This week, during my travels I noticed one of my favorite gumbo limbo trees pushing out new growth. (It’s the gnarly one next to the bike path at Captain’s Walk.)
The rainy season has yet to begin in SW Florida, so it again is a sunny Friday, and I really can confirm that it is sunny on Sanibel as I moved home on Monday.
To say it is wonderful is an understatement. Sure, there is a punch list and there are a garage and trailer full of home and office items that Dave saved thinking some could be salvaged. It is amazing how many hard-surfaced things can be reused. I am becoming expert at hurricane-muck and rust removal.
I got a chuckle when Dave carried in a miscellaneous box of office things that included the slide rule from my desk. When I remarked “Wow, you saved this?” He said, “What is that?”
Seriously, I could not be where I am without him. He emptied both my home and our office, oversaw contractor progress, plus moved me umpteen times between apartments and home. Now we will both be able to better concentrate on real estate.
NAR: Existing-Home Sales Down 3.4% in April
The below article by Kerry Smith was posted yesterday on Florida Realtors. I find these articles worth the read since so often island buyers think the market here is like their market at home – wherever that may be. That usually is not true.
Even those that closely follow island real estate agree that Hurricane Ian may have caused a blip in our hot 2022 market, but more appreciation is right around the corner. I loved it when a client told me this week that he thinks home values will be up 10% in another 12 months.
Another said that the high interest rates must be affecting our sales. I bet the first prediction is correct, but I had to tell the second commenter that for decades most island buyers have paid cash. That is even more important when inventory is low and demand is high. Sellers are looking for “as is” cash contracts with strong deposits, no or few contingencies, and quick closings. Meanwhile, below is what is being reported nationally about recent sales:
“The U.S. inventory of for-sale homes grew a bit: 7.2% month-to-month. But it’s still only a 2.9-months’ supply – below the amount economists consider “balanced.”
“WASHINGTON – Existing-home sales decreased in April, according to the National Association of Realtors® (NAR). All four major U.S. regions included in the report registered month-over-month and year-over-year sales declines.
“Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums, and co-ops – slid 3.4% month-to-month for a seasonally adjusted annual rate of 4.28 million in April. Year-over-year, sales slumped 23.2%.
““Home sales are bouncing back and forth but remain above recent cyclical lows,” says NAR Chief Economist Lawrence Yun. “The combination of job gains, limited inventory and fluctuating mortgage rates over the last several months have created an environment of push-pull housing demand.”
“Total housing inventory at the end of April was 1.04 million units, up 7.2% from March and 1.0% year-to-year. Unsold inventory sits at a 2.9-month supply at the current sales pace, up from 2.6 months in March and 2.2 months in April 2022.
“The median existing-home price for all housing types in April was $388,800, a 1.7% decline from April 2022 ($395,500). Prices rose in the Northeast and Midwest but fell in the South and West.
““Roughly half of the country is experiencing price gains,” Yun says. “Even in markets with lower prices, primarily the expensive West region, multiple-offer situations have returned in the spring buying season following the calmer winter market. Distressed and forced property sales are virtually nonexistent.”
“Properties typically remained on the market 22 days in April, down from 29 days in March but up from 17 days in April 2022. Three out of four (73%) homes sold in April were on the market for less than a month.
“April market characteristics
- First-time buyers were almost one-third (29%) of the market in April, up from 28% in both March 2023 and April 2022.
- All-cash sales accounted for 28% of transactions in April, up from 27% in March and 26% the previous year.
- Individual investors or second-home buyers, who make up many cash sales, purchased 17% of homes in April, a percentage unchanged either month-to-month or year-to-year.
- Distressed sales – foreclosures and short sales – were 1% of sales in April, also unchanged month-to-month or year-to-year.
“According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.35% as of May 11 – down from 6.39% the previous week but up from 5.30% one year ago.
“Single-family and condo/co-op sales: Single-family home sales waned to a seasonally adjusted annual rate of 3.85 million in April, down 3.5% from 3.99 million in March and 22.4% year-to-year.
“The median existing single-family home price was $393,300 in April, down 2.1% from April 2022.
Existing condominium and co-op sales were at a seasonally adjusted annual rate of 430,000 units in April, down 2.3% from March and 29.5% year-to-year.
“The median existing condo price was $348,000 in April, an annual increase of 0.7%.
“Regional breakdown: Existing-home sales in the Northeast receded 1.9% from March to an annual rate of 510,000 in April, down 23.9% year-to-year. The median price in the Northeast was $422,700, up 2.8% from the previous year.
“In the Midwest, existing-home sales declined 1.9% month-to-month to an annual rate of 1.02 million, and down 21.5% year-to-year. The median price in the Midwest was $287,300, up 1.8% from April 2022.
“Existing-home sales in the South decreased 3.4% from March to an annual rate of 1.98 million in April, a 20.2% decline from one year ago. The median price in the South was $357,900, down 0.6% year-to-year.
“In the West, existing-home sales slipped 6.1% from the previous month to an annual rate of 770,000 in April, down 31.3% year-to-year. The median price in the West was $578,200, down 8.0% year-to-year.”
Sanibel & Captiva Islands Association of Realtors
Yesterday, I attended the monthly meeting of the local Association of Realtors© Professional Development Committee. Next week is our monthly general membership 
meeting where the speaker is Dr Brad O’Connor, Florida Realtors Chief Economist. I will have his local economic predictions to report after that presentation.
The Professional Development Committee is responsible for arranging the Association educational events, continuing education classes, and these meetings speakers. It was great to hear that Mayor Richard Johnson will be the presenter at our June meeting. Good plans for the rest of the year are in the works, including offering the 12 modules needed to 
earn our local designation (Sanibel and Captiva Islands Specialist). Most years, these classes are in the summer, but this year, they probably will be in late September/October which is when our Association Office spaces hope to be restored and ready for occupancy. (They twisted my arm to again teach the Resort & 2nd Home Module.)
In the meantime, the Association is very thankful that Midland Trust (on San Carlos Blvd, Fort Myers) and BIG ARTS (on Sanibel) are letting us to use their spaces for our offices/meetings/caravans.
Below with data from the island MLS (Multiple Listing Service) are updated summary tables of the residential sales statistics, plus the MLS action posted since last Friday.
Though 2023 is hardly typical, it is typical for sales to slack off this month, usually because many prospective buyers are otherwise busy with spring events at home, school activities and graduations. It also continues to be a problem for buyers wanting to come and stay on the island for just a few days to property search. A buyer I met with this week was a good 45 minutes away in a Ft Myers hotel. Fingers crossed we see more potential buyers here over the long Memorial Day weekend.
Commercial and condo recovery is slow, but I heard that accommodations managers are saying that by the end of the year they expect that 30% of their former inventory will be ready to rent. As I drove along the Gulf Drives yesterday and saw only a few complexes with workers, that seems a lofty goal, but I sure hope they are right. Tourism is so important to recovery. I noticed workers at Gulfside Place, Sanddollar, Sandpiper Beach, Sanibel Siesta, and Spanish Cay – plus a new sign at Sanibel Moorings went up today.
Sales Scoop
On the commercial side, several new real estate listings were posted this week:
- 1149 Periwinkle Way, Suite #3, commercial condo $700K
- 2000 Periwinkle Way, cottage real estate office, $949K
- 1149 Periwinkle Way, Suite #2, commercial condo $1.349M
- 1046/1048/1090 Periwinkle Way, site of Dairy Queen & 2 adjoining properties, $2M
- 2400 Palm Ridge Rd, commercial/residential mix, formerly ReMax Center, $2.6M.
Also 1504 Periwinkle, former site of T-Shirt Hut, closed for $515K.
| SANIBEL
RESIDENTIAL |
CONDOS | HOMES | LOTS | ||||||
| # | Avg Price | DOM | # | Avg Price | DOM | # | Avg Price | DOM | |
| For sale | 66 | 1,169,100 | 92 | 123 | 1,622,171 | 82 | 29 | 1,242,228 | 79 |
| Under contract | 13 | 993,223 | 61 | 40 | 1,422,401 | 71 | 4 | 603,500 | 13 |
| Sold 2023 to 5/19 | 53 | 934,415 | 46 | 135 | 1,200,380 | 50 | 11 | 974.454 | 81 |
| 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 | 12 | 1,627,500 | 67 | 8 | 6,037,500 | 111 | 1 | 15,500,000 | 419 |
| Under contract | 5 | 953,800 | 85 | 2 | 4,772,500 | 146 | 0 | N/A | N/A |
| Sold 2023 to 5/19 | 3 | 984,000 | 140 | 8 | 2,960,500 | 60 | 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 12-19
Sanibel
CONDOS
1 new listing: Wedgewood #204 3/3.5 $2.998M.0
2 price changes: Sundial #D309 1/1 now $435K, Sundial #D312 1/1 now $447K.
2 new sales: Tennisplace #C32 2/1 listed at $529K, Loggerhead Cay #592 2/2 listed at $825K.
5 closed sales: Tennisplace #A22 2/1 $437.5K, Atrium #202 2/2 $1.05M, Sanctuary Golf Village 1 #5-5 2/2.5 $1.298M, Seascape #305 3/3 $1.995M, Gulfside Place #213 3/3 $2.3M.
HOMES
11 new listings: 1683 Atlanta Plaza Dr 3/2 $519K, 586 Boulder Dr 3/2 $699K, 9421 Moonlight Dr 3/2 $769K, 1251 Par View Dr 3/2.5 $875K, 209 Daniel Dr 3/2 $1,199,900; 1245 Anhinga Ln 3/2 $1.299M, 1306 Par View Dr 3/3.5 $1.55M, 1720 Dixie Beach Blvd 3/3 $1.799M, 6129 Starling Way 3/2.5 $1.878M, 500 Kinzie Island Ct 3/3 $2.775M, 1511 Angel Dr 4/3 $2.999M.
8 price changes: 1242 Par View Dr 3/2 now $795K, 438 Lake Murex Cir 2/2 now $849K, 1171 Seagrape Ln duplex 3/3 now $999K, 1018 Demere Ln 4/3 now $1.099M, 251 Christofer Ct 3/2.5 now $1.199M, 1003 Fish Crow Rd 4/4 now $1.4M, 2540 Coconut Dr 4/3.5 now $1.495M, 5750 San-Cap Rd 3/2 now $1.75M.
1 back on market: 913 Kings Crown Dr 4/3 $1.595M.
6 new sales: 442 Lake Murex Cir 3/2 listed at $650K, 5410 Osprey Ct 3/2.5 listed at $999,999; 1163 Kittiwake Cir 3/3 listed at $1.15M. 1724 Bunting Ln 3/2.5 listed at $1.295M, 3251 Twin Lakes Ln 3/2 listed at $1.315M, 513 Lighthouse Way 3/3 listed at $2.295M.
6 closed sales: 411 Lake Murex Blvd 3/2 $740K, 1230 Sand Castle Rd 3/2 $771K, 1283 Par View Dr 2/2 $950K, 1027 Kings Crown Dr 4/3 $1.32M, 657 Birdie View Pt 3/3 $1.57M, 640 Kinzie Island Ct 5/6.5 $2.975M.
LOTS
1 new listing: 4646 Rue Bayou $995K.
No price changes or new sales.
2 closed sales: 6017 Clam Bayou $997,775; 6019 Clam Bayou $1,002,225.
Captiva
CONDOS
1 new listing: Bayside Villas #5302 3/3 $995K.
No price changes.
1 new sale: Tennis Villas #3113 1/1 listed at $519K.
No closed sales.
HOMES
1 new listing: 15557 Captiva Dr 5/4 $4.995M.
No price changes.
1 new sale: 1 Sunset Captiva Ln 2/2.5 listed at $3.55M.
1 closed sale: 11530 Chapin Ln 3/2 $2.335M.
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
The temporary trailers are closed today and tomorrow while the Post Office is transitioning back into their restored building.
Sanibel City Council approved a grant agreement with the Florida Department of Environmental Protection in the amount of $13.08 million for the nourishment of sand on Sanibel’s beach. The grant was provided by the State of Florida during a Special Legislative Session held in December 2022. Staff informed the City Council that the earliest the project may take place is November 2023. The project cannot be completed within sea turtle nesting season. Additionally, permits and additional funding must be secured before the project may begin. Staff anticipates FEMA will also reimburse the City $10.2 million for the dune (berm) replacement on Sanibel. City staff will provide the City Council with monthly updates concerning the schedule and funding for this important beach nourishment project.
The 2023 legislative session officially ended last Friday with the $117 billion General Appropriation bill approved by both houses. This 2023-2024 fiscal year budget is an $8 billion increase over the current budget but is supported by state revenue increases and a strong economy. SCCF’s weekly update provided some of the notable environmental budgets as:
Yesterday the local Association of Realtors© held a Caravan Meeting at BIG ARTS with six homes open for viewings after the meeting. With most condo complexes still under restoration/construction, we look forward to adding those properties to the viewing list when the communities are open.
Sanibel
Best wishes to all the Moms!
30th Sam Bailey Islands Night on Wednesday at Hammond Stadium with the Fort Myers Mighty Mussels playing the Dunedin Blue Jays was a huge success with pregame parade, baseball, island comradery and no rain.
Tween Waters Island Resort & Spa posted that 4th night is free if you book three nights between May 1 and August 31. They also are advertising the Captivaville Songwriters Weekend, June 16-18 when resort guests get free admission.
Sea Turtle Nests – Sea turtle nesting season has begun. Over the last 11 days, SCCF (Sanibel-Captiva Conservation Foundation) has documented 20 sea turtle nests. Some of the high tides and winds last weekend left several of them washed over, but SCCF says it’s still possible for the nests to produce viable eggs. They will be monitoring them. To learn more, go to 
More island condos info is being posted on social media about their progress. Facebook’s “Sanibel and Captiva Property Owners – Private Group” has had many. Some news is from owners, some by board members. Many associations are wrapping up settlements with insurance carriers, confirming contractor selections, receipt of permits, possible dates for occupancy, etc. After seven long months, it’s great to finally hear so much positive news. Many of the companies performing work for the associations also are willing to restore unit interiors. That certainly is good news for buyers.
It sure will be easier for me once I am back living on-island and that will be soon. The first of my new furniture was delivered yesterday, more came today.
As more properties are repaired, yards also are looking better. Many look better than they did before the storm.
The City had a Facebook Live event Wednesday night at BIG ARTS. Unfortunately, they had problems with the live transmission, but it was recorded and is still posted on their FB page for those interested in “Guidance on Restoring Your Sanibel Home”.
Yesterday at the April Membership Breakfast Meeting of the islands Association of Realtors, it was reported that there has been good restoration progress at the Association-owned building, which is at 2353 Periwinkle Way, behind Winds. Electric repairs are done, now awaiting final inspection. New HVAC to be installed next week, followed by repairs to roof trusses and southwest wall repairs before new roof.
The showers last week brought out skeeters, so last night and again tonight from sunset to 2 a.m. Lee County Mosquito Control District (LCMCD) advised the City that they are conducting aerial night missions. Weather permitting, by rotor wing aircraft, the areas of outer islands of Boca Grande, Useppa, Cabbage, Upper Captiva, Captiva, and Sanibel were treated. LCMCD provides mosquito control for Sanibel and all of Lee County. “Mosquito season” typically runs from May through October, and mosquito activity increases with rain, particularly after heavy rains that produce large areas of standing water. Due to the many mangroves, wetlands, and salt marshes, Sanibel is a prime breeding ground for mosquitos. Growing up on the Maine Coast, I often was covered with bites. Thanks to LCMCD, I rarely get them here.
In a post from them today: “Positive recovery efforts continue at the Sanibel Recreation Center. The roof project has been fully completed and the replacement of the gymnasium maple floor and the pool geothermal heating/cooling units are well underway. We are anticipating a partial facility closure (closing of the lobby, weight room, gymnasium, Heron and Egret rooms) tentatively from May 15th though June 4th due to the fumes associated with the final lining and coasting of the new maple gymnasium floor. During this time, the pool, outdoor courts, fitness classes, and youth afterschool program will operate as regularly scheduled and front desk operations will be relocated to a mobile office in the front parking lot. The resurfacing of the outdoor courts and the restoration of the ballfields is on hold until osprey nesting season concludes in mid to late summer. We appreciate your flexibility and understanding as we continue to take strides forward!”
Sanibel & Captiva Islands Real Estate
Sat, Apr 22, Conservation Carnival – Join J.N. Ding Darling Wildlife Refuge at their Earth Day celebration at Lakes Regional Park (Ft Myers) tomorrow. Free family fun from 10 a.m. to 2 p.m. including music, food, conservation-themed carnival games, ranger-led programs/walks, rock-climbing wall, archery, facepainting, & more.
Sun, Apr 23, Sanibel School Seahorse Festival – This annual event is for a great cause and lots of fun. Open to the community from noon until 4 p.m. on the Sanibel School lawn. Entry is free with game tickets available. Enjoy inflatables, music, facepainting, food, crafts, and more. Mayor Johnson also will be ready at the “dunk tank”.
Wed, May 3, Islands Night – The 30-year tradition continues at the Hammond Stadium in Ft Myers when the Mighty Mussels play the Dunedin Blue Jays. The islands Association of Realtors is one of the sponsors. Tickets are free, pick them up at the Refuge Nature Store (open Sat through Thurs in “Ding” Darling Visitor and Education Center).
Sanibel & Captiva Islands Real Estate
There was more roof progress this week at Sanibel Square but still no move-in date. The team and I are becoming pros at working remotely. There was more progress this week at my home too. Furniture shopping is on my weekend agenda.
A photo was posted of The Bait Box being raised about 7’. I also noticed it driving by.
The “Santiva Chronicle” posted renderings of what the new Island Cow restaurant will look like. The contract was awarded to Stevens Construction with building expected to begin in August and complete early next year. It will be about 1,000 sq. ft. larger than the original restaurant and will feature both indoor and outdoor seating.
Property Tax Relief – Deadline was April 3. County must approve/deny requests by June 1.
Wed, May 3, Islands Night – The 30-year tradition continues at the Hammond Stadium in Ft Myers when the Mighty Mussels play the Dunedin Blue Jays. Tickets are free, pick them up at the Refuge Nature Store (open Sat through Thurs in “Ding” Darling Visitor and Education Center).
After that, I made a stop at the Recreation Center.
Happy Easter!
Signs of Rebuilding – Here and there where structures have come down, signs are going up indicating what is to be built in that location. This week, I noticed quite a few showing modular homes. Also, a sign went up in front of the now demolished “Island Cow” restaurant showing what the new building will look like.
From April 2023 “Florida Realtor” magazine: “Millennials are now driving the U.S. luxury homebuying market, a significant shift from the baby boomers, according to a recent trend report by Engel & Volkers. One key finding was that second home buyers are most likely to be married millennials or Gen Xers with children living in the household. Nearly all want this residence to be convenient for recreational activities and home amenities, including pools, gyms and spas.
If you are on island this coming Tuesday, April 4, be sure to come to BIG ARTS Performance Hall for the 6:30 p.m. concert featuring the Sanibel School choir, their Seahorse Chorale, plus the BIG ARTS Community Chorus singers. It’s free! Will be about an hour. With songs by each group individually plus four together, it’s bound to be fun. (I sure hope this old alto can keep up. The youngest of those kiddos is seven, while the eldest of our singers is 94.)
The action posted since last Friday in the Sanibel & Captiva Islands Multiple Listing Service is after the inventory summary below.
Sanibel
I hope you are not tired of hearing that it’s another sunny Friday in SW Florida, as progress continues toward recovery. Lee County Schools were out this week for spring break, and it was fun to hear that a group of Sanibel School students and parent chaperones are exploring Japan during their time off.
Sanibel Home Mail Delivery begins Monday March 27 provided there is a mailbox. When I picked up my mail this afternoon, they advised that though the Temporary Post Office will be open tomorrow (Sat), they encourage residents with boxes to just wait for their deliver at home on Monday as they have lots of things to get done to make those deliveries occur. (Big thanks to former Mayor Holly Smith for honchoing this task to completion.)
Sanibel Historical Village Reopening Celebration Tues March 28, from 3 to 5 p.m. Event is free, but please RSVP to info@sanibelmuseum.org.
Native Plant Walks at City Hall offering ways to replant. Meet in front of main staircase at City Hall at 9 a.m. on Thursdays April 6 & 20, and Saturdays April 1, 15, and 29.
It’s another sunny Friday on Sanibel with temperatures not quite into the 80’s. A Happy Saint Patrick’s Day to all.
April 4 Concert With Sanibel School Choruses – Sanibel Community Chorus is performing jointly with the two Sanibel School choruses during their fundraiser April 4 at 6:30 p.m. at BIG ARTS. I sure hope we can keep up with them. Our singers ages go up to 94.
April 4 Wildlife Driving Opening – April 4, the J.N. Ding Darling Wildlife Refuge will open the gate to Wildlife Drive for the first time since the storm. The “Ding” Darling Visitor & Education Center will also reopen that day.