It’s been another week of nice sunny breezy Florida weather which has meant more visitors and more traffic… all pieces of the puzzle in island restoration. The wind did a number on the protective materials around the lighthouse, but it looked fixed today. There, the gulf-side parking lot was full before noon, with shelling great. Beach lovers and windsurfers are out, and the islands busier than in many months.

During my Sanibel drive-around this morning, I noticed a few other things: First, I was looking for some spring blooms to photograph. Here are several beautiful Golden Rain trees, I spotted, including a couple of hurricane survivors.

Regarding post-storm improvements, I passed many contractors, landscapers, and delivery trucks, and many homes looking better, including more being raised, more demolished, more being repaired, and more new construction. I also smiled when I spotted this new mailbox, reminding me of the flamingoes that have been spotted here since the storm.

I also saw:

• Sand trucks working on beach restoration lined up on the former West Wind Inn site.
• Many new windows are in at Sand Pointe.
• New tropical roadside landscaping at Somerset.
• Another eagle returned to Rocks West (said a neighbor).
• Big turnout of pickleball players on the Sundial courts.

Below is info on some other posted announcements.

Events, Re-Openings & Other Plans

BIG ARTS Community Chorus Spring Concert – As an original member of the BIG ARTS Community Chorus (since 1992), I was disappointed not to participate in their session that is wrapping up with the spring concert next Friday, April 5 at 7 p.m. Unfortunately, with so many facilities not back in operation and traffic delays, our Association of Realtors® meeting times were rescheduled, conflicting with Chorus rehearsals which also were changed. Fingers crossed that all gets back to normal by fall. In the meantime, concert tickets are available on-line at https://bigarts.org/event/big-arts-community-chorus-spring-concert/

Captiva Civic Association – https://www.youtube.com/watch?v=xQXiizGLC0I to watch their 6-min Protect Captiva video with legal update, featuring interviews with:

• Jay Brown, President, Captiva Community Panel
• James Evans, CEO, SCCF
• Porter Goss, First Mayor, City of Sanibel
• Tony Lapi, President & Chairman, Sanibel Captiva Beach Resorts
• Richard Johnson, Mayor, City of Sanibel
• Ken Suarez, Chairman of the President’s Council, South Seas Island Resort
• Lisa Riordan, Member, Protect Captiva Steering Committee

The video chronicles why the Protect Captiva Coalition came into existence within the historical context of Sanibel and Captiva. It also features comments made by the Lee County Commissioners during hearings and meetings in 2023 as they discussed the approval of land use changes on Captiva.

Jensen’s Marina & Cottages – Jensen’s Twin Palms Resort & Marina posted they will open their doors for stays beginning June 29.

Sanibel Outlets – A Facebook post this week says: “News on Tanger Outlets just before Sanibel Causeway…. From the Lee County Economic Development Council. The owner of the Sanibel Outlet Mall Dahlmann Properties met with the county last week and discussed plans for renovation. Dahlmann Properties has engaged a renowned architect from Houston that has global experience in designing mixed used projects. He said that the project will include an art center, retail shops, dining, a courtyard, affordable housing, and upscale condos. It will be like a small-scale Mercado like in Naples. They expect to complete the permitting process this summer and begin construction in January (all subject to delays, of course). Since this doesn’t require and zoning changes, it should go through without a problem.”

Shalimar Beach Resort – Had their groundbreaking yesterday, 18 months to the day after Hurricane Ian destroyed it. Shalimar now is a vacant lot and will be a construction site for the next 18 months. It first opened in 1959. The resort will retain its 33 rooms but on a smaller footprint because of updated Federal guidelines. The hotel building will have 21 units and there will be ten 1-bedroom cottages and two 2-bedrooms. Stevens Construction is handling the project which is expected to be ready for the 2025/2026 tourist season. (I saw another FB post this morning by Fox News which says, “John Lai, President of the Sanibel-Captiva Chamber of Commerce, provided an update on the current state of available hotel rooms on the islands, “We’re at 21% if you look at both Sanibel and Captiva right now. So, we are on pace to hit 25% by the end of this year.”)

Florida Realtors® Legal Webinar

Yesterday, I was one of nearly 8K Florida Realtors® on-line for their webinar titled “What You Need to Know About the NAR Settlement”. Presented by CEO Margy Grant and Chief Legal Counsel Juana Watkins, it covered the background on the lawsuit, its status, and resulting actions. Here are my takeaways:

The plaintiffs hired listing agents in Kansas City, MO to sell their homes in the MLS. They signed listings agreeing to pay commission upon their home sales with part of the commission shared with cooperating agents.

NAR (The National Association of Realtors®) and four brokerage defendants were sued in these MO lawsuits (plaintiff “Burnett” and ultimately the class) alleging:

• Commission rates are too high,
• Buyer brokers are paid too much, and
• NAR’s Code of Conduct and MLS Handbook along with corporate defendants’ practices lead to price fixing.

On October 31,2023, following an 11-day trial an 8-person jury in Kansas City found NAR and the other corporate defendants liable. $1.78B (automatically trebled $5.4B) Since that verdict more than 20 copycat lawsuits have been filed across the country. Some settled prior to trial, after trial and most recently by the following global settlement.

On March 15, 2024, NAR announced a proposed settlement agreement that would end litigation on claims brought on my home sellers related to broker commissions. The settlement will be filed with the Court in the coming weeks and is subject to Court approval. There is NO ADMISSION OF WRONGDOING BY NAR as a part of this settlement.

Key elements:

• Resolve claims against NAR, over $1M NAR members, state/territorial and local Realtor® associations, association-owned MLSs, and all brokerage entities with a NAR member as principal that had a residential transaction volume in 2022 of $2B or below.
• Provides a mechanism for almost all brokerage entities that had a residential transaction volume in 2022 over $2B to obtain releases if they chose to use it.

Industry changes:

• Requires NAR as soon as practicable, but in no event later than the date of Class Notice, to implement the listed practice changes.
• Most changes relate to the Offer of Compensation in the MLS.
• Specifically, how the Offer of Compensation is COMMUNICATED (OFF MLS).

What will occur regarding offers of compensation in MLS?

• NAR, boards, and MLSs will eliminate and prohibit the requirement that listing brokers (or sellers) make offers of compensation to buyer brokers/representatives in the MLS. (They can make offers of compensation outside the MLS.)
• Prohibits Realtor® MLS participants and other real estate agents from making an offer of compensation to buyer brokers in the MLS.

After these changes, how can a buyer broker be paid?

• Seller may agree to pay the buyer broker.
• Listing broker/brokerage may agree to pay a portion of their compensation to the buyer’s broker.
• Seller may pay buyer concessions. (Used by buyer toward their closing costs.)
• Buyer may pay buyer’s broker (if not prohibited by their lender).

Florida Realtors® is working on a co-broke compensation agreement to provide options.

Florida Realtors® listing agreement forms were updated March 19 to reflect clarification of NAR policy.

Always disclose that “Broker commissions are not set by law and are fully negotiable.”

Deadline for changes related to offer of compensation is mid-July 2024, whether the settlement proposal is final or not . There will be new rules that require MLS participants and Realtors® working with buyers must enter into a written agreement with a buyer, before the buyer tours any home, must specify and conspicuously disclose buyer broker compensation.

Florida Realtors® forms available:

• Buyer broker agreement
• Showing agreement
• Buyer retainer agreement (new as of March)

These forms will likely be updated to reflect the settlement terms yet to be announced. The tentative date for more changes in FL is May 31, 2024, well in advance of the mid-July requirement. Stay tuned…

Sanibel & Captiva Islands Real Estate News

The local Association of Realtors® did not meet this week. Their next Caravan Meeting is Thursday April 11.

The team and I were busy this week with contractors, a new listing, and more. It was great to have less traffic on the causeway this morning (Good Friday), as daytime traffic has been challenging since last weekend.

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

Sanibel had 25 price reductions this week and just five new sales, both indicators that “season” is wrapping up.

On the commercial side, there also were two price reductions, both posted today: 1544 Periwinkle Way now $1.45M and gas/service station at 1067 Bailey Rd now $2.85M.

SANIBEL RESIDENTIAL	CONDOS			HOMES			LOTS
	#	Avg Price	DOM	#	Avg Price	DOM	#	Avg Price	DOM
For sale:	97	1,057,692	144	177	2,143,766	98	46	796,106	182
Under contract	17	1,135,058	132	37	1,482,537	84	2	385,000	167
Sold 2024 to 3/29	19	797,994	128	43	1,614,511	88	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	31	1,459,870	155	20	7,236,000	183	3	9,998,333	160
Under contract	6	3,158,333	76	0	N/A	N/A	0	N/A	N/A
Sold 2024 to 3/29	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 22‑29

Sanibel

CONDOS

2 new listings: Cottage Colony West #140 1/1 $575K, Heron at The Sanctuary II #1-2A 3/2.5 $989K.

7 price changes: Captains Walk #B5 2/1 now $454K, Tennisplace #C34 2/1.5 now $539K, Blind Pass #B211 2/2 now $560K, Sunset South #12 C 2/2 now $600K, Sandpiper Beach #103 2/2 now $765K, Somerset #B101 3/3.5 now $1.95M, Tamarind #B302 3/2 now $2.689M.

1 back-on-market: Sunset South #9B 2/2 $599.9K.

2 new sales: Oceans Reach #4B4 1/1 listed at $689K, Gulfside Place #125 2/2 listed at $1.895M.

3 closed sales: Island Beach Club #220A 2/2 $540K, Bandy Beach #E101 3/2 $800K, LaPlaya #2A 3/2 $1M.

HOMES

6 new listings: 9003 Mockingbird Dr 5/4 $959K, 1376 Sand Castle Rd 3/2 $979K, 1139 Seagrape Ln 3/2 $1.1M, 1550 Wilton Ln 3/2.5 $1.148M, 519 Kinzie Island Ct 4/4.5 $2.899M, 4443 Waters Edge Ln 4/2.5 $7.49M.

16 price changes: 970 Greenwood Ct S 3/2.5 now $799K, 653 Oliva St 3/2 now $915K, 931 S Yachtsman Dr 4/3.5 now $948K, 1813 Long Point Ln 4/2.5 now $950K, 3990 Coquina Dr 3/2 now $950K, 1586 Century Ct 3/2.5 now $975K, 4797 Rue Helene 3/2 now $1.25M, 1018 S Yachtsman Dr 3/3 now $1.289M, 742 Nerita St 3/2 now $1.35M, 5542 Shearwater Dr 3/2.5 now $1.397M, 3205 Twin Lakes Ln 3/2 nor $1.425M, 2711 Wulfert Rd 4/4.5.5 now $1.798M, 1507 Angel Dr 3/2.5 now $2.295M, 1052 Whisperwood Way 3/3 now $2.5M, 2567 Coconut Dr 3/2 now $2.549M, 2960 Wulfert Rd 5/5.5 now $3.449M.

1 back-on-market: 1251 Par View Dr 3/2.5 $790K.

3 new sales: 1105 Skiff Pl 3/2 listed at $749K, 6141 Henderson Rd 3/3 listed at $989K, 9020 Mockingbird Dr 3/2 listed at $1.595M.

6 closed sales: 998 Greenwood Ct N 3/2.5 $670K, 3312 Saint Kilda Rd 3/2 $680K, 198 Southwinds Dr 3/2 $1.19M, 4279 Gulf Pines Dr 4/3 $1.2M, 5298 Umbrella Pool Rd 3/2.5 $1,382,500; 558 N Yachtsman Dr 2/3 $1.8M.

LOTS

No new listings.

2 price changes: Bowmans Beach Rd 25 now $160K, Bowmans Beach Rd 27 now $175K.

No new or closed sales.

Captiva

CONDOS

1 new listing: Sunset Captiva #103 2/2 $1.85M.

No price changes.

4 new sales: Bayside Villas #4220 1/2 listed at $610K, Sunset Captiva #204 2/2 listed at $1.9M, Beach Homes #16 4/4 listed at $5.5M, Beach Homes #13 4/4.5 listed at $6.25M.

No closed sales.

HOMES

No  new listings.

1 price change: 11517 Wightman Ln 4/3 now $2.999M.

1 back-on-market: 11516 Wightman Ln 5/4.4 $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 Easter weekend, Susan Andrews, aka SanibelSusan