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.
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
- 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.
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.”
Florida Realtors® Legal Webinar
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
