BOGO With Gulf Of Mexico Tropical Storms

Time for another Friday update from SanibelSusan Realty, where we are keeping a watchful eye on the weather. 2020 sure has been one for the record books. Today, adding that two tropical storms are expected to arrive simultaneously in the Gulf of Mexico adds to the unpredictability of the year.

Teammate Dave was out this morning checking our listings and we will continue to follow projections. The latest indicates that Tropical Storm Laura may be nearby, though maybe off shore, Monday into Tuesday.  

Meanwhile, though the islands already have experienced plenty of summer showers this week, the surrounding gulf waters are clear and beautiful. Jim Sazbo, owner of SanCap Aerial photography, provider of drone views for the City, on Wednesday posted the below photo showing the Lighthouse end of the island. May the water stay looking like this!

Island Real Estate Action

Island sales action has slowed a little this week. Often fewer visitors are here late August through September, but it also is the time that those looking usually are serious – particularly those wanting to have a property in place to enjoy or rent this winter.

We got an inquiry this week about one of our condo listings that resulted in a showing and it was interesting to hear the same question from them that I heard last week from a buyer interested in another complex.

That question is “Why are so many properties for sale in that community?”. It certainly makes sense to ask why owners are selling and to be cautious if it looks like a community may have a problem. But in all my years here, it has been rare to have owners want to sell because of something negative about a neighborhood. More often, owners sell to move up to another property, or for investment, or because of a change in life situation.

What also is interesting is that some communities sell more one year than aother, often without a common explanation. Here are a few that have had noticeable jumps in sales this year:

  • Blind Pass condominiums: 5 units have sold/closed this year to-date, compared to just 2 in all of 2019.
  • Gulfside Place, 4 sold/closed, compared to 2 last year.
  • Sand Pointe, 5 sold, compared to 2 last year.
  • The Dunes, 20 homes have sold to-date, compared to the same number in all of 2019, but another 10 are under contract.
  • Sanibel Estates, where I live, 12 homes have sold, compared to 9 last year, 2 others under contract.
  • Sanibel Isles, 4 homes sold to-date & 2 under contract, just 1 sale in 2019.
  • Captiva in South Seas Plantation, Bayside Villas: 2 sales last year, 4 year-to-date, 7 more units under contract in last 2 weeks.
  • Captiva Beach homes also are ahead of last year: 3 homes sold then, 5 have sold this year, 3 others under contract.

The activity post since last Friday in the Sanibel & Captiva Islands Multiple Listing Service follows a couple of news items below.

Here in the office, I am close to finishing my annual update of the Resort & 2nd Home module that I teach for the Sanibel & Captiva Islands Specialist Designation. It is challenging trying to convert it to a Zoom format without losing the fun associated with in-person classes. Hoping to learn some tips, I have signed up to take the 14-hours of Continuing Ed required of Realtors® every two years, by Zoom.  

Openings/Closings/Rescheduling

City of Sanibel – On Tuesday, Mayor Ruane extended Sanibel’s declared State of Emergency in response to COVID-19, until August 25, 2020, unless further extended. (Per State Statute the maximum time for a Mayoral Declaration of Emergency is seven days, so it must be updated weekly while there are emergency conditions.)

Since March 26, a total of 41 COVID 19 cases have been reported on Sanibel by Florida Department of Health (DOH).

F.I.S.H. 12th Annual 10K Race Will be Virtual – While the “official” date of the race was scheduled for October 24, runners may participate virtually and log their time at any point from when they register through October 31. Registration will open later this month through the Fort Myers Track Club. More info regarding incentives for runners who help register groups or raise funds for F.I.S.H. will be available on the F.I.S.H. and Fort Myers Track Club websites. Participants will receive a dri-fit shirt with this year’s Hortoon logo and matching face covering. (www.fishofsancap.org). (SanibelSusan will not be needed as a Sanibel Square race safety monitor this year, but fully supports all that this wonderful organization has done and continues to do for those needing a hand, particularly in these trying times. The Association of Realtors® Summer 2020 challenge continues with our members and affiliates donating bags of items with school supplies and non-perishables for the F.I.S.H. food pantry. Their needs this year are enormous.)

Library Reopens – Monday, the Sanibel Public Library’s building reopened to the public following a deep clean. Precautions are in place to help protect staff and visitors from COVID-19. Inside the building, social distancing and wearing of masks (except those under age 6) are required. Library cards are available at no charge to residents of Sanibel and Lee County. Visitor library cards are available for a $10 annual fee. The Library is open Mondays and Thursdays from 9 a.m. to 8 p.m.; Tuesdays, Wednesdays, and Fridays from 9 a.m. to 5 p.m.; and Saturdays from 9 a.m. to 1 p.m. For more info, call 239-472-2483 or visit online at www.sanlib.org. Contact-less curbside service is continuing, call or go online to place a hold.

Virus May Have Boosted the Housing Market

Locals recognize that the pandemic is boosting the island real estate market, but here is a more national glimpse, from an article posted August 11 on FloridaRealtors® by Kerry Smith.

“In earlier times, a pandemic + recession would have slowed the market, but today’s unique circumstances seem to have sparked an even stronger demand for homeownership.

“SEATTLE – Three-quarters of homebuyers who plan to buy a home within the next 12 months say the coronavirus pandemic has impacted their homebuying plans – and one in four (25%) says it caused them to move faster or speed up their timeline.

“However, one in five (20%) say they’ve postponed homeownership, and 17% are now looking at less expensive homes, according to a survey conducted by Redfin.

““Somewhat counterintuitively, the coronavirus-driven recession is propping up the housing market,” says Redfin Chief Economist Daryl Fairweather. He says homebuyer demand surged in the second quarter of 2020 even though GDP took a nosedive.

““Americans value the home more than ever and are willing to prioritize housing even as they cut back on other expenses,” says Fairweather. “Additionally, the Fed is using low interest rates to stimulate the economy, which is giving buyers more purchasing power and boosting home sales. But even with low rates, widespread unemployment and financial uncertainty mean not everyone who wants to buy a home is able to” do so.

“The pandemic’s most common homebuyer impact is a desire for more space: 21% of respondents want a designated area to work from home and 21% want more outdoor space; in addition, 10% of respondents now want a bigger home, and 7% want a designated space for children to learn from home.

““When the pandemic first hit, a few buyers canceled contracts due to economic uncertainty and concerns about potential layoffs,” says Phoenix Redfin agent Thomas Wiederstein. “I’ve also had some clients take breaks from searching because they don’t know how the economic situation is going to play out.

“But then there’s the other side,” says Wiederstein, “those who are encouraged by low mortgage rates, sitting around in their tiny apartment dreaming of the space a single-family home can offer.””

Sanibel & Captiva Islands Multiple Listing Service Activity August 14-21, 2020

Sanibel

CONDOS

1 new listing: Sanctuary Golf Villages I #1-5 2/2.5 $999K.

No price changes.

4 new sales: Ibis at The Sanctuary #102 2/2 listed at $479K, Island Beach Club #P1A 2/2 listed at $599K, Sunset South #2D 2/2 listed at $675K, Sundial #J107 2/2 listed at $729K.

No closed sales.

HOMES

3 new listings: 2001/2003 Mitzi Ln 6/6 duplex $999K, 3351 Barra Cir 3/2.5 $1.199M, 4992 Joewood Dr 3/3.5 $1.595K.

8 price changes: 981 Main St 4/2.5 now $675K, 4397 Gulf Pines Dr 3/3 now $745K, 543 Boulder Dr 3/2 now $799K, 215 Robinwood Cir 4/3 now $829K, 930 Kings Crown Dr 3/2 now $1.195M, 2739 Wulfert Rd 4/5.5 now $1.25M, 5757 Baltusrol Ct 3/3 now $1.539M, 1520 Angel Dr 5/5.5 now $1.575M.

8 new sales: 1954 Roseate Ln 3/2 listed at $549K, 1031 Sand Castle Rd 3/3 listed at $695K, 1114 Sabal St 2/2 listed at $795K, 734 Anchor Dr 3/2 listed at $875K, 545 Lake Murex Cir 3/3 listed at $1.075M, 930 Kings Crown Dr 3/2 listed at $1.195M, 1671 Hibiscus Dr 5/3 listed at $1.199M, 1558 San Carlos Bay Dr 3/3.5 listed at $2.989M.

3 closed sales: 6033 Dinkins Lake Rd 3/3.5 $685.9K, 938 Pecten Ct 3/2.5 $860K, 5419 Osprey Ct 3/3.5 $1.035M.

LOTS

No new listings.

1 price change: 4995 Joewood Dr now $2.45M.

2 new sales: 0 Island Inn Rd listed at $599,555; 1226 Isabel Dr listed at $1.239M.

No closed sale.

Captiva

CONDOS

No new listings or price changes.

2 new sales: Bayside Villas #4216 1/2 listed at $374.9K, Bayside Villas #5218 1/2 listed at $399K.

No closed sales.

HOMES

No new listings or price changes.

2 new sales: 16525 Captiva Dr 3/4 listed at $1.459M, 16531 Captiva Dr 8/8 listed at $2.85M.

2 closed sales: 11525 Wightman Ln 3/2 $1.175M, 11514 Wightman Ln 5/5 $1.65M.

LOTS

1 new listing: 16151 Captiva Dr $8.95M.

No 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.

Below is our ad from today’s “Island Sun”. 

Enjoy your weekend & watch out for those BOGO’s.

Until next Friday, Susan Andrews, aka SanibelSusan