It’s Susan reporting another beautiful Friday on Sanibel & Captiva Islands where we have had terrific weather again this week with a few late day and evening showers, mostly inland. Last night though, following another stunning sunset, the islands got a good dousing.
Below is a photo posted by Sanibel City Manager Judie Zimomra as she was coming back on-island just before the showers. Not only is she a fabulous City Manager, but a great photographer too. (Thanks for sharing, Judie.)
The 2nd photo I snapped on my east-end travels. It shows just how green and beautiful the vegetation is on Sanibel this time of the year, as the seasons skip from spring into summer!
In the real estate world, the listing status changes as posted in the Sanibel & Captiva Islands Multiple Listing Service since last Friday follow a few news items below.
Voters Are Not Turnips
Love it when the Sanibel-Captiva Conservation Foundation (SCCF) hits the nail on the head. Below is their email received Monday morning.
The other good news, just announced yesterday, is that the early huge water releases from Lake “O” will be reduced beginning today. Thanks to all that helped with the Mayor’s call-to-action. We can’t let up on these pushes. Southwest Florida government officials and local Realtors® have been cooperating on these initiatives for years and we are always in need of more help from the public.
“Court Victory Supports Florida’s Land Acquisition Amendment – In 2014 an overwhelming 75% of Florida Voters supported a Constitutional Amendment to allocate 33% of real estate doc stamp taxes to Florida’s Land Acquisition fund, Florida Forever. The vote showed Florida voters really appreciate the public lands and special places that have helped make Florida a great place to live and explore.
“The Amendment was spurred when the Florida legislature quit funding Florida’s decade’s long program that purchased and protected wild lands, critical wildlife corridors, habitats and water systems from Spring to the Everglades. It passed with the support of 3 of 4 voters in 2014.
“However, the Florida legislature had their own ideas and misspent the funds on agency salaries and operating expenses over our active opposition each year. Their response? They told the public we didn’t understand the language of the amendment, copied below.
“Turns out voters are not turnips and on Friday a Judge hearing the 3-year old case agreed, issuing a full summary judgment and cancelling the trial scheduled to begin in July.
“Voters are vindicated! Stay Tuned for what comes next. Thanks to the groups who sued: Florida Wildlife Federation, St. Johns Riverkeeper, Environmental Confederation of Southwest Florida, The Sierra Club and Earthjustice.
“Language of the 2014 Constitutional Amendment: Funds in the Land Acquisition Trust Fund shall be expended only for the following purposes:
“1. As provided by law, to finance or refinance: the acquisition and improvement of land, water areas, and related property interests, including conservation easements, and resources for conservation lands including wetlands, forests, and fish and wildlife habitat; wildlife management areas; lands that protect water resources and drinking water sources, including lands protecting the water quality and quantity of rivers, lakes, streams, spring sheds, and lands providing recharge for groundwater and aquifer systems; lands in the Everglades Agricultural Area and the Everglades Protection Area, as defined in Article II, Section 7(b); beaches and shores; outdoor recreation lands, including recreational trails, parks, and urban open space; rural landscapes; working farms and ranches; historic or geologic sites; together with management, restoration of natural systems, and the enhancement of public access or recreational enjoyment of conservation lands.
“2. To pay the debt service on bonds issued pursuant to Article VII, Section 11(e).”
1st Day of Summer & National Seashell Day
Yesterday, also the first day of summer, Lee County Visitor & Convention Bureau hosted an event aimed at toppling an existing Guinness World Record for “largest human image of a seashell.” It required recruiting lots of people wearing identical T-shirts to assemble on Fort Myers Beach and fill in the form of a seashell. A Guinness World Records adjudicator was on site to verify the attempt.
With 1,093 volunteers participating, including many from Sanibel/Captiva, Lee County’s human seashell surpassed a seashell image created in October featuring 855 participants at a team-building event in Turkey that was organized by the petrochemical/energy company Shell and Turcas Petrol A.S. Congratulations to all who helped the effort.
This Fort Myers Beach shell-a-bration is the signature event for the 3rd annual National Seashell Day — held on the first day of summer: Thursday. Plenty of photos were posted on social medial under the hashtag: #NationalSeaShellDay.
Top 10 Threats to Real Estate in 2019
The below article was posted on line yesterday (June 21, 2018) at “Realtor® Magazine”, credited to The Counselors in Real Estate on June 14.
“Rising interest rates and the economy are the top two current issues to watch in real estate, according to the Counselors of Real Estate’s Top Ten Issues Affecting Real Estate 2018-2019, a list of the biggest threats to the housing market. For the first time, CRE broke its annual list down into current and longer-term issues to watch during the industry’s next year.
“Top Current Issues to Watch
- Interest rates and the economy: As interest rates rise, commercial and residential real estate markets are seeing several changes, such as decreasing demand for commercial property and higher home mortgage rates. Rate increases are making homes less affordable and are also limiting the value appreciation for commercial real estate. “Lack of wage growth for all but the wealthiest population segment is dampening housing demand and limiting consumer spending that the economy needs for growth,” the report notes.
- Politics and political uncertainty: Tax reform and policies aimed at balancing trade with other countries will have an impact on jobs, incomes, and both commercial and residential property, according to the report. Congressional action to relax certain bank lending and asset management regulations was also among developing trends that may improve access to capital,” the report notes.
- Housing affordability: The lack of affordable homes across income brackets, excluding the most wealthy, is being fueled by low wages, rising mortgage rates, and the underproduction of housing for nearly two decades, according to the report.
- Generational change/demographics: Four distinct generations are exerting influence on commercial and residential real estate, such as in office design, student and elder housing, amenities, and location preferences.
- E-commerce and logistics: Volatility in the retail sector, such as from the increase of e-commerce, is leading to a growth in warehouses.
“Top Longer-Term Issues
- Infrastructure: Roads, bridges, airports, water and sewer lines, electricity, and public transit are rapidly deteriorating, the report notes. An estimated $4.5 trillion is needed to improve critical infrastructure by 2025, according to the American Society of Civil Engineers. “The lack of serious effort by the U.S. to address its condition and much-needed revitalization leads the list of broader and emerging issues affecting real estate,” the report notes.
- Disruptive technology: The report highlights advances in robotic manufacturing and warehousing; driverless cars and trucks; the extensive availability and utilization of personal and transactional data (aimed at enhancing business decisions); “smart” building technology that enables efficiency; global connectivity; automated business processes; and information protection through cybersecurity. “Nearly every aspect of real estate is undergoing dramatic change as these types of technology are adopted,” the report notes.
- Natural disasters and climate change: The ongoing threat of natural disasters and climate change can result in high-priced property and environmental damage. This includes everything from severe storms, wildfires, and floods to earthquakes, volcanic activity, and rising sea levels.
- Immigration: “If reduced by law, will have a negative impact on new housing starts and home purchases as well as worsen the current skilled labor shortage in the U.S.,” the report cautions.
- Energy and water: Natural resources that are vital to property and quality of life are being threatened by environmental damage (manmade and from changing climates) as well as “entangling state and local regulations that are complicating development and lack the standardization that national regulations would provide.”
“CRE additionally notes several other issues making its “watch list,” including rising construction costs; urbanization/suburbanization (with suburbs adapting citylike development and amenities); tax cuts (which may positively impact commercial properties; legislation is still developing); and societal leadership (social activism among younger Americans that is fueling business and social reform at many levels).”
Sanibel & Captiva Islands Multiple Listing Service Activity June 15-22, 2018
2 new listings: Seawind #105, 2/2.5 $545K, Sanibel Surfside 2/2 $989K.
1 price change: Sundial West #E104 2/2 now $869K.
5 new sales: Blind Pass #G203 2/2 listed at $459K, Sanibel Moorings #941 2/2 listed at $519K, Sunset South #6A 2/2 listed at $599K, Sanibel Siesta #306 2/2 listed at $599.5K, Seawind II #5 2/2.5 listed at $799K.
7 closed sales: Casa Blanca 2/1 $379K, Mariner Pointe #533 2/2.5 $481.1K, Sanibel Arms West #G7 2/2 $520K, Sundial West #G204 2/2 $597.5K, Shorewood #1C 3/2 $800K, Sundial East #P204 2/2 $829K, High Tide #C201 2/2 $953K.
1 new listing: 849 Beach Rd 4/2 duplex $635K
5 price changes: 1350 Middle Gulf Dr 3/3 now $849K, 641 Lake Murex Cir 4/3 now $1.1M, 824 Birdie View Pt 3/3 now $1.149M, 1324 Seaspray Ln 3/3 now $1.35M, 6071 San-Cap Rd 5/4.5 now $2.9975M.
2 new sales: 1940 Periwinkle Way 3/2 listed at $459K, 1001 Lindgren Blvd 3/2 listed at $899K.
4 closed sales: 1338 Tahiti Dr 2/2 $552.5K, 1846 Ardsley Way 2/2 $525K, 1545 Sand Castle Rd 4/3.5 $975K, 1033 S. Yachtsman Dr 3/3 $1.413M,
1 new listing: 9270 Kincaid Ct (our listing) $149K.
No price changes, new or closed sales.
1 new listing: Tennis Villas #3128 1/1 $352.5K
1 price change: Beach Villas #2625 2/2 now $640K.
No new or closed sales.
No new listings, price changes, or new sales.
1 closed sale: 16163 Captiva Dr 3/2 $2,35M.
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.
Here’s hoping everyone has a great weekend!
If you are interested in island real estate you-know-who is working.
Susan Andrews, aka SanibelSusan