Sunny Mothers’ Day Expected on Sanibel & Captiva Islands

Though the first week of May is now over, the Florida rainy season has yet to begin. That is great news as far as water quality is concerned. SCCF (Sanibel-Captiva Conservation Foundation) posted mid-week: “For the first time in almost a year, Lake Okeechobee is officially under 14 feet, and average flows to the Caloosahatchee Estuary have remained in the optimum flow envelope for 21 days. This means we’ve been able to receive water from the lake without compromising the health of our ecosystem.’

That equates to the water continuing to be clear and a brilliant blue/green – like a Caribbean post card. Here are a couple of pix from my recent travels.

More Sanibel Openings

Hurricane House – at 2939 West Gulf Dr held their soft opening in early April and this week celebrated with a ribbon cutting. Managed by Hilton Grand Vacations, the 14-unit 2-bedroom timeshare property was stripped-down to studs, and received new roofs, windows, and doors. A new pool deck and landscaping are yet to be completed, but in the meantime returning owners and guests may enjoy pool, tennis, and golf privileges at The Dunes. Hilton Grand Vacations also manages four other Sanibel timeshare resorts, plus rentals and resales. In January, they had the reopening of their Sanibel office at 2460 Palm Ridge Rd.

Sundial Beach Resort & Spa – posted this week that all unit types will be available for rent before the end of the year. Sundial East (two bedroom plus den & three bedrooms) may be reserved for stays beginning August 3, while Sundial West (studio, one & two bedrooms) may be reserved beginning December 1.

National Association of Realtors® News

This week, local and state Realtor® association leaders were in Washington DC for the 2024 NAR (National Association of Realtors Legislative Meetings. Sanibel & Captiva Association CEO Bill Robinson, 2024 President Brendan Albright, and President-Elect Becky Mulka were there representing the islands. They attended a variety of meetings and events, focusing on advancing the real estate market through public policy, including a meeting with Congressman Byron Donalds who has been our Florida District 19 U.S. Representative since 2021.

At the NAR Board of Directors Meeting yesterday, Florida Realtor® Christine Hansen, broker and owner of Century 21 Hansen in Fort Lauderdale was elected NAR 2025 First Vice President which means she will continue her role at the national level. Christine was 2018 President of Florida Realtors® and has been a NAR Director since 2006. She became a friend decades ago when she gave me some pointers at one of my first Florida Realtors® committee meetings. It’s true that you never forget how someone makes you feel. Christine is a true people person and champion for our business. (This is a photo I took of her about ten years ago when she came to Naples to help our District pack thousands of Meals of Hope.) The election today puts her on the ladder to be run for NAR President-Elect in 2026.

It’s Impossible for Home Sales to Remain Low

Though sales are currently at a 30-year low, long-term population growth ensures more homebuying activity soon, said NAR Chief Economist Lawrence Yun on Tuesday at the Residential Economic Issues & Trends Forum during the DC meetings. Given that growth, there is no way home sales can remain historically low for much longer, he said. He pointed out that there are 70 million more Americans today than in 1995. Housing needs are only increasing and that won’t change because of complicated economic factors,” he said.

Though home sales are low as buyers face higher borrowing costs and stubbornly low inventory, housing options on the market are beginning to increase. To get markets moving, he said NAR has been advocating for a variety of Congressional measures, such as giving mom-and-pop investors an incentive to sell to first-time buyers and increasing the capital gains exemption on the sale of a primary residence.

While the Federal Reserve has delayed rate cuts that were expected to start this spring, Yun said he anticipates as many as six to eight rate cuts by the end of 2025, possibility beginning in September. “If the Fed were to normalize its policy, then maybe mortgage rates could move lower. So, not only are we potentially getting more inventory, but we’ll also get more buyers as rates come down,” he added. “Over the next 10 years, eight of those years will likely see increases (in home sales).”

In addition, consumers may be adjusting to the feeling of “permanently high inflation” and looking for safe financial bets, Yun said. That will drive more homebuying decisions as consumers recognize real estate as an appreciating asset that has historically provided a good hedge against inflation.

Florida Realtors®

Registration is open for the Florida Realtors® annual August convention and business meetings in Orlando. I was notified yesterday that as a member of the state 2024 Professional Development Committee, I will soon be asked to interview an applicant wanting to audition to be a Florida Realtors® Instructor. This interview is one of the first steps in the process for prospective new faculty members. They must clinch an interview before completing an application to audition in person before an Audition Panel during the August meetings. I always enjoy doing these interviews, and later being on panels. Through the years, I have watched some applicants become terrific instructors. Volunteering like this is always a positive experience, plus an old dog learns some new tricks.

Sanibel & Captiva Islands Real Estate News

With our officers in DC this week, there was no local caravan meeting yesterday, but there will be one next Thursday, May 16, followed by the May Monthly Membership Meeting and Caravan on the 30^th.

The annual SCIS (Sanibel & Captiva Islands Specialist) designation classes begin May 29. I will kick off the program, teaching the first class that day.

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

The Sanibel-Captiva “Real Estate Guide” hit island mailboxes this week. Our ad is below:

Again, there were not a lot of new sales this week. On Sanibel, one condo and seven homes went under contract. On Captiva, a single condo. The most popular listing activity continues to be price reductions, there were 13.

SANIBEL RESIDENTIAL	CONDOS			HOMES			LOTS
	#	Avg Price	DOM	#	Avg Price	DOM	#	Avg Price	DOM
For sale:	97	1,070,192	149	154	2,235,676	118	40	919,772	205
Under contract	8	1,166,500	113	23	1,344,126	87	1	1,650,000	187
Sold 2024 to 5/10	36	850,986	133	81	1,473,586	93	7	1,922,285	168
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	28	1,572,392	178	18	7,162,333	213	2	13,750,000	183
Under contract	3	1,823,333	242	0	N/A	N/A	0	N/A	N/A
Sold 2024 to 5/10	8	1,828,125	117	4	5,368,125	132	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 May 3-10

Sanibel

CONDOS

2 new listings: Sundial #C207 1/1 $599K, Sanibel Moorings #822 2/2 $799K.

1 price change: Sand Point #122 2/2 now $825K.

1 new sale: Somerset #B101 3/3.5 listed at $1.895M.

3 closed sales: Blind Pass #C201 2/2 $580K, Oceans Reach #4B4 1/1 $600K, Sundial #A408 2/2 $985K.

HOMES

3 new listings: 1016 Fish Crow Rd 3/2 $689K, 5089 San-Cap Rd 3/2 $1.125M, 1270 Par View Dr 3/2 $1.375M.

10 price changes: 9126 Mockingbird Dr 3/2 now $849,999; 1133 Schooner Pl 5/2 now $1.1M, 9421 Moonlight Dr 3/2 now $1.1299M, 1101 S Yachtsman Dr 5/2.5 now $1.15M, 4221 Old Banyan Way 3/2 now $1.349M, 3205 Twin Lakes Ln 3/2 now $1.35M, 1293 Par View Dr 3/3 now $1.495M, 1199 Par View Dr 3/2.5 now $2.189M, 851 Angel Wing Dr 5/4 now $2.299M, 4099 West Gulf Dr 5/5 now $4.95M.

7 new sales: 9428 Moonlight Dr 3/2 listed at $849K, 3990 Coquina Dr 3/2 listed at $950K, 9470 Balsa Ct 3/2 listed at $1,05M, 753 Nerita St 3/2.5 listed at $1.05M, 2604 Coconut Dr 3/2 listed at $1.25M, 6424 Pine Tree Ave 2/2 listed at $1.45M, 417 Bella Vista Way E 4/4 listed at $2.4999M.

3 closed sales: 530 Piedmont Rd 3/2 $670K, 440 East Gulf Dr 3/2 $987.5K, 4428 Waters Edge Ln 3/2.5 $1.675M.

LOTS

2 new listings: 1340 Eagle Run Dr $595K, 1801 Olde Middle Gulf Dr $6.999M.

1 price change: 2807 West Gulf Dr now $849K.

No new sales.

1 closed sale: 972 Fitzhugh St $281K.

Captiva

CONDOS

No new listings.

1 price change: Beach Homes #25 3/2 now $2.8495M.

1 new sale: Beach Villas #2321 2/2 listed at $925K.

No closed sales.

HOMES & 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.

Happy Mothers’ Day weekend & enjoy this pix from my favorite tree at Sanibel Moorings which blooms this time of the year.

Susan Andrews, aka SanibelSusan