Sustaining Sanibel = Strength & Smiles

SanibelSusan reporting another sunny summer-like Friday. There was lots of activity on the islands this week with more businesses opening, more events happening, more nails in tires (lucky me), and more wonderful weather. Unfortunately, it still is slow going on most of the reconstruction. As debris piles disappear, so do some buildings. The home next door to mine burned during the storm and now has been demolished. Those strong neighbors like so many others intend to rebuild/restore. It just is taking way longer than anxious owners imagined. It looks like I will have one more move before I’m back into my home, but the new HVAC system is “on” so that is progress!
At SanibelSusan Realty

Our office again was cleaned some this week, but reconstruction has not begun. Teammates Dave, Lisa, and I continue our daily routines both on-/and off-island. I showed homes Wednesday to some folks that had to stay in Punta Gorda as nothing closer was available. Dave accompanied a walk-through yesterday, with that closing now delayed until Monday. Big thanks to those sellers and Superior Title for being flexible!

Lisa again has updated our island inventory list which has become a popular document with owners tracking the market. Many have called us trying get an opinion of the value of their property today compared to just before the storm. With condos, particularly, this is not easily determined. Most complexes have had no sales since the storm because they cannot yet be accessed. Sales data is needed to provide a reasonable response to questions about market value. Is a property value reduced by the dollars that it will take to restore it? Of course, but we are not seeing distressed sales.
The action posted since last Friday in the Sanibel & Captiva Islands Multiple Listing Servic is after the inventory summary below. Homes sales continue to be brisk. Condo sales not so much, mostly because those prospective buyers want answers before they decide to come and look. Answers to questions like: When can the unit be occupied? Rented? What are the 2023 maintenance fees? Is there or will there be a special assessment? What is the damage? What repairs are owner responsibilities?

Sanibel Update

Between phone calls, I listened in Tues during The City post-Ian progress report update during the City Council meeting. A few highlights include:

·        Building & Planning Departments still in temporary location on Whiskey Creek in Ft Myers. They expect to relocate end March/early April into the City (former bank) building on Library Way. The number of permits issued continues to increase. Through March 5, 2,956 permits have been issued including 1,010 for roofs and 601 for emergency repairs from hurricane. Permit applications are being reviewed within 5 days, resubmissions processed in 3-5 days. A new Planner has been hired, to begin March 20. Also a new Code Enforcement Officer starts March 27.

·        More beach accesses and the boat ramp opened this week on March 6: Gulfside City Park and Bowman’s Beach reopened. Still no date for Turner or Lighthouse beach accesses to be open.

·        Traffic counts on the causeway continue to rise. For several days more than 6,000 vehicles came over.

·        Debris pickup now exceeds 2,031,381 cubic yards. Including 1,847,005 by Crowder Gulf and 184,376 from PPDR/CPDR/waterways. Deadline to apply for personal or commercial help through IanDebrisCleanup.com is March 29.

Tuesday also was election day, with four candidates running for two City Council seats. Congratulations to Mayor Holly Smith and Vice Mayor Richard Johnson. Together, they received 79% of the votes.

Events:

·        Last night at BIG ARTS was a 2-hour presentation sponsored by the SanCap Citizens for a Resilient Future, in collaboration with the City, SCCF, concerned citizens and an alliance of community organizations. Go to The City of Sanibel, Florida Facebook page to watch the video. Really good info, showing Sanibel at its finest.

·        Yesterday also was dress rehearsal for the Community Chorus for the BIG ARTS Open House scheduled next week, Wed, March 15. This free event begins at 2:30 p.m. with a movie about the lighthouse. The Community Band performs at 4:15 p.m., followed by Chorus at 5:15 p.m. Leslie Adams in catering. There also will be art exhibits and more. Those attending should be sure and stay for our chorus version of “Sanibel”, previously performed by Crosby Stills & Nash. Real estate photographer, Jim Anderson with JMA Photography, has prepared an island video (pre-storm) that will be played on the big screen when we sing that song. It’s terrific!

Sanibel & Captiva Islands Assoc of Realtors

Yesterday, the Association of Realtors© had their first Caravan since the storm. With our office building still being restored, it was held informally at Sanibel Deli with just five properties open for viewing.

SANIBEL

CONDOS

HOMES

LOTS

#

Avg Price

DOM

#

Avg Price

DOM

#

Avg Price

DOM

For sale

65

1,165,867

55

116

1,658,092

53

19

1,179,263

70

Under contract

18

830,716

29

46

1,302,729

40

2

420,000

54

Sold 2023 to 3/10

25

1,060,580

36

66

1,066,996

43

6

1,132,333

111

Sold 2022

123

1,136,199

44

184

1,597,868

52

26

779,528

223

Sold 2021

287

875,127

113

355

1,341,881

89

69

698,862

442

CAPTIVA

CONDOS

HOMES

LOTS

#

Avg Price

DOM

#

Avg Price

DOM

#

Avg Price

DOM

For sale

6

1,023,166

187

7

6,699,721

205

1

15,500,000

349

Under contract

2

1,207,000

147

1

2,399,000

16

0

N/A

N/A

Sold 2023 to 3/10

1

675,000

66

5

3,130,000

55

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 March 3-10

Sanibel

CONDOS

5 new listings: Seashells #20 2/2 $469K, Loggerhead Cay #592 2/2 $850K, Pointe Santo #B23 2/2 $949K, Pointe Santo #E6 2/2 $1.75M, Seascape #205 3/3 $2.995M.

3 price changes: Sundial #F203 2/2 now $799K, Sanctuary Golf Villages I #2-3 2/2.5 now $995K, Gulfside Place #117 2/2 now $1.375M.

1 back on market: Gulfside Place #213 3/3 $2.6M.

4 new sales: Sanibel Arms #B7 1/1 listed at $399K, Sunset South #10B 2/2 listed at $600K, Sundial #F403 2/2 listed at $795K, Gulfside Place #319 3/2 listed at $1.495M.

1 closed sale: Heron at The Sanctuary I #3-B 3/2.5 $1.015M.

HOMES

7 new listings: 1835 Ardsley Way 2/2 $549K, 922 Main St 3/1 $625K, 9225 Belding Dr 3/2 $650K, 1398 Middle Gulf Dr 4/5.5 $1.395M, 2540 Coconut Dr 4/3.5 $1.649M, 1057 Seahawk Ln 3/2.5 $1.65M, 5379 Shearwater Dr 4/3 $2.395M.

7 price changes: 1866 Ibis Ln 2/2 now $560K, 951 Sand Castle Rd 3/2 now $679K, 750 Sand Dollar Dr 3/2 now $1.197M, 851 Angel Wing Dr 5/4 now $1.595M, 925 Lindgren Blvd 3/1 now $1.595M, 1320 Seaspray Ln 3/4.5 now $3.5M, 4697 Rue Belle Mer 4/5.5 now $3.8M.

2 back on market: 658 Donax St 3/2 $795K, 3311 Twin Lakes Ln 3/3 $1.22M.

7 new sales: 1475 Sand Castle Rd 3/2 listed at $700K, 1526 Bunting Ln 5/3 listed at $750K, 9438 Moonlight Dr 3/2 listed at $734K, 1477 Albatross Rd 4/3 listed at $735K, 4144 West Gulf Dr 2/2 listed at $949K, 1300 Par View Dr 3/2 listed at $1.075M, 3615 West Gulf Dr 4/4.5 listed at $4.25M.

9 closed sales: 3181 Twin Lakes Ln 3/2 $660K, 720 Durion Ct 4/3 $875K, 1447 Albatross Rd 3/2 $900K, 6136 Henderson Rd 3/2 $1.05M, 1120 Olga Ave 3/2 $1.375M, 664 Gopher Walk 4/3.5 $1.415M, 4020 West Gulf Dr 2/2 $1.5M, 2324 Starfish Ln 3/2.5 $1.536M, 4781 Tradewinds Dr 3/2 $2M.

LOTS

1 new listing: 1746 Windward Way $495K.

No price changes or new sales.

1 closed sale: 1119 Seagrape Ln $1.2M.

Captiva

CONDOS

Nothing to report.

HOMES

No new listings, price changes or new sales.

1 closed sale: 11510 Chapin Ln 2/2 $1.2M.

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

Already Summer Weather & It’s Only March!

It has been another week of blue skies and sunshine which definitely makes one thankful to be here, rather than amid overcast days with ice/snow. Roadways are busy with more contractor vehicles, as debris removal trucks now are picking up the remainder of what was put curbside by Mar 1 (which was the cut-off date).

Sanibel Update

There was no City progress update this week, but the big news on Tues, 2/28, five months after Hurricane Ian, was the relighting of the Sanibel Lighthouse. It was announced late Mon on social media that it would occur at 6 a.m. the next morning. Amazing how many people were there to witness and film it. Lots of videos are posted on social media. The new LED light is bright!

The next official City update will be during the upcoming City Council meeting on Tues 3/7 at BIG ARTS Performance Hall. Meeting begins at 9 a.m.

I also got a little island scoop while in line to pick-up mail yesterday. A proud guy from Island Beach Club said that they will have the first elevator to be operational since the storm. It is expected to be today, with another elevator there to follow shortly after. Like many gulf-front complexes, that complex had some serious damage, but are now seeing recovery results from adjusters, insurance, contractors, etc.

Sanibel & Captiva Islands Assoc of Realtors

The Association of Realtors© also didn’t meet this week, but there was plenty of real estate action posted it the Sanibel & Captiva Islands Multiple Listing Service. That info and the activity with our listings are after the inventory summary below.

Because what is happening at condo communities is different, our Association Multiple Listing Service (MLS) added a new resource for Realtor use. As agents get listings and receive info about what damage insurance is covering, progress schedules, changes in fees, special assessments, etc., they can be entered into this new condo database that is shared with our members.

Our MLS also added a new “yes”/”no” field regarding if a unit owner has flood insurance. In many cases these policies are assumable which helps a new buyer.

On the commercial front, following last week’s announcement that the parcel where Sandbar Restaurant site is for sale, this week the sale of the shopping center at the San-Cap end of Rabbit Road was posted. Buyer was Rosalita’s Cantina (for $6M). Their Facebook page says they opened yesterday, serving “classic Mexican dishes and more modern specialties”. Hours: Mon-Thur 11 a.m. – 8:30 p.m.; Fri & Sat 11 a.m. – 10 p.m., Sat 10 a.m. – 9:30 p.m. & Sun brunch 10 a.m. – 3 p.m.

SANIBEL CONDOS HOMES LOTS
# Avg Price DOM # Avg Price DOM # Avg Price DOM
For sale 64 1,103,093 54 114 1,689,199 48 18 1,217,277 65
Under contract 17 985,523 21 48 1,296,446 43 3 679,997 42
Sold 2023 to 3/3 24 1,062,479 37 57 1,037,031 41 5 1,118,800 123
Sold 2022 123 1,136,199 44 184 1,597,868 52 26 779,528 223
Sold 2021 287 875,127 113 355 1,341,881 89 69 698,862 442

 

CAPTIVA CONDOS HOMES LOTS
# Avg Price DOM # Avg Price DOM # Avg Price DOM
For sale 7 1,059,142 179 7 6,699,721 198 1 15,500,000 342
Under contract 2 1,207,000 147 2 1,824,500 29 0 N/A N/A
Sold 2023 to 3/3 1 675,000 66 4 3,612,500 58 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 Feb 24 – Mar 3

Sanibel

CONDOS

11 new listings: Seashells #38 2/2 $415K, Seashells #25 2/2 $449K, Sanibel Arms #A7 1/1 $499.5K, Sundial #D312 1/1 $529K, Sundial #D203 1/1 $649K, Sundial #J204 2/2 $1.075K, Pelican’s Roost #304 2/2 $1.199M, Loggerhead Cay #122 2/2 $1.3M, Somerset #E101 3/2.5 $1.785M, Pointe Santo #A27 3/2 $1.795M, Sundial #O406 2/2 $2.15M.

2 price changes: Tantara #202 2/2 now $979K, Pointe Santo #A25 2/2 now $1.295M.

3 new sales: Beach Road Villas #101 2/2 listed at $599,999; Gulfside Place #319 3/2 $1.495M, Atrium #106 2/2 listed at $1.749M.

3 closed sales: Sanibel Arms #B6 1/1 $320K, Sunset South #1A 2/2 $650K, Sealoft Village #105 2/2 $900K.

HOMES

10 new listings: 1198 Junonia St 2/2 $647K, 1807 Buckthorn Ln 3/2.5 $995K, 4677 Rue Bayou 3/3 $1.2495M, 1003 Fish Crow Rd 4/4 $1.6M, 913 Kings Crown Dr 4/3 $1.75M, 5721 San-Cap Rd 3/2.5.5 $1.795M, 1520 Angel Dr 4/4.5 $3.2M, 417 Bella Vista Way 4/4 $3.5M, 568 Lighthouse Way 3/3.5 $4.8M, 5071 Joewood Dr 4/5.5.5 $5.8M.

10 price changes: 1679 Serenity Ln 3/2 now $797K, 3760 West Gulf Dr 3/2 now $799K, 1145 Sabal St 5/4 now $849K, 1242 Par View Dr 3/2 now $899K, 1752 Serenity Ln 3/2 now $1M, 5410 Osprey Ct 3/2.5 now $1.175M, 1163 Kittiwake Cir 33 now $1.374M, 9484 Peaceful Dr 3/3 now $1.387M, 9027 Mockingbird Dr 4/3 now $1.395M, 682 Pyrula Ave 4/4.5 now $2.295M.

3 back on market: 1314 Tahiti Dr 3/2 $699K, 1230 Sand Castle Rd 3/2 $779K, 251 Christofer Ct 3/2.5 $1.65M.

9 new sales: 994 Greenwood Ct N 3/2 listed at $499K, 966 Greenwood Ct S 3/2.5 listed at $669K, 1073 Sand Castle Rd 3/2 listed at $699K, 591 Boulder Dr 4/2 listed at $799K, 4208 West Gulf Dr 2/2 listed at $799K, 1002 Kings Crown Dr 3/2 listed at $999K, 1290 Par View Dr 4/2 listed at $1.199M, 845 Birdie View Pt 3/3 listed at $1.895M, 850 Victoria Way 4/4 listed at $2.495M.

14 closed sales: 1413 Sandpiper Cir 2/2 $649K, 4427 Gulf Pines Dr 3/2.5 $675K, 3055 Poinciana Cir 3/2 $685K, 9106 Mockingbird Dr 3/2 $715K, 996 Greenwood Ct N 3/3 $725K, 1341 Par View Dr 3/2 $790K, 1031 Bird Watch Way 3/2 $800K, 1700 Dixie Beach Blvd 3/2 $803K, 1040 Kings Crown Dr 3/2 $824.5K, 747 Birdie View Pt 3/3 $875K, 562 Lake Murex Cir 3/2 $950K, 844 Lindgren Blvd 3/3 $1.349M, 4801 Tradewinds Dr 3/3 $1.6M, 869 Limpet Dr 5/4 $2.5M.

LOTS

2 new listings: 2356 Wulfert Rd $348K, 3649 West Gulf Dr $3.995M.

1 price change: 2807 West Gulf Dr now $1.099M.

No new sales.

1 closed sale: 2462 Wulfert Rd $320K.

Captiva

CONDOS

1 new listing: Bayside Villas #4204 1/2 $650K.

No price changes or new sales.

1 closed sale: Beach Villas #2617 1/1 $675K.

HOMES

No new listings, new or closed sales.

1 price change: 1 Sunset Captiva 2/2.5 now $3.795M.

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 Feb 2023 on Sunny Sanibel

Time for another Friday report from sunny Sanibel where it’s still nearly 80 degrees F at 4 p.m. in the afternoon. More of the same is expected through next week.

Sanibel Update

The City had another post-Ian update Tues and announced these updates will continue, in abbreviated form, at City Council meetings and on the 2-week off-schedule as progress continues and there are things to announce. Next City Council Meeting is 3/7 at BIG ARTS Performance Hall. Update highlights included:

  • Election – to fill two City Council seats is 3/7 with in-person voting at Rec Center 7 a.m. to 7 p.m. Until 2/25, voters may request absentee ballots which may be forwarded per Executive Order of FL Gov Ron DeSantis.
  • Building & Planning Depts – still in temporary location at 6200 Whiskey Creek Dr, Ft Myers.
  • Debris Removal – FDEM (who is paying for removal) has extended time for debris to go to right-of-way to 3/1. Then 3/31 is last day Crowder Gulf may pick up debris (FEMA deadline).

Regular pick up of vegetation debris, may be 3/13. (Remember that his restrictions on bundling/size,

Still need help getting residential/commercial debris out? www.IanDebrisCleanUp.com

  • Community Park & Playground – reopened 2/22.
  • Beach Parking Facilities – Tarpon Beach & Blind Pass lots reopened 2/4. Others still being restored. Buy permits at Rec Center Mon-Sat 8 a.m. to 5 p.m. Starting 3/6 will open Tues & Thurs at 7 a.m.
  • New Releases – City is issuing many. Subscribe at MySanibel.com.
  • Building Permits – As of 2/20 City has issued 2,527 permits this year (compared to 2,300 in all of 2022).
  • Causeway Traffic – Steady increase, many contractors. ~5,500 vehicles coming across daily.
  • Landscape Restoration – News release coming soon covering this subject. Some things include that permits are required for any mangrove work, or in beach dune area, or on vacant parcels.

Also 75% native vegetation is required (that means 75% trees, shrubs, ground cover). Also planting not allowed in City right-of-way & sod is limited to 20% of total area or 4,000 sq. ft. whichever is less.

Mulch not acceptable as a long-term solution to ground cover. Also be aware that shell, rock, & gravel may be considered developed area so watch out for coverage limits.

SCCF’s Beach Planting Guide is recommended and has info on plants that did well after storm. Get it at www.SCCF.org.

Sanibel & Captiva Islands Assoc of Realtors

Yesterday was the February General Membership Meeting of the local Association. We continue to meet monthly at the Midland Trust building on San Carlos Blvd in Ft Myers while island office spaces are repaired. There was a good turn-out, both in person and via Zoom, as affiliate members Dave Arter with Private Client Insurance Services, Cameron Govreau with Heidrick & Company Insurance, and John Trebilcock with Attorneys Goede, DeBoest & Cross provided post-Ian insurance information.

Meeting sponsor Dan Royal with American Momentum Bank announced a product for condos/homes needing renovation. Condo loans are for interior work only and function like traditional construction to perm loan with interest-only payments for 12 months. Loan is modified to perm when renovation is complete. With just one closing, just one set of closing costs. Draws are paid to builder as construction is progresses. Home renovation loans are similar but may be for both interior and exterior work.

During the insurance panel presentation, it was stressed that the information provided applies TODAY. Insurance requirements have changed and continue to change as storm recovery continues. For island property, there are limited available insurance markets. Citizens (admitted carrier operated by the State of Florida) is the only one now writing wind policies. Surplus Lines (non-admitted carriers) like Lloyds, QVE, Scottsdale, must be accessed through a broker. They do not use standardized forms or comply with state requirements. These carriers are writing Builders Risk policies WITHOUT wind insurance on Sanibel & Captiva. With condos, current carriers must provide coverage through repairs, but can increase premiums 50-100%.

Citizens will NOT write a policy on damaged homes but is available to non-damaged or repaired properties. Effective 4/1/23, a flood policy must be written along with a new Citizens policy. Maximum building value (per FL Senate Bill 1770) is $699,999. There are strict underwriting and administrative guidelines, limited endorsement availability, and only $100K of liability coverage. Originally designed as the “carrier of last resort”, Citizens’ policies could be subject to a “surcharge” if the company sustains a deficit from a hurricane or other reason (up to 45%).

Information needed to get insurance:

  • Wind Mitigation Inspection (for Citizens & future Builders Risk)
  • 4-Point Inspection
  • Builders Risk – scope of work, length of projects, estimate project cost, general contractor contact info
  • Copy of current flood policy & elevation certificate
  • MLS info, current address, birth dates.

Underwriting requirements:

  • Wind/flood claims need to be closed for new policies to be written
  • Builders risk policies are underwritten on case-by-case basis
  • Licensed general contractor required on Builders Risks
  • NFIP/FEMA flood policy may be assumed
  • Citizens policies located in “A” or “V” flood zone (essentially the island) must show proof of flood policy.

Note, condo association master flood policies limit coverage per unit to $250K,

During the announcements section of the meeting, several new listings and sales were announced. More details about those and the action this week posted in the island Multiple Listing Service are after more news below.

Land Use Info Now Available Thru Online GIS Maps

The City (Sanibel) Future Land Use Map Series (FLUMS) now is available online through this link. There are multiple map layers that may be selected to help determine the development standards and uses allowed on a parcel. The Layer List can be accessed through the icon in the top right corner of the screen. Properties are searchable by address when the Lee County – Parcels layer is checked.

The following info may be chosen to display over an aerial photo:

·        Coastal Construction Control Line (CCCL).

·        1974 CCCL delineates the City construction limit setback & landward limit of Gulf Beach Zone.

·        1991 CCCL is where a permit from FL Dept of Environmental Protection is required for construction waterward of line.

·        Local Drainage Areas known to hold water after storms & in rainy season.

·        Special Use Districts, click on property with this layer checked to see Ordinance.

·        Commercial Zoning Map – delineates General Commercial District, Town Center General Commercial District, & Town Center Limited Commercial District.

·        Resort Housing District – identifies properties within district classified by either allowing resort units with unlimited rental or “Prohibited from Resort Housing Use) where rental is limited to minimum 28 consecutive days. “Nonconform Resort Housing Use” identifies lawfully existing nonconforming resort housing use properties with unlimited rental.

·        Interior Wetlands Conservation District with strict development regulations to protect freshwater aquifer.

·        Environmentally Sensitive Lands Conservation District with strictly limited uses allowed.

·        Ecological Zones Map 1989 – City development regulations for residential districts are based on ecological sensitivity which is classified by zone. Environmental Performance Standards also are established for each zone.

Island Real Estate

Below is another update of island inventory today from the Sanibel & Captiva Islands Multiple Listing Service.

SANIBEL CONDOS HOMES LOTS
# Avg Price DOM # Avg Price DOM # Avg Price DOM
For sale 56 1,121,605 56 113 1,594,117 47 17 1,283,176 63
Under contract 17 878,700 18 53 1,234,027 41 4 596,998 105
Sold 2023 to 2/24 21 1,125,333 40 46 1,082,810 39 4 1,318,500 80
Sold 2022 123 1,136,199 44 184 1,597,868 52 26 779,528 223
Sold 2021 287 875,127 113 355 1,341,881 89 69 698,862 442

 

CAPTIVA CONDOS HOMES LOTS
# Avg Price DOM # Avg Price DOM # Avg Price DOM
For sale 6 1,127,333 201 8 6,867,631 176 1 15,500,000 335
Under contract 3 1,038,000 89 2 1,824,500 9 0 N/A N/A
Sold 2023 to 2/24 0 N/A N/A 4 3,612,500 58 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

Personal Stuff

New metal roof all installed at Dave and Lisa’s house, while at my home the new walls are painted and new HVAC going in. Baby steps, but progress.

It also is great to again be singing with pals from the Community Chorus. (SanibelSusan was an original member when the group began in 1992.) Many members haven’t been back since the pandemic, so it’s been great fun tuning up together. We will be singing in the Performance Hall at the BIG ARTS Open House on Wed 3/15. The Sanibel Bank is performing too. As a special treat, our professional real estate photographer Jim Anderson has created an island video that will be played on the big screen when we sing the song “Sanibel”.

Sanibel & Captiva Islands Multiple Listing Service Activity Feb 17-24

Sanibel

CONDOS

9 new listings: Seashells #3 2/2 $474K, Lighthouse Point #219 2/2 $650K, Sunset South #11A 2/2 $699K, Sunset South #12B 2/2 $779K, Oceans Reach #2D4 2/2 $1M, Mariner Pointe #711 2/2 $1.15M, Gulfside Place #219 2/2 $1.495M, Sandpiper West #4 3/2.5 $2.4M, Seascape #204 3/3.5 $3.41M.

4 price changes: Captains Walk #A6 1/1 now $399K (SanibelSusan listing), Beach Road Villas #101 2/2 now $599,999; Sundial #F403 2/2 now $795K; Sundial #A303 1/1 now $799K.

Captains Walk #A6 looking toward bay, lighthouse, & gulf

5 new sales: Seashells #26 2/2 listed at $449K, Lighthouse Point #217 2/2 listed at $699K, Snug Harbor #221 2/2 listed at $1.199M, Sanctuary Golf Villages I #4-1 3/3 listed at $1.369M, Gulfside Place #213 3/3 listed at $2.6M.

No closed sales.

HOMES

15 new listings: 994 Greenwood Ct N (1/2 duplex) 3/3 $530K, 470 Birdsong Pl 2/2 $550K, 996 Greenwood Ct N (1/2 duplex) 3/2.5 $669K, 951 Sand Castle Rd 3/2 $719K, 1477 Albatross Rd 4/3 $735K, 9114 Mockingbird Dr 3/2 $755K, 1046 Sand Castle Rd 2/2 now $847K, 1125 Captains Walk St 3/3 $949K, 540 East Lake Rd 3/2 $1.1M, 3311 Twin Lakes Ln 3/3 $1.22M, 1586 Century Ct 3/2.5 $1.35M, 9048 Mockingbird Dr 3/3 $1.475M, 864 Limpet Dr 3/2 5/2 $1.75M, 940 Beach Rd 3/4.5.5 $3.3M, 3611 West Gulf Dr 4/4.5 $3.895M.

17 price changes: 450 Birdsong Pl 2/2 now $595K, 1859 Farm Tr 3/2 now $674.9K, 4208 West Gulf Dr 2/2 now 799K, 591 Boulder Dr 4/3 now $799K, 3760 West Gulf Dr 3/2 now $829K, 1046 Sand Castle Rd 2/2 now $847K, 1145 Sabal St 5/4 now $879K, 4144 West Gulf Dr 2/2 now $949K, 1578 Sand Castle Rd 3/2 now $1.08M, 1018 Demere Ln 4/3 now $1.195M, 241 Violet Dr 3/2.5 now $1.199M, 750 Sand Dollar Dr 3/2 now $1.258M, 5294 Umbrella Pool Rd 3/2.5 now $1.448M, 979 Whelk Dr 3/3 now $1.484M, 1036 Whisperwood Way 3/3 now $1.599M, 851 Angel Wing Dr 5/4 now $1.995M, 4171 Dingman Dr 3/3 now $2.249M,

2 back on market: 617 East Rocks Dr 3/2 $1.1M, 918 Kings Crown Dr 3/2.5 $1.499M.

2 new sales: 1140 Junonia St 3/2 listed at $995K, 3191 Twin Lakes Ln 4/2.5 listed at $1.749M.

9 closed sales: 214 Hurricane Ln 3/2 $625K, 671 Rabbit Rd 3/2 $650K, 686 Spartina Ct 3/2 $651K, 214 Palm Lake Dr 3/2.5 $760K, 458 Casa Ybel Rd 1/1.5 $799K, 440 Lighthouse Way 3/3 $850K, 775 Pen Shell Dr 3/2 $900K, 2450 Wulfert Rd 3/3 $1.3M, 1800 Woodring Rd 4/4.5 $7.25M.

LOTS

2 new listings:  2761 West Gulf Dr (site of Sandbar Restaurant) $2.195M, 4501 Waters Edge Ln $3.199M.

1 price change: 3255 Cowry Ct now $639K.

1 new sale: 328 Palm Lake Dr listed at $695K.

No closed sales.

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

Presidents Weekend 2023 on Sunny Sanibel Island

It’s already another Friday with plenty more action with island real estate this week. After a few news items below is the activity posted in the Sanibel & Captiva Multiple Listing Service.

Sanibel Update

With debris clean-up, piles were disappearing and amounts lessening until the City reminded everyone that the last day it may go onto the right-of-way for pick-up by contractor Crowder Gulf is Monday, Presidents’ Day. That sure lit a fire under many, as today there noticeably was more debris lining the roadways. Only three more days, islanders!

There was no City post-Ian update this week, but recovery is progressing with noticeably more people returning to live and visit the islands. More businesses also are reopening. (Doc Ford’s Sanibel opened today.)

The temporary Post Office trailers are up-and-running. Literally, with postal employees running to get your mail. It is amazing how quickly those workers got that facility back into operation. It applies here, like everywhere, “teamwork makes the dream work.” They have worked through some unbelievable conditions and obstacles.

At SanibelSusan Realty

At SanibelSusan Realty, the team and I are thankful for another week with a nice closing plus new listing. Dave and I continue to cover the island every day while Lisa helps behind the scenes.

As a reminder, please let us know if your association has made any announcements of fee changes, special assessments, occupancy, completion schedules, etc. Please do not assume that your association coverage will be like any other. Not all associations, management companies, insurance policies, restoration/remediation companies, contractors, permits, etc. are the same. The rumor mill continues to generate ‘rumors”.

The most frequently asked questions by prospective purchasers are when can the property be occupied? How much of the work is my responsibility? What will it cost? Where is the 2023 association budget/reserve schedule? In a condo, what will the master insurance policies cover inside my unit?

Also please let us know of any other changes with your property, i.e. insurance costs. We have already heard of a deal falling through because the quote for new policies was astronomical. Many flood policies are assumable (meaning the buyer can buy out the months remaining on your policy). That doesn’t provide a long-term discount, but at least gets them initially covered more reasonably. You also may have other service policies that are assumable, like for annual termite inspection/treatment, maintenance on appliances &/or HVAC, etc. Those also are nice perks for us to know about and appreciated by most buyers.

At Home

Things are looking up. Dave/Lisa’s roofer will be back to continue their repairs on Monday. At my home, paint and more door hardware have been delivered. Fingers crossed that remaining interior work continues after the holiday. Yesterday, my new-in-2021 aluminum standing-seam roof was examined, as a precaution, by Crowther and found “perfect”. I now have another good contact at that company if anyone is in need. My pool and yard service also have resumed, while Dave continues to watch over things and work on my landscaping. We also keep an eye on work progressing on several properties owned by absentee clients. Steps forward every week are slow, but steady.

Sanibel & Captiva Islands Association of Realtors

Still no return-to-the-island date for the Association of Realtors office as they continue operations out of the Midland Trust building just off-island. Unfortunately, the Association offices on Sanibel are awaiting contractor work and power, like so many others.

Thanks to the internet, the inner workings of the Association continue, as Tuesday, we had a Professional Development Committee meeting where classes were scheduled and speakers suggested for the first few general membership meetings of the year. Next Thursday at our February breakfast meeting, at Midland, speakers will be panel of insurance/attorney experts answering post-Ian questions. Betcha I get good info to share from that.

Wednesday, I attended the Association 3-hoour mandatory Zoom session presented by Florida Realtors Associate General Counsel, Joel Maxson. The leadership team of the local Association including their Board of Directors and members of the Professional Standards, Grievance, and Ombudsman Committees are required to attend these training sessions annually. These Realtors are the groups that act on any Ethics or Arbitration complaints. Luckily, there are few of those as our brokers and the Association provide excellent education and oversight, over members that, for the most part, are conscientious, sharing, and cooperative.

Island Real Estate

Below is another update of island inventory today from the Sanibel & Captiva Islands Multiple Listing Service. Homes continue to be the hot commodity.

SANIBEL

CONDOS

HOMES

LOTS

#

Avg Price

DOM

#

Avg Price

DOM

#

Avg Price

DOM

For sale

51

1,027,586

56

96

1,636,763

48

16

1,023,125

66

Under contract

11

739,354

17

66

1,310,535

38

3

564,330

107

Sold 2023 to 2/17

21

1,125,333

40

35

915,322

39

4

1,318,500

80

Sold 2022

123

1,136,199

44

184

1,597,868

52

26

779,528

223

Sold 2021

287

875,127

113

355

1,341,881

89

69

698,862

442

 

CAPTIVA

CONDOS

HOMES

LOTS

#

Avg Price

DOM

#

Avg Price

DOM

#

Avg Price

DOM

For sale

6

1,127,333

194

8

6,867,631

169

1

15,500,000

328

Under contract

3

1,038,000

89

2

1,824,500

9

0

N/A

N/A

Sold 2023 to 2/17

0

N/A

N/A

4

3,612,500

58

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 Feb 10‑17

Sanibel

CONDOS

8 new listings: Seashells #33 2/2 $435K, Tennisplace #B22 2/2.5 $489K, Sandpiper Beach #206 2/2 $799K (SanibelSusan listing), Sunset South #3C 2/2 $819K, Loggerhead Cay #212 2/2 $885K, Tantara #202 2/2 $1.049M, Atrium #202 2/2 $1.249M, Gulfside Place #204 2/2 $1.375M.

Sandpiper Beach #206 View Pre-Ian

1 price changeGulfside Place #318 2/2 now $1.495M (SanibelSusan listing).

Gulfside Place Post-Ian

2 new sales: Seashells #21 2/2 listed at $449K, Sundial #H209 1/1 listed at $649K.

4 closed sales: Seashells #42 2/2 $350K, Sundial #D301 2/2 $975K, Pelicans Roost #302 2/2 $1.149M, Sanctuary Golf Villages I #4-PH5 3/3 $1.425M.

HOMES

7 new listings: 1122 Captains Walk St 3/2.5 $798,897; 560 Boulder Dr 3/2 $849K, 1242 Par View Dr 3/2 $965K, 1720 Middle Gulf Dr 3/2 $990K, 1402 Middle Gulf Dr 3/3 $1.679M, 826 Lindgren Blvd 3/2 $1.695M, 2564 Wulfert Rd 4/5.5 $3.595M.

8 price changes: 9438 Moonlight Dr 3/2 now $724K, 4753 Rue Helene 2/2 now $749K, 4052 Coquina Dr 3/2 now $760K, 1524 Wilton Ln 3/2 now $989K, 1121 Sabal St 3/2.5 now $1.45M, 979 Whelk Dr 3/3 now $1.494M, 2294 Wulfert Rd 4/4 now $1.65M, 1320 Seaspray Ln 3/4.5 now $3.7

3 back on market: 3025 Poinciana Cir 3/2 $899K, 557 East Rocks Dr 4/3 $999K, 1318 Seaspray Ln 5/3.5 $3.75M.

14 new sales: 2623 Tamarind Rd 2/2 listed at $375K; 671 Rabbit Rd 3/2 listed at $699K; 1230 Sand Castle Rd 3/2 listed at $779K; 1834 Long Point Ln 3/2.5 listed at $799,999; 1031 Birdwatch Way 3/2 listed at $875K; 3711 Agate Ct 3/2.5 listed at $900K, 562 Lake Murex Cir 3/2 listed at $999K; 617 East Rocks Dr 3/2 listed at $1.1M; 253 Daniel Dr 2/2.5 listed at $1,197,555; 1290 Par View Dr 4/2 listed at $1.199: 918 Kings Crown Dr 3/2.5 listed at $1.449M, 698 Anchor Dr 5/5.5 listed at $1.695M; 1208 Bay Dr 3/2 listed at $1.7M; 5395 Shearwater Dr 3/3.5 listed at $2.495M.

8 closed sales: 1977 Roseate Ln 2/2 $500K, 686 Spartina Ct 3/2 $651K, 3285 Twin Lakes Ln 3/2.5 $669K (SanibelSusan listing), 3354 St Kilda Rd 3/2 $760K, 702 Durion Ct 3/2 $830K, 740 Windlass Way 2/2 $845K, 2402 Wulfert Rd 4/3.5 $1.3M, 1008 Demere Ln 3/2 $1.3M.

LOTS

2 new listings – 1872 Middle Gulf Dr $799K, 1874 Middle Gulf Dr $1.599M.

No price change, new or closed sales.

Captiva

CONDOS

No new listings, price changes or closed sales.

1 new sale: Tennis Villas #3227 1/1 listed at $515K.

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, enjoy the long weekend! We’ll be working!

Susan Andrews, aka SanibelSusan

Weeks Are Whizzing By…

My lawn & bougainvillea aren’t doing well, but the pink hibiscus & my neighbor’s tree are coming back nicely!

Another week has whizzed by with lots of Sanibel real estate activity and progress at teammates homes too. I also heard from our landlord at Sanibel Square. Engineers have determined our building is structurally sound and the City has visited the center. No ETA on when repairs will begin or when it will be ready for us to move back in, so I’m betting my home will be ready first. Now in addition to new drywall and electric, it has new trim and doors. Slow… but sure.

There was noticeably more traffic on the island this week, maybe related to the extended sunshine and 70/80-degree F weather that make us happy even as clean-up continues – but the number of construction vehicles is what has increased.

Sanibel Update

The City post-Ian Facebook Live update was part of the Sanibel City Council meeting on Tuesday. Those meetings still are being held at BIG ARTS Performance Hall while City Council Chambers (MacKenzie Hall) restoration continues. Unfortunately, there were several signal interruptions where I missed some of the dialogue but the City should be posting their Power Point soon. Here are some highlights:

  • City Manager Souza asked for Council direction on several items. With input from Chief Dalton, it was decided to end the curfew, but keep the police blotter.
  • To aid in business recovery, businesses will be allowed temporary signs, advertising they are “open”.
  • Regarding temporary storage units, Planning allows them to be on a property for 30 days, Council recommended extending to 180 days (from Feb 7) for consistency with other emergency timeframes.
  • According to code on swimming pools, for safety, emergency fencing must be at least chain link or mesh. Orange construction fencing is not adequate.
  • Residents/businesses were reminded that Feb 20 is the last day to put storm debris in the right-of-way for pickup by Crowder Gulf.
  • During Florida legislature Special Session SB 4-A Disaster Relief: Added an additional $100M from general revenue to statewide beach program for counties impacted by Hurricane Ian or Nicole. Approximately $12M award for Sanibel beach renourishment and recovery. During same session, created restoration reimbursement grant program with $50M from general revenue intended for sand placement and coastal armoring as a dollar for dollar reimbursement for construction up to $150K per grant. Grants are available for single-family residences and condos with priority given to low- and moderate-income applicants. Application portal opened Feb 1 at https://floridadep.gov/hurricane.
  • Building Dept advised that as of Feb 3, 2,052 permits are in the system with 1,175 issued. This compares to ~2,400 issued in all of last year.

Public beaches with parking at Tarpon Bay Rd and Blind Pass are open. Paid parking is by app. Other beaches will open as their parking areas and access paths are repaired and safe. Meanwhile, a few other openings include:

  • Timbers Restaurant – will be reopening on Valentines’ Day.
  • Sanibel School – Reopened on Sanibel Wednesday.

At SanibelSusan Realty

The island rumor mill has been swirling this week as property owners and their community associations work through the post-hurricane maze. We urge you to remember that an event like this has not happened here before, so please be patient, consult with experts, and don’t believe everything you hear. The SanibelSusan Team like you is working through new territory but remain happy to help you if we can. Please don’t hesitate to contact us.

The activity this week from the Sanibel & Captiva Islands Multiple Listing Service is posted after a few news items below. We had a nice closing today, with another coming up next week. Big thanks to Chelsea, Amanda, and Dustyn at Superior Title of Sanibel who expedited these settlements for buyers who wanted to close early.

Teammate Lisa updated our island inventory list yesterday. If you’d like it emailed to you, just send me a message.

Island Real Estate

Below is another update of island inventory today from the Sanibel & Captiva Islands Multiple Listing Service. Homes continue to be the hot commodity.

SANIBEL CONDOS HOMES LOTS
# Avg Price DOM # Avg Price DOM # Avg Price DOM
For sale 47 1,075,082 56 100 1,589,143 42 14 769,500 67
Under contract 13 921,300 16 63 1,267,312 34 3 564,330 101
Sold 2023 to 2/10 16 1,101,906 43 27 932,640 42 4 1,318,500 80
Sold 2022 123 1,136,199 44 184 1,597,868 52 26 779,528 223
Sold 2021 287 875,127 113 355 1,341,881 89 69 698,862 442

 

CAPTIVA CONDOS HOMES LOTS
# Avg Price DOM # Avg Price DOM # Avg Price DOM
For sale 7 1,039,857 161 8 6,867,631 161 1 15,500,000 320
Under contract 2 1,299,500 127 2 1,824,500 9 0 N/A N/A
Sold 2023 to 2/10 0 N/A N/A 4 3,612,500 58 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

NAR Statement on White House Tenant-Centered Action Plan

WASHINGTON (January 25, 2023) – National Association of Realtors® President Kenny Parcell issued the following statement in response to the Biden Administration’s tenant-centered action plan:

“Rents are rising, driven by inflation and exacerbated by the housing supply shortage. We encourage the Administration to look more deeply at how it can address the root causes of rental affordability—namely, affordable housing supply.

“To immediately address the lack of housing affordability, NAR encourages the Administration and Congress to examine providing rental assistance through a range of channels, including grants, state and local fiscal recovery funding, and a variety of HUD programs that can be better funded and improved.

“NAR supported rental assistance throughout the pandemic, which was vital for struggling tenants and mom-and-pop housing providers. These small investors provide more than 40 percent of all rental housing in America and are essential to growing the nation’s affordable housing supply.

“Consumers may benefit from the Federal government raising awareness about existing protections within their lease agreements and through state and local laws. NAR has committed to creating resources for Realtors® that highlight ways to incorporate resident-center property management practices in their businesses. These resources include advertising to prospective residents that Housing Choice Vouchers are accepted at their property, providing information about rental assistance, and using alternative credit scores for applicants without a detailed credit history.

“Rental housing policy is heavily regulated at the state and local level. Federally enacted policies can potentially drive housing providers out of the market, which will have an immediate and long-term impact of making rental housing even more competitive and, therefore, more expensive for renters. Expanding the Federal Government’s role in rental policy also places an even greater undue burden on mom-and-pop housing providers. We will continue to advocate for common sense solutions that do not negatively impact small housing providers and address affordability by increasing the housing supply.”

The National Association of Realtors® is America’s largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.

Sanibel & Captiva Islands Multiple Listing Service Activity Feb 3‑10

Sanibel

CONDOS

7 new listings: Seashells #26 2/2 $449K, Seashells #21 2/2 $449K, Sundial #H209 1/1 $649K, Island Beach Club #340B 2/2 $750K, Loggerhead Cay #314 2/2 $925K, Sandpiper Beach #504 2/2 $1.069M, Snug Harbor #221 2/2 $1.199M.

2 price changes: Loggerhead Cay #323 2/2 now $869K, Seascape #106 3/3 now $3.475M.

3 back on market: Beach Road Villas #101 2/2 $624K, Lighthouse Point #217 2/2 $699K, Island Beach Club #220F 2/2 $795K.

3 new sales: Sanibel Arms #B6 1/1 listed at $375K, Mariner Pointe #642 2/2 listed at $795K, Heron at the Sanctuary III #2A 3/3.5 listed at $1.148M.

4 closed sales: Sundial #G406 1/1 $590K, Nutmeg Village #101 2/2 $1.142M, Gulfside Place #121 2/2 $1.25M, Gulfside Place #102 3/2 $2.1M (SanibelSusan buyer).

Gulfside Place

HOMES

20 new listings: 1966 Ibis Ln 2/2 $584K, 1073 Sand Castle Rd 3/2 $699K, 562 Lake Murex Cir 3/2 $999K, 1160 Buttonwood Ln 3/2 $1.095M, 1018 S. Yachtsman 3/3 $1.1M, 2479 Blind Pass Ct 3/2 $1.15M, 1813 Long Point Ln 3/2.5 $1.175M, 1290 Par View Dr 4/2 $1.199M, 960 Cabbage Palm Ct 3/2 $1.389M, 9484 Peaceful Dr 3/3 $1.415M, 918 Kings Crow Dr 3/2.5 $1.449M, 1163 Kittiwake Cir 3/3 $1.495M, 5294 Umbrella Pool Rd 3/2.5 $1.498M, 698 Anchor Dr 5/5.5 $1.695M, 845 Birdie View Pt 3/3 $1.895M, 915 Limpet Dr 5/3 $2,295M, 5395 Shearwater Dr 3/3.5 $2.495M, 1157 Bird Ln 3/3.5 $4.395M, 4697 Rue Belle Mer 4/5 $4.9M, 4689 Rue Belle Mer 5/6.5 $9.25M.

12 price changes: 1754 Windward Way 2/2 now $619K, 1811 Ibis Ln 2/2 now $650K, 1526 Bunting Ln 5/3 now $750K, 1230 Sand Castle Rd 3/2 now $779K, 3760 West Gulf Dr 3/2 now $839K, 1986 Wild Lime Dr 3/2 now $874K, 1022 Lindgren Blvd 3/2 now $899K, 1332 Sand Castle Rd 3/2 now $990K, 9248 Kincaid Ct 3/2 now $999K, 241 Violet Dr 3/2.5 now $1.225M, 9027 Mockingbird Dr 4/3 now $1.495M, 3191 Twin Lakes Ln 4/2.5 now $1.749M.

2 back on market: 671 Rabbit Rd 3/2 $699K, 617 East Rocks Dr 3/2 $1.1M.

19 new sales: 1440 Sandpiper Ct 3/2.5 listed at $639K, 4437 Gulf Pines Dr 3/2.5 listed at $675K, 3181 Twin Lakes Ln 3/2 listed at $679.9K, 1057 Blue Heron Dr 3/3 listed at $699K, 1585 Bunting Ln 3/2 listed at $699K, 1700 Dixie Beach Blvd 3/2 listed at $749K, 9106 Mockingbird Dr 3/2 listed at $769K, 3941 Coquina Dr 3/2 listed at $850K, 1835 Farm Tr 2/3 listed at $875K, 4733 Rue Belle Mer 3/3 listed at $895K, 3025 Poinciana Cir 3/2 listed at $899K, 428 Lighthouse Way 3/2.5 listed at $899K, 3711 Agate Ct 3/3.5 listed at $900K, 1002 Kings Crown Dr 3/2 listed at $1.1M, 1443 Sand Castle Rd 3/2 listed at $1.299M, 664 Gopher Walk 4/2.5 listed at $1.699M, 4781 Tradewinds Dr 3/2 listed at $2M, 466 Sea Oats Dr 4/4 listed at $2.339M, 519 Kinzie Island 4/3.5 listed at $2.5M.

4 closed sales: 153 Shell Basket Ln 3/2 $550K, 1429 Jamaica Dr 4/3 $700K, 4747 Rue Belle Mer 4/4 $925K, 729 Sand Dollar 3/2.5 $1.2M.

LOTS

2 new listings – 1872 Middle Gulf Dr $799K, 1874 Middle Gulf Dr $1.599M.

No price change, new or closed sales.

Captiva

CONDOS

Nothing to report.

HOMES

No new listings, price changes, or new sales.

1 back on market: Sunset Captiva 1 2/2.5 $3.9M.

1 closed sale: 1106 Tallow Tree 3/3 $1.5M.

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.

Until next Friday, Susan Andrews, aka SanibelSusan

Fabulous February Island Weather

This was Groundhog Day week on sunny Sanibel. Or, as we refer to it in Florida, ”when the palm tree sees its shadow, so there will be six more weeks of sunshine.” We never tire of winter weather here.

At SanibelSusan Realty

Teammate Dave and I again had a busy week, working with both buyers and sellers, plus attending to action items on sales in the works. We had a productive January both with new listings and sales. Volume typical of a high season month here.

View from our new listing at Gulfside Place #318

Teammate Lisa is back to updating our weekly inventory lists, remarking about the increased action posted in the island Multiple Listing Service. The activity from this week is posted after a few news items below.

Sanibel Update

The City post-Ian update this week was canceled and instead will be part of the Sanibel City Council meeting coming up on Tuesday at 9 a.m. But meanwhile, there were several great progress posts this week, see below.

Doc Ford’s – on Sanibel announced it will be reopening soon, Feb 15.

Final Hurricane Debris Collection – Sanibel City Council voted to establish Feb 20 as the last day residents may place Hurricane Ian generated debris on City right-of-way for collection by debris management contractor.

Tarpon Bay Explorers – reopened Feb 1. “Having extensive damage from Hurricane Ian – including the loss of most of its paddle and pontoon boats, rental bikes, and trams, Tarpon Bay Explorers is opening in phases. Currently, the gift store is back up and running, and kayaks and paddleboards are available for rent. Also, the ramp is open for nonmotorized vessel launching. Hours are Mon, Wed, Fri, and Sat from 8 a.m. to 5 p.m. (last rentals at 3 p.m.) By mid-month they hope to again be offering paddling tours. Watch “Ding” on the Wing, social media, and Tarpon Bay Explores website for updates.

Sanibel Post Office – Temporary Post Office on Sanibel opens Mon, Feb 6 for retail, P.O. box service, and package pickup. Trailers are in the parking lot of the post office at 650 Tarpon Bay Rd. I made my last run to Jetport Loop this morning to pick up mail. The 33957 postal employees already are packing up to move to the island this weekend. To say this team has done an exemplary job in undesirable conditions is an understatement. It will be great to have them back on Sanibel.

Island Real Estate

Below is another update of island inventory today from the Sanibel & Captiva Islands Multiple Listing Service.

SANIBEL CONDOS HOMES LOTS
# Avg Price DOM # Avg Price DOM # Avg Price DOM
For sale 38 1,080,050 61 95 1,436,104 47 13 701,846 70
Under contract 17 906,105 15 51 1,264,074 29 3 564,330 101
Sold 2023 to 2/3 12 1,151,958 52 23 948,100 44 4 1,318,500 80
Sold 2022 123 1,136,199 44 184 1,597,868 52 26 779,528 223
Sold 2021 287 875,127 113 355 1,341,881 89 69 698,862 442

 

CAPTIVA CONDOS HOMES LOTS
# Avg Price DOM # Avg Price DOM # Avg Price DOM
For sale 7 1,039,857 155 7 7,279,007 156 1 15,500,000 313
Under contract 2 1,299,500 127 4 2,277,250 41 0 N/A N/A
Sold 2023 to 2/3 0 N/A N/A 3 4,316,666 61 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

Florida Realtors®

Florida Realtors® posted this week: “Following the Surfside condominium tragedy, the Florida Legislature passed new laws overseeing condominium and cooperative safety, including standards for inspections and reserve studies. Part of that overall plan includes new documents some buyers are entitled to receive from sellers…. Changes will take place on March 20, 2023. Documents changing include:

  • Rider A. Condominium Rider to Florida Realtors/Florida Bar Residential Contract for Sale and Purchase (and its AS IS companion)
  • Addendum F. Condominium Association to Contract for Residential Sale and Purchase (CRSP)
  • Addendum to Contract for Sale and Purchase of Cooperative

“The language in all forms noted above will be the same, with the cooperative statutory citations being the only difference. The language informs buyers that they now have access to two new documents. The first is the inspector-prepared summary of Milestone Inspection of the condominium or cooperative. The second is a structural integrity reserve study or a statement that the study has not been completed.

“Important note: Not all sellers will be required to provide these documents to buyers because a) the law (referenced in the revisions) only applies to certain associations, and b) if the seller’s association has not yet obtained the inspection and/or study, they still have 23 months to do so.

“What are ‘Milestone Inspection’ and a “structural integrity reserve study”?

  • Milestone Inspection: It’s a structural inspection conducted for life safety purposes. Generally, the requirement for associations to obtain a milestone inspection applies to condominium and cooperative buildings three stories or higher which have been occupied 30 years or more or, if located within three miles of Florida’s coastline, occupied 25 years or more.
  • Structural integrity reserve study: It’s a study of reserve funds required for future major repairs and replacement of the common areas which must be conducted for condo and cooperative association buildings that are three stories or higher….”

Sanibel & Captiva Islands Multiple Listing Service Activity Jan 27 – Feb 3

Sanibel

CONDOS

9 new listings: Sanibel Arms #B6 1/1 $375K, Sundial #D209 1/1 $559K, Sundial C310 1/1 $659K, Sundial #I402 1/1 $675K, Sundial #F203 2/2 $895K, Sundial #F403 2/2 $999K, Sanctuary Golf Villages I #2-3 2/2.5 $1.089M, Pointe Santo #B44 2/2 $1.2M, Gulfside Place #117 2/2 $1.485M, Gulfside Place #318 2/2 $1.595M (our listing).

default

1 price change: Sanctuary Golf Villages I #1-1 2/2.5 now $1.05M.

1 back on market & price change: Sunset South #10B 2/2 $600K

3 new sales: Seashells #42 2/2 listed at $374K, Beach Road Villas #101 2/2 listed at $624K, Lighthouse Point #217 2/2 listed at $699K, Sunset South #1A 2/2 listed at $714K.

7 closed sales: Sundial #H111 1/1 $369K, Lighthouse Point #119 2/2 $535K, Sunset South #3D 2/2 $747.5K, Sanctuary Golf Villages I #3-PH5 2/2.5 $1.237M, By-the-Sea #A102 3/2 $1.275M, Atrium #104 2/2 $1.42M, Wedgewood #104 3/3.5 $2.9M.

HOMES

13 new listings: 1440 Sandpiper Cir 3/2.5 $639K, 4049 Coquina Dr 3/2 $647K, 1413 Sandpiper Cir 2/2 (1/2 duplex) $649K, 4427 Gulf Pines Dr 3/2.5 $675K, 3055 Poinciana Cir 3/2 $685K, 1752 Serenity Ln 3/2 $1.05M, 5410 Osprey Ct 3/2.5 $1.249M, 9448 Begonia Ct 3/2.5 $1.35M, 1208 Bay Dr 3/2 $1.7M, 896 Limpet Dr 3/3 $2.495M, 519 Kinzie Island Ct 4/3.5 $2.5M, 4171 Dingman Dr 3/3 $2.695M,488 Lighthouse Way 4/4 $4.995M.

11 price changes: 1672 Atlanta Plaza Dr 2/1 now $499K, 1948 Roseate Ln 2/2 now $599K, 1314 Tahiti Dr 3/2 now $699K, 460 & 490 Old Trail 3/2.5 now $825K, 3025 Poinciana Cir 3/2 now $899K, 4144 West Gulf Dr 2/2 now $999,999; 4565 Bowen Bayou Rd 3/2 now $1.199M, 440 East Gulf Dr 3/2 now $1.25M, 241 Violet Dr 3/2.5 now $1.259M, 9319 Kincaid Ct 3/2 now $1.295M, 2643 Coconut Dr 3/2 now $1.595M.

2 back on market: 4733 Rue Belle Mer 3/3 $895K, 1002 Kings Crown Dr 3/2 $1.1M.

16 new sales: 214 Hurricane Ln 3/2 listed at $649K, 3055 Poinciana Cor 32 listed at $685K, 671 Rabbit Rd 3/2 listed at $699K, 658 Donax St 3/2 listed at $795K, 1341 Par View Dr 3/2 listed at $799K, 3060 West Gulf Dr 3/2 listed at $899K, 440 Lighthouse Way 3/3 listed at $899.9K, 1447 Albatross Rd 3/2 listed at $919K, 1206 Par View Dr 3/2 listed at $995K, 557 East Rocks Dr 4/3 listed at $999K, 1043 Blue Heron Dr 3/2 listed at $1.195M, 6136 Henderson Rd 3/2 listed at $1.2M, 215 Robinwood Cir 4/3 listed at $1.325M, 645 Donax St 4/3 listed at $1.577M, 3699 West Gulf Dr 6/4.5.5 listed at $5.695M, 1800 Woodring Rd 4/4.5 listed at $7.75M.

6 closed sales: 4044 Coquina Dr 2/2 $525K, 577 Boulder Dr 3/2 $685K, 6065 Dinkins Lake Rd 3/2 $780.8K, 760 Windlass Way 3/3 $925K, 454 Surf Sound Ct 3/2 $1.1M, 852 Lindgren Blvd 3/3 $1.31M.

LOTS

1 new listing – 2807 West Gulf Dr 1.35M.

1 price change – 5116 Sea Bell Rd now $335K.

2 new sales – 2462 Wulfert Rd listed at $348K, 1119 Seagrape Ln listed at $1,199,992.

No closed sales.

Captiva

CONDOS

1 new listing: Tennis Villas #3227 1/1 $515K.

No price changes, new or closed sales.

HOMES

No new listings, price changes, or new sales.

1 closed sale: 11539 Wightman Ln 2/2 $1.55M.

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

Already Wrapping Up January 2023 Post-Ian

I apologize for this arriving so late tonight. The SanibelSusan Team has been busy including today when I worked with buyers making their first visit to the island. That turned into a long day, visiting essentially every community and covering what I call my geography tour of Sanibel. Of course, that includes info about lifestyle, utilities, amenities, shopping, health, insurance, living costs, etc.

I was worried not having driven buyers around for some time – with that not happening much during the pandemic – coupled with the island being in such a state of devastation. There was no need to worry, these folks knew about hurricanes and were wonderful. They have not yet decided between homes and condos, plus like many couples, they have some different preferences.

My day began with an early delivery to Superior Title with a closing checklist and contract for a new listing that sold quickly. After that began the geography tour which didn’t finish until dark (6:30-ish, now that the days are getting longer). My spiel on island weather including how most days are warm with bright blue sky sure didn’t fit the forecast today as it was overcast most of the day, barely getting in the 60’s. (I had to wear a jacket with my winter flip flops. That’s twice this winter.)

We stopped at Trader’s for lunch, where it was like old home week. Former Sanibel Mayor & Doc Ford’s owner, Marty Harrity, gave me a thumbs up and a pitch to these folks on how wonderful life is here. One of my BIG ARTs singing pals with her husband and family were at a nearby table and offered info on how great the fishing has been this week. Turns out they also cheer for the same football teams. Then at the table behind us was another Realtor pal who worked on the island for decades before moving north to be closer to grandchildren. It sure was a plus for these prospects to experience how warm and welcoming islanders are. Our small-town appeals to them!

At SanibelSusan Realty

Still no action on our office rebuild, but at my home, son Dave reported that drywall went up today. You can bet that I will be there checking it tomorrow. Hopefully progress will be quicker from here forward, as I moved into what I hope is my last Fort Myers rental this week. Please let it be the last stop before I am back living on island.

Dave spent time yesterday and today with appraisers and inspectors, while I put a condo under contract (in record time) on Tuesday, then on Wednesday posted the home in MLS, that sold Thursday. Those details are after a couple of news items below, plus the action since last Friday in the islands Multiple Listing Service.

Sanibel & Captiva Islands Association of Realtors®

Our 2023 local association Installation and Awards Event yesterday included a luncheon at Cielo. It was great to see so many smiling Realtors® again, including leaders from other Associations in our district, including Bonita and Naples. SanibelSusan earned Honor Society status for the 30th year and though I don’t want to admit to being old, I was the most senior Past President (1999) in the line-up when we performed the “passing of the gavel” ceremony to the 2023 President.

Congratulations to Amanda Curran, owner at Superior Title of Sanibel. (Her company holds our escrow deposits and handles most of our closings.) They are excited to be back on the island in their office in Tree Tops Shopping Center. She received the Association 2022 Affiliate of the Year award.

Sanibel Update

There was no City post-Ian update meeting this week, but Mayor Smith is great about posting news on Facebook. Thanks to her hard work regarding Sanibel mail, two mobile units were transported to the Post Office parking lot midweek. It will take some time for them to become operational, but that delivery in itself is progress in the right direction.

 Another City post-Ian progress update is scheduled for Tuesday at 5 p.m. at BIG ARTS Performance Hall. I will follow it on Facebook Live and post recaps on my Facebook pages, as usual.
 

Food

This week it was announced that Island Pizza is teaming up with Sweet Melissa’s chef for special meals on Thursdays and Fridays beginning next week Feb 2. Sweet Melissa’s Café building, next door to Island Pizza was taken down last week and will eventually be rebuilt.

Bleu Rendezvous French Bistro also announced yesterday that they hope to reopen in 30 days in a new location, at 751 Tarpon Bay Rd, adjacent to Tower Gallery. Their post said they will be open for lunch and dinner starting at noon, with non-stop Happy Hour, on Tuesdays through Saturdays.

Out on Captiva, Mucky Duck has reopened, while on Sanibel the Steeler’s flag is a wavin’ at The Great White Grill which also is open.

Island Real Estate

Below is another update of island inventory today from the Sanibel & Captiva Islands Multiple Listing Service. There were 23 homes listed on Sanibel this week, several including our listing in Lake Murex already are under contract. During the same time five homes came back on the market, and five had price reductions, with some of those selling too. Seventeen Sanibel homes sold and seven home closings occurred.

SANIBEL

CONDOS

HOMES

LOTS

#

Avg Price

DOM

#

Avg Price

DOM

#

Avg Price

DOM

For sale

33

1,112,633

63

100

1,470,398

47

14

666,928

81

Under contract

20

1,142,115

31

43

1,005,079

23

1

145,000

6

Sold 2023 to 1/27

5

1,068,000

46

17

969,441

47

4

1,318,500

80

Sold 2022

123

1,136,199

44

184

1,597,868

52

26

779,528

223

Sold 2021

287

875,127

113

355

1,341,881

89

69

698,862

442

 

CAPTIVA

CONDOS

HOMES

LOTS

#

Avg Price

DOM

#

Avg Price

DOM

#

Avg Price

DOM

For sale

6

1,127,333

174

7

7,279,007

149

1

15,500,000

307

Under contract

2

1,299,500

127

5

2,139,800

8

0

N/A

N/A

Sold 2023 to 1/27

0

N/A

N/A

2

5,700,000

59

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 Jan 20‑27

Sanibel

CONDOS

12 new listings: Seashells #42 2/2 $374K, Sanibel Arms #B7 1/1 $399K, Donax Village #10 2/2 $499K, Sundial #C206 1/1 $599K, Lighthouse Point #217 2/2 $699K, Sunset South #1A 2/2 $714K, Island Beach Club #220F 2/2 $795K, Mariner Pointe #642 2/2 $795K, Sanibel Surfside #122 2/2 $995K, Heron at The Sanctuary III-2A 3/3.5 $1.149M, Sanctuary Golf Villages I #4-1 3/3 $1.369M, Seascape #106 3/3 $2.975M.

2 price changes: Beach Road Villas #101 2/2 now $624K, Tigua Cay #487 3/3.5 now $2.75M.

5 new sales: Sunset South #10B 2/2 listed at $650K, Sunset South #3D 2/2 listed at $749.9K, Her on The Sanctuary #III-2A 3/3.5 listed at $1.148M, Gulfside Place #121 2/2 listed at $1.425M, Gulfside Place #102 3/3 listed at $2.198M (our sale).

3 closed sales: Lake Palms #3 2/2.5 $525K, Pointe Santo #D3 2/2 $675K, Pine Cove #A 2/2 $1.06M.

HOMES

16 new listings: 3181 Twin Lakes Ln 3/2 $679.9K, 1859 Farm Trail 3/2 $719.9K, 4752 Rue Helene 2/2 $799K, 1341 Par View Dr 3/2 $799K, 526 Bunting Ln 5/3 $800K, 4052 Coquina Dr 3/2 $800K, 591 Boulder Dr 4/3 $879K, 1145 Sabal St 3/4 $995K, 9248 Kincaid Ct 3/2 $1.025M, 1043 Blue Heron Dr 3/3 $1.195M, 1578 Sand Castle Rd 3/2 $1.199M, 1018 Demere Ln 4/3 $1.295M, 4628 Rue Belle Mer 3/3 $1.695M, 5271 Indian Ct 4/4 $2.599M, 3615 West Gulf Dr 4/4.5 $4.25M, 3941 West Gulf Dr 4/4.5 $4.25M.

3 price changes: 2623 Tamarind Rd 2/2 now $375K, 1679 Serenity Ln 3/2 now $847K, 1224 Buttonwood Ln 3/2.5 now $1.45M.

5 back on market: Moonshadows #1A 3/3 $949K, 557 East Rocks Dr 4/3 $999K, 241 Violet Dr 3/2.5 $1.295M, 2885 Wulfert Rd 7/6 $2.499M, 3699 West Gulf Dr 6/4.5.5 $5.695M.

17 new sales: 1413 Sandpiper Cir 2/2 1/2-duplex listed at $649K, 9126 Mockingbird Dr 3/2 listed at $650K, 3285 Twin Lakes Ln 3/2.5 listed at $699K (our listing), 458 Casa Ybel Rd 1/1.5 listed at $799K, 702 Durion Ct 3/2 listed at $829K, 4208 West Gulf Dr 2/2 listed at $849K, 214 Palm Lake Dr 3/2.5 listed at $849K, 1230 Sand Castle Rd 3/2 listed at $859K, 720 Durion Ct 4/3 listed at $899K, 1040 Kings Crown Dr 3/2 listed at $995K, 747 Birdie View Pt 3/3 listed at $999K, 729 Sand Dollar Dr 3/2 listed at $999,999, 1002 Kings Crown Dr 3/2 listed at $1.1M, 4775 Rue Helene 4/3 listed at $1.125M, 454 Surf Sound Ct 3/2 listed at $1.289M, 1120 Olga Ave 3/2 listed at $1.395M, 2450 Wulfert Rd 3/3 listed at $1.65M.

7 closed sales: 860 Rabbit Rd 2/1 $375K, 1282 Tahiti Dr 3/2 $559K, 4214 Old Banyan Way 3/2.5 $595K, 293 Palm Lake Dr 3/2 $662.5K, 954 Sand Castle Rd 3/3 $700K, 921 Strangler Fig Ln 3/2.5 $750K, 9094 Mockingbird Dr 4/3.5 $850K.

LOTS

Nothing to report.

Captiva

CONDOS

No new listings.

1 new sale: Beach Villas #2235 4/3 listed at $1.899M.

No price changes, new or closed sales.

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

Yippee, Island Temps Are Back to Mid-70’s

It’s another sunny Friday afternoon on Sanibel with more real estate activity as recovery progresses. Single-family homes continue to be where there is the most action, again with many condominium complexes still sorting out work required by their associations and what their insurance covers.

At SanibelSusan Realty

Our listings had more action this week as David and I work with owners thinking of selling and buyers looking to take advantage of more listings becoming available. It can be difficult making those who have not been back understand that the island is not going to be like it was any time soon, maybe never. Every trip around the island, it is encouraging to see more positive changes, but the amount of devastation and repairs will take years.

It makes it challenging when prospective buyers want to come and view property, but the communities are not allowing showings and/or don’t yet know what their costs will be. In most condos, but not all, unit owners are responsible from the wallboard-in, while the Association handles from the walls-out.

Reading those condo documents is an important part of the due diligence with a Florida sales contract, as is reviewing the financials. Another Sanibel condo was listed this week in MLS where the unit special assessment per unit owner (or new buyer) is $325K (yes, that says $325,000). In this situation, estimates to restore the buildings by the Association are complete and insurance settlement known. The Association will bring back the buildings and grounds, with owners/buyers then restoring their unit interiors. All of this is taking time which we know can be frustrating for owners and prospective purchasers.

On a more positive note, on my travels yesterday, it was great to see many of the big debris piles gone at the Periwinkle/Purdy collection area. Earlier in the week, I saw a neighborhood of volunteers removing debris along Causeway Rd across from the Chamber. It is great to see this cooperation.

Dave and I continue to track repairs and permits on the properties we have under contract, plus the progress at the Associations where we have listings. After a couple of news items below is the action since last Friday in the island Multiple Listing Service.

Florida Realtors® Mid-Winter Business Meetings

I missed going to Orlando this week for the Florida Realtors® Mid-Winter business meetings. I started attending those in the mid-90’s before I became our Association President and have benefitted from the connections made and lessons learned. Thanks to technology, I could follow along during the event, but it sure isn’t the same as being with those colleagues in person.

Last night was the installation of our 2023 state officers and today was the Professional Development Committee meeting.

Earlier in the week, I also missed, serving on the day-long state Audition Panel for new instructors. My friends at state headquarters understand what we are dealing with here in hurricane land, so hopefully I will be asked to serve again at the annual meeting in August. Meanwhile, congratulations to Mike McGraw our new President and Gia Arvin President-Elect.

Sanibel & Captiva Islands Association of Realtors®

Our similar, not so fancy, local association Installation and Awards Event, delayed thanks to the storm, will include a luncheon next week at Cielo. Incoming President Greg Demaras asked me to give the invocation and pledge, so that is where I will be Thursday. It will be great to see more local colleagues in person again and congratulate our new officers.

Sanibel Update

I again followed the Tuesday Sanibel Post-Ian 110-day Progress Update which was part of the City Council meeting. My full recap is posted on my personal and business Facebook pages or you can listen to the entire City Council meeting on www.MySanibel.com. A few highlights from that meeting are:

Sanibel curfew – changed to from midnight to 6 a.m.

Debris – get it to the curb by February 20.

Pool Fencing – if your pool cage was destroyed, for safety, storm fencing needs to go up.

Mail – 2 mobile units are coming to Sanibel (same location as Post Office), hopefully by end of month per latest message from Mayor Smith. One will operate as post office, other as retail. Home delivery will take longer to restart.

Food

Slowly, but surely, more restaurants are opening, most with limited hours and offerings, but progress. Here’s the latest line-up:

Sanibel: Blue Giraffe food truck (at Periwinkle Place), Cielo, Gramma Dot’s food truck, Huxter’s food truck, Island Pizza, Jerry’s Café, Mud Bugs, Sanibel Deli, Sanibel Grill, The Shack, Traders, Tutti Pazzi.

Captiva: Cantina Captiva, Captiva Island Pizza, The Green Flash, Old Captiva House.

Island Real Estate

Below is an update of island inventory today from the Sanibel & Captiva Islands Multiple Listing Service. Then is the action posted this week in the MLS.

SANIBEL CONDOS HOMES LOTS
# Avg Price DOM # Avg Price DOM # Avg Price DOM
For sale 25 1,190,016 79 93 1,458,172 48 12 677,249 86
Under contract 18 1,060,433 39 36 1,018,591 24 2 272,000 5
Sold 2023 to 1/20 2 1,540,000 27 10 1,198,900 29 3 1,635,000 103
Sold 2022 123 1,136,199 44 184 1,597,868 52 26 779,528 223
Sold 2021 287 875,127 113 355 1,341,881 89 69 698,862 442

 

CAPTIVA CONDOS HOMES LOTS
# Avg Price DOM # Avg Price DOM # Avg Price DOM
For sale 7 1,237,571 177 7 7,279,007 142 1 15,500,000 300
Under contract 1 700,000 7 5 2,139,800 8 0 N/A N/A
Sold 2023 to 1/20 0 N/A N/A 2 5,700,000 59 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 Jan 13 – 20

Sanibel

CONDOS

4 new listings: Sunset South #3D 2/2 $749.5K, Sanctuary Golf Village #1-1 2/2.5 $1.095M. By-the-Sea #B101 3/2 $1.299M, Atrium #106 2/2 $1.749M

1 price change: Pelicans Roost #302 2/2 now $1.149M.

2 back on market: Sunset South #10B 2/2 $650K, Gulfside Place #121 2/2 $1.425M.

2 new sales: Heron at The Sanctuary I #3-B 3/2.5 listed at $995K, Sealoft Village #107 2/2 listed at $999K (our listing).

1 closed sale: Royale Tern #303 3/3.5 $2.495M.

HOMES

16 new listings: 1672 Atlanta Plaza Dr 2/1 $520K, 1754 Windlass Way 2/2 $629.9K, 1948 Roseate Ln 2/2 $635K, 671 Rabbit Rd 3/2 $699K, 3941 Coquina Dr 3/2 $850K, 440 Lighthouse Way 3/3 $899.9K, 1447 Albatross Rd 3/2 $919K, 4144 West Gulf Dr 3/2 $1.095M, 1442 Sand Castle Rd 3/2 $1.299M, 1120 Olga Ave 3/2 $1.495M, 2294 Wulfert Rd 4/4 $1.55M, 645 Donax St 4/3 $1.577M, 999 East Gulf Dr #101 3/2.5 $1.54M, 566 N Yachtsman 3/2 $1.595M, 5235 Indian Ct 4/4 $2.495M, 3699 West Gulf Dr 6/4.5.5 $5.695M.

10 price changes: 214 Hurricane Ln 3/2 now $659K; 1314 Tahiti Dr 3/2 now $749K; 214 Palm Lake Dr 3/2.5 now $849K; 1031 Bird Watch Way 3/2 now $875K; 3060 West Gulf Dr 3/2 now $899K; 1986 Wild Lime Dr 3/2 now $899K; 4775 Rue Helene 4/3 now $1.125M; 1027 Kings Crown Dr 4/3 now $1,495,555; 664 Gopher Walk Way 4/3.5 now $1.699M; 851 Angel Wing Dr 5/4 now $1.795M.

1 back on market: 4208 West Gulf Dr 2/2 $849K.

7 new sales: 4733 Rue Belle Mr 3/3 listed at $895K, 4747 Rue Belle Mer 4/4 listed at $950K, 775 Pen Shell Dr 3/2 listed at $999K, 557 East Rocks Dr 4/3 listed at $999.9K, 241 Violet Dr 3/2.5 listed at $1.295M, 1008 Demere Ln 3/2 listed at $1.395M, 869 Limpet Dr 5/4 listed at $2.875M.

6 closed sales: 3008 Singing Wind Dr 2/2 $450K, 2499 Harbour Ln 3/3 $1.35M, 954 Whelk Dr 3/3 $1.5M, 791 Limpet Dr 4/4.5 $1.75M, 1543 San Carlos Bay Dr 4/4 $1.;76M, 1152 Golden Olive Ct 4/2 $1.85M

LOTS

1 new listing: 845 Pyrula Ave $650K.

No price changes or new sales.

1 closed sale: 2998 Singing Wind Cir $300K.

Captiva

CONDOS

Nothing to report.

HOMES

1 new listing:11516 Wightman Ln 5/4.5 $3.999M.

No price changes or new sales.

1 closed sale: 11523 Andy Rosse Ln 5/5.5 $4.45M.

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

SanbelSusan Has Winter Flip Flops Ready

It’s Susan again with another weekly update. Here it is Friday the 13th with a cool front arriving in Florida. Before today, sunny Sanibel recovery continued with wonderful winter weather – dry, with bright blue skies, temperatures mostly 70’s. The cool front arrived following a big shower this morning – providing a much-needed dousing for our vegetation and wildlife. Forecasters say we likely with have more rare opportunities to wear jackets, from now through the long weekend, with daytime temperatures not expected to get out of the 60’s.

The nice weather certainly has made it more comfortable for the many remediation workers. With the causeway now open, traffic flows smoothly most of the time. Bridge work continues. It is encouraging to watch the progress and see the return of birds and dolphins during those overseas travels.

It was another “ouch” for me this week when another client reminded me that before they bought their property a couple of years ago, they asked about insurance. Most buyers do. Part of my answer was that the islands completely flooded back in the 1920’s and with them being in the 100-year major storm zone, time could be up for it to happen again. They followed up with “you were right.”  Sometimes you don’t wanna be right.

Meanwhile on the home front, on Sanibel my house had more electrical work completed, while at teammate Dave’s, his new roof is being installed. Still awaiting word that the apartment I was to move into in late December is ready. Seems that many properties are just now discovering storm-related damage that took time to surface.  We both continue to be on island every day and working from home too. I sure am looking forward to being permanently full-time back on Sanibel though. It won’t be soon enough!

Sanibel Update

City Update – The Sanibel Post-Ian 104-day Progress Update was a live Zoom from MacKenzie Hall on City grounds Tuesday night. As usual, I followed it and posted a recap on our business and my personal Facebook pages. It was excellent news to hear that opening the causeway for travel to anyone (except during curfew) has not caused problems, but rather has provided easier access for more contractors, owners, family, and volunteers.

Debris Pickup – Debris removal is expected to continue into February, but City Manager Souza reminded that this won’t go on forever. He thought it might end sometime next month.

Mail – The City has been working hard to get mail service back on the island. When USPS announced last week that it may be late summer before it returns to Sanibel (Captiva Post Office is open), a flurry of emails, letters, and calls followed. Mayor Smith advised that temporary locations on-island had been offered. She hoped to hear better news soon and last night posted the following Facebook message:

“Sanibelians- USPS Update for the 33957- MAIL IS COMING HOME – (But keep being loud!) Today I received a call from Richard Fermo USPS District Manager informing me that the City of Sanibel will have 2 mobile units (MRU) on island within 30 days for our citizens and business mail pick up. These will be located at the post office location on Tarpon Bay Road. USPS staff was on site yesterday to reevaluate the site. Senator Rick Scott has been instrumental in moving the dial with his direct and persistent communication with Postmaster General DeJoy. The Senator and his staff have been in direct communication with me daily. Congressman Byron Donalds penned a letter to the Postmaster General. Thank you, Byron and Jesse. Additionally, Senator Rubio’s office has contacted the PM General’s office with our needs.

“It was unacceptable to consider no mail service til late Summer 2023. I will continue to update as we all want to see this as action not words. Be assured we have been working on this. I appreciate the federal relationships and partnerships which are aiding in our mail service back where it belongs… In the 33957. I will be asking for daily updates from the USPS. Much work to be done. We are and will continue to make progress as our Sanibel community rebuilds. Please PM me with any questions.

“Thanks, Dave Elias, for making the trek to Jetport loop to help elevate our citizens voices …

“To our USPS Staff located WAY OUT there East. We are working to get you home. Sanibel Mayor Holly D. Smith”

She suggests that we keep the emails, letters, and calls going to USPS, Congressmen, and all who could assist – until this is finalized. In the meantime, it always is great to see our smiling familiar island postal workers at Jetport Loop. How they keep their spirits up in those working conditions is amazing. We look forward to having them back on island.

Farmers Market – On another positive note, the Sanibel Farmers Market is returning. This is its 15th season. It will be a smaller footprint, but a welcome addition to the return to normalcy. It will be Sundays, beginning this weekend, through May from 9 a.m. until 1 p.m. in the parking lot in front of Jerry’s.

Other Openings – A little more news is that two more restaurants are reopening:

  • Gulfshore Business reported yesterday that Captiva’s Mucky Duck will open soon with some limitations.
  • On Sanibel, Tutti Pazzi Italian Kitchen is reopening Jan 15. It will be open from Wed thru Mon from 11 a.m. to 7:30 p.m. (Closed Tuesdays)

Next City Progress Briefing – It is on the agenda as part of the upcoming City Council meeting on Tuesday Jan 17 at 9 a.m. at BIG ARTS Performance Hall. Live feed posted on MySanibel.com and The City of Sanibel Facebook page.

Sanibel Building Permits

It was announced during the Tuesday briefing that the City Building and Planning Departments are working from rented spaces in Ft Myers. Good news to also hear that they are keeping up with demand. I have complaints from owners that their projects are being held up because of permits or inspections. That may be what their contractors are telling them, but when I told them how to go on-line themselves to see where their projects stand, they found different answers.

To check on property record, go to www.MySanibel.com, click on the first round button “Sanibel Online”. On the resulting menu on the right-hand side, click on the first item: “On-line Permitting, Licenses, & Business Taxes”. On the next screen, is a red link that says, “Click Here”.

When you do, you are brought to the City on-line system for searching public records, applying for a permit, inspection, etc. Click on “Search Public Records” where you can search for your own address or any address and your can specify the type of record or select “All”. Items are displayed in ascending order, so if your property has had a lot of permits, you may want to change the search to descending so you see the latest one on the top. From that record, you can see the entire permit progress and status- when the application was submitted, issued, all the documents with it, inspections ordered, status of the inspections including resubmission requirements, completion.

Follow up on the every permit regarding your property. It sure will help to avoid a hold-up if you decide to sell and don’t discover until then that there is an open permit.

Governor Signs Ambitious Water Quality Order

Posted Tues by SCCF: “On Jan. 10, Gov. DeSantis signed the sweeping Executive Order 23-06 in support of improving water quality within Florida. The order directs the state to spend $3.5 billion over the next four years on Everglades restoration and water quality improvements. “Today’s order is an ambitious ask from the governor and seeks to improve our water quality around the state and our resiliency into the future,” said SCCF Environmental Policy Director Matt DePaolis. “As more funding is directed toward Everglades restoration, we expect to see fewer damaging discharges to the Caloosahatchee and improved water quality.”

‘Today’s order marks an increase of $1 billion from the executive order that was signed four years ago. It also directs additional funding to work to restore the Indian River Lagoon with $100 million earmarked for the creation of a protection program with enhanced water quality monitoring.

‘Beyond allocating funding, the order directs the agencies within Florida to continue their efforts to support water quality. The order directs the South Florida Water Management District to expedite Everglades restoration projects and focus on sending more clean water south to the Everglades.

‘It also directs the Florida Department of Environmental Protection (DEP) to work with the Florida Legislature to expand the wastewater grant program to address impacts from non-point source pollution. Non-point source pollutants originate from agriculture runoff, stormwater, leaky septic systems, and similar sources and are major drivers of the nutrient pollution in our waterways.

‘“SCCF is excited to work with our partners and the DEP to tackle the issues of non-point source pollution, algal blooms, and resiliency and improve Florida’s waters for everyone,” said DePaolis. Additionally, the order provides guidance to the DEP to work with the Department of Agriculture & Consumer Services to strengthen Basin Management Action Plans for our waterways and to improve best management practices for agriculture. “If enacted properly, this could result in less nutrient pollution entering our waters,” he added.

‘The order also seeks to reduce harmful algal blooms within the state. It creates grant funding to work on mitigating blue-green algal blooms.  Finally, the order seeks to increase resiliency around the state and will create a coral reef restoration and recovery initiative to help with coral growth and storm surge protections. “The order is a good step on the path to restoration and resiliency, and it will be important to monitor that funds are directed to projects that will have the largest impact on the quality and quantity of our water,” said DePaolis.”

Island Real Estate

As Dave and I continue to assist owners thinking of selling vs restoring, we often are asked what is the market doing? On Sanibel, more and more homes are coming on the market every day. I told someone just this week that when I spoke to them in early December, there were only 21 homes for sale. Today, there are 83.

The properties are in various condition. Some say they had “no or little” damage. Others are emptied, remediated, with drywall down, mold treated, and power restored. Some have been repaired somewhat or have pools cleaned and operational. Others have not been touched. Some listings say the properties are livable but with no warranty or assurance of structural integrity. Many of those that are non-conforming (or ground-level) properties are situations where it is questionable whether they can be restored, complying with the 50% rule. So buyers need to do their homework.

Sellers also need to recognize that not everyone will want to restore a property like it was pre-Ian. There will be teardowns. There already are many. There will be new builds and there are new owners that may want to raise a home or pop-it-up.

Just driving through the island, changes are happening every day. Still heartbreaking for many just returning to see things for the first time. It was amazing Wednesday to see how quickly the Sweet Melissa’s restaurant building disappeared – taken down in minutes. (Their social media says they are rebuilding.)

Below is an update of island inventory today from the Sanibel & Captiva Islands Multiple Listing Service. It again is moving. Many changes daily. Then after a couple of news items is the action posted this week in the local MLS.

SANIBEL CONDOS HOMES LOTS
# Avg Price DOM # Avg Price DOM # Avg Price DOM
For sale 21 1,182,328 86 83 1,484,436 52 11 679,706 86
Under contract 19 1,140,200 38 37 1,076,710 21 3 281,000 3
Sold 2023 to 1/12 1 585,000 33 4 832,250 26 2 2,087,500 155
Sold 2022 123 1,136,199 44 184 1,597,868 52 26 779,528 223
Sold 2021 287 875,127 113 355 1,341,881 89 69 698,862 442

 

CAPTIVA CONDOS HOMES LOTS
# Avg Price DOM # Avg Price DOM # Avg Price DOM
For sale 7 1,237,571 169 7 7,350,578 141 1 15,500,000 292
Under contract 6 700,000 7 6 2,583,000 24 0 N/A N/A
Sold 2023 to 1/12 0 N/A N/A 1 6,950,000 14 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 Jan 6-13, 2023

Sanibel

CONDOS

4 new listings: Sundial #H111 1/1 $369K, Beach Road Villas #101 2/2 $649K, Heron at The Sanctuary II #3B 3/2.5 $995K, Tamarind #B302 3/2 $2.875M.

No price changes.

5 new sales: Sunset South #10B 2/2 $650K, Pointe Santo #D3 2/2 listed at $725K, Sunset South #4C 2/2 listed at $849K, Sundial #D302 2/2 listed at $975K, By-the-Sea #A102 3/2 listed at $1.325M.

No closed sales.

HOMES

13 new listings: 1932 Roseate Ln 3/2 $625K, 450 Birdsong 2/2 $649K, 3760 West Gulf Dr 3/2 $849K, 1679 Serenity Ln 3/2 $849K, 3025 Poinciana Cir 3/2 $975K, 557 East Rocks Dr 4/3 $999K, 1667 Sabal Sands Rd 3/3 $1.089M, 1332 Sand Castle Rd 3/2 $1.095M, 9027 Mockingbird Dr 4/3 $1.595M, 2276 Wulfert Rd 4/5.5 $1.7M, 851 Angel Wing Dr 5/4 $1.995M, 4781 Tradewinds Dr 3/2 $2M, 682 Pyrula Ave 5/4.5 $2.395M.

6 price changes: 2623 Tamarind R 2/2 now $400K, 9106 Mockingbird Dr 3/2 now $769K, 1230 Sand Castle Rd 3/2 now $859K, 1022 Lindgren Blvd 3/2 now $899.9K, 1002 Kings Crown Dr 3/2 now $1.1M, 526 N Yachtsman Dr 3/2 now $1.495M,

8 new sales: 4044 Coquina Dr 2/2 listed at $525K, 1382 Tahiti Dr 3/2 listed at $599K, 1811 Ibis Ln 2/2 listed at $625K, 1153 Shell Basket Ln 3/2 listed at $625K, 1429 Jamaica Dr 4/2 listed at $739K, 4208 West Gulf Dr 2/2 listed at $849K, Moonshadows #1A 3/3 listed at $949K, 728 Sand Dollar Dr 3/2.5 listed at $1.295M.

4 closed sales: 4738 Rue Belle Mer 3/3 $700K, 1221 Par View 3/2 $830K, 3860 West Gulf Dr 3/2 $899K, 440 Glory Cir 3/3 $900K.

LOTS

3 new listings: 5116 Sea Belle Rd $350K, 355 Cowry Ct $690K, 1119 Seagrape Ln $1,199,992.

No price changes or new sales.

2 closed sales: 971 Main St $325K, West Gulf Dr #1 $4.25M.

Captiva

CONDOS

Nothing to report.

HOMES

1 new listing:16163 Captiva Dr 3/2 $3.995M.

No price changes.

1 new sale: 11510 Chapin Ln 2/2 listed at $1.25M.

1 closed sale: 16778 Captiva Dr 4/4 $6.95M.

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,

the one always wearing flipflops

A Delightful 72 Degrees F on Sunny Sanibel 01-06-2023

It’s another Friday. Hard to believe that Hurricane Ian was here over three months ago. Now that the holidays are over, more owners are arriving for the first time. Very sad for many to see in person the level of devastation. Others say it’s not as bad as expected.

Teammate Dave and I continue to meet with them to discuss plans for restoration &/or selling. We have new listings in the works, while we also continue to work with buyers looking to take advantage of the unique situation the post-storm market presents.

On a personal note, I finally got a new main breaker box at my home this week. Fingers crossed that power is restored soon so that my new pool subpanel and pump are installed next. Dave keeps telling me that reconstruction will move more quickly once the electric is on. Meanwhile, he continues to work there plus assist with others needing help. While this weekend I will move for the 6th time since evacuation. Believe it when I say I now have more patience than pre-storm. It’s the only way!

The below photo was sent to me by blog follower Terry Dempsey from NH. His e-mail said, “We were saddened by what happened during the hurricane and pray for Sanibel to bounce back soon. We have wanted to visit but know with nothing open, we don’t want to get in the way… On New Year’s Eve, we enjoyed the sunset from Bunche Beach, being able to at least enjoy Sanibel Lighthouse from a distance. I wanted to send you these photos to share however you like. I thought it was fitting on the last night of such a tumultuous year, the sun set over the Lighthouse which still stands tall.” (Thank you for sharing, Terry.)

Sanibel Update

Causeway Travel – The causeway opened this week with the islands assessable to anyone, except during curfew which remains 9 p.m. to 6 a.m. Travel on/off island during those hours requires resident driver’s license or evidence of the need to be there.

Social media has been loaded with comments from visitors not knowing if they should come and help, either physically or financially to dine/shop, or to stay away and give the islands time to recover. As much as businesses need support, I believe that City leadership provides the best advice. Their Post-Ian Progress Update scheduled for Tuesday night again was canceled. One is scheduled next week, Tuesday Jan 10 at 5 p.m. Meanwhile, no public parking areas and only a handful of restaurants are opened.

Mail – Also the City announced yesterday that the Sanibel Post Office will not be operational until late summer, with pick-up to be continued indefinitely at Jetport Loop which certainly is a long trek for those back living on Sanibel. The Captiva Post Office is open, so an alternative for those folks is to open a post office box there and have their mail forwarded.

Recovery – Debris removal continues, but at a slower pace now. There still are mountains that need to go. Also noticeable is that more condo complexes are getting their grounds cleaned and buildings remediated.

Restaurant News – Saw a notice this week that The Pecking Order Fried Chicken & Pies will reopen this spring in a new location (former home of Rosie’s at 2330 Palm Ridge Rd).

BIG ARTS Community Chorus Resumes – Also received an email this afternoon that our Community Chorus will begin rehearsing next week. This is a non-auditioned choral class open to all singers of all ages and abilities. They will practice Thursday afternoons through Mar 30 with performances at the BIG ARTS Open House on March 15 and on April 4 at the Spring Sing with the Sanibel School. Let me know if you want to join us.

Want to Help With Cleanup?

J.N. “Ding” Darling National Wildlife Refuge – Refuge Cleanup with a Ranger takes place every Wednesday at 9 a.m. Meet at the Visitor & Education Center parking lot for a safety brief before traveling to the cleanup site of the week.

Participation is limited; preregister on EventbriteVideo

Sanibel & Captiva Islands Conservation Foundation – SCCF is holding more beach cleanups this month in conjunction with the The City of Sanibel, Florida! Two-hour shifts will be held between 7 a.m. and 1 p.m. on Jan. 10, 11, 17, and 18. Learn more and volunteer here: https://www.signupgenius.com/…/10c0d4dabae2ea7fac43…

SanibelSusan Realty Associates

I checked in with our landlord at Sanibel Square today and he still does not have a timetable for reconstruction and occupancy.

We continue to make our daily treks to the island and didn’t notice a big increase in traffic, until yesterday when the City announced that the Florida DOT contractor constructing the new bridges needed to limit traffic to one-lane from 7 a.m. to 5 p.m. I tried going about mid-morning thinking workers already had crossed, but waited in backup that stretched past the outlet malls, up McGregor. Dave was smarter and took his boat. Hopefully these delays will only be occasional, as there is lots of work to be done with material and contractor traffic expected to increase as more reconstruction begins.

Some island rental managers advise that many condo complexes won’t be ready for occupancy until late 2024. It won’t be surprising to see some buildings taken down and others rebuilt to current code. Some owners have asked, what happens to our investment if our building is destroyed? Good question.

We eventually expect to see a wave of condo owners looking to sell, like what is happening now with homeowners, particularly those that are in damaged non-conforming properties.

Below is an update of island inventory today from the Sanibel & Captiva Islands Multiple Listing Service. Then after a couple of news items is the action posted in the MLS since last Friday.

SANIBEL CONDOS HOMES LOTS
# Avg Price DOM # Avg Price DOM # Avg Price DOM
For sale 22 1,084,495 79 79 1,445,973 52 8 654,625 110
Under contract 13 1,290,061 49 32 1,115,196 15 4 1,459,500 72
Sold 2023 to 1/6 1 585,000 33 0 N/A N/A 0 N/A N/A
Sold 2022 123 1,136,199 44 184 1,597,868 52 26 779,528 223
Sold 2021 287 875,127 113 355 1,341,881 89 69 698,862 442

 

CAPTIVA CONDOS HOMES LOTS
# Avg Price DOM # Avg Price DOM # Avg Price DOM
For sale 7 1,237,571 162 7 7,369,150 165 1 15,500,000 285
Under contract 1 700,000 7 6 3,533,000 26 0 N/A N/A
Sold 2023 to 1/6 0 N/A N/A 0 N/A N/A 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

Five Trends That Will Shape Luxury Real Estate in 2023

Getting out of the hurricane mode for a minute to share this article by Melissa Dittman Tracey from the Jan 3, 2023 issue of REALTOR® Magazine:

“The luxury housing market, like most other real estate sectors, is adjusting to a slowdown. Affordability and home size are every bit as much on wealthy buyers’ minds as other consumers. “The reality is we are coming out of one of the best real estate markets in history,” Gary Gold, a luxury property specialist with Coldwell Banker Realty in Beverly Hills, Calif., notes in the latest Coldwell Banker Global Luxury Trends Report. “But that level of demand and price appreciation wasn’t sustainable.” Nearly 90% of respondents to the Coldwell Banker survey say they believe the real estate market will be better than or the same as 2022 for property investment. The following emerging trends were noted in the report.

“Smaller Homes Offer Greater Appeal – The pandemic-era trend of supersizing a home may be shrinking in popularity. Affluent buyers are embracing smaller properties for their 2nd- or investment-home purchases. Smaller luxury single-family homes between 2,500 and 3,5000 square feet sold nearly 19% faster than larger ones, according to the report. “Now that the pandemic has loosened its grip on lifestyle decisions, the big house may not be as much of a necessity as it was during 2020 and 2021,” the report notes. “Some affluent buyers may not need or want to work from home anymore. Schools are open again, and kids don’t need extra spaces for at-home learning and play. Others may be looking to return to city life, where smaller footprints prevail.” Further, higher home prices may prompt more downsizing, too. Many luxury buyers also tend to purchase in cash, so smaller homes may be appealing for their lower upfront costs.

“Buyer’s Remorse Grows – In the previous homebuying frenzy of the last two years, many buyers had to make hasty purchase decisions to beat the fierce competition. They now may regret their choice: About a quarter of survey respondents who purchased a home in the last two years say they are not satisfied with their property, citing lifestyle changes, property size, remote location, lack of neighborhood amenities or a return to full-time office work. This may prompt more luxury buyers to move. After all, more than two-thirds of survey respondents say current market advantages, like less competition and slowing growth in home prices, may change their minds about buying in the near future. However, some discontented affluent buyers may decide to keep their home and fold it into their real estate portfolio. 

“Global Buyers Return – International real estate transactions are back on the rise as foreign buyers eye U.S. housing—and Americans target destinations overseas. About 92% of U.S.-based respondents say they’re considering purchasing a property abroad. A strong U.S. dollar, the rising cost of living and surging home prices are among the top reasons driving interest in real estate overseas. Americans are showing the most desire for properties in Central America, Canada, Mexico, and parts of Asia. (Note: As of Jan. 1, a new Canadian law essentially bans foreign buyers from buying residential properties as investments for two years, with exceptions.) Also, the top international buyers in the U.S. (by dollar volume) are from China ($6.1 billion), Canada ($5.5 billion), India ($3.6 billion) and Mexico ($2.9 billion). Top U.S. destinations for foreign buyers in the U.S. are Florida, California, and Texas….

“Faith in Investments – Over a third of survey respondents believe real estate is the safest long-term investment, ranking higher than stocks and bonds, cryptocurrency, and pensions. They believe real estate as an investment can diversify a portfolio, offer long-term investment, provide financial gains from rental income and serve as an inheritance for their children, according to the survey. “Increasing numbers of the affluent appear to be gravitating toward real estate to create financial, emotional and psychological stability,” the Coldwell Banker report notes. They’re also showing greater optimism about returning to traditional luxury epicenters that have held long-term value (e.g. New York, Los Angeles, San Francisco, Chicago, and Boston). Further, the report shows, they’re targeting areas that are less likely to be affected by climate change. In the search for greater stability within their portfolios, luxury home buyers are showing demand for second and third homes in multiple locations, eyeing the diversity as a hedge against inflation.

“More Cash Deals – Higher interest rates over the last few months have promoted buyers to seek alternative financing methods. The wealthy are leveraging more cash in real estate transactions. “I think buyers don’t mind taking some money out of the stock market right now and putting it into something more tangible like luxury real estate,” Roger Pettingell of Coldwell Banker Realty in Sarasota and Longboat Key, Fla., writes in the report. Cash transactions are expected to continue increasing. All-cash sales comprised 26% of transactions in November 2022, up from 24% a year earlier, according to NAR data. Besides cash, wealthy buyers are using margin or stock portfolio loans and private bank loans, the report notes.”

Sanibel & Captiva Islands Multiple Listing Service Activity Dec 30 ‑ Jan 6

Sanibel

CONDOS

4 new listings: Sunset South #4C 2/2 $849K, Kings Crown #208 2/2 $889K, Loggerhead Cay #133 2/2 $999K, By-the-Sea #A102 3/2 $1.325M.

No price changes.

5 new sales: Lighthouse Point #119 2/2 listed at $589K, Sealoft Village #105 2/2 listed at $939K, Gulfside Place #121 2/2 $1.425M, Atrium #104 2/2 listed at $1.75M, Royale Tern #303 3/3.5 listed at $2.495M.

1 closed sale: Sundial #D403 1/1 $585K.

HOMES

11 new listings: 1314 Tahiti Dr 3/2 $779K, 719 Durion Ct 3/2 $789K, 4208 West Gulf Dr 2/2 $849K, 460 & 490 Old Trail 3/2.5 $875K, 214 Palm Lake Dr 3/2.5 $889K, 720 Durion Ct 4/3 $949K, 728 Sand Dollar Dr 3/2.5 $1.295M, 4775 Rue Helene 4/3 $1.295M, 241 Violet Dr 3/2.5 $1.295M, 2450 Wulfert Rd 3/3 $1.65M, 3191 Twin Lakes Ln 4/2.5 $1.793M.

3 back on market: 1925 Roseate Ln 2/2 $599K, 1585 Bunting Ln 3/2 $699K, 1206 Par View Dr 3/2 $995K.

8 price changes: 1044 Sand Castle Rd 3/2 now $699K, 9126 Mockingbird Dr 3/2 now $700K, 9094 Mockingbird Dr 4/3.5 now $895K, 1022 Lindgren Blvd 3/2 now $939.9K, 1283 Par View Dr 2/2 now $999K, 979 Whelk Dr 3/3 now $1.499M, 2543 Coconut Dr 3/2 now $1.695M, 2969 Wulfert Rd 6/6.5.5 now $3.595M,

5 new sales: 3384 St Kilda Rd 3/2 listed at $699K, 996 Greenwood Ct N (1/2 duplex) 3/3 listed at $779K, 9094 Mockingbird Dr 4/3.5 listed at $895K, 2402 Wulfert Rd 4/3.5 listed at $1.1M, 1034 Fish Crow Rd 3/2 listed at $1.349M.

1 closed sale: 749 Cardium St 3/2 $1.1M.

LOTS

1 new listing: 0 Gulf Pines Dr $749K.

No price changes, new or closed sales.

Captiva

CONDOS

1 new listing (under contract below).

No price changes.

1 new sale: Beach Villas #2617 1/1 listed at $700K.

No closed sales.

HOMES

No new listings, price changes or closed sales.

1 new sale: 11523 Andy Rosse Ln 5/5.5 listed at $4.799M.

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, fingers crossed that recover speeds up!

Susan Andrews, aka SanibelSusan