the property at least 50% of the time that the property is in use, the Buyer is required to withhold 15% of the sale proceeds. Yes, that is a requirement of the Buyer. Usually Buyers don’t know this. Here, the title company handles this withholding. If the Buyer will reside the property being purchased, depending on the price, there could be change in the amount needing to be withheld. Best to consult with an expert if you are a Buyer and the Seller is foreign. FIRPTA Solution is a good resource at www.firptasolutions.com.

Caravan Announcements – We weren’t lucky enough to get another sale this week, but plenty were announced at the Caravan meeting. One colleague who just listed a $2+M property announced that it went under contract in hours for full-price, cash, quick close. Just an example of what can happen in a situation where a buyer is waiting for an property in a specific location or of a certain size or condition.

What’s Happening With the Sanibel Real Estate Market?

Using info from the Sanibel and Captiva Islands Multiple Listing Service as described in the disclosure below, here are some summaries.

Number of Sanibel Price Reductions in last 30 days:  105 (71 homes, 7 lots, 28 condos)

Considering that there are just 362 Sanibel properties for sale, that’s a lot of price reductions.

How Many Properties Are Selling Compared to the Competition?

	# Available	# Sold/Closed 2018	# Under Contract
SANIBEL CONDOS
Income-Producing	75	4	8
With 3 Bedrooms	12	4	5
Under $500K	23	3	13
Over $1M	21	5	4
SANIBEL HOMES
Canal-front	39	4	8
Near-beach	87	16	15
Gulf-front	12	5	3
Under $500K	9	5	2
Over $1M	91	18	19

No Rate Increase for 8^th Year in a Row

LCEC (Lee County Electric Coop) posted this info in their February “LCEC News”. With most prices increasing, it’s great to hear that LCEC’s electric rates have remained the same. “Rates actually have decreased over the past four years…Even after spending more than $30 million on Hurricane Irma restoration, rates will remain the same for 2018. As a cooperative, LCEC is eligible for partial FEMA reimbursement for disaster recovery….”

Upcoming Events

• Sanibel-Captiva Rotary Club’s 35^th Art & Craft Fair – with over 100 artists & food court – tomorrow & Sunday, Feb 17 & 18 at The Community House and Sanibel City Park across the street from SanibelSusan Realty Associations. Open from 10 a.m. to 5 p.m. on Saturday, 9 a.m. to 4 p.m. on Sunday.
• Annual Kiwanis Spaghetti Dinner – an island favorite for nearly 40 years, Saturday Feb 24 from 4 to 8 p.m. at The Community House. Funds raised go to island youth education and recreation activities including scholarships. (If you are on-island and need a ticket, give me a call, I know who delivers… just got my ticket today.)
• Annual Peek at the Unique – annual fundraiser tours of four unique island residences, hosted by The Zonta Club of Sanibel-Captiva on Saturday Mar 10 from 9 a.m. to 3 p.m. Transportation by air-conditioned buses. Tickets required. More info at zontasancap.com, tickets at Eventbrite or www.zontasancap.com/events/peek
• SCCF’s 7th Annual Beer in the Bushes – Saturday Mar 31 from 6 to 10 p.m. on the grounds of SCCF’s (Sanibel-Captiva Conservation Foundation) Nature Center. Attendees are encouraged to dress in “soul train” attire of the 70’s. Purchase tickets at http://www.sccfbeer.eventbrite.com

Sanibel & Captiva Islands Multiple Listing Service Activity February 9-16, 2018

Sanibel

CONDOS

7 new listings: Sanibel Moorings #212 1/1 $425K, Sanibel Moorings #141 1/1 $475K, Kings Crown #312 2/2 $799K, White Sands #13 2/2 $949K, Sundial West #E104 2/2 $995K, Blue Gulf #101 3/2 $1.42M, High Tide #B102 2/2 $1.795M.

2 price changes: Beach Road Villa #104 2/2 now $455K, Sundial West #F201 2/2 now $799K.

8 new sales: Tennisplace #D21 1/1 listed at $239.8K, Captains Walk #D5 2/1 listed at $299.5K, Seashells #40 2/2 listed at $349.9K, Sundial West #J307 2/2 listed at $759K, Sundial West #F201 2/2 listed at $799K, Nutmeg Village #201 2/2 listed at $999K, Pine Cove #102 3/2 listed at $1.25M, Seascape #202 3/3.5 listed at $2.195M.

3 closed sales: Colonnades #C3 1/1 $225K; Lighthouse Point #220 2/2 $435K; White Sands #32 2/2.5 $978,625.

HOMES

8 new listings: 9408 Moonlight Dr 3/2 $599K, 1806 Ibis Ln 3/2 $679K, 5885 Pine Tree Dr 3/2 $699K, 617 Lake Murex Cir 3/2 $839K, 9027 Mockingbird Dr 4/3 $869K, 2629 Coconut Dr 2/3 $1.198M, 735 Sand Dollar Dr 3/3 $1.339M, 519 Kinzie Island Ct 2/2.5 $1.35M.

21 price changes: 6143 Henderson Rd 4/3 now $444.9K, 1040 Sand Castle Rd 3/2 now $549K, 958 Sand Castle Rd 3/2 now $619K, 474 Lake Murex Cir 3/2 now $679.9K, 749 Cardium St 3/2 now $749K, 5430 Osprey Ct 3/3 now $774K, 5410 Osprey Ct 3/2.5 now $799K, 9446 Beverly Ln 3/3.5 now $819K, 924 Beach Rd 3/2 now $895K, 3239 Twin Lakes Ln 3/2 now $899K, 2480 Library Way 3/2.5 now $899K, 1265 Par View Dr 3/2.5 now $899K, 3941 Coquina Dr 3/2 now $979K, 5402 Osprey Ct 4/3 now $995K, 1426 Causey Ct 3/2.5 now $1.195M, 805 Sand Dollar Dr 4/3 now $1.295M, 1995 My Tern Ct 4/2 now $1.349M, 4992 Joewood Dr 3/3.5 now $1.465M, 1525 Sand Carlos Bay Dr 3/2 now $1.575M, 514 Kinzie Island Ct 4/5 now $1.895M, 4166 Dingman Dr 4/4 now $2.599M.

8 new sales: 667 Spartina Ct 3/2 listed at $619,555; 563 Hideaway Ct 3/2 listed at $699K, 3980 Coquina Dr 3/2 listed at $799K; 5657 Sanibel-Captiva Rd 3/2 listed at $895K, 925 Lindgren Blvd 3/2 listed at $995K; 1152 Buttonwood Ln 3/3.5 listed at $1.379M; 1271 Isabel Dr 4/4.5 listed at $3.299M, 1077 Bird Ln 4/4/2 listed at $5.995M.

6 closed sales: 9292 Kincaid Ct 3/2 $480K, 1613 Sand Castle 3/2.5 half-duplex $499K, 1717 Sand Pebble Way 3/2 $610K, 900 Almas Ct 3/3.5 $1.015M, 1313 Eagle Run Dr 3/3 $1.35M, 3945 West Gulf Dr 3/3 $3M.

LOTS

No new listings.

2 price changes: 412 Tiree Cir now $329,555; 2401 Blue Crab Ct now $679K.

No new sales:

1 closed sale: 2626 Coconut Dr $329K.

Captiva

CONDOS

1 new listing: Bayside Villas #5144 1 /2 $385K.

1 price change: Beach Homes #25 3/2 now $2.095M.

No new sales or closed sales.

HOMES

No new listings or price changes.

1 new sale: 11531 Paige Ct 4/3.5 listed at $3.45M.

No closed sales.

LOTS

Nothing to report.

This representation is based in part on data supplied by the Sanibel & Captiva Islands Association of Realtors® 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 the 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 & Presidents Day!

Susan Andrews, aka SanibelSusan