November Real Estate & More on Sanibel & Captiva Islands

Posted on November 7, 2014 by SanibelSusan

As SanibelSusan has been moseying across the Atlantic, the rest of The SanibelSusan Team has been covering things on the islands. Big thank you to David, Elise, and Lisa for making that vacation possible. Now for the week’s Sanibel and Captiva scoop also penned by Elise and Dave:

It has been another beautiful weather week. Dave had a closing off-island and below are a few other news items followed by the action posted in the Multiple Listing Service this week. First a photo of the private fishing pier at Mariner Pointe. We still have two terrific listings there!

REALTOR® Party Allies Win Key Races

Posted by Realtor®Mag Wed, November 5th:

“Real estate issues stand to be well represented in Congress over the next two years as REALTOR® Party-backed candidates on both sides of the aisle won closely watched races in yesterday’s national midterm elections.

NAR-backed Sen. Mitch McConnell (R-Ky.), who is poised to become Majority Leader in 2015 with the Republican takeover of the Senate, has been a strong supporter of the mortgage interest deduction, rural housing development, and other top real estate issues throughout his 30-year career.

“NAR congratulates Sen. McConnell and looks forward to working with him on real estate–related policies important to REALTORS® and to all home and commercial property owners,” NAR President Steve Brown says.

McConnell had been in a tough race with Alison Lundergan Grimes, a business attorney in Lexington, but, as in several closely watched races throughout the country, the Republican ended up on the winning side.

On the crucial House Financial Services Committee, several real estate champions on both sides of the aisle retained their seats with strong support from the REALTOR® Party. These include Joe Heck (R-Nev.), Patrick Murphy (D-Fla.), and Kyrsten Sinema (D-Ariz). In addition to receiving support for their campaigns from the REALTORS® Political Action Committee, they also benefited separately from independent expenditures from the REALTOR® Party. These independent expenditures include mailings and other types of outreach that are undertaken separately from, and without coordination with, the candidates’ campaign efforts.

In the Senate, Pat Roberts (R-Kan.), who sits on the important Finance Committee, retained his seat with help from the REALTOR® Party independent expenditure program.

In all, the REALTOR® Party, which has been recognized as one of the most bipartisan national political operations in the country, charted a more than 90 percent win record in the elections, with wins coming on both sides of the aisle.”

Congratulations! Florida Voter Mandate Delivered on Amendment 1

Florida voters delivered the only mandate in the midterm election -in support of Amendment 1. Florida’s Water and Land Legacy Amendment passed by a statewide vote of 75% well beyond the 60% needed. This is a great bipartisan victory that reflects residents understanding that protecting our natural resources protects our economy.

SCCF reports they plan to bring this mandate forward with them to the upcoming legislative session to fund restoration projects and protect and advance Florida’s award willing parks and wild places.

2014 Taxes

The Lee County 2014 real estate tax bill are out and posted at http://www.leepa.org.

City of Sanibel Marks 40th Anniversary of Incorporation

Saluting the city’s founding fathers as well as the citizens who were part of the push toward independence, more than 50 people gathered at MacKenzie Hall on Tuesday morning to mark the 40th anniversary of the historic vote to incorporate Sanibel as a city. The 45-minute celebration, attended by several former council members and mayors of the city, included personal remembrances, a display of historic photographs and artifacts as well as the singing of “Happy Birthday” To Sanibel. On November 4, 1974, an incredible 84.6% of all registered voters on Sanibel went to the polls, with 63.6% casting their ballots in favor of incorporation.

Free “Ding” Darling Kid’s Fishing Derby

Kids who are able to hold their own fishing pole can participate in the free 2nd annual “Ding” Darling Kids Fishing Derby to be held on the Sanibel Causeway Islands Park (Island A) on Saturday, November 8. J. N. “Ding” Darling National Wildlife Refuge and the “Ding” Darling Wildlife Society-Friends of the Refuge (DDWS) co-sponsor the event. Registration begins at 8:30 a.m. on the causeway, and ages 15 and younger start fishing at 9 a.m. and finish at 11 a.m. An awards ceremony is at 11:30 a.m. Judges will record catches during the session. After the results are tallied, they will award winners in two age groups: 10 to 15, and 9 and younger. Based on total inches of fish caught, the refuge will award first, second, and third place prizes, plus awards for the largest and smallest fish hooked in both age categories. Participants should bring fishing poles, but Tarpon Bay Explorers will provide a limited number of loaner poles for those who don’t have their own equipment. Shallow Bait and Dale Shirley will be supplying the bait. Throughout the day, volunteers and staff will teach fishing skills and safe, ethical fishing practices and will engage children in fish crafts.

Taste of the Islands Postponed

Due to 90% chance of rain on Sunday, CROW’S Taste of the Islands at Dunes Golf and Tennis Club is being postponed until next Sunday, November 16, 2014 from 11:00 am – 4:00 pm. Come out next weekend & support CROW.

Sanibel & Captiva Islands Multiple Listing Service Activity October 31-November 7

Sanibel
CONDOS
3 new listings: Loggerhead Cay #412 2/2 $499.9K, Nutmeg Village #307 2/2 $749K, West Shore #3 3/3 $1.795M.
3 price changes: Spanish Cay #A6 1/1 now $259.7K, Blind Pass #E206 2/2.5 now $433.3K, Sanibel Arms West #M8 2/2 now $479.9K.
2 new sales: Sundial #C307 1/1 listed for $339K, Nutmeg Village #107 2/2 listed for $659.9K.
3 closed sales: Sanctuary Golf Villages I #6 2/2.5 $500K, Nutmeg Village #308 2/2 $725K, Sundial #E108 2/2 $780K.

HOMES
5 new listings: 1710 Middle Gulf Dr 3/2 $699K, 497 Lake Murex Cir 4/3 $715K, 248 Daniel Dr 2/2 $749K, 251 Daniel Dr 3/2 $824.9K, 5424 Shearwater Dr 3/2.5 half-duplex $899K.
6 price changes: 702 Donax St 2/2 now $439K, 3168 Twin Lakes Ln 3/2 now $539K, 857 Birdie View Pt 3/2.5 now $1.029M, 190 Violet Dr 3/2.5 now $1.15M, 842 Limpet Dr 4/3.5 now $1.645M, 830 Limpet Dr 4/4.5 now $1.695M.
3 new sales: 2615 Tamarind Rd 2/2 listed for $37y9K, 1238 Par View Dr 3/3 listed for $799K, 784 Birdie View Pt 4/4 listed for $1.625M.
3 closed sales: 5289 Umbrella Pool Rd 3/2 $495K, 2735 Wulfert Rd 4/4.5 $1M, 1048 Kings Crown Dr 4/4 $1.165M.

LOTS
3 new listings: 3013 Poinciana Cir $250K; 1310 Par View Dr $379,555; 6419 Pine Ave $899K.
3 price changes: 1820 Farm Trail now $249K, 1429 Albatross Rd now $269K, 1311 Par View Dr now $279K.
1 new sale: 218 Violet Dr listed for $352K.
No closed sales.

Captiva
CONDOS
No new listings.
4 price changes: Bayside Villas #5144 1/2 now $299.5K, Gulf Beach Villas #2004 2/2 now $639K, Gulf Beach Villas #2031 2/2 now $670K, Lands End Village #1610 3/3 now $1.865M.
1 new sale: Beach Villas #2511 2/2 listed for $575K.
1 closed sale: Ventura Captiva #5B 3/3.5 $850K.

HOMES
No new listings.
1 price change: 16428 Captiva Dr 7/8/2 now $9.95M.
No new or closed sales.

LOTS
Nothing to report.

Until next weekend, SanibelSusan!

Catching Up From Oct 24 & 31 on Sanibel & Captiva Islands

Posted on November 2, 2014 by SanibelSusan

SanibelSusan has been busy with a little R&R, while the team has been covering business as usual. Below are some news articles and local info, followed by the activity posted in the Sanibel and Captiva Islands Multiple Listing Service over the 2-week period ending on Friday. Sorry for the delay in posting!

Sanibel Catering Company

Bailey’s General Store formally expanded into catering with the opening of Sanibel Catering Company (by Bailey’s). Sanibel Catering Co. is a direct tribute to the Sanibel Packing Co., the firm started by Frank Bailey in the late 19th century along San Carlos Bay. Sanibel Packing Co. evolved into Bailey’s General Store which moved to its current location in the 60’s. Two of Frank Bailey’s three sons ran the general store and surrounding shopping center until Francis Bailey died last year. His brother Sam died in 2010. Today Francis’s son-in-law, Richard Johnson is at the helm.

This news follows other growth for Bailey’s, a retail outlet at The Sundial Beach Resort and Spa. The new Sundial store will be a 1,000 sq.ft. space, selling sandwiches, salads, deli food, and more. The new Bailey’s Market Place is part of the renovation and expansion at Sundial. It will open in a few weeks.

QRM Rule Opens More Doors for Consumers

Good news posted in “DAILY REAL ESTATE NEWS”:

“The mortgage-financing environment for households could improve as a result of a rule federal regulators put in place Tuesday. The Federal Deposit Insurance Corporation is the first of six financial regulators to release the final version of the long-awaited qualified residential mortgage (QRM) rule, which stems from the big 2010 banking reform bill the federal government enacted after the financial crisis.

“The QRM rule provides a set of requirements a loan must meet to be considered safe and eligible to be sold to investors as part of a mortgage-backed security without the lender having to retain 5% of the loan amount on its books. Because the QRM loan comes without the risk-retention requirement, lenders should be able to make more loans — and for cheaper — because they don’t have to pass along that risk-retention cost to borrowers.

“The National Association of REALTORS® has been vocal for several years about the QRM rule, saying it should be broad rather than prescriptive and that it should match up with the qualified mortgage (QM) rule, which took effect at the beginning of this year. The QRM rule does, in fact, do that. The QM rule provides ability-to-repay standards for safe and affordable loans, whether or not they’re securitized for sale to investors.

“”NAR applauds the Federal Deposit Insurance Corporation for finalizing the Qualified Residential Mortgage rule today, which includes a broad definition of QRM and aligns with the Qualified Mortgage standard implemented earlier this year,” NAR President Steve Brown says.

“Under the QRM rule, as under the QM rule, loans are generally considered qualified if the borrower’s debt-to-income ratio is 43%, among other things. There is no onerous down payment requirement, as regulators had originally proposed. “Importantly, the final rule relies on sound and responsible underwriting rather than on an onerous down payment requirement to qualify as a QRM loan,” Brown says. “NAR strongly opposed earlier versions of the rule that included 20 and 30% down payment requirements, which would have denied millions of Americans access to the lowest-cost and safest mortgages.”

“The rule takes effect in 12 months. That will give lenders time to align their internal processing systems with the requirements. Since lenders have already been aligning their systems to the QM rule, the process can be expected to go smoothly.

“For lenders, having the two rules in alignment provides the clarity they’ve long been asking for. One result of this new clarity could be a widening and deepening of loan availability, which has been one of the main stumbling blocks to increased home sales. At a press conference Tuesday, NAR Chief Economist Lawrence Yun said the alignment of the two rules could help make credit more available and boost sales. “Certainly this is a victory for consumers,” Yun says.

Increased Traffic at RSW

“The Island Sun” reported that during September, 366,038 passengers traveled through Southwest Florida International Airport, an increase of 8.2% compared to September 2013. Year-to-date, passenger traffic is up 4.3% from the same period last year. The traffic leader in September was Delta with 81,989 passengers traveling to and from Fort Myers. Southwest Florida International Airport served more than 7.6 million passengers in 2013 and is one of the top 50 U.S. airports for passenger traffic.

Waterside Inn Sold

Also reported by “The Island Sun”, Waterside Inn, Sanibel’s second largest family-owned beach resort, sold on October 24 for $10,000,000 according to Lee County records. Bert and Joanie Jenks have owned the property for the past 16 years. The buyers, from Indiana, plan to retain Waterside Inn’s employees and operate the resort in the same fashion as the Jenks family. The property, located at 3033 West Gulf Drive and formerly known as the Snook Motel, has 27 gulf-front tropical cottages and hotel efficiencies.

Sanibel & Captiva Multiple Listing Service Activity October 24-31

Sanibel
CONDOS
1 new listing: Seascape #205 3/3 $1.849M.
1 price change: Seashells #36 2/2 now $335K.
7 new sales: Seashells #33 2/2 listed for $299K (short sale), Seashells #38 2/2 listed for $299K, Sundial #I103 1/1 listed for $337.5K, Sundial #I203 1/1 listed for $395K, Pointe Santo #B45 2/2 listed for $749K, Sandalfoot #5A3 2/2 listed for $849K, Plantation Village #B321 3/3 listed for $2.299M.
5 closed sales: Coquina Beach #4F 2/2 $400K, Loggerhead Cay #451 2/2 $450K, Sanibel Arms #C4 2/2 $485K, Pointe Santo #E22 2/2 $688.5K, Pointe Santo #D45 2/2 $750K (our listing).

HOMES
3 new listings: 1671 Hibiscus Dr 4/5 $998,899; 1339 Par View Dr 3/2.5 $999.9K; 1138 Harbour Cottage Ct 3/2.5 $1.385M.
4 price changes: 547 Chert Ct 3/2.5 $695K, 430 Surf Sound Ct 3/2 now $805K, 1748 Jewel Box Dr 4/4 now $1.148M, 2118 Starfish Ln 4/5 now $1.859M.
4 new sales: 3990 Coquina Dr 3/2 listed for $599.9K, 1238 Par View Dr 3/3 listed for $799K, 800 Birdie View Pt 3/3.5 listed for $1.099M, 2964 Wulfert Rd 5/5.5 listed for $1.947M (short sale).
1 closed sale: 940 Lindgren Blvd 3/2 $885K.

LOTS
1 new listing: 5706 SanibelCaptiva Rd $479K.
No price changes.
1 new sale: 1182 Sand Castle Rd listed for $199.9K.
1 closed sale: 1402 Middle Gulf Dr $250K.

Captiva
CONDOS
No new listings or price changes.
1 new sale: Sunset Beach Villas #2218 2/2 listed for $575K.
No closed sales.

HOMES
No new listings.
1 price change: 16910 Captiva Dr 4/4 now $4.735M.
No new or closed sales.

LOTS
Nothing to report.

This representation is based, in whole, or in part, on data supplied by the Sanibel & Captiva Islands Association of Realtors® or its Multiple Listing Service. Neither the association nor its MLS guarantees or is in any way responsible for its accuracy.

Sanibel & Captiva Multiple Listing Service Activity October 17-24

Sanibel
CONDOS
4 new listings: Seashells #38 2/2 $299K, Sundial #Q205 3/2 $850K, Sanddollar #B204 2/2 $920K, Sanddollar #A203 3/2 $1.015M.
3 price changes: Colonnades #44 1/1 now $197K, Seashells #33 2/2 now $299K, Kings Crown #307 3/2 now $899K.
1 new sale: Sandalfoot #4D2 2/2 listed for $619K (our buyer).
No closed sales.

HOMES
2 new listings: 3716 Coquina Dr 3/2 $489K, 1644 Bunting Ln 3/3 $495K.
3 price changes: 8987 Mockingbird Dr 3/3 now $799K, 600 N Yachtsman Dr 3/2.5 now $1.195M, 1520 San Carlos Bay Dr 4/3.5 now $1.995M.
4 new sales: 2621 SanibelCaptiva Rd 3/2 listed for $299K, 4606 Brainard Bayou Rd 2/1 listed for $399K, 3251 Twin Lakes Ln 3/2 listed for $629K, 1426 Causey Ct 3/2 listed for $729K.
2 closed sales: 1221 Par View Dr 3/2 $700K, 1021 Fish Crow Rd 4/3 $700K.

LOTS
No new listings.
1 price change: Bowman’s Beach Rd now $179K.
No new or closed sales.

Captiva
CONDOS
1 new listing: Beach Villas #2322 1/1 $589K.
1 price changes: Lands End Village #1610 3/3 now $1.875M.
No new or closed sales.

HOMES
Nothing to report.

LOTS
Nothing to report.

Fall Is In The Air on Sanibel & Captiva Islands

Posted on October 17, 2014 by SanibelSusan

Fall is definitely in the air – or as fall-ish as it becomes on Sanibel and Captiva Islands. A cool front arrived Wednesday night which brought a drop in humidity and lower evening temperatures. Whenever the humidity is under 70%, it is a wonderful thing in Southwest Florida.

Island traffic is slowly increasing as snowbirds return. Local TV news last night reported that the total number of visitors to Southwest Florida has increased considerably over the last year. In August alone, nearly 8,000 more vehicles crossed through the Sanibel toll booth.

Below are a few news items, followed by the week’s activity in the Sanibel and Captiva Islands Multiple Listing Service.

2014 Annual Meeting – Sanibel & Captiva Islands Association of Realtors®

The islands Association of Realtors® had no caravan meeting this week, but last night was the annual meeting and election.

Yours truly, the 2014 Nominating Committee Chair, is happy to report that two new directors have been elected to our nine-member board. Congratulations to Dustyn Corace and Deb Smith.

Upcoming Events

“Ding” Darling Days – at J.N. “Ding” Darling National Wildlife Refuge from Sunday, Oct 19, through Saturday, Oct 25. www.DingDarlingDays.com

Howl-o-Ween – Island Paws Costume Contest & 10th anniversary, on the patio of Over Easy Cafe Friday, Oct 24 5-7 p.m.

(Judging at 6:30 p.m.) Proceeds benefit Gulf Coast Humane Society. This is great fun to watch even if you don’t have a pet!

40th Anniversary of Sanibel’s Incorporation – reception (hosted by Sanibel Historical Preservation Committee) at City Hall at 8 a.m. Tuesday, Nov 4.

Record-Setting Year for Sea Turtles

SCCF (Sanibel-Captiva Conservation Foundation) recently reported that 411 Sanibel nests (110 on the east end and 301 on the west end), shattered the island’s previous high marks of 358 sea turtle nests established in 2000. In addition, the previous record of nests on the east end was 69 in 2012. Captiva had 124 nests this year.

In addition to SCCF employees, more than 130 volunteers patrol the islands’ beaches every day throughout sea turtle nesting season (May to October).

Sanibel Land Development Code Subcommittee Report

As reported by the “Island Sun” today, “following Tuesday’s planning commission session, the Land Development Code Review Subcommittee (LDCRS) heard the annual report on amendments made to the City’s codes made during the past two years”….According to City Planning Director, Jim Jordan, “amendments made during the two-year span included:

Inter- and intra-connectivity standards for providing access between properties and to the shared use path.
The phasing of preliminary plats approvals for major subdivisions.
Legislation to regulate floating dock platforms preempted from permitting by the Sate of Florida.
Legislation requiring the installation of reflective tape wrapping on telecommunication towers greater than 75 feet above ground.
To allow pervious brick pavers installed within the driveways and parking areas of single-family, duplex and triplex to be treated as 100% pervious.
To allow for an increase in the room size of one-bedroom resort housing unit to develop up to 600 sq. ft. of habitable floor area.
Update the list of permitted uses within the commercial district and providing a process to consider new uses that are similar in nature and intensity to those uses that are listed in the code.
A new provision allowing minor nonstructural alterations and modifications to the rooflines of lawfully existing structures devoted to a nonconforming use.
Requirements, procedures and standards for maintaining and securing distressed buildings and structures.”

Recent Appointments

The City of Sanibel announced on Wednesday that Mayor Kevin Ruane as been appointed by Florida Governor Rick Schott to serve on the South Florida Ecosystem Restoration Task Force. The Task Force is composed of 14 members including federal, tribal, state, and location representatives, developing policies, strategies, plans, programs, projects, and activities that address the restoration, preservation, and protection of the South Florida Ecosystem. The success of the Everglades restoration will have a tremendous economic impact on the coast communities of South Florida, including Sanibel. Congratulations, Kevin!

Today’s “Island Sun” reports that Chris Heidrick, Association of Realtors® affiliate and “principal of Heidrick & Co. Insurance on Sanibel has been appointed as Chairman of the National Flood Insurance Task Force for the Independent Agents & Brokers of America (IIABA). In this new position, he also will serve on the Flood Insurance Producers National Committee which is dedicated to improving the National Flood Insurance Program through consultation, cooperation, and regular communication with the Federal Insurance Administration/FEMA.” Congratulations, Chris!

In Feb, both Kevin and Chris joined a Lee County Commissioner and several local mayors in DC to present suggestions for reasonable flood insurance reform. Most of the ideas were included in The Homeowner Flood Insurance Affordability Act, signed by the President in late March. The Act successfully removed the most harmful provisions of Biggert-Waters, which threatened the local economy. I got rebates from both my home and office flood insurance premiums just this week.

“In the coming year, Chris’s primary focus will be on a smooth re-authorization of the National Flood Insurance Program (NFIP) in 2017.”

3 Industry Trends to Watch This Fall

Here’s a recent article posted on “Daily Real Estate News” and sourced to BankRate.com (October 2014):

“The housing market is expected to heat up this fall, despite buyers showing greater signs of being conservative in their home purchases. Bankrate.com recently highlighted some of the following trends to watch this fall in the nation’s real estate market:

“1. An overall pick up in housing activity. Low inventories of homes for sale in many markets have been blamed for cooling the summer months more than expected. However, more inventories are hitting U.S. markets, which could unleash some pent-up demand among buyers. At the end of August, housing inventory was at 2.31 million existing homes available for sale, which represents a 5.5-month supply of homes, according to the National Association of REALTORS®. That’s 4.5% higher than a year ago.

When buyers have greater options in their home shopping, they may be more likely to finally jump off the sidelines, says Jonathan Corr, president and chief operating officer for Ellie Mae. “The housing market is going to be a function of the economy,” Corr says. “I think we are going to see steady growth in the coming months.”

“2. Buyers are more cautious. In what most housing experts describe as a “seller’s market,” buyers are showing signs of getting more conservative with their spending, Pava Leyrer, director of training for Northern Mortgage Services in Grandville, Mich., told Bankrate.com. “They are sticking to their budgets,” she says. The past housing crisis has prompted buyers – particularly the younger generation — to be more cautious, as they’ve learned that home prices don’t always appreciate. The younger generation views a house as a place to live and not the great investment that their parents once considered, says Daren Blomquist, vice president at RealtyTrac. Forty percent of the millennial generation believes buying a home is a safe investment with great potential, compared to about 50% of boomers, according to a survey by Fannie Mae National Housing Survey.

“3. Mortgage rates will climb – really. Housing experts warned that mortgage rates would rise this year, but those forecasts have largely been wrong to this point. However, the Mortgage Bankers Association expects the 30-year fixed-rate mortgage to start its climb to 4.5% by the fourth quarter, and continue to gradually climb and reach 5% by mid-2015. That’s prompted some lenders and real estate professionals to urge their buyers to lock in a mortgage rate now, while they are still at yearly lows.”

Sanibel & Captiva Multiple Listing Service Activity October 10-17.

Sanibel

CONDOS

1 new listing: Compass Point #111 2/2 $1.169M.

4 price changes: Sundial #H411 1/1 now $272.5K, Seashells #33 2/2 now $319K (short sale), Seashells #36 2/2 now $325K, Sundial #I103 1/1 now $337.5K.

1 new sale: Colonnades #1 1/1 listed for $195K.

2 closed sales: Tennisplace #A26 2/1.5 $325K, Island Beach Club #310F 2/2 $450K (our listing & sale).

HOMES

6 new listings: 2621 SanibelCaptiva Rd 3/2 $299K, 1452 Sandpiper Cir 2/2 half-duplex $379K, 735 Donax St 3/2 $479K, 1287 Par View Dr 3/2 $910K, 1224 Par View Dr 3/3 $1.149M, 784 Birdie View Pt 4/4 $1.625M.

6 price changes: 1938 Roseate Ln 3/2 now $369K, 4636 Buck Key Rd 2/2 now $449K, 317 East Gulf Dr 2/2 half-duplex now $449K, 315 East Gulf Dr 3/2 half-duplex now $449K, 297 Ferry Landing Dr 3/3 now $1.295M, 2514 Blind Pass Ct 4/3/2 now $1.425M.

No new sales.

4 closed sales: 2098 Wild Lime Dr 2/2 $280K, 989 Dixie Beach Blvd 3/2 $550K, 981 Main St 4/2.5 $562K, 1266 Isabel Dr 3/3 $1.7M.

LOTS

1 new listing: 1182 Sand Castle Rd $199.9K.

2 price changes: 1336 Eagle Run Dr now $245K, 1311 Par View Dr now $285K.

1 new sale: 3338 West Gulf Dr listed for $410K.

No closed sales.

Captiva

CONDOS

1 new listing: Sunset Beach Villas 2/2 $$575K.

1 price change: Lands End Village #1610 3/3 now $1.885M.

1 new sale: Bayside Villas #4212 1/2 listed for $275K.

No closed sales.

HOMES

1 new listing: 16249 Captiva Dr 3/2.5 $2.375M.

No price changes, new or closed sales.

LOTS

Nothing to report.

Happy Friday, everyone! SanibelSusan

Colorful Leaves, Temperatures Dropping, & Snow – NOT HERE!

Posted on October 3, 2014 by SanibelSusan

Islander Realtors® usually can tell when the weather changes up north by an increase in the number of real estate inquiries. This week was no exception. Leaves must be turning, temperatures dropping, and/or snow falling somewhere as SanibelSusan Realty all-of-a-sudden had busy days both yesterday and today with buyer inquiries.

Island weather has been exceptional for the last few days too, mostly summer temperatures mid-80’s and sunny. Enough clouds sometimes for some beautiful Sanibel sunsets too!

The local Association of Realtors® again had no weekly caravan this week. Business activity has not picked up enough for that yet, but the caravan schedule will change back to weekly in early November.

Below are a couple of other news items followed the recent action posted in the Sanibel & Captiva Islands Multiple Listing Service.

Upcoming Island Events

Sanibel Farmer Market – October 5 – Sunday 8 a.m. to 1 p.m., every Sunday through April on the grounds of Sanibel City Hall. See you there!

U.S. Power Squadron Safe Boating Class – October 25 – Saturday from 9 a.m. to 5 p.m. at Sanibel Public Library. More about the Sanibel-Captiva Power Squadron at www.usps.org/localusps/sancap/

Bailey Fest – October 26 – Sunday – from noon to 4 p.m. at Bailey’s Shopping Center featuring live entertainment, games, raffles, give-aways, face painting, pony rides, food & refreshments, local service organization info, & more. The opening singers again this year are with the Sanibel BIG ARTS Community Chorus.

Wine in the Wild – November 8 – Saturday from 6 to 8 p.m. at SCCF, on the grounds of the Sanibel-Captiva Conservation Foundation Nature Center.

Beach Ball – November 16 – Sunday at The Dunes from 5 to 9 p.m. This is the ninth year for this Children’s Education Center of the Islands fundraiser for facility improvements and to benefit local families for scholarships.

Profile of International Home Buyers in Florida

Florida REALTORS® Research Division just released its 2014 Report (dated September 2014) showing the profile of International Home Buyers in Florida. For this report, foreign buyers are defined as non-resident foreigners – individuals who are citizens of another country and who purchase property in the U.S. but live in the U.S. only part of the year, typically using the property as a rental unit, vacation unit, or both. International sales are sales to these non-resident foreigners. Here are a few interesting excerpts from the report:

“Florida is one of the major U.S. destinations of international residential real estate buyers. Approximately 25% of foreign home buyers in the U.S. purchase property in Florida…Nationally, internationally home buying activity of non-resident foreigners was estimated at $46.7 billion during the period April 2013-March 2014…Florida’s sales to non-resident foreigners are estimated at $7.97 billion, accounting for 17% of total non-resident foreigner sales.

“The increase in international home buying activity was driven by the continued recovery of the world economy and the affordability of the U.S. properties. Both U.S. and Florida residential prices remain affordable to most international buyers. In fact, international clients continued to purchase properties that are on the average above the mean price paid by domestic buyers.

“Canadian buyers accounted for the largest share of international clients (32%), followed by buyers from Western Europe (24%; primarily from the United Kingdom, France, and Germany); buyers from Latin America/Caribbean (23%; primarily Brazil, and Venezuela), and buyers from Asia (10%p primarily from China).

“Florida’s location has been cited as the most important factor affecting the home purchase. Suburban areas appear to be gaining favorability with foreign buyers with an increasing share of buyers locating in suburban areas. Resort areas accounted for about a fourth of reported purchases, down from about a third in 2008.

“About half of foreign buyers in Florida bought a detached single-family home. Foreign buyers are more likely to purchase condominiums and townhouses/row houses since the owners are not staying at their property year-round….About 82% of Florida REALTORS® respondents reported all cash sales to foreign buyers….

“The top destinations for international homebuyers in Florida were Miami-Miami Beach, Orlando-Kissimmee, Fort Lauderdale, Cape Coral-Fort Myers, Naples-Marco Island, Bradenton-Sarasota-Venice, Tampa-St Petersburg-Clearwater, and Palm Beach.

In the Cape Coral-Fort Myers area, the origin of the reported international home buyers include:

Canada (45%), Germany (14%), United Kingdom (6%), Mexico (6%), Columbia (4%), Israel (4%), Norway (4%), and Switzerland (4%).

In the Naples-Marco Island area, the reported origins differ a little: Canada (55%), United Kingdom (7%), Germany (5%) and Russia (5%).”

The good news for SanibelSusan Sellers is that as a Realtor® with the TRC designation (Transnational Referral Certified), SanibelSusan listings are featured prominently on WordProperties.com which promotes and advertises properties through an international consortium of real estate associations and translates the listings into the languages of the member organizations. I am one of only ten Realtors®) on Sanibel/Captiva with this designation.

Sanibel & Captiva Multiple Listing Service Activity September 27 – October 3

Sanibel

CONDOS

No new listings.

1 price change: Sundial D307 1/1 now $239K.

2 new sales: Coquina Beach #4F 2/2 listed for $429.9K, Sanibel Inn #3425 2/2 listed for $664.9K.

1 closed sale: Compass Point #112 2/2 $1.11M.

HOMES

5 new listings: 1238 Par View Dr 3/3 $799K, 566 N Yachtsman Dr 3/2 $989K, 5427 Osprey Ct 3/3.5 $1.2472M, 2400 Los Colony Rd 3/3 $1.595M, 3911 West Gulf Dr 5/5.5 $5.295M.

No price changes.

2 new sales: 1777 Serenity Ln 5/4.5 listed for $759K, 800 Birdie View Pt 3/3.5 listed for $1.099M.

5 closed sales: 667 Nerita St 3/2 $719K, 529 Lighthouse Way 3/3 $965K, 785 Birdie View Pt 3/2.5 $1M, 766 Sand Dollar Dr 4/5.5 $1.312M, 1307 Seaspray Ln 4/3.5 $1.6M.

LOTS

1 new listing: 201 Robinwood Cir $759K.

No price changes.

2 new sales: 223 Robinwood Cir listed for $195K, 1246 Sand Castle Rd listed for $225K.

No closed sales.

Captiva

CONDOS

1 new listing: Sunset Beach Villas #2417 1/1 $525K.

No price changes, new or closed sales.

HOMES

2 new listings: 16861 Captiva Dr 5/5 $1.99M, 17101 Captiva Dr 6/7.5 $3.198M.

No price changes, new or closed sales.

LOTS

Nothing to report.

Until next Friday, happy weekend to all!

Susan

Almost-October Real Estate Happenings on Sanibel & Captiva Islands

Posted on September 26, 2014 by SanibelSusan

It has again been quiet on the islands this week – few phone calls, only a handful of showings, no real estate caravan, and no new listings or closings for us. What are we doing you might ask? Yesterday, my pals and I had to make three stops before we found a restaurant available for lunch! We sure are looking forward to October!

The islands had several cloudy/rainy days early on in the week, but nothing like the flooding reported on the other side of the state. Here we have had blue skies and sunshine for at least two days in a row now with the weekend weather expected to be much of the same. They have been not so lucky in inland Lee and Collier counties where afternoon and evening showers continue to prevail.

Lots of deep-clean and maintenance/repair action continues at plenty of island properties, gearing up for “season”. Work around the floor-to-ceiling windows in a few Island Beach Club units is expected to be completed in early October. That has made for interesting showings at our new listing there.

At Sundial Beach Resort & Spa, the second phase of their renovation is well underway with completion expected sometime in early November of a new state-of-the-art Fitness Center, Pizza Kitchen, on-site market and deli, and new soft tennis courts, as well as changes to the pool bar and main pool deck area.

Below are a couple of other news items followed by the action posted this week in the Sanibel & Captiva Islands Multiple Listing Service.

Some New Openings

The “Island Sun” reported this week that City permit approval was given for a new business going in at The Bailey Center. In the location formerly occupied by “Nick’s Yogurt” and next door to “Billy’s Bikes” new rental spot, will be “Beach Piez” featuring pizza for take-out and delivery.

Another eatery soon to open in the former location of “Island Barbeque” on Palm Ridge Road, next door to “Subway”, is “The Pecking Order” which will feature comfort and soul food.

Opening next Sunday, Oct 5 (a whole month earlier than in previous years) is “Sanibel Island Farmers Market“. On the grounds of City Hall from 8 a.m. to 1 p.m. each Sunday through April, it is my favorite stop on the way to the office!

This is beyond fresh fruit and vegetables, cheeses, meats, baked goods, and more.

We are talking Maine lobster and lobster rolls!

The Scoop on Sanibel Homes as of 9/26/14

In doing some file clean-up this week, I found the below tables with data from mid-summer 2013. Always a fan of statistics, I updated them with today’s info. Divided by the same geographic areas as our Multiple Listing Service, this illustrates low Sanibel home inventory.

Bay-Front
Status	Number	Median Price $	DOM
For Sale as of 9/26	7	1,995,000*	648
Under Contract as of 9/26	1	1,795,000*	955
2014 Sales to 9/26	5	1,695,000	183
2013 Sales	7	2,190,000	679
2012 Sales	8	2,144,500	335

Bayou-Front
Status	Number	Median Price $	DOM
For Sale as of 9/26	6	1,470,000*	1,193
Under Contract as of 9/26	0	N/A	N/A
2014 Sales to 9/26	10	860,000	425
2013 Sales	6	990,500	267
2012 Sales	5	1,649,000	472

Canal-Front
Status	Number	Median Price $	DOM
For Sale as of 9/26	19	1,273,500*	373
Under Contract as of 9/26	8	990,000*	365
2014 Sales to 9/26	30	912,000	272
2013 Sales	28	864,000	312
2012 Sales	37	749,000	275

Gulf-Front
Status	Number	Median Price $	DOM
For Sale as of 9/26	6	4,042,500*	311
Under Contract as of 9/26	1	3,900,000*	234
2014 Sales to 9/26	4	3,095,000	342
2013 Sales	16	3,245,000	335
2012 Sales	11	2,350,000	309

Inland
Status	Number	Median Price $	DOM
For Sale as of 9/26	28	599,000*	198
Under Contract as of 9/26	4	527,250*	208
2014 Sales to 9/26	41	499,000	281
2013 Sales	52	512,497	252
2012 Sales	32	493,000	168

Near-Beach
Status	Number	Median Price $	DOM
For Sale as of 9/26	65	829,000*	267
Under Contract as of 9/26	8	744,000*	621
2014 Sales to 9/26	72	676,950	201
2013 Sales	79	685,000	269
2012 Sales	86	567,000	330

DOM = days on market

* Asking price

Citizens Put an Early End to Storm Tax

Yesterday, Florida Realtors® posted an article sourced to “The Palm Beach Post” and distributed by MCT Information Services:

“Citizens nixes storm tax, may expand clearinghouse

“A 1% assessment or “storm tax” to pay off 2005 losses is ending two years early at state-run insurer Citizens, under a plan reported by The Palm Beach Post last week and approved by its board Wednesday. That will save customers of Citizens and other property insurers 1% on their bills starting July 1, 2015. The assessment, with a total cost of $1.38 billion, originally was scheduled to run until July 2017 but was collected from a broader base of customers than initially planned, making its early retirement an option.

“Meanwhile, executives turned to goals for 2015. Among them: put commercial properties including condos and apartment buildings into a clearinghouse designed to steer policies to private insurers. The clearinghouse, a computer system used by agents, began processing homeowner policies this year.

Citizens President Barry Gilway said he intends to work with state legislators to expand the system. The clearinghouse is intended to block new customers if a private insurer is offering coverage priced up to 15% more and kick out renewing customers if a private carrier is offering policies priced the same or less.

Twelve private insurers are in the clearinghouse for new customers and eight for renewing customers, counting two companies coming on board Wednesday.

“Another goal Gilway cited: Eliminate all risk of assessments from a 1-in-100 year storm, which Citizens has already reduced from more than $11 billion several years ago to about $2.3 billion now. Assessment risk has been falling in large part because Citizens has shrunk from 1.5 million customers three years ago, swelled by a pullback of large national insurers, to about 933,000 now. Transfer offers from private insurers, mostly small Florida-based companies, and clearinghouse activity are expected to reduce that to about 825,000 customers by year’s end and 750,000 by the end of 2015, Gilway projected.

“Smaller size alone reduces risk exposure, but one debate is whether to expand the purchase of private reinsurance, or back-up coverage, from firms in Bermuda and other places abroad. That is controversial in part because of foreign trips company officials say are necessary to buy reinsurance. The oversight of such travel has been criticized in an inspector general’s report and was the subject of Florida Cabinet scrutiny last month in the wake of reporting by The Post.

“But it’s also a question of whether big sums of money should go offshore or stay in the state-run company’s $7.6 billion surplus at home, where it can grow and remain available to pay claims year after year.

“Citizens, backed by its own surplus and a state hurricane fund, bought no private insurance at all as recently as four years ago, but has spent more than $1 billion on it since, including $311 million in 2014. The coverage it buys would reduce possible future assessments if historically rare storms hit. But there’s a slim chance it is needed in any given year and if not used in short-term contracts, it represents a transfer of $1 billion from its ratepayers to private hands.”

Jumbo Mortgages Are Cheaper, Easier to Get

From “Realtor®Mag” on Monday and sourced to Sunday’s “CNNMoney” article titled “For Rich People, Mortgages are Getting Cheaper and Easier”:

“Wealthy home buyers are paying lower average rates on high-dollar loans (known as jumbo mortgages) and in some cases, they don’t even have to worry about a large down payment or mortgage insurance,

“For the last several months, interest rates on jumbo loans—mortgages that are $417,000 or more (or $625,000 or more in high-priced markets—have been lower than what average borrowers pay. For example, the average rate on jumbo loans last week was 4.24% compared to 4.36% for a 30-year, fixed-rate conventional mortgage, according to the Mortgage Bankers Association.

“In some cases, lenders also have reduced their down payment requirements as well, requiring as little as 10%, which is about half the normal rate. Some lenders are waiving the private mortgage insurance requirement, too.

“Many banks have lowered their credit standards for jumbo loan originations. For example, many jumbo borrowers used to need at least a 700 credit score to qualify, but now lenders are considering applicants with credit scores of 650, says John Walsh, owner of lender Total Mortgage Services.

“Banks are on the hunt for jumbo customers in order to win them over as clients for other banking services too such as retirement planning, says Malcolm Hollensteiner, head of retail lending for TD Bank. Jumbo borrowers tend to have better track records in repaying their loans and have lower default rates, so more banks are willing to take the gamble on them.”

Household’s Net Worth Hits Record High

Here is an interesting tidbit from “Daily Real Estate News” last Friday. It says:

“Recent gains in the stock market and higher home prices helped Americans’ net worth soar to a record high in the second quarter, according to a new report by the Federal Reserve. Net worth was up 1.7% during the quarter, reaching a record high of $81.5 trillion.

“American’s gains in wealth have helped to lift consumer confidence and allowed them to ramp up their borrowing, which could soon prove a boon for the economic growth too. During the second quarter, household debt rose to its fastest pace since 2007, increasing at an annual rate of 3.6%, compared to 2.2% in the first quarter.

“Most of the nation’s largest wealth gains have gone to the affluent, who tend to own stocks, The Wall Street Journal reports. The Standard & Poor’s 500-stock index rose about 5% in the second quarter, while Americans also benefited from more modest gains in the real estate market. Home prices ticked up for the 12th consecutive quarter, rising 0.8% in the second quarter, according to the Federal Housing Finance Agency’s home price index.”

Source: “U.S. Household Net Worth Rises to Record $81.5 Trillion,” Reuters (Sept. 18, 2014) and “U.S. Household Wealth Hits Fresh Record,” The Wall Street Journal (Sept. 18, 2014)

Sanibel & Captiva Multiple Listing Service Activity September 19-26

Sanibel

CONDOS

4 new listings: Colonnades #51 1/1 $184K, Sanibel Moorings #611 2/2 $449K, Sanibel Moorings #1512 2/2 $478.5K, Sanibel Inn #3425 2/2 $664.9K.

3 price changes: Spanish Cay #A6 1/1 now $259.5K, Loggerhead Cay #411 2/2 now $505K, Sandalfoot #4D2 2/2 now $619K.

2 new sales: Sundial #D207 1/1 listed for $239K, Poinciana #2C 3/2 listed for $1.1M.

2 closed sales: Sundial #D407 1/1 $227.5K, Sundial #H102 2/2 $425K.

HOMES

No new listings.

4 price changes: 4606 Brainard Bayou Rd 2/1 now $399K, 3168 Twin Lakes Ln 3/2 now $559K, 1800 Woodring Rd 2/2 now $1.595M, 2981 Wulfert Rd 4/4.5 now $1.625M.

1 new sale: 1266 Isabel Dr 3/3 listed for $1.795M.

1 closed sale: 1206 Bay Dr 4/4.5 $2.45M.

LOTS

No new listings.

3 price changes: Lot 27, Leisure Acres now $179.9K, 2933 Wulfert Rd now $399K, 5830 SanCap Rd now $399,555.

1 new sale: 861 Birdie View Pt listed for $339K.
No closed sales.

Captiva

CONDOS

No new listings.

1 price change: Sunset Beach Villas #2337 2/2 now $679.9K.

No new sales.

2 closed sales: Sunset Beach Villas #2332 2/2 $667.5K, Captiva Shores #7B 3/2 $1.2M.

HOMES
Nothing to report.

LOTS

Nothing to report.

Until next Friday, here’s another picture of my favorite birds…

Girls love those pink Roseate Spoonbills!

SanibelSusan

Counting Our Blessings at SanibelSusan Realty

Posted on September 19, 2014 by SanibelSusan

It sure was fun yesterday to be recognized again at the Sanibel & Captiva Islands Association of Realtors® September membership meeting for my “big” closing on Monday.

At nearly $8.5M, “Banyan Beach” it is the record year-to-date sale on Sanibel and Captiva. The team and I are very thankful for it, as well as our other closings Monday and today.

After posting the new sales of two condo listings last Friday, it was a wonderful surprise to also find the paperwork for another terrific condo listing in my email on Friday night. It’s the top-floor west-corner unit at Island Beach Club, so the views of the gulf and the beach are spectacular. Even though much of the complex, including this unit, is not fully accessible this month because the association is doing their annual exterior repair work, this condo already has had a showing of the rooms that can be seen and a couple of Realtor® viewings.

Luckily the photos that we borrowed from their rental organization, Select Vacation Properties, show it in total. Big thank-you to their employee, Patience, for sharing! If you want to see this one-of-a-kind income-producing condo, here are her photos.

Below are a few other news items followed by the action posted in the Sanibel & Captiva Islands MLS since last Friday.

Where Buyers Face Steepest Competition

Sometimes island buyers and sellers are surprised when we tell them how high the percentage of cash buyers is on the island. Here is an article posted yesterday in “Daily Real Estate News”, sourced to “24/7 Wall Street. Looks like the islands are not the only place in Florida where cash sales prevail.

“All-cash transactions remain high, but they are showing signs of dropping, which could be good news for traditional home buyers with financing who find they are unable to compete against cash buyers.

Nearly 38% of home and condo purchases in the second quarter were from all-cash transactions, according to RealtyTrac’s data. That marks a drop from the first quarter, when all-cash transactions reached a three-year high of 42%.

“However, the share of all-cash purchases varies widely in markets across the country. For example, in the Miami metro area, more than 64% of home sales were cash in the second quarter, but in Madison, Wis., that figure was only 18.5%.

“Daren Blomquist, vice president at RealtyTrac, explained to 24/7 Wall St. that some of the highest number of cash sales are occurring in recovering markets that have the highest activity of institutional investors. Also, all-cash sales tend to be highest in areas with still-elevated levels of foreclosures and short sales. Blomquist further notes that all-cash sales are higher for both low-end and luxury properties. Cash sales make up two-thirds of home purchases for up to $100,000 and 45% of purchases for more than $2 million.

“24/7 Wall St., using RealtyTrac data, reviewed the cities that had the largest percentages of all-cash sales in the second quarter of this year. The following metros showed the highest concentration of all-cash transactions:

“Miami-Fort Lauderdale-Pompano Beach, FL – Percent of cash sales: 64.1%
Cape Coral-Fort Myers, FL – Percent of cash sales: 62.1%
Sarasota-Bradenton-Venice, FL – Percent of cash sales: 61.5%
Tampa-St. Petersburg-Clearwater, FL – Percent of cash sales: 54.6%
Lakeland, FL – Percent of cash sales: 53%
Orlando-Kissimmee, FL – Percent of cash sales: 52.2%
McAllen-Edinburg-Mission, TX – Percent of cash sales: 52%”

There’s An App for That – Discover Ding Game App Premieres for “Ding” Days

Here’s info from a recent press release from “Ding” Darling Wildlife Refuge:

“If you noticed a giant cell phone walking around the island recently, don’t have your bifocals checked. It’s just the latest costumed character at J.N. “Ding” Darling National Wildlife Refuge. “Happy Appy” is helping to promote the unveiling of the Discover Ding app on Sunday, Family Fun Day, Oct 19, 2014 to celebrate the 25th anniversary of “Ding” Darling Days.

“A collaboration among the refuge, the “Ding” Darling Wildlife Society – Friends of the Refuge (DDWS), and app developer, Discover Nature Apps (DNA), the Discover Ding app is designed to adapt to the public’s expanding reliance on smart devices by creating a positive interaction experience that encourages smart-phone users of both Apple and Android products to immerse themselves into their natural surroundings.

“DNA is developing similar apps for other refuges and national parks, but “Ding” Darling will be the first to go live.

“”The first-of-its-kind Discover Ding app will offer the public a few new way to experience the refuge, further enhancing our effort to integrate new technology and social media into our interpretive programming,” said Paul Tritaik, refuge manager.

“The refuge will host a public unveiling and “download-in” to kick off the three Family Fun Days and weeklong eco-festival at 10 a.m. on Oct 19 in the Visitor & Education Center Auditorium. The first 250 people to show staff their download get a special free T-shirt. Happy Appy will be on hand throughout the day to give free tutorials on downloading and using the app which combines nature, gaming, social media, and GPS technology for an entirely new experience. Throughout the week, the costumed character also will be in the Education Center parking lot each morning at 9:25 a.m. to offer help and instruction….”

To support DDWS and the refuge, go to dingdarlingsociety.org.

There’s An App for Real Estate Too

The Sanibel & Captiva Islands Association of Realtors® announced this week that they are taking the next step forward in Multiple Listing Service mobility with a new App too. Within the next few weeks, the new GoMLS mobile app will be available for island Realtors® and their clients. With this app, there will be access to real-time MLS data with listing search capability by city, zip code, address, MLS number, geo-location, or by drawing a search area on a map; multiple map views including street, satellite and hybrid; driving directions; ability to schedule a viewing or contact the listing agent; share listings via text, email, Facebook® and Twitter®; and more!

Flood Insurance Overview

The speakers at our monthly Realtor® membership meeting yesterday were a panel of affiliate-member professionals in the insurance business.

They were there to update us on recent Flood Insurance changes. Panelists were:

David Arter with Private Client Insurance Services
Chris Heidrick with Heidrick & Co.
Angie Larson with Rosier Insurance

To understand flood insurance lingo, here are a few definitions.

The most hazardous flood zones are V (usually first-row beachfront properties) and A (usually, but not always properties near water.) According to FEMA (Federal Emergency Management Agency) and the National Flood Insurance Program, any building in A or Z zones are considered to be in a Special Flood Hazard Area.

V zones generally include the first row of beachfront properties. The hazards in these areas are increased because of wave velocity – hence the V designation. If your home is in a “V” zone, adhere to the following recommendations:

The bottom of the lowest horizontal structural member of the lowest floor elevation must be at or above the Base Flood Elevation (BFE).
Enclosed areas below the lowest floor cannot be used for living space. The building must be elevated on piles, piers, posts or column foundation.
Electrical, heating ventilation, plumbing, air conditioning equipment and other service facilities must be elevated to or above the BFE.

The next most volatile of the Special Flood Hazard Areas is the A zone. These areas are subject to rising waters and are usually near a body of water with a high potential of flooding. If your home is in an A zone, follow these important recommendations:

The lowest floor elevation must be at or above the Base Flood Elevation (BFE).
Enclosed areas below the lowest floor cannot be used for living space.
Electrical, heating, ventilation, plumbing, air conditioning equipment and other service facilities must be elevated to or above the BFE.

On Sanibel and Captiva, the flood zones that apply are either the VE Zone or the AE Zone, with the AE zone being a place with potential for a 1%-annual-chance flood event.

In the flood insurance business, it also is important to know if Pre-FIRM insurance rates apply. Pre-FIRM properties on Sanibel were those permitted prior to April 1979. On Captiva, Pre-FIRM properties were permitted before September 1984.

What else is important for these professionals to know is whether a property will be used as a primary residence or non-primary residence. The definition of a “primary residence” for policy rating purposes is: The property must be occupied by the insured and/or the insured’s spouse more than 50% of the 365 days following the policy renewal date.

If you have more specific questions about flood insurance, be sure to talk to an insurance professional.

Economist Calls for National Policy to Reinforce Home Ownership

In a recent column for “HousingWire”, Jonathan Smoke, Chief Economist at Realtor.com®, breaks down the good and the bad of the housing recovery. In the article titled “Economist: Here’s Why Mortgage Supply & Demand Isn’t Normal”, he notes:

“Certain areas are close to a complete recovery, such as employment, home prices, distressed existing home sales, multifamily new construction, and rents. On the other hand, Smoke says the recovery is far from normal levels in terms of single-family new-home construction, mortgage applications and originations, household formation, and home ownership.

“The most negative sales signal comes from the new-home market, where new-home sales came in at an estimated annualized rate of 412,000 in July, the second lowest rate in the last 10 months,” Smoke notes. New-home permits and starts have failed to reach a pace that economists consider healthy for the sector, which is generally above one million.

Smoke points to another troubling area: Mortgage applications, which fell to the lowest level in 14 years at the beginning of September. Mortgage applications remain low despite the fact that rates are hovering near yearly lows. “Mortgage applications are considered a leading indicator for future home sales, but I believe the decline is not so much a signal of another downturn in demand but rather an indication of a seriously hobbled housing credit market,” Smoke writes. He says many buyers are being sidelined due to a very “small credit box,” where only consumers with easily documented incomes, strong credit scores, and large down payments are able to qualify for financing on a home.

“Another housing hurdle Smoke notes is the abnormal levels of supply and demand. “Affordable homes aimed at the first-time buyer segment are not being built,” he says. “Hedge funds bought up most of the affordable distress inventory over the last three years and have turned them into rentals. Home values have recovered the least in affordable price points, resulting in higher numbers of existing owners with negative equity and therefore unable to sell.”

“Smoke says that the continuing declines in areas of home ownership will portend to bigger problems ahead for the overall economy. “Without a strong housing policy, the mortgage market is incapable of adequately addressing risk-appropriate access to credit that supports home ownership,” Smoke writes. “Fundamentally, we need new directions for national housing policy to address the broken credit market, find solutions for affordability housing across all income levels, reinforce home ownership as the cornerstone of financial security, and fulfill the housing needs of older households.”

Priced to Sell at $30M? & Even $68M?

“Daily Real Estate News” last Friday posted the following. It was sourced to a “The Wall Street Journal” article from Sept 10, 2014, titled “Luxury Homes: Priced to Sell at $30 Million”. Just after I read that article, I heard on the news about the $68M mansion just listed for sale in neighboring Naples.

“Luxury homes are selling faster than last year, and the homes fetching some of the heftiest price tags are spending less time lingering on the market, according to new data from Realtor.com®. An uptick in the stock market and improving economy may be helping to boost the luxury market in recent months.

“The High-End Market is Booming: For homes listed less than $1 million, the median age of listings ranged from 80 days to a median of 180 days for homes just under $30 million, according to Realtor.com®. But for homes above $30 million, the median time to market dropped to 139 days.

Jonathan Smoke, Realtor.com®’s chief economist, says the faster times are often because these high-ticketed homes are marketed quietly before hitting the open market. This market segment is attracting a more engaged group of buyers lately, he says. For example, in Vail, CO., homes above $15 million used to sit on the market for more than two years, but now are selling in “months, not years, and sometimes in weeks,” Tye Stockton, a real estate professional with Ascent Sotheby’s International Realty, told The Wall Street Journal. In Greenwich, CT, Tamar Lurie with Coldwell Banker told The Wall Street Journal that she is expecting about 20 sales above $10 million this year – double the number sold last year. A $2 million listing in the Hancock Park area of Los Angeles sat on the market last year before it was removed after never hooking a buyer. But this month, the owners put the home back on the market and sold above the asking price in just one day, says Billy Rose, co-founder of the Agency, a real estate brokerage in Beverly Hills, CA.”

Sanibel & Captiva Multiple Listing Service Activity September 12-19

Sanibel

CONDOS

5 new listings: Mariner Pointe #951 1/1 $449K, Nutmeg Village #107 2/2 $659.9K, Sandalfoot #5A3 2/2 $849K, Kings Crown #307 3/2 $925K, Island Beach Club #P6D 2/2 $990K (our listing).

2 price changes: Sundial #I103 1/1 now $345K, Sunset South #9D 2/2 now $425K.

5 new sales: Sundial #D207 1/1 listed for $239K, Kimball Lodge #304 2/2 listed for $499K, Pointe Santo #E22 2/2 listed for $749K, Nutmeg Village #308 2/2 listed for $769K, Pointe Santo #D45 2/2 listed for $799K (our listing).

6 closed sales: Dugger’s Tropical Cottages #5 1/1 $283.25K, Sundial #G407 1/1 $325K, Spanish Cay #A4 2/2 $325K (our listing), Loggerhead Cay #583 2/2 $510K, Sandpiper Beach #302 2/2 $590K, Shell Island Beach Club #5A 2/2 $597K.

HOMES

No new listings.

4 price changes: 1825 Ardsley Way 3/2 now $538K, 732 Durion Ct 3/2 now $749K, 1777 Serenity Ln 5/4.5 now $759K, 501 Sea Walk Ct 3/2 now $889K.

1 new sale: 419 Lighthouse Way 4/3 listed for $849.9K.

5 closed sales: 1364 Jamaica Dr 2/2 $470K, 620 Hideaway Ct 3/2.5 $570K, 4500 Waters Edge Ln 2/2 $769K (our buyer), 676 Anchor Dr 3/3 $887K, 466 Sea Oats Dr 4/3.5 $937.5K.

LOTS

No new listings.

3 price changes: 1246 Sand Castle Rd now $225K, 6411 Pine Ave now $345K, 1048 Fish Crow Rd now $415K.

No new or closed sales.

Captiva

CONDOS
Nothing to report.

HOMES

1 new listing: 0 on Captiva-Village Area 4/4 $1.799M.

No price changes or new sales.

1 closed sale: 16682 Captiva Dr 10/12.5 $8.48M (our buyer).

LOTS

Nothing to report.

Here’s to another great week!

Weekend good wishes from the team at SanibelSusan Realty

September Real Estate Happenings on Sanibel & Captiva Islands

Posted on September 12, 2014 by SanibelSusan

The SanibelSusan Team has been surprisingly busy again this week. Who said that September is the slowest month of the year? We had several listings shown, some multiple times. We got one condo listing under contract (sold by SanibelSusan) and are working an offer on another one. The team and I too are now ready for three closings coming up next week. This business is always full of surprises and we are thankful for any and all action, particularly as summer winds down.

That rainy season weather continues with bright blue skies and wonderful popcorn clouds most days until late afternoon and evening when the rain and lightning storms roll in. Sounds like we are in for a rainy weekend, however, with earlier storms expected beginning today. Yesterday when Dave and I stopped for a quick lunch at Normandie (West Wind Inn) the storm clouds were just rolling in. See photo below.

A report of the Multiple Listing Service action is below; but, first a couple of news items.

Sanibel City Council Approves Rolled-Back Rate of 1.9995

Today’s “Island Sun” reports that:

“During last Saturday’s first budget hearing, Sanibel City Council unanimously approved lowering the operating millage rate for fiscal year 2015 to the rolled-back rate of 1.9995 mills, with Sanibel’s revenues estimated at $50,480,097. The tentative budget presentation, delivered by the city’s Finance Director and City Manager offered council members and about a dozen local residents gathered at city hall an in-depth analysis of Sanibel’s property values (which increased 4.82% to $4,300,931,329)…. The rolled-back rate is the millage rate that will bring in the same amount of dollars as the current millage rate after adjusting for new construction. Approximately $19.9 million in new construction occurred on Sanibel in fiscal year 2014…. At the approved rolled-back millage rate, the average residential taxpayer will pay $1,255.23 for all city services, $45.02 less than the previously budgeted millage rate. The average residential taxable property value on Sanibel for fiscal year 2015 is $519,871….The city’s final budget hearing will be held on Tuesday, September 16 at 5:01 p.m. at MacKenzie Hall.

2014 Galloway Captiva Triathlon This Weekend

The spring triathlon tomorrow and Sunday is a family fun fitness weekend held at South Seas Island Resort. The first day includes children fun races: the 6-8 and 9-10-year olds complete a 100-yard swim, 1.5-mile bike, and 0.5-mile run, while the age 11-13 racers face a 200-yard swim, 3-mile bike, and 1-mile run. The next day, adults will swim .25 miles, bike 10 miles, and run 3.1 miles. Elite amateur athletes (who posted qualifying times at a USAT sanctioned event) will be sent off first in their own wave. The triathlon which is sanctioned by USA Triathlon is organized by Southwest Florida Events, a tax-exempt Florida not-for-profit corporation. Info is available online at wwwCaptivaTri.org or on Facebook under Captiva Tri.

Billy’s at Bailey’s Now Open

Those who have enjoyed renting bikes from Billy’s on Periwinkle over the last 15 years may find it more convenient to now rent from his new expanded location in the Bailey’s Center, 2437 Periwinkle Way. The new location offers almost everything available at their original location, including may sizes and styles of bicycles, bike trailers, helmets, and even Fat Boy cruiser bikes. Certain rentals – like scooters and surreys – will still need to be arranged through their original location at 1470 Periwinkle Way.

Additionally, Billy’s at Bailey’s now offers customers the opportunity to rent YOLO stand-up paddle boards through partnership with YOLO Board Adventures of Sanibel (www.yoloboardadventuressanibel.com).

BIG ARTS 2014-2015 Ticket Brochure

As a big supporter of BIG ARTS, it was great to get their new brochure this week. Whether you fancy classical, dance, forum, family entertainment, visual arts, jazz/pop/contemporary, theater, film, or community creations, BIG ARTS really is your home for all the arts!

Herb Strauss Theater productions coming up include: The Divas, Holiday Spectacular 2014, Freud’s Last Session, The Fourth Wall, Godspell, and A.R. Gurney’s Sylvia.

The Monday Night film series runs from October 20 through April 27 with a variety of other films too, include the BIG ARTS Film Academy’s Not-For-Monday-Night Series, “Great Themes” Film Discussion Groups, and a Critically Acclaimed Documentary Series Wednesdays in March.

Classical music performances include: Kinga Augustyn, The Merling Trio, Amphion String Quartet, Emalie Savoy, Third Coast Percussion, Svetlana Smolina, and The Souothwest Florida Symphony.

The Forum Lecture series features: Arthur Brooks, Ph.D., American Enterprise Institute; Kevin Carey, M.P.A. from New America Foundation; Andy McAfee, Ph.D., MIT Sloan School of Management; Ivo H. Daalder, Ph.D., Chicago Council on Global Affairs & U.S. Ambassador; Evan Osnos, The New Yorker, Pulitzer Prize – Journalism; Dennis Ross, Ph.D., The Washington Institute for Near East Policy & U.S. Ambassador; Karen Tumulty, M.B.A., The Washington Post; Nicholas Burns, M.A., Harvard University & U.S. Ambassador.

Jazz/Pop/Contemporary performances include: Riders in The Sky, Jack Jones, So Good for the Soul, and Tom Chapin. There also is a National Geographic “Live” family program and “The Second City” comedy.

Visual Arts include a variety of exhibits right through “season”, plus the Photography Scavenger Hunt that SanibelSusan sponsored last year. I will be the sponsor again this year too, with proceeds to benefit the BIG ARTS scholarship programs.

Community Creations include poetry events, play readings, a Wendy Webb concert, and the BIG ARTS Concert Band concerts. I still sing with the BIG ARTS Community Chorus which also has Holiday and Spring Concert performances. There is more info at www.BIGARTS.org. If you want tickets, do not delay, one of the Forum events already is sold out.

6 Tips for Choosing the Best Offer

Here is an article with some good advice from “HouseLogic” on-line. The author, G.M. Filisko is an attorney and award-winning writer who has survived several closings. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

“Have a plan for reviewing purchase offers so you don’t let the best slip through your fingers. You’ve worked hard to get your home ready for sale and to price it properly. With any luck, offers will come quickly. You’ll need to review each carefully to determine its strengths and drawbacks and pick one to accept. Here’s a plan for evaluating offers.

“1. Understand the process

All offers are negotiable, as your agent will tell you. When you receive an offer, you can accept it, reject it, or respond by asking that terms be modified, which is called making a counteroffer.

“2. Set baselines

Decide in advance what terms are most important to you. For instance, if price is most important, you may need to be flexible on your closing date. Or if you want certainty that the transaction won’t fall apart because the buyer can’t get a mortgage, require a prequalified or cash buyer.

“3. Create an offer review process

If you think your home will receive multiple offers, work with your agent to establish a time frame during which buyers must submit offers. That gives your agent time to market your home to as many potential buyers as possible, and you time to review all the offers you receive.

“4. Don’t take offers personally

Selling your home can be emotional. But it’s simply a business transaction, and you should treat it that way. If your agent tells you a buyer complained that your kitchen is horribly outdated, justifying a lowball offer, don’t be offended. Consider it a sign the buyer is interested and understand that those comments are a negotiating tactic. Negotiate in kind.

“5. Review every term

Carefully evaluate all the terms of each offer. Price is important, but so are other terms. Is the buyer asking for property or fixtures—such as appliances, furniture, or window treatments—to be included in the sale that you plan to take with you?
Is the amount of earnest money the buyer proposes to deposit toward the downpayment sufficient? The lower the earnest money, the less painful it will be for the buyer to forfeit those funds by walking away from the purchase if problems arise.
Have the buyers attached a prequalification or pre-approval letter, which means they’ve already been approved for financing? Or does the offer include a financing or other contingency? If so, the buyers can walk away from the deal if they can’t get a mortgage, and they’ll take their earnest money back, too. Are you comfortable with that uncertainty?
Is the buyer asking you to make concessions, like covering some closing costs? Are you willing, and can you afford to do that? Does the buyer’s proposed closing date mesh with your timeline?
With each factor, ask yourself: Is this a deal breaker, or can I compromise to achieve my ultimate goal of closing the sale?

“6. Be creative

If you’ve received an unacceptable offer through your agent, ask questions to determine what’s most important to the buyer and see if you can meet that need. You may learn the buyer has to move quickly. That may allow you to stand firm on price but offer to close quickly. The key to successfully negotiating the sale is to remain flexible.”

Sanibel & Captiva Multiple Listing Service Activity September 5-12

Sanibel

CONDOS

1 new listing: Kings Crown #108 2/2 $695K.

2 price changes: Sundial #D207 1/1 now $239K, Sanibel Inn #3512 2/2 now $699K.

5 new sales: Sundial #D407 1/1 listed for $230K, Sundial #H102 2/2 listed for $440K, Island Beach Club #310F 2/2 listed for $474K (our listing & sale), Sanibel Siesta #502 2/2 listed for $595K, Compass Point #112 2/2 listed for $1.135M.

2 closed sales: Blind Pass #D204 3/2 $375K, Seascape #204 3/3.5 $1.735M.

HOMES

No new listings or price changes.

5 new sales: 2098 Wild Lime Dr 2/2 listed for $280K; 5289 Umbrella Pool Rd 3/2 listed for $499,995; 981 Main St 4/2.5 listed for $599K; 420 East Gulf Dr 3/3 listed for $749K, 1021 Fish Crow Rd 4/3 listed for $749K.

No closed sales.

LOTS

No new listings.

1 price change: 592 Sea Oats Dr now $339K.

No new or closed sales.

Captiva

CONDOS

No new listings or price changes.

1 new sale: Ventura Captiva #5B 3/3.5 listed for $965K.

1 closed sale: Sunset Beach Villas #2313 1/1 $520K.

HOMES

1 new listing: 11520 Laika Ln 2/2 $2.75M.

1 price change: 15747 Captiva Dr 5/6.5 now $6.495M.

No new sales.

1 closed sale: 16447 Captiva Dr 7/6/2 $2.668M (short sale).

LOTS

Nothing to report.

Even if it rains on the islands, it’s still paradise! Weekend wishes to all!

September Real Estate Scoop on Sanibel & Captiva Islands

Posted on September 5, 2014 by SanibelSusan

It is SanibelSusan reporting that the holiday weekend was soooo quiet that we did not expect to see much real estate action this week either, but surprise-surprise, we had several listings shown – some multiple times – as well as several email inquiries about listings.

At the local Realtor® bi-weekly Caravan Meeting yesterday, attendance was low. There were only two properties on tour (including our new listing at Pointe Santo #D45 – see photos below). Only one new sale was announced. It was our home sale last week in Gulf Shores (a cooperative effort between Dave and me). The SanibelSusan Team is happy to have our business well represented.

Below is the activity posted in our Multiple Listing Service over the last week. First, a few news items:

SCCF Annual International Coastal Cleanup

Saturday, September 20, SCCF (Sanibe-Captiva Conservation Foundation) invites residents and visitors to participate in an international volunteer effort to rid coastlines and waterways of marine litter, pollution, and debris. SCCF’s partner in the Ocean Conservancy’s 28th Annual Coastal Cleanup is Keep Lee County Beautiful. To participate go to SCCF (3333 Sanibel-Captiva Rd) between 9 a.m. and noon on the 20th to check in and pick up Coastal Cleanup data cards and trash bags. Bring water and work gloves. Lunch and snacks on the Nature Center porch will be available from 10 a.m. until noon. There will be a dumpster for all trash. Worldwide last year, volunteers picked up 12.3 million pounds of trash on 12,000 miles of coast. If you have questions, want to reserve a favorite cleanup spot, or get data cards early, call SCCF at 239-472-2329.

Millennials and Boomers Trading Places

Sourced to “The Wall Street Journal”, “Daily Real Estate News” posted this on Tuesday. More good news for Florida!

“As the economy improves, Millennials and Baby Boomers are on the move, but they’re heading in opposite directions, according to a new analysis by real estate data firm RealtyTrac. Each year, 17 million Americans (or about 6% of the population) move into a different county, according to Census Bureau data. RealtyTrac’s analysis found Millennials (considered born between 1977 to 1992, in this survey) to be the most mobile generation, moving away from counties with populations of 178,000 or fewer and moving into counties with larger populations (500,000-plus).

““The Millennial generation is generally moving from lower-priced to higher-priced markets for both buying and renting, with the tradeoff being more jobs (lower unemployment) and higher median incomes in the markets they are moving to,” the report revealed.

“On the other hand, Baby Boomers (defined as being born between 1945 to 1964) are moving away from higher-priced markets with large populations to lower-priced markets in smaller counties. Baby Boomers are gearing up for retirement and are less concerned about the job market and more concerned with living in an affordable place, the report says.

“According to RealtyTrac’s analysis, here’s where Millennials are heading:

Fayette, Ga. (Atlanta)
Citrus, Fla. (Homosassa Springs)
El Dorado, Calif. (Sacramento)
Yavapai, Ariz. (Prescott)
Clair, Mich. (Detroit)
Livingston, Mich. (Detroit)
DeKalb, Ill. (Chicago)

“RealtyTrac’s analysis shows Baby Boomers are moving away from at the fastest rates:

Fulton, Ga. (Atlanta)
Arlington, Va. (Washington, D.C.)
DeKalb, Ga. (Atlanta)
Wayne, Mich. (Detroit)
Clayton, Ga. (Atlanta)
Alexandria, Va. (Washington, D.C.)
Milwaukee, Wis. (Milwaukee)

“Where are the Boomers heading then? The highest percentage of Baby Boomers are moving to Florida, near Punta Gorda, Orlando, and Cape Coral, according to the report. Also, a high percentage of Boomers are heading to counties near Prescott and Phoenix, Ariz., and Hilton Head, S.C., according to the report.”

REALTORS® Expect Modest Price Growth in Next 12 Months

Here is a positive post about Florida real estate from the National Association of REALTORS® Economists’ Blog on Tuesday. The actual post includes the map of the United States below, with each state marked to show their median price change expected in the next year. Though most of the increases are modest, Florida, Texas, and Hawaii are projected to have the highest increases – greater than 5% to 6%.

“REALTORS® expect home prices to increase modestly in the next 12 months, with the median expected price increase at 3.4% [1]. The expected price change is modest compared to the strong price growth in 2012-2013. Local conditions vary, but concerns about how borrowers are finding it difficult to obtain a mortgage and weak job recovery appear to be underpinning the modest price expectation.

“[1] The median expected price change is the value such that 50% of respondents expect prices to change above this value and 50% of respondents expect prices to change below this value. A median expected price change is computed for each state based on the respondents for that state.”

More About Where to Dine

In addition to the restaurant temporary closings (for staff vacations and physical improvements) mentioned in last week’s blog, a couple of others were announced. Here is a summary:

Blue Coyote Supper Club at Sanibel Golf Club/Beachview is closed until September 16. Then, it will be closed Sundays and Mondays through the rest of the month.
Cip’s Place will be open for dinner only (4 to 9:30 p.m.) until October 1.
Over Easy Cafe will be closed September 8-18.
Traders Cafe & Store is closed all of September.
Traditions on the Beach at Island Inn is closed until September 18.

Sanibel & Captiva Multiple Listing Service Activity August 29-September 5

Sanibel

CONDOS

2 new listings: Sundial #D407 1/1 $230K, Sundial #J203 1/1 $425K.

1 price change: Poinciana #2C 3/2 now $1.1M

2 new sales: Tarpon Beach #203 2/2 listed for $668K, Seascape #204 3/3.5 listed for $1.895M.

2 closed sales: Breakers West #B1 2/2 $418.5K, Loggerhead Cay #373 2/2 $510K.

HOMES

2 new listings: 1717 Windward Way 3/2 $689K, 1056 Sand Castle Rd 3/2 $899K.

6 price changes: 2098 Wild Lime Dr 2/2 now $280K, 2615 Tamarind Rd 2/2 now $379K, 701 Durion Ct 3/2 now $530K, 1674 Bunting Ln 3/2 now $549K, 739 Elinor Way 3/3 now $579K, 8987 Mockingbird Dr 3/3 now $799K.

6 new sales: 3965 Coquina Dr 2/2 listed for $399K, 169 Southwinds Dr 2/2 listed for $798K, 940 Lindgren Blvd 3/2 listed for $898K, 529 Lighthouse Way 3/3 listed for $985K, 785 Birdie View Pt 3/2.5 listed for $1.099M, 1203 Isabel Dr 2/3 listed for $1.495M.

3 closed sales: 490 Elizabeth Dr 2/2 $350K, 1377 Sand Castle Rd 3/2 $469K, 1225 Sand Castle Rd 3/3 $760K.

LOTS

No new listings or price changes.

1 new sale: 1504 Angel Dr listed for $745K.

No closed sales.

Captiva

CONDOS

1 new listing: Captiva Shores #C 2/2 $898K.

No price changes, new, or closed sales.

HOMES

1 new listing: 15133 Captiva Dr 2/3 $3.695M.

No price changes, new, or closed sales.

LOTS

1 new listings: 926 South Seas Plantation Rd $5M.

No price changes, new, or closed sales.

Here’s to another fabulous weekend!

Labor Day Weekend 2014 on Sunny Sanibel & Captiva Islands

Posted on August 29, 2014 by SanibelSusan

Summer weather abounds on the islands and The SanibelSusan Team is gearing up for the holiday weekend. There still are not many visitors here, but we started to see more action both at the beach and at restaurants yesterday with families arriving for the long weekend.

Even with the limited traffic, we had listings shown this week, with others scheduled over the weekend. It is the time of the year when lower price range properties tend to get more action, so we have our fingers crossed that some of these showings will be productive.

With temperatures in the low 90’s most days, it was a welcomed relief when the humidity dropped midweek giving way to bright sunny days with just occasional showers some evenings.

Dave and I were both out showing this week, homes by me, off-island investment condos by Dave. I also responded to several emails from prospective island condo buyers just beginning their search and we had a nice closing today!

Below are a couple of news items followed by the action posted in the Sanibel & Captiva Islands Multiple Listing Service this week.

Where to Have Lunch?

We always get inquiries this time of the year about what restaurants are open and which ones are closed. Here’s the latest from our travels this week:

Doc Ford’s was already closed for a few days for their pre-season work and have reopened.

The Over Easy Cafe will close for their deep clean and employee vacations from September 8-18.

The Blue Coyote is closed on Sundays and Mondays through September.

Traders Cafe will close after dinner service tomorrow night and be closed through September.

Sanibel Island Farmers Market

Wow, time is flying! I saw a posting this week that the Sanibel Island Farmers Market will be reopening for “season” on October 5. It also had a reminder that it was established in 2007.

That was the fastest summer and fastest seven years, I can remember! That’s my Sunday morning stop before the office, so see you there in a just a few more weeks! There’s nothing like eating fresh and buying local.

Taste of the Islands

Speaking of future events, if you enjoy CROW’s annual “Taste of the Islands”, mark your calendar for Sunday, November 9, when it will be held at The Dunes Golf & Tennis Club from 11 a.m. to 4 p.m.

This is the 33rd year for this fun event for the whole family that benefits CROW (Clinic for Rehabilitation of Wildlife) www.CROWClinic.org.

FISH is Moving

As reported today in the “Island Sun”: “FISH, the 32-year-old non-profit, non-sectarian human services organization, will relocate from its current 2,192-square-foot space – at 1630B Periwinkle Way – to the

building currently occupied in the front by The Sangria Grill, at 2430 Periwinkle Way. The planning commission unanimously approved an application for conditional use approval that will allow FISH of Sanibel-Captiva, Inc. to move its headquarters to a new 3,500-square-foot office space.”

Sanibel Sprout Relocating to Bailey’s Center

Also as reported in the “Island Sun” and at Tuesday’s Sanibel Planning Commission Meeting: “The owners of The Sanibel Sprout received conditional use approval to relocate their business to an approximately 1,000-square-foot space within the Bailey’s Shopping Center, which provides the health food store and juice bar with 20 indoor dining seats….Currently, the business operates from a space in the Palm Ridge Place Shopping Center, located at 2330 Palm Ridge Road.”

3 Reasons Mortgage Demand Is Dropping

From “Daily Real Estate News” on Monday:

“Fixed-rate mortgages sank to the lowest average of the year last week, yet mortgage origination activity remains lackluster. Why aren’t more home buyers taking advantage of the lower borrowing costs? In a recent blog post, Freddie Mac analysts point to three main factors behind the decrease in mortgage originations:

The refinancing boom has ended. From 2013 to 2014, mortgage applications for refinancings have fallen about 60%. Freddie Mac projects refinance applications will drop by another 50% from 2014 to 2015. When mortgage rates rise—as they are expected to soon—borrowers will have less incentive to refinance. Applications for home purchases are not expected to be able to fill the void from the refi boom.
Home sales are down. Sales of existing and new homes have fallen about 5% during the first six months of 2014 compared to the first half of 2013, according to Freddie Mac. “A period of higher mortgage rates, a harsh winter, and slower economic growth compared to a year earlier contributed to the slowdown,” researchers explain.
More buyers are paying cash. The number of borrowers who took out a mortgage to purchase a home is down compared to last year, but that could be due to more buyers using cash. In the first six months of this year, all-cash home sales were up slightly from 31% to 33%, according to National Association of REALTORS® data. Yet, “with rising home values and fewer distressed homes coming the market, expect the available inventory for all-cash buyers to trend down in the coming year,” researchers note.

“Freddie Mac researchers say the key to an increase in mortgage origination activity will be “sustained economic growth and jobs.” “Overall, recent economic and employment improvements should help bolster household formation and contribute to gains in construction, home sales—and also mortgage originations,” Freddie Mac researchers note. “However, even with these improvements, expect new and refinance mortgage origination volume for this year to be the lowest since 2000 at about $1.15 trillion.””

Strategies for Setting a Price for Your Home

I love it when clients share articles they have seen that they think apropos for my blog. This one comes from “Wall Street Journal” Real Estate on line last week (thank you, Scott):

” What’s the perfect price when selling your home? Nobody knows. List too low and watch your investment slip away. List too high and drive potential buyers away.

“BLINDED BY LOVE Sellers often overestimate the value of their homes for emotional reasons. To get top dollar for his Portland, Ore., home, Alex Hickman played lowball. He set his asking price below that of comparable homes nearby—and got six offers in four days. “We strategically listed it under market and tried to create kind of a frenzy,” says Mr. Hickman, a 26-year-old credit union examiner. Mr. Hickman purchased the home in 2005 for $325,000 and listed it for $497,000. He says a $505,000 asking price would have been more reflective of the market, especially since the property’s first-floor apartment could generate rental income. Mr. Hickman had also finished the basement of the home, which is in desirable Southeast Portland, an older neighborhood with few new construction projects. So his go-low pricing strategy was a gamble, one his real-estate agent initially counseled against.

“PRICED TO THE NINES Research has found that pricing at $999,900 rather than $1 million influences buying decisions on a subconscious level. The home ‘seems way cheaper,’ one professor says. “It creates a havoc that doesn’t serve anyone well,” says Rebecca Walter, Mr. Hickman’s agent at Redfin. A low asking price doesn’t necessarily increase what buyers offer, she says, since they are more willing to compete on other terms of the contract, such as paying all cash for the purchase or waiving the inspection to speed the sale. “In residential real estate, the asking price is often as much about psychology as it is reality. Michael Seiler, professor of real estate and finance at The College of William & Mary in Williamsburg, Va., said that most home buyers don’t realize that setting an asking price is primarily a negotiating tactic. “When you set a list price, you’re sending a signal to the market,” he says.

Mike McCann, a real-estate agent with Berkshire Hathaway Home Services, Fox & Roach in Philadelphia, says pricing can be “a delicate balance.” Most sellers overestimate the worth of their home, he says, and some agents will start with a too-high price to avoid hard feelings. Others agents may start high just to get the seller’s business or, conversely, they’ll price too low for a quick sale and commission, he adds.

“NOT BUDGING A precise asking price, such as $795,475, indicates that the seller is less open to negotiation. Most agents say that getting sellers to start with a realistic asking price is one of their biggest challenges. Steve Beckman spent $150,000 on renovations to his 100-year-old farmhouse in Ojai, Calif., which he purchased for $325,000. When selling five years later, Mr. Beckman, a 61-year-old retired landscape designer, asked $500,000—with both financial and emotional factors coming into play. It sat on the market for almost 1½ years, eventually selling for $242,000, far less than he and his wife, Mary, had wanted. “We didn’t even get a nibble at the asking price,” says Mr. Beckman. “Nobody cares what you paid for it.”

“Large gaps between the asking and sale price are somewhat uncommon, says Stan Humphries, chief economist at real-estate website Zillow. In May, median sale prices were only 3% lower than asking prices in 35 metro areas across the U.S., according to a Zillow analysis. Separately, real-estate agents surveyed by the National Association of Realtors said that only 3% of homes sold for less than 23% below the asking price in 2013; and only 2% of homes sold at 12% or more above asking price.

“Homes without comparable sales data often see the widest price gaps, says Prof. Seiler. If the property has historic value, for example, is set on a unique plot of land or has a one-of-a-kind design, it can be more difficult to price. Without comparables, “an appraiser will have no clue what a property is worth and a buyer wouldn’t know either,” he said.

“GOING LOW Asking below market price can generate a ‘frenzy’ of offers—but doesn’t necessarily translate to a higher sale price. Comparable prices become less relevant when inventory in a desirable neighborhood is unusually low. “This creates a real feeding frenzy for real estate,” Mr. Humphries says.

No one claims to fully understand the psychology of pricing. But some common practices have emerged. For example, research has found that an exact asking price, such as $795,475, often indicates that the price is less negotiable than a round number, such as $800,000, Prof. Seiler says. “Those using precise pricing show confidence in the price,” he says. Additionally, pricing at $999,900 rather than $1 million influences buying decisions on a subconscious level. The home “seems way cheaper,” according to Prof. Seiler. And even when a home sells above asking price, the initial lower asking price can make buyers feel like they are getting a great deal. “The goal is to make it stick in your head that you’re getting a bargain,” he says. “It’s the way our brain looks at numbers.”

“Developer Sebastian Rein took that approach when he priced a home in the Mar Vista neighborhood of Los Angeles at $2.995 million—just $5,000 less than the intended $3 million price tag. The strategy got the property “a wider audience,” he says. The 4,400-square-foot home sold within a week at $3.1 million. “When you come to market, you have a month or six weeks before it starts to fade in people’s minds,” said Mr. Rein, who listed the property with L.A.-based Partners Trust. “There’s a velocity you have to achieve when you come to market.”

“Of course, unplanned events can sometimes trump price. This January, Karen and Curtis Spillers put their five-bedroom, 1910 home in Wilmette, Ill., on the market for $835,000, a price they considered aligned with the market. Then, a winter storm dumped close to a foot of snow on the ground during the open house. Despite the weather, over 100 people showed up, says Ms. Spillers, 53, a technology public-relations executive who bought the home almost 25 years ago. Within 24 hours, the couple had five offers, eventually accepting a $900,000 bid. They credit the timing: Coming on the market in January meant there was only one other home for sale in their Chicago suburb, which has highly rated schools. The couple, now living in St. Louis, didn’t expect to get a premium on their asking price. “We couldn’t have been happier with the results,” she said.”

Sanibel & Captiva Multiple Listing Service Activity August 22-29

Sanibel

CONDOS

1 new listing: Sanibel Moorings #1622 2/2 $450K.

3 price changes: Sundial #C301 1/1 now $315K, Sanibel Arms West #M8 2/2 now $479.9K, Kimball Lodge #304 2/2 now $499K.

1 new sale: Tennisplace #A26 2/1.5 listed for $349,555.

2 closed sales: Mariner Pointe #711 3/2 $535K (our listing), Sundial #D101 3/2 $765K.

HOMES

1 new listing: 228 Hurricane Ln 3/2.5 $799K.

No price changes.

3 new sales: 989 Dixie Beach Blvd 3/2 listed for $595K, 1504 Angel Dr 4/3 listed for $745K, 1307 Seaspray Ln 4/3.5 listed for $1.595M.

2 closed sales: 1434 Sand Castle Rd 3/2 $543K, 1225 Junonia St 3/2 $610K.

LOTS

1 new listing: 971 Main St $219.9K.

1 price change: 2411 Blue Crab Ct now $479K.

No new or closed sales.

Captiva

CONDOS

No new listings.

1 price change: Beach Villas #2511 2/2 now $575K.

1 new sale: Sunset Beach Villas #2332 2/2 listed for $699K.

No closed sales.

HOMES
Nothing to report.

LOTS

Nothing to report.

Best wishes for a great Labor Day weekend! If you want to talk Sanibel or Captiva real estate, please call The SanibelSusan Team (Susan, Dave, Lisa, & Elise)

Another Summer Sale by The SanibelSusan Team

Posted on August 22, 2014 by SanibelSusan

It’s great to be back on the island after a busy few days of meetings in Orlando. The SanibelSusan Team also was busy while I was away last week with Dave showing homes last weekend which resulted in a nice sale that was finalized today. Way to go, Dave!

Elise and Lisa fielded inquiries and listing showing appointments. Surprisingly for it being the first week of school here, there was a fair amount of action. Island traffic is expected to change significantly tomorrow though, when only a handful of check-ins are expected.

Here are a couple of news items followed by the action posted in the Sanibel and Captiva Islands Multiple Listing Service since last Friday.

Songwriters Bringing Tunes to Captiva

The 1st Annual Island Hopper Songwriter Fest will bring nationally-acclaimed singer-songwriters to Captiva and Fort Myers Beach this fall. The festival will take place over two weekends with dozens of free shows. The Captiva weekend will be Sept 26 to 28, it then will shift to Ft Myers Beach for Oct 3 to 6. The complete schedule will be released soon, but Captiva venues already confirmed include South Seas Island Resort, ‘Tween Waters Inn (Crows’ Nest, Old Captiva House and the Canoe & Kayak Club), Captiva Island Inn, Keylime Bistro, Cantina Captiva, RC Otter’s, The Mucky Duck, and Doc Ford’s Captiva.

Contest Deadline Approaching

Sept 15 is the deadline for the 27th Annual “Ding” Darling Days Amateur Nature Photography Contest. Sponsored by the “Ding” Darling Wildlife Society – Friends of the Refuge (DDWS) it is held in conjunction with “Ding” Darling Days, which runs from Oct 19 to 25. More info on www.ding-darlingdays.com.

The SanibelSusan Team always enjoys receiving photos taken on the island by clients and friends. So get out your best photos, folks, and give the contest a try. Here is a photo that an island friend emailed us a couple of weeks ago. We call it “up close and personal with a red-shouldered hawk” (hope our bird identification is correct).

SanCap Motor Club, Inc.

There is a newly-formed club on Sanibel. Members of the community are invited to meet with other car enthusiasts on Monday, Sep 1 for a “Cruise In” in the front parking lot of Periwinkle Place Shopping Center. If you have a passion for automobiles – antique to muscle, class to hot rods – join the SanCap Motor Club. This is their inaugural event!

Spring Was Healthiest Market in 3 Years

Yesterday’s “Daily Real Estate News” posted the following positive news, sourced to realtor.com®:

“July housing data shows that price appreciation and inventory increases during the peak home-buying season helped the market to post the largest spring gains in three years, realtor.com® reports in its National Housing Trend Report. “In July 2012 and 2013, we saw external economic factors overwhelm the healthy gains established in the housing market during the spring home-buying season,” says Jonathan Smoke, chief economist for realtor.com®. “This year, we’re ending the traditional season with high buyer and seller confidence demonstrated by price appreciation, increases in inventory, and quick home sales.”

“In July, housing inventories rose 2.3% year-over-year, as the median list price posted a 7.5% increase year-over-year, realtor.com® reports. The median list price was $214,900 nationwide in July. “Despite higher prices and more homes on the market, buyers are snatching up properties faster than last year,” realtor.com® reports. The median age of inventory in July was 82 days, three days less than 2013.

“This is the first time since the beginning of the recovery that we expect to see positive momentum throughout the second half of the year,” Smoke says. “While seasonal patterns are emerging in July month-to-month comparisons, all other metrics point to fundamental market health and a build-up of momentum.””

What About Sanibel & Captiva?

Looking at the sales on Sanibel and Captiva Islands January through July, there was not such a huge jump in the number of sales, but good steady progress.

Here is how those statistics stack up – unit sales year-to-year.

Closed

Sales Sanibel Captiva GRAND

1/1 to 7/31 Condos Homes Lots TOTAL Condos Homes Lots TOTAL TOTAL

2014 111 145 20 276 13 19 0 32 308

2013 109 142 14 265 23 14 1 38 303

2012 113 122 22 257 25 20 1 46 303

2011 106 113 12 231 19 15 0 34 265

Wondering how these sales compare to current inventory? We need listings – especially homes!

# for sale

8/22/14 126 149 88 364 43 34 4 81 445

Sanibel & Captiva Multiple Listing Service Activity August 15-22

Sanibel

CONDOS

2 new listings: Tennisplace #A26 2/1.5 $349,555; Sanibel Siesta #502 2/2 $595K.

2 price changes: Spanish Cay #A7 1/1 now $249.9K (our listing), Pointe Santo #B4 2/2 now $669K.

No new sales.

1 closed sale: Sanibel Arms #C1 2/2 $485K.

HOMES

5 new listings: 2615 Tamarind Rd 2/2 $425K, 4606 Brainard Bayou Rd 2/1 $434K, 3990 Coquina Dr 3/2 $599.9K, 169 Southwinds Dr 2/2 $798K, 1525 San Carlos Bay Dr 3/2 $2.175M.

1 price change: 1266 Isabel Dr now $1.795M.

5 new sales: 6451 Pine Ave 3/2 listed for $489K, 1364 Jamaica Dr 2/2 listed for $489K, 701 Durion Ct 3/2 listed for $549K, 667 Nerita St 3/2 listed for $739K, 4500 Waters Edge Ln 2/2 listed for $799K (our sale).

3 closed sales: 5841 Pine Tree Dr 3/2 $425K, 475 Sea Oats Dr 3/3 $715K, 4444 Waters Edge Ln 3/2 $925K.

LOTS

2 new listings: 5749 SanCap Rd $399K, 6486 Pine Ave $459.9K.

1 price change: 861 Birdie View Pt now $339K.

No new or closed sales.

Captiva

CONDOS

1 new listing: Captiva Shores #7B 3/2 $1.249M.

1 price change: Beach Villas #2628 2/2 now $639K.

1 new sale: Captiva Shores #7B 3/2 listed for $1.249M.

No closed sales.

HOMES

Nothing to report.

LOTS

Nothing to report.

Enjoy your weekend! It’s gonna be another sunny warm one on the islands! SanibelSusan

Sanibel Scoop & Captiva Chatter

SanibelSusan's Blog About What's Happening on the Islands

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