Another Wild Week in the Real Estate World

As you probably have seen on the news, Southwest Florida received local and national weather alerts early Sunday morning when the cool front passing through showed signs of rotation and tornado activity. With significant damage on the mainland along a stretch beginning just north of the outlet mall, it was a surprise that here on the islands, there was essentially no damage. Astounding also that the tornado was only on the ground for a few minutes and could create so much devastation. Always heed those weather alerts!

At SanibelSusan Realty

At the office, our two closings coming up early next week are in good shape, while several others occurring later also are finalizing action items. Our worry is what do we sell when inventory is gone and there is nothing left to sell. Below is an update of island inventory today. (Data from the Sanibel & Captiva Islands Multiple Listing Service as of Jan 21, 2022.) On Sanibel, just 13 condos, 15 homes, and 4 lots for sale. On Captiva, 4 condos and 7 homes.

Status	SANIBEL						CAPTIVA
	Condos		Homes		Lots		Condos		Homes		Lots
	#	Avg $	#	Avg $	#	Avg $	#	Avg $	#	Avg $	#	Avg $
For sale	13	1,134,446	15	3,015,800	16	542,937	4	2,672,250	7	6,940,714	0	N/A
Under contract	23	995,582	33	1,596,606	9	833,444	3	1,073,000	4	4,370,750	0	N/A
Sold to-date 2022	9	902,666	12	1,539,583	1	640,000	1	1,075,000	0	N/A	0	N/A
Sold 2021	287	875,127	355	1,341,881	69	698,862	64	1,150,373	44	2,988,520	2	2,950,000

The meeting I had last Saturday with condo owners resulted in a new listing. With inventory so low, it is no surprise that we have received many inquiries. In a normal market selling quickly could be a challenge as there is a paying guest there for an extended visit. This market is hardly normal, though. Sight-unseen offers are not unusual.

Early in this week, within hours of its posting on MLS, I wrote an offer on a condo in another complex. It provides another good example of how hot the market is. These buyers are not in town, but would like the opportunity to have an inspection, so the offer was written on the “as is” contract with significant deposits, willingness to honor future rental bookings, and at just under asking price (which was $50K+ more than the last comparable recent sale in the same community). Listing agent said we lost out that night to multiple cash offers, several over asking price.

The same situation is happening all over the state. This week, a FB friend and long-time Realtor® on the other coast, posted what is a great example of how a transparent caring Realtor® works. He said this note recently was sent to him after an offer submitted:

“I am very sorry to have to tell you that the seller selected another offer. We received 66 offers. I saw how much each buyer loved this house and wanted it to be theirs. Everyone submitted excellent offers. In another market, your offer price would have sufficed to secure the house. Unfortunately, this real estate market, with a lack of inventory and high buyer demand, makes it very, very competitive. I feel for each and every one of you. I had my own buyers who didn’t get this house. I know how hard it is for buyers now. We just never know who our competition will be. In this case, the median offer price was $440,000. This means that 33 houses offered less than $440,000 and 33 houses offered more than $440,000. We received 10 offers at $450,000. The winning offer was higher and cash. It was hard to beat. If by some chance the property becomes back on the market, I will immediately let you know. I thank you for your interest in this house and for your offer. I hope you find your new home soon.”

So, for those thinking of buying now, particularly in Florida, it is essential that you act fast and have the best terms in your offer.

The details on the activity since last Friday in the islands MLS are after a couple of news items below.

Sanibel & Captiva Islands Association of Realtors®

Congratulations to our local Association of Realtors®.

Wednesday night at the Florida Realtors® Mid-Winter Business Meetings at the state PAC Awards Reception, the Sanibel & Captiva Islands Association won several awards – Highest Total Cash by a Small Board, Highest Percentage of Goal by a Small Board, and Highest Participate Rate by a Small Board.

Congratulations to our Associations and the others who took home awards.

Florida Realtors Mid-Winter Business Meetings

I found a few minutes this morning to Zoom in on the Florida Realtors® Legal and Professional Standards Update meeting taking place at the state Mid-Winter Business Meetings in Orlando. You probably know that I love contract details so didn’t hear anything new there, but did find it interesting when Marcia Tabak, Florida Realtors® Deputy Legal Counsel provided some details on the increase in Florida real estate licenses this year.

If you didn’t already know, Florida was – and still is – the state with the most Realtors®, sometime years jockeying back and forth with California on which one has the most. Marcia said that today, DBPR (Florida’s Department of Business and Professional Regulation) reports that over 450,000 state licenses have been issued. Of those licenses, 218,000 are for real estate sales associates (like Dave, Lisa, and Elise), 22,000 are broker associates, and 42,000 are brokers (like me).

According to the Florida Real Estate Commission, in December, 4,760 applicants took the test for a real estate license here. That’s an increase from the previous year. Anyone wanting to check on a licensee status can do that at DBPR’s website, www.MyFloridaLicense.com.

Age is Just a Number

Another tidbit that I heard today is that the average age in Florida is 42. That’s not a new number, but illustrates that Florida is not just for retirees. In fact, with the increase in Florida sales during the pandemic, that number may be getting smaller. FYI, the highest average age is in my home state of Maine, where it is a little more than age 45. Come to Florida where age is just a number, more specifically to the islands where outdoor life is enjoyed year-‘round.

New Eats on the Island

Today is the grand opening of Tutti Pazzi in the former location of Matzaluna Italian Kitchen at 1200 Periwinkle Way.

Advertised as a family-friendly Italian kitchen serving pasta, seafood, and pizza, the locals who attended their soft opening Wed night, said the food is fabulous.

So, be sure and try out some of the new restaurants on Sanibel.

Sanibel & Captiva Islands Multiple Listing Service Activity January 14-21, 2021

Sanibel

CONDOS

2 new listings: Loggerhead Cay #584 2/2 $895K, Sundial #M303 2/2 $1.249M (our listing). (A couple of pix by our photographer Jim Anderson with JMA Photography below. The first an aerial of Sundial Resort, followed by the path to the beach.)

No price changes.

5 new sales: Kimball Lodge #303 1/2 listed at $795K; Blind Pass #F203 3/2 listed at $839,555; Sundial #G104 2/2 listed at $875K; Sandalfoot #5A2 2/2 listed at $1.275M; Cyprina Beach #7 3/3 listed at $1.749M.

6 closed sales: Blind Pass #E103 3/3 $775K, Kimball Lodge #303 1/2 $795K, Sanibel Inn #3421 2/2 $900K, Lighthouse Point #212 3/2 $929K, Pointe Santo #A21 2/2 $1.15M, Sundial #R402 2/2 $1.2M.

HOMES

2 new listings: 4563 Brainard Bayou Rd 3/2 $1.449M, 489 Sawgrass Pl 5/5 $2.15M.

1 price change: 1398 Jamaica Dr 2/2 now $895K.

1 new sale: 9472 Balsa Ct 2/2 listed at $765K.

6 closed sales: 804 Rabbit Rd 2/1 $490K, 2114 Egret Cir 3/2 $773K, 966 Whelk Dr 3/2 $1.33M, 1347 Jamaica Dr 2/2 $1.4M, 856 Limpet Dr 4/2.5 $2M, 699 Anchor Dr 4/4 $2.395M.

LOTS

No new listings or price changes.

4 new sales: 1332 Eagle Run Dr listed at $499K, 638 Lake Murex Cir listed at $565K, 3304 Saint Kilda Rd listed at $599K, 4767 Tradewinds Dr listed at $2.149M.

No closed sales.

Captiva

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.

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

Until next Friday, Susan Andrews, aka SanibelSusan