Winter, spring… it often is all about the same here on Sanibel where it has been another week of wonderful weather. I never get tired of driving with my sunroof open, hearing the birds chirping overhead. Many osprey nests have chicks now so there is plenty of squawking if they spot you passing by.

A message issued yesterday afternoon by Sanibel’s City Manager offered the below weather update, which proved to be true. Rain began late yesterday and continued off-and-on through the night and today. There has not been a day like this in a long time, so vegetation is benefitting from the free drink.

Thankfully, the forecast says, it should be warm and sunny again by tomorrow afternoon – maybe with many shells rolling in. There were only a handful of vehicles at Lighthouse Beach this morning and the lighthouse itself is still shrouded in a construction cloak while restoration continues there.

Meanwhile, the City reports are that the beach renourishment project at Tarpon Bay Beach was completed ahead of schedule so that access and the Trost Lot are reopened.

“From the National Weather Service (NWS):

“…a widespread rain event will continue to expand from the western Gulf coast Thursday afternoon, eastward across large portions of the South and Florida Thursday night into Friday. This widespread heavy rain will then push northward along much of the Eastern Seaboard Friday into Saturday. Some of the heaviest rainfall totals are expected across South Florida Friday afternoon into early Saturday, with the potential for urbanized flash flooding, especially along the southeast coastal areas of the state.”

Sanibel & Captiva Islands Association of Realtors®

A car mishap resulted in me missing the local Association of Realtors® luncheon meeting yesterday, but I was back at my computer later to listen to a Zoom presentation by the Royal Palm Coast Realtor® Association where the team and I also are members. (The Royal Palm Coast Association was formed when the Realtor® Association of Greater Fort Myers and The Beach merged with the Cape Coral Association of Realtors® in 2016.)

Their Board leadership team spoke on what they are doing because of the recent announcement by NAR (National Association of Realtors®) on the class action lawsuit regarding real estate commissions. Like the Sanibel & Captiva Islands Association of Realtors®, they are working hard to keep their members informed and educated.

Next week Florida Realtors has scheduled a legal webinar on what their members need to know about the NAR settlement. Some top FL Realtors® instructors Steven David and Patty Ketchum also are scheduled to teach classes on Buyer Broker Agreements.

I have read the case details and have followed the often-misleading national news about this NAR settlement. My comments and opinion are below.

SanibelSusan Says “Real Estate Commissions/Compensations & The Sky Are Not Falling”

The recently announced NAR settlement outlines three policy changes:

1. Buyer Brokers will be required to have an Agency Agreement with each Buyer. (We already do this.)
2. Buyer and Seller Broker compensations must be negotiated in separate agreements. (This is new.)
3. NAR Multiple Listing Systems will be prohibited from publishing Seller offers of Buyer Broker compensation. (This is ridiculous. What is wrong with full disclosure?)

What is rumor:

• That a certain percentage or commission amount is eliminated. (There is no language on what a commission can or should be, they have always been and will continue to be negotiable.)
• Property prices will go down. (Why? Sale prices are a function of supply and demand.)
• This is the end of Buyer agents. (I cannot imagine that Buyers will want to purchase without their own representation. Buyers and Sellers have always been able to select their representatives. It will continue.)
• These changes will result in Selling agents representing both sides of a transaction. (That may happen occasionally, but most Buyers will want to continue to choose their own representative, Nothing prevents or should prevent them from purchasing a property their Realtor has listed.)
• That this NAR settlement is a “done deal”. (While both parties have agreed, any outcome from a Class Action Lawsuit must be approved by the court. We have not heard the end of this yet. So far, it looks like just the courts and attorneys are benefiting.)

I have often said that doing business in a small community like the islands is better than in the “real world”. Our agents routinely cooperate with each other. We rarely have complaints from colleagues or the public because if we notice that someone makes a mistake, we help them.  We share knowledge, we want our work to be appreciated, and our profession admired for its honesty.

There is truth to the saying “a Realtor® job is never done!” Hurricane Ian proved that in spades! Most Realtors® are in the business because they care and want to help people.

I am thankful to not only live, but to work in paradise in Florida where the listing and sales contracts protect all parties while providing agency representation and disclosure of compensation.

Sanibel & Captiva Islands Real Estate News

Below, with data from the islands Multiple Listing Service (MLS) are summary tables of the island residential sales statistics, followed by the MLS action reported this week.

On the commercial side, we just listed a condo in Lime Tree Center at 1640 Periwinkle Way which is a 5-unit single-story building just a couple of steps up from ground-level. The building has a new roof and new interior. Unit #4 listed at $399K is ~987 sq. ft. under air.  Formerly an accounting office, its central island location and easy access also suits other businesses.

SANIBEL RESIDENTIAL	CONDOS			HOMES			LOTS
	#	Avg Price	DOM	#	Avg Price	DOM	#	Avg Price	DOM
For sale:	96	1,079,982	141	177	2,112,737	94	46	796,323	17
Under contract	19	1,053,521	107	41	1,457,558	93	2	385,000	167
Sold 2024 to 3/22	16	801,368	140	37	1,689,770	82	5	2,547,000	155
Sold 2023	98	955,261	65	263	1,267,390	73	24	920,645	76
Sold 2022	123	1,136,199	44	185	1,602,745	52	26	779,528	223
Sold 2021	287	875,127	113	355	1,341,881	89	69	698,862	442

 

CAPTIVA RESIDENTIAL	CONDOS			HOMES			LOTS
	#	Avg Price	DOM	#	Avg Price	DOM	#	Avg Price	DOM
For sale	33	1,558,060	149	19	7,408,000	178	3	9,998,333	153
Under contract	2	2,345,000	65	1	3,499,000	144	0	N/A	N/A
Sold 2024 to 3/22	3	826,666	127	3	3,824,166	176	0	N/A	N/A
Sold 2023	17	834,176	98	17	2,716,647	70	0	N/A	N/A
Sold 2022	28	1,458,983	52	22	5,636,386	133	0	N/A	N/A
Sold 2021	64	1,150,373	145	44	2,988,520	261	2	2,950,000	731

Sanibel & Captiva Islands Multiple Listing Service Activity Mar 15-22

Sanibel

CONDOS

7 new listings: Lake Palms #5 2/2.5 $579K, Sanibel Moorings #611 2/2 $849K, Nutmeg Village #104 2/2 $999K, Sanibel Surfside #135 2/3 $1.15M, Sunward #102 2/2 $1.2M, Heron at The Sanctuary II #3-B 3/2.5 $1.398M, St Croix #4 2/2 $1.8M.

7 price changes: Sanibel Moorings #1411 1/1 now $599K, Blind Pass #C201 2/2 now $599K, Blind Pass #D204 3/2 now $779K, Shell Island Beach Club #5D 2/2 now $1.089M, Sundial #L402 2/2 now $1.325M, Sundial #R305 2/2 now $1.419M, Chelsea Place #2 4/4 now $3.5M.

2 new sales: Gulfside Place #204 2/2 listed at $1.25M, Pointe Santo #A27 3/2 listed at $1.795M.

2 closed sales: Sundial #D309 1/1 $425K, Sunset South #1A 2/2 $570K.

HOMES

10 new listings: 653 Oliva St 3/2 $925K, 9470 Balsa Ct 3/2 $1.05M, 1133 Schooner Pl 5/2 $1.2M, 2499 Harbour Ln 3/3 $1.595M, 6424 Pine Ave 2/2 $1.595M, 1310 Par View Dr 3/3 $1.649M, 2474 Wulfert Rd 4/5.5 $2.498M, 1044 Whisperwood Way 4/4.5 $2.8M, 1245 Buttonwood Ln 6/5 $10M, 4405 West Gulf Dr 6/6.5 $38M.

11 price changes: 530 Piedmont Rd 3/2 now $699K, 1806 Ibis Ln 3/2 now $755K, 970 Greenwood Ct S 3/2.5 now $809K, 9226 Kincaid Ct 3/2 now $949M, 1319 Par View Dr 3/2.5 now $1.299M, 1202 Sand Castle Rd 4/2.5 now $1.539M, 729 Sand Dollar 4/3 now $1.345M, 6090 Dinkins Lake Rd 3/3.5 now $1.42M, 4179 Dingman Dr 4/4 now $1.999M, 2525 Lands End Pl 4/3 now $2.1M, 1828 Buckthorn Ln 4/4.5 now $2.2M.

2 back-on-market: 2479 Blind Pass Ct 3/2 $999.9K, 1025 S Yachtsman Dr 4/3 $2.925M.

7 new sales: 5303 Umbrella Pool Rd 3/2.5 listed at $979K, 2612 Coconut Dr 3/2 listed at $1.05M, 4171  Dingman Dr 3/3 listed at $1.299M, 696 Durion Ct 3/2.6 listed at $1.495M, 969 Whelk Dr 3/2.5 listed at $1.495M, 1283 Isabel Dr 3/2 listed at $2.82M, 2969 Wulfert Rd 6/7.5 listed at $3.195M.

7 closed sales: 3902 Coquina Dr 3/2 $521K, 1448 Albatross Rd 3/2 $775K, 6128 Starling Way 3/3.5 $1.5M, 2236 Starfish Ln 3/3 $1.65M, 4415 Gulf Pines Dr 3/3 $1.675M, 848 Birdie View Pt 4/3.5 $2.3425M, 707 Anchor Dr 3/2.5 $2.6M.

LOTS

No new listings.

5 price changes; 1757 Windward Way now $415K, 5398 Osprey Ct now $419K, 355 Cowry Ct now $512K, 3730 Coquina Dr now $525K, 2807 West Gulf Dr now $869K.

No new or closed sales.

Captiva

CONDOS

1 new listing: Marina Villas #603 2/2 $950K.

No price changes, new or closed sales.

HOMES

1 new listing: 11516 Andy Rosse Ln 6/6 $2.85M.

1 price change: 16632 Captiva Dr 5/4 now $7.5M.

1 new sale: 11516 Wightman Ln 5/4.4 listed at $3.499M

No 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.

Enjoy your weekend, Susan Andrews, aka SanibelSusan