Following lots of showers last weekend when Tropical Storm Cristobal passed out in the gulf, this week Sanibel and Captiva Islands returned to a more typical summer rain pattern. That includes sunshine and blue skies most days, with the occasional late afternoon or evening thunderstorm. The lack of island precipitation, over an unusually dry winter, has changed dramatically.

More than half the year’s rain accumulation to-date in Lee County was received in May (5.42”). It will be interesting to see the June numbers, as probably more than that fell just this week. Lawns are green, tropical vegetation is growing like crazy, and the baby bunnies at my house are having a field day with all the juicy new sprouts.

SCCF’s Turtle Nest Update – Post-Cristobal

 

Posted Wednesday by Sanibel-Captiva Conservation Foundation (SCCF):

“Turtle Update: Our team has completed the beach assessment ~ we lost 29 loggerhead nests to the high tides and surf of Tropical Storm Cristobal last weekend.

“Many more nests were washed over, but that’s not necessarily a death sentence and can actually help keep eggs cooler.

“The rough seas didn’t deter Juniper, a rare leatherback sea turtle, though. She returned to our shores on Saturday and nested again on Captiva!

“The total count of nests that have been laid is now at 401 for Sanibel and Captiva….”

At SanibelSusan Realty

In the office, things are starting to get back to normal. Even with few island offices physically open, local agents are heeding CDC precautions, properties are being shown, and real estate is moving. We continue to hear that the pandemic and city unrest are making the islands more desirable. Periwinkle Way was busy this afternoon and though some vacation rental bookings have been canceled, others are getting new bookings. The rising number of virus cases in many states has caused some to postpone their trip to Florida.

The action posted in the Sanibel & Captiva Multiple Listing Service this week is after a couple of news items below. First a summary of island inventory today.

	Condos		Homes		Lots
Status	#	Avg Price	#	Avg Price	#	Avg Price
SANIBEL
For sale	122	815,840	147	1,607,858	65	794,611
Under contract	16	619,894	40	851,991	4	688,000
Sold 2020 thru 6/12	72	738,410	99	1,038,885	4	849,666
Sold 2019 thru 6/12	72	693,020	113	998,367	6	502,666
CAPTIVA
For sale	36	1,058,495	39	3,380,564	3	3,563,000
Under contract	5	969,400	6	2,681,333	0	N/A
Sold 2020 thru 6/12	11	916,181	10	3,532,200	2	1,925,000
Sold 2019 thru 6/12	12	1,307,375	7	2,623,928	0	N/A

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.

Instant Reaction to Federal Reserve Announcement  – June 10, 2020

Below is the National Association of Realtors® Chief Economist, Lawrence Yun’s reaction to the Fed’s Announcement this week:

“The Federal Reserve’s view that a rate hike will not occur for three years is a signal to the market to expect an all-in accommodative monetary policy. It is also very likely that the Fed will be aggressively purchasing mortgage-backed securities behind the scenes. That means mortgage rates will be at or near 3% and near record-lows for an extended period of time. Consumer price inflation is not an issue, even with so much money printing. It’s the right policy at the right time. If inflation, for an unexpected reason, should pop up, then mortgage rates will rise independent of the Fed as lenders need to compensate for the loss of purchasing power of the dollar, which happened during the 1970’s.”

What’s Happening In Florida

As the first full week of Florida’s Phase 2 reopening wraps up, the big activity out of the Governor’s office this week was about education. Yesterday he released a list of recommendations that local schools should consider as they deliberate over their summer/fall planning. How and when schools reopen is purely a local decision though.

As of today, 55 Florida county vacation rental reopening plans have been approved, meaning owners and property managers in 82% of Florida counties can reopen their vacation rentals. Some of the new additions to the approved list include Miami-Dade, Broward, and Palm Beach.

There were no new executive orders this week.

National Association of Realtors® Asks White House for More COVID-19 Relief

NAR sent a letter to the White House this week, urging further relief during the COVID-19 pandemic. The letter included a number of provisions to help REALTORS® and real estate remain a strong force in our economy. The proposals included:

• Reforms to the PPP program (some of which were subsequently addressed in the “PPP Flexibility Act,” which passed this week and is expected to be signed by the President).
• A reduction in the minimum loan amount for financial relief under the Federal Reserve Main Street Lending Program to allow more small businesses and non-profits to access yet another avenue of financial assistance that may better fit their business needs.
• Support for liability protections for businesses that reopen following federal and state guidelines.
• Housing relief for renters including emergency rental assistance, as well as relief for rental housing providers.
• Expansion of forbearance and unemployment assistance.
• Reforms to the opportunity zones program to encourage investment.
• Elimination of the marriage penalty in the State and Local Tax (SALT) deduction.
• Support for remote notarization legislation.

Sanibel & Captiva Islands Multiple Listing Service Activity June 5-12, 2020

Sanibel

CONDOS

5 new listings: Mariner Pointe #1083 2/2 $495K, Sanibel Arms West #K6 2/2 $579K, Loggerhead Cay #274 2/2 $699K, Sanddollar #C101 2/2 $999K, Royale Tern #204 3/3.5 $2.35M.

4 price changes: Colonnades #3 1/1 now $263K, Colonnades #13 1/1 now $299K, Sanibel Arms #B1 1/1 now $428K, Compass Point #222 2/2 now $619K.

5 new sales: Sundial #H208 1/1 listed at $485K, Mariner Pointe #542 2/2 listed at $590K, Island Beach Club #320B 2/2 listed at $685K, Villa Sanibel #2H 2/2 listed at $717,007; Tantara #203 3/2 listed at $1.095M.

1 closed sale: Loggerhead Cay #461 2/2 $508K.

HOMES

2 new listings: 9214 Kincaid Ct 2/2 $380K, 9455 Beverly Ln 2/2 $534.9K.

10 price changes: 1667 Atlanta Plaza Dr 2/1.5 now $425K; 1890 Farm Trl 3/2 now $549.4K; 1559 Sand Castle Rd 3/2 now $677K; 9024 Mockingbird Ln 3/2 now $819K; 2417 Wulfert Rd 3/3 now $944.5K; 1672 Hibiscus Dr 3/2 now $949K; 2439 Harbour Ln 3/3 now $1.089K; 6101 Starling Way 3/3.5 now $1,148,990; 1175 Bird Ln 4/3/2 now $3.25M; 1349 Bay Dr 4/4 now $7.895M.

10 new sales: 968 Greenwood Ct S 3/2.5 half-duplex listed at $399K (our listing); 3001 Singing Wind Dr 2/2 listed at $472K, 1356 Jamaica Dr 2/1.5 listed at $549K; 990/992 Greenwood Ct N 3/2.5 duplex listed at $700K; 2100 Sunset Cir 3/2 listed at $729,555; 1223 Par View Dr 3/2 listed at $749K; 1755 Jewel Box Dr 3/2 listed at $750K; 1606 Sabal Sands Rd 3/2 listed at $899.9K; 1430 Causey Ct 3/2 listed at $949K; 2385 Wulfert Rd 4/5 listed at $999.9K.

1 closed sale: 836 Donax St 3/2 $510K.

LOTS

No new listings or price changes.

1 new sale: 5847 Pine Tree Dr listed at $339K.

No closed sales.

Captiva

CONDOS

1 new listing: Bayside Villas #4204 1/2 $389K.

1 price change: Bayside Villas #5304 3/3 now $667.5K.

No new or closed sales.

HOMES & LOTS

No new listings, price changes, new or closed sales.

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 SanibleSusan