Monthly Archives: March 2022

Superb Sanibel Springtime

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SanibelSusan reporting that another week has flown by with a few rumblings about the additional visitors here because of Lee County Schools on break.

For the most part those folks enjoyed wonderful breezy sunny weather. A cool front that arrived yesterday briefly turned sunshine to clouds, but more spectacular weather is expected over the weekend.

It’s a gorgeous Friday afternoon with highs forecast to only be in the low to mid 70’s until Monday when temperatures again reach into the 80’s. Springtime in Florida is superb.

Real Estate Scoop

At SanibelSusan Realty, another listing is under contract and a few more action items accomplished for upcoming closings.

At the local Association of Realtors® monthly breakfast meeting yesterday, there were no new listings or price reductions announced and no properties open for Caravan viewing. This is the fourth week in a row without any listings to see.

The article below is a good summation of the market in Southwest Florida. If you are thinking of selling, it is to your benefit to list now, before the annual snowbirds start heading home. If you are a buyer, don’t think that waiting for the market to normalize will happen anytime soon.

See below the news for the action reported in the Sanibel & Captiva Islands Multiple Listing Service since last Friday.

The Pulse of Southwest Florida Real Estate

I received an email this week from local attorneys Henderson Franklin who sponsored the 2022 Market Trends event which took place on March 16 with speakers Randy and Justin Thibault from Land Solutions, Inc. and Denny Grimes from Keller Williams Realty. Here are some tidbits from that article with a recap of 2022 Market Trends by Alessandro Secino:

“The presentation discussed the current conditions of the real estate market in Southwest Florida and provided a future forecast about what the market may look like in the coming year. The presentation also focused on the primary areas of the real estate sector: residential development, resale properties, and the commercial market.

“Overall, the end of 2021 was a continuation of the rapid growth that comprised 2020 and 2021, as waves of new residents and businesses enter the market. All sectors of the market are currently seeing growth, but nowhere is this more evident than with residential development and resale, as low inventory coupled with high demand has prompted dramatic price increases across the three counties of Lee, Collier and Charlotte. The ultimate question, however, will be whether this will continue or will the market begin to decline as prices continue to creep up higher.

“Residential Development – In 2021, Southwest Florida saw a 47% increase in new single-family residential permits issued amongst the three counties, with Lee County seeing the highest increase of 59%. Total residential permits increased 39% percent to approximately 25,000 permits. These percentage increases, while dramatic, still pale in comparison to the number of permits issued in 2005, which numbered around 44,000 permits prior to the crash in 2008. Similarly, multi-family residential permits increased by 19% over the last year.

“These numbers illustrate that low resale inventory is driving up the prices, leading buyers to seek new construction and rental properties. Presently, the current inventory of resale properties cannot match the demand of new homebuyers entering the market, leading to homes rising in value by as much as 77% in some areas over the last year.

“As a result, new buyers who cannot find already built homes or are priced out of the market are now turning to rental properties until inventory becomes available or prices soften. The same is true for sellers who took advantage of increased home values are renting until prices come back down.

“With resale inventory so low, it begs the question of where is all this new development going? Most of the new development is taking place inland from the coastal communities. The two leading developments in terms of total permits issued are Ave Maria and Babcock Ranch, which account for a combined 1400 new permits in 2021.

“In many respects, the theme for 2021 was rising prices. This is especially true for the real estate market in Southwest Florida. These dramatic price increases led to shifting behaviors from buyers and sellers, but until either supply increases or demand lessens, prices are going to continue to rise.

“Resale Market – The resale market in Southwest Florida is what presenter Danny Grimes calls “the greatest market of all time,” and for a good reason. 2021 saw a record number of homes sales in Lee County with over 19,000 homes sold, an increase of 16% over the previous year.

“In addition, home prices have similarly increased; from January 2020-January 2022 in Charlotte County, median sales prices increased by 50% from $240,000 to $360,000. The areas within Southwest Florida are also areas with the best location such as Captiva, Boca Grande, and in the Park Shore Drive/ 5th Avenue area in Naples.

“While the market in Southwest Florida is seeing unprecedented numbers of sales, there are not enough properties to meet the demand of buyers. Currently, inventory levels are down between 20 and 30% amongst the three counties, which is not necessarily a bad thing, as high inventory and high prices are conditions that may lead to a bubble and subsequent crash. If there is a true downside to the current market, it is that there are no properties in Southwest Florida under $100,000. Even vacant properties in Lehigh Acres, an area considered most affordable within the region, have seen a 90% increase in vacant land values.

“Almost every person involved in the real estate industry in Southwest Florida is trying to determine when will this market will begin to decline again? There is no predictable answer to this question, however we will begin to see the signs of this when properties are going up for sale and not being purchased or sitting on the market for longer periods of time.

“Commercial Property – Commercial sales volume over the last year has nearly doubled, with an over 87% increase, which surprisingly enough is mostly attributable to retail sales. In 2020, investors were fleeing retail assets with COVID shifting commerce electronically, however 2021 saw current retail properties shifting from retail spaces selling goods, to a more service-based retail user such as car washes, gas stations, and convenience stores. With these new users, we are seeing existing retail spaces being revitalized by new companies such as Sprouts who are acquiring properties within existing shopping centers.

“Despite the increase in retail, industrial properties are also in high demand despite only accounting for 19% of the 87% increase in sales volume. Rental rates for industrial properties are up almost 10% in the last year along with increases in construction of industrial spaces.

“Finally, office spaces (much like retail) saw investors moving away from those assets due to the work-from-home shift COVID brought on. However, office space properties accounted for 26% of the overall growth in sales volume over the last year. Presenter Justin Thibault likened this increase in office space sales going from a pandemic to an endemic stage, where workers are heading back to the office in more hybrid models. In a sense we are learning to live with more hybrid work models, and office space properties are increasing as a result.

“Overall, the commercial market — which was perhaps on the shakiest footing as a result of COVID — has begun to rebound and grow. As we see larger companies like Amazon move into the area, the demands for commercial properties should also increase. Charlotte County may very well be the beneficiary of this new investment as there is room to build industrial properties within proximity to the airport in Punta Gorda.

Take-Away – The Market Trends report focused largely on current market conditions, which is not surprising considering the increases in growth throughout all sectors of the Southwest Florida real estate market. With that said, it is difficult to ascertain what the future may hold, as it appears the current growth is not showing signs of slowing down. As we enter a post-COVID economy and already experiencing rising inflation and global turmoil, it will be interesting to see if we begin to see a slowdown in the real estate market here in Southwest Florida.”

Will Ukraine War Impact Florida Real Estate?

Posted March 15 on FloridaRealtors and sourced to 2022 Media Group, by Derek Gilliam.

“On the one hand, Fla. is the No. 1 state for Russian RE investing – 29% of all U.S. purchases. On the other, Russian buyers make up only 0.8% of all foreign purchases.

“NAPLES, Fla. – Over the past six years, Russian buyers of U.S. real estate have preferred the sunny coasts of Florida over property in any other state in the nation. Wealthy Russians have reportedly bought so many luxury condo properties in the north Miami city of Sunny Isles Beach that some have termed it “Little Moscow.” “They love to be here, and they like to spend their money and enjoy their life,” Lana Bell, a South Florida real estate agent told NewsNation.com.

“But it’s not just the wealthy Russian elites seeking Florida sunshine. Across the state from Warm Mineral Springs in North Port all the way up to small town of Steinhatchee near the Panhandle, Russians and Eastern Europeans have established communities, according to population data from the U.S. Census Bureau’s American Community Survey.

“Over the past six years, 29% of Russian real estate transactions in the United States occurred in Florida, the most in the nation, according to a report from the National Association of Realtors® (NAR). But even as countries across the world impose sanctions on Russia for invading and waging a brutal war against its neighbor Ukraine, the impact to U.S. home or property prices is not expected to be meaningful, even without any Russian purchases of Florida real estate.

““Russia has little direct impact on the U.S. real estate market as it accounted for less than 1% (0.8%) of all foreign buyers who purchased U.S. residential property from April 2015 through March 2021, according to data from NAR’s survey of foreign buyer transactions of its members,” covering about 5,000 respondents, the report said. Any effect from the loss of Russian purchases would tend to be at the high end, as the NAR’s report notes that Russian buyers buy more luxury properties than the average Florida buyer.

“Still, with the transition of the pandemic to a different phase, the loss of Russian buyers could be offset by the resumption of purchases by people from other countries, as well as within the U.S. Craig Cerreta, the managing broker for Premier Sotheby’s International Realty’s Sarasota office, said the pandemic caused a near shutdown of foreign buyers, but that the segment has been bouncing back in recent months.

“During the COVID pandemic, real estate prices have drastically increased in Florida as migration brought new residents to the state, with people retiring early or enjoying the ability to work remotely.

“Tight supply – Historically, Cerreta said, Canadians, followed by residents of the United Kingdom, have accounted for the majority of international real estate transactions in the Sarasota market. “There is no question that they (Russian purchasers) are small” locally, he said. “But they are typically high-end buyers.”

“The NAR data says that the average Russian real estate transaction was about $650,000. The average for all international buyers was about $480,000. But, with the demand seen for Florida properties, combined with historically low number of properties for sale, any loss of Russian purchases are being more than made up from demand from other buyers, Cerreta said. Cerreta recently sold a home he owned in the Sarasota area. During the open house, more than 170 people viewed the residence and 21 people made an offer. Three of the offers came from people in California, something that surprised the longtime real estate agent, as Californians have historically not been a large market for the west coast of Florida.

“Any loss of demand from Russian buyers for luxury properties or other property types won’t be felt in the Sarasota market, he said. In February, 72% of all real estate sales in the Sarasota market closed at or above the list price compared to 43% at or above list price in February 2021, Cerreta said. “There’s not enough inventory to meet demand,” he said of the Sarasota market.

“Sergei Sokolov, a Realtor with Sarasota’s Michael Saunders & Co., was born in Ukraine but moved to the United States when he was 5 years old. The now-47-year-old real estate professional, fluent in Russian and Ukrainian, said Russian speakers often want a Realtor who speaks their language. The first house he sold in Sarasota in 2004 was to a Russian speaker, and he does about three or four transactions a year. Sokolov specializes in entry level homes typically in the $350,000 to $400,000 price range, with the majority of his Russian-speaking buyers already living in the U.S. or Canada and unlikely to be impacted by the Russian-Ukrainian war. “I don’t expect there to be much of an impact on my business,” he said. “There’s just a lot more demand than there is supply.”

“Varied buyers – The next closest U.S. state for Russian buyers was Georgia with 16% of all Russian purchases of U.S. real estate, roughly 13 percentage points behind Florida. New York (13%), California (8%) and Illinois (5%) rounded out the top five states for total transactions from Russian buyers. The NAR report said that even in Florida, purchases of real estate made by Russians accounted for just 0.2% of the Sunshine State’s real estate transactions from July 2020 to June 2021. Those numbers may be skewed as the pandemic caused many governments to restrict travel to other countries.

“A 2020 profile on international residential transactions in Florida conducted by the NAR with Florida Realtors, the largest trade organization in the state, concluded that foreign buyers accounted for $15.6 billion in real estate transactions from August 2019 to July 2020 – about 11% of the state’s sales. The total transaction volume for Florida real estate in that time period was $137 billion dollars.

“However, in that report that largely accounted for sales just prior to the pandemic, Russia did not rank among the top 15 counties for any Florida metro besides Miami. The Miami metro market, the largest in Florida, had just 2% of home sales go to Russian buyers.

“The largest group of foreign buyers by transaction volume came from Latin America and the Caribbean with about 37% of the total value of homes purchased by international citizens. Canadian buyers had the most transactions at 21% followed by Brazil (7%), Argentina (6%), Venezuela (5%), Columbia (5%) and the United Kingdom (5%).

“The metro area of Miami-Fort Lauderdale-West Palm Beach had the lion’s share of foreign buyers with 47.3% of all purchases. The Tampa-St. Petersburg-Clearwater metro accounted for 11%; Orlando-Kissimmee-Sanford had 9.7%, North Port-Sarasota-Bradenton had 6.9% and Cape Coral-Fort Myers came in at 4.7%.

“Larger economic issues – While Russians account for a tiny fraction of all real estate purchases in Florida, the real impact of the conflict may be felt at the gas pump as international buyers cut ties with Russian energy. President Joe Biden announced a ban on Russian oil earlier this week.

“Chris Jones, president of Florida Economic Advisors and a University of South Florida faculty member at USF in the economics department, agreed with the real estate experts that the reduction in demand from Russian buyers for U.S. real estate won’t shift home prices in Florida. However, the impact of rising gas prices could be dangerous for the U.S. economy, he said. He anticipates that gas prices will increase at least another 50 cents before the end of May, with peak price per gallon of gasoline surpassing $5 per gallon this year. As people pay more at the pump, they have less money to spend on goods and services that drive the economy, which he believes will lead to a decrease in the nation’s economic output. He said he fears that the American economy could be headed toward “stagflation” because of the rising gas prices. Stagflation happens when an economy has rising inflation at the same time as slowing economic output. “We’re already halfway there,” he said, pointing to rising inflation.

“Rising gas prices will also have an impact by raising prices on nearly all goods and services which could then cause fewer people to be able to afford to purchase residential property. Less demand, caused largely by rising gas prices, would then impact Florida’s real estate market.”

Sanibel & Captiva Islands Multiple Listing Service Activity March 18-25, 2022

Sanibel

CONDOS

1 new listing: Pine Cove #201 3/2 $1.899M.

2 price changes: Island Beach Club #210C 2/2 now $1.395M, Junonia #301 4/2 now $2.4M.

2 new sales: Shell Island Beach Club #5C 2/2 listed at $1.279M, Lighthouse Point #227 3/2 listed at $1.395M (our listing).

 

7 closed sales: Sundial #I402 1/1 $650K, Sandalfoot #5B1 1/1 $759K, Loggerhead Cay #242 2/2 $765K, Lighthouse Point #112 3/2 $830K, Sanibel Inn #1E 2/2 $850K, Loggerhead Cay #584 2/2 $875K, Sand Pointe #218 2/2 $1.1M.

HOMES

6 new listings: 4577 Brainard Bayou Rd 3/2 $749K, 1600 Sabal Sands Rd 3/2 $1.2M, 1190 Sand Castle Rd 3/2 $1.35M, 9405 Beverly Ln 3/2 $1.485M, 1311 Sand Castle Rd 3/2 $1.495M, 6176 Henderson Rd 4/3 $2.995M.

No price changes.

5 new sales: 5307 Ladyfinger Lake Rd 3/3 listed at $968.5K, 661 Anchor Dr 3/2 listed at $1.295M, 1243 Sand Castle Rd 4/4 listed at $1.745M, 1543 San Carlos Bay Dr 4/4 listed at $2.499M, 2451 Blind Pass Ct 4/4.5 listed at $2.895M.

4 closed sales: 1230 Anhinga Ln 4/2 duplex $699K, 5289 Ladyfinger Lake Rd 3/2 $945K, 402 Tiree Cir 3/2 $1.15M, 645 Oliva St 3/3 $1.301M.

LOTS

No new listings, price changes, or new sales.

2 closed sales: 2829 Wulfert Rd $320K, 1340 Eagle Run Dr $515K.

Captiva

CONDOS

No new listings.

1 price change: Marina Villas #709 2/2 now $1.145M.

3 new sales: Tennis Villas #3128 1/1 listed at $549K, Beach Villas #2635 3/3 listed at $1.6M, Lands End Village #1628 3/4 listed at $3.5M.

No closed sales.

HOMES

No new listings or price changes.

2 new sales: 16280 Captiva Dr 6/6 listed at $8.9M, 15867 Captiva Dr 7/6 listed at $11.7M.

3 closed sales: 30 Urchin Ct 3/2 $1.253M, 57 Sandpiper Ct 2/2 $1.325M, 16611 Captiva Dr 6/6 $7.1M.

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.

Though Sanibel’s spring weather is superb, the islands need rain. Fingers crossed that we get some soon!

Until next Friday, Susan Andrews aka SanibelSusan

Woohoo, More Sanibel Closings, Listings, & Sales!

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Another week has flown by with the islands again busy with more visiting families on spring break. It sure is a good thing that states and schools have vacations at different times. As it is, locals are counting down to Easter, when traffic usually eases as snowbirds start heading north. We love the extra winter business and understand why so many want to be here, but too many at once can be challenging to drivers.

Heads-up, roads and bike paths probably also will be busy next week as Lee County schools are out today and next week. With the forecast for more sunny days and temperatures in the low 80’s, those visiting should be happy!

SanibelSusan Realty 

Blind Pass condos

It was nice to get a new surprise listing over the weekend. One that managed to go under contract within hours, even before we got to see it and have it photographed, as it has a rental guest. Blind Pass #D204 is the 3-bedroom condo mentioned in the Multiple Listing Service activity summary, posted after a couple of news items below. We appreciate that the Blind Pass rental office allowed us to use their photos to get the listing posted.

Another new listing was signed and posted in MLS as “coming soon”, then it became “active” today. The difference between those listing statuses is that “coming soon” listings are only available for Realtors® to see, while “active” listings are syndicated to the public and many real estate sites. It was professionally photographed early, thanks to JMA Photography. This condo, a direct bay-front Lighthouse Point 3 bedroom has showings beginning tomorrow.

View from Lighthouse Point #227

A 3rd new listing also signed and posted in MLS as “coming soon” is a condo in Windjammer Village in The Landings in Ft Myers. That listing is occupied but will be available to show in April. It also has been professionally filmed, including streaming video.

With closings, it was another week with a nice one of those. Thanks to Realtor® Wendy Kirschner for bringing that buyer.

Island Inventory

Every week, we continue to get calls and emails from prospective buyers and renters. It is frustrating when we often can’t help them. It certainly pays to have a Realtor® on the lookout though as we often hear of listings coming on the market or cancellations.

Though 1st quarter isn’t over yet, it is amazing to see what is happening with sale prices and days-on-market (DOM). Some are saying that prices are beginning to stabilize, but I’m not a believer – or not yet. As long as demand remains high and inventory low, buyers must be poised to pounce, while most sellers are smiling.

Below is an update of island inventory as of this morning, March 18, 2022, data from Sanibel & Captiva Islands Multiple Listing Service). Looking at just residential property, only 15 condos, 10 homes, and 11 lots are for sale on Sanibel. Just 8 condos and 8 homes on Captiva. With 113 closed sales and another 91 properties under contract, the sellers’ market continues.

 

 

Status

 SANIBEL
Condos Homes Lots
# Avg $ DOM # Avg $ DOM # Avg $ DOM
For sale 15 1,387,533 56 10 2,919,250 44 11 1,439,545 350
Under contract 30 1,100,726 18 42 1,826,950 44 10 504,155 113
Sold to-date 2022 37 966,863 47 52 1,710,807 78 8 762,625 184
Sold 2021 287 875,127 113 355 1,341,881 89 69 698,862 442
Sold 2020 193 733,136 174 189 950,426 161 23 606,233 393

 

 

 

Status

 CAPTIVA
Condos Homes Lots
# Avg $ DOM # Avg $ DOM # Avg $ DOM
For sale 8 1,339,250 20 8 7,929,875 116 0 N/A N/A
Under contract 4 1,209,000 32 5 4,515,800 29 0 N/A N/A
Sold to-date 2022 10 1,488,402 51 6 3,952,416 196 0 N/A N/A
Sold 2021 64 1,150,373 145 44 2,988,520 261 2 2,950,000 731
Sold 2020 47 821,713 134 27 2,923,148 315 4 2,537,500 448

Americans Moving to Sun Belt States

From the April 2022 issue of “Florida Realtor” and sourced to 2022 News World Communications, Inc.:

“Both U-Haul and United Van Lines listed Florida as a top destination state. The National Association of Realtors® (NAR) chief economist credits affordability, job creation and lower taxes for the moves.

“Job-rich, low-tax states such as those in the Sun Belt are attracting many Americans as housing prices rise, recent reports show. Zillow and U-Haul both cited Florida and Texas as hot relocation destinations in separate reports, while Unit Van Lines listed Florida and South Carolina among the top states for inbound migration…

“Meanwhile, U-Haul reported in its annual Grown Index that Texas edged out Florida for the largest net gain of one-way trucks in 2021, while California and Illinois saw the greatest net losses.

“And United Van Lines reported in its 45th annual National Movers Study that two Sun Belt states made the top five for inbound migration in 2021: South Carolina (63%) and Florida (62%) joined Vermont (74%), South Dakota (69%) and West Virginia (63%).

“States such as Illinois (67%), New York (63%), Connecticut (60%), and California (56%) appeared once again at the top of the list for outbound migration….”

Seawall Approved at Spanish Cay

It was good news to read the below article in today’s “Island Sun”. This approval has been long in coming.

“The problem of crumbling and cracked seawalls on man-made canals was under discussion at the Sanibel Planning commission meeting last week when commissioners approved replacing the seawall behind Spanish Cay condominiums on Middle Guld Drive.

“Seawalls were allowed as a special conditional use in many subdivisions bordering San Carlos Bay including Shell Harbor north and south of Periwinkle Way, Sanibel Harbour, Sanibel Isles and Water Shadows. The Sanibel Land Development Code includes standards for repairing nonconforming use seawalls on humanmade bodies of water.

“The seawall at Spanish Cay borders the manmade canal separating it from Beachview Estates. Repairs to the seawall bordering a narrow walkway required commission approval of a long form development permit.

”Complicating the matter was that removal of the seawall could not result only in loss of land bordering the water, but also cause a very high probability of undermining buildings that are 10 feet or less from the existing seawall.

“To avoid damage to structures, engineering firm Hans Wilson and Associates proposed a plan that includes replacing the seawall cap and installing a 10- to 12-foot shelf of rock riprap with a maximum 2:1 slope and consisting of limestone that is 12 to 36” in diameter.

“Two concerns addressed by the commission were rainwater downspouts from each building that discharged water directly into the canal and the limited vegetation along the seawall. The condominium association accepted a proposal to relocate the downspouts to prevent discharge into the canal or onto neighboring properties, and to install native vegetation along the path where possible…

“Native vegetation will also be planted within the riprap to provide a habitat for aquatic species to live or hide within the voids of the riprap.

“Planning commissioners voted unanimously in favor of the project.”

International Buyers Are Back

Another article in the new “Florida Realtor®” magazine says “Canada and South America are strong markets this year. Global buyers are looking for all types of properties – not just vacation homes…

“Stifled by COVID-19 the past couple of years, global buyers are finally seeing restrictions lifted and opportunities in U.S. properties.

“For decades, Florida has been a preferred U.S. market for foreign real estate buyers seeking a vacation home, primary residence or an income-generating commercial investment. But the travel restrictions imposed in spring 2020 by the COVID-19 pantenic dramatically slowed global purchases.

“Two years later, international buyers are returning to Florida, creating new business opportunities… Some of Florida’s traditional global markets are expected to see a bigger rebound than others this year. For instance, Canadian snowbirds are traveling again to Florida, and buyers from Latin American and the Caribbean are active throughout the state. On the other hand, there may be fewer buyers from China or European nations that imposed travel bans and lockdowns in late 2021 due to the omicron variant….

“According to the 2021 Profile of International Residential Transactions in Florida, Latin American/Caribbean buyers made up 46% of the global market followed by Canadians at 18% and Europe at 15%… Countries with good relations and economic ties with American are the best targets….” 

Sanibel & Captiva Islands Multiple Listing Service Activity March 11-18, 2022

Sanibel

CONDOS

5 new listings: Captain’s Walk #D5 2/1 $569K, Breakers West #A4 2/2 $849K, Loggerhead Cay #201 2/2 $995K, Lighthouse Point #227 3/2 $1.395M (our listing), Island Beach Club #210C 2/2 $1.495M.

1 price change: Junonia #301 4/2 now $2.49M.

Bridge over Clam Bayou heading to Bowman’s Beach

7 new sales: Sundial #I307 1/1 listed at $595K, Blind Pass #D102 2/2 listed at $685K, Breakers West #C1 2/2 listed at $799K, Blind Pass #D204 3/2 listed at $799.9K (our listing), Sanctuary Golf Villages I #5-3 2/2.5 listed at $859K, Sundial #B206 2/2 listed at $1.3M, Sedgemoor #101 3/3.5 listed at $3.995M.

5 closed sales: Sanibel Moorings #1411 1/1 $510K, Sunset South

Bowman’s Beach

#11C 2/2 $1.025M, Sanibel Moorings #122 2/2 $1.08M (our listing), Shell Island Beach Club #A5 2/2 $1.2M, Lantana #101 4/3.5 $2.395M.

HOMES

1 new listing: 2451 Blind Pass Ct 4/4.5 $2.895M.

3 price changes: 1243 Sand Castle Rd 4/4 now $1.745M, 1543 San Carlos Bay Dr 4/4 now $2.499M, 488 Lighthouse Way 4/4 now $5.495M.

2 new sales: 1072 Blue Heron Dr 3/2 listed at $949K, 244 Palm Lake Dr 3/2 listed at $1.268M.

2 closed sales: 2276 Starfish Ln 4/3.5 $1.8M, 475 Sawgrass Pl 3/3.5 $2.1M. 

LOTS

No new listings, price changes, or new sales.

2 closed sales: 2486 Wulfert Rd $219K, 3304 Saint Kilda Rd $590K.

Captiva

CONDOS

4 new listings: Tennis Villas #3128 1/1 $549K, Beach Villas #2312 1/1 $1.075M, Gulf Beach Villas #2027 3/2 $1.595M, Lands End Village #1628 3/4 $3.5M.

No price changes.

1 new sale: Bayside Villas #4210 1 /2 listed at $594.5K.

1 closed sale: Bayside Villas #5226 1/2 $625,026.

HOMES

1 new listing: 1106 Tallow Tree Ct 3/3 half-duplex $4.2M.

No price changes, new sales, 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

Best Bay & Gulf Waters… Before a Quick Weekend Storm

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It’s another happy Friday on Sanibel as Florida braces for a cool front that is expected to swoop through the state over the weekend. Though this afternoon is bright sunshiny and 80+degrees F, with gulf and bay waters the brilliant teal color so loved.  Winds are expected to pick up over night with a fast storm bringing heavy rain forecast to come through tomorrow morning. Hopefully the weathermen are correct in saying it will pass through Lee County quickly.

Gusty winds are expected to continue through Sunday, sometimes reaching 40 mph. Temperatures Saturday night could go down into the 40’s here, even colder inland. By Monday, it will probably be back into the 80’s.

That is the funny thing about Florida, it can be summer, fall, winter, and spring – all in the same day. We also look forward to moving the clocks ahead this weekend. It will be great to again have evening sunshine.

SanibelSusan Realty 

It was a week with another nice closing for us, with another scheduled early next week. We have a couple of new listings soon coming on the market, so preliminary work is underway with those.

At the local Association of Realtors® Thursday morning Caravan Meeting yesterday, there were no new listings open for viewing, no new listings announced, no price reductions, and no sales reported. There was, however, some activity posted this week in the island Multiple Listing Service. It is after a couple of news items below.

Community Seminar Series – Flood Insurance

The public is welcome to attend a Flood Insurance seminar at the Sanibel Community House, Tues March 29 from 5 to 7 p.m.

Guest speakers are David Arter, Private Client Insurance Services, and Chris Heidrick, Heidrick & Co. Insurance. They will provide info on recent flood insurance changes, NFIP (National Flood Insurance Program) update, and flood insurance facts, questions/answers.

The event also includes a vendor affiliate trade show with representatives from accounting, banking, design, mortgage, title companies, and more.

F.I.S.H. Bunny Basket Drive

This week, teammate Elise and I brought our goodies for the F.I.S.H. Bunny Basket Drive to the local Association of Realtors®.

The Realtors® Communications & Public Relations Committee is gathering donations to help make Easter baskets for families in need.

Donations are accepted at the Association Office until March 31.

Measuring America

Census data tells an interesting story about our increasingly multicultural country. Below are excepts from the “Measuring America” article in the Winter 2022 issue of “Realtor” magazine.

“Between 2010 and 2020, the nation added roughly 23 million people, a 7% gain, reaching above 331 million. The population grew by nearly 10% in the preceding decade.

“Over the last decade, the United States grew at its slowest rate since the 1930’s, and minorities made up almost all of that population growth. These shifts aren’t surprising. The 2020 census bears out what demographers have been predicting for years. Between 2010 and 2020, Asian Americans experienced the highest population gain (36%) followed by Hispanics (23%) and Black (6%) Americans. In contrast, the White population dropped by 9% from 2010, increasing the overall racial and ethic diversity of the country…

“What the Census Data Says About Homeownership – In addition to the decennial census, the U.S. Census Bureau each year conducts the American Community Survey, one of the most comprehensive sources of U.S. population and housing information.

“COVID-19 complicated the recent operations of the survey, leading the bureau to release a smaller set of products for 2020. The bureau does not recommend comparing the experimental estimates with standard ACS estimates from previous years. But here are some highlights from the November 2021 release:

  • 65% – percentage of U.S. homes that were owner occupied in 2020.
  • 75% – homeownership rate in Maine. It’s the highest rated in the country, followed by West Virginia (74%), Wyoming (74%), Minnesota (74%), and New Hampshire (73%).
  • 12% – percentage of U.S. homes that were vacant in 2020.
  • 88% – percentage of households with broadband internet connection. A reliable internet connection has become a truly important utility for most people. It’s now one of the main factors that people consider before moving to an area.
  • 42% – number of homes with more or more people 60 years or over.
  • 12% – percentage of the population that moved in 2020.”

Hometown Hero Housing Program

Below info from an email received last night from Florida Realtors 2022 President, Christina Pappas:

“As the annual legislative session inches closer to its end, I wanted to bring you some incredible news regarding a new homeownership program that was a core focus of our advocacy efforts this year.

“Although it won‘t be 100% official until the Senate and House pass the budget and the governor signs it, the Hometown Hero Housing Program (HHHP) is set to receive $100 million to provide new avenues of down payment and closing cost assistance for some of our most essential workers.

“The HHHP is a revolving loan program targeted at the people who form the foundation of our communities. Firefighters, nurses, teachers, law enforcement officers, EMT’s and other hometown heroes will soon be able to apply for zero-interest loans through this program to help with down payment and closing costs. Even better, when they well, rent or refinance their home, they pay back the loan and that money is now available to help the next hero buy their new home.

“This program was born through a collaborative effort between your leadership team and legislative leaders in both the Florida House and Florida Senate. By working in partnership with lawmakers, we were able to accelerate our efforts to provide relief to Floridians struggling to keep up with rapidly escalating home prices….”

Sanibel & Captiva Islands Multiple Listing Service Activity March 4-11, 2022

Sanibel

CONDOS

4 new listings: Sundial #I307 1/1 $595K, Breakers West #C1 2/2 $799K, Sundial #B206 2/2 $1.3M, Island Beach Club #P4E 2/2 $1.799M.

2 price changes: Sandalfoot #5A2 2/2 now $1.175M, Junonia #301 4/2 now $2.6M.

6 new sales: Mariner Pointe #323 2/2.5 listed at $649K, Sanibel Surfside #225 2/2 listed at $998K, Sundial #Q302 3/2 listed at $1.365M, Cyprina Beach #8 2/2.5 $1.595M, Kings Crown #117 2/2 listed at $1.65M, Compass Point #192 3/2 listed at $1.75M.

1 closed sale: Mariner Pointe #421 2/2.5 $700K.

HOMES

2 new listings: 244 Palm Lake Dr 3/2.5 $1.268M, 1543 San Carlos Bay Dr 4/4 $2.995M.

No price changes.

7 new sales: 4560 Brainard Bayou Rd 3/2 listed at $829K, 917 Pepper Tree Pl 4/3 listed at $1.399M, 247 Daniel Dr 3/2.5 listed at $1.425M, 1194 Sand Castle Rd 3/2.5 listed at $1.425M, 1174 Harbor Cottage Ct 3/3 half-duplex listed at $1.45M, 1560 Royal Poinciana Dr 3/2 listed at $1.525M, 5817 Sanibel-Captiva Rd 4/3 listed at $1.993M.

9 closed sales: 9472 Balsa Ct 2/2 $765K, 1948 Roseate Ln 2/2.5 $775K, 1251 Sand Castle Rd 4/3 $1.05M, 2620 West Gulf Dr 3/2 $1.3M, 1245 Par View Dr 3/2.5 $1.575M, 2030 Sunrise Cir 3/3 $1.6M, 3716 Coquina Dr 3/2 $1.601M (our buyer), 930 Kings Crown Dr 3/2 $1.85M, 3767 West Gulf Dr 4/4.5 $6.75M.

LOTS

No new listings or price changes.

3 new sales: 1836 Ardsley Way listed at $325,555; 2829 Wulfert Rd listed at $349K; 490 Sea Oats Dr listed at $699K.

1 closed sale: 6000 White Heron Ln $850K.

Captiva

CONDOS

1 new listing: Bayside Villas #4214 1/2 $605K.

No price changes.

1 new sale: Beach Villas #2633 2/2 listed at $1.399M.

2 closed sales: Bayside Villas #5210 1/2 $525K, Bayside Villas #5128 1/2 $590K.

HOMES

No new listings.

1 price change: 15261 Captiva Dr 4/4.5 now $10.989M.

No new sales.

1 closed sale: 11529 Andy Rosse Ln 4/4 $3.495M.

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

85th Annual Shell Show Friday on Sunny Sanibel

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It’s another happy sunny Sanibel Friday.

The 85th Annual Shell Festival at The Community House was busy again today.

It is open again tomorrow (Sat) from 9 a.m. to 4 p.m. It features more than 60 exhibitors with specimen shells plus shell art, sculpture, mixed media, jewelry, and creative crafts.

 

SanibelSusan Realty Scoop

Here in the office, the team and I have tied up loose ends for upcoming closings, arranged for weekend showings, and again commiserated that we need more listings.

At the Thursday morning local Association of Realtors® Caravan meeting yesterday, there were no new listings announced, no price reductions, and no properties open for viewing. Under the category of “Buyer Wants”, which is when attendees may ask the audience for a property with specific criteria, the resounding answer again was “we need everything.” Buyers continue to be plentiful. Sellers are hard to find.

Next week, the team looks forward to another successful closing and we have our fingers crossed that we make more sales over the weekend. It’s not like buyers have many choices. As of this afternoon, on Sanibel our Multiple Listing Service (MLS) shows 15 condos, 12 homes, and 15 lots for sale. On Captiva, just four condos and seven homes.

Combating the Naysayers

With the world seemingly relying so much on the internet these days, I found the below excerpts from an article published in the Winter 2022 “Realtor” magazine, to be right on. The author is Realtor® Brian Copeland, founder and broker-owner of Doorbell Real Estate in Nashville, TN.

“A 2017 book by Tom Nichols, “The Death of Expertise”, explains how the digital revolution has helped foster a culture of skepticism. Today, everyone has their own truths, and thanks to the internet, we can find sources to back up those “truths,” no matter what they are.

“I’ve been thinking about our culture’s hostility to established knowledge as I fight to defend my own career and the careers of my colleagues, the nation’s 1.5 million Realtors®. I spent months studying to become a real estate agent. In the years since I’ve been able to apply that knowledge and the extensive real-life experience gained along the way to help people navigate a significant variety of complex and technical aspects associated with selling or buying a home.

“And yet frivolous lawsuits and ludicrous accusations swirl around the media from people trying to make a buck off blatantly misleading claims that real estate agents are no longer valuable in the internet-age. Of course, most people who have bought or sold a house remember having a real estate agent by their side every step of the process. Most likely, they had a Realtor® – a member of the National Association of Realtors® – guiding them through everything from price negotiations and lender applications to open houses and final inspection walkthroughs. Most people would prefer to not figure all of that out on their own in the midst of the most complex and consequential financial transaction of their lives.

“Of course, it’s undeniable that the volumes of information made available by the internet have changed the homebuying and home-selling process. What’s also undeniable although less intuitive, is that these transformations have made real estate professionals even more critical. Research shows 88% of those who start their homebuying search online ultimately use a real estate agent as the process moves forward. Just because I have a wealth of medical knowledge at my fingertips doesn’t mean I can diagnose and treat my medical condition. Just because I can buy and sell GameStop stock commission-free on Robinhood doesn’t mean it’s a good idea to lay down my retirement fund without any expert advice.

“The same holds true in the purchase or sale of real estate. Anyone can stake a “for sale by owner” sign in their yard, but it takes more than a quick online search to determine a competitive asking price for your home. And if you don’t want it to sit idly on the market for months, how will you advertise it to buyers?

“Or, if you’re a buyer in today’s hot market with houses selling in a matter of days, do you really expect your offer to stand out compared with those prepared by professionals with local market knowledge? Would you know how to write an offer or ensure that all state and local property transfer laws are being followed? By buying a home, you’re essentially entering a contract on one of the most complicated purchases you’ll ever make. Compare that to what is likely your second most expensive purchase, a car, and you’ll recognize that there’s a lot more to it than kicking the tires, a bit of haggling, and a simple loan application….”

Adding SanibelSusan’s 2-cents: I did not acquire my skills and expertise from watching HGTV. I earned my knowledge over 33 years as a Realtor®, by helping hundreds of friends, neighbors, community members, and island-lovers buy and sell property. My team and I are experts, just as a teacher is to students or a doctor is to patients.

My teammate son David has been a Realtor® for ten years, his wife Lisa for 15 years, and our assistant Elise has been licensed for 19 years. We have worked together on every SanibelSusan transaction since long-before we opened our own office in 2004. On the islands, we have successfully closed 559 sales.

Why a Mortgage Rate Drop? Probably Due to Russia

Posted online yesterday at FloridaRealtors® and sourced to “How Russia Invading Ukraine Could Impact U.S. Interest Rates”, The Mortgage Reports (Mar 1, 2022):

“Analysts still expect mortgage rate increases this year due to Fed actions, but investors flock to bonds when they get jittery – and that often lowers mortgage rates.

“NEW YORK – U.S. mortgage rates have risen this year and are expected to continue doing so, but the conflict between Russia and Ukraine could throw a wild card into those projections.

“The 30-year fixed-rate mortgage climbed by 37 basis points over the first two full weeks of February, according to Freddie Mac. But last week, as Russia invaded Ukraine, rates dropped to 3.89% for the 30-year fixed-rate mortgage, and down to 3.76% this week.

““When global investors sense increased uncertainty, there is a ‘flight to safety’ in the U.S. Treasury bonds, which causes their prices to go up, and their yield to go down,” says Odeta Kushi, deputy chief economist at First American. “Consequently, amidst heightened uncertainty due to the worsening events in Ukraine, there is a possibility that investors flocked to U.S. Treasury bonds, which may result in a temporary, short-term decline in mortgage rates.”

“The Federal Reserve announced it would be raising its funds rate multiple times this year and says it will address this more at its next meeting, March 15 and 16.

“However, the Fed also didn’t consider the Russia-Ukraine conflict before announcing moves planned for this year. As a result, the Fed could change how aggressive it is with rates, according to The Mortgage Reports.

The Fed’s key rate does not directly affect mortgage rates, but it can influence them.”

Sanibel & Captiva Islands Multiple Listing Service Activity February 25-March 4, 2022

Sanibel

CONDOS

2 new listings: Mariner Pointe #323 2/2.5 $649K, Kings Crown #117 2/2 $1.65M.

1 price change: Junonia #301 4/2 now $2.65M.

2 new sales: Mariner Pointe #733 2/2 listed at $699,999; Pelicans Roost #202 2/2 listed at $1.295M.

4 closed sales: Sundial #G104 2/2 $845K, Sand Pointe #222 2/2 $1.125M, Pelicans Roost #104 2/2 $1.299M, Compass Point #141 3/2 $1.407M.

HOMES

8 new listings: 1072 Blue Heron Dr 3/2 $949K, 5307 Ladyfinger Lake Rd 3/2 $968.5K, 917 Pepper Tree Pl 4/3 $1.399M, 1194 Sand Castle Rd 3/2.5 $1.425M, 1174 Harbor Cottage Ct 3/3 half-duplex $1.45M, 1243 Sand Castle Rd 4/4 $1.895M, 5817 Sanibel-Captiva Rd 4/3 $1.993M, 488 Lighthouse Way 4/4 $5.995M.

1 price change: 3324 Saint Kilda Rd 4/4 now $3.5M.

10 new sales: 1196 Sand Castle Rd 2/2 listed at $899K, 3015 Singing Wind Dr 2/2 listed at $959K, 430 Lake Murex Cir 2/2 listed at $1.149M, 824 Birdie View Pt 3/3 listed at $1.725M, 911 S. Yachtsman Dr 3/3 listed at $2.485M, 885 Limpet Dr 4/3 listed at $3.25M, 4322 West Gulf Dr 4/3.5 listed at $3.295M, 543 East Gulf Dr 2/2 listed at $3.5M, 444 Lighthouse Way 5/4.5 listed at $3.595M, 1349 Bay Dr 4/4 listed at $6.395M.

7 closed sales: 567 Rabbit Rd 2/2 $795K, 4239 Gulf Pines Dr 3/2 $939K, 1133 Sand Castle Rd 3/2 $1M, 697 Birdie View Pt 3/2 $1.495M, 4737 Rue Belle Mer 3/2 $1.62M, 857 Birdie View Pt 3/2.5 $1.745M, 1360 Eagle Run Dr 5/3.5 $2.325M.

LOTS

2 new listings: 5085 Joewood Dr $4.25M; West Gulf Dr $5.995M.

No price changes.

1 new sale: 1836 Ardsley Way listed at $625,555.

1 closed sale: 1332 Eagle Run Dr $488K.

Captiva

CONDOS

2 new listings: Bayside Villas #4122 1/2 $595K, Beach Villas #2633 2/2 $1.399M.

No price changes or new sales.

2 closed sales: Sunset Beach Villas #2236 2/2 $1.325M, Beach Homes #20 3/3 $4.25M.

HOMES

1 new listing: 16221-16217 Captiva Dr 5/5.5 $7.25M.

No price changes or new sales.

3 closed sales: 14865 Mango Ct 2/2 $1.25M, 16813 Captiva Dr 3/3 $3.5M, 11548 Wightman Ln 4/4.5 $7.3M.

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.

It’s expected to be a sunny and in the low-80’s for at least the next week here. Gotta love winters in paradise.

With it being so dry, gulf and bay waters are settling into the bright teal color that so many of us love.

Enjoy your weekend!

Susan Andrews, aka SanibelSusan