Sanibel & Captiva Real Estate in Paradise 2013

Posted on January 4, 2013 by SanibelSusan

It is another Friday afternoon on Sanibel Island. Here are a couple of pictures taken at noon today at a West Gulf Drive beach access. If you closely in the first one you can see some folks behind these dunes grasses doing the “Sanibel stoop” in a tidal pool – always a good spot to find a few barely-buried shells.

With the holidays winding down, it is bittersweet to see island decorations being put away for another year. Here’s a photo of Santa being put away at Jensen’s Twin Palms Resort and Marina on Captiva. Note the supervisory ibis atop the davit.

The New Year‘s week visitors had terrific weather nearly every day with warm afternoons (70s to 80s) and cool evenings (50s & 60s). Unusual fog both yesterday and today burned off early and we even had a surprise shower this morning – all good for keeping the islands lush green and tropical. We saw our first “season” traffic jams this week, with Periwinkle Way busier than it has been since last year at this time. Afternoons find Sanibel’s finest directing traffic at most of the 4-way-stops.

Mid-week, teammate Dave held a couple of open houses in hopes of attracting business; but with the weather so nice, attendance was sporadic. I had a good walk-in New Year’s eve – 1st-time visitors to the island. It didn’t take them long to decide that Sanibel is a very special place; so both Wed and Thurs afternoons, we looked at condos. It is great fun to share the wonders of the island with folks like that.

Little sales action was announced at our Realtor® Caravan meeting yesterday.

Below is an update of Sanibel’s current inventory, followed by the 2012 sales, compared to 2011.

Condos Homes Lots

# Avg Price # Avg Price # Avg Price

For sale 184 697,093 218 1,305,070 87 590,657

Closings pending 13 512,900 20 739,055 2 514,000

Sold/Closed in 2012 151 551,244 181 825,837 33 487,687

Sold/Closed in 2011 142 591,861 179 826,130 19 363,729

It will be interesting to see what happens when new government changes are enacted – or not. Some prospective buyers say that they are waiting to see what is happening with the “fiscal cliff” – others are taking stock market funds and instead investing in real estate where they see greater investment potential.

Below is some real estate news – beginning with the “fiscal cliff” – followed by the weekly report of action posted in the Sanibel & Captiva Islands Multiple Listing Service.

Real Estate Provisions in “Fiscal Cliff” Bill

Here is the Issue Brief that was posted on line Wednesday by the National Association of Realtors®:

“On January 1, 2013 the Senate and House passed H.R. 8, legislation to avert the “fiscal cliff,” the bill will be signed by President Barack Obama on January 2, 2013. Below are a summary of real estate related provisions in the bill.

“Real Estate Tax Extenders –

Mortgage Cancellation Relief is extended for one year to January 1, 2014
Deduction for Mortgage Insurance Premiums for filers making below $110,000 is extended through 2013 and made retroactive to cover 2012
Leasehold Improvements: the 15 year straight-line cost recovery for qualified leasehold improvements on commercial properties is extended through 2013 and made retroactive to cover 2012.
Energy Efficiency Tax Credit: the 10% tax credit (up to $500) for homeowners for energy efficiency improvements to existing homes is extended through 2013 and made retroactive to cover 2012.

“Return of the “Pease” limitations on itemized deductions for high income filers – Under the agreement so called “Pease Limitations” that reduce the value of itemized deductions are permanently repealed for most taxpayers but will be reinstituted for high income filers. “Pease” limitations will only apply to individuals earning more than $250,000 and joint filers earning above $300,000. The thresholds are indexed for inflation so will rise over time. Under the formula, filers gradually lose the value of their total itemized deductions up to a total of a 20% reduction. First enacted in 1990, and named for the Ohio Congressman Don Pease who came up with the idea, the limitations continued throughout the Clinton years. The limitations were gradually phased out starting in 2003 and were completely eliminated in 2010-2012. NAR has never had an official position on Pease limitations. The reinstitution of these limits has far less impact on the mortgage interest deduction than a hard dollar deduction cap, percentage deduction cap, or reduction of the amount of MID that can be claimed.

“Capital Gains – Capital Gains rate stays at 15% for those the top rate of $400,000 individual and $450,000 joint return. After that, any gains above those amounts will be taxed at 20%. The 250/500k exclusion for sale of principal residence remains in place.

“Estate Tax – The first $5 million dollars in individual estates and $10 million for family estates are now exempted from the estate tax. After that the rate will be 40%, up from 35%. The exemption amounts are indexed for inflation.”

Rental Demand to Edge Higher in 2013?

An article posted on Wednesday’s “Daily Real Estate News” said:

“Five to six million new renter households may be created within the next 10 years, likely caused from low inventories of homes available and tight credit conditions, according to the Bipartisan Policy Center. Rental demand is expected to particularly increase among seniors looking to downsize their homes, as well as young adults and a growing immigrant population. “We expect to see an increase in household formation and for a variety of reasons that household formation is likely to be more heavily concentrated among renters and households who are likely to be renters for somewhat longer than was the case for the last 20 years,” Barry Zigas, director of Housing Policy for Consumer Federation of America, told HousingWire.

“Tight credit conditions continue to be one main culprit holding back home ownership among some potential buyers. “Credit for home ownership borrowing will likely be tighter and potentially more expensive, relative to earlier times,” Zigas predicts. “Families will likely have less wealth because the rising generation is starting with less wealth. If down payments are at any significant level, it will be a barrier to acquiring a home for longer than may have been the case in the past.””

Seven Housing Markets Needing Big Jolt in 2013

Another “Daily Real Estate News” article also on Wednesday, mentions several Florida towns including our local area:

“While the housing market has made notable gains in the past year, some areas are seeing a longer road to recovery. AOL Real Estate recently listed some of the least healthy housing markets going into 2013, based on employment, foreclosures, home sales, and prices. Nearly all of these housing markets have seen notable improvements recently, but they still remain the nation’s least healthy housing markets entering 2013, according to AOL Real Estate.

Detroit: Foreclosures remain high and home values lost nearly 60% of their peak value.
Fort Lauderdale: Home prices likely hit bottom in 2012 but Fort Lauderdale still has the nation’s 3rd largest foreclosure inventory.
Miami: Foreign buyers are driving demand for luxury housing here, but Miami still faces the 4th highest unemployment rate in the nation.
West Palm Beach: Foreclosures remain high here with one out of every 349 homes having received a foreclosure notice in July.
Cape Coral-Fort Myers: While higher construction permits is a bright spot here, the area faces high foreclosure rates.
Palm Bay-Melbourne-Titusville: Home sale prices have remained low, and this market was dubbed the No. 1 “foreclosure capital” in the nation as of July.
Chicago: Foreclosures remain high with the foreclosure rate rising 18% in 2012.”

View the 7 Healthiest Housing Markets for 2013.

Free “Island Jazz” Concerts

For those lucky enough to be on the islands, from now until Easter is when the most educational and entertainment-related events are offered here. The first of the year’s free Sunday afternoon jazz concerts is January 13 at 3 p.m. in the Boler Garden of BIG ARTS. Comprised of eight local popular and well-seasoned jazz musicians, “Island Jazz” plays all styles of music from jazz standards and Dixieland to bop, pop, and more. At SanibelSusan Realty, our Sunday agents look forward to these winter events where we open our back door and hear the tunes. To attend in person, there is plenty of parking at BIG ARTS, but bring your beach chair as seating is limited.

Other concert dates and events through spring are posted on SanibelSusan’s calendar.

Two New Baby Bald Eagles

Here is a link to the Southwest Florida “Eagle Cam” which provides a 24/7 live video stream of an active pair of bald eagles in their nest in North Fort Myers. These bald eagles have been coming to the nest for the past 5 years between the months of October to April. Last night the second baby eaglet hatched. Take a look: http://www.ustream.tv/SouthwestFloridaEagleCam

Sanibel & Captiva Island Multiple Listing Service Activity December 28 – January 4

Sanibel
CONDOS
1 new listing: Loggerhead Cay #451 2/2 $495K.
3 price changes: Blind Pass #D205 2/2 now $300K (short sale), Sanibel Moorings #1042 2/2 now $419K, Mariner Pointe #1052 2/2 now $475K.
4 new sales: Sandpebble #1F 2/2 listed for $349.9K, Sanibel Arms West #L8 2/2 listed for $479K, Sandpiper Beach #404 2/2 listed for $695K, Gulf Beach #205 2/2 listed for $725K.
5 closed sales: Colonnades #9 1/1 $110K, Seashells #15 2/2 $255K (short sale), Sanibel Moorings #341 2/2 $380K, Compass Point #213 2/2 $510K, Sandpiper Beach #106 2/2 $635K.

HOMES
7 new listings: 1409 Sandpiper Cir 2/2 half-duplex #299K, 1045 Blue Heron Dr 3/3 $599K, 656 Anchor Dr 3/2 $639K, 526 N Yachtsman Dr 2/2 $649K, 1163 Seagrape Ln 4/4 $887.9K, 4164 West Gulf Dr 4/4 $1.995M, 4809 Tradewinds Dr 3/3.5 $1.69M.
5 price changes: 1366 Sand Castle Rd 3/2.5 now $649.9K, 1750 Dixie Beach Blvd 3/2.5 now $679K (short sale), 1555 San Carlos Bay Dr 3/2.5 now $975K, 6440 Pine Ave 3/2.5 now $1.64M, 775 Limpet Dr 3/3 now $1.695M.
2 new sales: 1002 Greenwood Ct N 3/2.5 half-duplex listed for $349K, 4717 Rue Belle Mer 3/3 listed for $1.895M (short sale).
3 closed sales: 1978 Roseate Ln 3/2 $435K (our listing), 656 Anchor Dr 3/2 $550K, 1314 Isabel Dr 4/3.5 $1.8M.

LOTS
1 new listing: 4538 Bowen Bayou Rd #329K.
No price changes or new sales.
1 closed sale: 659 Anchor Dr $375K

Captiva
CONDOS
Nothing to report.

HOMES
No new listings.
1 price change: 59 Sandpiper Ct 3/2 now $795K.
No new or closed sales.

LOTS
Nothing to report.

This representation is based in whole or in part on data supplied by the Sanibel & Captiva Islands Association of Realtors or its 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. If your property currently is listed with another broker, this is not intended as a solicitation of that listing.

Welcome to 2013!

The Friday Before Christmas on Sanibel & Captiva Islands

Posted on December 21, 2012 by SanibelSusan

All is well on Sanibel and Captiva Islands with picture-perfect weather all week. However, thanks to a cool front today, temperatures have dropped into the 60’s and it is only expected to be in the 30’s tonight. It is breezy but with bright blue skies. Just that little bit of change excites islanders looking forward to digging out their sweaters for a couple of days each winter. We can put them away quickly though, as it is expected to be back into the high 70’s by Christmas eve and the low 80’s by Christmas day.

Here are photos of a few island-style Christmas trees. Sanibel and Captiva Islands may be snow-less, but they are festive!

At Timbers Fish & Seafood Market on Sanibel

Entry to The Sanibel Grill on Sanibel, note the water dish

Normandie Seaside Pub, Sanibel

In The Sanctuary Golf Clubhouse, Sanibel

‘Tween Waters Resort on Captiva

At the Mucky Duck Beach on Andy Rosse Lane, Captiva

South Seas Resort, Captiva

Near South Seas Resort entrance on Captiva

Bismark palm on Captiva Drive

Charlie Brown tree on Captiva Drive

At SanibelSusan Realty Associates

SanibelSusan’s Charlie Brown tree at home

Sanibel & Captiva Real Estate Action This Week

We had a few listings shown this week and a fair turn-out at yesterday’s Realtor® caravan. I had a double-dip closing on Tuesday (both listed and sold), then was out showing property too. Dave held an open house at our Sundial listing on Tuesday and Loggerhead Cay today. I have been negotiating on an offer this week that got finalized today, so all-in-all, a productive week for SanibelSusan Realty Associates, even with the holiday distractions.

Polar Bear Plunge Coming Up

As reported in the “Island Sun”:

“For those who are on-island for New Year’s, the 13th annual meeting of the Sanibel-Captiva Chapter of the National Polar Bear Club will take place at noon on January 1 at Tarpon Bay Beach. When the club started in 2000, just 29 people showed up to brave taking a dip in the Gulf of Mexico. Last year, more than 350 bears took the plunge. The meeting begins with the singing of the traditional Polar Bear anthem by the Cubbies (1st-timers), Juveniles (1-time previous dippers) and seasoned Adult bears (those who took the plunge in previous years). The bears then enter the Gulf waters backwards, facing the huge crowd of supporters, on-lookers, tourists, and Mice (those who wished they had the courage to join in). Following the traditional Polar Bear group huddle/hug (a body-warming activity), participants will have an opportunity to sip from the giant Polar Bear champagne glass, have their picture taken in the infamous shell pith helmet, and engage in story-telling about their heroic experience with fellow Polar Bears from around the world. Everyone is welcome to attend the Polar Bear plunge, now considered an island tradition (which costs nothing to participate).”

A Few Energy-Saving Tips

There were some timely reminders in the Lee County Electric Coop newsletter this month. You can conduct your own energy survey through their website at http://www.lcec.net. These tips and tricks may be helpful too:

“Keep the oven door closed. When you have to “sneak a peek” at the turkey or cookies, turn the oven light on and look through the window.
Cook with glass or ceramic pans. They heat faster, and you can set the temperature 25 degrees lower.
Use crock pots, microwave, and toaster ovens, when possible. They all use less energy than the oven.
Gently remind guests to turn off lights and fans when they leave a room. Remember, fans do not actually cool your home they only circulate the air, making you feel cooler.
Switch holiday lights to LED and set on a timer to reduce the amount of time you use them.”
“Washers – only run full loads; wash in cold water whenever possible; unplug or use circuit breaker to shut off power to washer when not in use; if possible, move washer close to your water heater to help retain heated water in pipes; always rinse in cold water, it has not effect on the cleaning of clothes; adjust waters levels to laundry load size on your washer, if possible; invest in an energy-saving washer.”

15-Year Mortgages Gain Popularity With Buyers

As follow-up to a “Wall Street Journal” article earlier in the week, “Daily Real Estate News” posted the following yesterday:

“Record-low rates are driving more borrowers to seek shorter term mortgages. Freddie Mac reports that nearly 16% of the fixed-rate mortgages that lenders sold to the agency during the 3rd quarter were comprised of 15-year mortgages. That’s up from nearly 10% a year ago. The data excludes mortgages for refinancing. For refinancing, 15-year mortgages accounted for nearly a third of loans during the first seven months of this year, according to CoreLogic. “The 30-year mortgage became the standard in lending because its lower monthly payments made real estate affordable to more Americans,” The Wall Street Journal reports. “While the 30-year remains king, the gap between the two loans’ popularity is shrinking.”

“Fifteen-year fixed-rate mortgages have recently averaged 2.81% — compared to 5.85% in mid-December 2007, according to HSH.com, a mortgage information Web site. Some refinancers are finding that by switching from a 30-year to a 15-year fixed-rate mortgage they are able to not only get big savings on the life of their mortgage but also even slightly lower monthly payments. Traditionally, refinancing into a shorter-term mortgage meant paying a heftier monthly payment. But with mortgage rates so low, some home owners are finding the monthly payment isn’t increasing and may actually be less by shortening the terms of their mortgage.”

Captiva 2013-2014 Re-nourishment Project

The Captiva Erosion Prevention District announced recently that it is accepting bids for its 2013-2014 re-nourishment project. This project consists of placing approximately 877,000 cubic yards of beach fill along six miles of shoreline and rehabilitation of existing dunes from Redfish Pass to Blind Pass and also a portion of northern Sanibel. The work will start between June 1 and September 1 and be completed by December 31, 2013. For more info, go to www.mycepd.com.

Agents Prepare Homebuyers to Compete

The islands have not yet seen the swing from buyers’ market to sellers’ market, but the following article posted this week on FloridaRealtors® was a good read nonetheless. My Realtor® friends in Miami already are seeing multiple offers. Here’s hoping our area is next:

“House buyers in a growing number of areas are finding something they haven’t seen in years when house-hunting: Competition. With housing affordability high and mortgage rates low, homebuyers are ready to cash in – but they’re finding a lot of others are as well. Bidding wars are becoming more common, particularly as the inventory of for-sale homes remains constrained across the country.

““Buyers have to change their attitude about the way the market is,” says Carol Hooks, a real estate professional with Coldwell Banker Residential Brokerage in Alexandria, Va. “Many still think it’s OK to make a low offer and ask for closing-cost assistance, but they really need to come up with a good, realistic offer….

“Real estate professionals are helping to prepare their buyers for the increased competition. For example, they’re encouraging buyers to go through the mortgage-approval process and secure financing before they look for a home, armed with more than just a lender’s prequalification letter. Eldad Moraru with Long & Foster Real Estate in Bethesda, Md., says it’s important for buyers to find a lender who will be able to provide them with an approval letter within an hour of finding the home they want to purchase. The new letter should include the address of the property and the exact amount they plan to offer so they can attach it to the offer.

“Homebuyers also need to have their earnest money deposit and down-payment ready to go, Moraru says. “A lot of buyers will have some money in stocks to sell and some money in a checking account and will tell me they need a few days to get it together,” he said. “You need to have that money consolidated and accessible in one account before you find a house.” As competition heats up, buyers need to prepare to think fast.

“If (the buyer) moves fast enough, (they) can have a home inspection before (they) make an offer, and then waive the home-inspection contingency,” Moraru says about being competitive in some multiple bid situations if you know when the seller is going to be reviewing all offers.

“Some agents compare today’s competitive housing market to the process of dating. “You need to win on both looks and personality,” says Phil Bolin, a broker with RE/MAX Allegiance in Alexandria, Va. “The personality part is the fundamental issue of financing and down-payment, but the looks part doesn’t cost you anything. It can be as simple as making sure there are no mistakes in your contract. If there are mistakes or missing items in your offer, you don’t look like a serious buyer.””

Sanibel & Captiva Island Multiple Listing Service Activity December 14-21

Sanibel
CONDO
1 new listing: Sundial #K108 3/2 $1.1M.
No price changes.
2 new sales: Blind Pass #A105 listed for $395K, Compass Point #141 3/2 listed for $899K (our listing).
1 closed sale: Sanibel Arms West #M7 2/2 $398K (our listing & sale).

HOMES
6 new listings: 1401 Sandpiper Cir 3/2.5 half-duplex $419K, 2079 Wild Lime Dr 3/2 $525K, 395 Old Trail Rd 4/3 $599K, 617 East Rocks Dr 3/2 $625.9K, 1339 Par View Dr 3/2 $680K, 512 Periwinkle Way 3/3 $1.075M.
8 price changes: 4629 Brainard Bayou Rd 3/2 now $539K, 5296 Umbrella Pool Rd 4/4 now $549.9K, 1441 Causey Ct 3/2 now $725K, 3840 West Gulf Dr 3/2.5 now $739K, 2540 Coconut Dr 4/3.5 now $740K, 2729 Wulfert Rd 4/4.5 now $1.298M, 4717 Rue Belle Mer 3/3 now $1.895M (short sale), 505 Kinzie Island Ct 5/4.5 now $2.195M.
4 new sales: 1807 Serenity Ln 3/2 listed for $574K, 549 East Rocks Dr 3/2.5 listed for $795K, 1314 Isabel Dr 4/3.5 listed for $2.094M, 4689 Rue Belle Mer 3/2 listed for $2.295M.
5 closed sales: 1000 Greenwood Ct 3/2.5 half-duplex $322K, 760 Birdie View Pt 4/3.5 $769K (short sale), 1824 Woodring Rd 4/4 $1.025M, 6211 Starling Way 4/4.5 $1.95M, 1145 Bird Ln 5/5 $4.275M.

LOTS
1 new listing: 644 Sea Oats Dr $315K.
3 price changes: 5121 SanCap Rd now $249K, 6006 White Heron Ln now $749K, 837 Limpet Dr now $885K (our listing).
1 new sale: 659 Anchor Dr $448.5K.
No new sales.

Captiva
CONDO
No new listings.
1 price change: Gulf Beach Villas #2004 2/2 now $659K.
2 new sales: Marina Villas #801 2/2 listed for $552K, Sunset Beach Villas #2228 2/2 listed for $600K.
No closed sales.

HOMES
1 new listing: 11532 Wightman Ln 2/2 $1.475M.
No price changes, new or closed sales.

LOTS
Nothing to report.

Merry Christmas!

Sanibel Island Birds & Baby Alligators & More

Posted on June 8, 2012 by SanibelSusan

It has been a week of “off and on” overcast weather here on the islands. A few showers coming in from the gulf have provided some much-needed rain so our vegetation has greened up and again is in summer growth-mode. Seems we are ahead of the growing season for this time of the year too. My favorite Apple Blossom Cassia tree at Sanibel Moorings botanical gardens is usually spectacular during the first two weeks of June, but when I drove by on my way home from the office this week, as you can see from the above snapshot. The flowers have almost all gone by.

Here are a few news tidbits followed by the week’s report of the Sanibel & Captiva Islands Multiple Listing Service activity.

New Sanibel Photos

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Our long-time friends and now 16-year happy island owners, Doris and Hans from Switzerland were recently here vacationing. They often share their photos as they know we enjoy them and share them further here and in our other marketing. The slideshow above includes a few pictures of island wildlife taken by Hans during the last week of May.

Local Fishermen & Divers Will Love This One

As reported in local media this week, the historic Coast Guard vessel USS Mohawk will be making its home approximately 13 miles off the coast of Sanibel. After years of service to the Navy, patrolling the northern Atlantic and guarding America‘s eastern seaboard during World War II, the 77-year old vessel will soon make her final voyage. The former “A” class cutter is slated to become a veterans’ memorial reef, a recreation destination for scuba divers and fishermen.

Donax Street Cell Tower To Be Erected Early Next Year

Island cell phone users were happy to hear that Sanibel City Council was presented Tuesday with the final design for the Verizon cell tower that has been months – if not years – in the making. Council required that Verizon build the 149′ tower to resemble a flag pole, but since flags and their associated rigging can be noisy, Council also asked Verizon to come up with an internal lanyard system. Verizon’s rep told Council that they have never built anything like this (with an internal system). Council approved the design presented. The new tower is expected to be in place during the first quarter of 2013. Telecommunications coverage is needed on Sanibel’s east end and the Verizon structure will have space for two more carriers. (As an east-end homeowner, SanibelSusan is counting the days.)

Planning Ahead to July 4th

9:30 a.m. – 22nd Annual Independence Day Parade – from the corner of Island Inn Road/Tarpon Bay Road to the corner of Periwinkle Way/Casa Ybel Road. This year’s theme is “Sanibel Island is #1″, referring to its recent ranking as a vacation destination.

Noon – Optimist Club Road Rally With Theme “Rallying for Island Youth” – beginning at Timbers Restaurant parking lot. Registration is a $35 donation per vehicle. Points are awarded for elapsed time closest to a secret pre-established circuit time and distance, and for correct answers to a series of questions about clues along the rally route. Top rally finishers and the best decorated vehicle win prizes. Registration forms are available online at www.sancapoptimist.org. (For those wondering about this event, SanibelSusan tried it for the first time last year. It was a lot of fun. It helps to have a careful driver, a navigator to read the questions, and an observant crew. Island knowledge is not necessary.)

6 to 9 p.m. – Fireworks Night at The Dunes – with pool party, games for the kids, putting competition, food, & more.

9 p.m. – Fireworks – over San Carlos Bay from the end of Bailey Road.

Value of “For Sale” Signs

Occasionally a prospective seller will tell us that they do not want a “for sale” sign in their yard. We had it happen again, just last week, so it was a timely read when this article was posted this week on-line by a statistician with the National Association of Realtors®. It says:

“Recently a member asked us for research on the value of For Sale yard signs. Looking back on our buyer seller surveys, the value of yard signs has only increased over the last 20 years. In 1995, only 37% of respondents used yard signs in their home search. That figure rose steadily in the first decade of the 21st century to over 63% by 2008. And according to the 2011 NAR Profile of Home Buyers and Sellers, that value has continued to hold up, with yard signs still the third most commonly used information source in the home search process and 55% of buyers still relying on yard signs to help them find the house they ultimately purchase….”

Wetlands 101: A Property-Buyers Guide

Florida Realtors® posted an interesting article this week with info from the Florida Department of Environmental Protection. It says:

“If a dream property includes wetlands, buyers may have to work with the Florida Department of Environmental Protection (DEP) and, in some cases, the local water management district if they want to build or make changes. Wetlands are considered valuable natural resources that need extra protection by the DEP and are subject to special Florida laws. In many cases, federal and local laws could also apply. According to DEP, wetlands:
• Filter nutrients and other pollutants to help keep surface water clean for drinking, swimming and fishing.
• Serve as home, nursery, training grounds and food source for many species, including humans.
• Support commercial fishing, tourism and recreation.
• Intercept water from heavy rains that could flood upland areas.
• Protect property from erosion.
• Collect and filter water, allowing it to recharge drinking water supplies.

““When people think of wetlands, many envision swamps or marshes with standing water. While those are indeed two types of wetlands, there are many other types of wetlands that may not be as easily identified,” says Cherie Graves with DEP. “Many wetlands rarely have standing water.” Besides the obvious signs – like your shoes getting wet when you walk there – it’s a good idea to use an environmental professional who uses plants, soils and hydrology to identify wetlands. A wetland determination can help clients choose the best site on a property to build a home.

“For more information, property owners can contact their local DEP district office. Private environmental consultants also provide similar services. Once a property is determined to contain wetlands, owners may need a special permit to build a single-family home or other structure. For example, if plans include filling for a house pad, septic tank drain field (note: not on Sanibel where we have City sewer), driveway or lawn on wetlands, an owner needs an environmental resource permit from DEP. Removing tree stumps or dredging a ditch to drain the property in wetlands also requires a permit. However, if only a small portion of the property is wetland and an owner builds entirely on an upland portion of the property, he might not need an environmental resource permit at all.

“If potential homebuyers have questions, they can call DEP directly. Graves says staff will look at the property and suggest options. To make the permitting process flow as quickly as possible, property owners can schedule a pre-application meeting with DEP to discuss the project before applying. To find a local DEP office, visit their website.”

Sanibel & Captiva Multiple Listing Service Activity June 1-8:

Sanibel

CONDOS

No new listings.

7 price changes: Captains Walk #A3 1/1 now $163K, Tennisplace #C35 2/1.5 now $249K, White Caps #5 1/1 now $525K, Yacht Haven #2 3/2 now $819K, Compass Point #141 3/2 now $899K (our listing), Gulfside Place #117 2/2 now $950K.

3 new sales: Loggerhead Cay #152 2/2 listed for $690K, Seashells #37 2/2 listed for $274K (our listing), Shorewood #2C 3/2 listed for $889K.

6 closed sales: Sundial #F407 1/1 $275K, Sanibel Arms West #J1 2/2 $392.5K, Mariner Pointe #131 3/2 $495K, Sundial #Q402 2/2 $550K, Kings Crown #211 3/2 $575K, Nutmeg Village #108 2/2 $750K.

HOMES

2 new listings: 1216 Par View Dr 3/2 $699K; 494 Surf Sound Ct 5/2.5 $899,555.

1 price change: 2294 Wulfert Rd 4/4 now $998K.

5 new sales: 1621 Sand Castle Rd 3/2 half-duplex listed for $389K, 1574 Sand Castle Rd 3/2 listed for $549K, 760 Birdie View Pt 4/3.5 listed for $849K (short sale), 1290 Bay Dr 3/2 listed for $1.595M, 1069 Bird Ln 4/3.5 listed for $2.75M.

8 closed sales: 458 Lake Murex Cir 3/2 $380K; 1433 Jamaica Dr 5/4 duplex $400K; 9003 Mockingbird 5/4 $480K (short sale); 480 Peachtree Rd 3/3 $502.5K; 4210 Old Banyan Way 3/2 $511,250; 1208 Harbour Cottage Ct 3/3 half-duplex $600K, 1308 Tahiti Dr 3/3 $650K, 5063 Joewood Dr 4/5.5 $3.05M.

LOTS

1 new listings: 925 Whelk Dr $875K.

No price changes, new or closed sales.

Captiva

CONDOS
No new listings.
3 price changes: Bayside Villas: #4106 1/2 now $295K, #5124 1/2 now $309K, #4322 3/3 now $507K (short sale).
No new sales.
1 closed sale: Captiva Shores #5D 2/2 $725K.

HOMES
No new listings.
2 price changes: 11516 Andy Rosse Ln 6/6 now $1.999M, 11530 Paige Ct 4/4.5 now $3.495M.
1 new sale: with contingencies: 16849 Captiva Dr listed for $2.195M.
1 closed sale : 16585 Captiva Dr 5/4/2 $2.025M (short sale).

LOTS
Nothing to report.

Yippee…It’s Already Like Summer on Sanibel & Captiva Islands

Posted on June 1, 2012 by SanibelSusan

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Here are a few news items from SanibelSusan, followed by the activity in the Sanibel & Captiva Islands Multiple Listing System since last Friday. You will notice from the tidbits below that it has a been a big week (or at least “big” for the island) for animal sightings. So thanks to our pal and photographer, Jim Anderson, JMA Photography, above are some of the animals that he has photographed on the islands. My favorite is the yellow-crowned night heron with baby. (Isn’t it amazing how such ugly chicks can turn into such beautiful birds?) Giant grasshoppers, like the one Jim filmed, are hopping in my garden now too. But another signal that spring/summer weather is here!

Memorial Holiday Week

The islands were fairly busy this week, but mostly with families and visitors enjoying the great outdoors and our wonderful “like-summer” weather. We had a few listings shown, though not as many as we hoped. One bit of good news was a “heads up” call yesterday that an offer is on its way for one of our listings. This was an off-week for Realtor® Caravan; the next one will be Thursday coming.

“The SanibelScoop with Captiva Chatter”

The office team again this week has been updating our database in preparation for our first newsletter mailing in several months. We try to stay green, particularly by urging folks to read this blog, but many continue to ask us about them and like to hold that piece of paper, so we occasionally will prepare and bulk mail a “The Sanibel Scoop with Captiva Chatter”. We do not want to miss an opportunity to get our listings sold, so a June issue soon will be mailed to all island property owners as well as our prospective-buyer contacts. It goes to the printer today! All listings with photos will be included. If you are not on our mailing list and would like to receive this mailing, please give me a call at 888-666-0603 or 472-HOME (4663) or send an e-mail to Susan@SanibelSusan.com.

Education Boardwalk Update

I received the following news this week from the Ding Darling Wildlife Society (DDWS):

“The J.N. “Ding” Darling National Wildlife Refuge reports steady progress on the new Children’s Education Boardwalk project between the Sanibel School and Indigo Trail within the Refuge. The City of Sanibel has approved the site, and architect Amy Nowacki is working on the design. Refuge rangers met with teams of teachers to solicit their ideas for the boardwalk. One suggested that an observation tower be added to the boardwalk, and the Refuge is currently considering that option. DDWS is planning on reprising fundraising efforts to pay for the addition. Other teachers requested easy access to water to facilitate taking water samples…The boardwalk will cross a brackish wetland currently inaccessible to the public en route to the refuge’s Indigo Trail. It will give school children and visitors up-close views of alligators, wading birds, and an opportunity to learn more about the importance of water in our lives. The walkway will meander through mangroves and expand into an in-the-round venue to accommodate up to 25 students and other groups….Plans to break ground are estimated to be September 1, 2012.”

Rare Smalltooth Sawfish

In other news from the Refuge, a rare smalltooth sawfish was seen at “Ding” on Tuesday in Tarpon Bay. The little 2-foot pup was probably born only a few weeks ago, which is good news for this critically endangered fish.

Sanibel Bear

As a Facebook follower, it was of interest mid-week to read about several sightings of the Sanibel bear. It was first spotted on the island last July, but recently has wandered away from the Refuge and seen walking down Dixie Beach Blvd near Sanibel Isles, Water Shadows, and The Dunes. News crews even picked up it, with announcements yesterday and today on the local TV stations. As a protective measure, Sanibel’s finest should be advised of sightings. Islanders are reminded to keep their trash “in” until the morning of pick-up.

Florida Perceived as Having a Competitive Business Tax

This article was posted Wednesday in the Orlando Business Journal on-line:

“A survey of corporate leaders gives high marks to Florida’s business tax structure. The survey run by a New York based tax consulting firm, Alvarez & Marsal, polled a cross-section of chief financial officers across the country and found that Florida is one of the top three states perceived as offering a favorable business tax policy, reported the Associated Press. Florida has one of the nation’s lowest corporate income tax rates at 5.5%. However, owing to exemptions, some businesses pay much less. They have the full backing of Gov. Rick Scott who has pushed to end corporate tax over time and has allowed tax exemptions to increase in number, the AP reported.”

Federal Flood Insurance Program Gets 60-Day Extension

An AP article posted yesterday says:

“Congress has given itself two more months to come up with long-term solutions for the debt-burdened federal program that provides insurance for homes and businesses in areas subject to flooding. A voice vote in the House Wednesday extended the life of the National Flood Insurance Program for 60 days, assuring that people in flood-risk areas will continue to have access to the flood insurance they need to close on mortgages or obtain refinancing. The program was slated to expire today.

“The last full-scale reauthorization of the NFIP, a wing of the Federal Emergency Management Agency, occurred in 2004. Since 2008, the insurance provider has stayed alive through a series of 16 short-term extensions while lawmakers debate how to restore its fiscal soundness. The NFIP was largely self-financing until it was overwhelmed by claims from hurricanes Katrina and Rita in 2005. It now owes nearly $18 billion to the Treasury.

“Rep. Judy Biggert, R-Ill., chair of the House Financial Services subcommittee on insurance, said she hoped Wednesday’s 17th stopgap measure would be the last, “because this program is too important to let lapse, and too in-debt to continue without reform.” She said Senate leaders had given public and private assurances that they would vote on a long-term extension in June.

“The House last year passed a five-year extension that allowed for increased premiums and ended some subsidies, but the Senate has been unable to get a companion bill to the floor for a vote. The Senate last week passed the 60-day extension after adding a provision by Sen. Tom Coburn, R-Okla., that would gradually eliminate premium rate subsidies for people buying second homes and vacation homes in flood-prone areas. Coburn said that could save the program $2.7 billion over 10 years.

“The NFIP was created in 1969, partly to fill the gap left by the unwillingness of private insurers to provide flood insurance. It now covers some 5.6 million policyholders in 21,000 flood-prone communities.” (including Sanibel & Captiva)

Sanibel & Captiva Multiple Listing Service Activity May 25 – June 1:

Sanibel

CONDOS

2 new listings: Blind Pass #A204 2/2 $369.5K, Bayview Village #2A 3/3 $699.9K.

3 price changes: Seashells #6 2/2 $335K, Sanddollar #B104 2/2 now $935K, Cyprina Beach #1 2/2.5 $1.295M.

3 new sales: Sanibel Moorings #1412 1/1 listed for $269,962; Seashells #26 2/2 listed for $274K, Sanctuary Golf Villages I #3-2 3/3 listed for $450K.

5 closed sales: Sanibel Arms #D2 1/1 $224K, Mariner Pointe #1043 2/2 $290K (our listing), Sandpiper Beach #205 2/2 $520K, Sand Pointe #132 2/2 $570K, Tarpon Beach #101 2/2 $600K.

HOMES

2 new listings: 701 Nerita St 3/2 $519K, 9007 Mockingbird Dr 3/3 $1.2M.

3 price changes: 1274 Par View Dr 3/3 now $644K, 760 Birdie View Pt 4/3.5 now $849K (short sale), 2367 Wulfert Rd 4/3.5 now $1.094M.

1 new sale: 1663 Bunting Ln 3/2 listed for $344K (short sale).

3 closed sales: 3940 Coquina Dr 3/2 $450K, 1429 Jamaica Dr 4/3 $450K, 1570 Sand Castle Rd 4/3.5 $876.2K (short sale).

LOTS

1 new listing: 1310 Par View Dr $369K.

2 price changes: 545 Rabbit Rd now $179K (our listing), 837 Limpet Dr now $899K (our listing).

No new or closed sales.

Captiva

CONDOS

1 new listing: Lands End Village #1610 3/3 $1.925M.

1 new sale: Lands End Village #1664 3/3 listed for $1,597,900.

1 closed sale: Beach Villas #2517 1/1 $415K.

HOMES

No new listings.

1 price change: 16645 Captiva Dr 8/9/2 now $4.199M.

No price changes or new sales.

1 closed sale: 11521 Wightman Ln 4/3 $1.45M.

LOTS

Nothing to report.

Ready for Memorial Day Weekend on Sanibel & Captiva Islands

Posted on May 25, 2012 by SanibelSusan

Realtor® Fundraiser

Last night was the Sanibel & Captiva Islands Association of Realtors® annual fundraising event which for years was called “The Over-the-Hump” Party”. This year the name has been changed since the old name reflects that “season” is over, and we prefer to think that our business continues right through the year. The event includes a golf tournament plus silent and live auctions, all to benefit RPAC, the Realtors® Political Action Committee.

Before coming to the islands, as a long-time resident of Northern Virginia and daily visitor to the nation’s capital, I was not a fan of PAC’s. It was during one of my first years on Sanibel as a Realtor®, more than 20 years ago, that I learned that without the support of RPAC funds many important homeownership issues that protect consumers would not be what they are today. Since 1969, RPAC has successfully help advance the interests of property owners, including many issues here on Sanibel, like beach renourishment, build-back and redevelopment. Now, I am a true believer and one of the islands biggest RPAC supporters.

Dave and Lisa contributed to the event through the golf scramble, while my donation of my famous homemade carrot cake plus six months of SanibelSusan desserts was purchased for the outrageous sum of $550. We still await the final tally, but once again the Sanibel & Captiva Islands Association of Realtors® hopes to secure the top state fundraising position for a small board. We proudly have held that record for several years.

‘Tween Waters Inn Joins National Register of Historic Places

‘Tween Waters Inn on Captiva Island commemorated its historic designation at the resort last Sunday. The resort was officially listed in the National Register of Historic Places on December 15, 2011. The resort’s unique, rich history and dedication to preserving Florida’s cultural resources helped it earn this designation. ‘Tween Waters Inn was established by F. Bowman and Grace B. Price in 1931. The inn began with a single building and expanded over the next 30 years with more cottages and other buildings. They built the remote tourist facility with its small cottages and restaurant into a social center and favorite winter resort of wealthy northerners.

Other historic landmarks within the resort include the Old Captiva House – the fine dining restaurant first built as a one-room school for children of Captiva’s pioneer settlers. Known to have inspired artists, authors and countless others with its beach-to-bay exposure and award-winning sunsets, the resort features modern facilities, plus historically preserved, but luxurious and contemporary cottages, some named after its famous guests.

Well-known guest J.N. “Ding” Darling, conservationist and renowned editorial cartoonist for which he won two Pulitzer Prizes in 1924 and 1943, drew cartoons and wrote a book at ‘Tween Waters Inn. Some of his work lines the walls at the Old Captiva House today. Anne Morrow Lindbergh, wife of famed aviator Charles Lindbergh, also drew inspiration for her bestselling book “Gift from the Sea” (1955) during her time on Captiva.

The SanibelSusan Team congratulate our friend, Tony Lapi, President of ‘Tween Waters Inn and Chairman of VISIT Florida (and his wife, our Realtor® colleague, Angie) for gaining this historic designation. The Florida state historical marker is at the middle entrance to the resort, in front of the Old Captiva House restaurant.

County to Pay for Blind Pass Dredging Project

Posted in the “Island Sun” today, an article says “The Lee County Board of Commissioners unanimously approved the maintenance dredging of Blind Pass at their May 1 meeting…. Lee County is funding the entire project. Equipment will begin to appear around the Blind Pass area by the end of this week and county officials have said the contractor will begin pumping sand the first week in June. Work should be completed by the end of August.” Good news for those west-end property owners!

Florida Realtors® President in Spain With the Governor

As posted in “The Real Deal” South Florida Real Estate News on Monday:

“Florida Realtors® President Summer Greene is in Spain this week as part of a business mission by Governor Rick Scott. “It is vital to our future to encourage business investment and diversification,” said Greene, the regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale. “Development missions like this one offer a prime opportunity to demonstrate the benefits of establishing a business — and home — in Florida.” Scott is leading a 60-member delegation of Florida business executives for a five-day trip across Spain.”

Since I am also Summer’s Facebook friend, I have enjoyed her postings from abroad. On Tuesday, she said: “This is an amazing experience. Interesting to see Spain now is where we were a few years ago. They just announced the takeover and bailout of their biggest bank – Bankia. Just met with some industry folks talking about how long it took…(and is still taking) to get banks on board with short sales etc. By the way, they have 25% unemployment – although Madrid does not seem as affected. Also, almost 400 Spanish companies have operations in Florida! Did you know I-595 is being built out by a Spanish company?”

NAR President Kicks-off 5-Year Flood Insurance Coalition Push

NAR’s e-Newsletter update this week posted the following: “As part of an historic “Flood the Hill” coalition of real estate, construction, financial services, insurance, consumer, taxpayer and environmental groups, the National Association of Realtors® stepped up pressure on Congress to pass the 5-year Flood Insurance Reauthorization Bill. On May 9, NAR President (& our friend from Miami) Moe Veissi testified before Congress. That same day President Veissi co-wrote an Op-Ed which ran in Capitol Hill’s major publication Roll Call. NAR simultaneously ran ads, co-sponsored by nearly 20 coalition partners, in all the Hill newspapers. The Coalition also recently wrote Senate leaders calling on them to bring up the bill for floor consideration.”

Flood Insurance Moves in Congress

An update to the above posting, was yesterday on Florida Realtors®, as posted in the Wall Street Journal:

“The good news: Senate Majority Leader Harry Reid (D., Nev.) said his chamber would consider a five-year extension of the National Flood Insurance Program (NFIP) similar to one already approved by the U.S. House.

“The bad news: It won’t happen by the program’s current deadline, May 31, 2012. Reid has suggested Congress approve another short-term extension of 60 days to give lawmakers time to fully consider the longer-term solution.

“The long-term package seems to have bipartisan support and would include terms to make it more financially stable, such as gradually increasing flood insurance premiums. “It is “critical that we do something on flood insurance,” Reid said. “We need to get something done on a more permanent basis.””

Amen to that. Many Realtors®, including SanibelSusan, are in favor of a broader program than just flood insurance. What about disaster insurance? And what about coverage in states that had floods last year that are not in typical flood zones, like Vermont and North Dakota? A positive move for both the consumer and the provider would be to make the flood insurance pool larger, perhaps by making the coverage more expansive in both type of disaster and coverage area.

Citizens’ Hurricane Mitigation Inspections Pick Up

As follow-up to my posting earlier this month about wind insurance, Florida Realtors® posted this update on-line Monday:

“Florida’s state-backed property insurer, Citizens Property Insurance Corp., is taking a second look at wind mitigation incentives put in place a decade ago, part of its effort to raise premiums to match its risk. For many of its customers, that means higher rates.

“Citizens plans to take a look at 209,000 residential policies by the end of the year to see if the homeowners’ current wind mitigation credits are deserved. As of April 30, Citizens inspectors had completed 180,503 residential inspections, and almost 71% of homes saw a premium increase because they didn’t have the necessary hurricane mitigation measures in place.

“By nixing the discounts associated with mitigation efforts, Citizens has increased its premium income so far by $107 million. Individual homeowners’ without the claimed mitigation elements saw their premiums jump an average $600 per year, or 23%. In a few cases – 7.5% – inspectors discovered that a homeowner had unclaimed hurricane mitigation components. Those homeowners received a credit, reducing Citizens income by about $4.4 million.

“The hurricane mitigation incentives that net a discount include things such as tie downs, shutters and other upgrades. They were offered starting in 2002 in an attempt to lower risk for the state-backed pool, which now handles nearly 1.5 million policies. The wind mitigation program has come under fire from industry groups and the Florida Office of Insurance Regulation, who have said the program eroded the company’s premium base while not significantly reducing its exposure, especially after credits were dramatically increased in 2007.

“Private insurers have also given mitigation credits to homeowners, but a 2010 study by the Department of Financial Services found that, despite good intentions, the programs cost companies money in lost premiums while only modestly decreasing potential losses.

“Last year, lawmakers passed and Gov. Rick Scott signed SB 408, which struck some language relating to mitigation credits and gave insurers more flexibility in establishing rates and applying discounts. As a result, Citizens officials ordered re-inspections of homes that claim more than $650 in credits.

“Robin Westcott, Florida Insurance Consumer Advocate, said she understands Citizens’ objective to get accurate information on proper wind mitigation credits, but she’s worried homeowners may not always be ready with proper documentation on their mitigation efforts and may unnecessarily lose out on benefits. She said Citizens could do a better job of letting homeowners know what inspectors are looking for. “In some cases, you are looking at pretty hefty increases,” Westcott said. “That is really a big part of our concern.””

Florida’s Housing Market Continues Positive Signs in April 2012

More good news posted this week by Florida Realtors®: “Florida’s housing market had increased pending sales and higher median prices in April, along with a greatly reduced inventory of homes and condos for sale, according to Florida Realtors® latest housing data.

“Here in Florida, we’re seeing some strong numbers that show positive momentum for the state’s housing recovery and our economy,” said 2012 Florida Realtors® President Summer Greene. “Home prices continue to rise in many markets. Inventory is down to extremely low levels while pending sales are on the rise – almost 38% for single-family homes and 25% for townhouses and condos. It is not unusual to see multiple offers. Now the challenge will be for appraisals to catch up. Overall, we are very happy to see the market move in this direction and expect this trend to continue.”

“Pending sales refer to contracts that are signed but not yet completed or closed; closed sales typically occur 30 to 90 days after sales contracts are written.

“The statewide median sales price for single-family existing homes in April was $144,350, up 10.2% from the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department, and vendor partner 10K Research and Marketing. The statewide median for townhome-condo properties was $108,000, up 16.1% over April 2011.

“The national median sales price for existing single-family homes in March 2012 was $163,600, up 1.9% from the previous year, according to the National Association of Realtors® (NAR). In California, the statewide median sales price for single-family existing homes in March was $291,080; in Massachusetts, it was $267,500; in Maryland, it was $225,601; and in New York, it was $215,000.

“The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.

“Statewide sales of existing single-family homes totaled 17,544 in April, down slightly, 0.7%, compared to the year-ago figure. Looking at Florida’s year-to-year comparison for sales of townhomes/condos, a total of 9,765 units sold statewide last month, down 4.9% from those sold in April 2011. NAR reported the national median existing condo price in March 2012 was $165,200.
“In April, there was a 5.8-month supply of single-family homes in inventory and a 5.7-month supply for townhomes/condos, according to Florida Realtors.

““The housing numbers for the state of Florida continue to signal recovery,” said Florida Realtors Chief Economist Dr. John Tuccillo. “Sales in 2012 are above where they were in 2011, a harbinger of a third straight year of improvement. More importantly, pending sales are up dramatically, and inventory is still falling. Financing constraints still mean that a significant percentage of these will not lead to closed sales, but with the numbers up, we are confident that closed sales will continue to rise.

““The increase in both median and average prices suggests that investors are having a strong impact on the market, soaking up lower priced inventory and causing buyers to move up the price ladder.”
“The interest rate for a 30-year fixed-rate mortgage averaged 3.91% in April 2012, down from the 4.84% average during the same month a year earlier, according to Freddie Mac.

“To see the full statewide housing activity report, go to Florida Realtors website at http://www.floridarealtors.org, and click on the Research page; then look under Latest Housing Data, Statewide Residential Activity and get the April report. Or go to Florida Realtors Media Center at http://media.floridarealtors.org/ and download the April 2012 data report PDF under Market Data at: http://media.floridarealtors.org/market-data.”

Sanibel & Captiva Multiple Listing Service Activity May 18-25:

Sanibel

CONDOS

1 new listing: Sundial #S404 3/2 $755K.

5 price changes: Colonnades #9 1/1 now $147.9K; Colonnades #12 1/1 now $149,995; Sundial #C206 1/1 now $297K; Sea Pines #D 3/3 now $449K; Heron at The Sanctuary #3B 2/2.5 now $599K.

5 new sales: Blind Pass #D205 2/2 listed for $263.4K (short sale), Tennisplace #C31 2/1.5 listed for $279K, Sandpebble #4E 2/2 listed for $369K, Cyprina Beach #9 3/2.5 listed for $599K, Oceans Reach #2D2 2/2 listed for $749K.

4 closed sales: Tennisplace #C36 2/1 $250K, Lighthouse Point #332 2/2 $440K (our listing), Sandalfoot #1C2 2/2 $575K, Sundial #T404 2/2 $589K.

HOMES

4 new listings: 1000 Greenwood Ct 3/2.5 half-duplex $347.5K, 2991 Singing Wind 3/2 $398.9K, 1787 Serenity Ln 3/2 $595K, 450 Leather Fern Pl 3/2 $675K.

5 price changes: 2130 Sunset Cir 3/2 now $519K, 585 Lake Murex Cir 3/2 now $575K, 1339 Par View Dr 3/2 now $655.5K, 1233 Middle Gulf Dr 3/2 now $699.9K, 1950 Woodring Rd 4/3.5 now $2.895M.

3 new sales: 1415 Sandpiper Cir 2/2 half-duplex listed for $329K, 955 S Yachtsman Dr 3/2 listed for $559K, 4791 Rue Helene 3/2 listed for $599,995.

1 closed sale: 1731 Venus Dr 3/3 $930K.

LOTS

No new listings or price changes.

1 new sale: 637 Sea Oats Dr listed for $299K.

No closed sales.

Captiva

CONDOS

No new listings.

1 price change: Bayside Villas #5308 3/3 now $579K.

No new sales.

1 closed sale: Beach Homes #13 3/3 $2.285M.

HOMES

No new listings.

4 price changes: 11461 Dickey Ln 3/2 now $1.199M, 16849 Captiva Dr 7/7 now $2.195M, 11530 Paige Ct 4/4.5 now $3.495M, 16251 Captiva Dr 4/5.5 now $3.599M.

2 new sales: 11523 Wightman Ln 4/4 listed for $1.565M, 16310 Captiva Dr 4/5.5 listed for $4.5M.

No closed sales.

LOTS

Nothing to report.

HAPPY MEMORIAL DAY!

Spring Turns Quickly to Summer on Sanibel & Captiva Islands

Posted on May 18, 2012 by SanibelSusan

Island Weather – We had a few much-needed showers here this week and spring is in full bloom. Here are some photos taken today by teammate Dave when he was out on his Friday rounds.

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Realtor Rally to Protect the American Dream

Yesterday as part of the National Association of Realtors Mid-Year Business Meetings in Washington DC, more than 13,500 Realtors® from across the country gathered on the steps of Capitol Hill to tell members of Congress that Home Ownership Matters – to people, to communities, and to America. Another nearly 14,000 attended the Rally virtually, through the internet. This gathering is particularly important now, because despite the heated rhetoric of an election year, Realtors® remain focused on home ownership, housing and real estate issues. We know that the challenges our country faces are not going away after November. We believe that everyone should have the opportunity to pursue the American dream of home ownership, and we will fight against obstacles that make it more difficult for people to buy, own and invest in real estate. Thanks to our Sanibel friend and National Association President this year, Moe Veissi from Miami, there was a huge group of attendees from Florida. From just our immediate area in Southwest Florida, last count showed 232 members at the Rally. I am proud to be one of them.

Vacation Homes Beckon

A client forwarded me an article by Joe Light from the May 4 Weekend Investor section of the “Wall Street Journal”. Good info there for those thinking of buying a second home. It said in part:

“If you’re thinking of buying a second home in the next five years, this might be your best opportunity…. Vacation-home sales are perking up as low prices pull more buyers off the fence. Yet many are looking for properties close to home instead of in far-off destinations….Near-record-low mortgage rates, bargain prices and dwindling home inventories are bringing some once-untouchable markets within reach for the first time in a decade, say housing-market experts….Sales of vacation properties fell 56% between 2006 and 2010, but climbed 7% in 2011 to 502,000, according to the most recent survey by the National Association of Realtors (NAR). Yet prices remain soft; according to NAR, the median price on vacation homes dropped more than 19% in 2011…Miami, for example, which already has seen prices of all homes drop 54% since 2007, according to Moody’s Analytics, is expected to lose about 0.1% annually over the next five years. Meanwhile, Napa, Calif., whose prices have also been slashed in half, could see prices rise nearly 10% a year. Realtors say they are even seeing such dichotomies within markets, with sales in more-desirable locations starting to perk up. In New York’s Hamptons, for example, homes positioned north of the Montauk Highway are languishing on the market for months, while well-maintained homes south of the highway, which are closer to the ocean, are sometimes getting multiple offers within days.”

“Factors to consider when deciding whether or not to buy a vacation home:

“The first: momentum. If you considered an investment in the stock market, looking at how prices moved over the past year would be a poor way to estimate future performance. On the other hand, research by Yale University Professor Robert Shiller, widely credited with predicting both the stock market crash of 2000 and the housing bust, has shown that momentum in home prices has staying power. Then again, prices have been dropping in many markets for five years already, and most experts believe the steepest drops already have taken place. And some stronger vacation-home markets, such as Burlington, Vt. (up 1.3% in the past year), have momentum on their side.

“A second point to consider: financing. Even though rates are low, lenders’ standards for making loans are tight. And real-estate agents say deals are falling apart even after buyers obtain initial mortgage commitments. That means buyers who can offer all cash have a leg up over those who make offers contingent on financing. Buyers who don’t want to tie up that cash forever might consider purchasing the house with cash and then taking out a mortgage later. All-cash sales dominate in some of the most beaten-down markets….” To read the entire article, here’s a link.

What Should a Seller Know

A recent case discussed in the May issue of Florida Realtor® expands on what a seller should reasonably know about material defects. Most Realtors® know that if they are aware of a defect that materially impacts the value of a listed property they must disclose that information to a prospective buyer. Examples of these defects include defective drywall, pest problems, leaky roofs, etc.

“In the 1985 case of Johnson v. Davis, the Florida Supreme Court ruled that a home seller who knows of facts that materially affect the property’s value, that aren’t readily observable and aren’t known to a buyer, has a duty to disclose them to the buyer. This is the law in Florida today.

“A nondisclosure claim under Johnson v. Davis has four elements: the seller of a home must know of a defect in the property, the defect must materially affect the property’s value, the defect must not readily observable by the buyer and must be unknown to the buyer, and the buyer must establish that the seller failed to disclose the defect to the buyer.

“Recently in Jensen v. Bailey, the 2nd District Court of Appeal rendered an opinion that focused on the first element of liability under Johnson v. Davis. Specifically, the court considered whether anything less than actual knowledge is sufficient to satisfy the first element.

“The facts of the case were as follows: The seller had done substantial remodeling. After closing, the buyer discovered that permits were required for the work but were never obtained, the work hadn’t been properly done and it didn’t conform to code. Reconstruction in conformity with newer, more stringent codes would be required.

“The trial court found no evidence that the seller knew that the contractor had failed to obtain permits or that the work hadn’t been property done, but it found that the seller was liable to the buyer based on a “should-have-known” standard. However, the appellate court disagreed, reversed the trial court’s final judgment, and held that in order to hold a seller liable under Johnson v. Davis, the buyer must prove that the seller actually knew of an undisclosed material defect.”

Sanibel & Captiva MLS Activity May 11-18:

Sanibel
CONDOS
1 new listing: Pelicans Roost #206 2/2 $849K.
11 price changes: Sundial #G207 1/1 now $249.9K, Tennisplace #E33 2/1.5 now $256K, Blind Pass #D205 2/2 now $263.4K, Sundial #D412 1/1 now $315K, Sea Pines #D 3/3 now $459K, Cottage Colony West #101 1/1 now $515K, Heron at The Sanctuary III #1B 3/2.5 now $599K, Pointe Santo #E32 2/2 now $789K, Sundial #E305 2/2 now $835K, Pointe Santo #C3 3/2 now $899K, Ferry Landing #1 2/2 now $1.195M.
5 new sales: Sundial #D305 1/1 listed for $269K, Lighthouse Point #217 3/2 listed for $339K, Signal Inn #2 1/1 listed for $379K, Sandpiper Beach #205 2/2 listed for $599K, Junonia #202 2/2 $799K.
8 closed sales: Colonnades #C55 1/1 $150K, Sanibel Shores #E 2/2 $259K, Sundial #F408 1/1 $277.5K, Sanibel Arms #C1 2/2 $398K, Sandalfoot #4A3 2/2 $500K, Cottage Colony West #138 1/1 $500K, Tarpon Beach #308 2/2 $615K, Tarpon Beach #301 2/2 $715K.

HOMES
3 new listings: 1052 Fish Crow Rd 3/2 $630K, 1206 Par View Dr 3/2 $759.9K, 2548/2550 Wulfert Rd 3/3.5 townhouse $799K.
4 price changes: 1647 Sand Castle Rd 3/2.5 half-duplex now $325K, 2027 Sunrise Cir 4/4 duplex now $516K, 561 Lake Murex Cir 3/2.5 now $629K, 9470 Balsa Ct 3/2 now $725K.
3 new sales: 1649 Sand Castle Rd 3/2.5 listed for $415K, 335 East Gulf Dr 3/2 listed for $725K, 5864 Pine Tree Dr 3/3.5 listed for $829K.
2 closed sales: 6101 Castaways Ln 4/2 $540K (short sale), 4809 Tradewinds Dr 3/3.5 $1.3M.

LOTS
No new listings or price changes.
1 new sale: 1114 Seagrape Ln listed for $475K.
1 closed sale: 1120 Olga Ave $250K (our listing & sale).

Captiva
CONDOS
No new listings, price changes, or new sales.
2 closed sales: Beach Villas #2516 1/1 $410K, Beach Homes #32 $1.665M.

HOMES
1 new listing: 14971 Binder Dr 3/3 $2.995M.
2 price changes: 11521 Laika Ln 3/3 now $1.375M, 11516 Andy Rosse Ln 6/6 now $2.175M.
No new or closed sales.

LOTS
Nothing to report.

Families Love Sanibel & Captiva Islands

Posted on May 11, 2012 by SanibelSusan

Sanibel weather this week has been terrific, though nearing summertime temperatures. All of a sudden, we have seen a huge drop-off in traffic and phone calls. Other offices report the same and our friends in the vacation-rental business said that rental inquires have dropped off to almost nothing this week. It is pretty typical for this time of the year with school years finishing up, graduations etc. Activity should pick up some over the Memorial Day weekend and then more as summer vacations begin.

There was light turn-out at our first off-season biweekly Realtor® Caravan Meeting yesterday. Only a handful of new listings were “open” for viewing, mostly properties that could not be viewed during high-season because of heavy rentals.

Here are a few island news items, followed by a report of the Sanibel and Captiva Islands Multiple Listing Service activity over the past seven days. To especially honor all the Moms, included are some fun postings for families.

Happy Mothers’ Day weekend to all!

Family-Friendly Destination

Below is an excerpt from an article posted Monday on a Canadian site called “Just the Facts Kid”. (www.justthefactskid.com/) It says:

“Parents would be hard-pressed to find a more family-friendly destination than Sanibel Island, Florida.

“It’s convenient…Located on the Gulf Coast side of Florida. Sanibel Island is just 45 minutes from the Fort Myers airport.

“It’s the perfect combination of nature and fun…Sanibel Island is just 12 miles long and five miles wide. More than 60% of the island is protected wildlife reserve and its white sand beaches go on for miles and miles. There is little to do besides swim, relax, play in the sand and hunt for seashells. (Sanibel boasts over 250 varieties!)

“It will make you feel like you’re in the islands…with all the American conveniences just a three-mile causeway ride away.”

Summer Happenings for the Kiddos

Every year it seems that there are more and more offerings on Sanibel and Captiva in the off-season for children. Here is a summary of some of the camps and special summer programs coming up:

BIG ARTS Summer Arts Camp – BIG ARTS is now accepting camper enrolments for its weekly “creative” sessions beginning in June. Camp runs Monday through Friday from 9 a.m. to 3 p.m. beginning June 4 and running through July 27. Activities include acrylic painting, ceramics, dance, glass fusing, photography, puppetry, improvisational acting, music appreciation, film editing, folk art, and general arts and crafts. Middle and high school students have the option to attend camp solely as a student or select to participate in the fine arts apprentice program, spending half day as a student and the other half assisting instructors of K-5 classes. Tuition assistance is available too. For more info, stop by BIG ARTS at 900 Dunlop Road, call 395-0900, email info@BIGARTS.org, or log on at www.BIGARTS.org.

“Ding” Darling Brings Back Family Programs – June 4 through August 15 the JN “Ding” Darling National Wildlife Refuge on Sanibel has free, fun programs designed especially for families. With support from the “Ding” Darling Wildlife Society – Friends of the Refuge (DDWS), the refuge is offering five free education programs this year. No pre-registration is necessary:

Natural Wonders, held every Wednesday, Friday, and Saturday at 1 p.m. – What makes a bird a bird? Why is a manatee called a “sea cow”? Is it a crocodile or alligator? Find the answers to these questions and more by joining a naturalist in exploring the refuge’s unique eco-system. Geared for adults and children, this 30-minute program meets in the Education Center Lab.
Indigo Trail Hike, held every Tuesday at 10 a.m. – Join refuge naturalists as they lead a one-hour tour identifying and discussing the eco-system’s plants, animals, birds, and reptiles. Fun for adults and children alike. Bring water and bug spray. Meet at the flagpole in front of the Education Center.
Refuge Caravan Tour, held every Wednesday and Saturday at 9:30 a.m. Ride along on a car caravan tour of the refuge’s Wildlife Drive. This 90-minute tour highlights the natural wonders of the unique mangrove ecosystem and the wildlife that call it home. Meet at the flagpole in front of the Education Center.
Family Beach Walk, held every Thursday at 9 a.m. Back by popular demand and in partnership with the Bailey-Matthews Shell Museum, the program convenes at Gulfside City Park for a one-hour exploration of the refuge’s gulf-front Perry Tract. (City parking fees apply.)

For more info on the refuge summer programs, call 472-1100 or visit www.dingdarlingsociety.org.

Summer Day Camp at Sanibel Recreation Center – Summer day camp at the City of Sanibel Recreation Center begins on May 29. This year, the camp has 10 one-week sessions from 8 a.m. to 5 p.m. daily. Children who are entering first through eighth grade may attend one week or more. More info at www.mysanibel.com/Departments/City-Manager-s-Office/News/Sign-Up-Now-For-Sanibel-Recreation-Department-Youth-Summer-Day-Camp.

Junior Sailing Camp at Captiva Island Yacht Club – Registration is now open for the 3rd season of the Junior Sailing Camp to be held at the Captiva Yacht Club. The program is open to children ages 8 to 18 of all experience levels. At the end of each 2-week session students will be able to sail a boat single-handedly, be certified in powerboat safety, if they choose, and properly handle a kayak. The 1st session is from July 9 to 20 and will be geared toward the beginning sailor. The 2nd session is July 16 to 27 and will be geared toward sailors who have had an introduction to sailing and want to learn more about racing and tuning the boat for speed. Each Friday, the program will have “Fun Fridays” including paddle boarding, kayaking, and a sailing outing. At the conclusion of each session, students will demonstrate their new skills at a Parents’ and Friends’ Day Luncheon held at the Club. Get more info, including qualifications, at 472-9627 or www.CaptivaIYC.net.

Florida in Top Five for Home Price Appreciation

An article posted on Florida Realtors® today, says:

“Tighter housing inventories are starting to lift home prices, says Anand Nallathambi, CoreLogic’s CEO. CoreLogic’s latest home price index, which includes distressed sales, shows a slight month-over-month nationwide increase of 0.6% in home prices from February to March. But some markets are seeing much more of a price boost this spring, including Florida, which ranked No. 5 overall for home price increases. “This spring, the housing market is responding to an improving balance between real estate supply and demand, which is causing stabilization in house prices,” says Mark Fleming, CoreLogic’s chief economist. “Although this has been the case in each of the last two years, the difference this year is that stabilization is occurring without the support of tax credits and in spite of a declining share of REO sales.”
“States with highest appreciation – According to CoreLogic, the following states had the highest appreciation in March (this includes distressed sales):
• Wyoming: +5.9%
• West Virginia: +5.3%
• Arizona: +5.1%
• North Dakota: +4.7%
• Florida: +4.5%
“States with biggest depreciation – Meanwhile, the states with the greatest depreciation, when also figuring in distressed sales, are:
• Delaware: -10.6%
• Illinois: -8.3%
• Alabama: -8%
• Georgia: -7.3%
• Nevada: -5.8%”

Sanibel & Captiva Multiple Listing Service Activity May 4-11

Sanibel
CONDOS
No new listings.
7 price changes: Sundial #D412 1/1 now $315K, Pointe Santo #C4 1/1 now $494K, Kimball Lodge #263 1/1.5 now $496K, Pointe Santo #D24 2/2 now $655K, Pointe Santo #D35 2/2 now $679K, Oceans Reach #2D2 2/2 now $749K, Beachcomber #A101 2/2 now $1.495M.
4 new sales:. Captains Walk #D3 1/1 listed for $140K, Sundial #F407 1/1 listed for $297.5K, Pine Cove #102 3/2 listed for $879K, Sanctuary Golf Villages I #4 3/3 listed for $948K.
5 closed sales: Coquina Beach #5A 2/2 $300K, Coquina Beach #4G 2/2 $385K, Tarpon Beach #104 2/2 $645K, Sayana #202 2/2 $825K, Sundial #T306 3/2 $900K.

HOMES
3 new listings: 1809 Bowman’s Beach Rd 3/2 $600K, 1405 Jamaica Dr 3/2.5 $659K, 2498 Harbour Ln 4/3 $995K.
2 price changes: 1339 Par View Dr 3/2 now $659.5K, 2964 Wulfert Rd 5/5.5 now $2.464M.
5 new sales: 1657 Sand Castle Rd 2/2 half-duplex listed for $349K, 533 Rabbit Rd 3/2 listed for $499.5K, 740 Durion Ct 3/2 listed for $599K, 1244 Par View Dr 4/3 listed for $858.9K, 926 Whelk 4/3 listed for $1.295M.
6 closed sales: 3812 Coquina Dr 3/2 $405K; 1417 Causey Ct 3/2 $525K; 215 Robinwood Cir 3/2 $590K; 231 Daniel Dr 3/2.5 $725K; 1735 Jewel Box Dr 3/2 $747,757; 440 East Gulf Dr 3/2 $885K.

LOTS
No new listings.
1 price change: 133 Butterknife Pl now $339K.
No new sales.
2 closed sales: 555 Piedmont Rd $140K (our listing), 1326 Junonia St $267K.

Captiva
CONDOS
No new listings.
1 price change: Gulf Beach Villas #2116 1/1 now $439K.
1 new sale: Bayside Villas #5234 1/2 listed for $315K.
No closed sales.

HOMES
No new listings or price changes.
1 new sale: 11512 Andy Rosse Ln 2/2 listed for $945K.
2 closed sales: 14981 Binder Dr 3/3 $824K, 1 Sunset Captiva Ln 2/2.5 $1.35M.

LOTS
Nothing to report.

The Islands Are Flowering Every Month, Including May

Posted on May 4, 2012 by SanibelSusan

It is the end of another glorious week of sunny weather on Sanibel. Traffic has subsided and the islands are thinning out, but surprisingly, business again was brisk for us this week. Here are a few news items, followed the Sanibel and Captiva Islands Multiple Listing Service activity over the past seven days.

Here are some favorite island flowers to illustrate that with our Southwest Florida tropical weather, the islands of Sanibel and Captiva are colorful year-’round. Hope you like the one with the turtle.

No Realtor® Caravan This Week

Usually it is local “off season” signal when our Realtor® Caravans change from every Thursday to every other week. That off-season schedule began this week and probably will continue until November, or until business picks up again. Interestingly, for us at SanibelSusan Realty, however, this was another busy week.

I sold one of our lot listings to some European visitors, while an off-island Realtor® sold one of our condo listings. An offer on another condo is in the works, while our other two sales transactions (ready to close soon) are progressing well. All-in-all, it was another productive week, though unusual for this time of the year. All we can say is “keep it coming”.

Visit CROW’s New Visitor Center

On Monday evening, CROW (Clinic for Rehabilitation of Wildlife, Inc.) held an open house for island Realtors® at their new Healing Winds Visitor Center. Though I have been a long-time CROW member and supporter of this wonderful facility, it was my first opportunity to leisurely check out their new exhibits and talk to the new Hospital Director, Dr. Heather Barron. Dr. Heather joined their staff in January.

This special event was a follow-up to CROW Executive Director Steve Greenstein’s recent presentation to our Association membership. If you also have not recently visited CROW, please put it on your “do list”. I have some free passes to the Visitors Center and their daily (Tues through Sat) programs at 11 a.m. are continually changing as are the exhibits in the Center. Geared to educate adults and children alike, CROW’s offerings have greatly expanded during my 20 years on Sanibel as has their number of patients. If you plan to visit CROW during one of these 11 a.m. programs, consider a Friday, when they often have live animals in their cooperative presentation with partners from the Calusa Nature Center.

Is Florida’s Shadow Inventory a Rebound Threat?

This article was posted on Florida Realtors® on Tuesday. Note, the full report – The Distressed Property Market and Shadow Inventory in Florida: Estimates and Analysis – is available online.

“The term “shadow inventory” hangs over the real estate market, suggesting a thinly veiled catastrophe seen through the mist, just as the passengers of the Titanic watched an iceberg draw closer. However, a white paper written by Florida Realtors® Chief Economist Dr. John Tuccillo finds the fear of a shadow inventory overrated.
““The fear…is that the inventory of delinquent and foreclosed loans (will be released onto) an already weakened market,” says Tuccillo. “(But) the reality, even in Florida where distressed properties make up a significant portion of the market, appears to be different.” Tuccillo says lenders have no reason to flood the real estate market with more homes if doing so would drive prices down and impact the lender’s profit. While some observers worry that lenders were holding back on purpose, Tuccillo says that’s not so – that the large number of distressed properties on hold was “largely the result of confusion over the rules of the game, and thus missteps by the lenders.”
“In conducting an analysis, Florida Realtors® Research looked at data from MLSs around the state and data provided by CoreLogic, a statistical analysis company. “We looked at the recent history of distressed property listings and transactions relative to normal market data, as well as estimates for the shadow inventory, and came to some conclusions about the likely course (for the) future,” says Tuccillo.
“Conclusions
• Florida remains one of the nation’s hardest hit states for distressed property sales.
• Distressed property sales and listings have declined since late 2010, except for single-family-home short sales.
• Average prices for distressed and normal property sales have been stabilizing.
• In general, Realtors and lenders have learned how to cope with distressed properties in a way that stabilizes the market.
• Florida’s highest percentage of distressed property (compared to total listings) occurs in the I-4 corridor and Southeast Florida; the lowest percentages occur in Northwest Florida.
• Currently, Florida’s shadow inventory was 550,000 units at the end of 2011, a decline of about 9% from its peak in the first quarter of 2010.
• Currently, the flow of new seriously delinquent (90 days or more) loans moving into the shadow inventory is offset by the roughly equal flow of distressed sales (short sales and REOs).
• The number of foreclosures and REOs was significantly lower in February of 2012 than one year earlier, suggesting slower shadow inventory growth.
“Tuccillo predicts that distressed properties will be a significant feature of the Florida real estate market over the next ten years, but it will be considered just one property type a buyer can consider – one that has its own unique sales techniques and documentation.”

Update on Citizens (Wind) Property Insurance

An article in the Miami Herald on Tuesday offered the following:

“Citizens Seeks Fewer Customers, Higher Premiums – Citizens Property Insurance has some new ambitious goals: Move as many as 678,000 policyholders out of state-run insurance and once again become the “insurer of last resort.” Its strategy: Enact a flurry of policy changes that will undoubtedly raise premiums and reduce coverage for thousands. Citizens which unveiled the aggressive “depopulation” plan this month in a revised budget proposal, says it is doing so to prevent statewide financial havoc in the wake of a major hurricane. “Citizens has the ability to levy assessments (hurricane taxes) on almost all Florida policyholders in the event of a deficit after a storm,” spokeswoman Christine Ashburn said in an email. “The long term goal will continue to be returning policies to the private market, which is ultimately how we can reduce the reliance on assessments.”
“But some homeowners have already been impacted by the first wave of Citizens’ campaign to drastically reduce its size and shore up its finances. Patricia Temple, of Coral Gables, is bracing for a $2,150 premium increase this year, after Citizens sent an inspector to her home and decided her payments were too low. “I have to do what I have to do because I (can) not be without insurance,” said Temple, who is 79 and retired. “But I don’t understand how they can do this if the Legislature put in a 10% cap on rate increases.” Temple became a Citizens client after Liberty Mutual, her insurer of 50 years, dropped her. Though she says she has not made a property insurance claim in five decades, Citizens raised her rates by 50%.
“Stories like Temple’s are echoed by thousands of policyholders who say they’ve seen costs suddenly spike despite never making a claim or experiencing hurricane damage. Under a sweeping re-inspection program, Citizens has sent inspectors to 158,000 buildings in the last two years. As inspectors check roofs and windows, more often than not, they find something that translates into higher premiums, with an average increase of nearly $900. Another 209,000 inspections are scheduled for this year, and Citizens recently proposed a new $50,000 contract for a new study of wind mitigation credits. The study is likely to lead to premium increases, and Citizens board member John Rollins indicated the return on investment for the study would be measured in millions of dollars.
“Sean Shaw, founder of Policyholders of Florida, said that money will ultimately come out of the pocket of hard-working homeowners, who are paying more for less coverage. “People are at such a disadvantage when Citizens does this,” he said. “It’s like they’re treating people like data points.”
“Despite recent moves to reduce wind mitigation credits and raise rates on sinkhole coverage, Citizens has not experienced any significant reduction in size (the insurer swelled from 800,000 policies in 2007 to more than 1.4 million today). Citizens’ depopulation push will soon go into overdrive, with several hard-charging coverage changes set to kick in over the next 18 months. Ideally, Citizens would like to shrink by 45% to 794,308 policies in the very near future.
“With private insurers still wary about the Florida market, it’s not clear where 678,000 current policyholders will go for coverage when contracts end with Citizens. Citizens’ theory is that its artificially low rates discourage private insurers by making the market uncompetitive. It’s banking on more private insurers picking up the slack as it depopulates.
“Here are a few of the changes that begin Tuesday for Citizens policyholders:
• Homeowners who need to join Citizens will have to submit written proof that there is no private insurer able to provide affordable coverage for their home.
• Citizens will no longer offer Builders’ risk insurance for new homes.
• Coverage for carports, screened enclosures and fences will end for renewal policies.
• The personal liability coverage limit will decline from $300,000 to $100,000.
“The push to depopulate is set to intensify in the months ahead, and those with Citizens coverage can expect to be impacted by at least one of several policy changes being proposed. Among them:
• Uncapping rates for new policies, causing new policyholders to pay as much as 50% more than existing customers for similar coverage.
• Requiring new electrical and plumbing inspections for older homes.
• Requiring new inspections and likely higher premiums in sinkhole-prone counties.
• Increasing deductibles for “all other perils” coverage.
“Most of the changes are being enacted without the Legislature, which this year declined to pass major property insurance reform. With hurricane season set to begin in a month, Citizens says it must tamp down its level of risk in order to avoid financial calamity for all consumers. While the company has been able to build up a surplus of more than $6 billion during a 6-year streak without a major storm, financial models show that a large hurricane this year could wipe out those funds and other resources. That would lead to assessments for Citizens’ customers and potentially for all insurance policyholders in the state. That’s why the Citizens board of directors, with the support of Gov. Rick Scott, is trying to attract private insurers back into the market by shrinking Citizens as quickly as possible.
““It is important that Citizens work towards having adequate rates to reduce the likelihood of assessments on all Florida policyholders,” said Ashburn. Some say those private insurers are never coming back, particularly in the state’s high-risk areas where it doesn’t make financial sense to underwrite homes. “We’d all love to see the depopulation of Citizens, but guess what? The private companies are not coming back to this area,” Sen. Mike Fasano, R-New Port Richey, told Citizens’ executives last week. “Please, please, leave the people alone that are struggling.””

Sanibel & Captiva Multiple Listing Service Activity April 27- May 4

Sanibel

CONDOS

2 new listings: Sealoft Village #106 2/2 $559K, Compass Point #203 2/2 $599K.

10 price changes: Lighthouse Point #217 3/2 now $339K, Blind Pass #C110 2/2 now $399.9K, Sea Pines #D 3/3 now $469K, Sundial #I103 1/1 now $485K, Sea Pines #E 3/3 now $579K, Pelicans Roost #104 2/2 now $599.8K, Heron at The Sanctuary III #1B 3/2.5 now $615K, Heron at The Sanctuary II #2A 2/2.5 now $619K, Compass Point #181 2/3 now $997K, High Tide #B202 2/2 now $1.447.5M.

7 new sales: Sundial #B207 1/1 listed for $299K, Lighthouse Point #332 2/2 listed for $474K (our listing), Kings Crown #211 3/2 listed for $599K, Sand Pointe #132 2/2 listed for $599K, Tarpon Beach #101 2/2 listed for $619K, Tarpon Beach #104 2/2 listed for $679K, Nutmeg Village #108 2/2 listed for $795K.

11 closed sales: Seashells #29 2/2 $300K, Blind Pass #G201 2/2 $334K, Sundial #B402 1/1 $340K, Sundial #H402 2/2 $430K, Sanibel Arms West #J3 2/2 $400K, Sanibel Arms West #L6 2/2 $425K, Sealoft Village #108 2/2 $483K, Sand Pointe #211 2/2 $559.5K, Oceans Reach #1C1 2/2 $722.6K, Atrium #105 2/2 $945K, Junonia #301 3/2 $1.5M.

HOMES

6 new listings: 1649 Sand Castle Rd 3/2.5 half-duplex $415K; 2166 Egret Cir 3/2 $559,555; 740 Durion Ct 3/2 $599K; 673 East Rocks Dr 3/2 $629K; 1230 Par View Dr 3/2.5 $749,999; 919 Almas Ct 3/2.5 $1,199,999.

10 price changes: 1663 Bunting Ln 3/2 now $344K (short sale), 1702 Sand Pebble Way 3/2.5 now $399K, 490 Elizabeth Rd 2/2 now $413K, 940 S Yachtsman Dr 3/2.5 now $569K, 1271 Sand Castle Rd 3/2.5 now $609K, 1339 Par View Dr 3/2 now $667.5K, 1516 Angel Dr 3/2 now $899K, 5427 Osprey Ct 3/3.5 now $1.195M, 660 Anchor Dr 4/4 now $1.925M, 780 Birdie View Pt 5/4.5 now $1,999,999.

7 new sales: 1433 Jamaica Dr 5/4 duplex listed for $439K, 4210 Old Banyan Way 3/2 listed for $595K, 1208 Harbour Cottage Ct 3/3 half-duplex listed for $699K, 862 Beach Rd 3/2 listed for $999K, 1690 Sabal Palm Dr 4/3 listed for $1.595M, 5391 Shearwater Dr 3/3.5 listed for $1.649M, 3864 West Gulf Dr 4/5.5 listed for $2.188M.

6 closed sales: 1430 Sandpiper Cir 3/3 half-duplex $406K, 237 Daniel Dr 3/2 $522K, 2624 Coconut Dr 2/1 $656.7K, 1234 Seagrape Ln 3/2 $679K, 1537 Sand Castle Rd 4/3 $740K, 836 Sand Dollar Dr 3/2/2 $1.025M.

LOTS

No new listings.

4 price changes: 9211 Dimmick Dr now $137,555; 1894 Farm Trl now $283,555; 4636 Rue Royale now $659K; 6401 Pine Ave now $699K.

1 new sales: 1120 Olga Ave listed for $299K (our listing).

1 closed sale: 4077 Coquina Dr $215K.

Captiva

CONDOS

1 new listing: Gulf Beach Villas #2128 3/2 $895K.

1 price change: Captiva Bay Villas #D 3/3.5 now $2.995M.

No new sales.

1 closed sale: Lands End Village #1610 3/3 $1.8M.

HOMES

No new listings.

1 price change: 11490 Dickey Ln 3/2 now $849K.

No new or closed sales.

LOTS

Nothing to report.

Saint Patrick’s Day Is Over But The Islands Stay Green

Posted on March 18, 2011 by SanibelSusan

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Islanders are smiling as we just had another week of terrific weather including a bright day yesterday for the Irish Fest. We had a couple of our new listings filmed by plane by our favorite island photographer, Jim Anderson, whose new island coffee table book is getting rave reviews. Here are a couple of the aerials that show how green we are in March – even before spring has sprung!

Island Happenings

Sanibel-Captiva Art League’s Annual Clothesline Sale is Sunday, March 20, from 9 a.m. to 3 p.m. at The Community House across from our office. It is free and known for its original and often heavily discounted art. Nearly 30 artists are expected to participate.

Norm Zeigler’s Snook & Spring Fest is also Sunday from 1 to 4 p.m. featuring music, raffle prizes, & a traditional Cajun “shrimp boil”. This event is right here in Sanibel Square, should make for a busy day.

BIG ARTS Community Chorus Spring Concert is Thursday night, March 24, at 7 p.m. Usually a sell-out, a few tickets remain. We have a nice variety of songs on the program this year, but the featured performance will be after intermission when we present the best of “Oklahoma”. Should be a hoot to see how quickly 80+ singers can change from their formal black/white attire into western wear.

Sanibel School Seahorse Festival is next Saturday, March 26 from 4 to 9 p.m. It being an evening event is new. Held on school grounds, funds raised during the festival go toward technology and software for classrooms. Activities will include live band, games, bounce houses, obstacle course, silent auction, food and drinks.

CROW’s 8th Annual Walk on the Wild Side is Friday, April 1, with pre-registration requested. This event includes a 4.1-mile walk through the J.N. “Ding” Darling National Wildlife Refuge with CROW staff and volunteers.

Shift in Housing Policy

United Press International reported yesterday that U.S. Treasury Secretary Timothy Geithner said Wednesday the government should “at a deliberate pace” back away from housing market support. In prepared remarks for the Senate Committee on Banking, Housing & Urban Affairs, Geithner said policies that shaped financial decisions for decades should be reversed. “Our goal is not for every American to become a homeowner,” he said. “We are committed to a system in which the private market – not American taxpayers – bears the burden for losses” in the housing market, he said.

Taxpayers have been supporting two government-sponsored enterprises, the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp., which guarantee mortgage loans and sets the pace on appropriate lending practices. Geithner, however, said regulators dropped the ball. “Taxpayers (were left) responsible for much of the risk incurred by a poorly supervised housing finance market,” he said, adding, “These were avoidable mistakes.” He said, “I want to emphasize that it is very important that we wind down Fannie Mae and Freddie Mac at a careful and deliberate pace.”

Pointedly, although the government took over the two mortgage giants in September 2008, their role in the mortgage market has increased, as lending has become tighter. “In the wake of the financial crisis, private capital has not sufficiently returned to the mortgage market, leaving Fannie Mae, Freddie Mac, FHA (Federal Housing Administration) and Ginnie Mae (Government National Mortgage Association) to insure or guarantee more than nine out of every 10 new mortgages,” Geithner said.

Tax Time for Homeowners

In the same vein, Florida Realtors® also posted the following article yesterday “Owning a home offers myriad benefits throughout the year, but some of the financial advantages of homeownership are most apparent at tax time,” said National Association of Realtors® (NAR) President Ron Phipps. “As many of today’s hard-working American families are feeling a financial squeeze, the tax benefits that can come from owning a home can be a welcome relief.”

A number of tax deductions and credits are still available for homeowners; these include deductions – with specific limits – for mortgage interest and capital gains on home sales, and credits for certain energy-efficient home improvements. Even with these benefits, homeowners pay 80-90 percent of all U.S. federal income taxes.

“It’s been suggested that many of today’s tax incentives for homeownership primarily benefit wealthy individuals, but that’s simply not true,” said Phipps. “As today’s public debate continues about what homeownership means for families, communities and the nation’s economy, there’s no question that for many, owning a home is still the best way to begin building wealth.”

Ninety-one percent of homeowners who claim the mortgage interest deduction earn less than $200,000 a year, and the ability to deduct the interest paid on a mortgage can mean significant savings at tax time. For example, a family who bought a home in 2010 with a $200,000, 30-year, fixed-rate mortgage, assuming an interest rate of 4.5 percent, could save nearly $3,500 in federal taxes when they file this year.

“Realtors see the very real positive impact of homeownership every day with our clients,” said Phipps. “Recent proposals to reduce or eliminate the mortgage interest deduction and remove government support of the housing finance market could have disastrous consequences for the economy, not to mention making it harder or nearly impossible for millions of families to own their own homes. We believe America must continue to invest in homeownership, for the future of our families and our nation.”

For homeowner tax season tips, visit www.HouseLogic.com . NAR’s HouseLogic is a free source of information that helps homeowners maintain and enhance the value of their homes, and engage in issues that affect their local communities.

Number of Island Sales

Last week, we posted a summary chart showing average sale prices on both Sanibel and Captiva over the past few years. Here is the companion graph showing average number of sales each year. So as not to skew the chart, 2011 sales are not included. They have however, continued in the same trend as the graph shows.

Unfortunately, this week not many sales were announced at our monthly Realtor® Membership Meeting. The islands are busy, yet most of the visitors this week are families on spring breaks just having fun. The next few weeks are similarly booked while schools are on vacation, with a huge visitor turn-over expected tomorrow.

Sanibel & Captiva MLS Activity Mar 11 – 18:

Sanibel

CONDOS

4 new listings: White Caps South #5 1/1 $499K, Sundial #Q304 2/2 $549K, Shell Island Beach Club #7C 2/2 $589K, Tarpon Beach #101 2/2 $749K.

9 price changes: Sundial #G107 1/1 now $340K, Heron at the Sanctuary #2-1B 2/3.5 now $519.9K, Sundial #0201 2/2 now $545K, Tarpon Beach #204 2/2 now $625K, Sanctuary Golf Villages I #6-3 3/3 now $749K, Villas of Sanibel #A301 3/3 now $1.15M, Janthina #2A 3/2 now $1.295M, Janthina #2B 3/2 now $1.35M, Janthina #3A 3/2 now $1.375M.

6 new sales: Sanibel Arms #H2 1/1 listed for $225K (short sale), Sanibel Arms #D6 1/1 listed for $225K (short sale), Captains Walk #A1 2/1.5 listed for $229K, Tennisplace #B21 2/1.5 listed for $265K, Tennisplace #B31 2/1 listed for $268K, Island Beach Club #210F 2/2 listed for $439K.

3 closed sales: White Sands #12 2/2 $580K (our listing), Sundial #E201 2/2 $800K, Sundial #R206 3/2 $875K.

HOMES

5 new listings: 1458 Sandpiper Cir 3/2.5 half-duplex $329K, 1740 Middle Gulf Dr 4/3 $735K, 1244 Par View Dr 4/3 $898.9K, 1670 Dixie Beach Blvd 3/2 $999K, 3400 West Gulf Dr 4/3 $1.499M.

18 price changes: 1133 Schooner Pl 5/2 duplex now $414K, 490 Elizabeth Rd 2/2 now $436.5K, 1433 Jamaica Dr 5/4 duplex now $494K, 566 Boulder Dr 3/2 now $549.9K, 994 Whelk Dr 2/2 now $549.95K, 220 Palm Lake Dr 3/3 now $599K, 1057 Sand Castle Rd 3/2 now $675K, 1224 Buttonwood Ln 3/2 now $688K, 486 Surf Sound Ct 3/3.5 now $699K, 998 Whelk Dr 3/2.5 now $849K, 930 Victoria Way 3/3 now $999K, 791 Pen Shell Dr 4/3 now $1.249M, 4501 Waters Edge Ln 4/5/2 now $1.995M (short sale), 829 Tulip Ln 5/4.5 now $2.695M, 4701 Rue Belle Mer 4/4 now $2.975M, 1950 Woodring Rd 4/3.5 now $2.995M, 1310 Seaspray Ln 4/4 now $3.25M, 1272 Isabel Dr 4/4.5 now $4.459M.

2 new sales: 6072 Dinkins Lake Rd 3/2 listed for $544K (short sale), 4453 Waters Edge 3/3 listed for $2,497,013.

7 closed sales: 5151 SanCap Rd 2/2 $280K, 754 Vinca way 4/3 $295K (short sale), 1954 Roseate Ln 3/2 $400K, 3733 Coquina Dr 3/2 $667.5K, 246 Christofer Ct 4/2.5 $775K, 4640 Rue Belle Mer 4/4 $830K, 1995 My Tern Ct 3/2 $995K.

LOTS

2 new listings: 1590 Century Ct $165,555; 4380 Bowen Bayou Rd $399,555.

1 price change: 2285 Wulfert Rd now $184K (short sale).

No new sales.

1 closed sale: 5759 SanCap Rd $300K.

Captiva

CONDOS

No new listings.

3 price changes: Bayside Villas #4212 1/2 now $285.9K, Bayside Villas #4216 1/2 now $295K, Tennis Villas #3139 2/2 now $399K.

1 new sale: Bayside Villas #4302 3/3 listed for $550K.

No closed sales.

HOMES

No new listings.

4 price changes: 11540 Gore Ln 3/3 now $919K, 16167 Captiva Dr 3/3 now $1.269M, 16171 Captiva Dr 4/4.5 now $1.765M, 16730 Captiva Dr 5/4.5 now $5.5M.

No new or closed sales.

LOTS

Nothing to report.

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