Monthly Archives: September 2019

Sanibel/Captiva Real Estate Action This Week

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cartwheelHappy Friday! It has been a week with a little more activity on the islands. Our listings certainly got more action, including two sales and a couple of price reductions. Teammates and I were out showing and viewing property, and we also got two new listings. Hopefully, this is an indication that the market is picking up.

A report with the details of the action since last Friday in the Sanibel & Captiva Islands Multiple Listing Service follows a couple of news items below.

Sanibel & Captiva Island Association of Realtors®

Sanibel realtors logoThis week, there was no Thursday morning Realtor® caravan of new listings. The bi-weekly summer schedule ends at the end of October when it reverts to every week. Our new listing at Pine Cove #201 will be open for caravan next week (9 a.m. to noon).

SCCF Sea Turtle Program 2019

kemp turtleDetails about the 2019 Sea Turtle tagging project are in “SCCF’s Member Update” Oct 2019 issue. Since the project began in 2016, their team has documented 1,178 encounters with turtles on the beach at night, representing 587 unique individuals. When a turtle is encountered, she is scanned for existing tags, tagged if none are found, and measured with calipers and a measuring tape.

Of the 587 seen, 236 have been encountered more than once. Sea turtles don’t nest every year – each individual lays approximately 3-6 nests over the course of the season and then spends a year or two foraging to replenish her energy reserves before returning to the nesting beach.

The 2019 season is the 4th year of the tagging project. “Highlights of the 2019 tagging season include:

  • A new record of 353 documented turtle encounters from May 1 – July 31
  • Six green sea turtles seen on Sanibel, totaling 18 observed nests
  • The average loggerhead carapace size was 94.5 cm (slightly over 3 feet), with their largest loggerhead measuring at 115 cm (almost 4 feet long).
  • Staff interacted with 1,126 beachgoers at night to educate them about the impacts of flashlights on sea turtles.”

More info at www.SCCF.org.

A Mixed Economic Picture Ahead

REALTOR-Magazine_Logo_An interesting update in the September-October 2019 “Realtor®” magazine by NAR’s chief economist, Lawrence Yun. He says, “Home building is accelerating, but sales continue to lag.”

“Annual home sales have been moving sideways in recent years: 5.4 million in 2016, 5.5 million in 2017, and 5.3 million in 2018. As of June, this year’s total stands to be 5.2 million on an annualized basis.

“These flat numbers make little sense in light of the decent economy. From 2016 through the first half of 2019, the economy added 8 million net new jobs at higher pay. Moreover, household net worth grew by $13.5 trillion, thanks to the rising stock market and surging real estate prices. The unyielding homeownership rate has lead to a more concentrated build-up in wealth than if ownership had expanded.

“Perhaps reduced tax benefits for homeowners is the main reason the home sales have become sluggish. Fortunately, the market is shifting for the better because of amazing mortgage rates. The Federal Reserve’s decision to be more accommodating has brought mortgage rates down to under 4%. The housing supply remains a hurdle but steadily homebuilders are responding by building more spec homes and at lower price points, where the demand remains the strongest. Realtors® are also witnessing an uptick in seller inquiries in our consumer survey. Consequently, pending contracts rose in June in all major U.S. regions, marking the first year-over-year gain in 17 months. Barring headaches over inspections, appraisals, and mortgage funding, closing activity is expected to shoot higher in the second half of the year.

“And the economy still has room to grow. Home building needs to increase robustly to address the inventory shortage. And falling vacancy rates in office, industrial, and apartment properties suggest commercial construction needs. The main looming worry is the impact of the intensifying trade war on corporate investment and the stock market. In a good economy, business investment should be rising around 5% or more – certainly roughly in line with the growth in profits, which have soared. That’s not happening, and it’s of concern.”

Fall Home Checklist

Florida Realtors logoWhether you are in Florida or elsewhere, here is a good Fall Home Checklist reminder taken from an article posted in the September issue of Florida Realtor® magazine:

Exterior

  • Trim tree branches and vegetation near roof
  • Check roof, siding and foundation for damage
  • Check chimney for loose bricks and missing mortar
  • Clean gutters and downspouts. Make sure water doesn’t pool around foundation
  • Seal gaps and holes that could provide access for animals
  • Replace loose or missing caulking around windows and doors
  • If area is subject to freezes, shut off exterior faucets and irrigation system and store hoses

Interior

  • Check attic and crawl spaces for leaks and moisture after wet weather
  • Check caulking around faucets showers, bathtubs, sink and toilets
  • Check faucets and supply valves for leaks or corrosion
  • Inspect water heater for leaks
  • Test smoke and carbon monoxide detectors
  • Have a professional inspect/clean the chimney. Test fireplace flue for tight seal
  • Test circuit breakers and ground-fault/arc-fault interrupters
  • Consider hiring a professional to inspect and tune up your furnace/HVAC system
  • Change HVAC system filters and remove any materials that block return air vent
  • Clean dryer vent.

Sanibel & Captiva Islands Multiple Listing Service paragon black knight logoActivity September 20 – 27, 2019

Sanibel

CONDOS

3 new listings: Sandpebble #1A 2/2 $449K, Signal Inn #18 3/2 $1.175M, Pine Cove #201 3/2 $1.395M (our listing).

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From the wrap-around balcony at Pine Cove #201.

2 price changes: Signal Inn #10 1/1 now $499.9K, Signal Inn #14 2/2 now $739K.

3 new sales: Sanibel Arms West #I1 2/2 listed at $569K, Sunset South #6B 2/2 listed at $575K, Sanibel Moorings #1341 2/2 listed at $680K.

1 closed sale: Pointe Santo #B2 2/2 $640K.

HOMES

4 new listings: 1365 Tahiti Dr 2/2 $449K (our listing), 1695 Serenity Ln 3/2 $499K, 1672 Hibiscus Dr 3/2 $959K, 1121 Skiff Pl 3/3 $995K.

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1365 Tahiti Dr in Tradewinds

6 price changes: 405 Tiree Cir 3/2 now $749K, 1672 Hibiscus Dr 3/2 now $959K, 5402 Osprey Ct 4/3 now $975K, 842 Limpet Dr 3/3.5 now $2.095M (our listing), 1069 Bird Ln 4/3.5 now $4.795M, 4143 West Gulf Dr 3/3.5 now $5.795M.

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842 Limpet Dr in Shell Harbor

5 new sales: 681 Rabbit Rd 3/2 listed at $549K, 1558 Sand Castle Rd 3/2 listed at $599K (our listing), 1010 Kings Crown Dr 3/3 listed at $1.095M, 1345 Tahiti Dr 3/2.5 listed at $1.15M, 4709 Rue Belle Mer 3/2 listed at $3.125M.

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1558 Sand Castle Rd in The Dunes

3 closed sales: 1203 Kittiwake Cir 3/2.5 $505K, 640 Oliva St 3/2 $649K, 2689 Wulfert Rd 4/5.5 $1.6335M.

LOTS

No new listings.

1 price change: 2133 Starfish Ln now $389K.

1 new sale: 5737 Baltusrol Ct listed at 299K (our listing).

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5737 Baltusrol Ct in The Sanctuary

No closed sales.

Captiva

CONDOS

1 new listing: Sunset Beach Villas #2217 1/1 $510K.

No price changes or new sales.

1 closed sale: Sunset Captiva #204 2/2 $1M.

HOMES

1 new listing: 11540 Laika Ln 3/2.5 $1.375M.

1 price change: 16525 Captiva Dr 3/4 now $1.495M.

No new or 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.

Until next Friday, Susan Andrews, aka SanibelSusan

September Weather Arrives on the Islands

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It’s time for another SanibelSusan Friday update about Sanibel and Captiva Islands. It was a surprise on Tuesday afternoon when Sanibel’s electric service went out.

According to Lee County Electric Coop (LCEC), the outage was caused when an antenna atop a sailboat mast hit the main power line coming to the island. Thank you, LCEC for getting it back up and running in just an hour. With 90+degree temperatures that day, islanders did not want to be without AC for long. Most summers, there are a few minor outages, but this year, there have only been a handful.

Today’s surprise was a noticeable change in the weather. Local forecasters are joking that it is because fall begins on Monday. Little, if any, rain is expected in the upcoming week. With low humidity, temperatures today are expected to only hit 87 degrees F. That is a welcome change. It has been in the low 90’s for weeks.

On Monday, nighttime temperatures are expected to go down into the high 60’s/low 70’s. It has been many months since it has been that cool. Late September usually equates to snowbirds on the move. The SanibelSusan Team hopes that means more sales will follow.

September Island Updates

There is always a flurry of activity just before the snowbirds get back. Here are some changes that I noticed during my travels this week.

Casa Ybel Resort – The new entrance is almost done at Casa Ybel Resort. It was damaged two years ago during Hurricane Irma when their huge specimen tree on the bridge going into the resort came down. Over the last few weeks, landscaping crews have been there working on a new design. This week their new sign went up, work on the bridge and roadway completed, and the new landscaping went in. The design includes stonework with waterfalls now framing the entrance and many tropical plants and palms. What a special welcome it creates!

 

 

 

Dairy Queen – Has been closed and cordoned off with construction tape all week. No word on when it is reopening.

Mariner Pointe – Has a new fresh white sign at their entrance. It must be a temporary one, since their street number actually is “760”.

Saint Kilda – Community is getting water main replacement according to Island Water’s Fall 2019 “IWA Pipeline”. The project is upgrading the original developer-installed water main with higher strength pipe and new fire hydrants. Periodic IWA project updates may be found on their website www.IslandWater.com under “Latest Capital Project”.

SCCF Nature Center Closed for Renovations – The Sanibel Captiva Conservation Foundation Nature Center is closed for educational programs until further notice due to ongoing interior renovations. The administrative offices remain open for meetings and other business activities. The trails behind the Nature Center at 3333 Sanibel-Captiva Rd., also will stay open for visitors. While renovations are underway, SCCF events and educational programs will be held at the Bailey Homestead Preserve.” Detailed information about the open trails at SCCF’s six public preserves may be found at http://www.sccf.org/preserves. SCCF’s Native Landscape and Garden Center is maintaining its regular retail schedule at the Bailey Homestead Preserve, 1300 Periwinkle Way. Call 239-472-1932 for additional information about the Garden Center’s operating hours and upcoming programs.

Sanibel & Captiva Islands Association of Realtors® September Membership Meeting

In addition to the phones, roadways, beaches, and shops being super quiet, the local Association of Realtors® monthly membership breakfast yesterday, was lightly attended. Before the property announcements, attendees heard from the four candidates running for our three board vacancies. The election results will be announced at our annual meeting in October. Good luck to Realtors Greg Demaras, Pfeifer Realty Group; Mike McMurray, Royal Shell Real Estate; Liz Podolsky, McCallion & McCallion Realty; and Janka Varmuza, VIP Realty Group.

Meeting speaker was Angela Melvin, founder and CEO of Valerie’s House. Angela like her family before her, grew up in Fort Myers. Her mother, Valerie, died in a car accident in 1987 when Angela was just 10 years old, sparking her passion to find a place that could help children in similar situations. After college and working as a broadcast journalist around the country and then a Communications Director on Capitol Hill, Angela spent several years working for and sitting on boards for various non-profits including the Wendt Center for Grief and Loss in Washington, DC. She returned to Fort Myers in 2013 and shortly after, founded Valerie’s House.

Valerie’s House is the first and only organization in Southwest Florida with its sole mission to help children grieve the loss of a loved one. With locations now in Fort Myers, Naples, and Punta Gorda, Valerie’s House is a place where children connect with one another and learn the tools to heal after they have experienced the death of someone they love. At Valerie’s House, children know others their own age, and they learn that loss doesn’t have to limit their dreams. In addition to a dedicated team of staff and volunteers, Valerie’s House is a family of others grieving. More info at http://www.ValeriesHouseSWFL.org.

Upcoming Event Reminders

International Coastal Cleanup is tomorrow, Saturday, Sept 21, from 9 a.m. until noon. Thirteen clean-up locations will participate throughout Lee County. The island Realtors® team will be working on Causeway Island B. Last year, the cleanup attracted 1,546 volunteers who removed 3,358 pounds of litter and debris from waterways. To participate, please register at www.klcb.org/coastal-cleanup.html

USTA Southwest Florida Clay Court Championships for the 4th year will be at Sundial Beach Resort & Spa, September 27-29. Age Divisions: Open, 40’s, 50’s, 60’s, singles & doubles. Registration deadline is Sep 25 at www.USTA.com using tournament ID 150046619.

Farmers Markets are beginning soon. Local Roots has updated their website with the market start dates. Wondering which is open when? Here’s a quick summary.

  • Sundays on Sanibel – 8 a.m. to 1 p.m. from Oct 6 to May 31 (including Easter Sunday) on the grounds of Sanibel City Hall. This will be the 12th season for the Sanibel market. It has something for everyone: fresh fruits and vegetables, seafood, honey, meats, cut flowers, prepared meals, mini-donuts, cupcakes, bagels, guacamole, pickles, cheeses, baked goods, native plants, artisan foods, local crafts, organics, and more. Shoppers are encouraged to bring dry and canned foods to the market booth. They are donated each week to F.I.S.H., the islands’ food pantry. The market is a plastic-straw-free zone, is a non-smoking area, and only service dogs are allowed in the vendor areas. New to the market this season, vendors will not use single-use plastic bags. Reasonably price reusable bags are for sale at the market booth or bring your own. Follow the signs for parking. All handicap parking is at City Hall. For more information on this and other SWFL Farmers Markets, go to BuyLocalLee.com
  • Mondays at Fenway South – 9 a.m. to 1 p.m. from Jan 6 to Mar 30 at Jet Blue Stadium
  • Tuesdays on Captiva – 9 a.m. to 1 p.m. from Nov 5 to Apr 28 at South Seas Island Resort
  • Wednesdays at Lakes Park – 9 a.m. to 1 p.m. from Oct 2 to Apr 29 at Lakes Regional Park
  • Thursdays at Coconut Point – 9 a.m. to 1 p.m. from Oct 3 to Apr 30 at Coconut Point Mall
  • Thursdays at River District – 9 a.m. to 1 p.m. year-‘round at Centennial Park
  • Fridays at Boca Grande Farm & Fish Market – 9 a.m. to 1 p.m. from Dec 20 to Apr 24 at Wheeler Rd ball field
  • Fridays at Sanibel Outlets – 10 a.m. to 2 p.m. from Dec 13 to Mar 27 at Sanibel Outlets
  • Saturdays in Bonita Springs – 8 a.m. to 12 p.m. from Oct 5 to Apr 25 at The Promenade

Seems like yesterday when Jean Baer and Betsy Ventura started Local Roots and organized their first market in the parking lot at Tahitian Gardens shopping center. Talk about success! What wonderful contributions they have made to us living in Southwest Florida. Did I mention, they are summer pickleball stars too!

Island Beaches & Red-Drift Algae

As much as social media today keeps us connected, I swear sometimes it is our own worst enemy. There were so many differing reports about beach conditions following Hurricane Dorian and so many local reporters only talking about the bad stuff (ugh), that I did stops at a few beaches yesterday as I was on my real estate rounds. East-end and mid-island beaches were beautiful. This morning, I stopped at the bayside beach at the end of Bailey Road and it likewise is clear and breezy. Some of my photos below.

Beach at the Donax Street access on 9/19/19

Overlooking Sand Carlos Bay at the end of Bailey Rd on 9/20/19

To clear up misconception and confirm conditions often change, below is the report posted online yesterday by the City.

“Large Sections of Sanibel Beaches Currently in Excellent to Very Good Conditions

Frank Spinuzza. 09/19/2019 05:58 pm

Spot Locations Remain Dynamic & Ephemeral

Update on Algae Pilot Project

At this time large stretches of Sanibel beaches are in excellent to very good conditions.  Algae deposits continue to be dynamic and ephemeral, likely driven by wind conditions, currents, tides, and/or other factors.

Residents & visitors are reminded that paid beach parking meter receipts are not restricted to the beach parking lot in which purchased.  Paid, unexpired beach parking is transferrable to any other of the other City of Sanibel’s public beach parking lots.

Status of In-water Algae Removal Pilot Project:

City staff is currently compiling the results of the in-water algae removal pilot project conducted on Tuesday 9/10/19. The project, authorized for 4 days, was discontinued after 1 day due to insufficient algae at both permitted locations. Equipment remains staged on-island in the event conditions at one of the two currently permitted locations (Lighthouse Beach Park & Gulfside City Park) as warranted and are suitable to continue the pilot.

Results will be presented to City Council at a future meeting as well as the upcoming Tourism Development Commission meeting for reimbursement.

We are presently experiencing very dynamic changes to our beaches based upon changing wind directions, even the course of the same day, conditions earlier today were observed as:

  • Excellent conditions with little to no algae deposits are present at Sanibel’s east end beaches from Lighthouse Beach Park to Gulfside City Park and at Blind Pass Beach Park on Sanibel’s west end.
  • Light to moderate deposits are present Beach Accesses 1, 2,5 & 7 on West Gulf Drive.
  • Moderate to heavy deposits are present at Tarpon Bay Beach, Bowman’s Beach and Turner Beach (Captiva).

Even at locations with heavier algae deposits, little to no odor is currently present.

While shorebird nesting season is officially complete, numerous shorebirds are present and actively foraging in algae deposits.  Seabirds and wading birds are also present.

Sea turtle nesting season continues through Oct 31st.  As of 9/15/19, 60 active nests remain.

Numerous baitfish were observed at several locations…

(The City report contains photos taken from various island locations, check them out at www.MySanibel.com. The City’s 9/19 report ends with the below info.)

“Florida Department of Health–Healthy Beaches Program

The Florida Department of Health samples 4 Sanibel beach locations weekly for fecal indicator bacteria. Samples collected on Monday 9/16/19 were all in the “good” range for enterococcus bacteria. Weekly testing results are posted here:  http://www.floridahealth.gov/environmental-health/beach-water-quality/county-detail.html?County=Lee&Zip=33916-2205

For more information on Sanibel and other Lee County beach conditions, click on these links:
Florida Healthy Beaches
Mote Marine Lab Beach Conditions Map

END”

Sanibel & Captiva Islands Multiple Listing Service Activity September 13-20, 2019

Sanibel

CONDOS

No new listings.

2 price changes: Sundial #E108 3/2 now $1.275M, La Playa #1B 3/2 now $1.399M.

No new sales.

2 closed sales: Sundial #I104 1/1 $456K (our buyer, under contract last week, closed this week), Mariner Pointe #1041 2/2 $468K.

(Our Sundial buyer went under contract last week & closed this week. It’s not often that a closing can happen that quickly, but thanks to Stacy at Sundial West & Michelle at Barrier Island Title, it got it done! The SanibelSusan Team thanks them!)

HOMES

2 new listings: 868 Rabbit Rd 3/2 $550K, 5757 Baltusrol Ct 3/3 $1.579M.

1 price change: 1755 Jewel Box Dr 3/2 now $755K.

3 new sales: 970 Greenwood Ct 3/2.5 half-duplex listed at $429.9K, 9401 Beverly Ln 3/3 listed at $675K, 1136 Golden Olive Ct 4/4.5 listed at $2.59M.

4 closed sales: 513 Rabbit Rd 3/2 $628.5K, 534 N. Yachtsman Dr 3/2 $825K, 845 Birdie View Pt 3/3 $1.1065M, 844 Lindgren Blvd 3/3 $1.205M.

LOTS

Nothing to report.

Captiva

CONDOS

No new listings.

1 price change: Bayside Villas #5118 1/2 now $377.9K.

1 new sale: Beach Villas #2426 2/2 listed at $537.5K.

1 closed sale: Ventura Captiva #2A 3/3 $900K.

HOMES & 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.

Until next Friday, enjoy a “cool” September!

Susan Andrews aka SanibelSusan

Wondering About Sanibel/Captiva Real Estate?

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Happy Friday the 13th from SanibelSusan. It has been a very quiet week on the islands. Last weekend, when I manned the office, it was fun to write and negotiate an offer. Those are the best kind of surprises, particularly when it’s a sight-unseen purchase. That sale was one of the few posted in the Sanibel & Captiva Islands Multiple Listing Service (MLS) this week, actually the only Sanibel condo sale. Details of all the action posted since last Friday are after a few news items below.

Gulf & Bay Waters Around Sanibel & Captiva

Last weekend, the aftermath of Dorian created a little havoc with red drift algae washing up on some Sanibel beaches (mostly east-end) and creating a bit of a stink. Or the thought was that rotting algae was the cause of the smell.

After complaints, the City brought in equipment and started cleaning up the algae at Lighthouse Beach. Click on the link below to see the drone aerials taken for the City on Tuesday morning. If you pan onto the beach near the “green roof” on the south side at Lighthouse beach, you will see the equipment and workers then, removing the algae. https://cityofsanibel.s3.amazonaws.com/LH9-10-19/index.html?fbclid=IwAR3DSv2s_4RWlDscmsk_zRVIhkolOVaUaKd-wfI9avKwWn4WVxL5FxdQTyQ

As follow-up, the City posted condition reports for several days on www.mySanibel.com about each of the island beaches. But, by Wednesday the beaches were all clear with the nasty odors gone. Some say that it could have been the offshore water itself that was creating the smell, from decayed material on the gulf floor that was stirred up during the hurricane. Mid-week, the wind had changed direction. That is when it all changed – a good example of how the beaches, like the shelling, can be different every day.

The picture below was posted today on the “Sanibel Island” Facebook page and described as in front of the Sanibel Inn at 10:15 a.m. this morning. The Sanibel Inn is at the end of Lindgren Blvd which is a continuation of Causeway Rd, so the photo is a good representation of what the east-end beach looks like. Thank you to Gina Frasca for sharing her photo.

2019-09-13 Sanibel Inn

Comparing water quality this summer to last year, this year there has been no evidence of red tide. Though the water level is high at Lake O, there have been no water releases this direction for many months. Fingers crossed that no more tropical storms come this way or that rains linger over the lake.

Peak hurricane time passed this week, as we remembered Hurricane Irma from two years ago. Now we look forward to November 30, when the 2019 hurricane season officially is over.

It has been bright sunny and warm here pretty much all week, but a few showers just began and are expected to occur off-&-on over the next few days as the tropical disturbance out in the Atlantic travels up the eastern seaboard.

76% of All Home Buyers Use Their Phones to Find Properties

REALTOR-Magazine_Logo_Wondering how real estate is done in today’s digital age? The below article by Information, Inc. was published last month by the National Association of Realtors®.

“CHICAGO – Buyers turn to mobile devices to find properties and connect with real estate agents. This puts increasing importance on real estate pros to make sure websites are mobile friendly and connecting to clients in the ways that they desire.

“The typical home buyer used a mobile device to search for properties online, looking at websites with photos, home listings, and information about the homebuying process, according to the newly released “Real Estate in a Digital Age 2019 Report” published by the National Association of Realtors® (NAR) that looks at technology use within transactions.

“Overall, 76% of all buyers say they found their home on a mobile device – and 17% said they found their agent on a mobile device. The younger the buyer, the more likely they are to use mobile searches. Eighty-one percent of older millennials, 80% of younger millennials, and 78% of Generation X found their home on a mobile device compared to 68% of younger baby boomers, the NAR report finds.

“Type of communication – Ninety-three percent of real estate pros surveyed said they prefer to communicate with clients through text messaging, phone calls (93%) and email (92%). The mediums were more popular than instant messaging (38%) and postal mail (27%).

“Websites – The website features respondents find most helpful are photos (87%), detailed information about properties (85%), floor plans (52%), virtual tours (46%) and real estate agent contact information (42%). Half or more of respondents also valued property listings, agent/staff profiles, customer reviews/testimonials, mortgage/financial calculators and information on the home buying and selling process.

“Additional report findings:

“Social media: Real estate pros cited social media as the top tool for generating high-quality leads (47%), followed by Multiple Listing Service websites (32%).The main reasons cited for using social media was to promote listings, help build and maintain relationships with existing clients, and a belief that they’re “expected” to have a presence on social media sites nowadays. The top social networks used by Realtors: Facebook (97%), LinkedIn (59%), Instagram (39%) and Twitter (33%).

“Drones: Twenty-nine percent of real estate pros have hired a professional to operate a drone for their business, and 5% personally use one. An additional 14% say they plan to use drones in the future to capture aerial pictures or videos of their listings.”

iBuyer Perspective: Not New and Not Much to Worry About

Florida Realtors logoHave you heard about iBuyers? We have not seen them on the islands, though I have had inquiries from them. Here is an article about them, posted this week on Florida Realtors®: Realtor Bill Lublin, lead author of e-Pro and Florida Realtors® convention speaker, says iBuying has nothing to do with tech. They’re “instant buyers,” and “we’ve had them for years.”

“ORLANDO, Fla. – Bill Lublin, a Realtor® from Pennsylvania, lead author of e-Pro and a speaker at last month’s Florida Realtors® Convention & Trade Expo, says iBuying has nothing to do with tech. “It’s an ‘instant buyer’ and we’ve had them for years,” Lublin said. “That’s not new.”

“The big difference between flippers and iBuyers is the type of homes they want to buy. Flippers often want a fixer-upper they can improve and sell for a profit. iBuyers, however, look for value-added flips, said Lublin. “They want livable houses. Polish-and-buff kinds of buyers – minimal repair amounts.”

“New iBuyers continue to come onto the market, but the biggest – Opendoor, Knock, Offerpad, Zillow Instant Offers and Redfin Now – are “fueled by cash,” Lublin said. “Opendoor, the first one, has $1.3 billion in equity raised; Zillow has a $7.1-billion market cap; Offerpad has $150M in equity; Knock has $60.5 million equity raised (Knock is slightly different – buying and selling you another one.) Redfin has an $18 billion market cap.”

“As corporations, the iBuying concept is new, and investors want to get in on the ground floor. That makes them less concerned about profitability for now – and more concerned about becoming one of the dominant iBuyers in the U.S.

“Other iBuyer differences, according to Lublin: People go to the iBuyers websites, fill out a form about their house, and request an offer. An inspection might be requested, but “It all starts with someone raising their hand and saying they want an offer on their house,” Lublin said.

“iBuyers use algorithms. They calculate upfront what they can pay, what they need to sell the home for, and what the cost of holding is. Like Zillow home price Zestimates, iBuyers use an AVM (Automated Valuation Models) to calculate a home’s value. “It’s an educated guess,” said Lublin. “AVMs don’t include the things that make sales, such as views, neighbor’s flowers, etc.”

“Each iBuyer company has targets. Offerpad, for example, targets homes valued from $200,000 to $400,000. “They don’t want to buy everything. They identify a sweet spot in their business model, and that’s the only thing they buy,” said Lublin. “Just like Realtors have a market niche, they’ll stray from it if a potential sale comes up – but when iBuyers stray, it hurts their bottom line.

“Observers who wonder how the iBuyers make money may find out that they don’t – or not much money. “They’re only marginally concerned with profitability,” said Lublin. “They have tons of money to go out and experiment with a new business model. Redfin says they weren’t profitable in their first 10 years, and they made the most amount of money from their IPO. Speed of growth fuels profit in the beginning. None of these companies is profitable so far, and that’s a competitive advantage.”

“iBuying may not debut in all markets. Cities like Philadelphia have an older housing stock, for example. iBuyers are more attracted to metros, such as many in Florida, with a newer housing stock that’s easier to value. iBuyers with secondary companies – Zillow’s mortgage company, for example – could also benefit via their related industries.

“While the iBuyer share of the market isn’t expected to get large – Morgan Stanley projects a 3% market share by 2030 – it still could potentially pick up a large numerical number of sales.”

Sanibel & Captiva Real Estate Scoop

Below is an update on the year-to-date sales posted in the islands MLS – first on Sanibel, then Captiva. It compares inventory today, sales year-to-date, sales over the last three years, and the sales during the market peak, 13 years ago, in 2006. Though averages, these statistics shows the market downturn from the water woes last summer. Even so, things are looking up!

 

 

Status as of 9/13

 Sanibel
Condos Homes Lots
# Avg $ DOM # Avg $ DOM # Avg $ DOM
For sale 93 851,024 217 113 1,377,721 210 66 688,492 424
Under contract 6 652,816 204 20 1,097,970 146 3 311,166 782
Closed year-to-date 97 674,067 144 160 958,364 170 11 406,181 687
Sold in 2018 155 720,617 172 218 1,112,748 162 21 602,095 240
Sold in 2017 140 728,793 188 186 1,004,237 163 32 327,229 504
Sold in 2016 143 717,768 217 181 979,576 176 25 487,095 571
Sold in 2006 143 866,972 147 156 1,143,682 186 18 523,917 158

 

 

 

Status as of 9/13

 Captiva
Condos Homes Lots
# Avg $ DOM # Avg $ DOM # Avg $ DOM
For sale 35 1,269,990 219 35 2,808,568 262 3 1,929,666 496
Under contract 4 806,725 443 1 2,400,000 637 0 N/A N/A
Closed year-to-date 19 1,047,894 337 14 2,984,325 288 0 N/A N/A
Sold in 2018 27 797,532 153 25 2,127,352 290 0 N/A N/A
Sold in 2017 34 671,551 261 22 2,457,023 394 2 2,312,500 1,005
Sold in 2016 22 873,636 314 27 3,195,000 284 2 3,150,000 365
Sold in 2006 21 1,362,476 180 10 2,307375 334 4 2,218,750 432

(Note: Average $ is average asking price for properties “For sale” and “Under contract”.)

Sanibel & Captiva Islands Multiple Listing Service Activity September 6 – 13, 2019

Sanibel

CONDOS

2 new listings: Heron at The Sanctuary #3B 3/2.5 $885K, Golden Beach #3 3/2.5 $1.499M.

1 price change: Sundial #H211 1/1 now $395K.

1 new sale: Sundial #I104 1/1 listed at $469K (our buyer).

Sundial West from I104

From Sundial I104 listing, showing central pool at Sundial Resort & looking toward the buildings of Sundial West.

1 closed sale: Seashells #12 2/2 $360K.

HOMES

1 new listing: 1954 Roseate Ln 3/2 $599K.

8 price changes: 401 Raintree Pl 3/1.5 now $475K, 5745 Pine Tree Dr 2/1 now $498K, 1401 Sandpiper Cir 3/2.5 half-duplex now $509.9K, 681 Rabbit Rd 3/2.5 now $549K, 5303 Umbrella Pool Rd 3/2.5 now $648K, 760 Cardium St 3/2 now $699.9K, 1010 Kings Crown Dr 3/3 now $1.095M, 2385 Wulfert Rd 4/5 now $1.199M.

2 new sales: 1203 Kittiwake Cir 3/2.5 listed at $539K, 725 Donax St 6/6 listed at $1.295M.

3 closed sales: 1520 Centre St 3/2 $409K, 1035 Blue Heron Dr 3/2 $1.42M, 852 Lindgren Blvd 3/3 $1.595M.

LOTS

No new listings.

1 price change: 1800 Woodring Rd now $2.595M.

No new or closed sales.

Captiva

CONDOS

2 new listings: Bayside Villas #5316 3/3 $660K, Beach Homes #30 4/4.5 $3.949M.

No price changes.

2 new sales: Sunset Beach Villas #2216 1/1 $519.9K, Gulf Beach Villas #2008 2/2 listed at $639K.

2 closed sales: Beach Villas #2436 3/2 $812.5K, Ventura Captiva #2A 3/3 $900K.

HOMES

1 new listing: 17041 Captiva Dr 2/2 $1.699M.

No price changes.

1 new sale: 15161 Wiles Dr 5/5.5 listed at $2.4M.

1 closed sale: 16801 Captiva Dr 3/3.5 $1.8M.

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.

Until next Friday, wishing you clear skies & sunny days!

36.

One of my favorite photos by our photographer Jim Anderson of JMA Photography. They are blue crested night herons. It reminds me of the ugly duckling story. Thanks for sharing, Jim!

Susan Andrews, aka SanibelSusan

A Sunny Warm Grateful Friday on Sanibel Island

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It is SusanSusan reporting that all is well on Sanibel after a fearful few days of Dorian-watching. It certainly was heart-breaking to see the devastation in the Bahamas. The Sanibel & Captiva Islands Association of Realtors® has teamed with the Over Easy Café and is a drop-off point for Bahamas donations. The first two days of contributions at Over Easy have already been delivered to their next destination, with collections continuing for at least another week.

As probably expected, the holiday weekend here turned into a bust with many visitors/vacationers opting to cancel their plans. There has been very little traffic on Periwinkle all week. Some pretty spectacular sunrises and sunsets, though.

Sanibel sunset 2011

SanibelSusan Realty Associates

Though a quiet week, the team and I were happy to get a new listing in Sanibel Bayous over the weekend. Then, on Tuesday, teammate Dave got all of our listing “for sale” signs back in place.

paragon black knight logoThe Sanibel & Captiva Islands Association of Realtors® transition to their new Multiple Listing Service continues for the second week with kinks continuing to be worked out as the system and its reports are fine-tuned to our geographic areas. If you previously received automatic email updates about a particular property type, those databases did not convert with the transition, but I am s-l-o-w-l-y setting up new searches so that you will begin receiving listings again.

The new system offers a Collaboration Center where both prospective buyers and sellers may access the system, make changes to their search criteria, save favorite listings, delete others, and request additional information. If you would like your email address to be set up for a search followed by automatic notifications, just let us know.

sundial-logoMid-week, Dave and I visited a couple of condos at Sundial Resort. It was surprising to see so few vehicles there, but like at other complexes in September, associations are making good use of the downtime. At Sundial West, the building walkways and stairs were being pressure washed.

At our listing at Sanibel Arms West, the building is being painted this month, with no rental bookings allowed until Oct 5. Showings still will be permitted, however, so we are trying to drum some up. It gets tough with income-producing properties to get access “in season”, so now is a good time for those investors to be looking.

View c

View from Sanibel Arms West #E2

At the Caravan Meeting yesterday at the islands’ Association of Realtors®, there were few announcements, and no new listings were open for viewings. That break in the usual program provided a nice opportunity for me to pass along a couple of the “giving keys” that I purchased recently at the Florida Realtors® RPAC Jamboree. “Giving keys” are typical-looking house keys, but each is stamped with an inspirational word. Worn on a chain around your neck. “Giving keys” are to be enjoyed, then shared, by passing them along to someone else who also may be inspired by their message. I passed along three keys, “hope”, “trust”, and “strong” to Association members Kasey Albright, Megan Rose, and Mary Lou Bailey, encouraging them to also “pay them forward”.

After a couple of news items below, you will find an update of the activity posted in the Sanibel & Captiva Multiple Listing Service since last Friday.

Temporary Closings

dining clip artThe Chamber of Commerce has posted the below list of island temporary restaurant closures. As in past years, many take staff vacations now, do annual deep cleans, and fix-ups before “season”.

Restaurants Closed
Blue Rendezvous French Bistro Now through Oct
Blue Giraffe Sep 2-16
Gramma Dot’s Sep 3-26
Il Cielo Now through Oct
Joey’s Custard Sep 20-Oct 3
Lighthouse Waterfront Restaurant Month of Sep
Over Easy Café Sep 9-19
Pecking Order Closed Sundays thru Sep
Sand Dollar (Sanibel Island Beach Resort) Breakfast only

Dinner only Fri & Sat
Schnapper’s Sep 3-16
Sweet Melissa’s Sep 8-30
Traders Sep 16-30
T2 Sep 16-30
Traditions Closed Sundays thru Oct 20

Closed Sep 1-22, & Nov 16

Island Cinema – Also closed temporarily for annual maintenance is Island Cinema in the Bailey’s Shopping Center. It is closed all month and expects to reopen in early Oct.

rosieRosie’s Café & Grill is back. After a year-long absence Rosie’s reopened recently in its former location in Palm Ridge Place. The restaurant dates back a few decades when it went by the name Rosie’s Deli & Market and was on Sanibel’s east end. The 4th generation of owners, Joanne Fitzgerald and Irving Gavin, bought the restaurant in 2009 when it was still on the east end. (Gavin is the son of Eugene, of the well-known Gavin family that settled on Sanibel in 1914.)  The restaurant relocated to its current location, reopening in 2012 under the name Rosie’s Café & Grill. Currently serving breakfast and lunch; dinner will be available in-season starting in Nov. In addition to their former menu and Royal Scoop ice cream, Rosie’s now serves barbeque and soon will expand with a new bakery. Hours now are 8 a.m. to 3 p.m. Sunday and Monday, and 8 a.m. to 6 p.m. Tues through Sat.

Upcoming Events

PrintCaptiva Triathlon – is this weekend, Sat and Sun Sep 7 and 8. As a reminder, Captiva Drive will be closed tomorrow at 6:45 a.m. and remain closed until the bike segment of the race is complete. The USAT-sanctioned adult sprint triathlon is a ¼-mile swim, 10-mile bike, and 3.1-mile (5K) run on Captiva. The swim will be in the open waters of the Gulf of Mexico, the bike will cover the length of Captiva on closed roads, and the run will be on the golf course path along the Gulf and Redfish Pass at South Seas Island Resort. On Sunday, there will be three age groups for the USAT National Splash n’ Dash race:

  • Ages 6-8: 100-yard swim, 0.5-mile run
  • Ages 9 & 10: 100-yard swim, 1-mile run
  • Ages 11-15: 200-yard swim, 1-mile run

The race is to benefit Community Cooperative’s Growing Healthy Kids and Mobile Food Pantry programs. More info at https://www.gearedup.biz/.

Sanibel Sea School2nd Annual Flip-Flop Family Scavenger Hunt – This Sanibel Sea School fundraiser will kick-off at 10:30 a.m. on Saturday, Oct 5, at Saint Michael & All Angels Episcopal Church at 2304 Periwinkle Way. At check-in, each scavenger team (up to eight individuals) will be given a book of clues and challenges, each worth a set number of points. Included are clues that could be easily solved by younger children. Through the hunt, participants will use their knowledge of the island, marine biology, and local folklore to earn points. Along the way, teams will visit several Sanibel locations, where they may be asked to take a photo or bring back a specific shell or artifact to prove the visit. The Sea School says, “The key to hosting a successful scavenger hunt is creating clues that can be solved by anyone in the family, no matter their age.” The event is expected to be completed by 3 p.m. At the finish line check-in station, staff will tally all points collected by each team. Those teams will be able to “buy” letters with their points earned in order to solve the final puzzle. The team that solves the final puzzle correctly first will determine the winner, but that might not necessarily be the team that tallies the most points. Cost to participate is $25 per person. Participants must provide their own transportation. All proceeds will support the nonprofit’s scholarship fund which provides ocean experiences to thousands of area children each year. Tickets may be purchased on line at www.sanibelseaschool.org/flipflopfundraiser or by calling 239-472-8585.

Crow classic 2019Annual CROW Classic Golf Tournament – Also on Saturday, Oct 5 at The Sanctuary is the annual CROW Classic Golf Tournament. Shotgun starts at 12:30 p.m. with check-in at 11 a.m. and lunch at 11:30. Player registration is open to 100 golfers. It features 18 holes, a helicopter ball drop, and chances to score prizes. Players may sign up as a foursome, or as individuals and will be matched up as a team. All of the proceeds from the tournament will benefit the animals at CROW, their care, public education, training, etc. The community is encouraged to sign up to play or purchase some helicopter balls. Players can register to play (through Sep 16) and players/non-players can purchase balls (through Oct 3) at www.CROWClinic.org.

Positive Trends for Florida Real Estate

Posted yesterday on LinkedIn by local Realtor® colleague Wendy Humphrey with Premier Sotheby’s International Realty:

“SALT, the cap on state and local tax deductions, is likely to lead to a Florida population boom according to estimates from Demographic Estimating Conference.

“The controversial $10,000 cap on state and local tax deductions encourages moving cash from high tax northern states to lower-tax states like Florida while it remains in effect. It is due to expire in 2025.

“Then there’s actually some relatively good news for Florida and other southern states regarding global warming.

“Data from the National Oceanic and Atmospheric Administration which examines annual temperatures for the U.S. indicates warming is very uneven with some states barely warming at all.

The Washington Post“Northeastern states and Utah, Colorado and Wyoming have experienced extreme warming while many southern states have experience little change. Some have even cooled slightly. Florida has seen slight to moderate change. For the full report go to The Washington Post of August 13, 2019.

Sanibel & Captiva Islands Multiple Listing Service Activity August 30 – September 6, 2019

Sanibel

CONDOS

4 new listings: Ibis at The Sanctuary #B102 2/2 $489K, Sanddollar #A101 2/2 $1.25M, Sundial #E108 3/2 $1.3M, Cyprina Beach #1 3/3 $1.45M.

No price changes or new sales.

2 closed sales: Seashells #42 2/2 $375K, Bandy Beach #B101 3/2 $1.185M.

HOMES

2 new listings: 1203 Kittiwake Cir 3/2.5 $539K, 1954 Roseate Ln 3/2 $599K.

3 price changes: 9195 Dimmick Dr 2/2 now $424K, 430 Old Trail Rd 3/2.5 now $599K, 743 Windlass way 3/2 now $669K.

2 new sales: 1305 Eagle Run Dr 3/2.5 listed at $998.5K, 2915 Wulfert Rd 5/.5 listed at $2.875M.

No closed sales.

LOTS

DCIM101MEDIADJI_0180.JPG

Lot at 4566 Buck Key Rd in Sanibel Bayous

1 new listing: 4566 Buck Key Rd $149K (our listing).

2 price changes: 1219 Par View Dr now $299K, 1305 Seaspray Ln now $599K.

No new or closed sales.

Captiva

CONDOS

Nothing to report.

HOMES

No new listings, price changes, or new sales.

1 closed sale: 11530 Laika Ln 4/4 $1.797M.

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.

happy fridayUntil next Friday, wishing everyone a great weekend & week,

Susan Andrews aka SanibelSusan