The Pre-Halloween Real Estate Scoop on Sanibel & Captiva Islands

Posted on October 25, 2013 by SanibelSusan

Yesterday, Florida had a noticeable cool down in both temperature and humidity. Fall has finally arrived!

Island photographer Nick Adams posted this photo (& others) on-line this week. Taken while the light in the Sanibel Lighthouse was being serviced. See more of his work at http://www.Octohawk.com. Pretty cool how the camera takes pix like this!

Our listing at 1311 Sand Castle Rd looking over lake & golf course to San Carlos Bay & the causeway. Photo by Jim Anderson.

Here are a few real estate news items, followed by the action reported over the past seven days in the Sanibel and Captiva Islands Association of Realtors® Multiple Listing Service.

Sanibel & Captiva Islands Real Estate & More

SanibelSusan showed a few homes mid-week (to an office walk-in) and I expect to show another home to them on the weekend. We also had a Sundial closing on Wednesday and understand that an offer on another condo listing is “in the works”. Teammate Dave held a condo open on Thursday morning, which unfortunately had no lookers. We haven’t had as many showings over the last few days, as we did with holiday visitors in town last week, but overall things are picking up with road traffic continuing to increase as more seasonal residents return.

I stopped into Doc Ford’s last night after work (5:30-ish) and they were already on a wait! Wow, that’s a real indicator of more folks here!

Contractors are really scurrying to finish up summer projects too. On Sanibel, the east-end bike path expansion work continues. While on Captiva, the beach renourishment project is well underway with work this week concentrated in the Andy Rosse Lane area. Target completion for this shoreline protection project remains Nov 26.

J.R. Evans Engineering Presentation to Realtors®

So many Realtors® turned out Monday at the engineering presentation held in the Sanibel and Captiva Islands Association of Realtors® meeting room, that it was “standing room only”. J.R. Evans Engineering company owners and professional engineers, Josh Evans and Elizabeth Fountain, who also is a Certified Floodplain Manager, described to attendees the differences between a LOMC (Letter of Map Change), LOMR (Letter of Map Revision) and LOMA (Letter of Map Amendment). Evans Engineering specializes in revisions to FEMA’s Flood Insurance Rate Maps which establish flood insurance premiums. With a 100% approval rate, their work can result in substantially reducing flood insurance premiums and in come cases has eliminated the need for flood insurance completely. The latter is doubtful on the islands, but attendees were all ears in learning how the process works, and the engineering work and costs involved in getting flood zone changes approved. A preliminary assessment to determine if a property is a viable candidate is FREE. Many Realtors® including SanibelSusan signed up. More info on this company is available at www.JREvansEngineering.com.

Upcoming Island Fun

Sat, Oct 26 – Last of the 2013 “Ding” Darling Days Events: Conservation Art Day, at the Refuge 9 a.m. to 5 p.m. with FREE bags made from recycled T-shirts and art kits to the first 200 kids, FREE admission to Wildlife Drive, FREE snacks and drinks, FREE wildlife cartoon portraits for first 50 guests (by Dave Horton), FREE Federal and State duck stamp winner presentations, FREE wildlife sketching workshop, FREE guided nature walk on Indigo Trail, and FREE nature photography tram tour (with Theresa Baldwin). Also today and Saturday, as part of “Ding” Darling Days, Tarpon Bay Explorers is offering 25% discounts on tram, paddling, boat tours, and equipment rentals.

Sun, Oct 27 – 28th BaileyFest at the shopping center, noon to 4 p.m. Free and open to the public, this is lots of hometown fun and features the crowning of the BaileyFest King and Queen (winners of 5th grade essay contest), games, food/refreshments, and plenty of entertainment by the BIG ARTS Community Chorus, Irish dancers, cloggers, the Sanibel School Band, and other local musicians/entertainers.

Thurs, Oct 31 – 10th Family Fall Carnival at the Sanibel Community House, 5 to 7 p.m., with candy, games, prizes, crafts, food/dining area, and Billy’s Hay Ride. Everyone is encouraged to wear costumes (kids, adults, volunteers). Admission is one bag of Halloween candy per family.

Sunday, Nov 3 – Sanibel Farmers Market reopens for its 6th season at Sanibel City Hall from 8 a.m. to 1 p.m. The market is open every Sunday from Nov through Apr 27.

Housing Moves Toward “Healthy Equilibrium”

REALTOR®Mag’s “Daily Real Estate News” posted the following article that I would like to correlate to Sanibel and Captiva statistics too. Here is the article from Oct 17 with info about Sanibel and Captiva added in (italics & parentheses):

“The housing market is finding its center again, showing signs of greater balance, according to realtor.com’s latest National Housing Trend Report. The analysis finds year-over-year trends revealing strong gains in median list prices and declines in days on the market. “Our September data on inventory counts, median list prices, and median time on market has shown another month of steady leveling, but the recovery certainly remains uneven in some pockets,” says Errol Samuelson, president of realtor.com. “Some of the more industrial-based markets clearly continue to struggle, yet others are showing significant price gains over this time last year. While we are pleased to see a continued trend toward a healthy market balance, imminent economic factors could pose a significant threat to these improvements.”

“The report highlights some of the following progress on four main indicators for the housing market:

“List prices: The median list price for homes in September dropped slightly but remained 6.4% higher than a year ago. More than 20% of the 146 markets that the realtor.com report covers posted year-over-year gains in listing prices of 12% or more.” (Likewise, Sanibel homes gain this year is 12%, while Captiva’s is a whopping 72%.)

“Home sales: Sales of single-family homes, condos, and townhomes fell 1.68% in September, after six consecutive months of gradual rises.” (The island market is so seasonal that month-to-month comparisons make no sense. However, the number of new September 2013 sales exceed those in September 2012 by 13%.)

“Inventory levels: Inventories were 2.04% less in September than year ago levels—“signaling a greater balance between supply and demand,” realtor.com’s report notes.” (On Sanibel and Captiva, the same numbers of lots (or vacant land) are for sale today as a year ago. However with homes and condos, inventory is WAY down. There are 42% fewer Sanibel condos for sale now than last year, 37% fewer Sanibel homes, 55% fewer Captiva condos, and 42% fewer Captiva homes.)

“Days on market: The median age of inventory increased from 92 days to 93 days in September. However, it has fallen by 10.58% in the past year, which indicates that homes are selling more quickly, according to the report.” (With the seasonality of island sales, days-on-market here are significantly longer. Last year it took 407 days to sell a Sanibel condo, now it’s down to 339 days. Sanibel home sales last year took 289 days, today that number is a tad higher at 292 days. The big change was noticed on Captiva, where the number of sales is smaller, so the swing can be greater. Captiva condos took 381 days to sell last year, but more time now, 438 days in 2013. Captiva homes that sold last year were on the market 609 days, while finally that number dropped to under a year this year, 320 days.)

“The report reveals the following metros with the shortest median days on the market in September:

Oakland, CA: 28 days

San Francisco: 45

Denver: 45

San Jose, CA: 45

Stockton-Lodi, CA: 45

Detroit: 48

Phoenix-Mesa, AZ: 50

Seattle-Bellevue-Everett, WA: 52

Washington, DC-MD-VA-WV: 52

Sacramento, CA: 52.”

Hit Pause Button on Law to Protect Florida’s Economy

The following article by Florida Realtors® 2013 President and guest columnist Dean Asher appeared today in the “Orlando Sentinel”:

“The Biggert-Waters Act passed by Congress last year resulted in unintended consequences so severe when they took effect on Oct. 1 that one of the bill sponsors asked her Congressional colleagues to delay implementation. Florida REALTORS® supports this effort from U.S. Rep. Maxine Waters, a California Democrat.

“Hitting the pause button on legislation that is negatively impacting hundreds of thousands of property owners nationwide — and disrupting the housing recovery — is necessary for several reasons:

The Federal Emergency Management Agency, which administers the National Flood Insurance Program, must complete an affordability study required by the act. FEMA allowed the Biggert-Waters law to take effect without even starting the study and making the required report to Congress.
Biggert-Waters requires that FEMA issue the most accurate maps on which to base premiums. To date, FEMA has only remapped the East Coast. Yet property owners along thousands of miles of U.S. coastline are receiving notices of substantial premium increases.
FEMA waited nearly nine months after Biggert-Waters was passed in July 2012 before eliminating rate subsidies for properties purchased after that date. Then the agency retroactively applied it — adding another layer of complexity to an already complicated law, and in effect, changing the rules in the middle of the game for many who bought their home over the past year.

“The Biggert-Waters Act was an attempt to shore up the flood insurance program by moving it toward risk-based pricing. Nationwide, we all have a vested interest in stabilizing NFIP and keeping it solvent so the program can continue to help vulnerable homeowners during a catastrophe. Realtors and those who work closely with homeowners understand that, for this program to continue long-term, all property owners would eventually have to pay rates that adequately cover the flood risk on their properties, as long as the risk was accurately identified and fairly assessed on property owners.

“But the subsidy phase-outs for existing policyholders were supposedly designed to be gradual and spread out over four to five years, if not longer, to minimize the impacts on homeowners. Yet that’s not what some Florida homeowners are experiencing — many are facing immediate, severe repercussions from the act’s unintended consequences.

“Some long-term owners of modest properties in flood zones are worried the sharply higher premiums — up to 3,000 percent in some cases — will force them into foreclosure. Some current homeowners fear being “locked into” their property, unable to sell it in the future, because no one will be able to afford to buy it after learning what their new flood insurance premium would be.

“While Congress considers delaying the Biggert-Waters Act, FEMA can take action to ease the effects on homeowners and offer rate relief by:

Allowing for larger deductibles;
Allowing property owners to opt out of contents coverage.

“Florida lawmakers and officials also can act to help citizens by:

Urging the Division of Emergency Management to clarify the re-mapping process for each community in Florida and put the preliminary maps online;
Urging the state insurance commissioner to research any legal or regulatory issues that may keep private insurers from developing solutions.
Urging the Florida Cabinet to explore the feasibility of Florida opting out of NFIP.

“The growing real estate market is driving Florida’s economic recovery. To keep the momentum going, something must be done to redress the unintended consequences of Biggert-Waters. If not, Florida’s homeowners, residents and economy will suffer.”

Sanibel & Captiva Islands Multiple Listing Service Activity from October 18-25

Sanibel

CONDOS

3 new listings: Island Beach Club #P2A 2/2 $499K, Sundial #J407 2/2 $539K, Sayana #103 2/2 $759K.

1 price change: Mariner Pointe #1083 2/2 now $386K.

2 new sales: Mariner Pointe #733 2/2 listed for $395K, Tamarind #B301 2/2 listed for $1.779M.

2 closed sales: Sundial #I101 1/1 $327K (our listing), Sunset South #3B 2/2 $545K.

HOMES

8 new listings: 966 Fitzhugh St 2/1 $339K, 1826 Ardlsey Way 4/3 $498.5K, 1009 Dixie Beach Blvd 3/2 $539K, 1294 Sand Castle Rd 3/2 $549K, 1325 Par View Dr 3/2.5 $719K, 430 Surf Sound Ct 3/2 $795K, 800 Birdie View Pt 3/3.5 $1.149M, 1066 Bailey Rd 3/3 $1.55M.

5 price changes: 735 Donax St now $469K, 1213 Par View Dr 3/2.5 now $798K, 228 Violet Dr 3/2/2 now $995K, 2367 Wulfert Rd 4/3.5 now $1.188M, 2380 Troon Ct 4/5 now $2.38M.

1 new sale: 5403 Shearwater Dr 4/3 listed for $1.145M.

2 closed sales: 1778 Windward Way 4/2 $420K, 2695 Wulfert Rd 4/4/2 $1.1M.

LOTS

3 new listings: Lot 7 West Gulf Dr $1.4M, 4405 West Gulf Dr $3.5M, 4407 West Gulf Dr $3.5M.

2 price changes: 2502 Wulfert Rd now $239.9K, 6081 Henderson Rd now $274K.

No new sale: 1637 Sabal Sands Rd listed for $295K.

No closed sales.

Captiva

CONDOS

1 new listing: Beach Villas #2634 3/3 $840K.

No price changes or new sales.

3 closed sales: Beach Villas #2611 2/2 $595K, Sunset Beach Villas #2238 3/3 $755K, Captiva Bay Villas #A 3/3.5 $1.82M.

HOMES

No new sales.

1 price change: 16645 Captiva Dr 9/2 now $3.495M.

No new or closed sales.

LOTS

Nothing to report.

This representation is based in whole or in part on data supplied by the Sanibel & Captiva Islands Association of Realtors or its Multiple Listing Service. Neither the association nor its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or its MLS may not reflect all real estate activity in the market. The information provided represents the general real estate activity in the community and does not imply that SanibelSusan Realty Associates is participating or participated in these transactions. If your property currently is listed with another broker, this is not intended as a solicitation of that listing.

Best wishes for a terrific pre-Halloween weekend!

Susan

Summer Weather Continues on Sanibel & Captiva Islands

Posted on October 18, 2013 by SanibelSusan

Our listings saw good activity this week with viewings by several holiday vacationers. Midweek REALTOR® teammate David held open houses for a couple of days in vacant gulf-front condos hoping to attract some interest. Though most of the unsolicited lookers were renters staying in the complexes, he did also get viewings by other REALTORS® and their clients. With glorious summer-like weather continuing on Sanibel and Captiva Islands, most visitors are out enjoying the great outdoors (daily temps of 84 degrees F & higher are expected until at least Wed).

REALTOR® Caravan and Annual Meeting

A good sprinkling of new listings and new sales were announced at our biweekly Association of REALTORS® Caravan Meeting yesterday. Because of this pre-season additional activity, these caravans are expected to return to a weekly Thursday schedule in November. See report below for the Sanibel & Captiva Islands Multiple Listing Service activity over the last seven days.

Yesterday during REALTOR® caravan, REALTOR® teammate Lisa and I previewed several new listings including the waterfront home of renowned photographer Charlie McCullough. Visiting this property was like taking a step back in time. Built originally at the turn of the century as a fishing camp, this quaint three-bedroom is on two acres surrounded by preserved lands. Inside it has an old brick fireplace and antique fixtures including claw-foot tub. Overlooking panoramic views of the bay are a wonderful big wrap screened porch (minus most of the screens), dock and boat lift. Some of the most well-known historic Sanibel photos were taken from this very home, including those of Esperanza Woodring throwing her infamous cast nets. Priced at just under $2M, this property offers a wonderful opportunity for someone to restore a true island gem. The expansive water views are amazing. Here are a few photos including of the dolphins frolicking near the dock. You may have to look carefully to spot them. The one from the dock looking back at the home shows its interesting architectural lines.

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Last night was our Sanibel & Captiva Islands Association of REALTORS® Annual Meeting. As 2013 Professional Development Committee Chair and Nominating Committee Chair, my association duties are winding down. Our next event is Monday morning when we host an educational session with Certified Floodplain Managers J.R. Evans Engineering. Hopefully then, our REALTORS® will learn about some island areas that have been identified as candidates for flood map changes that could ultimately reduce flood insurance premiums. Rumor has it that part of my street (among others) is on the list! News worth sharing will be posted next work.

The Peabody Ducks

Florida REALTORs® involved in our state association’s leadership team attend mid-year and annual business meetings each January and August in Orlando. Handy to the Orange County Convention Center which sometimes hosts the National Association of REALTORS® annual meeting too, is The Peabody Orlando Hotel. The Peabody is famous for its ducks which perform a traditional red-carpet march every day from to/from their upper floor boarding area and the lobby fountain/pond. I stayed there a handful of times and always enjoyed watching the duck march. Having recently heard that The Peabody sold, it was a surprise to read about the ducks in the October “”Ding” on the Wing” (“Ding” Darling Wildlife Society newsletter). It seems that these famous birds visited “Ding” Darling for the opening of the Visitors Education Center many years ago. The article says: “Hyatt Hotels Corporation recently purchased The Peabody Orlando Hotel. As a result of the rebranding, The Peabody’s famous ducks, who visited “Ding” Darling for the opening of the Visitors Education Center many years ago, were retired at a party on September 30, 2013, in Orlando. At the party, as a gesture to the tradition and community, Hyatt Regency Orlando donated $5,000 to the “Ding” Darling Wildlife Society to benefit the Refuge….”

More Good “Ding” Darling News

While passing out hotel kudos, it also was nice to read about another kind gesture: “When the Refuge was forced to shut down, due to the legislative impasse, it left the “Ding” Darling Wildlife Society “homeless”. Society staff turned to Candlewood Suites Fort Myers-Sanibel Gateway” who gave them a great rate on office space rental.

The good news yesterday was that the Refuge and Wildlife Drive reopened in the morning, while the free Visitor/Education Center reopened yesterday afternoon. Tarpon Bay Explorers also is open and began running its tram tours again on Thursday too. The remaining 24th Annual “Ding” Darling Days will continue with all scheduled activities beginning Monday. That is one of the most important events at the Refuge each year. Thankfully visitors arriving for those festivities next week will not be disappointed.

Support Public Land Funding

This is a reprint of an email received this week from SCCF (Sanibel-Captiva Conservation Foundation). Please take action, if you can.

“Thanks to everyone who has signed the Florida Water & Land Legacy petition to secure a funding source for Florida’s conservation lands and parks. As you may know for 20 years the Florida legislature has allocated 33% of existing doc stamp tax revenue (the taxes paid on real estate transactions) to fund Florida’s amazing parks and land acquisition programs. However for the past five years the legislature has redirected 95% of those funds. This year the legislature passed a bill that required the state to sell existing conservation lands in order to fund new land purchases.

“We need a dedicated funding source to preserve Florida’s heritage. This amendment will designate 33% of existing doc stamp taxes to a dedicated fund for conservation purposes, such as acquiring conservation and recreation lands, managing existing lands, protecting lands that are critical for water supply and restoring degraded natural systems.

“SCCF strongly supports this statewide conservation initiative, which is being spearheaded by the Florida Water & Land Legacy . As a like-minded organization, SCCF has contributed $5000 towards the petition drive expenses in addition to the countless hours our staff, board of trustees and volunteers have spent manning clipboards to educate the public about the petition and obtain signatures from registered Florida voters.

“At this point, all the volunteer organizations working on this have obtained 184,469 of the 459,973 signatures gathered to date. To get this initiative on the 2014 ballot an additional 220,027 signatures are needed (680,000 total) by November 30, 2013. If you are a registered Florida voter and have not yet signed the petition, you can still do so by stopping by SCCFs Nature Center or going online and downloading the form at: http://floridawaterlandlegacy.org/pages/168/important-instructions-for-downloading-the-petition/.

“Many, many hours have gone into this drive so far, let’s not fall short of the goal when we are so close. For additional information you can access the FWLL website and Frequently asked Questions at : http://floridawaterlandlegacy.org/pages/12/frequently-asked-questions/

“The campaign continues to need financial support. If you can help, you can do so online at https://secure.blueutopia.com/floridawaterlandlegacy/contribute/ or by mail or phone:

Florida’s Water and Land Legacy
316 Williams Street
Tallahassee, Florida 32303
(850) 629-4656″

Next Big Investment: A Million-Dollar Flip

This “Daily Real Estate News” article on Monday sourced “The Wall Street Journal”. If this trend starts on Sanibel and Captiva, we won’t have enough inventory for resident buyers. Island inventory already is very low, particularly for high-end homes.

“Some investors are betting that renovating and flipping million-dollar properties is the next big opportunity in the housing market. Investors had been mostly focused on foreclosed and distressed properties, buying them on the cheap and turning them into rental properties. But as foreclosures have dried up in many markets and competition has increased, some investment companies are turning to flipping more expensive properties, particularly in California, where limited inventories are available.

“Unlike the flippers of the housing bubble, who bought homes with little or no money down, those investors today often have to make all-cash purchases, which has reduced the pool of potential buyers,” The Wall Street Journal reports. For example, American Coastal Properties LLC is buying up properties with what it considers “lot value”: homes with no curb appeal but that are located in exclusive neighborhoods in Southern California. ACP is spending between 50% to 100% of the purchase price in redesigning — and, in some cases, rebuilding — the homes, says ACP owner Nick Sinatra. “It’s a land trade,” Sinatra says. “We’re essentially higher-end home builders in highly desirable neighborhoods that, even in bad times, don’t suffer.” After ACP bought a Venice, Calif., home last year for $900,000, the company sold it in June for $2.065 million. It had spent nearly $600,000 on renovations. Sinatra told the Journal that he believes flipping luxury homes offers better returns because the market for turning less-expensive homes into rentals or flips has grown “overcrowded.” “There are fewer competitors in this space because it’s more difficult,” he says.”

More on Surge Protection

When I got my LCEC (Lee County Electric Coop) bill this week, it made me think of the islanders who remarked this summer about power surges that blew electronics and appliances during storms. The bill contained a nice tidbit of information: “About 60% of surges occur inside the home from microwave ovens or air conditioning motors. Even turning lights off and on can result in a power surge. Surges caused from within or outside your home can cause costly damage to your appliances if left unprotected. LCEC surgeSENSE Protection is $5.95 plus tax per month.” More info at www.lcec.net

Speaking of LCEC, they will have “no rate increase for 2014”. LCEC has not raised their rates since 2008! Gotta love a well run non-profit!

Finally a Quick Traffic Alert

If you are on the island in the morning (Saturday, Oct 19), the F.I.S.H. 10K race will result in the following road closures. (Please note that the end times are approximate and depend on the length of time needed for runners and walkers to clear the area.)

6:30 a.m. to 10:30 a.m. – Tarpon Bay Rd from Periwinkle Way to West Gulf Dr, & Island Inn Rd from Tarpon Bay Rd to West Gulf Dr, & Southbound Casa Ybel Rd from Periwinkle Way to Tarpon Bay Rd.

6:30 a.m. to 8:15 a.m. – Eastbound Periwinkle Way from the Sanibel Community House to Casa Ybel Rd.

Sanibel & Captiva Islands Multiple Listing Service Activity from October 11-18

Sanibel
CONDOS
2 new listings: Oceans Reach 4C2 2/2 $825K, Sedgemoor #103 3/3.5 $2.55M.
4 price changes: Kimball Lodge #244 1/1.5 now $379K, Loggerhead Cay #451 2/2 now $492.5K, Sandalfoot #1A1 2/2 now $699K, Tamarind #B301 2/2 now $1.779M.
3 new sales: Colonnades #13 1/1 listed for $169K (short sale), Blind Pass #E207 2/2.5 listed for $379K, Sunward #301 3/2 listed for $1.895M.
3 closed sales: Lake Palms #10 2/2.5 220K (short sale), Mariner Pointe #1042 2/2 $400K (our listing & sale), Sanibel Arms West #L3 2/2 $453,750.

HOMES
5 new listings: 1645 Sand Castle Rd 3/2.5 half-duplex $439K, 9405 Beverly Ln 3/2 $695K, 750 Sand Dollar Dr 2/2 $970K, 2507 Blind Pass Ct 3/3 $1.049M, 1824 Woodring Rd 4/4 $1.449M.
No price changes or new sales.
2 closed sales: 6467 Pine Ave 3/3 $410K, 200 Robinwood Cir 3/3.5 $1.187M.

LOTS
Nothing to report.

Captiva
CONDOS
4 new listings: Tennis Villas #3220 1/1 $298K, Sunset Beach Villas #2316 1/1 $525K, Gulf Beach Villas #2031 2/2 $725K, Sunset Beach Villas #2332 2/2 $775K.
1 price change: Beach Homes #6 3/3 now $1.997.5M.
No new or closed sales.

HOMES
No new listings.
1 price change: 15631 Captiva Dr 5/4.5 now $1.895M.
No new or closed sales.

LOTS
Nothing to report.

Happy weekend to all, SanibelSusan

October Scoop from Sanibel & Captiva Islands

Posted on October 11, 2013 by SanibelSusan

It’s another happy Friday on Sanibel. Island traffic picked up considerably both yesterday and today with folks arriving for the long Columbus Day holiday weekend. Hopefully some of them will be interested in real estate. SanibelSusan Realty will be open and ready!

Fabulous island-style fall weather is expected too, with no rain in the forecast until the middle of next week. With a drop in humidity and evening temperatures to drop into the 60’s, we look forward to some of the best island weather! October is really here!

Redfish Pass

With all of the ugly media reports this week, we want more positive news. So, here’s some for the team – we had another condo listing go under contract this week, had a nice SanibelSusan closing today and another one scheduled for Tuesday where we helped both the buyers and sellers achieve their goals. Woohoo! Many thanks to all!

Lands End

Here are a few news items, followed by the activity posted in the Sanibel and Captiva Islands Multiple Listing Service over the last seven days.

Sanibel Skate Park

Did you know that Sanibel even has a skate park? It is at the Sanibel Recreation Center and is open Thursdays from 2-4 p.m. and Saturdays from 9 a.m. to noon. Skateboards and roller blades are welcome, users must provide their own equipment, and helmets are mandatory. All participants also must have a valid Rec Center membership and have a skate park release form completed by an adult. Children under 12 must be accompanied by an adult. More info is on http://www.mysanibel.com.

Florida Regulators Developing Guidelines to Bring Flood Insurers to the State

This article was posted by a St. Pete Realtor® who read it in the “Tamp Bay Times” this week. I sure hope this happens. It could offer some insurance relief.

“Florida Insurance Commissioner Kevin McCarty said Wednesday that his office is in the process of developing a “set of simple guidelines” for insurance companies to request approval to write primary flood insurance in Florida as an alternative to the Federal Floods Insurance Program. “The guidelines will not only provide a framework for the approval of rates and forms for flood coverage, but will also address financial requirements that must be met for insurers to write this new coverage,’’ McCarty said in a statement.

“The Florida Office of Insurance Regulation was barraged with questions Wednesday after McCarty’s deputy, Rebecca Matthews, told the Senate Banking and Insurance Committee on Tuesday that OIR was working with companies to help them write primary flood coverage in the state to give them an alternative to paying the massive price increases expected as a result of federal reforms.

“The Biggert-Waters Flood Insurance Reform Act of 2012 attempted to phase in a series of rate increases in the National Flood Insurance Program as a way to close the program’s $24 billion deficit. But estimated 268,000 Floridians with older homes in high risk flood zones will lose their subsidized rates when they sell their homes, hitting buyers with triple digit increases in their flood insurance premiums in many cases.

“Gov. Rick Scott and Florida’s congressional delegation have appealed to Congressional leaders to pass a delay in the rate hikes but, with Washington at a standstill, nothing has happened. Meanwhile, real estate experts say the rate shock on buyers could freeze Florida’s slowly-thawing real estate market. They are urging state leaders to come up with an alternative for the nearly 2 million homeowners who now have NFIP policies.

“A handful of companies are currently writing primary flood coverage in Florida, but they are generally specialty companies and write flood coverage only for high value homes, said OIR spokeswoman Amy Bogner. Insurers can either write the flood policy as a stand-alone flood policy or as an endorsement onto a homeowners policy, she said.

“Some of the companies current writing flood insurance include: Chubb (Federal Insurance Company); AIG (Chartis Property Casualty Company); Wright National Flood Insurance Company; Privilege Underwriters Reciprocal Exchange; Firemans Fund Insurance Company; ASI (American Strategic Insurance Corporation); Markel American Insurance Company.

“Scott was asked on Wednesday whether he would support policies to make it easier for insurers to provide alternative insurance in Florida but the governor refused to answer and instead blamed President Barack Obama. “The president signed the bill. He could have an impact by stopping it,” Scott told reporters. “He needs to put a pause on that bill.””

Florida Announces Support For Mississippi’s Lawsuit Against FEMA

In a press release late Thursday from the Governor’s office (eog.myflorida.com):

“Governor Rick Scott and Attorney General Pam Bondi today announced that they will be filing an amicus brief, or “friend of the court” brief, in Mississippi’s lawsuit against the federal government’s unfair National Flood Insurance Program’s rate hike. Governor Rick Scott said, “President Obama is failing to save Florida families from huge flood insurance rate hikes and that is why we are going to support Mississippi in their lawsuit against FEMA. This unfair rate hike could devastate Florida’s real estate market and homeowners.

““I want to thank Senators Rubio and Nelson for working across party lines on this issue, especially during such a time of partisanship in Washington. Ultimately, the buck stops with the President and that’s why we continue to ask him to get his agency- FEMA- to undo this unfair insurance rate hike on Florida families.”

“Attorney General Pam Bondi said, “Due to Congress’ failure to better protect consumers, Floridians are now facing increased flood insurance rates that could force them from their homes and hurt the economy. While we are in frequent communication with OIR to determine whether we can legally take additional action, we support Mississippi’s lawsuit.”

“Chief Financial Officer Jeff Atwater said, “The National Flood Insurance Program was created to help families who live in flood prone areas, but the recent changes are going to cause more harm than good. I am appreciative of Senator Rubio, Senator Nelson and all of Florida’s Congressional members who are working toward making the appropriate legislative changes, and I am appreciative of states like Mississippi that are helping Washington realize immediate action needs to be taken to fix the problem.””

Freddie Mac‘s Plan to Stall Impact of Shutdown

An on-line REALTOR®Mag article in “Daily Real Estate News” on Tuesday, says: “With the government shutdown now in its second week, Freddie Mac has issued intermediate guidelines to lending institutions for approving home loans and modifications to keep the housing market from grinding to a halt.

“Federal employees and contractors are not receiving paychecks during the government shutdown, but Freddie Mac is allowing lenders to approve mortgages for those borrowers — even in the absence of steady income — assuming they meet other loan requirements and plan to return to work once the government reopens.

“”Today’s bulletin is intended to give lenders the certainty to continue approving and delivering new mortgages that meet Freddie Mac guidelines to eligible borrowers, such as federal employees and contractors, during the temporary shutdown,” says Dave Lowman, Freddie Mac executive vice president of single-family business. “We are also reminding servicers of our forbearance options to assist qualified home owners with Freddie Mac mortgages to minimize the shutdown’s impact on our nation’s families and communities.”

“Freddie Mac has mortgage relief and forbearance policies available to public- and private-sector employees who are affected by the government’s shutdown. One of the biggest hurdles for lenders is being unable to verify borrowers’ income directly from the IRS during the government freeze. But both Fannie Mae and Freddie Mac have said they would adjust policies as needed so that loans and modifications could continue to be approved.”

Survey: Gov’t Shutdown Deflating Housing Optimism

Another “Daily Real Estate News” article also on Tuesday offered the following glum news: “Though Americans have expressed optimism about the housing recovery over the last few months, their feel-good attitudes took a turn for the worse in the run-up to the government shutdown, Fannie Mae reports in its latest National Housing Survey.

“”Our September National Housing Survey results show that the improvements in consumer housing attitudes witnessed in recent months softened ahead of the government shutdown,” says Doug Duncan, Fannie Mae’s senior vice president and chief economist. “Americans’ awareness of policy uncertainty leading up to the October 1st shutdown, and the pending debt-ceiling debate, appears to have grown as indicated by an apparent cautionary holding pattern in overall consumer housing and personal finance sentiment.”

“The percentage of Americans who say they believe home prices will increase over the next 12 months fell from 55% in August to 52% in September. And 63% say they believe mortgage rates will keep rising, an all-time high for the survey and an uptick from 60% in August.

“Still, 72% say it’s a good time to buy a house, and 38% say it’s a good time to sell, according to the survey.”

Sanibel & Captiva Islands Multiple Listing Service Activity from October 4-11

Sanibel

Sanibel River from Spanish Cay

CONDOS
5 new listings: Colonnades #13 1/1 $169K (short sale), Loggerhead Cay #362 22/2 $512K, Loggerhead Cay #351 2/2 $548K, Sundial #Q202 2/2 $780K, Island Beach Club #220D 2/2 $849K.
2 price changes: Shorewood #2B 3/3 now $1.449M, Plantation Village #B321 3/3 now $2.499M.
2 new sales: Spanish Cay #F7 1/1 listed for $264K (our listing), Nutmeg Village #214 2/2 listed for $899K.
3 closed sales: Tennisplace #D31 1/1 $170K, Sanibel Arms West #M4 2/2 $424K, Sanibel Arms #D1 2/2 $445K.

HOMES
3 new listings: 6451 Pine Ave 3/2 $489K, 1342 Sand Castle Rd 3/2 $599K, 1480 Angel Dr 3/3 $1.499M.
5 price changes: 2729 Wulfert Rd 4/4.5 now $1.175M, 2520 Harbour Ln 3/2.5 now $1.275M, 1748 Jewel Box Dr 4/4 now $1.389M, 829 Tulip Ln 5/4.5 now $2.295M, 3869 West Gulf Dr 6/7/2 now $9.495M.
1 new sale: 2279 Troon Ct 3/4 listed for $1.395M.
3 closed sales: 1183 Kittiwake Cir 3/3 $670K, 1735 Jewel Box Dr 4/3 $1.175M, 6014 White Heron Ln 3/3.5 $1.25M.

Island Woods pool

LOTS
No new listings.
1 price change: 1898 Woodring Rd now $2.495M.
No new sales.
4 closed sales: 1847 Farm Trl $207.5K (our listing), 3358 Saint Kilda Rd $284K, 2323 Starfish Ln $300K, 3761 Coquina Dr $317.5K.

Captiva
CONDOS
No new listings, price changes, or new sales.
1 closed sale: Lands End Village #1631 2/2 $1.085M.

HOMES
No new listings.
1 price change: 15301 Captiva Dr 4/3.5 now $2.249M.
1 new sale: 16838 Captiva Dr 7/7.5 listed for $4.995M
No closed sales.

LOTS
Nothing to report.

Happy October, wherever you are! SanibelSusan

Sanibel & Captiva Island Real Estate Happenings & More

Posted on October 4, 2013 by SanibelSusan

Activity is picking up albeit slowly on the islands of Sanibel and Captiva. Early snowbirds are arriving and getting their nests ready for “season”.

Pointe Santo volley ball

Many of the temporarily-closed restaurants have reopened, this week it was Traders Cafe and Store. It has a new look inside and out, and has tweaked their menu too.

There also are some newbie establishments open for business. For example, a new restaurant called The Sangria Grill opened a few weeks ago at 2430 Periwinkle Way. It is touted to have an eclectic mix of international cuisine in addition to homemade sangria. It is open from 11 a.m. to 10 p.m. Tuesdays through Sundays.

Real estate activity pretty much matched island traffic this week – hit or miss. We had just a couple of showings; however, the good news is that we got a condo offer from prospective buyers who viewed that unit several weeks ago. Goes to show that no matter how often you follow-up, an offer can be unexpected – but appreciated just the same. That sale will keep SanibelSusan’s at-least-a-sale-a-week roll continuing. With appointments made this week for showings with prospective buyers later in the month, plus listing presentations, we can tell that “season” is just around the corner. Hooray!

Realtor® Happenings

Big thank you to our SW Florida friends in DC this week.

Big thank you to our SW Florida friends, elected officials, & Realtors in DC this week.

Our Thursday Realtor® meeting had light attendance, with some colleagues instead in Washington attending congressional subcommittee meetings on water quality and flood insurance. If you are interested in viewing an event that two Florida Representatives hosted in DC for state officials and constituents to discuss what can be done about the Lake Okeechobee freshwater releases, here is a link: http://www.youtube.com/watch?v=fJRyp_af07s (You may recognize Jim Hall, local Managing Broker of VIP, and on the board of The Ding Darling Wildlife Society. I think he got a chuckle when I texted, after spotting him in the audience.)

Pointe Santo Beach 09-28-13

Teammates Lisa and Dave held our new listing at Pointe Santo open for the Thursday morning caravan, but only had a few Realtor® lookers. Usually these open houses attract some from the general public too, i.e. locals who know about our Thursday Caravans or vacation renters. But, none came yesterday, mostly likely because October is an off-month for island visitors.

While chatting yesterday after the meeting with David Arter with Private Client Insurance Services, he got a phone “alert” message from Citizens Property Insurance Corp. advising that the state is currently under storm restrictions, meaning that no policies may be bound. That is the result of Tropical Storm Karen. Florida has had pretty easy going this year during hurricane season, so we all hope this storm fizzles out quickly and moves on, so that business may go back to usual. These alerts often affect areas that do not receive much but rain from a storm, so we always suggest that new buyers make arrangements to bind their insurance early. If buyers had a sale closing today, but had not yet arranged for wind coverage, they could be out of luck with the closing delayed until the restriction is lifted. That can get complicated if financing is involved, so always bind early in Florida, particularly in the summer/fall. It is always better to be safe!

Old Dog Learns New Tricks

Last weekend was very quiet in the office, so after clearing my desk and calling prospective buyers hoping to spark interest in some listings and talking to several fellow Realtors® about earlier showings, I decided to finish up the class work needed for my national RSPS (Resort and Second Home Property Specialist) certification. You may remember that I wrote and teach the class segment on this same subject for our local Sanibel and Captiva Islands Specialist Designation. I also have been appointed to the Florida Realtors® Resort and Second-Home Specialists Forum for the last two years, and was just reappointed for 2014.

Still, I had not completed all of the requirements needed personally for this national designation. Launched in 2006, the RSPS class work is time-consuming which may be why there are only ~1,700 certified RSPS members nationally (just five on Sanibel/Captiva). The networking and referral opportunities are worth the effort, however, as many affluent consumers own more than one vacation property. I often have worked with buyers who also own second homes or resort-type property in other areas, like in ski country, on boating/fishing lakes/rivers, golf communities, etc.

So, this old dog has learned a few new tricks. I have finished the last 6-hour class (I completed the others last summer/fall), watched three required webinars, and passed the required exams. Have submitted my application and expect that more alphabet soup will follow my name soon. It’s really all good and should result in more buyer referrals!

The Good News

After all of the negative political news this week, I thought it was a good time to put out the word on some positive news. An article in the September/October 2013 “REALTOR®” magazine by NAR (National Association of Realtors®) President Gary Thomas was titled “Big Wins in a Tough Climate”. It says:

“We’re working through some of the toughest threats in our business right now, and it will be years before we have real clarity on many of the federal issues we’re dealing with. But your association has chalked up an array of impressive victories that shouldn’t go unnoticed. Our success this year has been thanks in no small measure to the power you show every time you write a letter to your members of Congress or meet your representative or senator in person, whether at home or in Washington.

“Let’s look at our latest victory: the qualified residential mortgage rule, which regulators released in late August. The rule largely tracks the qualified mortgage rule that regulators released last year. Both rules set parameters that lenders must follow to have their loans considered qualified. “Qualified” in the case of QRM (Qualified Residential Mortgages) means lenders don’t have to hold back 5% of the loan amount in capital reserves; in the case of QM (Qualified Mortgages), it means the loan is eligible for purchase or guarantee by Fannie Mae and Freddie Mac. These standards seem like a simple matter. But had the rules not gone our way, they would have had enormous implications on the availability of affordable, long-term financing for your customers.

“The QRM rule, which applies to loans that are packaged into securities and sold on the secondary market to investors, adopts the reasonable QM approach that NAR sought. That represents a huge victory; the original proposed rule included a minimum down payment requirement, which could have been catastrophic for affordable mortgage availability. Although banking regulators left open the door for more feedback on the minimum down payment approach, that approach is unexpected to gain currency.

“Between the QM and QRM rules, we had another victory: the Basel III capital accords, which are international bank capital standards. Originally, the Basel III standards were going to impose what amounts to a surcharge on banks that make residential mortgage loans by requiring them to hold extra capital in reserve for those loans. But NAR and other organizations, including consumer groups, worked hard to show how problematic this approach would be, and when the U.S. version of the accords was released in July, the surcharge was taken out.

“In the months ahead, reforms of Fannie Mae, Freddie Mac, and the FHA will be debated, and we can expect to have some tough fights. Likewise, the mortgage interest deduction remains a target for lawmakers pursing tax reform… It’s your involvement – all of us working together…that brings legislative and regulatory success for our industry.”

What Wealthy Buyers Want

What caught my eye in this article from CNBC last weekend was confirmation of what island buyers have been saying for many years – “We want open floor plans!” Republished on Monday in “Daily Real Estate News”, the article says:

“Wealthy home buyers rank open floor plans, smart technologies, and pools as top amenities in their home purchases. Coldwell Banker Previews International and the Luxury Institute recently surveyed home buyers who make more than $250,000 a year to find out what amenities they desire most in homes.
Here are their top-ranked amenities, according to the survey:

• “An open floor plan was cited by 39% as the No. 1 preferred amenity
• Fully automated/wired home system, which could encompass high-speed cable and integrated music systems, computerized lighting, and home monitoring systems
• Pool
• Outdoor kitchen
• Gym
• Home theater

“On the other hand, wealthy home buyers ranked the following amenities as “less important”: wine cellar, guest house, safe room, separate catering kitchen, tennis court, and staff quarters (which came in last on the list). The average home purchase for this wealthy segment of buyers was estimated at $1.6 million.”

2014 Sanibel Beach Parking Permits

It’s that time of the year again. Sanibel residents and property owners may purchase their 2014 Sanibel Beach Parking Permits starting on Monday, October 14 at the Recreation Center, every day, during operating hours. Permits are valid through November 30, 2014. Permit fees are:

• A – Resident property owner permit – $12 (resident &/or Sanibel ad valorem taxpayer property owner) (To qualify for an “A” permit, needed are: a valid registration for each vehicle and a state-issued identification card or driver’s license showing a Sanibel address or proof of Sanibel property ownership.)
• B – Non-resident permit – $90 (non-resident/non-Sanibel ad valorem taxpayer property owner)
• C – Restricted permit – $90 (resident & non-resident)
• A/C – Resident permit – $102
• B/C – Non-resident permit – $180
• Decal transfer or reissue fee – $3 (residential & restricted)

Wondering which lots require which permits?

• Lighthouse beach & fishing pier lots: A or B permits, or general parking at $2/hour.
• Boat ramp lot: C permit or general parking at $2/hour.
• Gulfside City Park (Algiers Beach): C permit at $2/hour.
• Trost Parking lot (for Tarpon Bay Beach): A or B permits, or general parking at $2/hour.
• Bowman’s Beach parking lot: A or B permits, or Lee County parking permit, or general parking at $2/hour.
• Blind Pass Beach parking lot: A or B permits, or general parking at $2/hour.
• Turner Beach parking lot: Lee County parking permit or general parking at $2/hour.
• West Gulf Dr, Buttonwood Ln, Seagrape Ln, East Gulf Dr at Colony Beach, Bay Dr, A permits only.
• Fulgur St, Donax St, Nerita St, Beach Rd, Bailey Rd, Dixie Beach, Sanctuary Overlook, A or B permits.

Sanibel Public Facilities Map 9-24-09 2[1]

Sanibel Building Permit Fees Further Reduced

Here’s more news about some island fees. You’ve gotta love it when a City can do this!

As reported in the “Island Sun” today, “After reducing building permit fees by 25% in April, the Sanibel City Council made a further 25% cut on Tuesday. The multiplier for all building department fees is now reduced from 3/4 of a % of total cost to 1/2 of a % of total cost.”

Sanibel & Captiva Islands Multiple Listing Service Activity from September 27-October 4

Sanibel
CONDOS
No new listings, price changes, or new sales.
2 closed sales: Sanddollar #C301 2/2 $967.5K, Plantation Village #212 3/2 $978K.

HOMES
5 new listings: 9263 Kincaid Ct 3/2.5 $449K, 710 Pyrula Ave 2/2 $628K, 4677 Rue Bayou 3/3 $645K, 2667 Coconut Dr 3/3 $949K, 1277 Par View Dr 4/3.5 $995K.
3 price changes: 1073 Sand Castle Rd 3/2 now $549K, 2449 Harbour Ln 2/2 now $878K, 2543 Tropical Way 3/2.5 now $1.1M.
No new sales.
6 closed sales: 1021 Sand Castle Rd 2/2 $400K (short sale), 9240 Belding Dr 3/2.5 $450K, 776 Conch Ct 3/2 $625K (short sale), 1566 Sand Castle Rd 3/3 $650K, 1234 Middle Gulf Dr 3/2 $760K, 488 Lighthouse Way $2M.

LOTS
No new listings.
1 price change: 1898 Woodring Rd now $2.495M.
1 new sale: 3761 Coquina Dr listed for $350K.
No closed sales.

Captiva
CONDOS
1 new listing: Marina Villas #708 2/2 $595K.
1 price change: Bayside Villas #5144 1/2 now $299.9K.
No new or closed sales.

HOMES
No new listings.
4 price changes: 11521 Laika Ln 3/3 now $1.345M, 11525 Chapin Ln 4/4 now $1.395K, 11522 Andy Rosse Ln 5/4.5 now $2.45M, 16682 Captiva Dr 10/12.5 now $11.9M.
1 new sale: 11516 Andy Rosse Ln 6/6 listed for $1.799M.
No closed sales.

LOTS
Nothing to report.

(This representation is based in whole or in part on data supplied by the Sanibel & Captiva Islands Association of Realtors or its Multiple Listing Service. Neither the association nor its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or its MLS may not reflect all real estate activity in the market. The information provided represents the general real estate activity in the community and does not imply that SanibelSusan Realty Associates is participating or participated in these transactions. If your property currently is listed with another broker, this is not intended as a solicitation of that listing.)

Though expecting rain from Tropical Storm Karen, so far Sanibel has not seen a drop today. Here’s hoping the nice weather continues through the weekend here & wherever you are.
TGIF!

Susan Andrews, aka SanibelSusan

The “rain rain” went away…it’s a gorgeous sunny Friday on Sanibel Island

Posted on September 27, 2013 by SanibelSusan

Finally after a weeklong run of rain, it is bright and sunny on Sanibel and Captiva today. We are so spoiled with routinely good weather (even in the summer) that multiple days of off-and-on showers are rare. Some of these summer storms were doozies too with heavy sideways driving rain. Lakes, ponds, rivers, and swales are overflowing with many areas in northern Lee County reporting sheet-flow flooding. They say it could get worse before it all dries out.

Luckily, here on the islands where the water-table is already high, standing water usually disappears in a few days. With this additional freshwater added to the already over saturated run-off from Lake “O”, I took a few gulf and bay photos earlier today. Maybe it’s because of the dilution, but the gulf waters look great and the bay waters are losing some of their brown tinge.

Gulf beach in front of Island Beach Club 09/27/13

Looking from Mariner Pointe over the canal to the Sanibel Marina 09/27/13

At the end of Bailey Rd looking into San Carlos Bay 09/27/13

Here are a few news items followed by the Sanibel and Captiva Islands Multiple Listing Service activity over the past seven days. Next week when October arrives, I bet we see the first of the snowbirds back on the islands.

Flood Insurance Rate Hike Imminent

Everyone is probably sick of me talking about the upcoming flood insurance changes, but the below article from Wednesday’s “Daily Real Estate News” and “Reuters” is a good summary of where things stand on this issue today. Before that, here is some encouraging news.

As 2013 Chairman of the local Realtor® Association’s Professional Development Committee, I was approached this week by one of our members who prior to her real estate career worked for many years as a Land Use Planner in Collier County (just south of us). She also is associated with an engineering company in Estero that specializes in revisions to FEMA’s Flood Insurance Rate Maps (which establish flood insurance premiums). Through some preliminary research, she has identified a few areas on Sanibel that may be candidates for zone changes (out of the “V” zone). So in hopes of initiating relief for some island owners, she is investigating these areas further and we have arranged for her and this firm to come to the Association in late October. They will present examples of their findings and describe how the zone change process works including typical timeframe and cost. There are no promises, but through this presentation, island Realtors® may be better prepared to help their clients on this important issue. Meanwhile, here’s the “Daily Real Estate News” article:

“More than 1 million home owners living in older houses along the coastlines and riverbanks of the United States are preparing for federal flood insurance rate hikes effective Oct. 1 under a law passed in the wake of devastating storms. Congress passed the law in an effort to balance a $24 billion deficit in the National Flood Insurance Program, which had growing losses from Hurricane Katrina in New Orleans in 2005 and earlier disasters. The rate increase is designed to make property owners pay for the true risk of living in high flood hazard areas, including coastal areas of Florida, New Jersey, New York, Texas, and Louisiana, and inland states prone to river flooding. Members of Congress from high-risk flood states want to delay the higher rates so they can gather more information on the impact on property owners, but with next Tuesday’s deadline, time is running out.

“The act requires the Federal Emergency Management Agency to phase out insurance subsidies enjoyed for decades by owners of homes that were built in high-risk flood zones before the creation of the original federal flood insurance rate maps and building standards, which in most communities occurred in the 1970s and 1980s.

“The act comes on top of a nationwide remapping of flood zones, which in some coastal areas has moved some properties into newly widened hazard zones, exposing them to rate increases. More than 80% of the 5.6 million properties nationwide covered by the $1.12 trillion program already comply with existing standards and would not see any change in their policies, at least for the time being, FEMA director Craig Fugate told a hearing of the U.S. Senate Banking, Housing and Urban Affairs Committee on Sept. 18. He acknowledged that the rates of those homeowners in compliance could go up, too, if new maps reveal higher flood risks.”

The Other Important Topic Today – Water Quality

Local Realtors® continue to work hard on local water quality issues too. On Tuesday, Realtor® Association Board member Shane Spring was in Tallahassee along with Sanibel’s Mayor Ruane. They attended committee meetings and met with state representatives behind-the-scenes to discuss what the effects of run-off from Lake Okeechobee are doing to island businesses. Flood insurance was very much on their agenda too.

Next week, several more island Realtors®, City officials, local scientists, educators, and concerned citizens will travel to Washington to also push on the Hill for reform on these same subjects. Enacting changes to mediate any damage (current or future) caused by water coming from Lake “O” and the fight for more equitable flood insurance costs are key subjects on the minds of everyone interested in protecting islanders’ personal property rights. Love it when Realtors® roll up their sleeves and put their negotiating skills to the test! Please continue to contact your congressmen about these important issues too.

If you have already received a new flood insurance bill or quote and it illustrates how drastically your costs are increasing would you please share it with me? The Realtors® fighting for you need examples to show congressmen. The more ammunition the better! These costs could be going up as much as 25% a year for the next several years, so we all need to ACT NOW!

8 States With Biggest Foreclosure Drops

Last week “Daily Real Estate News” sourced a “USA Today” article about homes going into foreclosure. It said “The number of home owners entering the foreclosure process dropped below pre-recession levels in August, according to RealtyTrac. In some states, the declines were even more pronounced. Financial site 24/7 Wall St reviewed the states with at least 500 foreclosure starts as of August 2013 to identify which had the largest declines in the last year:

“Illinois – Change in foreclosure starts: -66.2%
Arizona – Change in foreclosure starts: -64.9%
Washington – Change in foreclosure starts: -64.9%
Florida – Change in foreclosure starts: -64.6%
California – Change in foreclosure starts: -57.5%
North Carolina – Change in foreclosure starts: -56%
Michigan – Change in foreclosure starts: -55%
Tennessee – Change in foreclosure starts: -51%”

Let’s hope that trend continues.

Sanctuary Golf Club Scoop

In September’s “Sanctuary Sound”, The Sanctuary Golf Club newsletter, their Director of Membership, Sheryl Tatum, reported that because of the changes to their Equity Membership to this summer, the Club now has 20 new members. Four of these 20 new members are Social Members which leaves only two Social Memberships available for season (as the cap for Social Members is 100). It is likely that they will have a “wait list” for those Social Memberships soon. Their fees to join are: Equity Membership $110K, Introductory Membership $10K, Temporary Membership $5K/month (up to 2 months), and Social Membership $12K.

Move-Up Buyers Return

SanibelSusan Realty always targets potential move-up buyers through our post card mailings, so it was good news to read this. Posted last week in “Daily Real Estate News”, the article is sourced to “HousingWire” and says:

“As home equity levels improve, the move-up buyer is back on the market. More move-up buyers are selling their current properties to replace them with pricier homes, according to the latest report from FNC, a real estate data firm. The move-up buyers are coming with larger down payments on new homes as recent improvements in home equity levels have allowed them to move.

“”An important sign of a healthy and sustainable recovery is increased housing turnover driven by trade-up buying, which is more or less discretionary spending,” says Yanling Mayer, FNC’s director of research. “These buyers are typically more responsive to market conditions and financial incentives.” Rising mortgage rates are driving the higher demand because move-up buyers want to take advantage before mortgage rates rise up any more, brokers say.

“Plus, more move-up buyers are in a better position to move. Forty percent of all home owners now have at least 20% or more of equity in their homes now, according to RealtyTrac data. Also, 8.3 million additional home owners are expected to have at least 20% equity within the next 15 months if home prices continue to appreciate at the same pace, says Daren Blomquist, vice president of RealtyTrac. Blomquist adds that if 5% of these home owners decide to sell their homes, that would amount to an additional 415,000 homes for sale in the coming months.”

Younger Buyers to Dominate Luxury Market

I was surprised to see this heading on a Daily Real Estate News posting this week. It says: “A new survey by Coldwell Banker Previews International and the Luxury Institute finds that wealthy younger buyers are driving the luxury real estate market, and they are willing to pay more than similar wealthy buyers age 55 and older.

“The survey looked at Americans age 21 or older with a minimum gross annual household income of $250,000. It found that 43% of younger wealthy consumers are considering purchasing residential property in the next 12 months, compared to 21% of those aged 55 and older. These younger, wealthy buyers spent an average of $2.1 million on their most recent purchase of residential property, approximately twice the average amount spent by older and similarly wealthy buyers….So what are these younger buyers looking for? The survey found they are significantly more likely than wealthy buyers age 55 and older to want homes with amenities such as a pool, outdoor kitchen, home gym, home theater, wine cellar, and four or more garages. They are also more than twice as likely to value green or LEED-certified properties….For most luxury buyers, location is the most important factor when considering the purchase of residential property. And though they may travel internationally, only 6% of wealthy homeowners surveyed own residential property located outside the U.S.

September is REALTOR® Safety Month

Coinciding with Realtor® Safety Month, this week SanibelSusan teammate Elise attended a 3-hour continuing education class at the Sanibel & Captiva Islands Association office. She shared her hand-outs which cover three topics: social media safety tools; safety tips for open houses, listing appointments, and vacant properties; and protecting you and your clients from identify theft.

Here are a few additional owner-related safety tips recently offered by California’s Silicon Valley association in the “San Jose Mercury News”:

“Make sure all doors to the outside of a home are metal or solid hardwood and have good, sturdy locks.
Sliding glass doors should be secured with commercially available bars or locks.
Make sure all windows — especially those at ground level — have good locks, and use them.
Lighting is important, so be sure all porches and other possible entrances are well illuminated. Motion-sensing lights are an especially good option for outdoor lights.
Keep any bushes or trees that hide doors or windows trimmed.
Keep a tight rein on trash. Those homeowners who recently bought big-ticket items, such as a new entertainment system, should not put the empty boxes out by the curb. It can attract the attention of would-be thieves. A better idea is to cut the boxes down and stuff them in trash bags.”

To Renovate or Rebuild?

With all the recent island discussions about remodeling old structures and build-back, this recent article that was contributed to REALTOR®Mag Blogs was interesting. It was submitted by Blu Homes. As a Certified Eco-Broker®, “green” features always catch my eye.

“The housing stock is getting older in many parts of the country, and more home owners are facing the need to make drastic upgrades. In some cases, home owners are facing an even bigger decision, such as whether to tear down and rebuild a new home. The following infographic (http://www.bluhomes.com/infographics/renovate-or-rebuild/) from Blu Homes, a builder of prefab green homes, provides information to help home owners reach a cost-effective decision on whether to renovate or rebuild, including even how to recycle your old home and ways to incorporate green features too.

Upcoming Events at Sundial Beach Resort

After a successful Sanibel Summerfest promotion, Sundial Resort recently announced the events planned as part of their Fall Festival:

Saturdays noon to 4 p.m. – All you can eat BBQ beach buffets at Turtles Beach & Pool Bar.
Oct 12 & 13 – Columbus will land on the beach to party with guests and natives.
Nov 1 – “Thriller Halloween” costume party and fundraiser for F.I.S.H. (Friends In Service Here).
Thanksgiving Day & Christmas Day – buffets at Waterview (restaurant).
New Year’s Eve Gala – featuring The Danny Morgan Band. (Danny also will perform every Friday and Saturday in the Sea Breeze Cafe (from 7-10 p.m.) Other island performers play at Turtles Beach & Pool Bar every Friday and Saturday from 1-4 p.m.)

November Fun at The Bait Box

Nov 8th – 5th Annual Cracker Fest. This evening of island camaraderie includes dancing under the starts to the music of Uproot Hootenanny, and good food – all in laid-back cracker-style! This celebration of Florida’s cultural legacy benefits START (Solutions to Avoid Red, Inc.) and includes a live auction and raffles. Attendance is limited so make your reservations early.
Nov 9 – 20th Annual Esperanza Woodring Memorial Cast Net Rodeo. In the morning & also to benefit START. This event includes cast net lessons and demonstrations, plus competition by children. Registration is free and each child receives a prize just for competing.

Sanibel & Captiva Islands Multiple Listing Service Activity from September 20-27

Sanibel
CONDOS
No new listings.
3 price changes: Beach Road Villas #106 2/2 now $299.9K, Beach Road Villas #103 2/2 now $374.5K, Loggerhead Cay #331 2/2 now $484.9K.
2 new sales: Sundial #I101 1/1 listed for $349.9K (our listing), Lighthouse Point #125 2/2 listed for $539,935.
No closed sales.

HOMES
3 new listings: 778 Cardium St 3/3 $545K, 4992 Joewood Dr 3/3.5 $1.459M, 1800 Woodring Rd 2/2 $1.995M.
2 price changes: 1644 Atlanta Plaza Dr 2/2 now $459.5K, 1225 Junonia St 3/2 now $679K.
2 new sales: 1809 Farm Trl 3/2 listed for $499K, 2695 Wulfert Rd 4/4/2 now $1.345M.
1 closed sale: 984 Greenwood Ct 3/2.5 half-duplex $359K.

LOTS
No new listings.
1 price change: 3037 Poinciana Cir now $215,555.
No new sales.
1 closed sale: 2512 Wulfert Rd $231.5K.

Captiva
CONDOS
No new listings or price changes.
2 new sales: Gulf Beach Villas #2008 2/2 listed for $649K, Captiva Bay Villas #A 3/3.5 listed for $1.995M.
No closed sales.

HOMES
No new listings.
1 price change: 11541 Wightman Ln 3/3 now $1.495M.
No new or closed sales.

LOTS
Nothing to report.

Here’s just one more photo before I say, “happy weekend”. This one shows some of the activity going on at the future location of Bennett’s Fresh Roast on Periwinkle Way which is scheduled to open in November. Meanwhile the remodeling continues, their new drives are in, and a zillion plants/trees were being put in today. It already is looking terrific!

Happy weekend to all & let it be sunny wherever you are!

SanibelSusan

2-Sale Double-Dip Week Plus a New Great Listing for SanibelSusan

Posted on September 13, 2013 by SanibelSusan

We had a flurry of activity at SanibelSusan Realty this week. There was no Realtor Caravan meeting yesterday, but I (Susan) had two unexpected sales (both my listings – love those) – one by a past client and the other a new customer who called from reading my Friday blog. How about that!

Yesterday, we received a terrific new listing in The Dunes. A photo taken from the great room of this house at 1311 Sand Castle Road is shown above. It has peaceful lake views perfect for wildlife watching.

With good feedback from other listings that were shown this week too, our fingers are crossed on a couple of those! Maybe “season” is starting early!? That sure would be nice!

Special shout-outs to Dan Cronin, Assistant Vice President and Loan Officer, with the Sanibel-Captiva Community Bank and Ron Dehler, Chief Inspector, with Horizon Inspection Service, Inc. for their expert service this week too!

Great to refer business to folks who respond, professionally and quickly!

Mid-September on Sanibel & Captiva Islands

The peak day of hurricane season was Tuesday, so hopefully Southwest Florida will wind down through the next two months with less rain and no storms. Though it has been one of the wettest summers in recent history, there has been wonderful weather the last few days. The typical afternoon/evening showers have not made it to the island, though there has been some pretty serious flooding in some areas off-island.

It also was reported on the news that the water releases from Lake Okeechobee will be reduced 60% beginning today because the water level in the lake is down to a more reasonable level. There have been a few inquiries about the water, but mostly locals are fielding visitor questions about what is open and what’s not. With schools back in session, September is usually the islands’ quietest month. Ding Darling Drive remains closed until October 1. The Sanibel Movie Theater is closed all month and many restaurants and shops continue to close for fix-ups and vacations.

Here are a couple of wind insurance news items followed by this week’s action in the Sanibel and Captiva Islands Multiple Listing Service.

Florida Approves Citizens Property Insurance Hikes

Sometimes these news items are not much fun to post. Earlier this week the “Associated Press” posted the following article from Tallahassee:

“Florida customers of the state’s largest property insurance company – including many homeowners who live near the coast – will be paying more in the coming year. State regulators on Monday announced that they had approved an overall statewide rate hike of 6.3% for customers of Citizens Property Insurance Corp. The hike means that the state-created Citizens – which has 1.22 million policyholders – will have raised its rates for four straight years.

“The Office of Insurance Regulation’s hike is slightly smaller than what Citizens officials had requested. The increases would take effect in January and February 2014.

“But the range of hikes varies depending on where homeowners live and what type of policy they have with the insurer. Many policyholders in South Florida as well as coastal counties such as Sarasota, Escambia and Volusia may see a 10% jump in their insurance bills while the rate change will be lower for those who live further inland.

“Barry Gilway, president and CEO of Citizens, maintained that exposure to hurricanes and sinkholes were the “major drivers” behind the need for the rate hikes this year. In a statement, Gilway said he was pleased that regulators “agreed with our overall approach.”

“Citizens would have likely asked for larger increases next year – but state law does not allow Citizens to raise rates on most coverage more than 10% a year. That cap does not apply to sinkhole coverage.

“The final order issued by regulators allows sinkhole rates to go up by 20% in Hernando and Pasco counties and 50% in Hillsborough County.

“Citizens has the power to place a surcharge, also called a “hurricane tax,” on its own policies and on the policies of most insurance policies if it can’t cover its losses following a major storm. That has prompted a push by Gov. Rick Scott and others to force Citizens to improve its finances. Citizens has billions of dollars in surplus now, but a series of a storms, or back-to-back years with major hurricanes, could wipe out the surplus. “The agency’s action will allow Citizens to continue providing quality service to our 1.2 million policyholders while reducing the risk of assessments on all Floridians,” Gilway said in his statement.

Citizens Insures Thousands of Out-of-State Owners

Continuing with more news about Citizens, I read this article on FloridaRealtors this morning. It was sourced to “The Miami Herald” yesterday.

“When Citizens Property Insurance sends out its monthly customer bills, only 31% of them go to the same house that is insured. The rest go to other mailboxes in Florida – and around the globe, according to data analyzed by the American Consumer Institute of Citizen Research. More than 19,000 bills go to people who live in Canada, nearly 27,000 go to New Yorkers, almost 12,000 go to folks in New Jersey and hundreds more go to England, Germany and France. From Singapore and China, to South Africa and Luxembourg, Florida’s state-run insurance company is providing subsidized insurance coverage to 22,775 property owners who reside abroad. Another 176,465 policies go to homeowners with primary addresses in other states, the study found.

“At least 1 million of the nearly 1.3 million monthly bills for homeowners policies stay in Florida, but that includes an estimated 500,000 policies that go to addresses different from the property that is insured. As Florida grapples with how to lower the cost of homeowners insurance along its hurricane alley, the out-of-state subsidies are a luxury it cannot afford, said Steve Pociask, president of the Washington, D.C.-based think tank that reviewed Citizens’ billing lists. “It all comes down to affordability,” he said. “People who live here and have their primary homes insured here are teachers, police, service workers and they are being stung by higher prices, while 27,000 people who have their bills sent to New York are getting subsidized insurance. Why do we want to subsidize these folks?”

“The inequities are enough to prompt Sen. David Simmons, the chairman of the Senate Banking and Insurance Committee to draft legislation to require that out-of-state policyholders whose second homes or vacation are insured by Citizens no longer receive subsidized rates. “It is a real issue,” said Simmons, R-Maitland. “We thoroughly investigated it. The people who have the wind-only policies in the coastal accounts pay comparatively less than people who have personal accounts who are paying close to actuarially sound rates. It’s grossly unfair.”

“Pociask’s findings have also prompted a coalition of business and environmental groups this week to call for legislation to ban property owners whose primary residence is out of state from qualifying for Citizens insurance, which are offered at below-market rates. “It is bad public policy to continue to allow public subsidies for wealthy, out-of-state homeowners, including coastal homeowners who should be paying a fair price to live in a vulnerable area,” said Manley Fuller, president of the Florida Wildlife Federation and a member the Stronger Safer Florida Coalition, whose goal is to reduce the risk of hurricane losses in the wake of a major storm.

“The study, produced independently by Pociask using data supplied by Citizens, does not distinguish between policyholders who own or rent their property to full-time residents in Florida but receive their bills out of state, and those who live in Florida only part of the year. It’s a controversial suggestion in a state where steady improvements in the real estate market are being driven in part by international buyers.

“For example, in Sunny Isles Beach, development is under way for eight luxury condominiums, most of which are being marketed to foreign and out-of-state investors. Mayor Norman Edelcup predicts the city’s property tax base will double in the next five years because of it. But, he said, access to property insurance is key. “If Citizens were to deny insurance coverage to non-resident owners – in effect creating second class citizens – I would be totally against it,” he said. If those property owners are denied Citizens coverage, and can’t obtain insurance from an alternative carrier, “that would immediately cut those buyers out of the market and that would have a dramatic effect on us,” he said.

“Legislators tried to impose a surcharge on non-homesteaded property once before, in 2006. But the measure, which was adopted by legislators as part of a sweeping insurance reform bill, was repealed the next year in the wake of spiraling insurance costs at the state-run carrier. Under the current system, anyone who obtains a Citizens policy faces the risk of being charged additional assessments if the state runs out of money to cover claims in a massive storm. Floridians who don’t carry Citizens coverage would also face fees to bail out the state carrier, leading some to question the fairness of giving out-of-state residents subsidies if they escape the added costs. “We should not be subsidizing insurance – period – because it distorts risk and it distorts the market,” said Christian Camara, Florida state director of the R Street Institute, a free-market think tank. “But we especially should not be subsidizing folks who do not live in Florida and would not be subject to the assessments in a worst-case scenario.”

“Efforts to shrink Citizens and reduce the potential size of those assessments was the focus of a major property reform bill passed last session. Under the plan, Citizens established a clearinghouse to encourage private insurers to take over Citizens plans, limited the maximum Citizens policy from $2 million to $1 million and eliminated subsidizes for new construction in environmentally-sensitive coastal areas.

“But Pociask, who said his organization receives no funding from Florida entities, warns that because of the large number of out-of-state policyholders, the reforms may not do enough to ease the financial burden on Florida residents if a massive storm were to hit. “The whole idea of having that investment from other countries is really good for the state, but, the question is, should somebody else be on the hook for paying for their insurance?” he asked.

“Simmons said he is prepared to find the answer with legislation next session. “Our plan is to address the inherent inequities that exist without denying anybody access to Citizens,” he said. “But we want to make sure the existing Citizens policyholder are not subsidizing other policyholders who are out of state.””
Sanibel & Captiva Islands Multiple Listing Service Activity from Sep 6-13

Sanibel
CONDOS
3 new listings: Beach Road Villa #103 2/2 $349.5K, Sanibel Moorings #1622 2/2 $439K, Sanibel Arms West #M4 2/2 $450K.
2 price changes: Blind Pass #E206 2/2.5 now $479K, Pointe Santo #B25 2/2 now $749K.
4 new sales: Duggers Tropical Cottages #2 1/1 listed for $249K, Mariner Pointe #1042 2/2 listed for $424K (our listing & sale) (picture of that view above), Sanibel Arms #D1 2/2 listed for $450K, Sunset South #3B 2/2 listed for $595K.
1 closed sale: Sanibel Siesta #210 2/2 $414.5K.

HOMES
4 new listings: 1039 Beach Rd 2/2 $340.5K; 579 Rabbit Rd 3/3.5 $579,555; 1311 Sand Castle Rd 3/2 $749.9K (our listing); 600 N Yachtsman Dr 3/2.5 $1.195M.
2 price changes: 1809 Bowmans Beach Rd 3/2 now $499K, 1342 Junonia St 3/3 now $629K.
4 new sales: 659 Donax St 2/2 listed for $449K (our listing & sale), 470 Lake Murex Cir 3/2 listed for $495K, 4585 Bowen Bayou Rd 4/4 listed for $645K, 200 Robinwood Cir 3/3.5 listed for $1.268M.
3 closed sales: 1520 Centre St 2/2 $319K, 1941 Roseate Ln 3/2 $420K, 1066 Bailey Rd 3/3 $721K (short sale).

LOTS
No new listings.
1 price change: 4954 Joewood Dr now $399K.
1 new sale: 5439 Osprey Ct listed for $379K.
No closed sales.

Captiva
CONDOS
No new listings, price changes, or new sales.
1 closed sale: Bayside Villas #5134 1/2 $257K.

HOMES
1 new listing: 16249 Captiva Dr 3/3 $2.995M.
1 price change: 11525 Chapin Ln 4/4 now $1.449M.
No new or closed sales.

LOTS
Nothing to report.

Here’s to sunny weekend weather…on the islands & beyond…

Sanibel Sunrise & This Week’s Real Estate Scoop

Posted on September 6, 2013 by SanibelSusan

Sanibel Sunrise

The above photo looking from the causeway to the lighthouse was taken by SanibelSusan teammate and best daughter-in-law, Lisa.

Realtor® Happenings This Week

Another week is behind us on Sanibel Island with a sprinkling of showings and a Realtor® Meeting yesterday. The morning Open House Caravan was interrupted a bit by a last-minute call-to-action from Sanibel Mayor Kevin Ruane. In preparation for last night’s Town Hall meeting about the Lake “O” run-offs, he asked local businessmen to be at the Sanibel boat ramp at 10 a.m. where Florida Senator Lizbeth Benequisto came to see bay-water first hand. She also visited Pink Shell Resort on Fort Myers Beach. The photo here was taken yesterday at the boat ramp by Realtor colleague Shane Spring.

The Town Hall meeting was at The Lee County Emergency Operation Center and included a presentation by the Army Corp of Engineers and water management officials. The public also had opportunities to ask questions and comment. The good news is that City/State officials and the public are involved and they are raising cane (no pun intended)!

The Sanibel Real Estate Market

Below are a couple of other news items followed by the week’s Multiple Listing Service action. First a quick summary showing how the Sanibel market has fared during the first eight months of the year, compared to 2012. It’s getting better! (Prices are the median value.)

CONDOS HOMES LOTS

# Price DOM # Price DOM # Price DOM

Sold (1/1-9/6/13) 129 539,000 351 163 699,000 295 15 449,555 506

Sold (1/1-9/6/12) 127 529,000 406 132 624,950 280 24 299,450 527

Wonder what inventory is like today? Recognizing that we are coming into what is traditionally a time when sellers list their property it is good that inventory is down (or there are fewer listings now than in other recent Septembers). Here is summary of Sanibel inventory today:

CONDOS HOMES LOTS

# Price DOM # Price DOM # Price DOM

For sale 137 539,935 444 151 948,000 359 85 369,000 890

DOM = days on market.

Florida’s Rating Improves

In a mass email last weekend from Jeff Atwater, Florida’s Chief Financial Officer, he said: “…the Fitch Rating Agency reaffirmed Florida’s AAA credit rating and upgraded our outlook from negative to stable. Fitch’s announcement is great news for our state and an affirmation that our efforts to grow the economy, decrease debt and ensure government accountability are paying off…The Fitch report attributes Florida’s upgrade to a trend of economic stabilization and the implementation of fiscally prudent measures, such as a balanced state budget….”

Home Prices Showing Signs of Cooling?

The Sanibel & Captiva real estate market has always been seasonal – i.e. “more” sales (than in the summer) in the last quarter of the year, usually to folks securing a winter getaway or seasonal vacation rental, followed by the “most” sales in the first quarter of the year when the most prospective buyers are in town. It still was interesting to read the below article posted Wednesday on “Daily Real Estate News” and further sourced to “HousingWire”:

“Home prices continue to appreciate nationwide, even amid rising borrowing costs due to an increase in mortgage rates. However, home prices may be showing some signs of slowing in the coming months, according to two housing reports released Tuesday.

“Home prices nationwide rose 12.4% year over year in July, according to the latest report by CoreLogic. That marks the 17th consecutive month of growth in home prices.

“A report by Clear Capital, also released Tuesday, showed home prices ticked up 10.2% year over year — however, Clear Capital’s report reflected August data. The last time Clear Capital noted a double-digit yearly price gain was in mid-2006 during the housing bubble, according to the report.

“CoreLogic experts predict that home prices will rise by 12.3% year over year in August. But home prices likely will start to curtail in the second half of the year, says Mark Fleming, chief economist for CoreLogic. “Price growth is expected to slow as seasonal demand wanes and higher mortgage rates have a marginal impact on home purchase demand,” Fleming notes.

“Clear Capital economists note that the low-tier price segment of the housing market showed the lowest quarterly gain in prices since April 2012 — increasing just 2%. “Considering the low tier price segment of the housing market led the recovery, the cooling in this segment will likely transfer through to the broader housing market,” says Alex Villacorta, vice president of research and analytics at Clear Capital.””

A First-Ever Flip in Mortgage Affordability

Yesterday, “Daily Real Estate News” sourced a Wall Journal Article. It says:

“For the first time ever, interest rates for jumbo mortgages have dropped below the average rates for conforming mortgages, lenders say. The average interest rate for a 30-year fixed-rate conforming mortgage last week was 4.73% while the average for a jumbo 30-year fixed-rate mortgage was 4.71%, according to the Mortgage Bankers Association. “In my 30-year career, I’ve never seen nonconforming loans priced below conforming loans,” says Brad Blackwell, executive vice president of Wells Fargo Home Mortgage. Typically, rates for jumbo mortgages run at least 0.25% points above rates for conforming loans. In 2008, jumbo mortgage rates peaked at 1.8% points above conforming rates, according to HSH.com data….Jumbo mortgages are those that exceed the $417,000 limit to qualify for backing by mortgage giants Freddie Mac and Fannie Mae. The limit may be lifted to $625,000 in some high-cost markets, such as New York and Washington.”

Annual International Coastal Cleanup

If you are on the island on Saturday, September 21, please join the Sanibel-Captiva Conservation Foundation (SCCF) in participating in an international volunteer effort to rid coastlines and waterways of marine litter, pollution, and debris. As many as 600,000 volunteers worldwide help in this annual event which is going into its 27th year. Participation is easy, just bring friends and family to the SCCF Nature Center at 3333 Sanibel-Captiva Road between 9 a.m. and noon on the 21st to check in and pick up your Coastal Cleanup data cards and trash bags. If you bring your own gloves and water, it will reduce the use of plastic. There will be lunch and snacks on the Nature Center porch from 10 a.m. until noon when you bring your trash back to deposit in the dumpster. Last year in Florida alone, 23,362 people collected 452,913 pounds of trash on 1,175 miles of coast. To reserve your clean-up spot or get your data cards in advance, call 239-472-2329.

Captiva Bridge to Close Briefly During Captiva Triathlon

The 3rd Annual Galloway Captiva Triathlon organizers advise that the all regular traffic on Captiva Drive will be closed from 6:45 to 8:45 a.m. on Sunday, September 15. Approximately 900 athletes and 30 teams will compete in the sold-out event spanning both the 14th and 15th, with proceeds benefiting the Backpack and School Pantry Program of Community Cooperative Ministries.

The children’s triathlon is first on Saturday morning where 140 young athletes split into ages 6-9 and 11-13 will swim, bike, and run. Adults will compete on Sunday by completing a quarter-mile swim, 10-mile bike ride, and 5K run. During that biking leg, local traffic toward Captiva will be re-routed to make it easier for large vehicles and trailers to head back down San-Cap Road until the bridge reopens.

This year’s triathlon is unique because the first wave of athletes are competing in a new “elite” division where they had to post qualify at a USAT (USA Triathlon) sanctioned event. For more info, go to www.CaptivaTri.org.

Sanibel Marina Scoop

I read in one of the local papers this week that the fuel dock next to Gramma Dot’s store at the Sanibel Marina will be torn out and replaced by the time seasonal residents return this fall. Did you know that the marina has 77 slips, many sized for large vessels?

The marina is especially handy to Marine Pointe condo boat owners. I loved having it nearby when I had my boat and lived there.

It also is just up the canal from the large lot we have listed on Limpet Dr. Overlooking intersecting canals, a home built on this parcel will have expansive water views. If you know of anyone looking to build a convenient home all on one level on high ground in a well-established neighborhood with easy deepwater access (no bridges) and a patio dock (great spot for a yacht tender), this lot is it! It is one of the last undeveloped parcels in Sanibel’s Shell Harbor which has a large private community beach access with parking on East Gulf Dr (between Tortuga Beach Club and The Sanibel Inn). The price was reduced this week too! Check it out below in our report of MLS activity this week.

Sanibel & Captiva Islands Multiple Listing Service Activity from Aug 30 to Sep 6

Sanibel
CONDOS
6 new listings: Sundial #D305 1/1 $439K, Sanibel Arms #D1 2/2 $450K, Sanibel Arms West #G5 2/2 $525K, Loggerhead Cay #412 2/2 $548.8K, Heron at The Sanctuary #2B 3/3.5 $625K, Sundial #L305 2/2 $975K.
2 price changes: Sundial #G407 1/1 now $339K, Sanddollar #A104 2/2 now $859K.
3 new sales: Sundial #C307 1/1 listed for $339K, Kings Crown #313 2/2 listed for $590K, Shorewood #3 3/3 listed for $1.625M.
6 closed sales: Loggerhead Cay #582 2/2 $512.5K, Pointe Santo #D2 2/2 $555K, Tarpon Beach #206 2/2 $625K, White Pelican #112 2/2 $720K, Surfside 12 #C4 3/2 $730K, Gulfside Place #103 2/2 $900K.

HOMES
7 new listings: 470 Lake Murex Cir 3/2 $495K, 581 East Rocks Dr 3/2 $525K (short sale), 420 Lighthouse Way 3/2 $589K, 1854 Farm Trl 3/2 $599K, 2529 Harbour Ln 3/3 $725K, 1444 Causey Ct 4/4 $1.2M, 6014 White Heron Ln 3/3.5 $1.35M.
1 price change: 5307 Lady Finger Lake Rd 3/3 now $638K.
2 new sales: 490+460 Old Trail 3/2 listed for $375K (short sale), 1566 Sand Castle Rd 3/3 listed for $699K.
5 closed sales: 2560 Coconut Dr 3/3 $428K, 1281 Par View Dr 3/2 $610K, 734 Pyrula Ave 3/2.5 $850K, 960 Victoria Way 3/3 $950K, 4067 West Gulf Dr 4/4.5 $4.1M.

LOTS
No new listings.
1 price change: 837 Limpet Dr now $749K (our listing).
No new or closed sales.

Captiva
CONDOS
No new listings or price changes.
1 new sale: Bayside Villas #4204 1/2 listed for $259K.
No closed sales.

HOMES
Nothing to report.

LOTS
Nothing to report.

Until next Friday, happy weekend!

Good weather is expected on the islands with more 90-degree days & 72-degree nights.

Labor Day Weekend on Sanibel & Captiva Islands

Posted on August 30, 2013 by SanibelSusan

Summer time is dolphin time on Sanibel Island, JMA Photography photo

It’s another Friday on Sanibel Island and though not many vacationers were expected to be in town this week, SanibelSusan Realty had a spurt of real estate activity. Today, we are gearing up for what we hope will be more activity over Labor Day. The rest of the team gets a Monday holiday, but SanibelSusan will be in the office, looking for showing requests – and offers!

Here are a couple of news items, followed by the Sanibel & Captiva Islands Multiple Listing Service activity this week. We did not have a Realtor® caravan meeting yesterday, but many Realtors® have been involved in the various water quality meetings over the last few days. There is some positive news on that subject below.

Sanibel Mayor & City Council Meet the Governor in Fort Myers

City photo, Sanibel Mayor Ruane (back to) talking to Governor Scott & Senator Benacquisto

From the City’s web site: “Wednesday, Sanibel Mayor Kevin Ruane and members of the Sanibel City Council met with Florida Governor Rick Scott in Fort Myers. The purpose of the Governor’s visit was to announce $90 million in funding towards a project to improve water flows south from Lake Okeechobee and reduce flows into our estuary and the Caloosahatchee River. The project, a 2.5 mile bridge on Tamiami Trail, will replace the existing roadway which has blocked flow to the south since constructed in 1928. For years this project has been planned but never funded or implemented. Additionally the Governor spent time hearing from our local officials on the need to continue restoring the historic flow to the south and observing our current water conditions firsthand.

“”Governor Scott’s response to this economic and environmental crisis has been swift. We should not squander this opportunity to all work together: east coast and west coast; inland agricultural interests and beaches communities, Federal, State and local officials, environmentalist & business owners, to move plans long on the drawing boards into reality” Ruane stated following the Governor’s visit to our area.

In addition to the Governor’s announcement, State Senator Negron has announced four action items in follow-up to the Senate Select Committee public hearing. To read a copy of the Action Plans, all consistent with the City of Sanibel’s priorities, click here (pdf 165.64 kB) . For a copy of the City of Sanibel’s short and long-term priorities for addressing the economic and environmental crisis resulting from the Lake Okeechobee releases click here (pdf 135.44 kB).”

Sanibel’s Annual Bike Path Project

The City’s annual repairs to the Shared Use Paths (aka bike paths) began this week. Each year Sanibel inspects all 25-some miles of paths and prioritizes their need for repairs. This year, repairs total over $128K and are expected to be completed within 30 days. The areas under repair will be barricaded off for user safety.

Inaugural Sanibel FunFest – January 24 to 26

To kick off the first Sanibel FunFest scheduled for the weekend of January 24-26, singer/songwriter Whitney Wolanin who grew up on the island will perform with her 6-piece band on Friday, January 24, at The (Sanibel) Community House. On Saturday, the FunFest continues with more music by a Jimmy Buffet tribute band, a performance by The Sanibel School’s Steel Drum Band. The day also will include hula dance, mermaid and pirate competitions, sand sculpture displays, local arts and crafts, children’s games, and food and beverage concessions.

Saturday night there will be a Polynesian Luau for the entire family with music from the South Pacific. There will be hula, knife and torch dances, plus a pig roast feast. The event ends on Sunday with an automobile and motorcycle show on The Community House grounds. The Cool Cars of Sanibel will be on display, plus Harley-Davidson bikes. There will be a body paint contest, sand sculpture judging and awards presentations will be held, plus more local arts and crafts.

The Worst Tax Friendly States for Retirees

This week, I saw an online article with the above heading. Knowing that Florida has tax advantages for retirees, I wondered what states are considered the worst. The article says:

“Due to state tax law differences, you’ll learn that where you live during retirement dictates what you spend. Due to their combination on taxes on ordinary income, pensions, real estate, inherited property and estates, the following 10 states can be best described as hostile territory for retirees. CNBC culled data from CCH, the Tax Foundation, state revenue departments, retirementliving.com and the Federation of Tax Administrators. (Property tax rates, compiled by the Tax Foundation using Census Bureau data, are through calendar year 2011 and reflect the mean property tax as a percentage of mean home value.)

“These are the worst 10 states to retire in (list in alphabetical order): California, Connecticut, Iowa, Maine, Nebraska, New Jersey, New York, Minnesota, Rhode Island, and Vermont”.

The article also contains the tax rates for each state showing how they made the “worst” list.

Reading that it made me wonder if Florida made the “best” 10 states list so with a little Googling, I found a similar online article also posted this week by “TodayMoney” and also sourcing the same CNBC article. It includes what it calls the “most (tax) friendly states” and says they are: “Alabama, Alaska, Delaware, Georgia, Louisiana, Mississippi, Tennessee, Nevada, South Carolina, and Wyoming.”

So, Florida didn’t make their best list either. Now I needed to find out why not and where it did fall. With more Googling, I found an MSNMonday article online. It quotes an article also this week from Kiplinger’s Personal Finance Magazine. That article has a map of the U.S. so the reader can click on a state to find the details.

Interestingly, the Kiplinger article has some variation in their list of states considered to be “least tax friendly” and “most tax friendly”. Florida is on their best list which shows (states again in alphabetical order):

Least tax friendly: California, Connecticut, Minnesota, Montana, Nebraska, New Jersey, New York, Oregon, Rhode Island, and Vermont. (Here Iowa and Maine were off the list, but Minnesota and Oregon were added.)

Most tax friendly: Alaska, Arizona, Delaware, Florida, Georgia, Louisiana, Mississippi, South Carolina, Nevada, and Wyoming. So Kiplinger takes Alabama and Tennessee off their list, and adds Arizona and Florida.

Florida actually ranked #10 on their most tax-friendly list with the following info also posted:

“State Income Tax: None
State Sales Tax: 6%
Estate Tax/Inheritance Tax: No/No

“It’s not just the fishing that attracts retirees to the Sunshine State. Florida has no state income tax. Sales taxes, though, can go as high as 7.5%. All property is taxable at 100% of its market value. Residents are eligible for a homestead exemption of up to $50,000. Some city and county governments give residents ages 65 and older who meet certain income limits an additional homestead exemption of up to $50,000. Median tax on a $182,400 median-valued home is $1,773, according to the Tax Foundation. Read more at http://www.kiplinger.com/slideshow/retirement/T006-S001-10-most-tax-friendly-states-for-retirees/#f2tg4cOZqJfdwWTU.99”

Labor Day Weekend Fun

For those here this weekend, Sundial Beach Resort and Spa is hosting a special Labor Day party with an island-style buffet, live entertainment, and prizes. An all-you-can-eat BBQ will be available poolside at Turtles Beach & Pool Bar on Saturday, Sunday, and Monday (noon to 4 p.m.). Danny Morgan’s Apple Butter Band will provide country and western music Monday 1 to 4 p.m. at the pool bar.

They also will be playing island-style music at the Sea Breeze Cafe both today and tomorrow from 7 to 10 p.m. Sundial’s Sanibel Summerfest promotion drawings will be done at 1 p.m. on Labor Day with prizes including a complimentary weekend.

There also is a huge Labor Day Weekend Sidewalk Sale at Periwinkle Place shops today through Monday. Guess it must be time to get ready for the winter inventory items – which are sometimes much like the summer ones on a tropical island!

Sanibel & Captiva Islands Multiple Listing Service Activity from August 23 to 30

Kitchen at our new listing at Island Beach Club #310C

Sanibel
CONDOS
2 new listings: Sundial #H407 1/1 $425K, Island Beach Club #310C 2/2 $549K (our listing).
1 price change: Sundial #H102 2/2 now $440K.
1 new sale: Sanibel Siesta #210 2/2 listed for $439K.
3 closed sales: Spanish Cay #D4 2/2 $305K, Loggerhead Cay #211 2/2 $475K, Kings Crown #111 3/2 $625K.

HOMES
1 new listing: 1419 Albatross Rd 3/3 $749K.
3 price changes: 1748 Jewel Bx Dr 4/4 now $1.399M, 428 Bella Vista Way E 4/4 half-duplex now $1.986M, 2964 Wulfert Rd 5/5.5 now $2.183.5M.
3 new sales: 984 Greenwood Ct 3/2.5 half-duplex listed for $379K, 1073 Sand Castle Rd 3/2 listed for $569K, 2498 Harbour Ln 4/3 listed for $888.5K.
3 closed sales: 1610 Sabal Sands Rd 3/2 $445K, 5297 Umbrella Pool Rd 3/3 $520K, 1241 Junonia St 3/3 $675K.

LOTS
2 new listings: Lots 3,4 Dinkins Lake Rd $299K, 659 Anchor Dr $549K.
2 price changes: Lots 30,31 Dimmick Dr now $185K (our listing), 4318 West Gulf Dr now $799K.
3 new sales: 2323 Starfish Ln listed for $349K, 1837 Buckthorn Ln listed for $379K, 1503 San Carlos Bay Dr listed for $1.195M.
No closed sales.

Captiva
CONDOS
No new listings, price changes, or new sales.
2 closed sales: Bayside Villas #5208 1/2 $227K, Lands End Village #1625 2/2 $985K.

HOMES
No new listings or price changes.
1 new sale: 15160 Captiva Dr 6/6.5 listed for $1.899M.
No closed sales.

LOTS
Nothing to report.

Best wishes to all for a fun 3-day weekend!

Sanibel & Captiva Islands Scoop, Real Estate, Water, & More…

Posted on August 23, 2013 by SanibelSusan

On Redfish Pass, overlooking Lands End at South Seas Resort, Captiva, 8/20/13

It has been another busy few days for The SanibelSusan Team though there was not a lot of real estate action again this week on Sanibel and Captiva Islands. Things here are pretty quiet with local schools back in full swing and visitor traffic down considerably.

I hate to say that the water from the Lake Okeechobee releases had much to do with inactivity, but it has caused some unrest. Discolored water here in late summer is fairly normal during the rainy season (it is like making tea out of mangroves, i.e. their decomposition), but the Lake “O” releases like I’ve mentioned on earlier Fridays are especially brutal this year. (More about that below.)

If the water is going to look bad, at least it is during that time of the year when the island is not as busy. Many condo complex summer remodeling/renovation projects are in full-swing and some of the restaurants are closing for their summer vacations. Sweet Melissa’s is closed now and Traders will be closing for a few weeks beginning tomorrow.

Weather this week has returned to a typical summer rainy season pattern with bright sunny days and late afternoon or early evening showers. More of the same is expected for the next few days.

Here are a couple of news items, followed by a report of the Sanibel and Captiva Islands Multiple Listing Service action.

Continuing Education at Sanibel & Captiva Islands Association of Realtors®

A view of Ding Darling’s fish house on Roosevelt Channel taken from the “Santiva” heading to Pine Island Sound, 8/20/13

Here’s Elise holding a faux dolphin skull (man-made for training purposes).

While SanibelSusan teammates Dave and Lisa kept the office running, Elise and I both completed 16 hours of Realtor® Continuing Education this week. The off-season in the summer is the best time to fulfill the requirements needed to keep our state real estate licenses up-to-date and it is even fun when the training includes information that we can really “use” in selling the islands.

Learning from Kristie out on the water is “the best!”

The 7-hour Tuesday session titled “Environmental Considerations of Coastal Living” included a boat tour out of McCarthy’s Marina on the “Santiva” with SCCF (Sanibel-Captiva Conservation Foundation) Education Director Kristie Anders.

This is the 14th year that Kristie, also a Florida Realtors®-approved instructor, has helped our Association by teaching our Realtors® about the islands’ latest environmental trends. In addition to covering info she has gained in cooperation with the Lee Visitor & Convention Bureau (http://www.leevcb.com), much of the discussion was about recent water releases from Lake “O”, water quality, land development, and flora/fauna/animal life and their co-existence with us.

SCCF's Herpatologist Chris holding a Cane Toad.

SCCF’s Herpetologist Chris with a Cane Toad.

While at SCCF later in the day, we got a bird’s eye view – too close for many – of a dreaded Cane Toad. Though these animals were found only recently on Sanibel, they reproduce prolifically (thousands of toadlets from just one female) and they have no known predators. They also produce a toxic venom that can quickly and horrifically kill pets and other animals. Cane toads also can live for 5 to 10 years and they are big too, like 4 pounds! You can be sure that class attendees now will be on the lookout for these creatures. SCCF’s Herpetologist and Director of Wildlife Habitat Management, Chris Lechowicz, told us that he is working hard to get rid of them too, and asks that sightings be reported to him at clechowicz@sccf.org.

SCCF Researcher AJ talks about water.

Another fun part of the class was getting updated on SCCF’s Marine Laboratory and RECON stations. (RECON = River, Estuary and Coastal Observing Network) There are several constantly-monitored RECON stations in the islands surrounding waterways (Gulf of Mexico, Blind Pass, Redfish Pass, Shell Point, Tarpon Bay, Caloosahatchee River). If you want to find accurate island weather conditions, info from the RECON stations usually is even better than local TV/radio (http://recon.sccf.org/).

Wednesday, we had a well-known and respected Florida and international educator at the Association Office for their first training session on the islands. That morning, Tony Macaluso taught us the required 3 hours of “Core Law” updates plus another 3 hours about “Expanding Business into the Global Market”.

Thursday after our Monthly Membership Meeting, which had a presentation and question/answer session with a panel of local real estate appraisers, Tony presented a third 3-hour class called “The Booming Business of Boomers, Vacation and Second Home Sales”. We learned during this last class that someone turns 65 every second in the U.S. with those numbers expected to reach 10,000 a day soon. The good news for us is that the most-favored “boomer” destination in the U.S. is Florida. Florida holds the preferred ranking for foreign buyers too.

Notice of Proposed 2013 Real Estate Property Taxes

It is that time of the year when island property owners receive their proposed property tax bill for 2013. Mine arrived in the mail yesterday. This is not the actual tax bill for payment, but instead is a notice from the Lee County Property Appraiser of what he considers the market value of the property to be this year and what taxes are estimated to be for 2013. The market value is based on 2012 sales. Any disputes with notices must be filed on/before September 16. (For comparison, the County’s market value of my east-end canal-front home was down 8% from 2011 to 2012. Dave’s house just off-island was down less than 1%.) If you are wondering about property assessments, any county property can be searched by address or owner’s name at http://www.LeePA.org.

More Progress on Lake Okeechobee Releases

City photo

Yesterday, Sanibel Mayor Kevin Ruane provided testimony on the Lake Okeechobee freshwater releases before the Florida Senate Select Committee on Indian River Lagoon and Lake Okeechobee Basin in Stuart, FL. This committee has eight members including Senator Lizbeth Benacquisto from Southwest Florida. It was moderated by Senator Joe Negron from Palm City who also attended, listened, and spoke at our Florida Realtors Land Use, Property Rights, & Sustainable Development Subcommittee meeting which I attended at our Realtor Convention last Friday in Orlando.

The good news is that the amount of the Army Corps-managed water releases from Lake “O” were reduced somewhat yesterday because of the water height in the lake going down. The bad news is that Florida is just coming into the high rainy season (September 10 being peak) and there are no funded short- or long-term solutions to the water storage problems in central Florida. (The key word here is “funded”. Please continue to keep the pressure up with your state congressmen too. There are approved construction projects and programs that will take years to complete, but were halted when monies were directed elsewhere.)

Yesterday’s meeting is the first of four expected Senate meetings before the committee submits their findings. More info about this committee at www.flsenate.gov/topics/IRLLOB.

Tomorrow morning, there is a “Save Our Bay” rally on the causeway where some are expected to vent their frustrations about the water releases.

Captiva Island Beach Renourishment Project Awarded

Despite the U.S. Army Corps of Engineers backing out of the project, less than a month ago, local news this week reported that the Beach Renourishment Project on Captiva Island is ready to move forward.

The Captiva Erosion Prevention District (CEPD) voted unanimously to hire the lowest bidder to replenish 800,000 cubic yards of sand along six miles of shoreline between Redfish Pass and Blind Pass. CEPD had a contingency plan in case federal funding was no longer available, so they are now using a combination of state and county funding, private loans, and budget reserves.

The Army Corps shocked CEPD with their last-minute decision to rescind the agreement, but because of their good planning the project will be accomplished without delay. A pre-construction meeting is scheduled for the beginning of September, work begins in late October. The target completion date is February 1. According to the Army Corps, the project is no longer in compliance with federal policies and regulations having to do with beach easements and access parking.

Sanibel Sea School

The commercial building on Sanibel’s east end at the corner of Periwinkle Way and Lagoon Drive was on the market off-and-on over the last few years. It sold and the Sanibel Sea School has agreed on a long-term lease. In front of the current Sanibel Sea School property, plans for the new Sanibel Sea School building which currently houses retail space and administrative offices for the educational facility are to divide it into six separate areas. Plans also call for raising and rotating the original Sea School building, and creating a central courtyard between the buildings that may be used when school is not in session for other educational or health-related activities. So far the only noticeable change is that the building facing Periwinkle has been painted “Sanibel Sea School” blue. According to Dr. Bruce Neill, founder and director of the school, who is working closely with the City Planning Department, the redevelopment will be unique on Sanibel, embracing education, commerce, environmental harmony and the local community.

Sanibel & Captiva Multiple Listing Service Activity from August 16 to 23

Sanibel
CONDOS
3 new listings: Loggerhead Cay #574 2/2 $565K, Lighthouse Point #215 3/2 $599K, Sundial #E208 2/2 $839K.
No price changes.
5 new sales: Spanish Cay #D4 2/2 listed for $325K, Kings Crown #313 2/2 listed for $590K, Pointe Santo #D24 2/2 listed for $635K, Sundial #R202 2/2 listed for $649.9K, Plantation Village #212 3/2 listed for $1.085M.

2 closed sales: Pointe Santo #C24 1/1 $420K, Cottage Colony West #128 1/1 $510K.

HOMES
3 new listings: 4585 Bowen Bayou Rd 4/4 $645K, 1019 Lindgren Blvd 3/2 $769K, 5313 Punta Caloosa Ct 4/3 $898K.
3 price changes: 490/460 Old Trail Rd 3/2 now $375K (short sale), 1013 Lindgren Blvd 4/3 now $799K, 1329 Eagle Run Dr 3/2.5 now $895K.
2 new sales: 1014 S Yachtsman Dr 3/2 listed for $585K, 1183 Kittiwake Cir 3/3 listed for $699.9K.
3 closed sales: 1409 Sandpiper Cir 2/2 half-duplex $285K, 385 Old Trail Rd 4/2.5 $825K, 691 Cardium St 4/3 $880K.

LOTS
No new listings or price changes.
1 new sale: 1307 Par View Dr listed for $239.5K.
1 closed sale: 5891 SanCap Rd $398K.

Captiva
CONDOS
No new listings.
1 price change: Bayside Villas #5102 1/2 now $292K.
No new or closed sales.

HOMES
1 new listing: 16221 Captiva Dr 5/4.5 $4.795M.
No price changes.
1 new sale: 16447 Captiva Dr 7/6/2 listed for $3.25M (short sale).
No closed sales.

LOTS
Nothing to report.

Until next Friday, here’s to more sunny days & beautiful sunsets…

Photo by Jim Anderson, JMA Photography

Sanibel & Captiva Real Estate News from Orlando

Posted on August 16, 2013 by SanibelSusan

Reporting From the Florida Realtors® 2013 Convention in Orlando

I’m a bit late in posting the blog today, but it is still Friday and it was for good reason. I have spent a whirlwind couple of days in Orlando at the Florida Realtors® 2013 Convention and Trade Expo – lots of meetings, networking, and educational sessions.

Yesterday which is often referred to as Super Sales Day was when many Realtors® from around the state came to attend training sessions and visit the trade show. Today and tomorrow attendance usually dwindles as the leadership team meets with business moving forward from subcommittees to committees, culminating in the Directors Meeting on Sunday.

This morning at the Faculty Development Subcommittee meeting where I am a member, motions were sent forward to approve several instructors and teachers who auditioned before a group of us on Wednesday. This is the process used for adding new faculty members to teach our Continuing Education and Graduate Realtor® Institute classes in the year to come.

Then I attended a lively session by instructor/coach Zan Monroe called “The Perfect Real Estate Day!” I have enjoyed his classes in previous years and this one, as expected, was “another winner”. (www.ZanMonroe.com)

Realtor Drew

Contractor Jonathan

At the midday General Session, the ballroom was full when we were entertained and trained by The Property Brothers from HGTV. The brothers Realtor® Drew and his brother Contractor Jonathan are even younger in person than on TV! (http://TheScottBrothers.com).

Then, at the Land Use, Property Rights, and Sustainable Development Subcommittee many Southeast and Southwest FL colleagues joined the committee members for several presentations on Everglades restoration and water quality. Two motions were sent forward from this group too. (The photo here was taken during an excellent update on red tide, presented by a research scientist from Mote Marine Laboratory in Sarasota.)

As the Educational Ambassador at a “Marketing With Technology” session this afternoon by Doug Devitre, a standing-room-only crowd got the latest tips on the latest technology. (www.DougDevitre.com) That Doug talks as fast as technology changes. I heard him speak two years ago too and the technology improvements just in that short period of time are staggering. Great to get tidbits from him that we need to use today – and quickly before things change more!

Florida Governor Rick Scott with Florida Realtors 2013 President Dean Asher in the front row (& his wife Wendy)

Then my business day finished up at the Legislative and Political Forum where the first speaker was our regional FEMA Director who summarized the flood insurance effects of the Biggert-Waters Reform Act of 2012. The better received presentation was by Florida Governor Rick Scott who updated attendees in the positive changes in Florida’s economy, jobs, and state budget. Now that news was all good – no, more like “excellent”. This tidbit caught my attention: Did you know that Florida’s 4th graders have the highest reading achievement scores in the world? (That’s right, not the nation, but the world.) The Governor told us so!

Tomorrow should be another busy but productive day with the Professional Development Committee meeting, followed by the Professional Standards Forum, the Resort and Second Home Specialists Forum, our District meetings, the 2014 Officer Candidate Forum, and finally the Florida Realtors® PAC Jamboree. Whew! There is a long list of educational sessions being offered too, if this girl gets a breather between meetings.

Until next week, here are a couple of other real estate news items, followed by the Sanibel and Captiva Islands Multiple Listing Service Action over the past seven days.

10 Markets Where More Buyers Bring Cash

A CNNMoney article reposted by “Daily Real Estate News” in late July reminded me of our island real estate market. On Sanibel and Captiva Islands, by far our most sales are to cash buyers. Sometimes those cash buyers think they should pay less for a property because their offer has what they consider perfect terms: “cash” “no contingencies” “quick close”. Offers like that can be a Realtors’® dream. However, when offers like that are the norm there often is no price concession. Here’s the article:

“Home buyers who require financing for their home purchase can struggle to compete against buyers who have offers of all-cash. Where are all-cash deals the most prevalent? Cash deals represented 80% of home sales in June in Vermont; 58% in Nevada; 57% in Florida, and 51% in New York, according to RealtyTrac. Cash deals represent a very small percentage in Texas, Utah, and New Mexico.

“The markets with the most all-cash transactions tend to have a high number of foreclosures and depressed home prices, which attracts investors and private equity firms, according to RealtyTrac.

The following 10 metros had 40% or more all-cash deals out of the total home sales in June, according to RealtyTrac:

“Miami/Ft. Lauderdale: 64%

Las Vegas: 62%

Tampa, FL: 58%

Detroit: 56%

Orlando: 53%

New York: 49%

New Orleans: 43%

Memphis: 43%

Jacksonville, FL: 42%

Atlanta: 42%.”

Florida’s Rebound Powered by Foreigners’ Housing Money

Tomorrow during our Resort and Second-Home Specialists Forum, we will share conditions in our various local markets around the state. In the meantime, here’s an interesting article that was posted on-line at FloridaRealtors this week (sourced from Bloomberg).

“Record foreign investment in Florida housing over the last three years is boosting property-tax revenue in the localities hardest hit by the recession.

“In the 10 Florida counties that have had the largest influx of international cash since 2010, property-tax assessments have risen by an average of 4.1% this year, according to state records. That’s nearly twice as fast as the rest of the state…

“The purchases are helping localities in south and central Florida recover from the 18-month recession, which ended in June 2009 and left the state with the second-highest foreclosure rate, behind Nevada, depressing prices and tax revenue.

“Even with the buying, prices in most parts of the state haven’t returned to pre-recession levels. In the metropolitan areas of Miami and Tampa, prices are about 40% below the 2006 peak, according to an S&P/Case-Shiller housing report released July 30.

“Foreign investment in Florida residential property has been rising since the end of the recession, according to a March report by the Washington-based National Association of Realtors.

Sanibel & Captiva Multiple Listing Service Activity from August 9 to 16

View from our new listing, Mariner Pointe #1042

Sanibel
CONDOS
5 new listings: Sundial #C307 1/1 #339K, Sundial #C308 1/1 $339K, Mariner Pointe #1042 2/2 $424K (our listing), Sanctuary Golf Villages I #6-3 3/3 $699K, Atrium #307 2/2 $1.2M.
2 price changes: Sundial #G105 1/1 now $319K, Shorewood #3 3/3 now $1.625M.
2 new sales: Sanibel Arms West #L3 2/2 listed for $495K, White Pelican #112 2/2 listed for $799K.
3 closed sales: Sundial #G205 1/1 $287.5K, Cottage Colony West #103 1/1 $515K, Sedgemoor #101 3/3.5 $2M.

HOMES
No new listings.
5 price changes: 1566 Sand Castle Rd 3/3 now $699K, 5750 Pine Tree Dr 2/2 now $699K, 4279 Gulf Pines Dr 4/3 now $730K, 728 Windlass Way 3/2 now $799K, 2520 Harbour Ln 3/2.5 now $1.295M.
2 new sales: 1281 Par View Dr 3/2 listed for $685K, 1234 Middle Gulf Dr 3/2 listed for $795K.
3 closed sales: 2079 Wild Lime Dr 3/2 $350K, 1667 Sabal Sands Rd 3/3 $430K, 1251 Anhinga Ln 3/3 $1.75M.

LOTS
1 new listing: 247 Robinwood Cir $355K.
2 price changes: 5830 SanCap Rd now $380,555; 5749 SanCap Rd now $399,999.
2 new sales: 223 Robinwood Cir listed for $229K, 2512 Wulfert Rd listed for $259.5K.
No closed sales.

Captiva
CONDOS
No new listings or price changes.
2 new sales: Marina Villas #710 2/2 listed for $559K, Lands End Village #1631 2/2 listed for $1.35M.
No closed sales.

HOMES
No new listings.
1 price change: 11516 Andy Rosse Ln 6/6 now $1.799M.
1 new sale: 15631 Captiva Dr 5/4.5 listed for $1.995M.
No closed sales.

LOTS
No new listings.
1 price change: 15164 Wiles Dr now $995K.
No new or closed sales.

Happy weekend to all, until next Friday, when the news will again be posted from Sanibel Island… Susan

& The SanibelSusan Team (Dave, Lisa, & Elise – who have been covering the fort for a few days & doing a terrific job)

Sanibel Scoop & Captiva Chatter

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

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