Rumor has it that some snowbirds already have headed north, but you couldn’t prove it this week by the heavy traffic in SW Florida. More wonderful breezy sunny weather has made for perfect days for outdoor lovers. Beaches, waterways, and bike paths have been busy.
With limited rain since Florida’s storm season ended last fall, forecasters have reported fire danger for much of central and south Florida. Rainy season usually doesn’t begin until May, but with unusual weather events in many places in recent years, who knows what 2022 will bring.
Weathermen say a front is arriving today that may stall over the weekend bringing a few occasional showers. That should help, so far it’s just turned from sunshine to overcast.
Real Estate Scoop
There were a couple of Association of Realtors® sponsored events this week with a Flood Insurance Seminar at the Community House Tuesday evening. With presentations from two Sanibel & Captiva Islands Association affiliate members, Dave Arter with Private Client Insurances Service and Chris Heidrick with Hedrick & Co. Insurance, the focus was the National Flood Insurance Program (NFIP) new FEMA (Federal Emergency Management Agency) 2.0 Rating System for flood insurance. It recently went into effect to more fairly charge flood rates. Unfortunately, on barrier islands like Sanibel and Captiva, that usually means higher premiums. Presenter examples often included a former $800 annual premium jumping to $8,000. Luckily, the new system limits increase to 18% per year.
Their final take-away slide had the following advice:
- Don’t let your flood policy lapse! Risk rating 2.0 rates will apply.
- If your premium is escrowed, you still are the responsible party.
- Be prepared for 18% premium increases for the foreseeable future
- At renewal, you may receive a request for additional information (type of construction, number of floors, square footage, etc.). Speak to your insurance agent to avoid “Provisional Rates”.
- Speak with an insurance agent for advice, specific to any property you are buying.
- Always get the elevation certificate AND the seller’s flood declaration page, when buying a home
Tuesday afternoon was a Zoom class for members of Realtor® Association Professional Standards Committees. At least ten associations throughout the state attended including two members from Sanibel and Captiva. The presenter, Shannon Allen, is an attorney and Florida Realtors® Director of Local Association Services. With Realtors® governing themselves on ethics and arbitration through their local groups (which include Ombudsmen, Grievance and Professional Standards Committees), it was insightful to hear how a hot market and the electronic age have caused nuances. Luckily in a small Association like the islands, complaints are rare.
At the Association Thursday morning Realtor® Caravan meeting, attendance was light, but at least there were two new listings open for viewing. After a couple of news items is the activity posted since last Friday in the Sanibel & Captiva Islands Multiple Listing Service.
Final Car Show of the Season
San-Cap Motor Club is hosting its final “Cars & Coffee Cruise-In” of the season tomorrow, April 2 from 9 to 11 a.m. at Periwinkle Place shopping center. Exhibitors are suggested to arrive by 8:30 a.m. to secure a good spot. They include antique cars, hot rods, muscle cars, all makes and models, including motorcycles. There is visitor parking behind the shopping center.
Community Chorus Spring Concert
Another annual event is the Spring Concert of the BIG ARTS Community Chorus. SanibelSusan has missed singing with them this year but has followed their progress and upcoming program – which is terrific. Tickets are on sale now and night of the concert, which is Wednesday, April 6 at 7 p.m. in the BIG ARTS Performance Hall. Link for tickets: https://my.bigarts.org/3260/3262
SCCF’s “Beer in the Bushes”
Yet another annual unofficial end of season celebration is right around the corner. The popular fundraiser for the Sanibel-Captiva Conservation Foundation will be Saturday, April 16 from 6 to 10 p.m. Tickets are available online at www.beerinthebushes.com.
Real Estate Trends to Watch This Spring
Posted online Tuesday, March 28, 2022 on FloridaRealtors® and sourced to Realtor.com, 2022 INFORMATION, INC. Bethesda, MD.
“Realtor.com: Home sellers may continue to hold the upper hand, but buyers may be more sensitive to price increases; and more inventory could enter the market.
“SANTA CLARA, Calif. – Home sellers will likely continue to hold the upper hand this spring, says a realtor.com® housing report that also uncovered upcoming trends.
“Buyers are likely to become more sensitive to price increases. Mortgage rates are on the rise and are expected to continue to increase this year. As home shoppers face higher borrowing costs, they may need to tighten their budgets or even step back from the market as home prices increase as well. That could help to moderate price trends, realtor.com says. The trend occurred last year, even when mortgage rates were at historical lows but home prices were climbing by double-digit annual gains. In early May 2021, the number of sellers who made price adjustments rose by 17.8% compared to the start of the year.
“More inventory will likely hit the market. Buyers may see the benefit of a greater housing supply. Still, the number of homes for sale is expected to remain historically low this year, though more options are likely to become available. Builders are adding more homes to the inventory. Also, more homes typically come on the market during the spring season. Realtor.com notes that based on historical trends, by mid-August the number of sellers with actively listed homes usually rises 17.4% over the beginning of the year. If that trend holds true, it could mean more options for buyers and more competition for home sellers.
“Sellers may face trade-offs. Homeowners who have to sell and buy could face a dilemma: If they hold out for peak asking prices on their home, they also could end up paying a premium for the home they buy, realtor.com says. Listing prices usually reach their highest levels in the summer. But home seller-buyers who delay will face more competition from other sellers and the possibility of missing out on buying opportunities.
““We all know that homes are selling lightning-fast right now,” says Rachel Stults, managing editor at realtor.com. “But that doesn’t necessarily mean your house will sell itself. Before you list your home this spring – or any other time this year – make sure you’ve taken steps to get it ready, including cleaning and decluttering, getting cost estimates on repairs you might need to make, and talking to agents to see who would be a good fit for your needs. No matter when you decide to list, whipping your home into shape beforehand will help you sell faster and for more money.”
Sanibel & Captiva Islands Multiple Listing Service Activity March 25 ‑ April 1, 2022
2 new listings: Coquina Beach #5A 2/2 $779K, Sanibel Moorings #1042 2/2 $869K.
1 price change: Pointe Santo #C26 2/2 now $1.195M.
4 new sales: Loggerhead Cay #201 2/2 listed at $995K, Sand Pointe #131 2/2 listed at $1.295M, Island Beach Club #P4E 2/2 listed at $1.799M, Junonia #301 4/2 listed at $2.4M.
4 closed sales: Captains Walk #C5 2/1 $591K; Donax Village #9 2/2 $746K; Sanibel Surfside #225 2/2 $1,022,222; Pointe Santo #A2 2/2 $1.371M.
6 new listings: 9476 Balsa Ct 3/2 $1.195M, 3822 Coquina Dr 4/3.5 $1.595M, 479 Las Tiendas Ln 4/3 $1.68M, 733 Durion Ct 3/2 $1.695M, 746 Windlass Way 4/3 $2.495M, 1558/1545 San Carlos Bay Dr 3/3.5 $4.7M.
No price changes.
3 new sales: 1600 Sabal Sands Rd 3/2 listed at $1.2M, 1190 Sand Castle Rd 3/2 listed at $1.35M, 4577 Brainard Bayou Rd 3/3 listed at $1.725M.
11 closed sales: 799 Casa Ybel Rd 5/3 duplex $840K, 4560 Brainard Bayou Rd 3/2 $889K, 1666 Middle Gulf Dr 3/2 $1.05M, 4563 Brainard Bayou Rd 3/2 $1.3M, 1437 Causey Ct 3/2.5 $1.365M, 1174 Harbor Cottage Ct 3/3 $1.507M, 2711 Wulfert Rd 4/4/2 $1.65M, 2695 Wulfert Rd 4/4/2 $1.8475M, 5817 Sanibel-Captiva Rd 4/3 $2.1M, 444 Lighthouse Way 5/4.5 $3.75M, 1077 Bird Ln 4/4/2 $5.5M.
1 new listing: 3005 Turtle Gait Ln $1.15M.
No price changes or new sales.
1 closed sale: 2310 Wulfert Rd $290K.
2 new listings: Lands End #1610 3/3 $3.7M, Beach Homes #6 3/3 $3.749M.
No price changes or new sales.
3 closed sales: Bayside Villas #4210 1/2 $594.5K, Lands End #1659 2/2 $1.3M, Beach Cottages #1404 2/2 $1.609M.
No new listings.
1 price change: 15261 Captiva Dr 4/4.5 now $11.25M.
No new sales.
1 closed sale: 11549 Wightman Ln 3/4 $3.395M.
1 new listing: 15819 Captiva Dr $15.5M.
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.
Until next Friday,
Susan Andrews, aka SanibelSusan