Sanibel & Captiva Real Estate in Paradise 2013

Posted on January 4, 2013 by SanibelSusan

It is another Friday afternoon on Sanibel Island. Here are a couple of pictures taken at noon today at a West Gulf Drive beach access. If you closely in the first one you can see some folks behind these dunes grasses doing the “Sanibel stoop” in a tidal pool – always a good spot to find a few barely-buried shells.

With the holidays winding down, it is bittersweet to see island decorations being put away for another year. Here’s a photo of Santa being put away at Jensen’s Twin Palms Resort and Marina on Captiva. Note the supervisory ibis atop the davit.

The New Year‘s week visitors had terrific weather nearly every day with warm afternoons (70s to 80s) and cool evenings (50s & 60s). Unusual fog both yesterday and today burned off early and we even had a surprise shower this morning – all good for keeping the islands lush green and tropical. We saw our first “season” traffic jams this week, with Periwinkle Way busier than it has been since last year at this time. Afternoons find Sanibel’s finest directing traffic at most of the 4-way-stops.

Mid-week, teammate Dave held a couple of open houses in hopes of attracting business; but with the weather so nice, attendance was sporadic. I had a good walk-in New Year’s eve – 1st-time visitors to the island. It didn’t take them long to decide that Sanibel is a very special place; so both Wed and Thurs afternoons, we looked at condos. It is great fun to share the wonders of the island with folks like that.

Little sales action was announced at our Realtor® Caravan meeting yesterday.

Below is an update of Sanibel’s current inventory, followed by the 2012 sales, compared to 2011.

Condos Homes Lots

# Avg Price # Avg Price # Avg Price

For sale 184 697,093 218 1,305,070 87 590,657

Closings pending 13 512,900 20 739,055 2 514,000

Sold/Closed in 2012 151 551,244 181 825,837 33 487,687

Sold/Closed in 2011 142 591,861 179 826,130 19 363,729

It will be interesting to see what happens when new government changes are enacted – or not. Some prospective buyers say that they are waiting to see what is happening with the “fiscal cliff” – others are taking stock market funds and instead investing in real estate where they see greater investment potential.

Below is some real estate news – beginning with the “fiscal cliff” – followed by the weekly report of action posted in the Sanibel & Captiva Islands Multiple Listing Service.

Real Estate Provisions in “Fiscal Cliff” Bill

Here is the Issue Brief that was posted on line Wednesday by the National Association of Realtors®:

“On January 1, 2013 the Senate and House passed H.R. 8, legislation to avert the “fiscal cliff,” the bill will be signed by President Barack Obama on January 2, 2013. Below are a summary of real estate related provisions in the bill.

“Real Estate Tax Extenders –

Mortgage Cancellation Relief is extended for one year to January 1, 2014
Deduction for Mortgage Insurance Premiums for filers making below $110,000 is extended through 2013 and made retroactive to cover 2012
Leasehold Improvements: the 15 year straight-line cost recovery for qualified leasehold improvements on commercial properties is extended through 2013 and made retroactive to cover 2012.
Energy Efficiency Tax Credit: the 10% tax credit (up to $500) for homeowners for energy efficiency improvements to existing homes is extended through 2013 and made retroactive to cover 2012.

“Return of the “Pease” limitations on itemized deductions for high income filers – Under the agreement so called “Pease Limitations” that reduce the value of itemized deductions are permanently repealed for most taxpayers but will be reinstituted for high income filers. “Pease” limitations will only apply to individuals earning more than $250,000 and joint filers earning above $300,000. The thresholds are indexed for inflation so will rise over time. Under the formula, filers gradually lose the value of their total itemized deductions up to a total of a 20% reduction. First enacted in 1990, and named for the Ohio Congressman Don Pease who came up with the idea, the limitations continued throughout the Clinton years. The limitations were gradually phased out starting in 2003 and were completely eliminated in 2010-2012. NAR has never had an official position on Pease limitations. The reinstitution of these limits has far less impact on the mortgage interest deduction than a hard dollar deduction cap, percentage deduction cap, or reduction of the amount of MID that can be claimed.

“Capital Gains – Capital Gains rate stays at 15% for those the top rate of $400,000 individual and $450,000 joint return. After that, any gains above those amounts will be taxed at 20%. The 250/500k exclusion for sale of principal residence remains in place.

“Estate Tax – The first $5 million dollars in individual estates and $10 million for family estates are now exempted from the estate tax. After that the rate will be 40%, up from 35%. The exemption amounts are indexed for inflation.”

Rental Demand to Edge Higher in 2013?

An article posted on Wednesday’s “Daily Real Estate News” said:

“Five to six million new renter households may be created within the next 10 years, likely caused from low inventories of homes available and tight credit conditions, according to the Bipartisan Policy Center. Rental demand is expected to particularly increase among seniors looking to downsize their homes, as well as young adults and a growing immigrant population. “We expect to see an increase in household formation and for a variety of reasons that household formation is likely to be more heavily concentrated among renters and households who are likely to be renters for somewhat longer than was the case for the last 20 years,” Barry Zigas, director of Housing Policy for Consumer Federation of America, told HousingWire.

“Tight credit conditions continue to be one main culprit holding back home ownership among some potential buyers. “Credit for home ownership borrowing will likely be tighter and potentially more expensive, relative to earlier times,” Zigas predicts. “Families will likely have less wealth because the rising generation is starting with less wealth. If down payments are at any significant level, it will be a barrier to acquiring a home for longer than may have been the case in the past.””

Seven Housing Markets Needing Big Jolt in 2013

Another “Daily Real Estate News” article also on Wednesday, mentions several Florida towns including our local area:

“While the housing market has made notable gains in the past year, some areas are seeing a longer road to recovery. AOL Real Estate recently listed some of the least healthy housing markets going into 2013, based on employment, foreclosures, home sales, and prices. Nearly all of these housing markets have seen notable improvements recently, but they still remain the nation’s least healthy housing markets entering 2013, according to AOL Real Estate.

Detroit: Foreclosures remain high and home values lost nearly 60% of their peak value.
Fort Lauderdale: Home prices likely hit bottom in 2012 but Fort Lauderdale still has the nation’s 3rd largest foreclosure inventory.
Miami: Foreign buyers are driving demand for luxury housing here, but Miami still faces the 4th highest unemployment rate in the nation.
West Palm Beach: Foreclosures remain high here with one out of every 349 homes having received a foreclosure notice in July.
Cape Coral-Fort Myers: While higher construction permits is a bright spot here, the area faces high foreclosure rates.
Palm Bay-Melbourne-Titusville: Home sale prices have remained low, and this market was dubbed the No. 1 “foreclosure capital” in the nation as of July.
Chicago: Foreclosures remain high with the foreclosure rate rising 18% in 2012.”

View the 7 Healthiest Housing Markets for 2013.

Free “Island Jazz” Concerts

For those lucky enough to be on the islands, from now until Easter is when the most educational and entertainment-related events are offered here. The first of the year’s free Sunday afternoon jazz concerts is January 13 at 3 p.m. in the Boler Garden of BIG ARTS. Comprised of eight local popular and well-seasoned jazz musicians, “Island Jazz” plays all styles of music from jazz standards and Dixieland to bop, pop, and more. At SanibelSusan Realty, our Sunday agents look forward to these winter events where we open our back door and hear the tunes. To attend in person, there is plenty of parking at BIG ARTS, but bring your beach chair as seating is limited.

Other concert dates and events through spring are posted on SanibelSusan’s calendar.

Two New Baby Bald Eagles

Here is a link to the Southwest Florida “Eagle Cam” which provides a 24/7 live video stream of an active pair of bald eagles in their nest in North Fort Myers. These bald eagles have been coming to the nest for the past 5 years between the months of October to April. Last night the second baby eaglet hatched. Take a look: http://www.ustream.tv/SouthwestFloridaEagleCam

Sanibel & Captiva Island Multiple Listing Service Activity December 28 – January 4

Sanibel
CONDOS
1 new listing: Loggerhead Cay #451 2/2 $495K.
3 price changes: Blind Pass #D205 2/2 now $300K (short sale), Sanibel Moorings #1042 2/2 now $419K, Mariner Pointe #1052 2/2 now $475K.
4 new sales: Sandpebble #1F 2/2 listed for $349.9K, Sanibel Arms West #L8 2/2 listed for $479K, Sandpiper Beach #404 2/2 listed for $695K, Gulf Beach #205 2/2 listed for $725K.
5 closed sales: Colonnades #9 1/1 $110K, Seashells #15 2/2 $255K (short sale), Sanibel Moorings #341 2/2 $380K, Compass Point #213 2/2 $510K, Sandpiper Beach #106 2/2 $635K.

HOMES
7 new listings: 1409 Sandpiper Cir 2/2 half-duplex #299K, 1045 Blue Heron Dr 3/3 $599K, 656 Anchor Dr 3/2 $639K, 526 N Yachtsman Dr 2/2 $649K, 1163 Seagrape Ln 4/4 $887.9K, 4164 West Gulf Dr 4/4 $1.995M, 4809 Tradewinds Dr 3/3.5 $1.69M.
5 price changes: 1366 Sand Castle Rd 3/2.5 now $649.9K, 1750 Dixie Beach Blvd 3/2.5 now $679K (short sale), 1555 San Carlos Bay Dr 3/2.5 now $975K, 6440 Pine Ave 3/2.5 now $1.64M, 775 Limpet Dr 3/3 now $1.695M.
2 new sales: 1002 Greenwood Ct N 3/2.5 half-duplex listed for $349K, 4717 Rue Belle Mer 3/3 listed for $1.895M (short sale).
3 closed sales: 1978 Roseate Ln 3/2 $435K (our listing), 656 Anchor Dr 3/2 $550K, 1314 Isabel Dr 4/3.5 $1.8M.

LOTS
1 new listing: 4538 Bowen Bayou Rd #329K.
No price changes or new sales.
1 closed sale: 659 Anchor Dr $375K

Captiva
CONDOS
Nothing to report.

HOMES
No new listings.
1 price change: 59 Sandpiper Ct 3/2 now $795K.
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.

Welcome to 2013!

Sanibel & Captiva Real Estate News on the Last Friday of 2012

Posted on December 28, 2012 by SanibelSusan

The SanibelSusan Team hopes that you all had a Merry Christmas and look forward to a Happy New Year.

Over the last week on the islands we have had a little up-and-down weather, a few chilly evenings but mostly beautiful bright sunny days with lots of bikers, beach-goers, and families enjoying nature and the holidays.

Here are a couple of news events, followed by the week’s Multiple Listing Service activity on Sanibel and Captiva.

Realtor® Membership Meeting

Yesterday, at the December Sanibel & Captiva Islands Association of Realtors® breakfast meeting, Sanibel City Manager Judie Zimomra, Planning Director Jim Jordan, and Police Chief Bill Tomlinson updated us on recent happenings at City Hall and around the island. Manager Zimomra spent the day before snow-bound at the Cleveland airport, so we were happy that she made it back home safely.

As part of continued cooperative efforts between our local organization and City leadership, Manager Zimomra and Director Jordan encouraged Realtor® input in the ongoing Planning Department review of the updating and redevelopment process for island commercial properties. Manager Zimomra and Chief Tomlison likewise asked for our help in spreading the word on island safety, mainly to encourage visitors and vacationers to lock their accommodations, particularly sliders, when they are away. Open doors particularly with purses and wallets in sight are invitations for trouble, even on this quiet island.

Top Real Estate Stories of 2012

This week, Florida Realtors® posted on-line a summary slide show of how the real estate industry here changed in 2012. Here is a list of the top industry stories, a recap of the most significant news stories that impacted Florida real estate brokers and agents.

“Real Estate Rebound – In a year-over-year comparison, single-family sales grew 25.3% and prices increased 9%, according to Florida Realtors® economists. The big Realtor® complaint now is low inventory and continued banking and lending hassels. Schwab says real estate will be the key driver of a 2013 rebound.
“There’s No Place Like Home. Got One? The big Realtor® complaint now? Low inventory. Sensing a rebound, buyers jumped into the market only to face competition from investors. At the same time, many owners put off a sale, waiting for even higher prices. New construction – almost nonexistent since the recession – kicked into gear.
“For Lease, Navidad – Real estate investors tried a new tactic. Instead of buying buildings, they bought single-family homes one by one and, on paper, turned a multi-location group of homes into a single investment. They signed up renters, paid a property manager and turned an almost immediate profit.
“How Low Will They Go? Mortgage interest rates hit record lows in 2012, bottoming out at 3.31% for a 30-year fixed rate – and still hovering at that range at year’s end. Some buyers with dynamic credit scores found great deals. Others couldn’t score a great home due to tight lending and competition from cash-laded investors.
“Let’s Get Fiscal – A threat overshadowed the 2nd half of 2012 – a presidential election followed by possible economic pandemonium if Congress failed to stop a fiscal cliff on Dec 31. Fear of the unknown caused businesses to postpone investments, homeowners to avoid buying, and a nationwide wait-and-see attitude.
“I’ll Make This Short – Buyers loved bank-owned properties (REO’s) just a year ago, but in 2012, banks cut back on REO’s and started to favor short sales that net them more money. In Realty Trac’s latest quarterly report, a full 65% of homes in some stage of the foreclosure process sold through a short sale instead.
“Don’t Deduct the Deduction – The U.S. supports homeownership through a mortgage interest tax deduction (MID). But some now question the fed’s role and say renting isn’t such a bad option. As part of a deal to cut the deficit, will lawmakers nix the MID altogether? Cap the amount? Either option could trim buyer demand in 2013.
“A Billion Here, A Billion There – Five large U.S. banks accused of unfair foreclosure tactics settled a court case to the tune of $26 billion. The money helped some underwater homeowners lower monthly payments, and it reimbursed some ex-owners who went through foreclosure. The banks say they’ve changed those practices.
“Three Out of Four Ain’t Bad – Florida voters passed three property tax amendments in November, easing the burden for spouses of veterans and first-responders, out-of-state veterans and, with local approval, low-income adults 65 or older. Unfortunately, the Florida Realtors®-backed Amendment 4 failed to get the 60% approval need for passage.
“Help for Howeowners Literally Underwater – Congress finally passed a long-term fund flood insurance law extending the program to 2017, following a lengthy, years-long series of short-term extensions. The national flood program faces financial challenges however, and it now has stricter requirements for coverage.
“Less is More – In an effort to become financially sound, Florida’s Citizens Property Insurance Corp. reduced coverage and increased premiums. Still, these policies are less expensive than the private market. In 2013, Citizens will struggle to again become the state’s insurer of last resort.
“Global Shift – International buyers love Florida’s sunshine, lifestyle and want a piece of the action. However, some global economies have been hit harder than others. In 2012, buyers from Brazil, Venezuela and Canada ramped up purchases. But European buyers, hit harder by a downturn, cut back on buying Florida homes.
“Sizing Up Appraisals – NAR (National Association of Realtors®) survey: 65% of Realtors had no contract problems due to a home appraisal over the previous three months, but 35% did. NAR and appraisers note many problems result from lender demands and the use of out-of-area valuators (often via AMC’s (Appraisal Management Companies)) without local expertise or full access to local data.” (This again was a big problem on Sanibel/Captiva in 2012. Another reason why island Realtors® recommend working with a local lender.)

New Year Traditions

Thanks to a few reminders in the “Island Sun” and Googling, here is some info on the upcoming holiday traditions:

What to Eat – Southerners eat black-eyed peas on New Year’s Day for good luck. In Germany, marzipan pigs are traditional Christmas and New Year’s gifts that symbolize success.
What to Do – Put a silver coin in your pocket before midnight on New Year’s eve to increase your chances of prosperity. An Irish tradition is to bang on doors and walls with a Christmas bread to chase away bad luck and invite good spirits. Bread is used to ensure plentiful food comes to the household. The Chinese use firecrackers to welcome the New Year and chase away evil spirits. In Iran, they bang pots and pans.
Your First Visitor – 1st-footing is an ancient European New Year’s custom that continues into the present in many areas. The first person to enter a home after midnight on the 1st day of the year should be a male, preferably with dark hair. Blondes may have been associated with Vikings – visitors who never brought good luck. The 1st-footer should carry a gift, such as a coin for prosperity, bread for food, salt for flavor, or whiskey to represent good cheer. The 1st-footer can be a resident of the house, but must not be inside during the hour leading up to midnight. No fair stepping outside and coming back in again!
What to Sing – Nearly every English-speaking New Year’s Eve celebration includes singing “Auld Lang Syne” which literally means “the good old days”.
To Kiss or to Toast? – Kiss those dearest to you at midnight not only to share the celebration, but to ensure that those ties continue through the next 12 months. A champagne toast at midnight is the most honored New Year’s tradition. It can be traced back to the ancient Greeks and Romans.
New Year’s Resolutions – This tradition dates back to the early Babylonians where their most popular resolution was to return borrowed farm equipment. This year, we hope many resolve to buy an island property in 2013.

New Year’s Happenings on Sanibel & Captiva Islands

New Year’s Eve at Sanibel Recreation Center – 8 p.m. to 12:15 a.m. is family-friendly, alcohol & tobacco-free, with food, games, raffles, adult bingo, silent auction, DJ, dancing, magician, juggler, ventriloquist, & midnight balloon drop. www.mysanibel.com
Annual New Year’s Eve Gala at Traditions on the Beach beginning at 7 p.m. www.traditionsonthebeach.com
The Modulators at The Crow’s Nest at ‘Tween Waters Inn on New Year’s Eve.
13th Annual Polar Bear Plunge – at noon on New Year’s Day at Tarpon Bay Beach. Free and fun. Go to watch or wear your bathing suit and make history.

Big Houses Making a Comeback

An article in “Daily Real Estate News” just before Christmas sourced CNBC as saying:

“Home owners desire bigger spaces again, following five years of downsizing trends.

Average sizes of newly built homes increased 3.7% last year over 2010, according to U.S. Census Bureau data. That marked the first increase since 2007. And builders are reporting higher demand for larger homes this year.

“A recent survey by PulteGroup showed that 84% of home owners between the ages of 18-59 have no intentions of downsizing, even among Baby Boomers. “There appears to be a renewed sense of optimism in housing,” says Deborah Meyer, PulteGroup’s chief marketing officer. “Homebuyers, regardless of their stage of life, still want and need larger homes. Consistent with our consumer research, the survey results show that today’s buyers are equally focused on more efficient use of the spaces within their homes.”

“The need for more space may be coming from the growing number of people living under one roof, as multi-generations move in together.

“A recent survey by the American Institute of Architects shows a higher demand for multi-generational housing. The survey also showed more home owners upsizing their current homes. Fifty-eight percent of architects reported higher interest in additions and remodels, which is up from 35% one year ago. Kitchen and baths topped the list.

“While the desire for larger homes bodes well for home builders, “they may also add optimism to the upper end of the market, and all those so-called “McMansions”—generally considered in the 3,000- to 5,000-square-foot range—many of which lost significant value during the housing crash,” reports CNBC’s Diana Olick.”

Sanibel & Captiva Island Multiple Listing Service Activity December 21-28

Sanibel
CONDOS
2 new listings: Sundial #H110 1/1 $215K, Captains Walk #E5 2/2 $224.5K.
2 price changes: Blind Pass #D205 2/2 now $300K, Pointe Santo #C4 now $479.9K.
5 new sales: Colonnades #9 1/1 listed for $129K, Tennisplace #A34 2/1 listed for $239.9K, Sanibel Moorings #341 2/2 listed for $420K, Lighthouse Point #318 3/2 listed for $449K, Wedgewood #303 3/3.5 listed for $1.198M.
1 closed sale: Duggers Tropical Cottages #6 1/1 $235K.

HOMES
4 new listings: 3316 Saint Kilda Rd 2/1 $449K, 1053 Seahawk Ln 2/2 $689K, 1694 Dixie Beach Blvd 3/2 $1.195M, 1175 Bird Ln 4/3.5 $2.995M.
6 price changes: 4629 Brainard Bayou Rd 3/2 now $499K, 9203 Dimmick Dr 4/2 now $649K, 1350 Middle Gulf Dr #1E (Moonshadows) 3/3 half-duplex now $669K, 2540 Coconut Dr 4/3.5 now $740K, 4496 Waters Edge Ln 3/2 now $825K, 2984 Wulfert Rd 4/3 now $2.4M.
2 new sales: 6457 Pine Ave 3/2 listed for $429K, 1693 Bunting Ln 3/2 listed for $745K.
3 closed sales: 199 Daniel Dr 3/2 $337.5K., 1001 Lindgren Blvd 2/2 $600K, 3239 Twin Lakes Ln 3/2 $745K.

LOTS
No new listings.
1 price change: 1847 Farm Trl now $224K (our listing).
1 new sale: 6006 White Heron Ln listed for $749K.
2 closed sales: 9042 Mockingbird Dr $289,375; 1035 Bayview Dr $3.55M.

Captiva
CONDOS
1 new listing: Sunset Beach Villas #2222 1/1 $529K.
No price changes, new or closed sales.

HOMES
2 new listings: 15160 Captiva Dr 6/6.5 $2.299M, 15017 Binder Dr 3/4.5 $3.75M.
No price changes, new or closed sales.

LOTS
Nothing to report.

Happy New Year!

The Friday Before Christmas on Sanibel & Captiva Islands

Posted on December 21, 2012 by SanibelSusan

All is well on Sanibel and Captiva Islands with picture-perfect weather all week. However, thanks to a cool front today, temperatures have dropped into the 60’s and it is only expected to be in the 30’s tonight. It is breezy but with bright blue skies. Just that little bit of change excites islanders looking forward to digging out their sweaters for a couple of days each winter. We can put them away quickly though, as it is expected to be back into the high 70’s by Christmas eve and the low 80’s by Christmas day.

Here are photos of a few island-style Christmas trees. Sanibel and Captiva Islands may be snow-less, but they are festive!

At Timbers Fish & Seafood Market on Sanibel

Entry to The Sanibel Grill on Sanibel, note the water dish

Normandie Seaside Pub, Sanibel

In The Sanctuary Golf Clubhouse, Sanibel

‘Tween Waters Resort on Captiva

At the Mucky Duck Beach on Andy Rosse Lane, Captiva

South Seas Resort, Captiva

Near South Seas Resort entrance on Captiva

Bismark palm on Captiva Drive

Charlie Brown tree on Captiva Drive

At SanibelSusan Realty Associates

SanibelSusan’s Charlie Brown tree at home

Sanibel & Captiva Real Estate Action This Week

We had a few listings shown this week and a fair turn-out at yesterday’s Realtor® caravan. I had a double-dip closing on Tuesday (both listed and sold), then was out showing property too. Dave held an open house at our Sundial listing on Tuesday and Loggerhead Cay today. I have been negotiating on an offer this week that got finalized today, so all-in-all, a productive week for SanibelSusan Realty Associates, even with the holiday distractions.

Polar Bear Plunge Coming Up

As reported in the “Island Sun”:

“For those who are on-island for New Year’s, the 13th annual meeting of the Sanibel-Captiva Chapter of the National Polar Bear Club will take place at noon on January 1 at Tarpon Bay Beach. When the club started in 2000, just 29 people showed up to brave taking a dip in the Gulf of Mexico. Last year, more than 350 bears took the plunge. The meeting begins with the singing of the traditional Polar Bear anthem by the Cubbies (1st-timers), Juveniles (1-time previous dippers) and seasoned Adult bears (those who took the plunge in previous years). The bears then enter the Gulf waters backwards, facing the huge crowd of supporters, on-lookers, tourists, and Mice (those who wished they had the courage to join in). Following the traditional Polar Bear group huddle/hug (a body-warming activity), participants will have an opportunity to sip from the giant Polar Bear champagne glass, have their picture taken in the infamous shell pith helmet, and engage in story-telling about their heroic experience with fellow Polar Bears from around the world. Everyone is welcome to attend the Polar Bear plunge, now considered an island tradition (which costs nothing to participate).”

A Few Energy-Saving Tips

There were some timely reminders in the Lee County Electric Coop newsletter this month. You can conduct your own energy survey through their website at http://www.lcec.net. These tips and tricks may be helpful too:

“Keep the oven door closed. When you have to “sneak a peek” at the turkey or cookies, turn the oven light on and look through the window.
Cook with glass or ceramic pans. They heat faster, and you can set the temperature 25 degrees lower.
Use crock pots, microwave, and toaster ovens, when possible. They all use less energy than the oven.
Gently remind guests to turn off lights and fans when they leave a room. Remember, fans do not actually cool your home they only circulate the air, making you feel cooler.
Switch holiday lights to LED and set on a timer to reduce the amount of time you use them.”
“Washers – only run full loads; wash in cold water whenever possible; unplug or use circuit breaker to shut off power to washer when not in use; if possible, move washer close to your water heater to help retain heated water in pipes; always rinse in cold water, it has not effect on the cleaning of clothes; adjust waters levels to laundry load size on your washer, if possible; invest in an energy-saving washer.”

15-Year Mortgages Gain Popularity With Buyers

As follow-up to a “Wall Street Journal” article earlier in the week, “Daily Real Estate News” posted the following yesterday:

“Record-low rates are driving more borrowers to seek shorter term mortgages. Freddie Mac reports that nearly 16% of the fixed-rate mortgages that lenders sold to the agency during the 3rd quarter were comprised of 15-year mortgages. That’s up from nearly 10% a year ago. The data excludes mortgages for refinancing. For refinancing, 15-year mortgages accounted for nearly a third of loans during the first seven months of this year, according to CoreLogic. “The 30-year mortgage became the standard in lending because its lower monthly payments made real estate affordable to more Americans,” The Wall Street Journal reports. “While the 30-year remains king, the gap between the two loans’ popularity is shrinking.”

“Fifteen-year fixed-rate mortgages have recently averaged 2.81% — compared to 5.85% in mid-December 2007, according to HSH.com, a mortgage information Web site. Some refinancers are finding that by switching from a 30-year to a 15-year fixed-rate mortgage they are able to not only get big savings on the life of their mortgage but also even slightly lower monthly payments. Traditionally, refinancing into a shorter-term mortgage meant paying a heftier monthly payment. But with mortgage rates so low, some home owners are finding the monthly payment isn’t increasing and may actually be less by shortening the terms of their mortgage.”

Captiva 2013-2014 Re-nourishment Project

The Captiva Erosion Prevention District announced recently that it is accepting bids for its 2013-2014 re-nourishment project. This project consists of placing approximately 877,000 cubic yards of beach fill along six miles of shoreline and rehabilitation of existing dunes from Redfish Pass to Blind Pass and also a portion of northern Sanibel. The work will start between June 1 and September 1 and be completed by December 31, 2013. For more info, go to www.mycepd.com.

Agents Prepare Homebuyers to Compete

The islands have not yet seen the swing from buyers’ market to sellers’ market, but the following article posted this week on FloridaRealtors® was a good read nonetheless. My Realtor® friends in Miami already are seeing multiple offers. Here’s hoping our area is next:

“House buyers in a growing number of areas are finding something they haven’t seen in years when house-hunting: Competition. With housing affordability high and mortgage rates low, homebuyers are ready to cash in – but they’re finding a lot of others are as well. Bidding wars are becoming more common, particularly as the inventory of for-sale homes remains constrained across the country.

““Buyers have to change their attitude about the way the market is,” says Carol Hooks, a real estate professional with Coldwell Banker Residential Brokerage in Alexandria, Va. “Many still think it’s OK to make a low offer and ask for closing-cost assistance, but they really need to come up with a good, realistic offer….

“Real estate professionals are helping to prepare their buyers for the increased competition. For example, they’re encouraging buyers to go through the mortgage-approval process and secure financing before they look for a home, armed with more than just a lender’s prequalification letter. Eldad Moraru with Long & Foster Real Estate in Bethesda, Md., says it’s important for buyers to find a lender who will be able to provide them with an approval letter within an hour of finding the home they want to purchase. The new letter should include the address of the property and the exact amount they plan to offer so they can attach it to the offer.

“Homebuyers also need to have their earnest money deposit and down-payment ready to go, Moraru says. “A lot of buyers will have some money in stocks to sell and some money in a checking account and will tell me they need a few days to get it together,” he said. “You need to have that money consolidated and accessible in one account before you find a house.” As competition heats up, buyers need to prepare to think fast.

“If (the buyer) moves fast enough, (they) can have a home inspection before (they) make an offer, and then waive the home-inspection contingency,” Moraru says about being competitive in some multiple bid situations if you know when the seller is going to be reviewing all offers.

“Some agents compare today’s competitive housing market to the process of dating. “You need to win on both looks and personality,” says Phil Bolin, a broker with RE/MAX Allegiance in Alexandria, Va. “The personality part is the fundamental issue of financing and down-payment, but the looks part doesn’t cost you anything. It can be as simple as making sure there are no mistakes in your contract. If there are mistakes or missing items in your offer, you don’t look like a serious buyer.””

Sanibel & Captiva Island Multiple Listing Service Activity December 14-21

Sanibel
CONDO
1 new listing: Sundial #K108 3/2 $1.1M.
No price changes.
2 new sales: Blind Pass #A105 listed for $395K, Compass Point #141 3/2 listed for $899K (our listing).
1 closed sale: Sanibel Arms West #M7 2/2 $398K (our listing & sale).

HOMES
6 new listings: 1401 Sandpiper Cir 3/2.5 half-duplex $419K, 2079 Wild Lime Dr 3/2 $525K, 395 Old Trail Rd 4/3 $599K, 617 East Rocks Dr 3/2 $625.9K, 1339 Par View Dr 3/2 $680K, 512 Periwinkle Way 3/3 $1.075M.
8 price changes: 4629 Brainard Bayou Rd 3/2 now $539K, 5296 Umbrella Pool Rd 4/4 now $549.9K, 1441 Causey Ct 3/2 now $725K, 3840 West Gulf Dr 3/2.5 now $739K, 2540 Coconut Dr 4/3.5 now $740K, 2729 Wulfert Rd 4/4.5 now $1.298M, 4717 Rue Belle Mer 3/3 now $1.895M (short sale), 505 Kinzie Island Ct 5/4.5 now $2.195M.
4 new sales: 1807 Serenity Ln 3/2 listed for $574K, 549 East Rocks Dr 3/2.5 listed for $795K, 1314 Isabel Dr 4/3.5 listed for $2.094M, 4689 Rue Belle Mer 3/2 listed for $2.295M.
5 closed sales: 1000 Greenwood Ct 3/2.5 half-duplex $322K, 760 Birdie View Pt 4/3.5 $769K (short sale), 1824 Woodring Rd 4/4 $1.025M, 6211 Starling Way 4/4.5 $1.95M, 1145 Bird Ln 5/5 $4.275M.

LOTS
1 new listing: 644 Sea Oats Dr $315K.
3 price changes: 5121 SanCap Rd now $249K, 6006 White Heron Ln now $749K, 837 Limpet Dr now $885K (our listing).
1 new sale: 659 Anchor Dr $448.5K.
No new sales.

Captiva
CONDO
No new listings.
1 price change: Gulf Beach Villas #2004 2/2 now $659K.
2 new sales: Marina Villas #801 2/2 listed for $552K, Sunset Beach Villas #2228 2/2 listed for $600K.
No closed sales.

HOMES
1 new listing: 11532 Wightman Ln 2/2 $1.475M.
No price changes, new or closed sales.

LOTS
Nothing to report.

Merry Christmas!

Sanibel & Captiva Real Estate – All Decked Out for the Holidays

Posted on December 14, 2012 by SanibelSusan

The islands are in full holiday mode. With successful luminaries last weekend, the palm trees are decorated and local businesses are ready for the added traffic from the visitors and families who will spend Christmas and New Years here. Heaviest check-ins are expected on the 22nd.

A few of our listings were shown this week and our Realtor Caravan meeting yesterday (held at The Sanctuary Clubhouse) reported a handful of sales.

Dave and I were out showing homes today to some visitors from Vermont! They loved the weather here today – 79 degrees and sunny this afternoon, while we were out and about.

The Sanibel and Captiva Islands Multiple Listing Service activity for the last seven day is posted below, after a few real estate-related items.

2013: A Continued Year for Real Estate Growth

On Wednesday, Florida Realtors® hosted its second economic summit which I attended. The four speakers were Leslie Appleton-Young, California Association of Realtors® chief economist; Doug Duncan of Fannie Mae; Pat Reass, a Realtor member who specializes in appraisals; and John Tuccillo, Florida Realtors® chief economist. I took a few notes so here are some items that I found interesting. Some may be out of context, but are good reminders nonetheless of today’s real estate situation.

More people nationally now can buy median priced homes than ever.
Nationally the real estate market bottomed in mid-2010 with the home-buyers tax credits.
In the west, there currently is less than a 2-week supply of REO properties (A REO is a property that goes back to the mortgage company after an unsuccessful foreclosure auction.)
The credit freeze impacted 2008.
In CA, the percentages of properties in the three markets discussed nationally have shifted. Traditional non-distressed equity sales are 76% of the market. REO’s are 12%. Short sales are 12%. (A short sale is a sale in which the proceed from selling the property will fall short of the balance of debts secured by liens against the property, and the property owner cannot afford to repay the lien’s full amounts, and whereby the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt.) Last year the split included 60% REO’s. That’s a huge change.
Looking at the price trends from 1970 to today in CA and nationally, they are both back on the “up” trend.
(MY FAVORITE:) “Homeowner without equity is not a homeowner.”
Like FL, in CA the higher priced properties are moving again.
(ANOTHER GOOD QUOTE:) “We can’t again reach the 2005 prices (which were created by the credit situation) for another decade!”
The numbers of CA underwater properties are down but there are still 29% underwater, compared to 35% in 2009. Since some areas are seeing appreciation, these numbers should change as time goes on.
There is only a 5.4-month supply of inventory for sale nationally. The long-term trend in a balanced market is 6-7-month supply.
In CA, 43% of the REO buyers are cash. Multiple offers are up from 25% to 35% in CA. In all ways, there is overall strength in the CA market. Heavy numbers of CA investors now buy to rent versus flip.
In 2013, a 9% increase in CA sales is expected, but the long-term viability of the real estate market is based on jobs, which will probably increase slowly. The fundamentals are attractive – there is no way to go but up (I sure hope that is right.)
There is a pent-up demand for housing. The number of new units being built is too low for this pent-up demand.
Real estate today has a fractional mindset. It’s a bipolar market. (Love that one)
Nationally the number of Realtors® has gone from 1.4 million to 1 million. (Probably a good shake out)
CA lost 60,000 Realtor® members in the last few years. Probably would have lost more if other jobs had been available.
Nationally and in CA dollar volume is improving.
In Florida, there are a few wild cards for 2013, but over all 2012 will be better than 2011, and 2013 should be better than 2012.
Florida saw a 40-45% drop in single-family home prices in the first recession. The end of 2008 was the real bottom.
Since beginning 2009, Florida has seen regrouping and recovery. All pressures are on prices moving upward.
The upward price trend line was broken through in 2005/2006 and broken the other way in 2008/2009. These actual changes in values were missed by most but not by many investors.
Florida has seen a huge jump in cash investors. A lot are from foreign countries, with the price change differential being a double bonus for some – as much as 36% or better for Brazilian buyers.
Florida investors scarfed up most of the low-end inventory. For many, there was a ready-made rental demand and in some cases people haven’t even moved (those underwater).
Beginning in 2009 the FL market was ripe. Now the lowest price range is in lowest supply.
Today in FL there are a lot of distressed properties and there are going to be a lot more, though the market overall is abating and stable.
The last few years caused a lot of confusion to both lenders and real estate professionals. In three years, both have learned a lot.
Over 50% of FL sales are now traditional sales. REO’s and short sales have changed positions. Banks have figured out that a 2-year-plus foreclosure process costs them more than the short sale process, so short sales have become more prevalent that foreclosures and REO’s.
In FL average price trends are starting to go up.
FL shadow inventory peaked in 2009, though we currently have 40% of the national in FL. Trend of this shadow inventory down is very very slow and there is no guarantee of that. It used to be a real market threat, not so much now that it can be handled.
In 2013 where will FL be? Even slow job growth will help commercial growth. FL Realtors® chief economist thinks only 5% grown can be expected, though some other economists say 10%.
Market growth will push inventory up, i.e., those barely underwater will go to the positive side.
A big issue remains, that homeowners can stay in their property for up to two years without paying their mortgage before they get pitched out. That process needs to change.
Lack of financing opportunities due to changes in borrower qualifications is now a problem, especially for first time buyers/those just out of college.
Failure to deal with recession issues is the biggest factor in housing recovery.
Realtors® were all called to action again this week, concerning the mortgage interest deduction.

Sundial Approved Spa, Wedding Facilities

Sundial Resort was in the news a couple of times this week.

On Tues night NBC-2 posted “For the first time in decades, some Sanibel resorts are getting a facelift. City leaders are tweaking rules that have been in place since the 1970’s to make it easier for property owners to update amenities. During their latest trip to Sanibel, Sue Deuber and her sister, Cathy, reflect on years of memories.” The shells… at that point, you could reach over and pick up huge shells of any kind,” Sue Deuber said. The island’s natural beauty continues to draw the family back. “There must be an anxiety for the people who live here that you don’t want to change what’s been a good place,” said Cathy Deuber Bengson.

“But some argue a little change will boost tourism. “People love this island and people love coming here, but the accommodations island-wide have really deteriorated over the last 20 or 30 years,” said Steve Hatfield of the Sanibel Island Inn. Hatfield says thanks to recently relaxed codes, the 117-year-old inn is getting much-needed work. “[The work gives] our accommodations the modern comforts of the modern age,” Hatfield said.

“This month, the Sundial resort became the second island property to undergo renovation when they kicked off a two year project that will cost nearly $5 million. (Artists rendings are shown above.) City planning director Jim Jordan says renovations will help businesses who compete with other Southwest Florida destinations to attract visitors. “It also sets the initiative for the other properties to come in and improve their sites as well,” Jordan said.

“The lack of development draws Deuber back. But she doesn’t mind the fixing-up, so long as the island’s resources stay preserved. “Balancing the tourism and the welcoming with the appreciation of the natural system,” she said.

Also on Tues, the Sanibel Planning Commission approved an application by the new owners of Sundial Beach and Golf Resort for a permit to establish a spa treatment and wedding preparation facility.

Restaurant Rumblings

The Sanibel rumor mill has been rampant the last few days with possible changes of interest to the foodies. Several work vehicles have been parked outside both the former Stone Crab Restaurant on West Gulf Drive and the new Windjammer Restaurant on Periwinkle Way this week making the locals think that both of those establishments are opening soon under new ownership. I also heard yesterday that the restaurant at the Holiday Inn is opening soon with a new name and chef.

Luc Century & his new glass etchings at Il Cielo

Sanibel’s five-star restaurant, Il Cielo, reopened yesterday featuring new eclectic menu items and interior upgrades. Here’s an article in part from news-press.com: “Meaning “the sky” in Italian, Il Cielo is located at 1244 Periwinkle Way on Sanibel Island. It opened last January. “While our patrons can still enjoy a fine-dining experience in our main dining area, we now also offer a more casual atmosphere in our Cloud Nine Grille for our seasonal residents, tourists and families who are seeking a nice, yet relaxed meal,” said General Manager Bruce Ronty in a news release. According to Ronty, this season, diners will be able to enjoy a more casual atmosphere in the new Cloud Nine Grille which features an aesthetic, three-quarter dividing wall featuring a signature Luke Century glass sculpture running along the top. Comfortable booth seating has been added inside the lounge area, while a number of corner booths have replaced the stand-alone tables in the main dining room. Outdoor patio dining will now be available as well. Diners will no longer be required to wear long pants; instead, dress shorts and collared shirts will be allowed. The interior changes also allow space separate from the main dining room for private functions or community events. The Il Cielo menu has been revamped with grilled additions such as Yellow Fin tuna, local catch, pork tenderloin and free-range chicken. Specialties now include Colorado lamb, Yellowtail Snapper, Blue-Crab-crusted Black Grouper, Zinfandel-braised short ribs and jumbo shrimp and grits in addition to a number of favorites from last season’s menu such as mussels, traditional meatballs, linguini and clams, pastas, filet and lamb. New items featured on the Cloud Nine menu include Baja fish tacos, lobster mac and cheese, a 6-ounce New York strip, wild-caught salmon and more. “Our goal is to deliver superb food that meets the highest standards of quality, freshness and seasonality and combines both modern-creative and traditional Mediterranean styles of cooking,” said Il Cielo’s new executive chef, Neil Griffin, in the release. “In addition to the most popular favorites from last season, we wanted to evolve the menu for our diverse clientele into the addition of lighter selections featuring local and regional fish and locally grown sustainable vegetables.” Il Cielo will still feature a full liquor bar with a wide selection of wines as well as desserts. Menu items range from $4 to $38. Hours are daily from 5 to 10 p.m. For more information, visit ilcielosanibel.com.”

It was announced today, that Beachview Steakhouse is reopening tonight. Chef Mike Price is back! Beachview Restaurant is open for lunch 7 days a week. Dinner is available Monday through Saturday.

Refund for Loggerhead Cay?

New pavers at Loggerhead Cay

We have had only positive comments from recent visitors to our new listing at Loggerhead Cay where the community is in the process of replacing its solid asphalt parking areas with permeable pavers. It was with interest that we read the following article in today’s “Island Sun” about that project:

“Due to wording in the new resort redevelopment guidelines, enacted to encourage renovation of aging lodgings, Loggerhead Cay had to undergo an expensive variance application procedure to enable it to replace asphalt with permeable pavers. It didn’t sound right to Planning Commission Chairman Michael Valiquette, nor to Vice Chairman Phillip Marks. “Why are we even seeing this?” asked Valiquette. City codes favor permeable surfaces which allow rain to filter back down. Impermeable surfaces such as asphalt send polluted water into drains and such. So, why was a variance required for such an environmentally-friendly move? That’s what some commissioners wondered on Tuesday. “This is a substantial gain of permeability,” said City Planner Ben Popple, who noted that staff recommended granting the variance. Marks noted, “The price tag is $2,000 for the variance.” He added that the services of a consultant were not free either. “We need to change it. This is a perfect example of over-regulation.” He suggested refunding “$500 or $1,000 of the application free,” to which Valiquette said the applicant “might want to ask the council to address the issue.” Planning Director Jim Jordan said because of a portion of the driveway being paved is in the Gulf Beach Zone, it is not a permitted use and as such requires a variance. “It is the way the code was designed,” Jordan added.”

30-Year Mortgage Rates at New All-Time Low

An article posted this week on “RealtorMag” sources an article by Reuters “U.S. Mortgage Applications Rise in Latest Week; Rates Fall“:

“Mortgage applications for home purchases reached a new high for the year for the 3rd consecutive week, as 30-year mortgage rates sank to a new all-time low, the Mortgage Bankers Association reported Wednesday. The MBA’s index which measures mortgage application activity for both home purchases and refinancing soared 6.2% for the week ending Dec 7. Applications for home purchases viewed as a leading indicator of future home sales, rose 0.7% and hit another high point of the year. Applications for refinancing — which make up the biggest bulk of the MBA’s index — rose 8% last week. Home owners and buyers are rushing to take advantage of record low mortgage rates. Fixed 30-year mortgage rates dropped to the lowest point in history, averaging 3.47% for the week ending Dec 7, down from 3.52% the previous week, according to the MBA.”

Sanibel & Captive Multiple Listing Service Activity December 7-14

Sanibel
CONDOS
5 new listings: Tennisplace #A34 2/1.5 $239.9K; Sandpiper Beach #302 2/2 $625K; Oceans Reach #1B4 1/1 $698K; Sand Pointe #235 2/2 $699K; Atrium #101 3/3 $1,147,555.
7 price changes: Beach Road Villa #106 2/2 now $299K, Sundial #H308 1/1 now $369K, Mariner Pointe #1052 2/2 now $485K, Island Beach Club #220B 2/2 now $525K, Loggerhead Cay #121 2/2 now $699K, Sundial #K205 2/2 now $775K, Sundial #L305 2/2 now $850K.
1 new sale: Duggers Tropical Cottages #6 1/1 listed for $259K.
2 closed sales: Sanibel Arms #A5 2/1 $367K, Sanddollar #C302 3/2 $1.07M.

HOMES
10 new listings: 1415 Sandpiper Cir 2/2 half-duplex $339K, 3196 Twin Lakes Ln 3/2 $589K, 1744 Bunting Ln 3/2 $649K, 977 Black Skimmer Way 3/2 $675K, 576 Hideaway Ct 3/2 $749K, 214 Palm Lake Dr 3/2.5 $775K, 789 Pyrula Ave 4/2 $1.18M, 1743 Venus Dr 4/3.5 $1.498M, 1480 Angel Dr 3/3 $1.595M, 1083 Bird Ln 3/2.5 $3.795M.
5 price changes: 1193 Kittiwake Cir 4/3 now $649K, 450 Leather Fern Pl 3/2 now $649K, 3960 West Gulf Dr 3/2 now $699.9K, 1826 Woodring Rd 3/2 now $1.695M (foreclosure), 1878 Woodring Rd 3/2.5 now $2.19M.
5 new sales: 4057 Coquina Dr 2/2 listed for $286K (foreclosure), 750 Nerita St 3/2 listed for $499K, 1060 White Ibis Dr 3/2 listed for $549.9K, 1032 Lindgren Blvd 3/2.5 listed for $615K, 3239 Twin Lakes Ln 3/2 listed for $784K.
1 closed sale: 688 Cardium St 5/4 $350K.

LOTS
No new listings.
1 price change: 1242 Anhinga Ln now $499.9K.
2 new sales: 1340 Eagle Run Dr listed for $279K, 3761 Coquina Dr listed for $350K.
No closed sales.

Captiva
CONDOS
No new listings.
1 price change: Captiva Bay Villas #2 3/3.5 now $1.948M.
1 new sale: Ventura Captiva #2A 3/3 listed for $699K.
1 closed sale: Sunset Beach Villas #2336 2/2 $668K.

HOMES
1 new listing: 16459 Captiva Dr 8/7.5 $3.495M.
2 price changes: 15166 Wiles Dr 3/2.5 now $3.75M, 16251 Captiva Dr 4/5.5 now $3.95M.
No new sales.
1 closed sales: 17061 Captiva Dr 4/3.5 $1.5M.

LOTS
No new listings or price changes.
1 new sale: 11516 Wightman Ln listed for $699K.
No closed sales.

It’s Luminary Weekend on Sanibel & Captiva Islands

Posted on December 7, 2012 by SanibelSusan

It’s another sunny Florida Friday with the islands gearing up for Sanibel Luminary tonight and Captiva Luminary tomorrow night. (Notice the snow falling on the blog. That’s all the snow we will see on the islands this year!)

Thanks to Kris & Bruce, our welcome wreath is from Maine! Smells soooo good.

We’re all decked out at SanibelSusan Realty

SanibelSusan Realty had a fair number of listings shown this week, though it seems that the few vacationers here are more into holiday events and retail shopping. Many have visited the Olde Sanibel Shops, home to some of our favorite local stores plus the Over Easy Cafe!

In chatting with colleagues in the accommodations business, it seems that there still are plenty of vacancies for both Christmas and New Years weeks. Bookings were up this week, however. It sounds like again this year, many are making their plans last-minute.

Here are a couple real estate news items, followed by a report of the Sanibel and Captiva Islands Multiple Listing Service activity this week.

Beaches of Fort Myers & Sanibel Earn Top National Rankings

Photo by Jim Anderson, JMA Photography

The beaches of Sanibel Island and Fort Myers recently placed in the top of two national rankings.

Sanibel earned its place in a top 10 ranking when it recently made the “USA Today” list of ten great places for families to escape the snow. “USA Today” detailed why Sanibel made the list: “You’ll get a beach vacation, but so much more at this Gulf Coast island near Fort Myers. The island’s location makes it one of the best places to find seashells in the country,” said Kara Williams, a founder of TheVacationGals.com blog “Who wouldn’t love shelling on the beach and wading in the mellow, mellow waters? Biking’s easy on the flat island, and so is kayaking at J.N. ‘Ding’ Darling National Wildlife Refuge.”

TripAdvisor, the world’s largest travel site, named Fort Myers as one of the top ten favorite locales and honored the area with the 2012 Travelers’ Choice Destinations on the Rise award. This award recognizes destinations that have seen the greatest increase in positive traveler feedback and traveler interest, year-over-year. According to the TripAdvisor website, Fort Myers has something for everyone: “Most visitors go to Fort Myers for the deep-sea fishing, the golf courses and the famous white-sand beaches and islands that line the Gulf Coast. Attractions include the winter estates of Henry Ford and Thomas Edison, as well as nearby Naples and the islands of Sanibel and Captiva. For wildlife spotting, try Six Mile Cypress Slough Preserve – TripAdvisor travelers love taking photos along the boardwalk trail.”

Cheaper Homes Coming on Strong

Though I am not a big fan of Zillow since their info is often old or late, here is an article posted online at Florida Realtors this week sourced the following “USA Today” article:

CoreLogic (Photo credit: Wikipedia)

“Lower-priced homes, which fell the most in price during the housing bust, are showing more zip as the housing market strengthens. In the 12 months through October, the nation’s least-expensive homes have seen prices rise 10%, vs. 7.6% for the most-expensive homes, market researcher CoreLogic says. “The lower you go, the better the performance,” says Mark Fleming, CoreLogic’s chief economist.
“Other real estate research points to strengthening at the low end, too. Zillow’s 3rd-quarter data show the least-expensive homes up 1.7% in value from the 2nd quarter vs. 1.8% for the most-expensive homes. The gap between the two used to be wider. Zillow’s 1st-quarter 2011 data show the least-expensive homes down 2% from the prior quarter vs. a 1% drop for the most-expensive homes. “The bottom tier, which has been persistently weak, has now pulled even with the top tier,” says Stan Humphries, Zillow economist.
“Year-over-year, its data show the highest-priced homes were up 3.7% in October vs. 2.4% for the lowest-priced homes. Zillow breaks the market into three price buckets based on local prices. In high-priced San Francisco, a bottom-tier home for Zillow is under $338,950. In Phoenix, a bottom-tier home is under $99,650.
“CoreLogic separates the market into four price groups based on local medians. The two middle tiers were up more than 8% for the year through October, it says.
“Evidence that prices are rising at similar rates in all tiers suggests that a nascent housing recovery is “broad based in a lot of markets,” says Patrick Newport, IHS Global Insight economist.
“New strength in the market’s low end has multiple drivers, including:
“Investors. They buy cheaper homes because they’re better moneymakers as rentals, Fleming says. Phoenix is a hot investor market where rentals account for almost a third of sales, says economist and real estate consultant Elliott Pollack. The under-$150,000 market now has just a two-month supply of homes for sale vs. a 12-month supply for homes above $1 million, Pollack says. Bottom-tier homes in Phoenix posted a 24% year-over-year gain in price in October, vs. a 17% rise for top-tier homes, Zillow says.
“Fewer distressed sales. Distressed homes peaked at 33% of home sales in January 2009 but fell to 20% of sales in September, CoreLogic says. Fewer distressed sales may affect prices more at the low end of the market because higher-income households have more financial means to avoid a distressed sale, Humphries says.”

How Rising Home Prices May Stall the Housing Recovery

Before getting too excited about the statistics reported in the article above, it is good to consider the article below that came from CNBC.

“Home prices have been rising steadily for the past several months, but some fear the rapid increase could actually start hurting the housing recovery. The reason is that the rise in prices is mainly due to investors, mostly large hedge funds, that have been swooping into the most distressed markets and inhaling properties as fast as their plentiful cash will allow. They are turning those properties into rentals, and getting anywhere from 8 to 12% returns on their investments, thanks to still hot demand. The trouble is, as home prices rise, those returns shrink.

“Today’s housing recovery, much like the recent crash, is like no other. While home prices fell nationally for the first time in history, they are recovering locally at drastically different paces. Some markets are still in the red, while others are surging forward with double-digit gains. Those that are seeing the biggest jumps are largely the markets that saw the deepest losses. Witness Phoenix home prices up over 20% from a year ago on the S&P/Case-Shiller home price index. The huge influx of investors there shrunk inventories and created bidding wars, hence the price gains.

“But even outside those hot markets, this national housing recovery is dependent on investors, who are largely all-cash buyers. The mortgage market is still too restrictive to support the kind of bulk-buying that needs to occur, and many potential buyers either lack the credit scores or the confidence to jump in. Another 14 million borrowers still owe more on their mortgages than their homes are worth, according to Zillow, and are therefore unable to move.

“Five million properties are either in the foreclosure process or their owners are delinquent on their mortgages. That means foreclosures will remain elevated for the foreseeable future, and investors will be necessary to absorb them. Another concern is that home prices are rising faster than income, which could push potential owner-occupants away just as they were starting to dip their toes in again.

“The risk of sales dropping as investors leave is obviously higher in the markets that saw the biggest drop in home prices during the crash, again, like Phoenix. Other markets, such as Chicago, Atlanta, and even parts of Florida, where prices are still weak and distress is still a large share of the market, are still seeing improved sales, as investors shift their sights and cash to more yield-worthy ground.”

Where Does the Sanibel/Captiva Real Estate Market Stand?

In relating our market to the articles above, it is interesting to see that though the total number of Sanibel condo sales is up slightly over last year (+7%), the average condo sale price is down by the same percentage (-7%). The similar scenario is true for Sanibel homes. Compared to 2011, 2012 total home sales are up slightly (+2%), while the average home sale price is down by the same percentage (-2%). Sanibel lots are a different story. Compared to last year, the total number of Sanibel lots sold is up 67%. That’s good healthy improvement. Average Sanibel lot prices are up slightly too (+5%), but this sampling is small.

On Captiva, there is more of a variance. The number of condo sales is up 43% over last year and the average sale price is also up (+14%). More Captiva homes have sold this year too, with the number of home sales up (+19%) over last year. The average Captiva home price, however, is down (-16%). With few vacant parcels left on Captiva, there are not many lots sales. There have been more this year than last, one compared to three; but not enough to compare prices.

If inventory remains low, there should be an eventual upward shift in prices. But, as the report below shows, this is the time of the year for new listings to come on the market and for serious sellers to reevaluate their asking prices if they want to ensure sales this winter.

Sanibel & Captiva Multiple Listing Service Activity November 30 – December 7

Sanibel
CONDOS
9 new listings: Sandalfoot #3B2 1/1 $499K, Sundial #R202 2/2 $649.9K, Pointe Santo #B44 2/2 $699K, Gulf Beach #205 2/2 $725K, Sanddollar #A104 2/2 $889K, Surfside 12 #B4 3/2 $899K, White Pelican #111 2/2 $899.9K, La Playa #3B 3/2 $1.45M, Sedgemoor #101 3/3.5 $2.349M.
8 price changes: Sundial #C201 1/1 now $239K (short sale), Casa Blanca #6 1/1 now $269.9K, Cottage Colony West #101 now $425K (short sale), Sundial #I103 1/1 now $469K, Sundial #G401 2/2 now $489K, Nutmeg Village #106 2/2 now $629K, Pelicans Roost #206 2/2 now $799K, Sundial #E108 2/2 now $850K.
4 new sales: Seashells #15 2/2 listed for $279K (short sale), Captains Walk #A8 2/2 listed for $350K, Lighthouse Point #230 2/2 listed for $495K, Sandpiper Beach #106 2/2 listed for $649K.
3 closed sales: Pelicans Roost #104 2/2 $605K, Sundial #O205 2/2 $642K, Pointe Santo #A21 2/2 $695K.

HOMES
12 new listings: 1639 Sand Castle Rd 3/2.5 half-duplex $429K, 2011 Mitzi Ln 2/1.5 $449K, 1060 White Ibis Dr 3/2 $549.9K, 1807 Serenity Ln 3/2 $574K, 747 Martha’s Ln 3/2 $579K, 1032 Lindgren Blvd 3/2.5 $615K, 4585 Bowen Bayou Rd 4/4 $677K, 3840 West Gulf Dr 3/2.5 $789K, 1566 Sand Castle Rd 3/3 $795K, 1130 Seagrape Ln 4/3 $1.195M, 2514 Blind Pass Ct 4/3/2 $1.3985M, 1323 Seaspray Ln 4/4.5 $2.348M.
9 price changes: 966 Fitzhugh St 2/1 now $325K, 967 Beach Rd 2/2 half-duplex now $498K, 1809 Bowmans Beach Rd 3/2 now $499K, 1245 Anhinga Ln 3/2 now $499K, 429 Lake Murex Cir 3/2 now $559.9K, 4960 Joewood Dr 4/3 now $759K, 4207 Gulf Pines Dr 4/4.5 now $998K, 2118 Starfish Ln 4/5 now $1.899M, 3441 West Gulf Dr 5/4/2 now $4.9995M.
2 new sales: 1350 Tahiti Dr 3/2 listed for $629K, 963 Kings Crown Dr 3/3 listed for $795K.
3 closed sales: 862 Beach Rd 3/2 $840K, 1191 Bird Ln 4/3 $1.74M (short sale), 3705 West Gulf Dr 5/5/2 $3.625M.

LOTS
1 new listing: 5749 SanCap Rd $379,555.
No price changes, new or closed sales.

Captiva
CONDOS
Nothing to report.

HOMES
1 new listing: 16183 Captiva Dr 4/3.5 $3.995M.
No price changes, new or closed sales.

LOTS
Nothing to report.

It’s Beginning to Look a Lot Like Christmas – on Sanibel & Captiva Islands

Posted on November 30, 2012 by SanibelSusan

It is the end of another busy week at SanibelSusan Realty – a good one for us with a new listing, a closing today, and a handful of showings. David and Lisa were out on Realtor Caravan yesterday which included mostly Captiva properties. The photos below were taken from South Seas Resort and overlooking Redfish Pass to North Captiva.

LandsEnd Redfish pass

The island have now reached the period that often is slow real-estate-wise on Sanibel and Captiva, that in-between-the-holidays time from Thanksgiving until Christmas. There are few check-ins expected this weekend, but the island has plenty of seasonal events to keep those who are here busy. Here are a few news items, followed by the real estate activity posted in the Sanibel and Captiva Islands Multiple Listing Service this week.

Upcoming Events

Tonite, Nov 30 – Fire Dancing at the Captiva Holiday Village at 6 p.m. on Andy Rosse Lane, followed by live music outside at Keylime Bistro.
Tomorrow, Dec 1 – Jingle Bell Walk (5K beach walk with a Claus) at Bowman’s Beach beginning at 7:30 a.m., with walk between 8 and 9 a.m.
Tomorrow, Dec 1 – 5th Anniversary “Free Block Party” at Sanibel Recreation Center from 11 a.m. to 1 p.m.
Tomorrow, Dec 1 – Inaugural Mullet Festival in the area in and around Jensen’s Twin Palm Cottages and Marina on Captiva beginning at 10 a.m. Activities continue through the afternoon with the Junkanoo Parade at 3 p.m. on Andy Rosse Lane. The Captiva Boat Parade begins at 6 p.m. on Roosevelt Channel.
Thurs, Dec 6 – Holiday Concert by BIG ARTS Community Chorus at Shein Hall at 7 p.m.
Friday, Dec 7 – Sanibel Luminary begins at dusk.
Saturday, Dec 8 – Captiva Golf Cart Parade at 3:30 p.m. starts at South Seas, then Captiva Luminary begins at dusk.

Windjammer Restaurant

Islanders this week have been abuzz about the sign that went up at the former Twilight Cafe location at 2430 Periwinkle Way. Called the Windjammer Restaurant, it will open early next week as a New England-style lobster house serving North Atlantic as well as Gulf of Mexico seafood. It will offer clambakes to go, catering, and initially will be open for dinner from 4 to 9:30 p.m. (Eventually opening for a local-friendly lunch too.)

November Sanibel & Captiva Islands Association of Realtors® Membership Meeting

The Match Game logo from the late–1990s version. (Photo credit: Wikipedia)

We had a bit of fun yesterday at our monthly Realtor® association membership breakfast meeting. We have nine such meetings through the course of the year, each usually with a speaker covering a topic related to our business. Next month, we have Sanibel City Manager, Judie Zimomra coming to update us on island items affecting real estate. Yesterday, SanibelSusan hosted the same program I participated in at the Florida Realtors® Annual Business Meetings in Orlando this past August. It is a take-off on The Match Game Show from the 60’s, but called “Got Ethics”. With roles played by co-members of our local Professional Development Committee and the Professional Standards and Grievance Committee Chairs, we challenged the audience with alleged ethics-type offenses. Though none of us are going to give up our day jobs for acting, the program was well received and deemed educational.

Appraisals: Reflecting Market or Hindering It?

An article posted on-line at Daily Real Estate News on Monday discusses a problem that has been common here lately too:

“Low-ball appraisals are hurting home sales, real estate agents and home sellers complain. In recent months, low housing inventories in many markets have sparked bidding wars on some homes. The bidding wars have helped push up home prices higher than recent comparable sales, agents say. But a low appraisal then threatens to derail the deal, they add.

“Appraisers have faced criticism over their property valuations in recent years, and have been accused of using foreclosures and short sales as comparable sales—without adjustment. However, appraisal firms say the idea that appraisers are suppressing home sales is misguided and unfounded. Appraisers say they’re misunderstood—they don’t set the value; they reflect it.

“We often hear from real estate agents, homebuilders and others that appraisals are ‘killing deals,’ and/or holding back the economic recovery,” Sara Stephens, president of the Appraisal Institute, testified to Congress earlier this year. “These accusations are unfounded and misguided. Appraisals are not meant to simply support contracts—they are obtained to help lenders assess their overall risk. Fundamentally, it does neither the borrower nor lender any good to enter into a mortgage for more than the value of the property.”

“One in three real estate professionals surveyed in September say they’ve had problems relating to home appraisals in the last three months, with some saying contracts have even been canceled because the appraisal came in lower than the negotiated upon sales price….”

Lee Memorial Health System Hospitals Among Top 10% in Nation

An article posted this week by the “Island Reporter” caught my eye. Good to know that when you are in Southwest Florida, there is good health care.

“Hospitals in the Lee Memorial Health System rank in the top 10% of hospitals in the nation, according to a new report from Healthgrades, the leading provider of information to help consumers make an informed decision about a physician or hospital. The report, “American Hospital Quality Outcomes 2013: Healthgrades Report to the Nation,” evaluates how approximately 4,500 hospitals nationwide performed on risk-adjusted mortality and complication rates for nearly 30 of the most common conditions treated and procedures performed from 2009 through 2011.

“Lee Memorial Health System was recognized for many of its specialties, most notably, Lee Memorial Hospital received the Joint Replacement Excellence Award, is among the top 5% in the nation for Joint Replacement in both 2012 and 2013, and ranked second statewide in 2013. Lee Memorial Hospital was named one of Healthgrades America’s 100 Best Hospitals for Joint Replacement for 2012 and 2013.

“HealthPark Medical Center received the Healthgrades Coronary Intervention Excellence Award for 2013, ranked fourth statewide, and was among the top 10% in the nation for Cardiology Services in 2013.

“Collectively, these two hospitals were the recipient of Healthgrades Stroke Care Excellence Award, ranked among the top 10% in the nation for treatment of stroke, for 5 consecutive years (2009 2013), and ranked in the top ten in Florida for Neurosciences in 2013.

“Gulf Coast Medical Center was recognized as one of Healthgrades America’s 100 Best Hospitals for Pulmonary Care for both 2012 and 2013, and ranked best in the state for Overall Pulmonary Services, 2013. Cape Coral Hospital received the Healthgrades Pulmonary Care Excellence Award and ranked among the top 10% in the nation for Overall Pulmonary Services in 2013.

“Hospital outcomes and complication rates are important in the eyes of consumers making choices today about their healthcare. According to new research conducted by Harris Interactive for Healthgrades, 90% of Americans in 27 top designated market areas agree they would be more likely to choose-or not choose-a hospital if they could learn ahead of time their chances of complications for a certain procedure.

“”We are honored by this recognition and proud of our reputation as we continue to rank among the best in the nation. These achievements are the result of each and every person involved in our health system and their dedication to the safety and well-being of our patients. Lee Memorial Health System is defined by the compassionate hands that heal our families, friends, and neighbors our community – every day,” said Jim Nathan, President of Lee Memorial Health System.

“More information on the American Hospital Quality Outcomes 2013: Healthgrades Report to the Nation, including the complete methodology, can be found at www.LeeMemorial.org/awards ”

Five Reasons Home Prices Have Been Rising

Another on-line article this week was called “What’s Really Driving the Rise in Home Prices?”

“The Wall Street Journal recently cited five significant factors behind the rise in home prices, as numerous markets see significant year-over-year gains. The big price drives are:

1. The rise in housing affordability – which is drawing more buyers out into the market that are looking to cash in on low mortgage rates and fallen home prices compared to a few years ago.

2. The rise in household formation – which is expected to hit 1 million new households this year. That is up from an average of 570,000 over the last five years, according to data by Bank of America Merrill Lynch.

3. The rise in rents – which has prompted more investors to purchase properties to rent out and more renters to second-guess why they are paying so much in rent when they could buy.

4. The decline in distressed sales and foreclosures – which has fallen significantly this past year. While distressed sales are still high by historical standards, they have fallen from their peaks in most markets, helping to alleviate the downward pressure on home prices in many areas.

5. Inventories of homes for-sale are at their lowest levels in nearly 50 years – and builders have cut back on construction and many home owners are waiting to sell until they can recover some equity on their properties.”

Sanibel & Captiva Multiple Listing Service Activity November 23-30

View from our new listing at Loggerhead Cay #353

Sanibel
CONDOS
6 new listings: Sundial #I302 1/1 $489K, Sundial #J107 2/2 $497K, Loggerhead Cay #353 2/2 $499K (our listing), Sunset South #1B 2/2 $549.9K, Sundial #A405 2/2 $749K, Gulfside Place #320 2/2 $949K.
3 price changes: Sanibel Moorings #341 2/2 now $420K, Blind Pass #B103 3/2 now $469K, Sundial #P403 2/2 now $749K.
2 new sales: Sundial #G207 1/1 listed for $239.9K, Coquina Beach #1D 2/2 listed for $379K.
1 closed sale: Tennisplace #A26 2/1.5 $300K.

HOMES
6 new listings: 3239 Twin Lakes Ln 3/2 $784K, 549 East Rocks Dr 3/2.5 $795K, 3830 West Gulf Dr 3/2 $1,195M, 1490 Middle Gulf Dr 3/4.5 $1.795M, 1528 San Carlos Bay Dr 3/3 $2.1M, 2980 Wulfert Rd 4/5 $3.6M.
5 price changes: 3344 Twin Lakes Ln 3/2 now $549K, 3968 Coquina Dr 3/2 now $734.5K, 2449 Harbour Ln 2/2 now $893K, 6440 Pine Ave 3/2.5 now $1.84M, 1950 Woodring Rd 4/3.5 now $2.75M.
4 new sales: 4057 Coquina Dr 2/2 listed for $286K (foreclosure), 656 Anchor Dr 3/2 listed for $685K, 1824 Woodring Rd 4/4 listed for $1.175M, 1145 Bird Ln 5/5 listed for $4.495M.
1 closed sale: 1521 Wilton Ln 3/2 $475K (our listing).

LOTS
1 new listing: 5891 SanCap Rd $448K.
No price changes, new or closed sales.

Captiva
CONDOS
2 new listings: Lands End Village #1665 2/2 $1.25M, Beach Homes #3 3/2 $1.695M.
No price changes, new or closed sales.

HOMES
1 new listing: 16447 Captiva Dr 7/6/2 $3.899M.
No price changes, new or closed sales.

LOTS
Nothing to report.

It’s Beginning To Look a Lot Like Christmas at SanibelSusan Realty

What a fun surprise just as we were wrapping up for the day. In come our favorite island twins, Faith and Grace, dressed in the holiday spirit and bearing gifts. They especially got a kick out of the alligator that I received today as a pre-birthday surprise. Here are the girls trying it out.

Bright Friday With Real Estate News on Sanibel & Captiva Islands

Posted on November 23, 2012 by SanibelSusan

It is a bright Friday on Sanibel and Captiva Islands. Son Dave and SanibelSusan are manning the office today, while Elise and Lisa are enjoying an extra day off. The islands are fairly busy. Most accommodations were filled by Wednesday, but we have not had a lot of showing requests, or at least not yet. Perhaps too many outside events are being enjoyed in the bright sunny weather (highs in the mid-70’s).

Here are some post-holiday news items followed by the week’s report of Sanibel and Captiva Islands Multiple Listing Service activity.

Thanksgiving – Looking Back & Looking Ahead

As I reminisce about the wonderful meal that Dave and Lisa prepared yesterday and how thankful we all were to enjoy their home full of family and friends with doors wide open to the great Florida weather, I cannot help but think about others not as lucky. We all know folks struggling with illness and the devastating effects of disasters like Hurricane Sandy, while the media is overwrought with unsettling news from the Fiscal Cliff and worldwide economic issues, to fighting in the Middle East, not to mention what has happened with the Twinkie.

Makes me think about how all of these events will affect real estate business in Florida. Many colleagues similarly have blogged about how trends are influenced by world as well as local events. Here is my 2-cents worth.

Safer, Stronger, More Energy-Efficient Homes – Storm protected homes have always been in demand on barrier islands, but with climate changes and recent weather patterns, buyers now have an even more critical eye toward the strength of properties. Lessons learned from hurricanes both here and afar make prospective owners particularly interested in piling and concrete-block construction, impact/hurricane windows and doors, Wind Mitigation Reports, elevations, environmental zones, and insurance costs. For decades, Sanibel was in the forefront with its Land Development Code and tough building requirements. Today’s purchasers, particularly those that have looked elsewhere in Florida, appreciate the results of the Sanibel Plan, including the resultant flood insurance discounts. Today’s buyers also ask about self-sufficiency features, like generators and solar.
New Construction – As resale prices have crept up on remodeling and replacement costs, the last few months have seen a surge in island lot sales and new construction. More buyers are deciding to build exactly what they want, rather than update an existing property. The islands may be close to build-out, but there are good single-family home sites available.
Move to Urban Areas or the Opposite Approach – Get Out of Dodge – You probably remember me mentioning a few months ago that a new trend is to move back into more highly developed areas, to cities where public services like roads, hospitals, shopping, and schools may be better and cost less. Then, from Sandy, we have seen areas where infrastructures have been lost causing problems like rationing and looting. Metropolitan areas mostly likely will get better prepared for Mother Nature, but prospective homeowners will continue to look for sites that are better able to withstand future storms and other natural disasters. Here, we have noticed that many buyers also are looking for the family home or vacation retreat in a more rural area. Give them a small town where the ambience is laid-back, the life-style is easy, and the environment is key, and they are happier.
Togetherness – Nothing brings families and friends closer than a common problem or disaster. With technology and the working population able to spend more time away from their primary residence, we had already seen higher interest in family and friends buying into the same community or condo complex. Now more are exploring family-compound-type properties and offerings with shared amenities too.
More Cost Conscious – It seems that now more than ever there is a greater tendency to examine the total long-term cost of a property including insurance, maintenance, utilities, and travel. Knowing the stability of those costs is important too. Key buying events are to have a prospective home or condo professionally inspected and to get insurance estimates.
The Wait and See Approach – It probably is just a sign of the times, but some prospective purchasers say they are going to put off buying and wait and see what happens with the economy; this is as opposed to the other trend which is to capitalize on someone else’s indecision. Some clients are sitting on their cash while others recognize opportunity and buy on bad news. Fiscal Cliff reports may be forcing some to move more quickly to downsize and economize. Baby Boomers are going to retire; Sandy just may move more of them to Florida sooner than previously expected.

So what is the direction to all of these trends? There is not just a single answer. Everyone has their own real estate wants and needs. Though we cannot ignore life events and natural disasters, they are not all encompassing. The good news for owners and investors is that here in Southwest Florida, the weather is terrific, the infrastructure is in good shape, banks are lending at low interest rates, and the Sanibel/Captiva life-style is easy!

Sundial Beach and Golf Resort

On a side note, Dave and I had lunch at Sundial Resort on Tuesday. The resort has reopened some of its general amenity dining areas to the public. If you go there yourself, be sure and check out the lobby, where artist renderings of the upcoming renovations are posted. When complete, this central amenity area will have big open balconies on the beach side of the conference and dining/party facilities on the 2nd and 3rd levels. The views should be magnificent and great for pelican watching too!

Yesterday, I chatted with Lisa’s brother who works at the resort and he said that some remodeling projects already are underway. (I noticed that the lobby-level convenience store is closed.) He said construction will continue right through the busy months of high season this winter. That’s unusual, but probably a sign that the new general owners are anxious to get the resort “looking great” again.

Sundial has had a bit of a rebound with sales this year, particularly since the new owners took over in July (22 units sold year-to-date, compared to 15 in all of 2011). Once renovations are done, this complex may again become our bellwether for Sanibel condo sales. In the meantime, there still are several excellent buys at the complex – a terrific time to buy-in!

Florida’s Housing Market Continues Positive Trends in October 2012

As posted on-line at Florida Realtors® on Monday:

            “Pending sales, closed sales and median prices rose, while the inventory of homes and condos for sale dropped in Florida’s housing market in October, according to the latest housing data released by Florida Realtors®. “With Thanksgiving just around the corner, we have a lot to be thankful for here in Florida,” said 2012 Florida Realtors President Summer Greene, regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale. “The state’s latest unemployment rate fell to 8.5%, the lowest in nearly four years – and combined with the momentum of the housing market, it clearly shows that Florida is on a positive path and has been for months. Pending sales, closed sales and prices are trending up.”
            “Statewide closed sales of existing single-family homes totaled 17,779 in October, up 25.3% compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. Closed sales typically occur 30 to 90 days after sales contracts are written. Meanwhile, pending sales – contracts that are signed by not yet completed or closed – of existing single-family homes last month rose 56.7% over the previous October. The statewide median sales price for single-family existing homes in October was $145,000, up 9% from a year ago.
            “According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in September 2012 was $184,300, up 11.4% from the previous year. In California, the statewide median sales price for single-family existing homes in September was $345,000; in Massachusetts, it was $294,900; in Maryland, it was $244,357; and in New York, it was $225,000. The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.
            “Looking at Florida’s year-to-year comparison for sales of townhomes-condos, a total of 8,252 units sold statewide last month, up 16.4% compared to October 2011. Meanwhile, pending sales for townhome-condos in October increased 47.1% compared to the year-ago figure. The statewide median for townhome-condo properties was $107,000, up 20.2% over the previous year. NAR reported that the national median existing condo price in September 2012 was $181,000.
            “The inventory for single-family homes stood at a 5.2-months’ supply in October; inventory for townhome-condo properties was also at a 5.2-months’ supply, according to Florida Realtors. Industry analysts note that a 5.5-months’ supply symbolically represents a market balanced between buyers and sellers.
            ““Once again, everything that should be going up in the market is going up, and everything that should be going down is going down,” said Florida Realtors Chief Economist Dr. John Tuccillo. “As impressive as the year-over-year gains for October are, far more impressive are year-to-date gains of 2012 over 2011. They indicate the depth and resilience of this recovery.”
            “The interest rate for a 30-year fixed-rate mortgage averaged 3.38% in October 2012, down from the 4.07% averaged during the same month a year earlier, according to Freddie Mac.”

Sanibel & Captiva Islands Real Estate Scoop

Here are the island sales statistics as of today, comparing 2012 to 2011, and showing current inventory and median (or midpoint) prices.

Condos Homes Lots

Year # Median Price # Median Price # Median Price

SANIBEL

For Sale: Now 178 $549,000 194 $895,000 87 $370,000

Sales pending: Now 12 $357,000 22 $497,000 2 $239,000

Sold/Closed*: 2012 139 $529,000 165 $599,000 30 $299,900

2011 132 $589,500 159 $692,000 17 $295,000

CAPTIVA

For Sale: Now 55 $600,000 39 $2,500,000 7 $1,749,000

Sales pending: Now 2 $634,950 2 $3,125,000 0 N/A

Sold/Closed*: 2012 33 $635,000 25 $1,549,000 3 $869,000

2011 23 $595,000 20 $1,497,500 1 $485,000

* Sales from January 1 to November 23.

Our local Association of Realtors® had no weekly caravan meeting this week. Dave opened Compass Point on both Monday and Tuesday (before a holiday check-in) trying to catch some prospective condo buyers. His only lookers were a couple of complex owners checking out the decorating and some vacationers who may purchase in a few more years. I opened a listing on Tuesday for an island resident looking to purchase, and we had another showing today; but otherwise activity was light. There probably was too much shopping and cooking and beaching and golfing and fishing and boating, competing with real estate this week.

Sanibel & Captiva Multiple Listing Service activity November 16-23

Sanibel
CONDOS
4 new listings: Sandpebble #1F 2/2 $349.9K, Sundial #H308 1/1 $395K, Sandpiper Beach #106 2/2 $649K, Sayana #103 2/2 $799K.
2 price changes: Sanibel Arms #H4 2/2 now $479K, St.Croix #3 2/2.5 now $849K.
2 new sales: Seashells #6 2/2 listed for $335K, Sanibel Arms #A5 2/1 listed for $379K.
1 closed sale: Sandpiper Beach #303 2/2 $555K.

HOMES
3 new listings: 928 Pepper Tree Place 2/2 $659K, 4496 Waters Edge Ln 3/2 $849K, 940 Victoria Way 3/3 $1.1M.
2 price changes: 2166 Egret Cir 3/2 now $499,555; 1266 Isabel Dr 3/3 now $2.285M.
5 new sales: 960/964 Palm St 3/3 listed for $374.9K (short sale), 1599 Sand Castle Rd 3/2.5 half-duplex listed for $425K, 1001 Lindgren Blvd 2/2 listed for $614K, 862 Beach Rd 3/2 listed for $939K, 6211 Starling Way 4/4.5 listed for $2.295M.
3 closed sales: 471 Las Tiendas 3/2 $530K, 848 Limpet Dr 3/2.5 $1.045M, 1765 Venus Dr 3/3 $1.06M.

LOTS
No new listings.
2 price changes: 5307 Umbrella Pool Rd now $399K (our listing), 1898 Woodring Rd now $2.99M.
1 new sale: 9042 Mockingbird Dr listed for $329K.
1 closed sale: Bay Dr $185K.

Captiva
CONDOS
2 new listings: Captiva Shores #3B 3/2.5 $778K, Lands End Village #1638 3/3 $1.95M.
No price changes.
1 new sale: Sunset Beach Villas #2336 2/2 listed for $749.9K.
No closed sales.

HOMES
1 new listing: 11515 Laika Ln 4/4.5 $2.395M.
1 price change: 15891 Captiva Dr 5/4 now $2.949M.
No new sales.
1 closed sale: 15361 Captiva Dr 5/4 $1.6M (short sale).

LOTS
Nothing to report.

What’s Happening for Thanksgiving (& with Real Estate) on Sanibel & Captiva Islands

Posted on November 16, 2012 by SanibelSusan

Island Weather at Its Finest

Photo by our BIG ARTS Chorus accompanist Ellen Witten on her way to practice 11-13-2012

After a brief sampling of cool weather last week, the islands have been back to basking in sunshine and 77-82 degree temperatures every day this week. It still gets down to mid 50’s-low 60’s at night – or what we islanders often refer to as perfect weather. It is a little disconcerting to see Christmas decorations going up pre-Thanksgiving here in Sanibel Square, but fun to again remember that holiday festivities are just around the corner.

Top 10 Cities for Best Air Quality

In addition to great weather, Southwest Florida is known for its clean air. Here’s an article posted on-line yesterday by “Daily Real Estate News”:

“In some cities, you can breathe a little easier. The maker of Honeywell air purifiers recently ranked the top cities with the best air quality, based on pollen counts, ozone concentrations, public smoking laws, green initiatives, and other factors. Here are the top 10 cities with the cleanest air:

1. Palm Bay-Melbourne-Titusville, FL

2. Cape Coral-Fort Myers, FL

3. North Port-Bradenton-Sarasota, FL

4. Honolulu, HI

5. Tucson, AZ

6. Colorado Springs, CO

7. Albuquerque, NM

8. Seattle-Tacoma-Bellevue, WA

9. Charleston-North Charleston-Summerville, SC

10. Lakeland-Winter Haven, FL”

Source: “25 Regions With the Best Air Quality: Metros Where You Can Breathe Easy,” AOL Real Estate (Nov 13, 2012)

Upcoming Sanibel and Captiva Holiday Events

Thanksgiving Celebration is Sunday, Nov 18, at 6:45 p.m. at the Sanibel Community House. This annual event for the whole family is always full of great camaraderie and music. SanibelSusan will be singing with the BIG ARTS Chorus. A new children’s chorus also is expected to perform. The event is non-denominational and admission is free with non-perishable food or monetary donations to FISH (Friends in Service Here).

Sanibel Masters Art Festival is just after Thanksgiving on both Friday and Saturday, Nov 23 and 24, 9 a.m. to 5 p.m., on the grounds of the Sanibel Community House. On Saturday on the east steps, BIG ARTS Chorus will perform two previews of their holiday concert at 10:15 and 11 a.m.

The Captiva for the Holidays month-long celebration begins with Sunset Arias on the beach, Saturday, Nov 24, 5 to 6:30 p.m., in front of “Tween Waters Inn.

On Friday, Nov 30, Captiva for the Holidays continues with a Mullet March at 4:30 p.m. (starting at Jensen’s), followed by a 5-piece band Joyous Jam beginning at 5:30 p.m. at Keylime Bistro and Fire Dancing at 6 p.m., also on Andy Rosse Lane.

5K Jingle Bell Walk for a Good Claus – The Sanibel-Captiva Optimist Club invites families, friends, and leashed pets to join in a walk/run on Bowman’s Beach on Saturday, Dec 1, between 8 and 9 a.m., to benefit local children. Pre-register at www.sancapoptimist.org or at the beach starting at 7:30 a.m. Parking, T-shirts, water, and refreshments are free for participants. Registration donations are $20/person while kids (10 and under) and pets are free. Following the walk, the City of Sanibel Recreation Center will hold a free Block Party from 11 a.m. to 1 p.m. to celebrate their 5th anniversary.

Captiva for the Holidays events include a Junkanoo Parade on Saturday, Dec 1, starting on Andy Rosse Lane at 3 p.m., followed by a Lighted Boat Parade at 6 p.m. on Roosevelt Channel.

Volunteers Needed for Christmas Bird Count

San-Cap Audubon will conduct its annual Christmas Bird Count on Saturday, Dec 15. The results of this local count will go to the National Audubon Society for inclusion in the 113th National Christmas Bird Count. More than 50,000 state-wide observers participate in this census event each year. Birding skills are desirable, but not necessary. Call 239-395-3804 for more info.

Where Do Home Shoppers Look the Most on the Web?

“Daily Real Estates News” on-line posted the following article yesterday, which I annotated with where SanibelSusan listings are posted.

“Today’s consumer is no stranger to using the Internet when home shopping. In fact, most buyers find the house they eventually buy first by searching on the Internet, according to buyer surveys. So where do they turn most frequently for their information? Their local multiple-listing service Web site is the top place home buyers look for homes, according to the National Association of REALTORS® 2012 survey of home buyers and sellers.

“The following are the most popular Web sites used in a home search, according to the survey:

MLS web site: 54% (www.SanibelRealtors.com & www.SanCapMLS.com)
Real estate agent web site: 51% (www.SanibelSusan.wordpress.com)
Realtor.com: 47% (www.Realtor.com – two postings for each SanibelSusan listing)
Real estate company web site: 39% (www.SanibelSusan.wordpress.com)
Other listing web sites: 27% (www.CLRSearch.com, www.FrontDoor.com, www.HarmonHomes.com, www.HomeFinder.com, www.HomeGain.com, www.HouseHitz.com, www.HousingBlock.com, www.LakeHomesUSA.com, www.LandWatch.com, www.Oodle.com, www.ovLix.com, www.Point2Homes.com, www.RealEstateActive.com, www.RealtyPin.com, www.RealtyStore.com,
www.Real-Buzz.com, www.trovit.com, www.trulia.com, www.zillow.com
Search engines: 19% (www.Google.com, www.Yahoo.com)
Mobile or tablet apps: 13% (www.Realtor.com/mobile, www/zillow.com/mobile)
For-sale-by-owner sites: 13%”

Source: “MLS Most Used Internet Resource for Homebuyers,” Inman News (Nov 14, 2012)

Continued Housing Growth Seen, But Inflation Looms

The National Association of Realtors® (NAR) Chief Economist Lawrence Yun provided a peek at the economic future of residential real estate at the REALTORS® Conference & Expo in Orlando last week. Here are a few points from his presentation as posted by REALTOR®Mag on line:

“Home sales volume and prices are poised to keep improving over the next two years, outpacing growth in the broader economy, but look for moderate inflation to appear starting in 2015, making it harder for today’s renters to become home owners, NAR Chief Economist Lawrence Yun told thousands of REALTORS® last Friday in a residential economic update at the REALTORS® Conference & Expo in Orlando.

“Yun is forecasting 4.64 million home sales this year, 5.05 million next year, and 5.3 million in 2014. Home price appreciation will see a similar positive upward trend, with the median existing-home price reaching $176,000 at the end of this year, $185,000 next year, and $195,000 in 2014. By 2015, the national median home price is expected to have risen by 15% from today’s level.

“Contributing to the growth are the slowly improving economy, job creation, and an increase in household formation after a hiatus during the downturn, Yun said. Rising rental rates are also contributing, as renters who are able to get financing in today’s tight credit market find it makes more financial sense to buy while home prices remain relatively affordable.

“But inflation could pose a problem starting two years down the road, Yun said. Although inflation has remained tame today—at about 2% per year—starting in 2015 it could jump to between 4 and 6% a year. That will be a short-term boon to home owners, as they enjoy an increase in price appreciation, but that would make home ownership harder for the growing number of renters today who aspire to buy. Not only would prices rise, but mortgage rates would go up as well.

“The continuing federal deficit is a reason inflation could jump in the future. But another cause might be the Federal Reserve buying mortgage-backed securities to help keep rates low. At some point soon, the Fed will have to start unwinding its position. When it does, interest rates and inflation will rise. Rental rates are expected to keep heading up as well, and that’s the biggest part of the Consumer Price Index.

“Yun and Mark Vitner, managing director and senior economist for Wells Fargo Securities, who also spoke at the forum, said Congress will have to start addressing the federal deficit soon, starting with an agreement to avoid the ‘fiscal cliff” the country faces at the end of this year as hundreds of billions in tax cuts expire. Both Yun and Vitner expect Congress to take short-term action to avoid that, but the pressure will be on to take long-term action after that. As a result, although housing is expected to keep improving, this big question mark will hang over the real estate market and the broader economy over the next few years.”

Cautious Optimism in Global Real Estate

“Daily Real Estate News” on Monday reported on another speaker at the REALTORS® Conference in Orlando:

““I’ll try not to be too gloomy, and I’ll try to find some silver lining,” said Adrian Cooper, CEO of Oxford Economics and one of the world’s leading financial minds. During the Global Forum Friday afternoon at the 2012 REALTORS® Conference & Expo, Cooper outlined his projections for the global economy and the implications for real estate. While the global economy is still on what Cooper called “a roller coaster ride with no sign of let up,” the economic data for the U.S. shows a “bright future within reach.” Through 2014 and beyond, Cooper expects GDP growth to accelerate more than 3% annually, in part due to Federal Reserve measures like low interest rates that help increase supply and bring unemployment down. However, low rates and the deleveraging of bank debt have yet to significantly drive the U.S. economy forward. Cooper also pointed to America’s recent energy boom as being “a real game changer” in terms of U.S. competitiveness in the global marketplace.

“The main takeaway from Cooper’s hour-long lecture was that as long as the Eurozone remains intact, positive economic growth in both the United States and emerging markets should underpin an improved outlook for real estate, and in particular, for housing prices. Should the European Union collapse, however, the prospects for housing prices would be significantly lower. “You know there could be no greater early warning sign of impending break-up of the European union than the Nobel Peace Prize coming our way,” Cooper quipped.

“Eurozone troubles aside, these positive prospects have led to improvements in consumer confidence and spending. As life springs back into the collective budgets of American households, housing prices in many areas are moving back up. Consequently, home sales, housing starts, and new-construction permits are projected to increase through 2013, Cooper said. In light of these gains, Cooper remains hopeful but cautious. “We’re not expecting the housing market to suddenly start booming, but there is no longer a break in recovery,” he said.”

Sanibel & Captiva Islands Association of Realtors® Weekly Caravan Meeting & Real Estate Scoop

Good turn-out at our local Realtors® Caravan meeting yesterday. Several new listings were announced, but few sales.

Compass Point gulf-front walkway

Our Compass Point listing was deep cleaned earlier in the week in preparation for seasonal rentals, so we held it open then and again today for those Realtors® who had not viewed or shown it. I was out showing a couple of times this week too.

Sanibel & Captiva Islands Multiple Listing Service Activity November 9-16

Sanibel
CONDOS
4 new listings: Duggers Tropical Cottages #6 1/1 $259K, Sanibel Arms #A5 2/1 $379K, Tarpon Beach #203 2/2 $629K, Wedgewood #303 3/3.5 $1.198M.
2 price changes: Beach Road Villas #106 2/2 now $344.9K, Sedgemoor #202 3/3.5 now $2.245M.
2 new sales: Compass Point #213 2/2 listed for $569K, Sundial #O205 2/2 listed for $659K.
1 closed sale: Mariner Pointe #1092 2/2 $350K.

HOMES
7 new listings: 4057 Coquina Dr 2/2 $286K (foreclosure), 1846 Ardsley Way 2/2 $339K, 429 Lake Murex Cir 3/2 $579.9K, 1667 Sabal Sands Rd 3/3 $599K, 1031 Sand Castle Rd 3/3 $690K, 4577 Waters Edge Ln 4/3 $3M, 1145 Bird Ln 5/5 $4.495M.
7 price changes: 5650 SanCap Rd 2/2 now $660K, 1225 Junonia St 3/2 now $799K, 2543 Tropical Way 3/2.5 now $995.9K, 836 Birdie View Pt 3/3 now $1.195M, 2429 Wulfert Rd 4/4.5 now $1.445M, 872 Limpet Dr 3/3 now $1.695M, 5035 Joewood Dr 4/4.5 now $3.595M
3 new sales: 2560 Coconut Dr 3/3 listed for $495K, 199 Daniel Dr 3/2 listed for $624.9K, 6190 Henderson Rd 3/2 listed for $1.399M.
No closed sales.

LOTS
2 new listings: 1429 Albatross Rd $293K, 3351 Saint Kilda Rd $345,555.
2 price changes: 4309 Gulf Pines Dr now $305K, 659 Anchor Dr now $448.5K.
No new or closed sales.

Captiva
CONDOS
2 new listings: Tennis Villas #3213 1/1 $370K, Marina Villas #701 2/2 $549K.
No price changes or new sales.
2 closed sales: Gulf Beach Villas #2116 1/1 $380K, Lands End Village #1606 3/3 $1.8M.

HOMES
1 new listing: 16910 Captiva Dr 4/4 $4.85M.
No price changes, new or closed sales.

LOTS
Nothing to report.

Thanksgiving Wishes from all of us to all of you.

“Gratitude makes sense of our past, brings peace for today, & creates a vision for tomorrow.”

The SanibelSusan Team (Susan, Dave, Lisa, & Elise)

Sanibel & Captiva Island Real Estate Happenings With a Chill in the Air

Posted on November 9, 2012 by SanibelSusan

It was another fairly quiet week on Sanibel Island, but we got a sampling of fall/winter weather yesterday when the high was just 70 degrees. Then last night, it went down into the high 40’s. Today, it is clear and crisp. You can almost feel it through these photos that I took this afternoon from Island Beach Club on West Gulf Drive.

Golfing News

Son and Office Manager, Dave golfed with a pal at Shell Point last Sunday and got his first “hole in one“. We have been giving him the business about it all week.

On the island, rumor also has it that Beachview Golf Course will soon be opening under new ownership. If you like to stay up on what is going on at the Sanibel golf clubs, below are links and info. Our December 13, Realtor® Caravan meeting will be at The Sanctuary, so I will have a winter update on what is happening out there then.

Dunes Golf & Tennis Club, www.dunesgolfsanibel.com, 949 Sand Castle Road, 239-472-2535
Beachview Golf Club, www.beachviewgolfclub.com, 1000 Par View Drive, 239-472-2626
Sanctuary Golf Club, www.sanctuarygc.net, 2801 Wulfert Road, 239-472-6223

Election on Sanibel

The island got national exposure – as did much of Florida – after the Tuesday election. Though Dave and Lisa voted quickly at their poll just off island, Elise had a longer wait in South Ft Myers. I vote at the Sanibel Community Church which usually is very efficient, but not so this time. The 4-page ballot and only one scanner made for a long line. In the morning, it took me 3-1/2 hours which thankfully was overcast much of the time, with only a couple of showers. The afternoon voters were not as lucky and were standing out in the hot sun for 4 to 6 hours. It was nearly midnight before many got through the line. Some, however, became discouraged and either left after standing in line too long or just didn’t vote. Several other local precincts had similar waits. Luckily when the Captiva poll closed, a 2nd scanner was moved to Sanibel, or those voters might still be line. Not a good reflection on Lee County.

Taste of the Islands

Sanibel weather is expected to be back into the low 80’s by Sunday just in time for the 31st Annual Taste of the Islands which is from 12:30 to 5 p.m. at the Community Park right across the street from SanibelSusan Realty. This year promises to be the best ever with an assortment of great food provided by 20-island restaurants in addition to classic rock music performed live by local bands! (I will have our front door open to enjoy the sounds and hopefully snag a few folks interested in real estate!) Proceeds help CROW’s (Clinic for Rehabilitation of Wildlife) mission to save wildlife.

Fresh Taqueria

Continuing with food news, there is a new tacos and tapas place on Sanibel that is a blend of Cuban, Spanish and Mexican cuisine. It opened about a week ago at 2411 Periwinkle Way, which was the original home of Cheeburger Cheeburger. According to local reports, the new Latin fusion restaurant has salads and soups, tacos and tapas, Cuban pressed sandwiches and enchiladas all on an a la carte menu with a variety of sides available. The restaurant seats 40 and is open for lunch Tuesday through Sunday from 11:30 a.m. to 2:30 p.m. and from 5 to 9 p.m. for dinner.

What to Ask When Shopping for Homeowners Insurance

It seems that when you tout yourself as a full-service Realtor®, you get quizzed on a variety of things related to homeownership. In response to some recent inquiries about how much and what kind of homeowners insurance may be needed, here is a helpful article that was published back on February 21 on Florida Realtors®:

“Six questions to ask when shopping for homeowner’s insurance – Homeowners should work with experts to determine the type of homeowner’s insurance they need and the amount of coverage. “Besides knowing the basics of what a standard homeowner’s insurance policy covers, consumers should ask a series of questions – and receive satisfactory answers to each of them – before buying a new policy or renewing an existing one,” says Michael Barry, vice president, media relations, Insurance Information Institute (I.I.I.). I.I.I. is a nonprofit, communications organization supported by the insurance industry.

“According to I.I.I., there are six basic questions everyone should ask before buying or renewing a homeowner’s insurance policy:

“1. How much would it cost to rebuild my home in its current location in the event of a total loss? Ideally, a homeowner’s insurance policy should cover the cost of building a new home from scratch. In general, homeowners’ policies cover partial or total damages caused by fire, hurricane, hail, lightning or any other disaster if it’s listed in the policy. Flood and earthquake-related losses must be insured separately because both perils are excluded in standard homeowners’ insurance policies.

“2. How much is my personal property worth in the event of a total loss? A homeowner’s insurance policy should cover the cost of replacing all personal property (furniture, appliances, clothing) should it be stolen or destroyed by fire, hurricane or another insured disaster. Most companies provide personal property coverage equal to about 50 to 70% of the amount of insurance on the home’s structure. (A $100,000 policy for the structure would have perhaps $50,000 to $70,000 worth of personal property coverage.) However, the best way to determine personal property coverage in a specific situation is to conduct a home inventory. I.I.I. provides online software to help homeowners catalog and value possessions (https://www.knowyourstuff.org/iii/login.html) as well as an iPhone app.

“3. How much liability protection do I need? Liability covers homeowners against lawsuits for bodily injury or property damage caused to other people, including damage caused by pets. The liability portion of a policy pays legal defense costs and any court awards – but only up to the limit set in the policy. It’s effective not just inside the home but also anywhere in the world. Liability limits generally start at about $100,000, and many insurance agents will recommend at least $300,000. Homeowners with significant assets may want more; others may want less.

“4. What level of additional living expense coverage do I need? The Additional Living Expenses (ALE) provision is found in standard homeowners insurance policies. It pays for the costs of living away from home if damage from an insured disaster makes the house uninhabitable. ALE covers hotel bills, meals and other expenses above customary living expenses. ALE coverage differs from company to company. Many policies provide coverage equal to about 20% of dwelling protection. For example, if the structure of your home is insured for $100,000, you would have $20,000 of ALE coverage. Some companies impose a time limitation, such as 12 to 24 months.

“5. Should I buy a separate flood and/or earthquake insurance policy? Flood coverage is available from the federal government’s National Flood Insurance Program (NFIP) and from a few private insurers. Earthquake coverage is usually available in the form of a supplemental policy.

“6. Do I qualify for any discounts? Homes with smoke detectors, burglar alarms or dead-bolt locks often get a premium rate discount. Sophisticated sprinkler systems and alarms that ring at monitoring stations often reduce homeowner’s insurance premiums too. Ask an agent. If you are at least 55 years old and retired, for instance, you may qualify for a discount of up to 10% at some companies. If you have completely modernized your plumbing or electrical system recently, a few companies may provide a price break.”

Sanibel’s City Council to Tackle Neglected Properties

An article posted on-line Wednesday at http://www.news-press.com discussed an item that becomes even more important when you are trying to sell a property.

“An increased number of complaints by citizens over a small number of abandoned and neglected properties have caught the attention of Sanibel’s City Council. Though City Manager Judith Zimomra said the number of abandoned and neglected properties is few, discussing the introduction of a city ordinance is a must. With an ordinance, the city can prevent other properties from becoming problems, and neglected and abandoned properties from becoming a nuisance. The council will hold discussion about whether it should introduce such an ordinance during today’s meeting. Zimomra added it would be a “mischaracterization” to believe that neglected properties are a widespread problem. “It’s truly preventative,” she said. “We don’t want to wait until something is in a crisis situation.”

“In a memo dated Wednesday, City Planner Scott Fulton presented the council with a package of information detailing proposed code changes. The current code allows for the city to address properties that are considered dangerous, but not neglected. For example, one of eight properties listed in the package — 5100 Sea Bell Road — is referred to as “dangerous.” The front staircase “became so dilapidated that it fell down,” according to the memo. The city has claimed it has been a problem for five years and has received a total of 10 complaints because of it.

“Another property listed in the memo is 1108 Sandcastle Road, a home for which Diane Chesley has written a letter to the city complaining about its condition. “I don’t want to be a pain, but this is a major investment in my life and I don’t someone else’s neglect to impact me,” Chesley said. “You don’t have to have a fancy home or yard, but you have to have a well-maintained yard. We’re not asking for anything fancy.” Chesley said she’s going to be among those who will be present at today’s meeting speaking in favor of the ordinance. Further, she said the ordinance would allow the city to address properties in a “fair manner to everybody.” “I think for the welfare of the residents of this island, we should all have a vested interest,” she added.

“…Other cities in Lee County have taken more drastic measures than Sanibel to address abandoned properties. Since March 2009, Cape Coral has required banks pay a $150 registration fee on foreclosed properties. Banks also register with the lot mowing and maintenance program; Through property management companies, they pay to have grasses mowed and properties kept up to code. But Sanibel doesn’t have the want or need to take such an aggressive approach. The city just wants to be able to address properties before they reach the “dangerous” category. “Sanibel’s properties are extremely well maintained,” said Zimomra, adding that the ordinance would simply address those few nuisance properties….”

Veterans Day Celebration on Sanibel

This 23rd annual ceremony also is the 94th anniversary of the end of World War I, the 30th anniversary of the Vietnam Veterans Memorial Wall, and the 65th anniversary of the United States Air Force. Honoring all veterans, Sanibel’s event will be held on Monday, November 12, around the flagpole on the grounds at Sanibel City Hall at 800 Dunlop Road. There will be patriotic music by the Sanibel Community Band and the program includes a short talk by our local friend and artist, Luc Century, about the technique he developed to etch the Wall and his work there. It begins at 10:30 a.m.

Realtor Caravan

Yesterday, Lisa and Dave held our new listing on Island Inn Road for Realtor Caravan. Below is the activity posted in our Sanibel and Captiva Islands Multiple Listing Service (MLS) over the past week.

Sanibel & Captiva Islands Multiple Listing Service Activity November 2-9

Sanibel
CONDOS
2 new listings: Lighthouse Point #125 2/2 $539,935; Seascape of Sanibel #302 3/3.5 $1.349M.
3 price changes: Sanibel Siesta #210 2/2 now $419K, Heron at The Sanctuary #1A 2/2.5 now $489K, Pointe Santo #E32 2/2 now $749K.
2 new sales: Mariner Pointe #1092 2/2 listed for $389K, Sanibel Arms West #M7 2/2 listed for $399.9K (our listing & sale).
1 closed sale : Sanibel Arms West #K3 2/2 $357.5K (short sale).

HOMES
9 new listings: 1002 Greenwood Ct N 3/2.5 half-duplex $349K; 1941 Roseate Ln 3/2 $449,944; 3311 Twin Lakes Ln 3/2 $599K; 2630 West Gulf Dr 3/2 $624.9K; 2550 Wulfert Rd 4/3.5 half-duplex $748.5K; 1306 Par View Dr 3/3.5 $799K; 776 Conch Ct 3/2 $845K; 1777 Serenity Ln 5/4.5 $895K; 385 Old Trail Rd 5/2.5 $1.2M.
4 price changes: 1511 Angel Dr 2/2 now $649K, 5406 Osprey Ct 3/2 now $879K, 228 Violet Dr 3/2/2 now $1.349M, 829 Tulip Ln 5/4.5 now $2.445M.
2 new sales: 1610 Sabal Sands Rd 3/2 listed for $479.9K, 3705 West Gulf Dr 5/5/2 listed for $3.995M.
2 closed sales: 3002 Poinciana Cir 3/2 $330K, 1263 Par View Dr 5/2.5 $590K.

LOTS
No new listings, price changes, or new sales.
1 closed sale: 5044 Joewood Dr $450K.

Captiva
CONDOS
No new listings or price changes.
1 new sale: Marina Villas #603 2/2 listed for $520K.
No closed sales .

HOMES
No new listings or price changes.
2 new sales: 15891 Captiva Dr 5/4 listed for $2.795M, 16310 Captiva Dr 4/5.5 listed for $4.5M.
No closed sales.

LOTS
Nothing to report.

November Arrives on Sanibel & Captiva Islands

Posted on November 2, 2012 by SanibelSusan

All is well this week on sunny Sanibel, though it is hard to talk about our marvelous weather as we watch the news and see the many pictures of the massive devastation in the northeast. Floridians have a huge appreciation for Mother Nature and hope that today’s blog finds everyone safe and on the road to recovery.

After a few windy days and lower than average temperatures earlier in the week, our weather is essentially back to normal for this time of the year – highs in the upper 70s/low 80s and nights in the high 50s/low 60s.

Photo from ILoveShelling.com blog by Pam Rambo

The last few days, several beaches have been covered with pen shells and sea grasses. Those are lightweight and usually the first items to get washed ashore after a storm and often an indication that good shelling finds will follow a few days later. I bet there is lots of “Sanibel Stoop”-ing going on over the weekend.

We did not have much showing activity this week, but we had a home listing go under contract, received a new listing (a nice near-beach home), and had a small closing. Bet you didn’t know we also could sell a unbuildable lot. We like challenges! After a little research, I found a neighboring owner interested in this vacant parcel so was able to help both parties by facilitating the transaction.

Weekly Realtor Caravan

We had good Realtor® turnout at our 1st-of-the-season weekly Caravan Meeting yesterday. Few sales were reported, but more new listings were announced, and a few price reductions were reported. The entire Realtor® association is gearing up for a busy new year. (This week’s Multiple Listing Service activity is posted at the bottom of today’s blog.)

This morning was the mandatory annual training for members of our 2013 Professional Standards Committee while this afternoon I also attended the kick-off event for our 2013 local leadership team. I will be chairing the islands’ Professional Development Committee again next year. This is the group that handles our local education and training events including orientation for new Realtor® members, continuing education for licensed sales associates and brokers, and classes for professional designations including the Sanibel and Captiva Islands Specialist.

Upcoming Island Events

Sanibel Farmers Market – reopens Sunday for its 5th season with a couple of new vendors joining the nearly 30 that are expected to return. Two new ones are Andy’s Seafood from Pine Island who is a member of the Seafood Choices Alliances (which embraces environmentally-responsible seafood) and Farmer Mike from Bonita who will bring his own mobile market trailer. Olga of Big C’s Salsa also will be back after a short medical absence. Her salsa is wonderful! The market is every Sunday (November to April) from 8 a.m. to 1 p.m. on Sanibel City Hall grounds.
31st Taste of The Islands – is next Sunday, November 11 from 12:30 to 5 p.m., across the street from SanibelSusan Realty at Sanibel Community Park. (You can be sure that we will be open then to catch any prospective buyers.) With 20 local restaurants participating, two bands, the fun-to-watch traditional server competition run by the Sanibel Recreation Department, face painting, collector T-shirts, and more, this annual fundraiser for CROW (Clinic for the Rehabilitation of Wildlife) is always fun. More info at www.tastesanibelcaptiva.com

SmartPhone Apps

Here’s a cool application that is a 1st-of-its-kind canoe and kayak navigational aid of the 190-mile Great Calusa Blueway Paddling Trail. It became available yesterday which was the opening day of the Calusa Blueway Paddling Festival which started from the Sanibel causeway. It is free on Google Play and the iTunes store. (More info at www.CalusaBlueway.com) On November 8, when the Fort Myers Boat Show opens two other iPhone and Android apps will be launched and also free – for the Lee County Boaters Guide and Artificial Reef Guide. These applications were funded by a grant from the West Coast Inland Navigation District. (More boat show info at www.fortmyersboatshow.com)

Florida’s Amendment 4 – Questions Answered

When my son keeps questioning why he should vote “yes” on Florida’s Amendment 4 on Tuesday, I knew it was time to sleuth out a few more answers for him. For those also interested, these questions and answers came from Florida Realtors® on-line.

“Does Amendment 4 hurt job creation and small businesses? No. Florida TaxWatch, a nonpartisan watchdog, determined that Amendment 4 would increase Florida’s GDP by $1.1 billion and create almost 20,000 private Florida jobs in the first 10 years. Amendment 4 will provide predictability to small businesses by lowering their yearly assessment increase cap from 10% to 5%. Furthermore, without Amendment 4, the current 10% cap will expire in 2018, leaving small businesses completely unprotected from unlimited assessment increases.

“Does Amendment 4 make a complicated tax system more complicated and confusing? No. Amendment 4 actually adds fairness and could help make the tax code simpler. Confused is what a homeowner becomes when they see their property tax bill rise even when their home value has declined. Amendment 4 will provide a way to deal with that problem by giving authority to the Legislature to create a solution.

“Is Amendment 4 unfair to homestead residents? No. Amendment 4 benefits current Florida homeowners, small businesses, and even people who rent their homes in Florida. The additional homestead exemption will help boost Florida’s struggling housing market by giving qualified buyers a reason to get into the market. This will help lower the inventory of abandoned foreclosures that are dragging current homeowner’s prices down in neighborhoods across Florida. Amendment 4 will bring more predictability to small businesses in Florida and allow them to reinvest in local economies by creating jobs, lowering prices, and raising pay for their workers.

“The price of rent in Florida, and everywhere else for that matter, is determined by adding mortgage payment, insurance, and property taxes with other expenses. Stable, predictable and responsible property assessment increases will result in stable, predictable, and responsible rent prices. So even people who rent their homes will benefit from Amendment 4. Amendment 4 also strengthens Save Our Homes protections because it would provide relief to first time homebuyers who see their new home’s taxable value reassessed upon sale. The additional homestead exemption in Amendment 4 will then responsibly phase out as the Save Our Home’s savings are kicking in. Additionally, every citizen in Florida will benefit from the new jobs, increased GDP, and $5.3 billion of personal wealth that will come back to Florida as a result of Amendment 4.

“Doesn’t Amendment 4 contribute to an unbalanced property tax system by causing different properties to pay different amounts? Amendment 4 takes an unbalanced tax burden and ADDS equity. Florida’s small businesses have been bearing the majority of the tax burden for years. Amendment 4 will give Florida’s small business predictability by lowering the assessment cap from 10% to 5% until 2023. If Amendment 4 does not pass and nothing else is done, the current 10% cap will expire in 2018. At that time, Florida’s small businesses will enjoy absolutely no predictability whatsoever. Not only will Florida’s economy miss out on the economic benefit of Amendment 4, it will also be devastated by limitless property tax increases on small business.

“Will Amendment 4 have a negative impact on government revenue? In a comprehensive study of Amendment 4, Florida TaxWatch examined the impact to local governments. Florida TaxWatch says that even when you do not consider the economic benefit of Amendment 4, the impact is minimal. When you do consider the economic benefit of more jobs, more personal wealth, a higher GDP and more home sales, these losses will be offset and in some cases local government revenues will actually increase.

“How are schools supposed to make up the lost revenue from Amendment 4? The additional homestead exemption contained within Amendment 4 holds school funding harmless.

“What kinds of jobs does Amendment 4 create? According to Florida TaxWatch, Amendment 4 will create almost 20,000 private nonfarm jobs.

“Isn’t Amendment 4 just a tax break for rich people and snowbirds who buy million dollar houses?

Actually, Amendment 4 is most beneficial for working Floridians who purchase lower priced homes. In fact, the additional homestead exemption in Amendment 4 is capped at the median home price in the county.

“Isn’t Amendment 4 just a tax break being pushed by a bunch of Republicans? No. Amendment 4 was placed on the ballot by the Legislature with bipartisan support. Already this year, Democrat and Republican lawmakers across the state have endorsed Amendment 4.

“Won’t Amendment 4 force local governments to raise taxes or lay off teachers, firefighters and police officers?

No. While Amendment 4 does nothing to restrict local governments from raising millage rates, local governments will only see a very slight decrease in the projected increase of their budgets as a result of Amendment 4. Since Amendment 4 does nothing to cut current local governments budgets, no layoffs or millage rate increases will even be necessary. Additionally, when you consider the economic benefit of Amendment 4 and the rising home values that will result, some local governments may actually see an increase in projected revenue.”

Sanibel & Captiva Multiple Listing Service Activity October 26-November 2

Sanibel
CONDOS
4 new listings: Island Beach Club #P1A 2/2 $460K, Loggerhead Cay #582 2/2 $549K, Sundial #O205 2/2 $659K, Junonia #203 3/2 $999K.
6 price changes: Blind Pass #A105 2/2 now $395K, Sealoft Village #106 2/2 now $539K, Loggerhead Cay #411 2/2 now $549K, Sundial #L202 2/2 now $599K, Pointe Santo #C32 2/2 now $640K, Shell Island Beach Club #5B 2/2 now $719K.
2 new sales: Tennisplace #A26 2/1.5 listed for $327,555, Pointe Santo #A21 2/2 listed for $749K.
1 closed sale: Blind Pass #B102 2/2 $325K.

HOMES
6 new listings: 2985 Island Inn Rd 3/2 $399K (our listing), 1245 Anhinga Ln 3/2 $529K, 1170 Sand Castle Rd 3/2 $619K, 4518 Bowen Bayou Rd 4/4 $725K, 9224 Dimmick Dr 4/2 $740K, 2963 Wulfert Rd 4/6.5 $2.85M.
6 price changes: 1001 Lindgren Blvd 2/2 now $614K, 6138 Castaways Ln 3/2.5 now $684K, 5742 Pine Tree Dr 4/2 now $798.9K, 5750 Pine Tree Dr 2/2 now $848.5K, 862 Beach Rd 3/2 now $939K, 1066 Beach Rd 3/3 now $1.25M (short sale).
4 new sales: 688 Cardium St 5/4 listed for $399.9K, 1536 Bunting Ln 3/2 listed for $433.5K, 1521 Wilton Ln 3/2 listed for $499K (our listing), 4996 Joewood Dr 3/3 listed for $760K.
8 closed sales: 1125 Captains Walk St 2/2 $405K, 293 Palm Lake 3/2 $426K, 9440 Begonia Ct 3/2 $465K, 660/664 Periwinkle Way 4/2/2 duplex $550K, 1755 Jewel Box Dr 3/2 $560K, 445 East Gulf Dr 3/2 $609K, 3864 West Gulf Dr 4/5.5 $2M, 3825 West Gulf Dr 3/2 $2.3M.

LOTS
1 new listing: 5407 Osprey Ct $595,555.
3 price changes: 9211 Dimmick Dr now $149,555; 4556 Buck Key Rd now $249,9; 1894 Farm Trail now $289,555.
No new or closed sales.

Captiva
CONDOS
1 new listing: Sunset Beach Villas #2228 2/2 $600K.
1 price change: Marina Villas #801 2/2 now $552K.
No new or closed sales.

HOMES
Nothing to report.

LOTS
Nothing to report.

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Upcoming Events

Windjammer Restaurant

November Sanibel & Captiva Islands Association of Realtors® Membership Meeting

Appraisals: Reflecting Market or Hindering It?

Lee Memorial Health System Hospitals Among Top 10% in Nation

Five Reasons Home Prices Have Been Rising

Sanibel & Captiva Multiple Listing Service Activity November 23-30

It’s Beginning To Look a Lot Like Christmas at SanibelSusan Realty

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Thanksgiving – Looking Back & Looking Ahead

Sundial Beach and Golf Resort

Florida’s Housing Market Continues Positive Trends in October 2012

Sanibel & Captiva Islands Real Estate Scoop

Sanibel & Captiva Multiple Listing Service activity November 16-23

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Island Weather at Its Finest

Top 10 Cities for Best Air Quality

Upcoming Sanibel and Captiva Holiday Events

Volunteers Needed for Christmas Bird Count

Where Do Home Shoppers Look the Most on the Web?

Continued Housing Growth Seen, But Inflation Looms

Cautious Optimism in Global Real Estate

Sanibel & Captiva Islands Association of Realtors® Weekly Caravan Meeting & Real Estate Scoop

Sanibel & Captiva Islands Multiple Listing Service Activity November 9-16

Thanksgiving Wishes from all of us to all of you.

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Golfing News

Election on Sanibel

Taste of the Islands

Fresh Taqueria

What to Ask When Shopping for Homeowners Insurance

Sanibel’s City Council to Tackle Neglected Properties

Veterans Day Celebration on Sanibel

Realtor Caravan

Sanibel & Captiva Islands Multiple Listing Service Activity November 2-9

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Weekly Realtor Caravan

Upcoming Island Events

SmartPhone Apps

Florida’s Amendment 4 – Questions Answered

Sanibel & Captiva Multiple Listing Service Activity October 26-November 2

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