Sanibel/Captiva Real Estate Action This Week

Happy 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®

This 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

Details 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 4^th 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

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

Whether 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 Activity 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).

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.

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.

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.

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).

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