SanibelSusan Realty had a flurry of real estate activity this week, which is fairly unusual for this time of the year: a new home sale, a few showings, and two nice closings. It has again been a week of wonderful weather with bright sunny days, perfect for all those outdoor activities. Here are a couple of photos forwarded to me this week by Ellie, my photographer-client-friend, showing that there have been great sunsets this week too!

There were several sales announced yesterday at our Realtor® Caravan meeting, though meeting attendance was light due to the National Association of Realtors® Mid-Year Business Meetings in Washington, DC. Association leadership was in DC and on the Hill yesterday. One of the topics discussed was the upcoming changes in flood insurance rates. Below is a little more about that subject, followed by a couple of other news items, then the activity posted this week in the Sanibel and Captiva Islands Multiple Listing Service.

Flood Insurance Rates

I was shocked this week to see a new flood insurance quote for an island property. Realtors® try to stay informed on changes that affect housing and their associated costs, but the price on this quote was beyond any expectations. Coincidentally, Chris Heidrick of Hendrick and Company (http://sanibelinsurance.com), an affiliate member of our local Realtor® Association, wrote an “Island Sun” article that appeared in today’s paper.

Called “Flood Insurance Rates to Skyrocket for Older Homes“, in part, it says: “Last July, Congress passed the Biggert-Waters Flood Insurance Reform Act of 2012 (BW12), which provided for a sorely needed five-year re-authorization of the National Flood Insurance Program (NFIP). However, FEMA (Federal Emergency Management Agency) has recently started to release details of other provisions of the Act that will have significant financial impacts on local homeowners, commercial property owners and condominium associations…The most significant section of the Act immediately eliminates rate subsidies on structures built prior to 1979 on Sanibel and 1984 on Captiva, Fort Myers Beach and many parts of mainland Lee County. Rates for these structures have been artificially low since the inception of the NFIP in 1968. Premiums for these policies will increase from a range of $1,200 to $2,400 to at least $3,000 and in many cases to well over $10,000 per year. While the new rates have not yet been released, indications are available. Government and industry leaders all agree on the enormity of the increases.

“Residential, commercial and condominium association policies that were in effect prior to the Act (July 6, 2012) will have the increases phased in over the next several years through annual increases of 20 to 25% per year. However, policies that were purchased on or after July 6, 2012 will require owners to obtain an Elevation Certificate and will be re-rated at the new, higher rate at the first renewal after October 1, 2013. Buyers of older, ground-level homes/buildings should have an Elevation Certificate done by a surveyor now and ask their agent how their premiums may be impacted at the next renewal. Some people may struggle to pay premiums that increase as much as 500% at their next renewal. Owners of all structures in a Special Flood Hazard Area and having a mortgage are required to maintain flood insurance.

“Selling impacted properties may also become more difficult as buyers who require a mortgage may be reluctant to purchase a property that requires at $10,000 per year flood insurance policy. In some cases, the only way to escape the impact of BW12 may be to elevate the building.

“And, as if these increases were not painful enough, there are several other provisions in the law that will further increase flood premiums today and in the future. Any building that has been “substantially improved greater than 30% of its fair market value” will immediately be subject to the new, higher rates. This threshold is lower than the “50% of fair market value” threshold that triggers conformance requirements under FEMA construction guidelines. However, if the improvement elevates the building above Base Flood Elevation, it could result in a decrease in flood insurance premiums.

“Building and community officials should be advising citizens that there are significant credits provided for exceeding FEMA requirements. Often, buildings are constructed to meet FEMA requirements, which are a minimum standard. Exceeding those standards by elevating just one additional foot could decrease flood premiums over 50%.

“Further, the practice of “Grandfathering” will be phased out beginning in late 2014. Grandfathering allows a property owner to continue to pay lower rates after a revision to flood maps indicate an increased hazard for that property, saving some property owners thousands of dollars.

“For owners of properties impacted by BW12 there is one glimmer of hope that has recently surfaced. On May 7, 2013, Sen Mary Landreiu of Louisiana introduced an Amendment to the Water Resources Development Act (WRDA) that would stop premium rate increases for NFIP coverage until FEMA conducts an affordability study and there is adequate time to act on the findings. Homeowners and citizens should contact (Florida) Sen Bill Nelson and Sen. Marco Rubio to express their concerns about Biggert-Waters and ask for support of Sen. Landreiu’s Amendment to the Water Resources Development Act.”

Island Turtle Happenings

SCCF photo of loggerhead turtle burying her nest

Saving Sea Turtles Promoted by JN “Ding” Darling National Wildlife Refuge – Thanks to a grant acquired by the “Ding” Darling Wildlife Society, the refuge hopes to educate island visitors about the importance of protecting sea turtles. Several species nest here from May through October, so the grant money will be put to good use by distributing two publications (a handy informational brochure about protecting sea turtles, plus a coloring/games book for children) in many local accommodations and hotel rooms.

CROW Releases Kemp’s Ridley Sea Turtle – More news on the turtle-front is that CROW (Clinic for the Rehabilitation of Wildlife) recently successfully released a critically endangered Kemp’s Ridley sea turtle back into the Gulf of Mexico. CROW has already cared for 12 sea turtles this year, having treated 20 in all last year. They stay at the facility an average of 45 days. CROW is the only facility on the Gulf coast between Sarasota and the Florida keys that is licensed to provide medical care to sea turtles. Two of the most common reasons season turtles arrive at CROW are boat strikes and fishing line or net entanglement, so we can all do our part in preventing these occurrences.

Rare daytime hatching. See baby turtle to the right. SCCF photo.

Sea Turtle Nests – So far the number of turtle nests are lagging the numbers that were identified by mid-May in 2011 and 2012. The Sanibel-Captiva Conservation Foundation’s Sea Turtle Office has volunteer turtle patrol monitors who watch the beaches, carefully marking nesting areas to ensure that they are not disturbed. As of this morning, seven nests have been identified on Sanibel, four on Captiva (all loggerheads). In 2012 on Sanibel, there were 314 loggerhead turtle nests, one green turtle nest, and 660 false crawls (all loggerheads). (A false crawl is where a turtle attempts to make a nest but is disturbed and instead returns to the Gulf ejecting her eggs.) On Captiva in 2012, there were 117 nests and 170 false crawls (all loggerheads). Hatch success in 2012 was compromised by Tropical Storms Debby and Issac; 99 Sanibel nests and 36 Captiva nests hatched, with over 9,000 hatchlings reaching the Gulf.

Lee County Tourism on the Rise

Today in the “Island Sun”, it says that Lee County’s lodging industry experienced increases in average occupancy rate and average daily rate for the winter season year-over-year. Revenue per available room increased 9% in March. March also was the busiest month recorded in Southwest Florida International Airport history, with a year-to-date increase in passenger traffic of 7.5% over the same period last year (January through March).

Appraisals Catching Up to Rising Home Values

Appraisals have been a stumbling block in sales on the islands for the past few years. It is nice to hear that the nationwide trend is changing. An article yesterday in “Daily Real Estate News” sourced a CNNMoney article from Wednesday. The article says:

“In recent months, real estate professionals have had to hold their breath as they waited for an appraisal on a property to come back. Would it be lower than the agreed-upon selling price  — and by how much? 

“Many real estate professionals have blamed a high number of derailed transactions on low-ball appraisals. 

But now the industry is noticing a change in appraised values: Appraisals are getting more in line with the agreed upon selling price, CNNMoney reports. 

“Appraisers are valuing homes at or above their selling prices as home prices nationwide climb and inventories of homes decrease, says Lawrence Yun, chief economist for the National Association of REALTORS®. For example, in Wallingford, Wash., real estate pro Michael Ackerman told CNNMoney that he was concerned a transaction would fall apart when a buyer agreed to pay $755,000 for a home since other comparable homes in the area had sold for $690,000.  “Everybody’s jaws dropped” when the appraised value came in at the full, agreed-upon selling price,” says Ackerman.

“In some cases, appraisals are even coming in higher — which was practically unheard of just a few months ago. For example, real estate pro Cara Ameer in Jacksonville Beach, Fla., says with home prices in the area rising 15% over the past year, she was concerned the appraisal on a two-bedroom townhouse wouldn’t reflect the current rise. A buyer offered to pay $5,000 above the $189,000 asking price. The appraisal came in above the selling price, Ameer says.”

Sanibel & Captiva Islands Multiple Listing Service Activity May 10-17

Sanibel
CONDOS
1 new listing: Nutmeg Village #105 2/2 $659K.
2 price changes: Sanibel Arms West #I1 2/2 now $424K, Pointe Santo #A2 2/2 now $929K.
4 new sales: Lake Palms #7 2/2.5 listed for $249K, Sanctuary Golf Villages I #3-3 2/2.5 listed for $540K, Coquina Beach #2E 2/2 listed for $599K, Cyprina Beach #1 2/2.5 listed for $1.295M.
2 closed sales: Villa Sanibel #2H 2/2 $515K, Gulfside Place #209 2/2 $940K.
 
HOMES
2 new listings: 9240 Belding Dr 2/3.5 $475K, 428 Bella Vista Way E 4/4 $2.194M.
4 price changes: 1481 Sand Castle Rd 2/2 now $575K, 776 Conch Ct 3/2 now $699.9K (short sale), 1001 Kings Crown Dr 3/2.5 now $1.099M, 203 Daniel Dr 3/3 now $1.15M.
8 new sales: 1409 Sandpiper Cir 2/2 half-duplex listed for $299K, 1805 Ibis Ln 2/2 listed for $389K, 625 East Rocks Dr 3/2 listed for $499K (our buyer), 1405 Jamaica Dr 3/2.5 listed for $659K, 615 Hideaway Ct 3/2.5 listed for $724.9K, 916 Beach Rd 3/3 listed for $830K.
6 closed sales: 1415 Sandpiper Cir 2/2 half-duplex $307.5K, 1663 Bunting Ln 3/2 $350K (short sale), 2985 Island Inn Rd $399K (our seller), 1605 Bunting Ln 2/2 $574.9K (our buyer), 1053 Seahawk Ln 3/2 $645K, 3441 West Gulf Dr 5/4/2 $4.65M.
 
LOTS
2 new listings: 1466 Sand Castle Rd $229K, 1301 Par View Dr $249K.
1 price change: 223 Robinwood Cir now $229K.
1 new sale: 2418 Blue Crab Ct listed for $125K.
No closed sales.
 
Captiva
CONDOS
No new listings.
2 price changes: Beach Homes #3 3/2 now $1.629M, Lands End Village #1638 3/3 now $1.85M.
No new sales.
2 closed sales: Marina Villas #802 2/2 $525K, Beach Homes #11 3/3 $2M. 
 
HOMES
No new listings.
2 price changes: 15631 5/4.5 now $2.275M, 16838 Captiva Dr 6/7.5 now $4.995M.
1 new sales: 16459 Captiva Dr 8/7.5 listed for $2.99M (short sale).
1 closed sale: 16623 Captiva Dr 9/9 $4.3M.
 
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.

Cheers for another great weekend &

Happy Birthday, to our teammate, Lisa!

If we have ever had picture-perfect week on the islands, it was this week – gorgeous sunny days with low humidity and temperatures only into the low 80’s until today (even into the 50’s at night). It’s expected to be terrific for the next week too. Here are a couple of photos that Lisa took Sunday just after sunrise on the beach in front of Sunset Grill. (Last week in the blog, I mistakenly called this restaurant Sunset Cafe, which is my favorite restaurant on Saint Martin. Sunset Grill on Sanibel is just as wonderful, especially if you get lucky enough to get Lisa as your server. (She is there a few shifts a week & the beach views are great especially from the front porch.))

We had just a handful of showings this week and got a few phone calls from our recent island-wide condo, home, and lot list mailings. I also opened our new listing at Spanish Cay for its first viewing yesterday. Good action for a post-season pre-summer week. A couple of our seasonal-rental condo listings do not have bookings next week – for the first time in many weeks. If they remain vacant, we will take advantage of the time and hold a few open houses.

Dave and Lisa are enjoying a couple of days off, while Elise and I are holding down the fort today. I’ll be covering this weekend too. Here are some news items, followed by Elise’s activity reports.

Realtor® Events This Week

No Realtor® Caravan meeting this week, but last night was our annual Sanibel and Captiva Island Association of Realtors® end-of-season event which started many years ago as “The Over-the-Hump Party”. With many members often working what seems like 24/7 during the winter months, this annual event includes a few hours of comradery to celebrate spring – when the island population and our workday return to a more normal pace. This year, the event included a golf scramble, followed by silent and live auctions, all to raise funds for the Realtors® Political Action Committee.

The Sanibel and Captiva Association has won several state awards over the years in recognition of the RPAC dollars raised. When the final tally for last night is complete (early records show over $25K), this year should be no exception. Teammate, Lisa Murty, won the $2,500 raffle-prize gift certificate donated by colleague, Karen Bell, co-owner of Lily & Company. Lisa is pretty excited about that. My donation of six homemade desserts brought in $550, purchased by the same Realtor® who bought them last year. Guess his family still likes my cooking! It goes to show that Realtors® will dig deep for good causes.

2013 Florida Realtors® President Dean Asher and his wife, Wendy, drove down from Orlando the day before to be here for the party. Several of us, including our current Board of Directors and Past Presidents, joined him on a sunset cruise on Wednesday out on the “Santiva” of Captiva. The photo was taken just outside Blind Pass on the gulf side. It was nice to give Dean a Wendy such a splendid introduction to the island. We are still arguing about whether a “green flash” was spotted.

President Dean spoke to association members at the party last night about the wrap-up of Florida’s legislative session which he attended ended last week. If offers good evidence of the results of some of the work accomplished with the help of our RPAC funds.

Realtors® Score Big in Florida’s 2013 Legislative Session

FloridaRealtors.org posted the following article last Friday night at the end of the 2013 Legislative Session.
“…BILLS THAT PASSED

“Much-needed funding for affordable housing programs. Lawmakers allocated more than $200 million from the large national mortgage settlement last year to numerous housing programs. Sen. Andy Gardiner (R-Orlando) negotiated the Senate’s settlement spending plan, SB 1852, which provides $50 million for rental assistance (State Apartment Incentive Loans or SAIL) and $40 million to refurbish existing homes for low-income families and provide down payment assistance and lease-purchase assistance (the State Housing Initiative Program, or SHIP). It also directs $20 million to Habitat for Humanity, $16 million for additional retired judges to help relieve the foreclosure caseload and $10 million in legal aid services for low- and middle-income homeowners facing foreclosure. While Florida Realtors® prefers that funding for affordable housing programs come from the doc stamp taxes collected on every real estate transaction for the Sadowski Trust fund, we appreciate the Legislature’s commitment to provide affordable housing for Florida’s low-income families and the elderly. Effective when mortgage settlement money is deposited in Florida’s general revenue fund.

“Tax loophole closed. This goes into the win column for Florida Realtors®. Working with several legislators, language was included in different bills to close a tax loophole used by for-profit affordable housing builders to exploit the law. They accomplish this by forming non-profit subsidiaries primarily to pay lower property taxes. Thanks to Reps. Daniel Davis (R-Jacksonville) and Doc Renuart (R-Ponte Vedra) for accomplishing this via HB 437, and Sen. Wilton Simpson (R-Trilby) for placing this language in several Senate bills. Effective: July 1, 2013.

“Lawmakers to squatters: Jig’s up. Homes left unoccupied due to foreclosure have brought out all kinds of opportunists, including those seeking free rent in swanky digs under the veil of adverse possession. HB 903 by Rep. Daniel Davis (R-Jacksonville) amends Florida’s long-standing adverse possession law to curb these abuses. Effective July 1, 2013, persons claiming adverse possession must:
•    pay all outstanding taxes and liens levied by the state, county or municipality within one year of claiming adverse possession;
•    provide the county property appraiser with their contact information, the date when the adverse possession claim began, a legal description of the property, and the dates when outstanding taxes and liens were paid. Filing this return with the property appraiser does not give an adverse possessor an enforceable interest in the property.
Squatters who don’t file a return may be charged with trespassing. If an adverse possessor leases the property to a third party, they can be charged with theft.

“Citizens will shrink, but not because of higher rates. A legislative session wouldn’t be complete without an insurance reform bill. The bill that crossed the finish line, SB 1770, started off big and controversial, calling for substantial rate increases for many of Citizens’ nearly 1.3 million policyholders and all new policyholders. The end product is still big — 75 pages — and includes a Florida Realtors® priority: create a clearinghouse to enforce Citizens’ eligibility requirements. But it does not include a requirement sought by Sen. David Simmons (R-Altamonte Springs) that all new policies be actuarially sound. Simmons chaired the Senate Banking and Insurance Committee this session and negotiated a compromise between an ambitious Citizens reform bill passed by the Senate and a “lighter” version proposed by the House.

“”There were so many insurance bills this session that seemed to go in so many different directions, including huge rate increases. But early on we identified the one reform — an eligibility clearinghouse — that would do the most good for the most people without unleashing rate increases that could hurt Florida’s economic recovery,” says John Sebree, Senior Vice President of Public Policy. “The legislation that did pass was the result of many long hours of negotiations between legislators, insurance companies and agents, consumer groups and Realtors.”

“Here’s what the bill accomplishes:
•    All applicants for Citizens coverage will have to go through a clearinghouse to establish eligibility. If applicants can obtain private market coverage at a cost that’s within 15% of the Citizens’ premium, they are ineligible for Citizens. Incidentally, this is current law but easily circumvented.
•    Currently, homes with a replacement cost of up to $1 million are eligible for Citizens coverage. Beginning in 2015, the maximum replacement cost will drop $100,000 a year for three years. In 2017, then, homes with a replacement cost greater than $700,000 will not be eligible for Citizens coverage. This won’t apply to homes in areas where the Office of Insurance Regulation determines there’s no “reasonable degree of competition,” such as the Florida Keys.
•    Removes Citizens eligibility for homes built or substantially improved seaward of the Coastal Construction Control Line after July 1, 2014.
•    Expands the Citizens Board of Governors to include a consumer advocate, who will be appointed by the governor.
Effective: July 1, 2013, unless otherwise provided.
 
“Foreclosure reform. With buyer demand increasing and inventory levels at record lows, Realtors® consider foreclosures lingering in the courts as prime housing stock. To be sure, foreclosing on a mortgage is a long process in Florida — about 853 days, more than twice the national average. That should begin to change with the passage of HB 87 by Rep. Kathleen Passidomo (R-Naples). The bill allows lenders to ask the court to justify why a final order hasn’t been entered, and gives condominium and homeowners associations the right to request the court to move the process along where appropriate. Consumer interests are addressed in several provisions including: (1) requiring lenders to prove they own the loan for a property before foreclosing on it; (2) reducing the time lenders can seek deficiency judgments from five years to one year and (3) providing protections for innocent parties who purchase a property without knowledge that a previous owner may have a claim to the property. For the person whose home is erroneously foreclosed on, HB 87 provides for the recovery of damages (monetary, compensatory, punitive, statutory and consequential), injunctive relief and fees. Effective upon becoming law.

“Rent out homestead every year, keep tax exemption. This initiative originated in Northeast Florida, where property owners sought to rent out their homestead during The Players Championship golf tournament and the Daytona 500 without jeopardizing their homestead status for several tax exemptions. Under current law, rental for any amount of time in the second of two consecutive years triggers abandonment of homestead and loss of the homestead exemption in the second year. SB 342 by Sen. John Thrasher (R-St. Augustine) provides a “safe harbor” that lets people rent their homestead for up to 30 days a year without losing the exemption. However, rentals that exceed 30 days for two consecutive years jeopardize the homestead exemption in year two. Note that the law doesn’t address how many days beyond the 30-day threshold triggers abandonment of homestead. A Department of Revenue opinion allows for rentals of up to six months every other year if proof of substantial residency and other conditions are met. Effective: July 1, 2013.

“New option: Electronic version of yearly property tax notices. Many businesses have cut down on the cost of paper and mailing by giving customers the option to check bills online. HB 247 by Sen. Jeremy Ring (D-Margate) and Rep. Bryan Nelson (R-Apopka) attempt to do the same thing for Florida, and it could impact a few real estate-related forms, such as the annual TRIM notices (property tax assessments). Currently, counties mail TRIM notices and other documents, including sample election ballots, to homeowners by first-class mail. Under HB 247, a county can opt for an online system, providing certain conditions are met, such as an “opt-in” system for collecting email addresses. Effective: Oct. 1, 2013.

“Hidden liens no more. Sometimes governmental and quasi-governmental entities place liens on property that aren’t known until closing, which can disrupt an otherwise good transaction. HB 267 by Realtor and Rep. John Wood (R-Winter Haven) requires these liens to be recorded in the county where the property is located in order to be valid. This bill only applies to liens entered by a governmental or quasi-governmental entity for services, fines, or penalties, and does not affect liens for taxes, non-ad valorem or special assessments, or utilities. Effective: Oct. 1, 2013.

“New disclosure for residential leases. HB 77 by Rep. Elizabeth Porter (R-Lake City) contains a number of revisions to Florida’s Landlord and Tenant Act. It also includes a new disclosure that must be given to tenants when they receive notice as to where their security deposits or advance rents are being held, if they’ll receive interest on the money and so on. The bill also contains provisions about screens, recurring tenant violations of a lease, evictions after acceptance of partial rent, non-renewal notice requirements, writs of possession and the transfer of security deposits from a previous owner to a new landlord. Property managers are encouraged to review this legislation closely. Effective: July 1, 2013.

“Green energy tax incentives. In 2008, Florida voters approved a constitutional amendment providing tax breaks to residential property owners who install solar energy devices or wind-resistant materials. HB 277 by Rep. Michelle Rehwinkel Vasilinda (D-Tallahassee) and Rep. Jose Felix Diaz (R-Miami) creates rules to implement the tax break for solar energy devices installed on or after Jan. 1, 2013. The bill does not, however, shield windstorm mitigation upgrades from property taxes. That exemption was stripped out of the bill to win support from the House Finance & Tax Subcommittee. Effective: July 1, 2013.

“Licensure changes for brokers, appraisers. SB 852 by Sen. Aaron Bean (R-Jacksonville) brings Florida appraisers into compliance with the Dodd-Frank Reform Act, enabling them to continue to perform appraisals on federally-related transactions. To help the Florida Real Estate Appraisal Board complete disciplinary actions within a year — a federal requirement — the state budget appropriates funds for nine new staff positions. The bill also takes a tougher stance against brokers who lose their license in disciplinary actions. If the Florida Real Estate Commission revokes an individual’s broker’s license, it also revokes any multiple licenses the broker may hold. Effective upon becoming law, unless otherwise provided.

“In other appraisal news, lawmakers passed SB 1398 by Sen. Dorothy Hukill (R-Port Orange), allowing online pre-licensing courses to be offered for appraisers. Unlike real estate salespersons and brokers, appraisers currently may only take post-licensing classes via the Internet. Effective: July 1, 2013.

Budget appropriations
•    $1.543 million for Florida International University to enhance the Florida Public Hurricane Loss Projection Model so it can assess flood damage resulting from hurricanes. Currently the model only assesses windstorm damage. This will help insurers better estimate the maximum loss that should be insured.
•    $700,000 for the final phase of a study on ways to reduce the amount of nitrogen released from conventional septic tank systems. The study also looks at septic tank technologies.
•    $500,000 to combat unlicensed activity.
•    Funding for nine new positions at the Florida Real Estate Appraisal Board….” 

America’s Happiest Seaside Towns

Photo from Coastal Living magazine June 2013 issue

If you missed it on the “Today Show” on Wednesday, the island has been abuzz all week about “Coastal Living” magazine posting the results of their 2013 survey for America’s Happiest Seaside Towns. The process began with nominations, plus all the past places that the magazine has lauded as Dream Towns. From there, they looked at the community rankings on the Gallup-Healthways Well-Being Index, percentage of sunny days, healthiness of beaches, commute times, crime ratings, walk-ability, standard of living and financial well-being of the locals, geographic diversity, and their editors’ assessment of each town’s “coastal vibe”. Their 2012 winners were not eligible. The names of the top 10 contenders were announced in their February 2013 issue, and then the public voted for their favorites. The winners are:

1.         Beauford, SC

2.         Harwich Port, MA

3.         Sanibel Island, FL

4.         Sag Harbor, NY

5.         Newport, RI

6.         Rowayton, CT

7.         Kennebunkport, ME

8.         Pa’ia Town, Maui

9.         La Jolla, CA

10.        Pescadero, CA

The accompanying article said this about Sanibel: “Life in this South Florida island town just west of Fort Myers is a pastel dream, combining pale blue skies, white-sand beaches, and millions of seashells that have literally built the island on which it sits. When locals dig in their backyards on Sanibel, they turn up conch, scallop, and clam shells—intact. As for the quiet, away-from-it-all life that Sanibel offers its 6,469 residents, consider that there are no stoplights, nor buildings taller than the tallest palm tree. And the shell-seekers know that Bowman’s Beach, a natural stretch accessible only via pedestrian bridge, is one of the best for shelling (and birding).”

Big Job Boom Expected in Homebuilding

An article posted on Tuesday at “Daily Real Estate News” says “Between 2006 and 2011, residential construction jobs saw a 41% drop, as the new-home market faced steep losses. However, a big rebound is expected to be on the horizon in homebuilding. Housing starts are expected to return to normal levels by 2016, and with that prediction residential construction employment will likely rise to nearly 2.5 million jobs, according to Fannie Mae’s Housing Insights report, which looks at the historical relationship between housing starts and construction jobs.

“According to Fannie’s forecast, residential construction employment will surge by 412,000 jobs between 2012 and 2016. “This 20% rise in homebuilding employment will nearly triple the forecasted pace of total job growth during this time period,” HousingWire reports. Despite the expected surge in homebuilding jobs, Fannie says that the increase still will not reflect all the homebuilding jobs that had been lost during the housing crisis. By 2016, the number of residential construction jobs is forecasted to be nearly 1 million below the peaks reached during the housing boom.”

5 States With the Highest Foreclosure Inventories

On Thursday, “Daily Real Estate News” sourced CoreLogic for the following about foreclosures. Florida remains on the list, but there is improvement here too.

“Foreclosure rates are falling, but some states are still battling high levels. According to nationwide averages, the foreclosure inventory as of March represented 2.8% of all homes with a mortgage — that’s down from 3.5% in February. In CoreLogic’s latest report reflecting March data, the following five states posted the highest foreclosure inventories (as a percentage of all mortgaged homes):

Florida: 9.7%

New Jersey: 7.3%

New York: 5 %

Maine: 4.4%

Illinois: 4.4%

Meanwhile, the five states with the lowest foreclosure inventories were: 

Wyoming: 0.5%

Alaska: 0.7%

North Dakota: 0.7%

Nebraska: 0.9%

Montana: 0.9%”

Sanibel & Captiva Islands Multiple Listing Service Activity May 3-10

Sanibel
CONDOS
4 new listings: Spanish Cay #F7 1/1 $264K (our listing), Blind Pass #E208 3/2.5 $474.9K, Sand Pointe #214 2/2 $749K, Sunward #301 3/2 $1.895M.
5 price changes: Sundial #D207 1/1 now $279K, Seawind #A102 2/2.5 now $414.9K, Coquina Beach #3C 2/2 now $420K, Sanibel Arms #H4 2/2 now $449K, Compass Point #212 2/2 now $569K.
8 new sales: Island Beach Club #P1A 2/2 listed for $449.5K, Island Beach Club #220B 2/2 listed for $499K, Sanctuary Golf Villages I #3-3 2/2.5 listed for $540K, Compass Point #203 2/2 listed for $589K, Sanctuary Golf Villages I #5-2 3/3 listed for $599K, Oceans Reach #1B4 1/1 listed for $649K, Somerset #D102 3/2.5 listed for $999K, Tamarind #A202 2/2 listed for $1.595M.
2 closed sales: Captains Walk #E5 2/2 $220K, Sedgemoor #105 3/3.5 $2.2M.
 
HOMES
6 new listings: 661 Cardium St 2/1.5 $445K, 1659 Serenity Ln 3/2.5 $629K, 615 Hideaway Ct 3/2.5 $724.9K, 4622 Rue Belle Mer 3/2 $845K, 691 Cardium St 3/3 $949K, 829 Tulip Ln 5/4.5 $2.395M.
12 price changes: 625 East Rocks Dr 3/2 now $499K, 9459 Begonia 3/4 now $649K, 4563 Brainard Bayou Rd 3/3 now $699.9K, 657 Birdie View Pt 3/3 now $849K, 734 Pyrula Ave 3/2.5 now $875K,  6123 Starling Way 3/2.5 now $895K, 1748 Jewel Box Dr 4/4 now $1.425M, 2981 Wulfert Rd 4/4.5 now $1.795M,  2969 Wulfert Rd 6/6/2 now $1.995M, 2899 Wulfert Rd 4/4/2 now $2.695M, 2915 Wulfert Rd 5/6.5 now $2.898M.
8 new sales: 1076 Captains Walk St 2/2 listed for $575K, 1511 Angel Dr 2/2 listed for $634K, 4458 Waters Edge Ln 3/2 listed for $799K, 1433 Sanderling Cir 4/3 listed for $799.999, 1555 San Carlos Bay Dr 3/2.5 listed for $899K, 1826 Woodring Rd 3/2 listed for $1.449M (short sale), 407 Bella Vista Way E 4/4 listed for $2.699M, 1310 Seaspray Ln 4/4.5 listed for $3.195M.
2 closed sales: 6069 Henderson Rd 3/2 $375K, 630 Hideaway Ct 2/2 $478.5K.
 
LOTS
3 new listings: 2 Island Inn Rd $159.555, 1402 Middle Gulf Dr $349K, 1503 San Carlos Bay Dr $1.295M.
2 price change: 1307 Par View Dr now $249.9K, 3351 Saint Kilda Rd now $324,555.
1 new sale: 3830 West Gulf Dr listed for $600K.
1 closed sale: Tarpon Bay Rd $199K.
 
Captiva
CONDOS
No new listings.
1 price change: Seabreeze #1253 3/3 now $1.469M.
No new or closed sales.
 
HOMES
No new listings.
3 price changes: 1114 Schefflera Ct 4/3 now $1.895M, 16447 7/6/2 now $3.25M (short sale), 15009 Binder Dr 4/5.5 now $3.699M.
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.

Another photo from my friend who watches the snowy plover hatchlings. Last week you saw one just born. They grow quickly!

Happy Mothers’ Day!

As we wrap up a few days of rainy weather on Sanibel and Captiva Islands, we are thankful that is all we had. From the early wildfires in the west, to the late snow in the north, the unusual temperature changes, flooding in the Midwest, and even a mud slide in northern Florida, Sanibel and Captiva remain wonderful places to be even during spring showers. So far, it has been a bright and sunny Friday, though some afternoon showers are expected again later today. Teammate Lisa took the below photos of the beach in front of Sunset Cafe on Monday.

Here is some other spring news, followed by the islands Multiple Listing Service action over the last seven days.

Spring Time Brings More Nesting Times

Just after it was reported that the first Loggerhead Turtle nest of the season had been spotted and marked on Captiva (that was on Sunday, which actually is early for season which didn’t officially begin until Wed, May 1st), I received a couple of photos from a visiting client who each spring enjoys filming baby Snowy Plovers which are hatching now. Spring is nesting time on Sanibel and Captiva Islands for shore birds and turtles.

The Sanibel-Captiva Conservation Foundation (SCCF) has been monitoring and staking bird nests on Sanibel beaches for about ten years. Learn about this threatened species at the Snowy Plover presentation on May 9, Thurs at 2 p.m. in the SCCF auditorium.

In the meantime, if you are a beach walker, please watch where you step. Being so tiny and well camouflaged, snowy plovers are challenging to spot. Can you find the baby in this picture? The top picture has the whole family with baby chick in the center. The bottom photo has the chick alone. Sooo little! (Thanks for the photos, Ellie!)

More About Island Babies – Perhaps You Can Help

CROW (The Clinic for the Rehabilitation of Wildlife) on Sanibel also reports a proliferation of baby birds. They are in desperate need of volunteers to help feed the 100 baby animals currently housed at their facility. CROW has the most volunteers when snowbirds are here; but the Hospital Director reports that they are ten times busier now than during the winter. Now, in addition to 27 songbirds and a total of 11 owls and doves, they also have 10 raccoons and 63 opossums at CROW. The birds need to be fed every half hour, so many volunteers are needed. In addition to feeding the babies, volunteers may act as foster parents. If you can help, please give them a call at 239-472-3644.

Four-Point Inspections Versus Home Inspections

Insurance companies often require a Four-Point Inspection when issuing a new homeowner’s insurance policy or a renewal on a property that is more than 25 years old. I read an interesting article this week in “FloridaRealtor®” magazine which began with “Four-Point Inspections Aren’t Complete – Using only a four-point inspection could put buyers at risk”. Written by a Tampa home inspector, Mark Cramer, it further says:

“With Citizens Property Insurance Corporation and other insurance companies now requiring a four-point (or insurance) inspection, some homebuyers are opting not to obtain a full-home inspection. It’s important that real estate professionals and buyers understand the significant differences between these inspections.

“A four-point inspection includes the roof; the heating, ventilation, and air-conditioning system; the electrical system; and the plumbing system. As those are all part of a home inspection, it would be logical to assume that the four components would be inspected in the same way during both inspections. The reality is that these inspections are performed differently and with a different mindset.

“Four-point inspections are intended to protect the insurance company, and home inspections are intended to protect the buyer. Be sure …buyers understand the differences and always encourage them to obtain a full-home inspection.”

WE DO!

The Best Time of Year to Buy Household Items

Just in time for spring shopping, Realtor.org, posted an on-line article this week by Melissa Tracey, Helpful Tools, Remodeling Advisor. It said:

“Who doesn’t love a deal? I loved this article at Realty Times, which recently revealed the best time of year to buy certain household items in order to score the biggest bargains, based on research from AARP and LifeHacker.

January:      Furniture, new flooring, & bedding & linens
February:    Air conditioners & older model TVs that will be moving out for newer models
March:         Gardening tools, china, & flatware
April:            Vacuum cleaners
May:            Barbecue equipment, patio furniture, & home office furniture
June:           Tools
July:             Kitchen appliances, such as refrigerators & ranges
August:        Linens & storage containers
September: Grills & lawn mowers
October:      Appliances & clearance patio furniture & outdoor items
November:   Electronics, appliances, & tools
December:  Televisions, electronics, & small appliances like toasters & blenders”

Worldwide Economic Recovery – Weaker Than Normal But Continuing

An article posted on-line this week by Jeb Smith, Managing Director, Quantitative Research with the NAR (National Association of Realtors®), offered the following:

“News for the U.S. economic outlook continues to be positive–housing recovery, continued productivity increases, new oil reserves. However, the economic news from around the world is frequently negative. Growth around the world has slowed. Many predictions are for relatively slow growth in a number of economies, although in the case of China its slower growth rate (projected in excess of 8%) would be considered outstanding in the U.S.

“Forecast of World Economic Change
Percent Change in GDP by Year

                           2013     2014
U.S.                    1.9%     3.0%
Eurozone          -0.5%     1.0%
Eastern Europe 2.1%     3.3%
Mexico               3.5%     4.8%
China                 8.2%     8.5%
India                   5.2%     7.2%
Worldwide         2.3%     3.3%

“After the temporary loss of approximately $15 Trillion of assets during the Great Recession, a lot of people in the U.S. have become very nervous over any news of economic downturns. However, the consensus is that neither the U.S. nor the rest of the world is headed for a new recession. Although the worldwide economic recovery is mixed, with lots of opportunities for quasi-sensational headlines, most knowledgeable economists see a slow recovery—not a major recession.

“What Does This Mean for REALTORS®? To the degree that clients express concern about the sometimes sensational focus on world economic problems and the potential impacts on the U.S., one could note that currently available information shows an economic outlook that continues to be positive. At this time, the economy continues to be on an upward trajectory. The recovery is weak worldwide—and in the Eurozone clearly disappointing. However, the expectations are that the recovery will expand.”

Sanibel & Captiva Islands Multiple Listing Service Activity April 26 – May 3

Sanibel
CONDOS
1 new listing: Sanibel Arms #C8 2/2 $439K.
1 price change: Pointe Santo #C32 2/2 now $599.9K.
3 new sales: Lighthouse Point #318 3/2 listed for $449K, Loggerhead Cay #583 2/2 listed for $549K, White Pelican #111 2/2 listed for $899K.
6 closed sales: Tennisplace #B32 2/1 $230K, Blind Pass #D205 2/2 $276K (short sale), Coquina Beach #5C 2/2 $339K, Ibis at The Sanctuary #B302 2/2 $375K, Sealoft Village #106 2/2 $460K, Island Beach Club #P1E 2/2 $615K.

HOMES
5 new listings: 1644 Atlanta Plaza Dr 2/2 $525K, 420 East Gulf Dr 3/3 $799K, 1221 Par View Dr 3/2 $849K, 1013 Lindgren Blvd 4/3 $860K, 407 Bella Vista Way E 3/3 $2.699M.
2 price changes: 2079 Wild Lime Dr 3/2 now $430K, 1516 Angel Dr 3/2 now $950K.
6 new sales: 9446 Yucca Ct 3/2 listed for $499K, 1045 Blue Heron Dr 3/3 listed for $599K, 526 N Yachtsman Dr 2/2 listed for $649K, 2498 Harbour Ln 4/3 listed for $888.5K, 912 Almas Ct 3/2.5 listed for $1.1M, 4949 Joewood Dr 5/5 listed for $2.649M.
11 closed sales: 1613 Sand Castle Rd 3/2.5 half-duplex $360K, 567 Rabbit Rd 2/2 $475K, 1170 Sand Castle Rd 3/2 $585K, 4960 Joewood Dr 4/3 $675K, 214 Palm Lake Dr 3/2.5 $692.5K, 701 Heather Ln 4/3.5 $705K, 1233 Middle Gulf Dr 3/2 $739.182, 5431 Shearwater Dr 3/3 half-duplex $782.5K, 4496 Waters Edge Ln 3/2 $770K, 743 Sand Dollar Dr 3/2 $775K, 4461 Waters Edge Ln 5/5.5 $4M.

LOTS
2 new listings: 2418 Blind Pass Ct $125K, 3338 West Gulf Dr $479K.
1 price change: 133 Butterknife Pl now $299K.
2 new sales: 9277/9283 Belding Dr listed for $169K, 6141 Starling Way listed for $449.555.
No closed sales.

Captiva
CONDOS
No new listings.
1 price change: Tennis Villas #3110 1/1 now $250K.
2 new sales: Bayside Villas #5308 3/3 listed for $529K, Beach Homes #11 3/3 listed for $2.28M.
2 closed sale: Bayside Villas #5326 3/3 $567K, Captiva Cove #2B 3/2 $1.2M.

HOMES
No new listings.
2 price changes: 4 Sunset Captiva Ln 2/2 now $2.295M, 16459 Captiva Dr 8/7.5 now $2.99M.
1 new sale: 11517 Wightman Ln 4/3 listed for $1.795M.
No 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.

Happy weekend to all!

The SanibelSusan Team – Susan, David, Elise, & Lisa

Roseate spoonbills in Ding Darling Wildlife Refuge, make me think of spring. This photo by Hans.

It was “touch and go” this afternoon with island internet service following a couple of big bands of thunderstorms both last night and this morning which knocked service out. One of our teammates even made a mad dash out of the office yesterday afternoon when Lee County Schools cancelled “after care” for the first time, due to tornado warnings. Luckily, there were none, but the storm was probably a precursor to the upcoming rainy season.

After a week of pretty terrific pre-summer weather and beautiful beach days, the Easter week visitors were probably disappointed with the rain for a few hours. The sun is starting to peek out now and great weekend weather is expected.

Another majestic roseate spoonbill.

Most accommodations were near-capacity this week, but with tomorrow’s check-outs and -ins, occupancy bounces down to about 75%. A higher check-in week is expected again on April 13 when some northern schools are on spring break.

Before the real estate report of the activity posted this week in the Sanibel and Captiva Multiple Listing Service, here is an update on Sanibel sales so far this year, compared to the last two years. Home sales, particularly, continue to improve. It’s been a long time since we have had over a hundred homes sold this early in the year.

                                CONDOS           HOMES                LOTS
                                No. Avg Price      No. Avg Price       No. Avg Price

Currently for Sale   177 $727,189       196 $1,276,040    90  $530,100
Closings Pending   27   $586,904       55   $1,024,822    3    $479,333

Sold 1/1-4/5/2013   33   $489,906       50   $932,640       5    $707,750
Sold 1/1-4/5/2012   42   $633,707       56   $770,000       11  $518,818
Sold 1/1-4/5/2011   42   $676,541       52   $764,187       5    $299,500

Hooray for Realtor® Education

As 2013 Chairman of the Sanibel & Captiva Islands Association of Realtors® Professional Development Committee, it sure felt good yesterday to receive a thank you from a colleague about the presentation arranged by the committee for our Membership Meeting last month. It made me think that condominium owners and prospective buyers may not be aware of the same educational tidbit that earned that recognition.

As background, the Professional Development Committee is responsible for providing training and education to our members, including finding the speakers for our Monthly Membership meetings. Last fall we had our affiliate members in the insurance business talk to us about the changes that occurred last year with wind, flood, and homeowners insurance. Since that event was so informative, we decided to further feature other business partners in similar panel discussions throughout 2013. In February, we heard a panel of local bankers and mortgage officers speak about recent changes in lending requirements and advise on some creative ways for island buyers to get financing. In March, a panel of affiliate real estate attorneys provided recommendations on how to avoid some of the problems that they have encountered with real estate transactions.

The comment that earned the kudos was one where teammate Lisa’s Dad, local attorney Tim Murty, advised about recent changes to the Florida Condominium Association Addendum. That addendum requires that the Seller to disclose to the Buyer any information about any and all condominium fees. It specifically says, “Seller represents that he/she is not aware of any pending special or other assessment that has been levied by the Association, except as follows….Seller represents that he/she is not aware of any special or other assessment that has been an item on the agenda or reported in the minutes of the Association within 12 months before Effective Date (“Pending”) except as follows….If special or other assessments, levied or Pending, exist as of Effective Date and have not been disclosed above by Seller, then Seller will pay such assessments in full before or at Closing.”

The Realtor® who heard the presentation was working with a condo buyer who had already reviewed that association’s financial documents including current budget. They had not, however, seen the minutes from the association’s recent meetings. When they did, they found that in addition to a large special assessment for the current year, there was another equally large assessment that had been discussed but delayed until the following year. Hearing this panel discussion saved the Buyer thousands of dollars because the Seller was responsible for both of these assessments.

Captiva Beach Project Gets Go Ahead

The beach-building season is winding down in Southwest Florida since sea turtles will begin nesting here in a few weeks, but government agencies charged with shoreline upkeep and protecting developed lands and communities from storm impacts are already working toward the fall.

According to an article posted on News-Press.com and other local papers this week, “Captiva Island‘s ailing and ebbing beach will get a nearly $8 million boost this year when the U.S. Army Corps of Engineers constructs 4.8 miles of revamped shoreline on the affluent barrier island…Construction is to begin on August 1 and is expected to be completed by the end of this calendar year, according to the Captiva Erosion Prevention District, which requested the federal funding. Captiva’s beach was last rebuilt in 2006…”Timing is everything, and the Corps’ willingness to move this project along with allow construction to take place before the peak hurricane season and outside the busy tourist season,” said Jim Boyle, Captiva Erosion Prevention District chair…The CEPD is a nonprofit taxing district focused on retaining the island’s shorelines. Not only are beaches the No. 1 tourism attraction in the state, but they protect the mainland as well as islands and development from tropical storms and hurricanes. Sand bars off the beach cause waves to break before they get to the shoreline, which lessens the size of the waves and their impact on the beach.

“We’re still going to fund a portion of (the Captiva renourishment), but if the Army Corps hadn’t initiated the erosion project, the CEPD would have had to,” said Justin McBride, Lee County’s project manager for the Blind Pass projects. Beach construction work is sometimes ongoing in Southwest Florida as several areas in Lee and Collier counties are on a five-year build schedule, although severe erosion can force agencies to shorten that time frame.

“A beach renourishment and dredging project is under way at the south end of Captiva at Blind Pass. The county is now working to deepen the pass, which will allow salty ocean waters to merge with fresher water in Pine Island Sound. This water mixture is the basis for coastal estuaries, which are breeding grounds for fish, crustaceans and even wading birds and pelicans.”

Real Estate Question & Answer

The question is: What is the number of states that accounted for 51% of the total U.S. residential home sales to nonresident buyers between 2011 and 2012? 

The answer is “four” – Florida, California, Texas, and Arizona.

(From NAR profile of International Home Buyer Activity 2012)

Some Buyers Snap Up Retirement Homes Early

An article posted last week in “Daily Real Estate News” echoes what we are seeing with Sanibel and Captiva Islands real estate.

“With home values falling over the past few years, some buyers are seeing a great opportunity to buy their retirement home now instead of waiting until they retire years later. For example, in one of the largest retirement areas in the nation — Century Village in Boca Raton, FL — the average age of a new home buyer has dropped from the mid-70s to the low 60s in the last year…”People are looking at this in terms of their long term future,” Ben Schachter with Century Village Real Estate Inc. told CNBC. “They recognize that with the time value of money they are better off investing now, taking advantage of 20, 40, $60,000 price points, because if they look back just a half a decade ago, prices were 3-4 times what they are now. They’re looking at the market as it increases, as the economy is strengthening, and they want to buy now while it’s the best opportunity to do so.” Younger investors also may even rent out the property until they need it years later for their own retirement.”

Tax Deal Extends 15-Year Leasehold Recovery

From the March/April 2013 “Realtor®” magazine:

“Like it or hate it, the American Taxpayer Relief Act of 2012, also known as the “fiscal cliff fix”, does have some real pluses for commercial real estate investors. Perhaps the most beneficial is the reinstatement of the 15-year recovery period for leasehold improvements. The ability to depreciate tenant improvements on a straight-line basis over 15 years expired in 2011. The new act extends it through 2013 and makes it retroactive to 2012. Other provisions that might help commercial real estate investors and practitioners:

• Mortgage debt forgiveness, to a maximum of $2 million, is extended through 2013.
• Capital gains remain at 15% for single taxpayers earning under $400,000, $450,000 for couples. Make more and you have to pay 20% on gains.
• The Alternative Minimum Tax exemption amount has been raised to $50,600 for singles and $78,750 for married couples. Plus, the AMT is now indexed to inflation.
• The state tax exemption remained at $5 million and was indexed for inflation.
• Expensing of capital equipment (Section 179) is increased to $500 million with a $2 million threshold for both 2012 and 2013.
• The 50% bonus depreciation is extended through 2013 on new equipment acquired for business use.

Update on Sanibel’s Neglected Property Ordinance

Last week several island newspapers reported on a revised version of Sanibel’s proposed neglected property ordinance. Last October, the ordinance was first suggested by the Planning Department and a draft proposal submitted to City Council. Council removed vegetation and landscaping provisions before directing planners to modify and continue the ordinance-approval process. City staff presented their revised recommendations on March 26. The ordinance is intended to provide a way to manage structures that have fallen into disrepair because they have been abandoned, foreclosed on, or otherwise sit vacant. It will provide a way to deal with complaints submitted by neighbors through enforcement, abatement (repairs) and appeals. The ordinance is designed to cover the exterior appearance of structures as well as building security. Security issue would only come into play if a property is neglected and abandoned for more than 30 days. City Planning was directed to continue the process and bring the ordinance back to commissioners in resolution form.

2012 Vacation Home Sales Up, Investment Dips but Stays Elevated, Prices Rise

Vacation home sales improved in 2012, while investment purchases remained elevated for a second consecutive year, according to the National Association of Realtors® (NAR).
“NAR’s 2013 Investment and Vacation Home Buyers Survey,* covering existing- and new-home transactions in 2012, shows vacation-home sales rose 10.1% to 553,000 from 502,000 in 2011. Investment-home sales declined 2.1% to 1.21 million from 1.23 million in 2011, but those sales had been well under a million during the market downturn. Owner-occupied purchases jumped 17.4% to 3.27 million last year from 2.79 million in 2011.

“Vacation-home sales accounted for 11% of all transactions last year, unchanged from 2011, while the portion of investment sales was 24% in 2012, down from 27% in 2011, marking the second highest share since 2005.

“NAR Chief Economist Lawrence Yun said favorable conditions are driving second-home sales. “We had a strong stock market recovery, which helps more people in the prime ages for buying vacation homes. Attractively priced recreational property is also a big draw,” he said. Yun notes an ongoing investor presence. “Investors have been very active in the market over the past two years, attracted mostly by discounted foreclosures that could be quickly turned into profitable rentals,” he said. “With rising prices and limited inventory, notably in the low price ranges, investors are likely to step back in coming years.” The median investment-home price was $115,000 in 2012, up 15.0% from $100,000 in 2011, while the median vacation-home price was $150,000, compared with $121,300 in 2011, reflecting a greater number of more expensive recreational property sales in 2012.

“All-cash purchases remain common in the investment- and vacation-home market: half of investment buyers paid cash in 2012, as did 46% of vacation-home buyers. Forty-seven percent of investment homes purchased in 2012 were distressed homes, as were 35% of vacation homes.

“Of buyers who financed their purchase with a mortgage in 2012, large down-payments remain typical. The median down-payment for both investment- and vacation-home buyers was 27%, the same as in 2011.
Investment-home buyers in 2012 had a median age of 45, earned $85,700 and bought a home that was relatively close to their primary residence – a median distance of 21 miles, although 29% were more than 100 miles away. Thirty-five percent of investment buyers purchased more than one property.

““Property flipping modestly increased in 2012,” Yun said. “However, this isn’t flipping in the sense of what took place during the housing boom. Rather, investors generally are renovating and improving properties before placing them back on the market to resell at a profit.” Six percent of homes purchased by investment buyers last year have already been resold, and another 8% are planned to be sold within a year. In the 2011 study, 5% of investment homes were already resold, and 8% were planned to be sold within a year. Overall, investment buyers plan to hold the property for a median of 8 years, up from 5 years in 2011.

“Seventy-eight percent of all second-home buyers said it was a good time to buy, compared with 68% of primary residence buyers. “This suggests that second-home buyers tend to be a step ahead of general buyers in sensing a market recovery,” Yun said. The typical vacation-home buyer was 47 years old, had a median household income of $92,100 and purchased a property that was a median distance of 435 miles from their primary residence; 34% of vacation homes were within 100 miles and 46% were more than 500 miles. Buyers plan to own their recreational property for a median of 10 years. Lifestyle factors remain the primary motivation for vacation-home buyers, while rental income is the main factor in investment purchases.

“Buyers listed many reasons buyers for purchasing a vacation home: 80% want to use the property for vacations or as a family retreat, 27% plan to use it as a primary residence in the future, 23% plan to rent to others and 23% wanted to diversify their investments or saw a good investment opportunity. Fifty-five percent of investment buyers said they purchased for rental income, 30% wanted to diversify their investments or saw a good investment opportunity, and 20% wanted to use the home for vacations or as a family retreat. Eleven percent of vacation buyers and 16% of investment buyers purchased the property for a family member, friend or relative to use, often for a son or daughter to use while attending school.

“Forty-five percent of vacation homes purchased last year were in the South, 25% in the West, 17% in the Northeast and 12% in the Midwest. Thirty-six percent of investment properties purchased last year were in the South, 28% in the West, 20% in the Northeast and 16% in the Midwest. Forty-seven percent of investment buyers said they were likely to purchase another investment property within two years, as did 37% of vacation-home buyers. Twenty-nine percent of vacation buyers said they were likely to purchase another vacation home within two years, as did 31% of investment buyers.

“Approximately 42.8 million people in the U.S. are ages 50-59 – a group that dominated second-home sales in the middle part of the past decade and established records. An additional 43.1 million people are 40-49 years old, which is the prime age for current buyers, while another 40.1 million are 30-39.

“NAR’s analysis of U.S. Census Bureau data shows there are 7.9 million vacation homes and 43.7 million investment units in the U.S., compared with 75.2 million owner-occupied homes…The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries. For additional commentary and consumer information, visit http://www.houselogic.comand http://retradio.com.

“*Vacation homes are recreational property purchased primarily for the buyer’s (or their family’s) personal use, while investment homes are residential property purchased primarily to rent to others, or to hold for other financial or investment purposes.”

Sanibel & Captiva Multiple Listing Service Activity March 29 to April 5, 2013

Sanibel
CONDOS
2 new listings: Spanish Cay #C3 2/2 $349K, Island Beach Club #P3A 2/2 $460K.
1 price change: Sundial #G104 2/2 now $447K.
6 new sales: Ibis at The Sanctuary #B302 2/2 listed for $399K, Sundial #J107 2/2 listed for $497K, Sealoft Village #106 2/2 listed for $499K, Sundial #L202 2/2 listed for $526.8K (short sale), Heron at The Sanctuary III #1B 3/2.5 listed for $589K, Shorewood #1D 3/2 listed for $795K.
6 closed sales: Tennisplace #C33 2/1.5 $235K, Sundial #F105 1/1 $240K, Nutmeg Village #106 2/2 $580K (our buyer), Sundial #K205 2/2 $730K, Gulfside Place #320 2/2 $910K, Junonia #203 3/2 $939.5K.

HOMES
3 new listings: 1255 Isabel Dr 3/3 $889K, 659 Anchor Dr 3/2 $1.095M, 2520 Harbour Ln 3/2.5 $1.495M.
10 price changes: 3316 Saint Kilda Rd 2/1 now $410K, 9446 Yucca Ct 3/2 now $499K, 3131 Twin Lakes Ln 3/2 now $719K, 4563 Brainard Bayou Rd 3/3 now $730K, 1777 Serenity Ln 5/4.5 now $779K, 1300 Par View Dr 3/2 now $799K, 501 Sea Walk Ct 3/2 now $899K, 657 Birdie View Pt 3/3 now $949K, 512 Periwinkle Way 3/3 now $999K, 4203 Dingman Dr 4/3 now $2.495M.
7 new sales: 1401 Sandpiper Cir 3/2.5 half-duplex listed for $375K, 6069 Henderson Rd 3/2 listed for $395K, 1639 Sand Castle Rd 3/2.5 half-duplex listed for $399K, 1021 Sand Castle Rd 2/2 listed for $429K (short sale), 567 Rabbit Rd 2/2 listed for $485K, 9024 Mockingbird Dr 3/2 listed for $695K, 293 Ferry Landing Dr 3/3 half-duplex listed for $1.175M.
12 closed sales: 754 Donax St 4/2 duplex $420K, 9298 Kincaid Ct 3/2 $440K, 967 Beach Rd 2/2 half-duplex $490K, 1245 Anhinga Ln 3/2 $475K, 1319 Tahiti Dr 3/2 $510K, 3196 Twin Lakes Dr 3/2 $549.9K, 1366 Sand Castle Rd 3/2.5 $630K, 3960 West Gulf Dr 3/2 $659K, 576 Hideaway Ct 3/2 $730K, 765 Conch Ct 5/4 $750K, 1662 Dixie Beach Blvd 3/2 $780K, 4525 Waters Edge Ln 3/3 $2.75M.

LOTS
1 new listing: 861 Birdie View Pt $369K.
No price changes or new sales.
1 closed sale: Lot 7, West Gulf Dr $935K.

Captiva
CONDOS
2 new listings: Lands End Village #1631 2/2 $1.35M (foreclosure), Captiva Bay Villas #A 3/3.5 $1.995M.
No price changes.
2 new sales: Beach Villas #2534 3/3 listed for $799K, Beach Homes #11 3/3 listed for $2.28M.
1 closed sale: Tennis Villas #3219 1/1 $198K.

HOMES
2 new listings: 16849 Captiva Dr 5/5 $2.2M, 4 Sunset Captiva Ln 2/2 $2.395M.
3 price changes: 11517 Wightman Ln 4/3 now $1.795M, 15160 Captiva Dr 6/6.5 now $2.049M, 16428 Captiva Dr 7/8/2 now $10.9M.
No new sales.
1 closed sale: 16163 Captiva Dr 3/2 $1.415M.

LOTS
1 new listing: 15261 Captiva Dr $3.995M.
No price changes, new or closed sales.

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.

Happy spring & here’s to a great weekend
from The SanibelSusan Team
Susan, Dave, Elise, & Lisa

Another great photo by Hans, this one with an anhinga & roseate spoonbill friends.

This guy was visiting the Edison National Bank this morning.

It’s another heavy traffic day on Sanibel Island, particularly on Periwinkle Way in front of SanibelSusan Realty Associates.

Today and tomorrow The Sanibel Community House is featuring the annual local Lions Club Arts and Crafts Fair.

The islands again have been extra busy all week with spring/winter break vacationers. Another big turnover is expected tomorrow, followed by another big change-over the day before Easter. Many rental organizations and accommodations report that they are booked to capacity. Next week also is a break for local schools so heavier roadway traffic is expected.

I had another sale this week, one of the 14 new Sanibel sales (10 homes and four condos) reported in weekly activity report from the Sanibel and Captiva Islands Multiple Listing Service below. There also were 23 price reductions and just seven new listings (one home & six condos), so inventory is changing.

Yesterday, Dave, Lisa, and I viewed two new listings that were open for our weekly Thursday Realtor® Caravan. One was a magnificent large home on four acres on Captiva Island. With dock and views of Roosevelt Channel, the main house has seven bedrooms and seven baths. There also is a lighted tennis court and a two-bedroom guest cottage, plus deeded beach access. When I tell my staff that “the best way to always be prepared is to know the inventory”, I don’t think they thought I meant, even a house with nine bedrooms. They haven’t sold one of those yet, but now they are ready. Here is a photo taken from an upper bedroom. The home is called “Sea Oats” if you are a fan of the Captiva named homes.

The other home also has a nice view, though not as many bedrooms. It’s on Sanibel Island, near the end of the Ladyfinger Lake cul-de-sac in Sanibel Bayous. Here’s the view from the back porch. So peaceful…

Emmy-Winning Producer Begins Local Project

Today, I enjoyed reading this article in the “Island Sun” and I thought you might like it too:

 “A seven-time Emmy Award-winning TV producer who lives on Sanibel full-time has announced that he has begun producing a film titled The Top 20 Things To Do On Sanibel-Captiva.

“David E. Carter, whose most recent film was honored by the Baseball Hall of Fame in Cooperstown, NY, began shooting on the new project last week, spending time in the J.N. “Ding” Darling National Wildlife Refuge, at the Sanibel Lighthouse and on the Sanibel bicycle paths.

“Carter is actively soliciting suggestions for the “Top 20” list. The website www.TheSanibelDVD.com lets people email their suggestions for attractions for the film and also get frequent updates on the project. In addition, a Facebook page has been set up and linked to the website.

“Carter’s Emmy-winning work includes four documentaries that ran on PBS stations around the country. His most-viewed work, however, was numerous comedy sketches that he produced for The Tonight Show starring Johnny Carson. The best of that work also appeared on one of Carson’s prime-time anniversary shows.

“A documentary he produced for CROW wildlife clinic in 2008, narrated by Nick Clooney (American Movie Classics host and father of George) was nominated for an Emmy Award.

“He expects to have the Sanibel-Captiva Top 20 video completed by early summer.”

Want to Attract Birds & Butterflies to Your Property?

The City of Sanibel Vegetation Committee offers guided native vegetation and landscaping tours of City Hall grounds, which have been planted solely with native plants. There is a tour tomorrow, Saturday, March 23, 2013, beginning promptly at 10:00 a.m. The tour includes ideas for planting native vegetation that requires no fertilizer and how you can plant a garden that reseeds itself with very little maintenance, is good for the environment and will attract birds and butterflies. Vegetation Committee members will provide information on proper planting and care of native vegetation. The City of Sanibel encourages planting of vegetation that is indigenous to the area as it requires very little maintenance NO fertilizer and NO supplemental irrigation. Registration for the tour is not required. Attendees will meet at the main entrance to City Hall, 800 Dunlop Road, in front of the main staircase. The City of Sanibel is a “walkable and bikeable” community and features one of the most extensive shared use paths in the State of Florida. Attendees to these special events are encouraged to enjoy our good nature, bicycle to these events and stay FIT-4-LIFE!

Sanibel BIG ARTS Community Chorus

Our community chorus has put away its music for the summer after a busy week of performances. Sunday saw us at IrishFest 2013, Monday at the Minnesota Twins/Florida Marlins game (I missed that one due to real estate commitments), and Wednesday/Thursday sold-out Spring Concert performances. As one of the original chorus members in the early 90’s, it has been great fun as the group has grown to its 80-some members. In early years our spring concerts were performed with the Sanibel Band; but both groups have such large followings that we now have separate concerts. The band concert is tonight. This year was the first time that Chorus performed their spring concert twice, filling Schein Performance Hall each time.

Here are a couple of concert photos taken by my photographer and real estate pal, Roberta Schuldenfrei, whose work is often featured on the cover of the Sanibel/Captiva Real Estate Guide. (Can you find SanibelSusan in the 1st photo?) The other two photos are our soloists performing Master of the House from Les Miserables. They were terrific!

If you enjoy singing, no auditions are required for the general chorus. Rehearsals begin again in the fall, starting October 22, in the evening at BIG ARTS. Our next concert is the holiday event on December 10.

Florida’s Housing Market Continues Positive Trends in February

Yesterday, Florida Realtors® posted the following article on-line. I have inserted some statistics (in parentheses) as the real estate market relates to Sanibel and Captiva Island.

“Florida’s housing market reported more closed sales, rising median prices, increased pending sales, more new listings and a reduced inventory of homes for sale in February, according to the latest housing data released by Florida Realtors®.

““Each month brings more positive signs for the state’s housing market,” says 2013 Florida Realtors® President Dean Asher, broker-owner with Don Asher & Associates Inc. in Orlando. “For example, February is the 14th month in a row that statewide median sales prices for both single-family homes and for townhouse-condo units increased year-over-year, according to Florida Realtors’ data. Properties are selling more quickly statewide, especially at certain price points – the median days a home is on the market dropped about 15% for single-family homes and 10% for townhouse-condo units in February. Plus, sellers are receiving more than 92% of their original listing price in both the single-family home and townhouse-condo markets.” (on Sanibel 93% for both homes and condos)

“Statewide closed sales of existing single-family homes totaled 15,666 (16 on Sanibel) in February, up 10.3% (up 9.4% on Sanibel) compared to the year-ago figure, according to data from Florida Realtors® Industry Data and Analysis department in partnership with local Realtor® boards/associations. Closed sales typically occur 30 to 90 days after sales contracts are written. Meanwhile, pending sales – contracts that are signed but not yet completed or closed – for existing single-family homes last month rose 26.7% over the previous February. The statewide median sales price for single-family existing homes last month was $150,000 ($712,000 on Sanibel), up 12.8% (up 22% on Sanibel) from the previous year.

“According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in January 2013 was $174,100 ($712,000 on Sanibel), up 12.6% (up 22% on Sanibel) from the previous year. In California, the statewide median sales price for single-family existing homes in January was $337,040; in Massachusetts, it was $282,500; in Maryland, it was $223,469; and in New York, it was $220,000. 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 downwardly distort the median price because they generally sell at a discount relative to traditional homes.

“Looking at Florida’s year-to-year comparison for sales of townhouse-condos, a total of 8,028 units sold statewide (9 on Sanibel) last month, up 7% (down 8% on Sanibel) compared to February 2012. Meanwhile, pending sales for townhouse-condos in February increased 14.3% compared to the year-ago figure. The statewide median for townhouse-condo properties was $115,000 ($479,000 on Sanibel), up 21.1% (down 7% on Sanibel) over the previous year. NAR reported that the national median existing condo price in January 2013 was $169,600 ($579,000 on Sanibel). The inventory for single-family homes stood at a 5.5-months’ supply in February; inventory for townhouse-condos was at a 6.1-months’ supply, according to Florida Realtors®.

““Several things are particularly striking about the February data,” said Florida Realtors Chief Economist Dr. John Tuccillo. “First, we note the continuing growth of cash sales, which are now half of existing single-family closed sales statewide and more than three-quarters of townhouse-condo closed sales. Second, we’re seeing more new listings and that trend is turning positive. This is the first sign that low inventories are convincing sellers to come to the market. Third, and related to the last point, the lowest price tiers (for home listings) are just about wiped out and are moving in a direction counter to the state trend,” Tuccillo noted. “The biggest movements in listings as well as the other metrics are in the $300,000-$500,000 price tier.”

“According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.53% in February 2013, down from the 3.89% average during the same month a year earlier.”

Sanibel & Captiva Multiple Listing Service Activity March 15-22

Sanibel
CONDOS
6 new listings: Lake Palms #10 2/2.5 $259K (short sale); Sundial #G205 1/1 $325K; Blind Pass #E201 2/2 $399K; Compass Point #212 2/2 $599K; Kings Crown #111 3/2 $669,966; Gulfside Place #103 2/2 $939K.
9 price changes: Tennisplace #E33 2/1.5 now $249.9K, Mariner Pointe #1083 2/2 now $399K, Kimball Lodge #263 1/1.5 now $399K, Sundial #G201 2/2 now $449K, Sealoft Village #106 2/2 now $499K, Sundial #L202 2/2 now $526.8K (short sale), Sunset South #3B 2/2 now $595K, Nutmeg Village #202 2/2 now $599K, Sundial #E108 2/2 now $825K.
4 new sales: Tennisplace #B32 2/1 listed for $249K, Coquina Beach #2E 2/2 listed for $649K, Sundial #K203 2/2 listed for $744.9K, Compass Point #183 2/2 listed for $1.095M.
5 closed sales: Captains Walk #C4 2/2 $180K, Sundial #D305 1/1 $245K, Loggerhead Cay #581 2/2 $515K, Pointe Santo #B44 2/2 $647K, Compass Point #181 2/3 $875K.

HOMES
1 new listing: 2200 Camino Del Mar 4/4 $899K.
13 price changes: 3316 Saint Kilda Rd 2/1 now $429K; 9263 Kincaid Ct 3/2 now $439K; 630 Hideaway Ct 2/2 now $499K; 564 Hideaway Ct 3/2 now $589,555; 617 East Rocks Dr 3/2 now $615K; 1511 Angel Dr 2/2 now $634K; 4570 Bowen Bayou Rd 2/2 now $649K; 9459 Begonia Ct 3/4 now $669K; 1339 Par View Dr 3/2 now $674.9K; 919 Almas Ct 3/2.5 now $1.049M; 261 Ferry Landing Dr 2/2 half-duplex 2/2 now $1.095M; 5115 Joewood Dr 4/3 now $1.45M; 1950 Woodring Rd 4/3.5 now $2.65M.
10 new sales: 1415 Sandpiper Cir 2/2 half-duplex listed for $339K, 2079 Wild Lime Dr 3/2 listed for $440K, 2560 Coconut Dr 3/3 listed for $495K, 1605 Bunting Ln 2/2 listed for $574.9K (our buyer), 4960 Joewood Dr 4/3 listed for $699K, 941 Cormorant Cir 4/2 listed for $725K, 4496 Waters Edge Ln 3/2 listed for $825K, 940 Victoria Way 3/3 listed for $999K, 985 Oyster Ct 4/4 listed for $1.249M, 3517 West Gulf Dr 4/5.5 listed for $5.495M.
2 closed sales: 5296 Umbrella Pool Rd 4/4 $530K, 3840 West Gulf Dr 3/2.5 $710K.

LOTS
No new listings.
1 price change: 3037 Poinciana Cir now $199,555.
No new or closed sales.

Captiva
CONDOS
1 new listing: Lands End Village #1616 3/3 $1.99M.
No price changes.
3 new sales: Marina Villas #802 2/2 listed for $549K, Bayside Villas #5344 3/3 listed for $645K, Captiva Cove #2B 3/2 listed for $1.299M.
No closed sales.

HOMES
No new listings or price changes.
2 new sales: 17 Urchin Ct 2/2.5 listed for $779K, 16730 Captiva Dr 5/4.5 listed for $4.695M.
No closed sales.

LOTS
1 new listing: 956 South Seas Plantation Rd $1.975M.
No price changes, new or closed sales.

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.

Wondering about the 5-day forecast for Sanibel? High of 77 degrees today, 82 expected tomorrow, 81 on Sunday. Cool front arrives on Monday. High only expected to be 72 degrees then, 70 on Tuesday, then back to 72 on Wednesday.

It’s a PURRRRFECT way to kick off Spring! Happy weekend from The SanibelSusan Team, Susan, Dave, Elise, & Lisa

It was another busy week for both Realtors® and visitors on Sanibel and Captiva Islands. Families are here enjoying winter/spring vacations and the snowbirds are out in full force.

The photo above was emailed to me from a client. Taken from the balcony of her east-end condo, it is of a nearby osprey nest. The baby bird’s eyes are more reddish orange and change to a more golden color as they grow. Their feathers are darker when they are young too. (Thanks for sharing, Ellie.)

Sanibel & Captiva Island Real Estate

It’s all paradise here. Photo courtesy of JMA photography.

SanibelSusan put another condo under contract this week, so my sales string continues. Below is a snapshot of Sanibel’s current inventory, compared to sales this year, versus 2012. Homes continue to be the top sellers, but condos are creeping up. By the time we get through high season, prices will have stabilized and there will be viable comps for future new sales. Meanwhile, getting satisfactory appraisals continues to be tough. My discussions with colleagues over the last few days yield the same consensus: “We are spending more time holding deals together than we are putting them together.”

When considering the competition, it may be of interest that the condos for sale today have been on the market an average of 435 days, 308 days for homes, and 833 days for lots. Total days-on-market stats are going down, but slowing. Average asking prices continue to decline too. Those buyers on-the-fence better jump off soon or all the good deals will be gone.

                         Condos                         Homes                          Lots

                                    Average                        Average                       Average

                        #          Price $              #          Price $              #          Price $

 Available           172       718,688       207       1,233,460          88         543,944

Sale pending     29         590,559       57         1,094,561          2          594,500

Closed in:

  2013 so far      23         486,974       29         840,797           4          650,938

  2012               151       551,244       183       823,598            33         487,687

Sanibel Happenings Saint Patrick’s Day Week

Seahorse Festival at The Dunes Golf & Tennis Club is Saturday, 3/16, from 4 to 8 p.m. This annual event supports the Sanibel School PTA and the Sanibel School Fund. It includes live music, food, silent and live auctions, as well as several children’s activities.

Billy Kirkland from Billy’s Bikes & Rentals usually is dressed for the occasion

IrishFest2013 at Bailey’s Center is Sunday, 3/17, from 3 to 6 p.m. It will feature traditional Irish food, green beer, music, entertainment, and family activities. There will be 33 dancers from the Kellyn Celtic Arts Irish Dance academy performing, followed by Irish tunes by the BIG ARTS Community Chorus, then a DJ. Rumor has it that Zebra Frozen Yogurt’s color of the day will be “green”.

BIG ARTS Community Chorus Spring Concerts at Schein Performance Hall are Wednesday, 3/20, at 2 p.m. and Thursday, 3/21 at 7 p.m. This is the first year of a matinée as well as evening performance. Good thing, as the evening performance already is sold out. If you haven’t heard us sing yet and are in town, it is an event worth catching. We are 80-some strong and after 20 years of growth, this is guaranteed to be our best program ever. Songs range from Ave Maria to The Best of the Beach Boys and selections from Les Miserables; while the singing is in languages ranging from Latin, Italian, Swahili, and Armenian to English.

Casa Ybel Resort Gets New Reception Area

Last week Casa Ybel Resort’s blog (www.CasaYbel.wordpress.com) posted that The Lubner Group, the hospitality division of Clive Daniel Home in Naples has recently completed the total renovation of the front desk and reception area of the iconic resort.

In the coming months, they will also be completing a “makeover” of the Thistle Lodge upper outside deck, adding new seating and transforming it into a relaxing lounge area seating, perfect for more social gatherings. Lubner Group also completed the total renovation of the 40 individually owned one-bedroom beachfront condominiums at the resort in 2012.

In addition to the 40 condos, there are also 74 two-bedroom timeshare villas on the 23-acre gulf-front property, a massive pool area, six tennis courts and legendary Thistle Lodge restaurant. The condominiums are managed by Casa Hospitality Services, a division of Casa Ybel Resort Partnership. The fixed-week timeshare units are managed by Hilton Grand Vacations. The resort is located on the site of Sanibel Island’s very first resort, built around 1890. During Casa Ybel’s first decade, the Thistle Lodge became the favored gathering spot for celebrities and statesmen, including Thomas Edison and Henry Ford. By the 1920s, the Casa Ybel Hotel had become a full-service resort.

Sundial Beach Resort & Spa Update

Today, I chatted with one of the on-site sales reps at Sundial Resort. It sounds like the finish date for the new reception area and restaurants has been bumped from the end of March to May 1. Work at the main pool area will be next, but it may be postponed until late summer/early fall so as not to disrupt the summer vacation business.

New Pond Plantings at Oceans Reach

Ocean’s Reach just posted that their pond’s east end was just excavated and leveled to allow for additional nature walks and wildlife viewing.

The Sanibel-Captiva Conservation Foundation aided them in recommending and planting three levels of littoral plants. The littoral zone is the part of the pond that is closest to shore.

Fed’s Duke Says Recovery Is Sustainable and Will Strengthen

An article posted on-line Monday at DSNews.com says: “The evidence is clear that the recovery in housing is finally under way, but the question that remains open is whether the positive trends in housing are sustainable, said Federal Reserve Board Governor Elizabeth A. Duke in a speech at the Mortgage Bankers Association’s Mid-Winter Housing Finance Conference.

“In her view, the recovery does appear to be sustainable. “When I look at the factors driving recent improvement and those that have inhibited housing recovery through the downturn, I conclude that recent gains in the housing market will continue and perhaps even strengthen,” Duke stated. According to Duke, home price gains in 2012 were achieved in an environment with “historically unusual factors” such as a large number of underwater homeowners, a high share of foreclosure sales, and strong demand from investors.

“Moving forward, Duke believes those factors won’t hinder the home price recovery as some analysts have projected. “I do not believe that a flood of houses on the market from households that are currently underwater or from bank REO is likely to materialize or to be sufficient to outpace growing demand,” she said. According to Duke, home price increases of 10% or less would be enough to bring about 40% of underwater homeowners out of negative equity, which could lead to more homeowners listing their properties during a time when available homes for sale has fallen to the lowest level in a decade.

“According to CoreLogic’s most recent estimate, about 10.7 million mortgages are underwater, and as of the third quarter of 2012, 1.4 million homes have risen out of negative equity. Even if most of the “newly above-water” homeowners decide to sell their home, it is likely that they will also contribute to new demand by seeking to purchase a home in the same market, thus creating supply and demand, Duke explained.

As for shadow inventory, Duke says its impact on prices will depend on the speed at which those loans are resolved. Duke noted the buildup is more concentrated in judicial states, where prices have “drifted lower” as inventory accumulated, whereas in non-judicial states, prices have recovered as inventory has cleared.

While investor activity is harder to predict, Duke believes rising prices will cause investor activity to wane as profitably decreases. Although rising prices could cause a decline in purchase activity, some investors may decide to sell their investment. Duke also believes investor activity in the REO-to-rental sector has built enough traction and will continue in some form.

“Though, in order for the housing recovery to “gain true momentum,” Duke said “demand for housing among owner-occupiers must increase.” While Duke expects to see demand from newly formed households, she also expressed concern when considering the current lending environment.

“I also recognize that these households may be the very population that faces especially tight credit conditions,” she said.”

The 10 Priciest Real Estate Markets in the World

Overlooking Monaco

On Monday “Daily Real Estate News” posted: “New York is the lone U.S. city to land in the top 10 most expensive residential real estate markets in the world, according to a new report from Knight Frank. 

“But with luxury homes in New York costing anywhere from $2,030 to $2,240 per square foot, it’s only about half as expensive as the most expensive housing market in the world: Monaco. There, luxury homes can cost $5,350 to $5,920 per square foot. The following are the top 10 priciest housing markets in the world and the average cost per square foot in U.S. dollars, according to the report:

Monaco:            $5,350 to $5,920

Hong Kong:       $4,570 to $5,050

London:             $3,890 to $4,300

Geneva:            $2,720 to $3,010

Paris:                $2,350 to $2,600

Singapore:         $2,340 to $2,580

Moscow:           $2,040 to $2,260

New York:         $2,030 to $2,240

Sydney:            $2,020 to $2,230

Shanghai:          $1,820 to $2,020

“Other U.S. cities rounding out the top 20 list were Miami at number 13 (priced between $1,300 to $1,440 per square foot) and Los Angeles at number 15 (priced between $1,210 to $1,340 per square foot).”

Sanibel & Captiva Multiple Listing Service Activity March 8-15

Sanibel
CONDOS
4 new listings: Sundial #G105 1/1 $339K, Loggerhead Cay #311 2/2 $509K, Cottage Colony West #128 1/1 $549K, Plantation Village #212 3/2 $1.085M.
8 price changes: Sundial #C201 1/1 now $225K (short sale), Beach Road Villa #106 2/2 now $289K, Sundial #I103 1/1 now $385K, Sunset South #1B 2/2 now $539K, Sunset South #3B 2/2 now $599K, Nutmeg Village #202 2/2 now $619K, Shell Island Beach Club #7A 2/2 now $675K, Tamarind #B301 2/2 now $1.829M.
4 new sales: Loggerhead Cay #581 2/2 listed for $545K, Island Beach Club #P1E 2/2 listed for $649K, Shell Island Beach Club #5B 2/2 listed for $689K (our Buyer), Sundial #K205 2/2 listed for $775K.
2 closed sales: Loggerhead Cay #261 2/2 $525K, Pointe Santo #D35 2/2 $630K.

HOMES
4 new listings: 1076 Captains Walk St 2/2 $575K, 5307 Ladyfinger Lake Rd 3/3 $649.9K, 9024 Mockingbird Dr 3/2 $695K, 203 Daniel Dr 3/3 $1.2M.
19 price changes: 1401 Sandpiper Cir 3/2.5 half-duplex now $375K; 3316 Saint Kilda Rd 2/1 now $439K; 220 Palm Lake Dr 3/3 now $524K; 600 East Rocks 3/2 now $549,999; 5650 SanCap Rd 2/2 now $574K; 1705 Serenity Ln 3/2.5 now $574.5K; 977 Black Skimmer Way 3/2 now $629K; 9459 Begonia 3/4 now $694K; 941 Cormorant Cir 4/2 now $725K; 1555 San Carlos Bay Dr 3/2.5 now $899K; 786 Conch Ct 3/2 now $995K; 1130 Seagrape Ln 4/3 now $995K; 293 Ferry Landing Dr 3/3 half-duplex now $1.175M; 985 Oyster Ct 4/4 now $1.249M; 1826 Woodring Rd 3/2 now $1.495M (foreclosure); 4781 Tradewinds Dr 3/2 now $1.629M; 2981 Wulfert Rd 4/4.5 now $1.85M; 2964 Wulfert Rd 5/5.5 now $2.364M; 2969 Wulfert Rd 6/6/2 now $2.495M.  
9 new sales: 1415 Sandpiper Cir 2/2 half-duplex listed for $339K, 9418 Moonlight Dr 3/2 listed for $499,994; 9203 Dimmick Dr 3/3 listed for $619K; 9470 Balsa Ct 3/2 listed for $699K; 4996 Joewood Dr 3/3 listed for $760K; 5431 Shearwater Dr 3/3 half-duplex listed for $825K; 2963 Wulfert Rd 4/6.5 listed for $2.85M, 3507 West Gulf Dr 3/2 listed for $3.295M; 4461 Waters Edge Ln 5/5.5 listed for $4.995M.
1 closed sale: 4629 Brainard Bayou Rd 3/2 $465K.

LOTS
No new listings.
1 price change: 5618 Baltusrol Ct now $339K.
No new sales.
1 closed sale: 1450 Tahiti Dr $150K.

Captiva
CONDOS
3 new listings: Tennis Villas #3234 2/2 $429K, Marina Villas #802 2/2 $549K, Gulf Beach Villas #2008 2/2 $649K.
No price changes, new or closed sales.

HOMES
1 new listing: 16623 Captiva Dr $4.895M.
1 price change: 16838 Captiva Dr 6/7.5 now $5.2M.
1 new sale: 59 Sandpiper Ct 3/2 listed for $795K.
No 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.

Happy Saint Patrick’s Day!

Good Luck to All!

from SanibelSusan & The SanibelSusan Team (Dave, Elise, & Lisa)