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.

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.

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.

Little Affect on Sanibel & Captiva Islands from Hurricane Sandy

Posted on October 26, 2012 by SanibelSusan

Sanibel sunset courtesy of Jim Anderson at JMA Photography.

Sanibel and Captiva Islands have seen another week of increased traffic, but little real estate action. Perhaps, there has been too much news about the economy and the election. We have been watching the weather channel too, especially over the last few days. With Hurricane Sandy now far to our east out in the Atlantic, the only effect on Sanibel and Captiva has been a little more breeze. It is bright and sunny here now (Friday afternoon on October 26) with 82 degree temperatures.

Last Biweekly Realtor Caravan

There was a good turn-out at the Sanibel & Captiva Islands Realtor® Caravan Meeting yesterday with 15 new listings open for member viewing. Whenever we see that many new listings, it is always an indication that it again is time for caravan to revert back to its every-week “season” schedule. Sure enough, that begins next Thursday with an East-End Caravan. Weeks then will rotate until spring, with properties in east and west locations alternating. Since visitors and vacationers alike soon learn that Thursday mornings are when these events occur, it is not unusual for us also to add an occasional open house to the mix. It pays to take advantage of those Thursday morning lookers and Lisa likes to sit those open houses – hopefully to either sell the listing or make contact with new prospective buyers.

Perfect Weather Expected for Halloween Festivities

“Real” fall weather is expected on the islands early next week. Thanks to Hurricane Sandy passing us to the east, on Monday and Tuesday, Sanibel is expected to be sunny with temperatures of only 73-75 degrees tops with lows of 55 degrees. Upcoming Halloween events including:

Tomorrow night, 10/27 – Hallo-Tween Costume Contest & Halloween Party – This adult event at ‘Tween Waters Inn Island Resort is Captiva Island’s most notorious Halloween event. Themed this year as a “Twisted Circus,” tickets are available at the door for $18 to anyone over the age of 21, the Twisted Circus Party will start out the night rocking the beach with live music with Deb and the Dynamics. This high-energy live band covers a range of Rock, R&B and Jump Blues, and is known as the ultimate dance-party band. ‘Tween Waters Inn also offers a $1,000 grand prize costume contest, with judging at midnight, along with another $1,000 in prizes for additional costume categories. The outdoor event from 8 p.m. to 2 a.m. is infamous for the scope, size, scariness, outrageousness, raciness, zaniness, variety and creativity of costuming.
Wednesday, 10/31 (Halloween) – Trunk Or Treat At The Church – At the Sanibel Community Church (1740 Periwinkle Way, next to Jerry’s Market) from 4 to 6 p.m. Families are invited to stop with their children for holiday fun, games, finger foods and lots of treats.
Also Wednesday, 10/31 (Halloween) – Fall Family Carnival – Hosted by the Sanibel Community Association, at The Community House from 5 to 7 p.m. with candy, games, prizes and crafts, a dining area serving meals at family-friendly prices and a hay ride (courtesy of Billy’s Bike Shop). Everyone – kids, adults and volunteers – are encouraged to wear costumes. Multiple costume prizes will be awarded. Admission price is a bag of Halloween candy per family. More info at http://www.sanibelcommunityhouse.net/.

Early November Happenings on Sanibel

Bird Show – Libby is back, so the Periwinkle Park bird show begins again starting November 1. Walk or bike to the aviary at the park to see a show, daily (except Wednesdays & Sundays) at 10 a.m. http://www.sanibelcamping.com/

Sanibel Farmers Market – Reopens for “season” on Sunday, November 4, and will be open every Sunday, except Christmas, until the end of April. Over 30 vendors participate, selling local fruits and vegetables, flowers, honey, seafood, breads, cheeses, soups, pastas, organics, jams, nuts, salsa, & more. It is on the grounds of City Hall, 800 Dunlop Rd, next to the Sanibel Library and BIG Arts. Hours are 8 a.m. to 1 p.m. Follow the market on Facebook.

More Luxury Homebuyers Opt for ARMs

An article posted on Florida Realtors® this week, sources a recent “Wall Street Journal” posting about the new surge of adjustable-rate mortgages (ARMs).

“Once blamed as one of the culprits behind the flood of foreclosures in recent years, adjustable-rate mortgages are back and rising in popularity, particularly among luxury homebuyers, The Wall Street Journal reports. ARMs offer super-low interest rates – at least for a certain period – compared to fixed-rate mortgages and are tempting homebuyers once again. ARMs can have a fixed-rate mortgage rate for a certain number of years, such as five or seven years, before they start fluctuating with the market and the monthly mortgage payments start rising.
“For homebuyers who need a jumbo loan, ARMs are particularly tempting. ARMs make up 30% to 40% of the private jumbo market at Bank of America. They make up about half of all private jumbo loans by NASB Financial. “Lenders say high-net-worth buyers face relatively little risk because they can tap liquid assets to pay off a loan should a sudden spike in rates occur,” according to The Wall Street Journal. As such, high-end buyers are considering ARMs to finance their home purchases and unlocking some savings. For example, the rates could be as low as 2.82% on a jumbo 5/1 ARM, compared to 4.06% on a 30-year fixed-rate jumbo loan, according to HSH.com, a mortgage information website. “Over the first five years, borrowers with the 5/1 ARM would save nearly $90,900 in interest on a $1.5 million mortgage compared with a fixed-rate jumbo,” The Wall Street Journal notes.”

Strong New Home Sales Brighten Housing Picture

It always puts a smile on my face when a faithful blog reader, e-mails me a real estate article that I may have missed. Here’s good housing summary from an article that was posted on-line this week by “Reuters”. (Thank you, Scott!)

“New U.S. single-family home sales surged in September to the highest level in nearly 2-1/2 years, further evidence the housing market recovery is gaining steam. The Commerce Department said on Wednesday that new home sales increased 5.7% to a seasonally adjusted 389,000-unit annual rate — the fastest pace since April 2010, when sales were boosted by a tax credit for first-time home buyers. Although sales in August were revised down to a 368,000-unit rate from the previously reported 373,000 units, the tenor of the report was relatively strong, with the median price of a new home rising 11.7% from a year ago.

“The quickened pace in the housing sector is good news for the economy, but it remains one of the few bright spots. “Housing is now a positive for the economy after years of being a drag, but it’s not enough to counteract the slowdown in manufacturing, which was the star,” said David Berson, chief economist at Nationwide Insurance in Columbus, Ohio.

“A second report showed only a modest pick-up in factory activity this month amid a darkening cloud of economic uncertainty at home and slower growth abroad. The home sales data was the latest to show the housing market on the mend from its brutal collapse in 2006, which dragged the economy through its worst recession since the Great Depression.

“Rising sales are pushing down the stock of unsold properties on the market, lifting prices and giving builders more confidence to take on new projects. Demand for housing is being driven by a steady rise in the number of U.S. households, which had declined during the recession as financially strapped Americans moved in with family and friends. Modest job gains, increased job security and record low mortgage rates are encouraging many to seek home ownership.

“The U.S. Federal Reserve has targeted housing as a channel to boost growth, announcing last month that it would buy $40 billion in mortgage-backed securities per month until the outlook for employment improved substantially. The action helped push already low mortgage rates even lower. However, mortgage rates rose last week, dampening demand for loans to purchase homes during that period.

“The Fed’s monetary policy committee on Wednesday stuck to its ultra accommodative stance even as it acknowledged that some parts of the economy, including the housing market, were looking a bit better.

MANUFACTURING SLUGGISH

“While the Fed’s stimulus is supporting the consumption side of the economy, concerns about domestic fiscal policy and slowing global demand are hobbling the production side.

“In a separate report, financial information firm Markit said its U.S. “flash,” or preliminary, Purchasing Managers Index for the manufacturing sector edged up to 51.3 this month from 51.1 in September. A reading above 50 indicates expansion. A modest rise in output helped boost business conditions in the sector, which suffered its weakest quarter in three years during the July-to-September period. But fewer orders from domestic clients and a fifth straight monthly decline in overseas demand for U.S. goods indicated manufacturing was acting as a drag on growth and employment, said Markit Chief Economist Chris Williamson. “Purchasing managers report that the key to the ongoing weakness remains uncertainty among customers in export markets, notably Europe and Asia,” he said.

“The slowdown in factory activity is largely the result of fears that the U.S. Congress might fail to avoid the automatic tax hikes and government spending cuts that will suck about $600 billion out of the economy next year. The housing data, however, showed no signs yet that the so-called fiscal cliff has crossed the radar of ordinary Americans.

“The inventory of new homes on the market remained near record lows in September, although some economists worry a pick-up in building activity could undercut the market if sales do not rise significantly further.

“At September’s sales pace it would take 4.5 months to clear the new homes on the market, the fewest since October 2005 and down from 4.7 months in August. Sales last month were up in three of the four regions. They tumbled 37.3% in the Midwest.”

Big Hurdles Pose Challenge to Housing Recovery

On Wednesday, “Daily Real Estate News” online, had a similar spin, sourced from a MSN Real Estate article entitled “Could the Housing Recovery Sputter to a Halt?”

“Home prices are inching up, record-low mortgage rates are creating more urgency with buyers, and foreclosures are falling. But despite the glowing reports, economists are still questioning whether the housing recovery will last.

“The challenges that persist could make this “one of the longest, most excruciating recoveries in housing history,” MSN Real Estate reports. “Some of those challenges to the housing recovery: Access to credit still remains very tight, job growth remains weak, and a large number of underwater home owners are still waiting for prices to jump more so they can have equity in their homes once again and then move on. “Real incomes are not growing,” says Sam Khater, deputy chief economist for real-estate analytics firm CoreLogic. “We are at the same level we were in the mid-1990s. [The recovery] is not sustainable until incomes recover.”

“Also, economic uncertainty could prompt many potential home buyers to remain the sidelines, says Alex Villacorta, director of research and analytics at Clear Capital. “Debt-ceiling brinksmanship pushed down consumer sentiment 14.3% last year, the largest amount since the end of the recession, and uncertainty over taxes could throw a wrench into the recovery,” Villacorta told MSN Real Estate.

“The number of underwater home owners also is constraining inventories of for-sale homes across the country. About 22.3% of homes — or 10.8 million home owners — who have mortgages were underwater or in negative equity at the end of the second quarter, according to CoreLogic. In the next two years, more home owners are projected to gain equity in their homes, which could likely cause inventories to grow. According to CoreLogic, just a 5% increase in annual home prices would likely lead to a “significant” number of underwater home owners obtaining equity in their homes.

“Still, some economists are watching the housing recovery closely and cautiously to determine whether it’s sustainable. “It seems as if we have a long recovery in order, given the slow economic growth and pace of hiring,” says Ingo Winzer, president of Local Market Monitor.

“Nevertheless, economists say the positive signs in the housing data in recent weeks can’t be ignored. For example, existing-home sales are up 11% in September compared to the same time last year. The median home price is $183,900, 11.3% higher than year-ago levels, according to the National Association of REALTORS®. Median prices of new homes also rose 11.2% in August, posting the largest one-month increase ever recorded, the Commerce Department reported.”

START To Extend Beach Monitoring Effort On Islands

A recent article in “The Island Sun” offered the following update on island beaches.

“An enhanced beach-monitoring initiative sponsored and implemented by the Sanibel-Captiva chapter of START, will begin to provide up-to-date info on red tide blooms and other conditions at beaches throughout the islands. The local chapter of START (Solutions To Avoid Red Tide), a statewide environmental organization, is collaborating with Mote Marine Lab to enhance its current Beach Conditions Report program for Sanibel and Captiva. This Internet-based reporting network apprises visitors and residents of daily beach conditions, in an effort to minimize potential health impacts and maximize enjoyment of area beaches. Currently, beach conditions at ‘Tween Waters Inn on Captiva and at Bowman’s Beach on Sanibel are monitored by MOTE-trained observers, and information is uploaded to a website twice daily. START will extend the monitored locations to include Lighthouse Beach, Causeway Islands Park, Bailey Beach, Gulfside City Park, Blind Pass and other frequented beaches across the islands….

“Nancy McPhee, program manager of new product development for the Lee County Visitor and Convention Bureau, thinks the addition of new reporting locations will prove valuable in further assisting island visitors….

“Dr. Bruce Neill, president of the Sanibel-Captiva chapter of START (& from Sanibel Sea School), is pleased that his volunteer organization will spearhead the added monitoring efforts. “It is very exciting to be able to sponsor this service for our community,” Neill said. “We are an organization dedicated to coastal conservation through education and outreach. Helping to minimize the impacts that red tide has on our island communities is one of our main goals. We would like to help people avoid sections of our beaches that are most heavily impacted by red tide. “A second, but still very important aspect of this increased beach coverage is that it will help visitors realize that when we have impacts from red tide, it is usually not the entire island that is affected and that there are almost always places they can go to enjoy the ocean.”

“Cracker Fest, the annual START fundraiser scheduled to take place the evening of Friday, November 2 at The Bait Box on Sanibel, will generate the funding for this expanded network of beach reporting. Local START board members will organize monitoring efforts for the islands, and interested area residents are also invited to volunteer. If you would like to become a beach monitor during red tide outbreaks, contact call 239-472-8585. If you would like to view the Beach Conditions Report, visit http://coolgate.mote.org/beachconditions and click on the Lee County area of the map. For more info on preserving our coastal waters, visit www.start1.org.”

The Sanibel Sea School blog (http://sanibelseaschool.org/blog/) is an excellent way to also stay informed about the island environmental issues too. As an avid ready, SanibelSusan can tell you that, it is not just for kids!

Hurricane Sandy Could Improve Local Red Tide Conditions

For those unaware, the islands have experienced small outbreaks of red tide over the past couple of weeks (which is a normal occurrence, particularly at this time of the year). Sometimes it is here for just a couple of days, occasionally a little longer. Here is the essence of a report posted on NBC2 news just this morning:

“While Hurricane Sandy threatens the east coast, some researchers say the storm could help reduce red tide on this coast. But that doesn’t mean all of the toxin’s affects will disappear. As Hurricane Sandy hits Southeast Florida, its winds are also kicking up water on the west coast.

“Research scientist Rick Bartleson says that may be a good thing. He studies water samples from Sanibel Island and for the fifth consecutive day, his tests show low levels of toxic red tide. “While the water is coming down here, the waves are breaking up. And when waves break, that causes turbulence that affects the red tide and can break up cells,” he said. And what cells survive, Bartleson says, the storm will likely push south, slowing down blooms in Pine Island Sound and the Gulf of Mexico. But even as blooms break up, problems for wildlife could continue – especially for birds. Once they ingest the toxin, it accumulates. In the past two days, rescuers checked more than half a dozen sick birds into CROW Wildlife Hospital and at least one died. “They eat the fish that are feeding on the red tide bloom,” said Jeana Harms, with CROW. Well after researchers detect red tide, wildlife feels its effects. So Harms says she’s prepared for more patients. “We’re at the beginning, so it’s going to be a little while before we really start to see a varied amount of species coming in,” she said. Sandy won’t reverse the toll red tide has already taken on some wildlife, but scientists hope, could slow its growth.”

Sanibel & Captiva Islands Multiple Listing Service Activity October 19-26

Sanibel
CONDOS
8 new listings: Colonnades #12 1/1 $139.9K; Tennisplace #A26 2/1.5 $327,555; Loggerhead Cay #261 2/2 $549K; Pointe Santo #A22 2/2 $789K; Lighthouse Point #323 2/2 $898.5K; Lantana #102 3/3.5 $1.697.5M; Tamarind #B301 2/2 $1.875M; Seascape #104 3/3 $2.7M.
2 price changes: Sanibel Arms #A1 2/2 now $420K, Pointe Santo #E3 2/2 now $849K.
1 new sale: Sanibel Arms West #K3 2/2 listed for $375K (short sale).
1 closed sale: Colonnades #47 1/1 $106.7K (our Seller).

HOMES
8 new listings: 1693 Bunting Ln 3/2 $745K, 544 Sea Oats Dr 4/4 $899.9K, 786 Conch Ct 3/2 $1.05M, 479 Lagoon Dr 3/3 $1.195M, 1349 Eagle Run Dr 3/2.5 $1.295M, 5423 Osprey Ct 3/2.5 $1.695M, 1272 Isabel Dr 4/4.5 $3.9M, 4067 West Gulf Dr 4/4.5 $4.75M.
6 price changes: 220 Palm Lake Dr 3/3 now $529K, 3344 Twin Lakes Ln 3/2 now $595K, 9203 Dimmick Dr 4/2 now $690K, 1516 Angel Dr 3/2 now $799K, 1314 Isabel Dr 4/3.5 now $2.094M, 3705 West Gulf Dr 5/5/2 now $3.995M.
7 new sales: 1663 Bunting Ln 3/2 listed for $344K (short sale), 3002 Poinciana Dr 3/2 listed for $359K, 6467 Pine Ave 3/3 listed for $495K, 1125 Captains Walk St 2/2 listed for $499.9K, 1755 Jewel Box Dr 3/2 listed for $599K, 1233 Middle Gulf Dr 3/2 listed for $699.9K, 1765 Venus Dr 3/3 listed for $1.15M.
1 closed sale: 1188 Harbour Cottage Ct 3/3 $548K.

LOTS
No new listings.
3 price changes: 3037 Poinciana Cir now $219,555; 1450 Tahiti Dr now $229,555; 5830 San-Cap Rd now $385,555.
No new or closed sales.

Captiva
CONDOS
2 new listings: Venture Captiva #2B 3/3 $849K, Lands End Village #1611 2/2 $1.225M.
1 price change: Lands End Village #1610 3/3 $1.895M.
1 new sale: Gulf Beach Villas #2116 1/1 listed for $439K.
No closed sales.

HOMES
No new listings, price changes, or new sales.
1 closed sale: 15158 Captiva Dr 5/4 #1.7M (short sale).

LOTS
Nothing to report.

Real Estate Inventory & What’s Happening Now on Sanibel & Captiva Islands

Posted on October 19, 2012 by SanibelSusan

We are seeing more and more traffic on Periwinkle Way every day – even had an all-stop in front of SanibelSusan Realty Associates for a few minutes late afternoon a couple of times this week, either signs that “season” is coming or that the local ibis and turtles are road-walking again.

I showed a few condos on Monday (including at Tennisplace, their canalside dockage shown above). The complexes we viewed did not appear to have many occupants. We probably will see those condos start to fill up as we get closer to the holidays. The prospective buyers have visited here for many years on vacation and found me as a referral from a local condo manager. Love it when that happens.

Here are a few island news items followed by the Sanibel and Captiva Islands Multiple Listing Service activity over the past week.

Sanibel Real Estate Inventory

Photo by Jim Anderson, JMA Photography

Island inventory remains low and many Realtors® are out beating the bushes for good listings. Here’s an update of availability today, compared to sales to-date, and last year totals. (Note: DOM = days on market)

SANIBEL Condos Homes Lots

# /Avg Price/DOM # /Avg Price/DOM # /Avg Price/DOM

Available 169/$633,530/452 186/$1,257,747/397 88/$621,659/830

Under contract 6/$309,317/660 17/$869,965/381 3/$315,967/124

Sold & closed:

2012 to 10/18 134/$566,057/407 151/$782,914/285 28/$401,582/568

2011 142/$591,861/325 179/$826,130/369 19/$363,729/491

3.8% Tax: What’s True, What’s Not

Rumors about the 3.8% Medicare tax continue to circulate. Here’s the definitive word on what’s true and what’s not on how the tax impacts real estate. It is from the October issue of the “Realtor®Mag by Robert Freedman:

“Ever since health care reform was enacted into law more than two years ago, rumors have been circulating on the Internet and in e-mails that the law contains a 3.8% tax on real estate. The National Association of Realtors® (NAR) quickly released material to show that the tax doesn’t target real estate and will in fact affect very few home sales, because it’s a tax that will only affect high-income households that realize a substantial gain on an asset sale, including on a home sale, once other factors are taken into account. Maybe 2-3% of home sellers will be affected.

“Nevertheless, the rumors persist and the latest version that’s circulating falsely say NAR is advocating for the tax’s repeal. But while NAR doesn’t support the tax (it was added into the health care law at the last minute and never considered in hearings), it’s not advocating for its repeal at this time.

The characterization of the 3.8% tax as a tax on real estate is an example of an Internet rumor, says Heather Elias, NAR’s director of social business media. Elias and Linda Goold, NAR’s director of tax policy, sat down for a discussion of how the tax works and how Internet rumors work and you can find their remarks in a 6-minute video (The 3.8% Tax Is Not a Real Estate Transfer Tax). (Realtor.org/articles/new-summary-explains-the-38-tax)

“Goold says the tax will affect few home sellers because so many different pieces must fall into place a certain way for the tax to apply. First, any home sale gain must be more than the $250,000-$500,000 capital gains exclusion that’s in effect today. That’s gain, not sales amount, so you really have to reap a substantial amount for the tax to even come into play. Very few people are walking away with a gain of more than half a million dollars today, even in the high-end home market, so right off the bat only a few home sellers would be a candidate for the tax.

“For the few households that do see a gain of more than the $250,000-$500,000 exclusion (that’s $250,000 for single filers and $500,000 for joint filers), only the amount above the exclusion would be factored into the tax calculation, and that would still only apply to high-income households, which the law defines as single people earning $200,000 a year and joint filers earning $250,000 a year.

“So, if you are a household with annual income of $250,000 or more and you earn a gain of more than $500,000 on your house (again, that’s after the $500,000 exclusion), any amount of gain above the exclusion would be plugged into a formula to see if it’s taxable. If it turns out that it’s taxable, then the amount could be subject to the 3.8% tax. If the household had a gain of more than $500,000 but only earned $249,000 a year in income, the tax wouldn’t apply.

“(Note that these are just hypothetical examples. To know if a case would really be subject to the tax, a professional tax preparer or tax attorney has to look at all the particulars of the tax filer’s case. Only a tax professional is in a position to say the tax is applicable, but the examples cited here could help you get a sense of how the tax works.)

“The other thing about the tax worth noting is that, although it takes effect in 2013, any impact on taxes wouldn’t happen until 2014. That’s because the tax filer would do the calculation in 2014 for the 2013 tax year. Because it’s not a tax on a real estate sale but rather on a capital gain, it’s not calculated at the time of an asset sale, whether that asset is a house or something else. It’s calculated at the time the filer figures his or her tax.

“This is all explained clearly in the video, so if you have questions about how the tax works, or if you’re still hearing rumors about the tax and you’re not certain of the accuracy of what you’re hearing, the video should prove helpful.”

Stone Crab Season Is Here

Florida’s recreational and commercial stone crab claw harvest season officially opened this week (October 15) in state and federal waters. It’s always a treat to see them again on restaurant menus.

To be harvested, the claws must be at least 2-3/4″ in length. The season will be open through May 15, 2013. If you want to try harvesting yourself, see more info online at www.MyFWC.com/Fishing (click on “Saltwater”).

Florida Realtors® Supports the Following Amendments

I know that it makes good business sense to stay out of the political fray, but there are several amendments on the Florida ballot this year that relate to real estate. Florida Realtors® supports the following amendments and hopes you vote “yes” on November 6

Amendment 2 – would expand property tax exemptions to all combat-disabled veterans living in the state, not just disabled veterans who lived in Florida prior to military service.
Amendment 3 – would establish a new state revenue limit based on inflation and population changes.
Amendment 4 – would strengthen Florida’s economy, create new jobs and boost the housing market recovery. This three-pronged amendment: would provide a way to stop recapture, bringing relief to thousands of Floridians who have experienced a dramatic decline in their property values while suffering from a steady increase in their property-tax bills; would lower the maximum valuation increase on non-homestead property from an alarming 10% to a more sensible 5% which would bring predictability to small business and allow more investment in local economies; and would boost Florida’s housing market by creating an additional homestead exemption for first-time homebuyers which would bring more qualified buyers off the sidelines and lower the number of deteriorating foreclosed homes that are holding housing values down.
Amendment 9 – would authorize the Legislature to totally or partially exempt surviving spouses of military veterans or first responders who died in the line of duty from paying property taxes.
Amendment 10 – would provide an exemption from ad valorem taxes levied by local governments on tangible personal property with a value greater than $25,000 but less than $50,000.
Amendment 11 – would authorize counties and municipalities to offer additional tax exemptions on homes of low-income seniors.

So, if you are a Florida voter, please remember “yes” on 2-3-4 and 9-10-11.

Island Events

10/21 – 27th BaileyFest, the annual gathering of islanders and visitors celebrating community spirit is this Sunday from 1 to 4 p.m. at Bailey’s Shopping Center. I’ll be singing with the BIG ARTS Chorus opening the event and again performing 1:30 to 2 p.m. after the Kellyn Celtic Arts Irish Dance Academy.

Other entertainment includes the Country Rhythm Cloggers, Frank Torino who is Frank Sinatra & Tom Jones-style singer, The Sanibel School cheerleaders, The Sanibel School Band, and the popular local rock band, The Troubleshooters.

10/26 – Howl-O-Ween Party, Island Paws in the Olde Sanibel Shoppes is having its annual pet costume party next Friday from 5 to 7 p.m. on the patio at its sister business, the near by Over Easy Cafe.

Even if you don’t have a pet to enter, this event is fun to watch. Puptails and yappetizers will be service.

Judging is at 6:30 p.m. with prizes awarded to the winning pets in costumes. Each $10 admission donation goes to Lee County Domestic Animal Services.

10/31 – Fall Family Carnival, which began in 2001 as a way for local children to have a safe Halloween, will be indoors at The Community House on Wednesday Halloween night from 5 until 7 p.m. with candy, games, crafts, dining at family-friendly prices, and a free hay ride donated by Billy’s Bike Rentals. Costumes encouraged and prizes will be awarded. Get more info at www.sanibelcommunityhouse.net.

11/3 – 19th Annual Esperanza Woodring Memorial Castnet Rodeo, is two weeks away on Saturday at The Bait Box, 1041 Periwinkle Way. A photo from a previous event is shown above. This fun family event has free lessons and demonstrations from 8:30 to 10 a.m. Youth competition begins at 10:30 (contestants must be under age 16) with divisions determined by age/size and prizes awarded to all entrants.

A New Boom by 2015?

An article this week in “Daily Real Estate News” citing “CNNMoney” as it source says:

“The housing market has been showing several signs of recovery, including home prices and home sales on the rise, new construction up, foreclosures falling, and mortgage rates near record lows. Some economists are getting very bullish about the housing recovery and even predicting that the market will return to its “boom” level days in just three years.

“In a recent report, Barclays Capital predicts that home prices could be back to peak levels by 2015. Barclays is predicting home prices to rise 5% to 7.5% a year. “In our view, the housing market had undergone a dramatic over-correction during the prior five years, resulting in pent-up demand for housing purchases that would spark a rapid rise in housing starts,” says Stephen Kim, an analyst with Barclays.

“Home construction is also expected to soar, rising 20% or more a year for the next year, according to some economists’ forecasts. The new-home market could return to its pre-bubble average of about 1.5 million new homes a year by 2016, CNNMoney reports. That would double the construction level expected this year. “That turn in the [housing] market is occurring now and it should become a boom by 2015,” Roger Altman, chairman of Evercore Partners and former deputy Treasury secretary, told CNNMoney.”

Sanibel & Captiva Islands Multiple Listing Service Activity October 12-19

Sanibel
CONDOS
4 new listings: Sundial #J207 2/2 $549K, Pine Cove #1A 2/2 $799.9K, White Pelican #111 2/2 $1.045M, Tanglewood #1A 3/2 $1.179M.
1 price change: Pointe Santo #A21 2/2 now $749K.
3 new sales: Blind Pass #D205 2/2 listed for $315K (short sale), Sandpiper Beach #303 2/2 listed for $599K, Pelicans Roost #104 2/2 listed for $649K.
2 closed sales: Loggerhead Cay #232 2/2 $450K, Sundial #H306 2/2 $459K.

HOMES
1 new listing: 1599 Sand Castle Rd 3/2.5 half-duplex $425K.
4 price changes: 5841 Pine Tree Dr 3/2 now $479.9K, 4570 Bowen Bayou Rd 2/2 now $675K, 6138 Castaways Ln 3/2.5 now $699K, 6211 Starling Way 4/4.5 now $2.295M.
1 new sales: 490/460 Old Trail Rd 3/2 listed for $390K (short sale).
5 closed sales: 531 Piedmont Rd 2/2 $305K, 1647 Sand Castle Rd 3/2.5 half-duplex $315K, 1603 Sand Castle Rd 3/3 half-duplex $365K, 9454 Calla Ct 3/2 $565K, 982 Whelk Dr 3/2 $690K.

LOTS
1 new listing: 5321 Punta Caloosa Ct $420K.
No price changes or new sales.
1 closed sale: 1114 Seagrape Ln $370K.

Captiva
CONDOS
2 new listings: Tennis Villas #3137 2/2 $399K, Bayside Villas #5342 3/3 $629K.
1 price change: Marina Villas #603 2/2 now $515K.
No new or closed sales.

HOMES
No new listings.
3 price changes: 14980 Binder Dr 3/3 now $1.465M, 11517 Wightman Ln 4/3 now $1.745M, 15891 Captiva Dr 5/4 now $2.795M.
1 new sale: 17061 Captiva Dr 4/3.5 listed for $1.75M.
No closed sales.

LOTS
Nothing to report.

Fall Weather Comes to Sanibel & Captiva Islands

Posted on October 12, 2012 by SanibelSusan

Slowly but surely we are seeing more island activity as summer remodeling and updating projects are completed and business establishments are reopening for “season”. Traffic is picking up too as residents are returning to their island homes in time to vote. Our Swiss friends, Doris and Hans, will be arriving soon for their fall visit. We love that they share their photos with us. Here are a few from past years.

Racoon peeking out, taken by Doris & Hans.

I was out showing condos yesterday afternoon, while Lisa and Dave held our new Wilton Lane listing open for Realtor Caravan in the morning. We had a flurry of showing requests today and some weekend requests. The islands Multiple Listing Service activity for the week follows a few news items below.

Anhinga drying wings at the beach, by Doris & Hans.

Fall Weather Comes to Sanibel & Captiva Islands

Today was my first “sun-roof open” day since last spring. Temperatures dipped into the high 60’s last night. As I headed to the office this morning, my car registered 72 degrees, but the best part was “no humidity”. Today’s high was expected to be 88 degrees, but it has only reached 84 with nary a rain cloud in sight – just bright blue clear skies. It is expected to stay that way through the weekend – a plus for our weekend showings.

Roseate spoonbills at the Refuge taken by Doris & Hans.

Heron among the mangroves, by Doris & Hans.

‘Ding’ Darling Days Highlights (10/14-20)

This week-long event begins on Sunday with many free events plus discounted birding, tram, biking, hiking, kayaking & nature excursions:

Sunday – Family Fun Day with all events FREE from 10:30 a.m. – 4 p.m. at ‘Ding’ Darling Education Center including live snake presentations, live native wildlife presentations, puppet parades, touch tank, nature crafts, naturalist-narrated tram tours, & admission to Wildlife Drive.
Monday – Endangered Species Day during this Lee County Schools holiday the Refuge will have a FREE parade, Bunche Beach birding tram, & history of refuge endangered species lecture. The Henson Puppets also are performing their award-winning Celebration of Flight at 10 a.m.
Tuesday – All About Our Refuge Day with FREE beach walk at Perry Tract, cuckoos at the Refuge presentation, & story of the Sanibel bear program.
Wednesday – Wildlife Day with FREE animal tracks & scat program, story of the ospreys presentation, illegal wildlife trade presentation.
Thursday – Beach & Water Day with FREE beach walk at Perry Tract, sea turtles presentation.
Friday – Let’s Go Outside Day with FREE Wildlife Drive to hikers/bikers (closed to vehicular traffic except special, discounted Trams), Bailey Tract hike, America’s Darling documentary film national premier, Bunche Beach birding tram.
Saturday – Conservation Art Day – All events FREE at ‘Ding’ Darling Education Center, Wildlife Drive, plus fee snacks & beverages.

Oktoberfest & 2nd Sunday BBQ Bash

Sanibel’s American Legion at Mile Marker 3 on Sanibel-Captiva Road is hosting an Oktoberfest on Saturday & Sunday, 10/13 & 14, plus an evening jam fest of local musicians with open mike.

The Marty Stokes Band appears on Saturday and The Troublestarters on Sunday.

U.K. Buyers Must Act Quickly to Secure Florida Property Bargains

Just after I hung up the phone from talking with a buyer in the UK on Wednesday, I saw this article posted on line at Florida Realtors®. It’s all about the timing!

“Property prices are currently low in Florida, making it the best time to buy in years, but could soon be on the rise. “Now is the time to buy in Florida. We’re starting to see the beginning of the shift from a buyer’s to a seller’s market,” says Dr. John Tuccillo, chief economist for Florida Realtors®. “Sales numbers and home prices have both been rising, and we expect the trend to continue as more international buyers take note of the opportunities here, and the market’s recovery gains traction. There are some real residential bargains to be found for British buyers.” For United Kingdom buyers, bargain prices look even better thanks to the best dollar-pound exchange rate in six months.

“Florida appeals to international buyers for its subtropical weather, beaches and attractions, but many of these buyers also see investment potential, particularly within the rental market. Some would-be landlords enter the market even when they don’t plan to vacation in their house, seeking out Florida property that already has tenants. Florida sales to international buyers accounted for over a quarter of all U.S. international property market sales last year, according to the National Association of Realtors®, and Florida’s popularity is still rising among international investors. Florida Realtors recent research revealed buyers from Canada, Brazil and Venezuela are now joining British buyers in taking advantage of Florida’s property bargains.

“Florida Realtors research finds that the median price for a single-family Florida home is £91,000, with Orlando the most popular destination for Brits. In Orlando a 4-bedroom home with private pool and garden can be snapped up for around £125,000 – 75% of a similar-sized home in the U.K. “Buyers who have been waiting on the sidelines should see this as a sign to jump in before the market escapes them again,” says Florida Realtors® President Summer Greene, regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale. “We understand this is a big step, so to help international buyers understand Florida’s potential, we’ve put together a few tips and tricks for Brits looking to buy.”

“Tips and facts on buying Florida property:
• Visit www.fl.living.net to contact a Realtor in Florida and get more information.
• Florida’s property purchase system is different than the U.K.’s and can be confusing. Appropriate professional guidance is essential.
• There are no restrictions on foreign purchases of U.S. real estate, and international buyers can apply for conventional mortgage financing.
• When calculating how to buy a Florida home, include escrow fees and closing costs – part of the purchase costs – in calculations.
• Do your homework and consult several currency exchange companies in the U.S. for the best exchange rate, which can save thousands.
• If you choose to rent the property, note that Florida is one of the few U.S. states with no state income tax.
• Understand the homeowner taxes and U.S. tax process, which can be complex and may involve payments to at least four different levels of government: local, regional, state and federal. A Realtor can help explain this.
• U.K./U.S. visa regulations allow international visitors to stay up to three months at one time without getting an alternative visa. Arrange passports, visa and residency status before travelling to the U.S.

“Representatives from Florida Realtors, including Chief Economist Dr. John Tuccillo, spoke at the Property Investor Show in London yesterday and today at the ExCeL London Exhibition and Convention Centre.”

Shell Money Is Fragile

The October issue of “Junonia” which is the newsletter of The Sanibel-Captiva Shell Club has an interesting article about preserving shells. It advises that proper housing and storage of these collections are as important as those of paper notes, coins, tokens and metals, and other currency. “Shells, from either a fresh water or marine environment, are essentially calcium carbonate…” which is “sensitive to acids. Shells stored in an acidic environment such as a cardboard box or plywood cabinet can develop what conservators refer to as “Byne’s Disease”. Shells with Byne’s Disease are covered in a white efflorescence resembling salt…These salts crystallize on, and through, the shell’s outer surfacing causing irreversible damage. Shells that exhibit Byne’s Disease will, if not removed from their corrosive storage environment, eventually disintegrate…Higher temperature and higher relative humidity will speed up this reaction. Avoid storing shells in wooden cabinets or cardboard boxes. Storage materials recommended for shell collections are similar to those recommended for storage of other numismatic materials. These include: archival quality acid and lignin-free boxes and tissue; and safe plastics such as polyethylene, polypropylene, polyester and polystyrene. Powder-coated steel is the material museums have preferred for safe shelving and cabinetry for many years….”

Sanibel & Captiva Multiples Listing Service Activity October 5-12

Sanibel
CONDOS
2 new listings: Kimball Lodge 2/2.5 $425K, Kings Crown #313 2/2 $625K.
No price changes, new or closed sales.

HOMES
6 new listings: 945 Main St 3/3 $499K (short sale); 2166 Egret Cir 3/2 $527,555; 9446 Yucca Ct 3/2 $545K; 1225 Junonia St 3/2 $849K; 6123 Starling Way 3/2.5 $1.089M; 1660 Bunting Ln 4/3.5 $1.099M.
3 price changes: 5650 SanCap Rd 2/2 now $685K, 4949 Joewood Dr 5/5 now $2.685M, 5071 Joewood Dr 4/4.5 now $3.99M.
No new sales.
4 closed sales: 2991 Singing Wind 3/2 $347K (our buyer), 1753 Bunting Ln 3/2 $458.9K, 1121 Skiff Pl 3/2 $527.5K, 476 Las Tiendas Ln 3/2 $500K (short sale).

LOTS
No new listings or price changes.
1 new sale: Bay Dr listed for $299.9K.
No closed sales.

Captiva
CONDOS
2 new listings: Ventura Captiva #2A 2/2 $699K, Sunset Captiva #101 2/2 $869K.
No price changes, new or closed sales.

HOMES
1 new listing: 11513 Wightman Ln 5/5 $1.895M.
1 new price: 17061 Captiva Dr 4/3.5 now $1.75M.
No new or closed sales.

LOTS
Nothing to report.

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