
Office Post-Ian

My pool post-Ian




Office Post-Ian
My pool post-Ian
If you are tired of hearing that it has been another quiet week on sunny Sanibel, I won’t say it, though it’s still mostly true. One diversion has been watching the increasing storm activity coming across the Atlantic. My favorite on-line forecaster Mike’s Weather Page at www.SpaghettiModels.com does not have things looking good for Florida next week. Fingers crossed that projections change in the upcoming days.
The City of Sanibel has been sending out warning messages, encouraging checking of disaster supply kits and reconfirming hurricane plans. I have already stocked up both at home and office. Teammate Dave has moved things off the floor in the office and I will pick up our “for sale” signs if it continues to look like the islands will get hit.
We were contacted by another returning owner thinking of selling, will meet with them once they have settled in. Also worked with buyers writing a successful offer on a property they viewed nearly a month ago.
There was no island Association of Realtors® Caravan meeting yesterday, but our listings have had showings.
The sales action posted since last Friday in the Sanibel & Captiva Islands Multiple Listing Service is after a couple of news items below. Our ad from today’s “Island Sun” also is below..
Next Thursday is the Association’s monthly membership breakfast meeting where speakers from the Captiva Erosion Protection Control District will update attendees.
At the Professional Development Meeting this week, we finalized the speaker schedule for the rest of this year. November speaker will be Amira Fox, State Attorney for the 20th Judicial Circuit of Florida (covering Charlotte, Collier, Glades, Hendry, and Lee counties). December speaker is Sanibel City Manager Dana Souza.
There is no speaker in October since our annual meeting is then (on October 27).
Before that, the Association annual RPAC (Realtor® Political Action Committee) Golf Tournament and Auction are scheduled for October 12 at The Dunes.
SanibelSusan’s donation (lobsters from Maine) usually sells for top dollar. Always happy to support fundraising efforts that protect and promote the real estate.
Below write-up received by email yesterday from Dan Krispinsky, Senior Loan Officer, at Lake Michigan Credit Union, Fort Myers Office. Bet you also enjoy it.
“The Fed increased policy rates by 0.75% at their September meeting and indicated they will continue raising rates until inflation is tamed. But that doesn’t mean mortgage rates will rise at the same pace. Why?
“Does this mean you should wait for the possibility of lower rates? Not necessarily. I encourage my clients to consider all the moving pieces – not only in the markets, but also in their lives. If this is the right time for you to buy a home or access cash from equity, then let’s find a way to work withing the framework of the current interest rate environment. After all, rates are still lower than long-term averages, and there are options like hybrid ARMs, buydowns, and HELOCs that can help in this environment.
“Background on the Fed:
“Don’t let interest rates hold you back from making a move or accessing cash. I’m happy to help you navigate this market. After all, we’re still closing loans every day!”
Reach Dan at (239) 908-5936 dan.krispinsky@lmcu.org, 7920 Summerlin Lakes Dr, Fort Myers FL 33907
Tomorrow, Saturday, September 24, across the U.S. is National Public Lands Day, a time to especially enjoy parks, refuges, and other green spaces protected by the federal government. At The J.N. “Ding” Darling National Wildlife Refuge, there are plenty of FREE activities:
SanCap Motor Club – will host its first “Coffee & Cars” cruise-in of the new season on Saturday, October 1, from 9 to 11 a.m. at Periwinkle Place Shops (2075 Periwinkle Way). Shop owners and the Club will provide a continental breakfast, donuts, coffee, and other refreshments. Open to the public, no pre-registration required. Also, the Club will hold a dinner on the 2nd Wednesday of every month. Membership is $60/person or $75/couple or family. Email Scot Congress for more info at scot@scongress.com.
Farmers Markets – on both islands also begin in October (and go through May). Sanibel Market, on City Hall grounds, next to the Library, is Sundays from 8 a.m. until 1 p.m. (every Sunday, except Christmas Day when instead it will be open on Monday). Captiva’s market is Tuesdays, at the entrance to South Seas Resort (5400 Plantation Rd), from 9 a.m. to 1 p.m. Info about seven other local markets is on www.BuyLocalLee.com Big thanks to Jean Baer and Betsy Ventura for starting these markets. Time flies and expansion occurs when success abounds! Congratulations, ladies!
Sanibel
CONDOS
1 new listing: Captains Walk #C6 1/1 $399K.
1 price change: Loggerhead Cay #271 2/2 now $869K.
2 new sales: Lake Palms #3 2/2.5 listed at $699K, Shell Island Beach Club #6C 2/2 listed at $1.325M.
2 closed sales: Sanibel Arms West #K8 2/2 $850K, Loggerhead Cay #331 2/2 $870K.
HOMES
1 new listing: 747 Birdie View Pt 3/3 $1.35M.
3 price changes: 2005 Mitzi Ln 2/2 now $805K, 1270 Par View Dr 3/2 now $1.599M, 2474 Wulfert Rd 3/2 now $1.695M.
3 new sales: 749 Cardium St 3/2 listed at $1.179M, 242 Christofer Ct 3/2 listed at $1.499M (our sale), 424 East Gulf Dr duplex 4/2 listed at $2.599M.
2 closed sales: 542 Boulder Dr 2/2 $1.05M, 5690 San-Cap Rd 3/3 $1.65M.
LOTS
Nothing to report.
Captiva
CONDOS
Nothing to report.
HOMES
1 new listing: 11529 Andy Rosse Ln 4/4 $3,990,050.
1 price change: 11523 Andy Rosse Ln 5/5.5 now $4.799M.
No new sales.
1 closed sale: 11517 Andy Rosse Ln 4/4.5 $4.5M.
LOTS
Nothing to report.
This representation is based in part on data supplied by the Sanibel & Captiva Islands Association of Realtors® Multiple Listing Service. Neither the association nor its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the association, or its MLS may not reflect all real estate activity in the market. The information provided represents the general real estate activity in the community and does not imply that SanibelSusan Realty Associates is participating or participated in these transactions.
Enjoy your weekend! Keep an eye on the weather!
Susan Andrews, aka SanibelSusan
Here’s another update on another quiet week on sunny Sanibel. Here at the office, we had been noticing periodic slow internet service – which went out completely last Friday when I was trying to send our update.
Internet service can have problems during summer tropical storms, but teammate Dave thought this more serious and got Comcast “on it”. Now we have a new wireless modem plus all new wiring from our unit, under the parking lot, and over the buildings behind us, to the closest central pole. It took several days, but we are happy speedy internet users again.
Speaking of storms, all eyes are on Fiona, but “knock on wood”, 2022 continues to treat SW Florida well.
While out on Captiva this morning, I noticed many construction projects underway – some are huge. As I drove around the “S” curve, I remembered that before Hurricane Charley in 2004, we enjoyed the tunnel of tropical vegetation there – which was destroyed in that storm. A tunnel (of sorts) is back, without the Australian pines that created such havoc.
Out on Santiva, it looks like Castaways Cottages have received new bright cheerful coats of paint. Sunset Grill center also is getting updates. Similarly on Sanibel, all kind of projects are underway or wrapping up as we all look forward to a busy “season” beginning, hopefully, when the first snowbirds arrive in a few weeks. We are ready!
Monday through Wednesday, the Association offered the Continuing Ed classes required for state license renewals. At the biweekly Caravan Meeting yesterday, attendance was light and just two properties were open for viewing. Tomorrow morning (Saturday), Association members are participating in Coastal Clean-Up.
Photo from Seagrape Ln bayside, after class on Monday, 12:48 p.m. 09-12-22
According to the Sanibel & Captiva islands Multiple Listing Service, Sanibel inventory ticked up a little this week with one more condo and four more homes available today, compared to last Friday. (Today, there are 27 condos, 37 homes, and five lots are for sale on Sanibel. Captiva has seven condos, nine homes, and one lot for sale.)
The action this week posted in the local Multiple Listing Service is below. Our ad from today’s “Island Sun” also is here.
As mentioned before, most island offers today are on the Florida Realtors® “As Is” Contract which by default has a 15-day inspection/cancellation period. That timeframe often is negotiated. Because of that right to cancel and buyers going under contract before they have seen a property or had inspections, many listings recently have come of the market, quickly gone under contract, and then come back on the market. For example, since last Friday, three homes and a condo that were under contract again are available.
Sanibel
CONDOS
1 new listing: Sanctuary Heron #3A 2/2.5 $999K.
1 price change: Loggerhead Cay #271 2/2 now $879.9K.
1 new sale: Lighthouse Point #232 3/2 listed at $1.095M.
No closed sales.
HOMES
2 new listings: 6054 Dinkins Lake Rd 3/2 $899K, 1986 Wild Lime Dr 3/2 $975K.
1 price change: 1018 S Yachtsman 3/3 now $1.245M.
1 new sale: 1242 Par View Dr 3/2 listed at $1.145M.
2 closed sales: 671 Durion Ct 3/2 $1.095M, 3169 Twin Lakes Ln 3/3 $1.2M.
LOTS
Nothing to report.
Captiva
CONDOS
1 new listing: Marina Villas #803 2/2 $1.275M
No price changes, new or closed sales.
HOMES
No new listings or price changes.
1 new sale: Sunset Captiva #1 2/2.5 listed at $3.9M.
No closed sales.
LOTS
Nothing to report.
This representation is based in part on data supplied by the Sanibel & Captiva Islands Association of Realtors® Multiple Listing Service. Neither the association nor its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the association, or its MLS may not reflect all real estate activity in the market. The information provided represents the general real estate activity in the community and does not imply that SanibelSusan Realty Associates is participating or participated in these transactions.
Enjoy your weekend!
Until next Friday, Susan Andrews, aka SanibelSusan
As we look forward to a holiday weekend, islanders continue to “knock on wood” that this has been the quietest hurricane season in decades. Island weather has been nice again this week too, though the lightning storm surrounding midnight Tuesday night/Wednesday morning was another humdinger. More daytime temperatures in the high 80’s/low 90’s expected for the foreseeable future, again with a good chance of rain sometime during each 24-hour period.
Teammate Dave got another big postcard mailing out Wednesday. It featured our three east-end listings. Our ad from today’s “Island Sun” below also highlights them.
The next few months usually are busy with island real estate, mostly sellers thinking of taking advantage of the market and buyers wanting a property to benefit from themselves this winter – whether it be for personal use or income.
Below is an update of island residential inventory today (data from the Sanibel/Captiva MLS September 2, 2022):
Status |
SANIBEL | ||||||||
Condos | Homes | Lots | |||||||
# | Avg $ | DOM | # | Avg $ | DOM | # | Avg $ | DOM | |
For sale | 25 | 1,250,080 | 66 | 30 | 2,225,633 | 61 | 6 | 1,702,000 | 90 |
Under contract | 8 | 1,211,362 | 31 | 14 | 1,499,000 | 38 | 2 | 247,500 | 47 |
Sold to-date 2022 | 113 | 1,137,190 | 43 | 148 | 1,672,436 | 57 | 23 | 686,641 | 244 |
Sold 2021 | 287 | 875,127 | 113 | 355 | 1,341,881 | 89 | 69 | 698,862 | 442 |
Status |
CAPTIVA | ||||||||
Condos | Homes | Lots | |||||||
# | Avg $ | DOM | # | Avg $ | DOM | # | Avg $ | DOM | |
For sale | 6 | 1,433,666 | 111 | 8 | 7,085,345 | 127 | 1 | 15,500,000 | 160 |
Under contract | 0 | N/A | N/A | 1 | 4,995,000 | 197 | 0 | N/A | N/A |
Sold to-date 2022 | 28 | 1,458,963 | 52 | 21 | 5,690,500 | 130 | 0 | N/A | N/A |
Sold 2021 | 64 | 1,150,373 | 145 | 44 | 2,988,520 | 261 | 2 | 2,950,000 | 731 |
At the Caravan Meeting yesterday at the Sanibel & Captiva Islands Association of Realtors©, many donations of goods plus a $500 check were presented to Jennifer Benton, CEO of ACT (Abuse, Counseling, & Treatment Inc.), the private non-profit in Fort Myers that serves victims of domestic violence, sexual assault, and human trafficking. Always looking for volunteers
and contributions, you also can support ACT through their thrift store (Second ACT which is on U.S. 41 at 12519 South Cleveland Ave), their gallery and boutique (at 2265 First St in the Fort Myers River District), and their annual benefit Gala/Art Auction (this year on October 29). More info at www.ACTAbuse.com
After the meeting, three newly-listed homes open for viewing – an indication that inventory is increasing albeit slowly and that new listings are no longer selling immediately – though one of those properties hit the MLS for the first time the day before and the listing agent reported that it already had nine showings. (It is a very large near-beach like-new well-furnished pool home.)
Beach Bucket Success
Posted in SCCF’s August 31 update, “Coastal Watch is happy to announce that the buckets at the beach bucket stations are being used! Several volunteers have been monitoring and reporting the usage of the buckets over the past two months at the three bucket stations – Lighthouse Beach, Tarpon Bay Rd Access, and Bowman’s Beach. We are thrilled to see the community and visitors taking advantage of this program and helping Coastal Watch keep our beautiful beaches clean! More volunteers are needed to help monitor the stations. If interested, please email CoastalWatch@sccf.org.”
September Closures & Happenings
Restaurants – Traditionally, September is the slowest month of the year on the islands. Social media has been overloaded with questions about what restaurants are closed – and when. Many with maintenance projects and improvements planned are dealing with construction and material delays. So best advice is to call the restaurant before you go to be sure they are open. Below is the list from the Chamber of Commerce website showing 2022 off-season restaurant closures:
CROW Visitor Center – Closed September 5 to 9 for Labor Day and fall cleaning. Call to schedule Wildlife Walk Guided Hospital Tours for the week of September 12.
Island Hopper Songwriter Fest – Beginning September 16 and running for ten days, this Southwest Florida festival features performances by singers-songwriters from Nashville and beyond. The first weekend is on Captiva (Sep 16-18), then downtown Fort Myers during the week (Sep 19-22), followed by weekend on Fort Myers Beach (Sep 23-25). Get the full line-up of performers at www.island-hopperfest.visitfortmyers.com.
International Coastal Clean-Up Day – is Saturday September 17. Several island organizations including the local Association of Realtors©, CROW, and SCCF’s Coastal Watch are participating. For more info or to sign up through SCCF, visit www.Bit.ly/sccf-cleanup-2022 For off-island locations, go to www.KLCB.org/events/coastal-cleanup
SCCF Watch Party – This fundraising event supporting the Foundation’s community-based marine conservation and volunteer program, Coastal Watch, is September 30 from 5:30 to 9 p.m. at Sanibel Sea School (455 Periwinkle Way). It includes live music from Uproot Hootenanny, shrimp boil, other good eats, craft beer, wine, and non-alcoholic beverages, casting competition, 50/50, and more fun ways to give. Tickets available at www.CoastalWatchParty.eventbrite.com.
Plan Ahead for “Taste of The Islands”
CROW’S oldest running fundraiser is evolving again. This year it will be a Sanibel-Captiva restaurant week, scheduled for November 12-19. Restaurants still will feature a “Taste” for judging and panels of judges will do tasting on each Saturday. More details to come in October.
More Insurance News
Posted yesterday, September 1, 2022, on FloridaRealtors© and sourced to The News Service of Florida:
“State-Owned Citizens Insurance May Raise $700K Cap
“TALLAHASSEE, Fla. – With homeowners struggling to find coverage, insurance regulators are looking at the possibility of lifting a $700,000 cap on policies sold by the state-backed Citizens Property Insurance Corp. Citizens is barred by law from providing what is known as a “replacement cost” coverage of more than $700,000 for homes, except in Miami-Dade and Monroe counties, where the limit is $1 million.
“But as Florida’s property-insurance market has crumbled and home values have soared, many homeowners have been dropped by private insurers and cannot qualify for Citizens coverage because of the $700,000 cap.
During a Citizens committee meeting Wednesday, Susanne Murphy, a deputy commissioner at the Florida Office of Insurance Regulation (FOIR), said that regulators are analyzing whether they could increase the $700,000 cap in at least some counties.
“State law would allow such a move if regulators determine that “there is not a reasonable degree of competition” in those counties. That finding in Miami-Dade and Monroe counties opened the door for an increase to a $1 million coverage limit. “Whether there’s enough data to support that finding is what we’re trying to determine,” Murphy told members of the Citizens Market Accountability Advisory Committee. “The last time we did this (with Miami-Dade and Monroe), it was pretty clear … and I think that the data that we’ve looked at thus far is not as clear as it was years ago.”
“Committee member Lee Gorodetsky, a South Florida insurance agent, said “clients can’t even squeeze into Citizens insurance, even though they want to or need to.” That has resulted, for example, in homeowners having to turn to what is known as surplus-lines coverage, which is largely unregulated and can include more conditions on policies.
“Murphy, a member of the Citizens committee, said it will probably take another month before regulators decide on whether to lift the cap. The discussion about the cap is more fallout from the troubled private insurance market, as carriers have shed policies and sought large rate increases to try to curb financial losses. Since February, five insurers have been deemed insolvent and placed into receivership.
“Citizens, which was created as an insurer of last resort, has been flooded with policies during the past two years. As of Friday, it had about 1.02 million policies. By comparison, it had 499,056 policies on Aug. 31, 2020, and 687,079 policies on Aug. 31, 2021, according to data posted on its website.
“The coverage cap also is tangled in longstanding efforts by state leaders to have homes insured in the private market, rather than by Citizens. Those efforts, in part, stem from concerns about financial risks if the state is hit by a major hurricane or multiple hurricanes.
“Citizens policies had a $2 million coverage cap until 2013 when lawmakers passed a measure to gradually reduce it, with the $700,000 limit in place since 2017. Murphy said increasing the $1 million cap in Miami-Dade and Monroe counties – and potentially other counties – would require the Legislature to change state law. Home values vary in different parts of the state, and most do not exceed $700,000. But the cap issue has drawn particular attention in high-value areas such as Broward and Palm Beach counties.
“As an example, the metropolitan statistical area that includes Miami, Fort Lauderdale and West Palm Beach had a median sales price for existing single-family homes of $595,000 in July, according to the industry group Florida Realtors. In the area that includes Naples, Immokalee and Marco Island, the median sales price was $748,270.”
Sanibel & Captiva Islands Multiple Listing Service Activity Aug 26-Sep 2, 2022
Sanibel
CONDOS
No new listings or sales.
2 price changes: Shell Island Beach Club #6C 2/2 now $1.325M, Sanibel Surfside #125 2/2 now $1.345M.
2 closed sales: Seawind #A105 2/2.5 $885K, Pointe Santo #D44 2/2 $1.3M.
HOMES
1 new listing: 466 Sea Oats Dr 4/4 $2.239M.
1 price change: 1543 San Carlos Bay Dr 4/4 now $2.895M.
5 new sales: 1747 Serenity Ln 3/2 listed at $849K (stats), 1835 Farm Trl 3/2 listed at $899K, 921 Strangler Fig Ln 3/2.5 listed at $999K, 1565 Bunting Ln 3/2 listed at $1.15M (stats), 641 Lake Murex Cir 4/3 listed at $1.279M.
3 closed sales: 1421 Sandpiper Cir 3/2.5 $769K, 1012/14 E Gulf Dr 4/2 $960K, 5802 San-Cap Rd 3/3.5 $1.125M.
LOTS
2 new listings: 4636 Rue Royale $825K, 1729 Jewel Box Dr $1.35M.
No price changes.
1 new sale: 1994 Wild Lime listed at $350K.
1 closed sale: 1321 Seaspray Ln $950K.
Captiva
CONDOS
Nothing to report.
HOMES
1 new sale: 11517 Andy Rosse Ln 4/4.5 listed at $4.995M.
No price changes, new sales, or closed sales.
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.
Here’s hoping you enjoy your Labor Day weekend!
Susan Andrews, aka SanibelSusan
It’s another sunny Florida Friday. The summer showers this week have been mostly late day and inland. More similar “chance of rain” days are forecast through next week – a good reminder for beach and boating lovers to make their outdoor plans for mornings.
Teammate Dave (and his first mate teammate Lisa) had his boat out this week, reporting smooth sailing and clear waters up into Charlotte Harbor. The below picture was taken by one of his pals in Redfish Pass where the dolphins are actively soliciting hand-outs. Though this smiling guy is cute, please don’t feed the wildlife.
Photo by Britt Maxwell, 8-23-22, Redfish Pass
The action since last Friday in the Sanibel & Captiva Islands Multiple Listing Service is posted after a couple of news items below. Our ad from today’s “Island Sun” also is included.
There was no Sanibel & Captiva Islands Association of Realtors© caravan meeting this week at it was the 2022 Florida Realtors® Convention in Orlando. The schedule for that annual event has changed since the pandemic with many of the leadership meetings by Zoom last week. This week (Wednesday through tomorrow) is the actual convention with trade show, educational sessions, and meetings, followed to the Board of Directors meeting Sunday morning. I zoomed several sessions and events, but sure missed networking in person with committee pals.
This morning, Florida Governor Ron DeSantis spoke at the Realtor Party Town Hall with a political update and look ahead to the midterm election this fall. Of course, I also tuned In to that.
In addition to describing the state of the state, emphasizing the Hometown Heroes Program and other state benefits to first responders, teachers, nurses, etc., he mentioned the unprecedented resident migration into Florida. Most newcomers are from New York, California, and Illinois, while he also said the migration here is four times the number that recently moved to Texas. Two years in a row now, the wealth moving into Florida is setting records. In fact, money-wise, the Governor said that Florida just reported its largest ever budget surplus.
Of particular interest to those along the Gulf Coast where water quality is so important, are the Florida monies allocated and improvements made toward Everglades restoration ($3.3 billion, which is more than two times what was spent in the four years before Desantis).
It also was interesting to hear Desantis say that no Florida state university has raised tuition during his four years, with the University of Florida now also being rated the #5 college in the nation.
Florida CFO Jimmy Patronis spoke after the Governor saying that Florida is rated #1 for its fiscal condition, but he also mentioned insurance problems. He said that while 7% of insurance claims come from Florida, so does 70% of litigation. Insurance reform remains a top priority.
The TRIM Notice for my Sanibel home arrived in Saturday’s mail. It was a bit of a surprise to see the assessed value was up 53%. I am gladly homesteaded which also means I receive the “Save Our Homes” benefit which limits property value increases for tax purposes to 3% annually and offers portability. So, thankfully, even worst case, my 2022 property taxes will only go up a few dollars.
These TRIM (or Truth in Millage) notices inform property owners of what the millage rates are proposed to be from the various entities that tax them, what the assessed value of the property is, its taxable value, and what they will owe in ad valorem and other taxes for the year will be, should the tax rates be approved at upcoming public hearings.
Assessed values are based on sales the previous year, or before January 1 this year. Property owners have 25 days after their notice is received to file an appeal.
To file for a homestead exemption, owners must reside in the property January 1 that year, and file for the exemption before March 1. (They are renewed automatically each year.)
Without this exemption, value increases are limited to 10% annually. More info and filing on-line available at www.LeePA.org.
Tarpon Bay Explorers is offering a September discount for locals. For the month, they are extending a 25% discount on all rentals and guided tours for residents of Lee, Charlotte, and Collier counties. This is a great opportunity for residents to enjoy “Ding Darling” during the “quiet” season. Kayak, canoe, paddleboard, and bike rentals are available first-come between 8 a.m. and 4 p.m. Fishing kayaks and pontoon rentals need a reservation, as do cruise, paddling, and tram tours. Call 239-472-8900 or visit www.TarponBayExplorers.com for more info, reservations, pricing.
The rumor mill has been having a heyday about upcoming changes at Captiva’s South Seas Plantation. Luckily our colleagues who work there are happy to share info. Here are a few improvements in the works there.
From “Florida Realtor®” magazine September 2022:
“50% of homeowners surveyed said they would upgrade their current appliances before selling to increase their home’s value. Homeowners believe that replacing their appliances would increase the value of their homes by nearly $14K. The top 6 are:
More summer projects and pre-season maintenance announced this week, when it was posted that the Bailey Tract will be closed Monday through Friday (August 29 through September 2) for maintenance work and mowing.
Posted Wednesday, August 25, on FloridaRealtors© and sourced to Inman (8/22/22): “Fannie Mae expects a 16.2% drop in home sales year-to-year in 2022; one month earlier it predicted 15.6%, but “housing remains clearly on the downtrend.”
“WASHINGTON – According to the latest projections from Fannie Mae’s Economic and Strategic Research Group, home sales are expected to total 5.78 million this year, down 16.2% from a year ago. In July, one month earlier, Fannie Mae forecast a 15.6% decline.
““Housing remains clearly on the downtrend – and has been for several months now – due to the combined effects of outsized home price increases and the significant and rapid run-up in mortgage rates,” says Fannie Mae chief economist Doug Duncan. “Despite a pullback in mortgage rates over the past month, recent incoming data point to a faster near-term slowdown in sales than we had expected, especially for new homes.”
“New-home sales are now projected to fall 18% to 632,000 this year, and existing-home sales are expected to drop 16% to 5.143 million. Fannie Mae forecasters said existing-home sales in June “were somewhat stronger than we had anticipated,” but “recent leading indicators of July home sales, such as pending sales and mortgage applications, point to a continued slow down.”
“Meanwhile, pending sales, which lead closings by approximately 30 to 45 days on average, fell 8.6% from May to June, though by a much smaller 1% in July. However, Fannie Mae economists also believe mortgage rates have peaked and will trend downward into next year.”
Sanibel
CONDOS
1 new listing: Beach Rd Villas #101 2/2 $685K.
No price changes.
4 new sales: Captains Walk #F3 2/2 listed at $620K, Spanish Cay #E4 2/2 listed at $649K, Sanibel Arms West #K8 2/2 listed at $889K, Sanibel Moorings #1112 2/2 listed at $1.325M.
2 closed sales: Sanibel Arms West #B8 2/2 $820K, Somerset #D101 3/2.5 $2.1M.
HOMES
5 new listings: 921 Strangler Fig Ln 3/2.5 $999K, 1345 Junonia St 2/2 $1.2M, 1224 Kittiwake Cir 3/2 $1.55M, 9319 Kincaid Ct 3/2 $1.795M, 950 Victoria Way 4/4 $2.695M.
No price changes or new sales.
6 closed sales: 1289 Par View Dr 3/2 $900K, 1313 Seaspray Ln 3/3 $1.65M, 839 Birdie View Pt 3/3 $1.925M, 437 Lake Murex Cir 5/3 $1.95M, 4640 Rue Belle Mer 3/3 $2.55M, 885 Limpet Dr 4/3 $3.25M.
LOTS
Nothing to report.
Captiva
CONDOS, 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.
Until next Friday, Susan Andrews, aka SanibelSusan
Wrapping up another quiet week on sunny Sanibel without the Saharan dust and where the summer breezes pushed east so there were very few showers, except inland. It really has been a nice summer so far – though we continue to watch the tropics and waves coming off Africa.
A favorite photo from 2011 by Jim Anderson, JMA Photographer
This week, our listings had more showings, but overall real estate activity has been slow as shown in the Multiple Listing Service action which is after a couple of news items below.
Demand for real estate here remains high but compared to the action six-plus months ago when properties were selling quickly, often for full price or higher, that no longer is the norm. Buyers are more cautious. Market is shifting.
Teammate Dave and I also received more calls from owners thinking of selling. Most don’t want to give up their property yet or don’t have a replacement to use this winter, so probably will revisit the idea when they come next. Our crystal ball doesn’t extend too far, but you can be sure we closely watch inventory and sales.
Buyers sitting on the fence thinking more choices at lower prices will be available soon, could be disappointed. As we tell prospective purchasers, if you see something you like, buy it. Who knows what will become available next and when. There is no time like the present to enjoy owning on the islands which also is why we understand those not wanting to sell soon, even if they could get a great price.
Professional Development Committee – The Association’s Professional Development Committee met Tuesday. Due to speaker commitments, some schedules were swapped for the rest of the 2022 Monthly Membership Breakfast Meetings. Details on the August meeting, which was yesterday, are below.
An update of other classes and educational events planned through the year also were discussed. SanibelSusan will participate in the upcoming Bias Override, Code of Ethics, and Core Law classes which are September 12 and 13. She also will proctor the next new member orientation on September 20.
August Membership Meeting – It was almost a full house at the monthly breakfast meeting yesterday, August 18, 2022. Sponsored by Rapid Response Team (affiliate Melanie Holliday), speakers were three affiliate members (John Treblicock Esq. with Goede, DeBoest & Cross; Cameron Govreau with Heidrick & Company; and Brian Chapman with Chapman Insurance Group). As a panel they covered how recently enacted Florida Senate Bill 4-D (Building Safety) affects condominiums.
There were few announcements during the Caravan section of the meeting and just one property was open for viewing, a condo that is “back on the market”, after being listed in May and under contract in July.
Below are some take-aways from the panel discussion on Florida condo changes.
Photo by Melanie Holliday (Rapid Response Team)
Florida Condos – Building Safety – Those complexes affected by the new bill are those with one or more buildings that are three or more stories high. Such buildings located within three miles of coastline require a milestone inspection 25 years from the certificate of occupancy (C.O.). (For those further away, the inspection is required within 30 years from C.O.)
After this milestone inspection, they will be required to have the same inspection performed at least once every ten years thereafter. The inspections must be conducted by a licensed architect or building engineer and include load-bearing walls, primary structural members, systems, and the resulting report must attest to the life safety and adequacy of the structural components of the building.
If a building C.O. was issued on or before July 1, 1992 (which includes most of those on the islands), the initial milestone inspection must be performed before December 31, 2024.
Additionally, a study of the reserve funds required for future major repairs and replacement of the common areas also must be completed by this same date and then updated at least every ten years. Study components shall cover roof, load-bearing walls or other primary structural members, floor, foundation, fireproofing and fire protection systems, plumbing, electrical systems, waterproofing and exterior painting, windows, and any other item that has a deferred maintenance expense or replacement cost that exceeds $10K.
What does all this mean to today’s condo owners? As John said at the beginning of his talk “The era of subsidized condo living is Florida is over.”
For example, no longer will these associations be able to waive their reserves (including for replacement of windows that some have pushed off onto individual owners). It is expected that many associations will have to pony up to get adequate reserve monies in place.
All of this is to improve the safety of condo living but makes it more important than ever for owners and potential owners to thoroughly review the association financial posture and stability. As a new bill, there may be clarification in the next legislative session. With politics involved there likely will be changes. Stay tuned.
Posted Monday, August 15, 2022, on FloridaRealtors® and sourced to Realtor.com.
“Increases in Miami (up 36.2%) and Honolulu (up 23.5%) reflect remote work trends, but 8 cities with “top 10” price increases are ones with still-affordable housing.
“NEW YORK – Some suggest that the hot housing market is slowing down as mortgage rates rise and inventories increase, but the reality is that the demand for houses still outpaces supply, according to experts. There’s a change – and overall demand may have fallen – but there are still more buyers than sellers.
“There are signs, however, that home prices will begin to plateau or slow, as sellers reduce their expectations and sellers look for deals.
““There are several indicators that the national housing market is rebalancing in a more buyer-friendly direction,” says Realtor.com Chief Economist Danielle Hale, but “in these top 10 markets with the biggest price growth, we’re generally seeing signs that the rebalancing seen elsewhere has not progressed as far.”
“The top 10 cities where house prices continue to rise are:
““Eight of these 10 markets have median home list price well below the U.S. average,” Hale says. “The two exceptions, Miami and Honolulu, are warm-weather spots benefiting from ongoing remote work trends and the resumption of domestic and global travel.””
Sanibel
CONDOS
6 new listings: Captains Walk #F3 2/2 $620K, Sundial C209 1/1 $799K, Sanibel Moorings #1112 2/2 $1.325M, Shell Island Beach Club #6C 2/2 $1.35M, Sanibel Surfside #125 2/2 $1.395M, Kinzie Island #A 4/4.5 $4.495M.
No price changes.
4 new sales: Loggerhead Cay #331 2/2 listed at $899K, Sundial #G206 1/1 listed at $945K, Somerset #D101 3/2.5 listed at $2.499M, Wedgewood #104 3/3.5 listed at $3.495M.
2 closed sales: Sundial N301 3/2 $1.23M, Sundial H406 2/2 $1.3145M.
HOMES
2 new listings: 1283 Par View Dr 2/2 $1.149M, 1433 Sanderling Cir 4/3 $1.895M.
No price changes.
1 new sale: 542 Boulder Dr 2/2 listed at $1.15M.
1 closed sale: 1260 Par View Dr 3/3 $1.58M.
LOTS
Nothing to report.
Captiva
CONDOS, 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.
Below is our ad from today’s “Island Sun”.
Enjoy your weekend! Susan Andrews, aka SanibelSusan
P.S. Also here’s a pix like the kitten that walked up my front walk at home as I was heading out this week. As I ran to get my phone to take its picture, thinking it was a neighbors pet that escaped, out from behind a bush came its mama. They are bobcats. Gotta love living in paradise!
With Lee County Schools back in session this week and other folks finishing up vacations, it has been another quiet few days on the islands. Luckily the Saharan dust has kept seasonal showers away much of the time. The good weather has helped some annual projects, including the summer roadside trimming and paving projects underway.
This time of the year, islanders keep a close watch on the tropics. Hard for us long-timers to forget that 18 years ago in August, on Friday the 13th 2004, Hurricane Charley came to visit.
So far, 2022 has been kind to Florida storm-wise. Before heading out, particularly in the afternoons, I check radar on WinkWeather. As they say in Florida, when a shower is coming/or arrives, wait a few minutes and it will pass.
For forecasts for more serious storms, I follow “Mike’s Weather Page” at www.SpaghettiModels.com. He’s on social media too, has links to the national and international projections, and has a track record of accurate predictions.
No weekly Sanibel & Captiva Islands Association of Realtors® Caravan meeting this week, but office calls at SanibelSusan Realty are picking up. Yesterday, teammate Dave and I viewed a condo that should come on the market soon, while yesterday afternoon I showed a home that soon will be available. All signals that snowbirds and winter are right around the corner. Our “Island Sun” ad from today’s paper (below) zeros in on that.
The activity posted since last Friday in the Sanibel & Captiva Multiple Listing Service follows a couple of news items below.
You will notice that there have been few sales this summer. No new ones on either island this week. That also likely will change soon. Supply and demand continue to dictate sale prices.
Below is a summary of Sanibel residential inventory today (August 12, 2022) by the property type (condos, homes, lots) and locations (bayfront, canal, gulf, inland, and near beach). Data from the Sanibel & Captiva Islands Multiple Listing Service.
SANIBEL
CONDOS |
Bayfront | Canal | Gulf | Inland | Near Beach | Total | ||||||
# | Median $ | # | Median $ | # | Median $ | # | Median $ | # | Median $ | # | Median $ | |
For sale | 0 | N/A | 0 | N/A | 16 | 1,362,000 | 3 | 1,198,000 | 5 | 685,000 | 24 | 1,049,000 |
Under contract | 0 | N/A | 1 | 899,000 | 5 | 999,000 | 0 | N/A | 0 | N/A | 6 | 949,000 |
Sold yr-to-date | 6 | 765,000 | 9 | 591,000 | 73 | 1,225,000 | 4 | 867,000 | 16 | 723,000 | 108 | 986,111 |
SANIBEL
HOMES |
Bayfront | Canal | Gulf | Inland | Near Beach | Total | ||||||
# | Median $ | # | Median $ | # | Median $ | # | Median $ | # | Median $ | # | Median $ | |
For sale | 2 | 7,800,000 | 9 | 1,995,000 | 1 | 4,295,000 | 13 | 1,625,000 | 7 | 1,179,000 | 32 | 1,795,000 |
Under contract | 1 | 5,195,000 | 4 | 1,620,000 | 0 | N/A | 2 | 784,000 | 12 | 1,490,500 | 19 | 1,365,000 |
Sold yr-to-date | 3 | 5,500,000 | 24 | 1,862,500 | 4 | 4,537,500 | 16 | 1,272,500 | 67 | 1,306,000 | 138 | 1,412,500 |
SANIBEL
LOTS |
Bayfront | Canal | Gulf | Inland | Near Beach | Total | ||||||
# | Median $ | # | Median $ | # | Median $ | # | Median $ | # | Median $ | # | Median $ | |
For sale | 0 | N/A | 1 | 699,000 | 1 | 5,995,000 | 1 | 348,000 | 2 | 672,500 | 5 | 699,000 |
Under contract | 0 | N/A | 0 | N/A | 0 | N/A | 0 | N/A | 2 | 570,000 | 2 | 570,000 |
Sold yr-to-date | 1 | 1,850,000 | 2 | 887,500 | 1 | 2,050,000 | 9 | 320,000 | 9 | 1,620,000 | 22 | 577,500 |
Posted yesterday, August 11, 2022, on Florida Realtors®:
“NAR: Median home prices in the second quarter were up 14.2%, but Fla. saw bigger gains: Of the top 10 U.S. metros for home-price increases, Fla. had 7 ranking cities.
“CHICAGO – Despite escalating mortgage rates and slumping home sales in the second quarter of 2022, more markets saw double-digit annual price gains compared to the prior quarter, according to the National Association of Realtors®’ (NAR) latest quarterly report.
“Of the 185 metro areas tracked by NAR, 80% posted double-digit price gains, up from 70% in the first quarter.
Nationally, the median single-family existing-home price eclipsed $400,000 for the first time, rising 14.2% from one year ago to $413,500. However, year-over-year price appreciation still eased slightly compared to the previous quarter’s 15.4%.
“In Florida, however, prices increased outpaced most of the nation. Of the top 10 metro areas with the largest year-over-year price gains, seven are in Florida:
“Top 10 U.S. metro areas for prices gains in 1Q 2022
““Home prices have increased at a pace that far exceeds wage gains, especially for low- and middle-income workers,” says NAR Chief Economist Lawrence Yun. “Overall, the national price deceleration inevitably followed the softening sales, providing well-positioned prospective buyers a small measure of welcomed relief.”
Regionally, the South – the section that includes Florida – accounted for 44% of single-family existing-home sales in the second quarter, and it had the largest price appreciation at 18.2%. Prices increased 12.7% in the West, 10.1% in the Northeast, and 9.7% in the Midwest.
“The top 10 most expensive markets in the U.S., half of which were in California, included:
““The local job market performance and supply availability are the clear distinguishing factors driving local home price growth,” Yun added. “Job growth is positive and should be applauded, but supply restraints are creating unnecessary barriers to ownership opportunities.”
“Housing affordability pains – Housing affordability dramatically tumbled in the second quarter of 2022, driven by sharply rising mortgage rates and climbing home prices. The monthly mortgage payment on a typical existing single-family home with a 20% down payment jumped to $1,841. That’s an increase of $444 – or 32% – from the first quarter of this year and $612 – or 50% – from one year ago. Families typically spent 24.3% of their income on mortgage payments, up from 18.7% the prior quarter and 16.9% one year ago.
“Growing unaffordability impacted first-time buyers looking to purchase a typical home during the second quarter of 2022: For a typical starter home valued at $351,500 with a 10% down payment loan, the mortgage payment rose to $1,810 – a bounce of $433 (or 31%) from the prior quarter and $597 (or 49%) from one year ago. First-time buyers typically spent 36.8% of their family income on mortgage payments, up from 28.7% in the previous quarter. A mortgage is considered unaffordable if the monthly payment (principal and interest) amounts to over 25% of the family’s income. A family needed at least $100,000 to afford a 10% down payment mortgage in 53 markets, nearly double the 27 markets from the prior quarter. Yet, a family needed less than $50,000 to afford a home in 23 markets, down significantly from 63 markets in the previous quarter.”
Sanibel
CONDOS
No new listings, price changes, or new sales.
2 closed sales: Nutmeg Village #104 2/2 $850K, Compass Point #201 2/2 $945K.
HOMES
1 new listing: 683 Emeril Ct 2/2 $1.099M.
4 price changes.: 1046 Sand Castle Rd 2/2 now $925K, 1447 Albatross Rd 3/2 now $970K, 1283 Par View Dr 2/2 now $1.149M, 1270 Par View Dr 3/2 now $1.649M.
No new sales.
3 closed sales: 9409 Moonlight Dr 3/2.5 $1.185M, 458 Casa Ybel Rd 3/2.5 $1.25M, 1324 Seaspray Ln 4/4 $3.295M.
LOTS
Nothing to report.
Captiva
CONDOS, 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.
Until next Friday,
Susan Andrews, aka SanibelSusan
Status
|
SANIBEL
|
||||||||
Condos
|
Homes
|
Lots
|
|||||||
#
|
Avg $
|
DOM
|
#
|
Avg $
|
DOM
|
#
|
Avg $
|
DOM
|
|
For sale
|
26
|
1,262,077
|
55
|
34
|
2,315,117
|
49
|
5
|
1,677,400
|
97
|
Under contract
|
7
|
1,059,842
|
42
|
20
|
1,712,700
|
37
|
2
|
570,000
|
253
|
Sold to-date 2022
|
107
|
1,129,467
|
42
|
135
|
1,682,963
|
58
|
22
|
674,670
|
231
|
Sold same time last year
|
199
|
868,925
|
139
|
258
|
1,287,790
|
97
|
56
|
718,205
|
473
|
Status
|
CAPTIVA
|
||||||||
Condos
|
Homes
|
Lots
|
|||||||
#
|
Avg $
|
DOM
|
#
|
Avg $
|
DOM
|
#
|
Avg $
|
DOM
|
|
For sale
|
8
|
1,620,312
|
106
|
9
|
6,853,085
|
105
|
1
|
15,500,000
|
132
|
Under contract
|
1
|
1,375,000
|
42
|
1
|
7,250,000
|
77
|
0
|
N/A
|
N/A
|
Sold to-date 2022
|
27
|
1,468,575
|
51
|
20
|
5,637,525
|
128
|
0
|
N/A
|
N/A
|
Sold same time last year
|
40
|
1,068,160
|
180
|
35
|
2,807.868
|
270
|
2
|
2,950,000
|
731
|
Susan Andrews, aka SanibelSusan