As we wrap up another mostly sunny blue-sky week on the islands, those with family and friends up north likely have been watching the results of their recent cold weather and spring snowstorms. We wish for a quick recovery to those still without power.
Here on sunny Sanibel, our fallout from those storms was a brief shower Wednesday night, then temperatures dipping down into the 60’s/70’s. Not to worry, daytime highs here should be back into the 80’s (degrees F) next week. Meanwhile, it still is post-hurricane paradise with more noticeable recovery progress. Our lighthouse still wearing a protective coat!
Sanibel School Seahorse Chorale Receives “Gold”
Islanders were proud this week to hear that The Sanibel School Seahorse Chorale received a “gold” rating for their performance at Carnegie Hall on Monday night. Founded in 2016 by school Music Director Joey Giangreco, this middle school choir, has performed at Disney, but earning their way to the most famous stage in the world, especially following the turmoil following Hurricane Ian, made this a trip of a lifetime for these students and their chaperones. Their ambitious fundraising efforts to make the trip were supported by many.
Thanks to proud parent Melissa Halliburton for allowing me to share her photos, which first show the singers at sound-check, then after their performance, followed by Mr. Giangreco holding their award, which is the highest possible from this prestigious stage. Congratulations to all!
Sanibel Events & Openings
Ding Darling Visitor & Education Center – reopens tomorrow, Saturday April 6, after a temporary closure to complete post-hurricane renovations. It is free to the public Saturdays through Thursdays (closed Fridays) from 9 a.m. to 4 p.m.
More “Ding” Darling Fun – Solar Eclipse Celebration – Monday, April 8 from 2:30 to 3:30 p.m. at The Roost with speaker from Florida Gulf Coast University, chance drawing, moon pies, viewing of the new Roving Ranger, & eclipse watching with free pair of ISO 12312-2 certified eclipse glasses.
Sanibel Public Library – Solar Eclipse Viewing – starting at 1 p.m. with eclipse glasses available to use during the viewing. Peak is expected around 3 p.m.
Sanibel Community House – Arts & Crafts Fair – Sunday, April 7, from 9 a.m. to 2 p.m. Talented post office artist, Laura, will be there.
Wickies Lighthouse Restaurant – at 362 Periwinkle Way, opened Tuesday, April 2. They serve breakfast from 7:30 to 11 a.m., lunch from 11 a.m. to 4 p.m., and dinner from 4 to 9 p.m. Menus on-line at www.WickiesLighhouseRestaurant.com.
More on NAR’s Proposed Litigation Settlement
Like politics, if a subject or event makes good reading, journalists and newscasters will continue to exploit it. So… Realtors® like my team continue to get questions about the National Association of Realtors® (NAR) Proposed Settlement, particularly as more articles come out about it.
My favorite is when Barbara Corcoran said that “it’s not a big deal”, but “the settlement has resulted in “total confusion” across the real estate industry.”
Maybe a few words from Florida Realtors® 2024 President and my friend Gia Arvin will help clear up some confusion. She said the proposed settlement would not impact the important work Realtors® continue to do statewide and nationally. “As we absorb the announcement from the National Association of Realtors® regarding this proposed settlement, Florida Realtors® looks forward to continued opportunities for our members to provide their expertise and valued services to help consumers through the complex, challenging and ever-changing homebuying and home-selling process.”
The settlement stems from the Sitzer-Burnett class-action lawsuit that was filed in federal court by a group of Missouri home sellers against NAR and other defendants, including Anywhere, Berkshire Hathaway HomeServices, Keller Williams and Re/Max. The plaintiffs claimed commission rates were inflated due to multiple factors, including cooperative compensation. In October, a jury ordered the defendants to pay nearly $1.8 billion.
Interim NAR CEO Nykia Wright said the settlement achieves two organization goals: preserving consumer choice and protecting members. “Ultimately, continuing to litigate would have hurt members and their small businesses,” Wright said. “While there could be no perfect outcome, this agreement is the best outcome we could achieve in the circumstances. It provides a path forward for our industry, which makes up nearly one-fifth of the American economy, and NAR. For over a century, NAR has protected and advanced the right to real property ownership in this country, and we remain focused on delivering on that core mission.” In addition to release from liability, the proposed settlement includes:
Compensation offers moved off the MLS: NAR has agreed to implement a new rule prohibiting offers of compensation on the MLS. Offers of compensation could continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals. And sellers can offer buyer concessions on an MLS (for example—concessions for buyer closing costs). This change will go into effect mid-July 2024.
Written agreements for MLS participants acting for buyers. NAR has long encouraged members to use written agreements because they help consumers understand exactly what services and value will be provided, and for how much. The settlement provides that MLS participants working with buyers must enter into written representation agreements with those buyers. This change also will go into effect mid-July 2024.
Settlement payment: NAR would pay $418 million over approximately four years.
NAR continues to deny any wrongdoing: NAR has long maintained that cooperative compensation and current policies are good things that benefit buyers and sellers. They promote access to property ownership. With this settlement, NAR is confident that its members can still achieve all those goals.
8th Property Insurer Enters Florida Market
The below article by Amy Connolly was posted yesterday on Florida Realtors®: “The Florida Office of Insurance Regulation’s (OIR) said the state’s insurance market is continuing to strengthen with more carriers.
“TALLAHASSEE, Fla. – Another property and casualty insurer was recently approved to enter Florida’s insurance market, bringing a total of eight new insurers following legislative reforms aimed at stabilizing the market, state insurance regulators said Wednesday.
“The Florida Office of Insurance Regulation (OIR) said Ovation Home Insurance Exchange, the most recent approval, joins Manatee Insurance Exchange, Condo Owners Reciprocal Exchange, Orange Insurance Exchange, Orion180 Select Insurance Company, Orion180 Insurance Company, Mainsail Insurance Company and Tailrow Insurance Companies.
“”Florida’s insurance market continues to strengthen, showing signs recent legislation is having positive impacts to the property insurance market,” Insurance Commissioner Michael Yaworsky said. “OIR remains steadfast in our efforts to stabilize Florida’s insurance market by implementing legislative reforms and recruiting more insurers to the state. We look forward to continuing this work and promoting a competitive market for policyholders.”
“OIR also approved the acquisition of Florida domestic property and casualty reciprocal insurer, Trusted Resource Underwriters Exchange, to allow the existing company to grow its footprint in the state and expand its underwriting capacity. As a result of OIR’s approval of the acquisition, more than $1.25 billion of capital is being invested into Florida’s property and casualty insurance market, the agency said.
“OIR officials also said Citizens Property Insurance Corporation is showing improvement in its financial strength over the previous years. Citizens’ surplus increased by approximately 17.5% from previous years. Citizens posted a net income in 2023 of $746 million compared to a loss of $2.2 billion in 2022. Additionally, Citizens’ combined ratio improved from the previous year from 204.4% to 59.5%.
“State insurance regulators said they hope to see a continued interest from authorized insurers in the Citizens depopulation program. So far this year, OIR has approved 13 companies to assume more than 354,000 policies from Citizens. In 2023, more than 275,000 policies were assumed from Citizens, reducing Citizen’s exposure by more than $113 billion.
“The OIR also said Florida’s domestic property insurance companies produced a combined net underwriting in 2023 that almost broke even, a marked improvement from losing over a billion dollars in the past three consecutive years. When combined with investments, the domestic carriers showed a net positive income in 2023 for the first time since 2016, officials said.
“OIR said 2023 year-end data shows a “much lower degree of uncertainty in the property insurance market,” because insurers reported lower loss reserve development. A loss reserve is the amount the insurer believes that claims will cost. At periodic points in time, an insurer goes back and evaluates how much those claims actually cost and uses that information to inform reserves going forward.
“From 2022 to 2023, Florida domestic insurers, including Citizens, have reported a 44.8% decrease from $772 million to $398 million in loss reserve development at the two-year look-back period and a 28% decrease from $224 million to $161 million at the one-year mark.
“Additionally, OIR said the Florida Hurricane Catastrophe Fund rates are decreasing for participating insurers by a statewide average of 7.38%. The rate decreases are in part based on modeled loss cost indications, even while exposure grows, officials said.”
Sanibel & Captiva Islands Real Estate News
The local Association of Realtors® did not meet again this week, but yesterday our members were invited to a Florida Realtors® District 5 Home Grown Advocacy Tour Event at the Naples Area Board of Realtors®.
Next week, our local Professional Development Committee will meet Tuesday morning. Then on Thursday April 11, there is a Sanibel/Captiva Caravan Meeting followed by Open House tour.
Below, with data from the islands Multiple Listing Service (MLS) are summary tables of the island residential sales statistics, followed by all the MLS action reported this week.
As “season” continues to wind down, there were nine new sales on Sanibel (two condos/seven homes). None on Captiva. Two other Sanibel properties (one condo and one home) previously under contract, are now back on the market.
During the last week, 19 Sanibel properties also had price reductions (four condos,13 homes, and two lots). There also were ten closings on Sanibel (two condos and eight homes) and two on Captiva (both condos).
Last year at this time, 41 Sanibel condos had closed/compared to 22 now; and 102 Sanibel homes had closed compared to 51 this year. Similarly, seven Sanibel lots sold last year through April 5, compared to five this year.
It is an interesting market to follow, and difficult to predict. Usually when snowbirds are back home, the market here softens for a few months. This being an election year probably further complicates that, but I think there are buyers waiting for just the right property at the right price. If they don’t need it until next winter, it could again be a quiet summer.
On the commercial side, Driftwood Inn, which has four units (nightly rental) went under contract this week. The asking price is $2.595M.
SANIBEL
RESIDENTIAL |
CONDOS |
HOMES |
LOTS |
# |
Avg Price |
DOM |
# |
Avg Price |
DOM |
# |
Avg Price |
DOM |
For sale: |
99 |
1,063,577 |
142 |
174 |
2,202,331 |
103 |
46 |
795,256 |
189 |
Under contract |
16 |
1,019,625 |
152 |
35 |
1,404,014 |
82 |
2 |
385,000 |
167 |
Sold 2024 to 4/5 |
22 |
814,342 |
113 |
51 |
1,562,607 |
91 |
5 |
2,547,000 |
155 |
Sold 2023 |
98 |
955,261 |
65 |
263 |
1,267,390 |
73 |
24 |
920,645 |
76 |
Sold 2022 |
123 |
1,136,199 |
44 |
185 |
1,602,745 |
52 |
26 |
779,528 |
223 |
Sold 2021 |
287 |
875,127 |
113 |
355 |
1,341,881 |
89 |
69 |
698,862 |
442 |
CAPTIVA
RESIDENTIAL |
CONDOS |
HOMES |
LOTS |
# |
Avg Price |
DOM |
# |
Avg Price |
DOM |
# |
Avg Price |
DOM |
For sale |
32 |
1,464,258 |
157 |
20 |
7,236,000 |
190 |
3 |
9,998,333 |
167 |
Under contract |
4 |
3,565,000 |
84 |
0 |
N/A |
N/A |
0 |
N/A |
N/A |
Sold 2024 to 4/5 |
5 |
1,405,000 |
113 |
3 |
3,824,166 |
176 |
0 |
N/A |
N/A |
Sold 2023 |
17 |
834,176 |
98 |
17 |
2,716,647 |
70 |
0 |
N/A |
N/A |
Sold 2022 |
28 |
1,458,983 |
52 |
22 |
5,636,386 |
133 |
0 |
N/A |
N/A |
Sold 2021 |
64 |
1,150,373 |
145 |
44 |
2,988,520 |
261 |
2 |
2,950,000 |
731 |
Sanibel & Captiva Islands Multiple Listing Service Activity Mar 29‑Apr 5
Sanibel
CONDOS
4 new listings: Sanibel Arms #D2 1/1 $375K, Mariner Pointe #1023 2/2 $599K, Sanibel Moorings #1422 2/2 $875K, Shell Island Beach Club #7B 2/2 $995K (SanibelSusan listing).
4 price changes: Beach Road Villas #104 2/2 now $580K, Oceans Reach #4D1 2/2 now $860K, Sanibel Sunset #102 3/2 now $1.689M, Tigua Cay #487 3/3.5 now $2.1M.
1 back-on-market: Gulfside Place #125 2/2 $1.895M.
2 new sales: Spanish Cay #C6 2/2 listed at $439K, Blind Pass #C201 2/2 listed at $599K.
3 closed sales: Island Beach Club #P1F 2/2 $728,626; Loggerhead Cay #181 2/2 $775K, Gulfside Place #208 2/2 $1.25M.
HOMES
4 new listings: 3180 Twin Lakes Ln 3/2 $1.21M, 1290 Par View Dr 3/3 $1.549M, 1272 Par View Dr 3/3.5 $2.395M, 761 Limpet Dr 3/2 $2.895M.
14 price changes: 9428 Moonlight 3/2 now $849K, 9126 Mockingbird Dr 32 now $859,999; 653 Oliva St 3/2 now $915K, 1615 Serenity Ln 3/2 now $929K, 1586 Century Ct 3/2.5 now $949K, 220 Palm Lake Dr 3/3 now $1.099M, 421 Lake Murex Cir 3/2 now $1.125M, 6090 Dinkins Lake Rd 3/3.5 now $1.295M, 3708 Agate Ct 3/3.5 now $1.37M, 3205 Twin Lakes Ln 3/2 $1.4M, 979 Whelk Dr 3/3 now $2.099M, 851 Angel Wing Dr 5/4 now $2.399M, 1318 Seaspray Ln 5/3.5 now $2.495M, 2287 Starfish Ln 4/4 now $2.5M.
1 back-on-market: 2969 Wulfert Rd 6/7.5 $3.195M.
7 new sales: 863 Rabbit Rd (1/2 duplex) 3/2 listed at $678.5K, 931 S Yachtsman Dr 4/3.5 listed at $948K, 1376 Sand Castle Rd 3/2 listed at $979K, 396 Lake Murex Blvd 3/2 listed at $1.1M, 440 East Gulf Dr 3/2 listed at $1.15M, 235 Daniel Dr 3/3 listed at $1.495M, 900 Almas Ct 4/4.5 listed at $2.15M.
8 closed sales: 2066 Wild Lime Dr 2/1 $650K, 6460 Pine Ave 3/2 $1M, 737 Vinca Way 3/2 $1M, 3212 Twin Lakes Ln 3/3 $1.1M, 1067 Sand Castle Rd 4/2 $1.225M, 920 Almas Ct 3/2.5 $1.519M, 840 Birdie View Pt 3/2.5 $1.85M, 1769 Venus Dr 3/2 $1.925M.
LOTS
No new listings.
2 price changes: 967 Fitzhugh St now $275K, 1757 Windward Way now $399.9K.
No new or closed sales.
Captiva
CONDOS
1 new listing: Lands End #1659 2/2 $1.6M.
No price changes or new sales.
2 closed sales: Lands End #1657 2/2 $1.25M, Captiva Beach Villas #B 3/2.5 $3.295M.
HOMES & LOTS
Nothing to report.
This representation is based in part on data supplied by the Sanibel & Captiva Islands Association of Realtors Multiple Listing Service. Neither the association nor its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the association, or its MLS may not reflect all real estate activity in the market. The information provided represents the general real estate activity in the community and does not imply that SanibelSusan Realty Associates is participating or participated in these transactions.
The latest edition of the island “Real Estate Guide” was in today’s mail. Our ad is below.
Enjoy your weekend, Susan Andrews, aka SanibelSusan
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