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.

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.

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.

October is a Favorite Month on Sanibel & Captiva Islands

Posted on October 5, 2012 by SanibelSusan

It’s another beautiful Friday on Sanibel Island and a good week for The SanibelSusan Team. Several listings had positive showings. Our listing at Colony Resort and our new listing in Sanibel Lake Estates both went under contract, while our new listing in Gumbo Limbo was filmed this week and will be on Realtor Caravan next Thursday. We fielded more inquiry calls this week too – all signs of fall and up-north temperatures changing. We hope that the Columbus Day visitors on Monday will bring business too. Rumor has it that the nightly accommodations are well booked for the long weekend.

Here are a few island and real estate news items followed by an activity report from the Sanibel and Captiva Islands Multiple Listing Service.

Shell Harbor Entrance Dredging

Starting Monday, October 8, the City of Sanibel will begin dredging the entrance channel to the Shell Harbor canal system. The channel will remain open for use during dredging, but there may be short periods when boat traffic will be stopped. The work will take a few weeks to complete. The “before” photos below were taken today. So in a few weeks, the “after” pictures also will be posted.

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Shore Haven Moves to Sanibel’s Historical Village

Wednesday morning, after late evening/early morning delays thanks to summer showers, one of Sanibel’s early landmarks, Shore Haven, was moved to its new permanent home at the Sanibel Historical Museum and Village on Dunlop Road. Shore Haven is an early 20th century Sears & Roebuck kit home that arrived on Sanibel by barge in 1924. The 2-bedroom 2-bath home on Bird Lane was recently donated to the museum and is the eighth historic building to be moved from its original site to the village. It takes its place among the original Rutland House, the Sanibel Packing Company, the Burnap Cottage, the Old Post Office, Miss Charlotta’s Tea Room, the Old Bailey General Store, Morning Glories Cottage and the Old School House. The photos shown below were taken as the house was arriving at the village on Wednesday.

Energy Costs

As a certified Eco-Broker®, I am always looking for more ways to share info about the environment and conservation. Here are some tips paraphrased from an article I read this week posted by the National Association of Realtors®. It said that some folks may be looking for energy savings in all the wrong places. Their energy bills are going up even though they think their energy use is going down. Energy is the only product we buy on a daily basis where we have no idea how much we pay for it. Some wonder why we are using more energy now. One of the reasons is that we simply have more items plugged in than we did a few years ago – chargers for electronics, iPads, and Xboxes are just some of the things that are energy hogs. Plasma TVs, for example, use as much energy as a refrigerator. They are becoming more efficient, but if you had the old square CRT-type TV and replaced it with flat-screen plasma, you instantly were paying your utility company more than you did before.

People buy an Energy-Star refrigerator, but then put their old one in the garage as a beer or cold drink fridge. The article used as an example a person in the process of selling their home. They were no longer living in the property and the HVAC was turned off, but the house had an old refrigerator inside and a freezer plugged in on the back porch. The utility bill was $50 a month with the lights and the heat off. By unplugging the fridge and freezer, the bill was cut in half.

Some also think that if they are saving in one way, they can use more of something else. People say “I bought these CFLs (compact long-lasting fluorescent light bulbs), so now I can leave the lights on and not pay more.” Or, “I bought a high-efficiency washer and dryer because I want to do more laundry without paying more.” There is this disconnect because most of us have no idea how our homes really work, so we do not know how to make the biggest impact. That often is why consumers run out and replace their windows first, when that should probably be fifth or sixth on the list of energy-efficient improvements to make, and they totally ignore effective activities like caulking and sealing that cost far less.

The aesthetic draw of new windows is really strong. Consumers also can talk themselves into it because they think it will improve resale value. But more than that, if you put your hand up to a window, even an energy-efficient window, you can feel that it is hot or cold, so people just assume that is where the biggest problem is. But for the average homeowner, new windows are not always the best use of their home improvement dollar. Every situation is different, but other projects usually cost far less and offer a faster return on the investment. $12K spent on windows could save 7% to 15% on an energy bill, according to Department of Energy data. But spending around $1K for new insulation, caulking, and sealing may save 20% on the energy bill.

Trulia & Zillow Less Effective Than Realtors®

As one who cringes when a caller asks about inaccurate information posted on Trulia or Zillow, I was happy to read the below article posted today on Florida Realtors®. Even if you do not read the article, please know that the Sanibel & Captiva Islands Multiple Listing Service does not sell their data to third parties like Trulia and Zillow, which means that they get their data from other sources and that it often is not representative of the true market. It is no wonder that we sometimes get inquiries about properties that sold months, if not years, ago.

“The WAV Group, an independent real estate industry research analyst, studied 33 zip codes in 11 U.S. markets to analyze the accuracy of website listing services. According to the study funded by Redfin, online listing services such as Trulia and Zillow didn’t have the same accuracy as broker-owned websites, in large part because licensed agents have direct access to a local Multiple Listing Service (MLS). According to the WAV Group release, “local real estate brokerage websites give consumers the most complete, accurate and timely information about homes for sale.” The study evaluated sites from three local real estate brokerages that help consumers buy and sell homes. It compared those brokerage’s listing search results to two national portals, Trulia and Zillow.

“In the markets analyzed, the study concluded:
• Local real estate brokerage sites display 100% of agent-listed homes for sale compared to about 80% on the national sites.
• Local real estate brokerage sites show newly listed homes for sale seven to nine days earlier than national portals.
• Local real estate brokerage sites almost never show a home listing as active after it has been sold; about 36% of listings that appear as active on national portals are no longer for sale.
• The WAV Group, a national consultancy specializing in real estate technology, conducted the study. Independent analysts verified the study data, record by record.”

“Redfin, a technology-powered broker with more than $5 billion in home sales, sponsored the study. Listing data from the websites of Long & Foster, one of the largest independent real estate brokerages in the U.S. and Windermere, the largest regional real estate brokerage in the Western U.S., was also included in the study. “We analyzed … more than 6,000 listings in 33 zip codes in 11 markets (and compared) the data on various websites against 14 local Multiple Listing Services,” says WAV Group CEO Victor Lund. “The findings are clear: real estate brokerage websites showed by far the most homes for sale, recognized which homes were no longer for sale, and displayed new listings much earlier.”

“According to WAV Group, the brokers’ advantage comes from direct access to local real estate databases. Only real estate brokers are members of a local MLS. In contrast, national portals usually rely on real estate agents or brokers to re-post MLS listings, or the portals aggregate data from real estate information syndicators. Since syndicators wait until an agent updates a listing, the full results can be inaccurate. With a broker’s MLS-based service, most listings are updated in real time, typically every 15 to 30 minutes. According to the study, it took a median of nine days for a listing to appear on Trulia or Zillow after it appeared on a real estate broker’s website. Homes, once sold, also appeared to be active listings for a while on Trulia and Zillow.

“Markets included in the study: Boston, Chicago, Denver, Los Angeles, Philadelphia, Phoenix, Portland, San Diego, San Francisco, Seattle and Washington, D.C.”

Sanibel & Captiva Islands Multiple Listing Service Activity September 28-October 5

Sanibel
CONDOS
2 new listings: Coquina Beach #5C 2/2 $358.9K, High Tide #A102 3/2.5 $1.369M.
4 price changes: Colonnades #9 1/1 now $129K, Sanibel Arms West #K3 2/2 now $375K (short sale), Sundial #J108 2/2 now $490K, Heron at The Sanctuary #1B 3/2.5 now $589.9K.
1 new sale: Colonnades #47 1/1 listed for $130K (our listing).
3 closed sales: Sundial #Q201 2/2 $445K, Heron at The Sanctuary #2B 3/3.5 $584.5K, Pointe Santo #C43 3/2 $750K (our buyer).

1521 Wilton Lane – JUST LISTED

HOMES
6 new listings: 1521 Wilton Ln 3/2 $499K (our listing), 9307 Dimmick Dr 2/2 $559K, 9459 Begonia Ct 3/4 $720K, 1183 Kittiwake Cir 4/3 $769.9K, 743 Sand Dollar Dr 3/2 $950K, 4340 West Gulf Dr 5/3.5 $2.5M.
6 price changes: 1948 Roseate Ln 2/2 now $382.5K, 220 Palm Lake Dr 2/3 now $495.5K, 1366 Sand Castle Rd 3/2.5 now $679K, 1207 Par View Dr 3/2 now $759K, 1555 San Carlos Dr 2/2.5 now $975K, 1765 Venus Dr 3/3 now $1.15M.
4 new sales: 1978 Roseate Ln 3/2 listed for $449K (our listing), 471 Las Tiendas Ln 3/2 listed for $549K, 1263 Par View Dr 5/2.5 listed for $629K, 848 Limpet Dr 3/2.5 listed for $1,199,999.
5 closed sales: 1211 Periwinkle Way 3/2 $320K; 2134 Egret Cir 3/2 half-duplex $349K; 1086 Sand Castle Rd 3/2 $490K; 494 Surf Sound Ct 5/2.5 $786,093K; 999 East Gulf Dr #103 4/3 (Plantation Village) $1.1M.

LOTS
1 new listing: 2356 Wulfert Rd $189K.
No price changes or new sales.
2 closed sales: 2630 West Gulf Dr $80K (short sale), Gulf Pines Dr #260K.

Captiva
CONDOS
1 new listing: Captiva Hide-A-Way #1C 2/2 $589K.
1 price change: Bayside Villas #5134 1/2 now $267.9K.
No new sales.
2 closed sales: Bayside Villas #5228 1/2 $270K, Beach Villas #2433 2/2 $635K.

HOMES
Nothing to report.

LOTS
2 new listings: 16970 Captiva Dr $2.995M, 16980 Captiva Dr $2.995M.
No price changes, new or closed sales.

Getting Ready for “Season” on Sanibel & Captiva Islands

Posted on September 28, 2012 by SanibelSusan

Pool at our new listing at 1978 Roseate Lane in Sanibel Lake Estates

Now that the calendar has officially turned to fall, more Sanibel and Captiva Island events are being scheduled and more new businesses are in the news. Here is a sampling, followed by the activity reported this week in the Sanibel/Captiva Multiple Listing Service.

Realtor Caravan & Monthly Membership Meeting

Yesterday, the Sanibel & Captiva Islands Association of Realtors® monthly membership meeting was well attended. Speakers Roy Gibson and Scott Fulton from Sanibel’s Department of Planning and Code Enforcement updated members on the progress of the City’s current Evaluation and Appraisal Report of The Sanibel Plan. They reminded us that when The Sanibel Plan began in 1976, the number of allowable dwelling units of Sanibel was established at 7,800. That number was amended and increased to 9,000 in 1989, where it remains today, with “build-out” near.

For those interested in reading the plan, which is the basis for Sanibel’s Land Development Code, it is a living document and periodically reviewed and updated, here is a link www.mysanibel.com/content/download/539/3306

Upcoming Events

4th Annual 10K Race for FISH – As the main fundraiser for island non-profit FISH (Friends in Service Here), more than 400 runners are expected to participate on Saturday October 13 when the race begins at 7:30 a.m. at the Sanibel Community House.

4th Annual Sanibel-Captiva Cracker Festival – At The Bait Box at 6 p.m., Friday, November 2, this event includes an evening of dining & dancing (Danny Morgan & The Apple Butter Bank), plus live auction and raffles. The Cracker Fest celebrates Florida’s cultural heritage and laid-back atmosphere while raising awareness and financial support for Sanibel-Captiva Chapter of Solutions To Avoid Red Tide, Inc. (START) whose mission is to support educational, scientific, and marine habitat, species preservation/restoration, and promotion of healthy beaches and waterways.

First-Ever Coast-to-Coast Expedition Challenge – As part of the Calusa Blueway Paddling Festival, departure of racers begins at 2 p.m. Sunday November 4 on the Sanibel Causeway. This 240-mile self-sustaining human-powered race featuring small non-motorized sailboats and paddle craft will snake from Sanibel though the Everglades to end on the following Sunday, November 11 in Miami. The route commemorates the discovery of Florida and follows the route of Ponce de Leon’s fleet in 1513.

For the Foodies

Zebra Frozen Yogurt – In Bailey’s Shopping Center in a space recently occupied by KOR Island Provisions, and prior to that Sanibel Beauty Shop, this proposed new business will occupy a 1,435 sq. ft. commercial unit in the center and will have 20 indoor seats as well as carry out. It also will be eligible for some bonus outdoor seating. Their goal is to open for Sanibel’s early December Luminary Trail, but because it involves on-site food preparation, conditional use review and approval is required by the Sanibel Planning Commission.

Doughnut Shop Hearing – An application for a new doughnut, coffee and sandwich restaurant with 40 seats will go before the Sanibel Planning Commission on Tuesday, October 9. Previously a real estate office, the owner of the parcel at 1020 Periwinkle Way, east of The Lazy Flamingo, wants to convert the existing commercial building to a fast food restaurant.

Update on The Dunes Piping Replacement Project

The first phase of the 2-phase Dunes water main replacement project is completed. Thanks to dry ground from mid-April through mid-June, Island Water Association reports that Phase 1 of the project (from the clubhouse north and west), finished two months ahead of schedule. Rather than delaying more work until the off-season and since the first phase was completed early, Phase 2 now is underway, including the southern portion of Sand Castle Road. It should be done by the end of the year.

A Little More on Island Water & Conservation

Island Water also recently reported that Sanibel rainfall this year has been right on average, or about 30″ during the first eight months of the year, with 19.51″ of rain from June through August. Even so, there has been a big water demand even during the summer rainy season, especially during the early morning hours from property irrigation systems.

Did you know that sprinkler systems are required to have rain sensors installed? And working properly? When the islands occasionally experience storm-related electrical outages, these sprinkler systems rely on batteries to keep their day/time correct. Please check your system to ensure that it is operating correctly and that sprinkler zones are set to run for periods shorter than 30 minutes. Everyone needs to do their part to conserve our water! We locals go “grrrrr” whenever we see sprinklers going full blast in the middle of a summer shower. I often see them during just my short drive to and from home and office.

Sanibel Community Chorus

As one of the original members of the BIG ARTS Sanibel Community Chorus, SanibelSusan always is fired up each fall when we start singing again. The group meets at BIG ARTS on Tuesday evenings from October through April and has grown from just a handful of singers in the early 90’s to 85+voices strong during high season. No auditions are required and new members are always welcomed. The Chorus already is scheduled to perform on Sanibel at BaileyFest (October 21), the Thanksgiving Celebration at The Community House (November 18), the Art Fair at The Community House (November 24), a Sanibel Bike Club Meeting (December 3), and both Sanibel and Captiva Luminary nights (December 7 and 8, respectively). The Community Chorus Holiday Concert will be at 7 p.m. on Thursday, December 6 at BIG ARTS Schein Performance Hall, followed by a holiday break until early January when the spring series begins.

Recent Wildlife Rediscoveries on Sanibel

SCCF’s (Sanibel-Captiva Conservation Foundation) October newsletter arrived yesterday. It was interesting to read about two animals reappearing on the island.

Eastern glass lizard (Photo credit: Sophro)

One is an eastern glass lizard, previously documented only once on Sanibel in 1959. Glass lizards are legless lizards resembling snakes, because they do not have any limbs. An injured one that was brought to CROW (Clinic for the Rehabilitation of Wildlife) in July did not make it, but it was the first of its species documented here in the last 53 years.

A couple of weeks later, another species reappeared up at the Sanctuary Golf Course. It was a hatchling Florida mud turtle. The last of those was seen on Sanibel in 1978. In mid-August, a second hatchling showed up on the golf course. SCCF reports that “there still are seven more species of amphibian or reptile (four frogs, three snakes) that were historically present on Sanibel that have not been seen in over 10 years.” It sounds like they are on the look-out for them though.

New Bike Path

Those out and about on the island this week probably noticed a new stretch of bike path being constructed on Bailey Road from Periwinkle to Bayview Drive. The path is part of Sanibel’s off-season capital improvement projects to widen, extend, repair and resurface many bike paths throughout the city.

Sanibel & Captiva Islands Multiple Listing Service Activity September 21-28

Sanibel
CONDOS
2 new listings: Sanibel Siesta #210 2/2 $429K, Lighthouse Point #215 2/2 $629.5K.
5 price changes: Blind Pass #D205 2/2 now #315K (short sale), Cottage Colony West #101 1/1 now $450K (short sale), White Caps South #5 1/1 now $499K, Bougainvillea #4 3/3 now $999K, Golden Beach #2 3/2.5 now $1.395M.
3 new sales: Colonnades #9 1/1 listed for $147.9K, Sundial #C201 1/1 listed for $259K (short sale), Sundial #Q201 2/2 listed for $495K.
1 closed sale: Compass Point #143 3/2 $970K.

HOMES
4 new listings: 247 Daniel Dr 3/2.5 $799K, 228 Violet Dr 3/3 $1.395M, 1826 Woodring Rd 3/2 $1.98M, 4204 Dingman Dr 5/4.5 $1.995M.
3 price change: 967 Beach Rd 2/2 half-duplex now $550K, 1297 Par View Dr 3/2 now $769.5K, 780 Birdie View Pt 5/4.5 now $1.749M.
2 new sales: 445 East Gulf Dr 3/2 listed for $609K, 760 Birdie View Pt 4/3.5 listed for $769K (short sale).
No closed sales.

LOTS
1 new listing: Bay Dr $299.9K.
1 price change: 1450 Tahiti Dr now $239,555.
No new or closed sales.

Captiva
CONDOS
1 new listing: Sunset Beach Villas #2328 2/2 $649K.
No price changes or new sales.
1 closed sale: Tennis Villas #3120 1/1 $202.5K.

HOMES
Nothing to report.

LOTS
Nothing to report.

The Last Day of Summer & Real Estate News from Sanibel & Captiva Islands

Posted on September 21, 2012 by SanibelSusan

It was pretty quiet again this week on Sanibel and Captiva Islands, but a few more new listings came on the market. Lisa and Dave from the SanibelSusan Team were out showing property this morning. The good news is that island inventory is being depleted faster than it is being restored.

With the first day of fall being tomorrow, we are looking forward to more activity on the islands soon. Local weather reports, however, are that Southwest Florida probably won’t experience cooler weather for about another three weeks, when evening temperatures should drop into the low 60’s.

Below is a picture I snapped yesterday of a group of ibis snacking in the grassy area next to our parking lot.

Next Thursday morning is our Sanibel & Captiva Islands Association of Realtors® monthly membership meeting with speaker, Roy Gibson, from the City of Sanibel Planning Department. After that meeting, the SanibelSusan Team will be holding our new listing on Roseate Lane open for previewing Realtors®.

Below are some real estate-related news items, followed by the activity reported in the Sanibel & Captiva Islands Multiple Listing Service since last Friday.

Florida’s Housing Market Continues Positive Trend in August

“Florida’s housing market had more closed sales, more pending sales, higher median prices and a reduced inventory of homes for sale in August, according to the latest housing data released by Florida Realtors®.

““Florida’s housing marketing continues its momentum,” said 2012 Florida Realtors President Summer Greene, regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale. “Buyers who have been waiting on the sidelines should see this as a sign to jump in before the market escapes them again. Sellers who have been hesitant to sell should put their homes on the market now. Chances are they will entertain multiple offers and be able to take advantage of historically low interest rates to buy their next home. Now our biggest challenge will be appraisals keeping up with the pace of this market.”

“Statewide closed sales of existing single-family homes totaled 18,669 in August, up 10.8% 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 40.2% over the previous August. The statewide median sales price for single-family existing homes in August was $147,000, up 5.8% from a year ago….

“Looking at Florida’s year-to-year comparison for sales of townhomes/condos, a total of 8,767 units sold statewide last month, up 5.7% from those sold in August 2011. The statewide median for townhome-condo properties was $102,980, up 13.2% over the previous year. NAR reported the national median existing condo price in July 2012 was $180,700.

“Last month, the inventory for single-family homes in August stood at a 5.3-months’ supply; inventory for townhome-condo properties was also at a 5.3-months’ supply, according to Florida Realtors. Industry analysts note that a 5.5-months’ supply represents a market balanced between buyers and sellers.

““Florida’s housing market is still reviving,” said Florida Realtors Chief Economist Dr. John Tuccillo. “Everything that should be going up is going up, and everything that should be going down is going down. After the six years of turmoil that we had, it’s good to see the trends strongly moving in the right direction. We’re hurting for inventory, but it’s possible that the improving conditions will lure more sellers into the market and mitigate the housing inventory crunch.”

“The interest rate for a 30-year fixed-rate mortgage averaged 3.60% in August 2012, lower than the 4.27% averaged during the same month a year earlier, according to Freddie Mac….”

How Market Improvement Relates to Sanibel & Captiva Islands

Although Sanibel and Captiva comprise a small portion of the state inventory mentioned in the article above, here is how they stack up.

Sanibel & Captiva

Condos Homes

# Average Price # Average Price

For Sale 211 643,089 219 1,693,444

Under Contract 13 510,931 28 974,698

Sold 2012 to-date 156 623,046 160 913,987

Sold 2011 135 629,361 149 987,302

Sold 2010 114 582,555 107 821,903

As the above statistics show, prices have not rebounded yet, but the number of sales has increased significantly, pushing inventory down. At the current rate of sales, there are less than 11 months of condo inventory and less than 10 months of home inventory. Good news for sellers as we head into last quarter and first quarter, which typically are our best selling months on the islands.

City of Sanibel Cuts Property Taxes

As follow-up to the news posted last week about Sanibel’s property taxes, the “Island Sun” reported the following this week: “With a nip here and a tuck there, the Sanibel City Council on Tuesday produced a svelte final budget that calls for a reduced millage rate –
albeit a small one – and further savings for island taxpayers. As called for at the previous budget session, City Manager Judie Zimomra presented items that could be trimmed totaling $224,500. Council opted for most of them, reaping a savings of $199,500.

“The goal had been to trim $162,000 to reduce the 2.1389 working millage to 2.1. The cuts included refining two road projects to save $67,500 and postponing improvements to MacKenzie Hall ($32,000) and installing a system to video stream council meetings ($35,000). Council also chose to delay $400,000 in improvements the Center4Life, instead using $90,000 already budgeted for architect fees to do necessary repairs and maintenance, including fixing a leak that’s coming up through the floor. In all, the cost-cutting amounts to approximately $508,000.

“However, the city has to subtract nearly $91,000 for costs incurred from Tropical Storm Isaac, which will not receive state or federal reimbursement. That leaves net $350,000 to add to the ending fund balance. The owner of a home valued at $527,000 – the island average – will pay taxes of $1,106, down from the $1,127 the working millage would have cost. That doesn’t include taxes for voted debt such as the Sanibel Recreation Center and land acquisition. The focus for some time has been on reducing expenses and paying down debt, as the city sees lower income due to property values that fell almost 2% this year. Operating expenditures are projected to be $26.552 million, down 21% from last year, when expenses totaled $33,445,376. The budget includes a “sinking fund” for the five-year-old recreation center to retire the bonds, use for future operating costs and maintenance using a funds balance of about $1 million. The plan is to make $216,219 in annual contributions beginning in 2014. Council voted to allocate $440,000 to the sinking fund, representing two years’ contributions, keep some as a balance and pay down rec center debt. The center’s operating costs are projected at $2.088 million next year.”

Four Big Design Turn-Offs of Home Buyers

A recent article by Melissa Tracey in “Home Trends, Room Makeovers” at “AOL Real Estate” is right on-point with some of the complaints we have heard from buyers.

“Certain dated design features in a home can really make some home buyers cringe. Could your listing have one of them? A recent article at AOL Real Estate spotlights a few pet peeves of home buyers when touring homes today. Among the items making their list:

“1. Popcorn ceilings: The speckled ceilings can attract dirt and be impossible to paint. Plus, if the home was built prior to 1980, the ceiling may contain asbestos and need to be tested by an inspector. Fix it: Unfortunately, there’s no quick fix for removing popcorn ceilings; it can get messy. It’ll have to be scraped off and the ceiling then will need to be repaired. Plus, you’ll want to have it tested for asbestos before scraping. Home owners will likely want to consider hiring a professional to do this.

“2. Carpeting everywhere: Many home buyers today have a fondness for hardwoods over wall-to-wall carpeting. Carpeting can show spots and dirt, which can serve as a quick turn-off to potential buyers who prefer the more polished look of hardwoods. Fix it: Have the carpet professionally cleaned if your seller can’t afford to swap out the carpet for hardwoods. Make sure the carpet is spot-free and looking new. If sellers are willing to spend some money, they might consider installing hardwoods on just the first floor or in just the dining room (pre-finished laminate can cost less). This allows the home to be marketed as having hardwoods, which could possibly draw in more potential buyers who won’t consider a home without.

“3. Brass fixtures: Shiny brass fixtures are viewed as out-of-date by most people’s standards nowadays. More on trend is satin-nickel or oil-rubbed bronze finishes. Fix it: Big-box retailers offer plenty of affordable lighting options nowadays to make this an easier, more budget friendly do-it-yourself project with big impact.

“4. Vanity lighting strips: The Hollywood-style strip with a line of bulbs of rounded lights hanging over your bathroom mirrors can also quickly date a home. Fix it: Find a lighting fixture that has shades for each bulb in a finish that matches your faucet. It’ll make the bathroom look more contemporary.”

Florida AAA-Rated

The following came from an e-newsletter received this week from Jeff Atwater, Chief Financial Officer, State of Florida:

“Last week, the Office of Economic and Demographic Research (EDR) released its revenue projections for the next fiscal year. Florida’s economists predict a $71.3 million surplus next year even without the $1 billion we currently have in reserves. We are fortunate to have a budget surplus because of Florida’s fiscal discipline over the last few years. These projections are the best our state has seen since the recession hit Florida in 2006, creating the first budget surplus in five years.

“We have made the necessary choices to provide for a prosperous future, just as every Florida family must do during challenging economic times. Gov. Rick Scott and state legislators have kept spending under control and maintained low taxes, thereby preserving Florida’s AAA credit rating – one of only nine AAA-rated states in the country – and saving taxpayers millions of dollars. Last year, Florida was also able to reduce its debt by $500 million. If we remain committed to a fiscally responsible path, we can keep more money in the pockets of Floridians and help improve our opportunities for economic success.”

Sanibel & Captiva Multiple Listing Service Activity September 14-21

Sanibel
CONDOS
5 new listings: Sundial #G407 1/1 $389K, Sanibel Moorings #341 2/2 $435K, Sanibel Arms West #L8 2/2 $479K, Blind Pass #E206 2/2.5 $498.5K, Sunset South #3B 2/2 $675K.
3 price change: Lake Palms #2 2/2.5 now $259K, Seashells #15 2/2 now $379K (short sale), Sanctuary Golf Villages I #6-3 3/3 now $740K.
No new sales.
2 closed sales: Sundial #C206 1/1 $244.9K, Heron at The Sanctuary #3B 2/2.5 $575K.

HOMES
4 new listings: 6457 Pine Ave 3/2 $429K, 1978 Roseate Ln 3/2 $449K (our listing), 471 Las Tiendas 4/2 $549K, 9203 Dimmick Dr 4/2 $749K.
4 price changes: 2621 San-Cap Rd 3/2 now $250K, 688 Cardium St 5/4 now $399.9K, 1610 Sabal Sands Rd 3/2 now $479.9K, 1263 Par View Dr 5/2.5 now $629K.
4 new sales: 799 Casa Ybel Rd 4/3 duplex listed for $399K, 9440 Begonia Ct 3/2 listed for $499.9K, 1121 Skiff Pl 3/2 listed for $589K, 1188 Harbour Cottage Ct 3/3 listed for $629K.
2 closed sales: 613 Sea Oats Dr 2/2 $342.5K, 2130 Sunset Cir 3/2 $451K.

LOTS
1 new listing: 3005 Turtle Gait Ln $289K.
No price changes or new sales.
2 closed sales: 545 Rabbit Rd $176K (our listing), 2251 Starfish Ln $261.9K.

Captiva
CONDOS
1 new listing: Tennis Villas #3131 2/2 #420K.
No price changes.
1 new sale: Beach Villas #2433 2/2 listed for $698.5K.
No closed sales.

HOMES
Nothing to report.

LOTS
Nothing to report.

Sanibel & Captiva Islands Mid-September Real Estate Update

Posted on September 14, 2012 by SanibelSusan

At the Fulgur Street beach access looking east 09-14-12

It has been another fairly quiet week on the islands, but plenty of pre-season work is evident everywhere.

New elevator at Sanibel Siesta 09-14-12

I heard the first reports yesterday of business picking up with winter vacation rentals. That activity usually means temperatures are dropping up north and folks are starting to plan their winter getaways.

At the Fulgar St beach access looking west over a turtle nesting area 09-14-12

At the Fulgur St beach access looking west over a turtle nesting area 09-14-12

The first snow bird returned on my street this week too. Those who homestead most likely will be back early, to vote.

Just a handful of sales and new listings were announced at our Realtor Caravan Meeting yesterday, but attendance was up – another indicator that “season” is just around the corner. Elise’s report below the MLS activity this week. Lisa and Dave were out previewing new inventory yesterday and I am working on the class I will be teaching at the Association Office next week on the Resort and 2nd-Home Market as part of the Sanibel & Captiva Islands Specialist Designation. Quite a few Realtors®, including some well-experienced ones, are signed up so I am digging deep. Should be fun!

Another Sign That Home Prices Have Hit Bottom

This article from “Daily Real Estate News” this week was sourced to “The Wall Street Journal”: “Economists are increasingly confident that home prices have bottomed out.

“For the last three years, home prices have usually risen in the spring and summer to only then lose all of those increases—plus more—in the fall and winter months. However, economists expect this year to be different and do not foresee such a big drop to occur to home prices in the colder months ahead, The Wall Street Journal reports. While the fall months likely will bring out some sort of decrease in recent home price increases, “we have a much better supply and demand dynamic” than in previous years, Mark Fleming, CoreLogic’s chief economist, told The Wall Street Journal. Home prices have posted some of their largest year-over-year jumps compared to the last six years.

“According to CoreLogic, home prices have risen 9.6% from February, which was the month prices reached their lowest levels since the housing slowdown. Economists say it’s unlikely that, given recent indicators, home prices will reverse course steeply and fall 9.6% or even more in the coming months. Home prices haven’t dropped by that type of percentage since the economy was in a recession.”

Americans Keep Feeling Better About Housing

An article posted on Florida Realtors® on Tuesday says: “Consumer sentiment regarding the housing market continues its modestly positive trend, according to Fannie Mae’s August 2012 National Housing Survey.

“Americans maintained a cautious but improving outlook on the housing market and homeownership. In August, more people said it’s a good time to sell, and more expect housing prices to rise over the next year. However, Fannie Mae says stalling household financial expectations and declining economic optimism likely mean the housing market recovery rate will remain tempered. “Consumer attitudes toward the housing market remain modestly positive, despite signs of increased concern over the direction of the economy,” says Doug Duncan, senior vice president and chief economist of Fannie Mae.

“Survey respondents expect home prices to increase 1.6% in the next year, on average, down slightly from the high of 2.0% in June. The number of respondents who expect home prices to decline totaled 11% – the lowest level since the survey began in June 2010. Eighteen percent say it’s a good time to sell, marking the highest level since the survey’s inception. Regarding mortgage rates, 40% expect a rise in the next 12 months, an increase of 4% points over July.

“Meanwhile, the survey showed increasing consumer pessimism about the direction of the overall economy. The number of respondents who believe the economy is headed in the wrong direction ticked up 2% points to 60%, the third consecutive rise and the highest reading since January. Those who expect their financial situation to worsen dipped to 13%, while those expecting their situation to remain the same increased modestly to 41%.”

Upcoming Island Events

Sept 15 – Tomorrow is the 27th Annual Coastal Cleanup “Keep Lee County Beautiful”. Be at the SCCF (Sanibel-Captiva Conservation Foundation) Nature Center at 3333 Sanibel-Captiva Road at 9 a.m. to participate.

Oct 3 – Bailey-Matthews Shell Museum’s 3rd Annual Celebrity Island Dinner at Trader’s Cafe & Store.

Oct 6 – Annual Blue Ribbon Golf Classic fundraiser for The Sanibel School at The Sanctuary Golf Club. The Sanibel School has earned the Blue Ribbon Designation, as well as an “A” rating, for the past 11 years.

Oct 13 – FISH (Friends in Service of Sanibel) have announced open registration for the 4th annual 10K Race 4 FISH to take place on Saturday, October 13. The event is a major fundraiser for FISH with more than 400 runners are expected this year. www.fishofsanibel.com/fish-10k

Oct 15-Dec 1 – BIG ARTS World of Fashion Exhibit www.BIGARTS.org

Sanibel City Budget

Last Saturday, Sanibel City Council worked at a special session to further reduce a budget that is almost $10M less than last year’s and about $19M less than was actually spent. City taxes account for about 16% of a property owner’s total tax bill.

A few highlights of the tentative budget according to the “Island Sun” include:

· “Proposed millage of 2.1398 is 53% less than the rolled-back rate.
· “City salaries remain flat for the 5th consecutive year.
· “Full-time employees reduced from 142 in 2007 to 114 in FY13.”

2012 TRIM Notices

Today is the last day to appeal Lee County 2012 tax assessments. They are available on-line at www.leepa.org.

Sanibel and Captiva Multiple Listing Service Activity September 7-14

Sanibel
CONDOS
4 new listings: Island Beach Club #P1E 2/2 $649K, Coquina Beach #2E 2/2 $675K, Sandpiper Beach #404 2/2 $695K, Pointe Santo #B25 2/2 $785K.

The Colony Resort aka Colonnades

1 price change: Colonnades #47 1/1 now $130K (our listing).

Pointe Santo C43 view

4 new sales: Blind Pass #B102 2/2 listed for $359K, Sanibel Arms West #K3 2/2 listed for $399K, Loggerhead Cay #232 2/2 listed for $498.7K, Pointe Santo #C43 3/2 listed for $949K (our buyer).

1 closed sale: Sundial #G107 1/1 $215K.

HOMES
1 new listing: 3344 Twin Lakes Ln 3/2 $629,977.
6 price changes: 1121 Skiff Pl 3/2 now $589K; 445 East Gulf Dr 3/2 now $609K; 2540 Coconut Dr 4/3.5 now $772K; 6001 Clam Bayou Ln 3/2 now $875K; 848 Limpet Dr 3/2.5 now $1,199,999; 2899 Wulfert Rd 4/4/2 now $2.898M.
5 new sales: 1647 Sand Castle Rd 3/2.5 half-duplex listed for $325K, 1000 Greenwood Ct 3/2.5 half-duplex listed for $347.5K, 1211 Periwinkle Way 3/2 listed for $349.9K, 1753 Bunting Ln 3/2 listed for $479.8K, 3825 West Gulf Dr 3/2 listed for $2.35M.
3 closed sales: 731 Nerita St 3/2 $475K, 1232 Isabel Dr 3/3 $1.85M, 615 Lighthouse Way 3/4.5 $2.1M.

LOTS
1 new listing: 3761 Coquina Dr $350K.
No price changes, new or closed sales.

Captiva
CONDOS
Nothing to report.

HOMES
No new listings.
1 price change: 17201 Captiva Dr 4/5.5 now $4.1M.
1 new sale: 11516 Andy Rosse Ln 5/5 listed for $1.999M.
1 closed sale: 53 Sandpiper Ct 2/2.5 $590K.

LOTS
Nothing to report.

A Summer-Like September On Sanibel & Captiva Islands

Posted on September 7, 2012 by SanibelSusan

It has been another quiet week on the islands – good weather but not many visitors and vacationers. Our local bird life is having fun though.

East End Happenings

Below is a photo taken as I was heading to work one morning. This Norfolk pine near the end of Anchor Drive is also very close to an osprey nest that I also check out every morning. I haven’t seen any activity in the nest for a few weeks.

Surprisingly on this tall tall tree, I saw a white ibis alight near the very top, followed by three juveniles. Appeared to be a mama taking her young ones on a flying lesson.

The young ibis have brown feathers, while the adult looked more like the photo to the left.

Two babies landed near mama on the top, while the third was a few branches below. I have seen a similar family several times in the last few days snacking in my yard. Made me wonder if they are the same birds.

West End Happenings

Here is another snapshot I captured this week. If you remember me remarking in an earlier post, after Tropical Storm Debbie passed us by earlier this summer, that a huge tree at the West Wind Inn was uprooted in that storm, here is what that spot looks like now. The tree could not be saved, but in its place the West Wind added this charming tropical garden. It will be fun to watch it grow and develop – it’s already beautiful.

If you haven’t dined at The Normandie Seaside Pub at The West Wind, it’s open to the public when there’s room. It’s a local favorite for breakfast and lunch, also open for dinner.

Florida’s Amendment 4

Several passers-by have asked about the posters that we have in our office windows saying “Vote Yes on Amendment 4”. Here’s a write-up about Amendment 4 from the September issue of “FloridaRealtors®” magazine.

“If passed this proposed constitutional amendment on the November ballot would create Florida jobs, grown Florida’s GDP and increase the personal income of Floridians, according to an independent economic and fiscal analysis by Florida TaxWatch.

“Amendment 4, which would take effect on January 1, 2013, proposes:

an additional homestead exemption for first-time Florida home-buyers;
reduction in the non-homestead maximum annual assessed value increase cap from the current 10% (on nonschool levies) to a new level of 5% and an extension of non-homestead assessed value caps through the 2022 tax year (which also does not apply to school levies); and
provision of legislative authority to eliminate the Save Our Homes “Recapture Rule”.

“Florida TaxWatch estimates that the passage of Amendment 4 would result in the creation of 19,483 private nonfarm jobs over the 10-year period of the analysis (2013-2022), an increase in Florida GDP by approximately $1.1 billion and an increase in personal income by more than $5.3 billion.

“The analysis also estimates that between 319,861 and 383,810 additional homes sales would occur due to the effects of Amendment 4 during the 10-year period following its passage and implementation.”

Vegetation Reminders

Island property owners recently received a mailing with a variety of informational pamphlets for homeowners. Here are a few highlights from the flier about vegetation.

Native plants are protected by law on Sanibel. If you want to remove or move a native tree or shrub, a vegetation permit is required.
A vegetation permit is ALWAYS required prior to trimming mangroves and trimming the beach dune.
The City requires all landscape contractors, or persons hired to plant, transplant, prune, trim, or remove plants, to have a Vegetation Competency Card. Those who apply fertilizer must also have a Vegetation Endorsement.
For new or substantially improved properties, at least 75% of the vegetation in each plant category – trees, shrubs, and groundcover – must be native. This ratio of native plants to exotics is to be maintained in perpetuity.
To allow native plants to develop to maturity and provide food and shelter for wildlife, the City requires that pruning be limited to 25% of the leaf area in any one year.
The Brazilian Pepper Eradication Program is nearing completion. Removal of pepper from ALL residential and commercial properties is now MANADATORY.
In addition to pepper, the City encourages, and in some cases requires, the removal of seven additional exotic plants: air potato, earleaf acacia, exotic inkberry, melaleuca, Java plum, lead tree, and mother-in-law’s tongue.
Application of fertilizers containing nitrogen and phosphorus is prohibited from July 1 to September 30.

More info at www.mysanibel.com and www.sanibelh2omatters.com/fertilizer/

Sanibel Beach Parking Permits

Beach parking permits expire on November 30, 2012. Renew your permit at the Sanibel Recreation Center, 3880 Sanibel-Captiva Rd, beginning October 15. A valid vehicle registration for each vehicle and a valid state-issued identification or driver’s license are required. The Rec Center is open Mondays thru Thursdays 6:30 a.m. to 8 p.m.; Fridays 6:30 a.m. to 6:30 p.m.; Saturdays 8 a.m. to 5 p.m.; and Sundays noon to 5 p.m.

Sanibel Center 4 Life

Located at 2401 Library Way, “Sanibel Fit 4 Life”, is also part of the Sanibel Recreation Department and offers a variety of courses, group outings, fitness classes, and book/game/food fun. They are open Mondays thru Fridays 8 a.m. to 3:30 p.m. (May thru October) and until 5 p.m. (November through April).

Will the Presidential Election Affect Real Estate?

A posting in “Daily Real Estate News” on Wednesday, sourced “The Washington Post” August 30, saying:

“The next president of the United States — whether Democratic incumbent Barack Obama or Republican challenger Mitt Romney — could have a big influence over the recovery taking shape in the real estate market, according to political pundits. “The next president, whoever it turns out to be, is going to have a couple of big housing issues to address,” Barry Zigas, director of housing policy at the Consumer Federation of America, told The Washington Post. For example, “What is the government’s role in housing finance, and will consumers have access to mortgages at affordable rates?”

“Neither candidate so far has outlined a specific proposal for the housing market or mortgage lending. However, if re-elected, President Obama is expected to continue adding to his existing programs, such as in foreclosure relief, loan modifications, and by expanding refinancing options for home owners. He is also expected to continue to push for new housing finance rules under the Dodd-Frank Act, The Washington Post reports. If elected, Romney is expected to repeal Dodd-Frank. He also would likely replace it with regulations that would make it easier for the private sector to be a stronger player in the mortgage market, The Washington Post reports.

“Housing analysts say that the next president will likely have a big influence over the mortgage market, such as determining how much of the real estate market could continue to be subsidized by the federal government. “The decision will have a huge influence on the housing market and the price of real estate, both for the lower end of the market that competes with affordable rental housing and the higher end that has lagged, partly because of lower limits for the size of mortgages that can be purchased and resold by Fannie and Freddie,” The Washington Post reports.

“Also, the next president will also have to decide whether to ease up lending standards to make it easier for more people to qualify for a loan and the amount of down payment needed to buy a home.”

Patients at CROW

I am always amazed to read the variety of animals that are treated at Sanibel’s CROW (Clinic for the Rehabilitation of Wildlife). There are 138 patients at the Clinic pending release now. Here’s the list: 1 Anhinga, 3 Eastern Cottontails, 12 Mourning Doves, 2 Mottled Ducks, 1 Common Grackle, 1 Common Ground Dove, 1 Herring Gull, 9 Virginia Opossum, 1 Osprey, 3 Great Horned Owls, 6 Brown Pelicans, 28 Northern Raccoons, 66 Eastern Gray Squirrels, 1 Atlantic Ridley Sea Turtle, 1 Eastern Box Turtle, and 2 Eastern Mud Turtles. If you haven’t visited the new CROW facility, be sure to do it. It is facinating!

“Ding” Darling Days Coming Up

Yesterday, I ran into Birgie Vertesch, Executive Director of the “Ding” Darling Wildlife Society. In talking about the upcoming 2012 “Ding” Darling Days, October 14-20, she reminded a local family that the first day of this now annual celebration, Sunday, October 14, is a FREE Family Fun Day. If you know a family on Sanibel that day, please be sure to tell them about this event for all ages. Schedule of events on http://www.dingdarlingsociety.org/ddd-events

Sanibel and Captiva Multiples Listing Service Activity August 31-September 7

Sanibel
CONDOS
4 new listings: Sundial #F105 1/1 $295K, Sundial #G401 2/2 $495K, Sundial #E308 2/2 $835K, High Tide #A101 2/2 $1.35M.
3 price changes: Pointe Santo #C4 1/1 now $489.9K, Sundial #L202 2/2 now $625K, Shell Island Beach Club #5D 2/2 now $889K.
1 new sale: Sundial #H306 2/2 listed for $549K.
2 closed sales: Sundial #C206 1/1 $244.9K, Sandpiper Beach #105 2/2 $560K.

HOMES
2 new listings: 0 Tarpon Bay Rd 3/2 $599K, 1188 Harbour Cottage Ct 3/3 $629K.
2 price changes: 3002 Poinciana Cir 3/2 now $359K, 569 Lighthouse Way 3/3 now $890K.
3 new sales : 293 Palm Lake 3/2 listed for $430K; 660/664 Periwinkle Way 4/2/2 duplex listed for $575,999; 760 Birdie View Pt 4/3.5 listed for $849K.
2 closed sales: 1702 Sand Pebble Way 3/2.5 $385K, 2228 Starfish Ln 3/2.5 $1.1M.

LOTS
3 new listings: 1340 Eagle Run Dr $279K, 255 Hurricane Ln $339K, 1028 Bayview Dr $1.795M.
No price changes or new sales.
1 closed sale: 925 Whelk Dr $739K.

Captiva
CONDOS
1 new listing: Beach Homes #11 3/3 $2.28M.
2 price changes: Tennis Villas #3110 1/1 now $275K, Tennis Villas #3139 2/2 now $405K.
No new or closed sales.

HOMES
Nothing to report.

LOTS
Nothing to report.

Sanibel & Captiva Real Estate Ready for Labor Day Buyers

Posted on August 31, 2012 by SanibelSusan

Yes, we are all breathing a sigh of relief on Sanibel and Captiva Islands. Our “for sale” signs which were removed in advance of Tropical Storm Issac now are back into position, most properties have had their pool and porch furniture moved back out, and we are all looking forward to typical Florida summer weather this weekend – bright blue skies, big white popcorn clouds, and maybe a quick afternoon shower just before a spectacular sunset.

Hopefully the island will be busy over the holiday weekend. I heard today that most of the island nightly rental units are booked.

SanibelSusan Realty will be open right through the weekend, including on Monday, hoping to catch some Labor Day business.

Tropical Storm Isaac Will Cost Owners Less

Though I am not aware of any local damage from Tropical Storm Isaac, I thought this article posted today on-line on Florida Realtors® interesting. “Most Florida insurance policies switch gears when damage is inflicted by a hurricane rather than other problems. However, the definition of a hurricane is outlined in Florida law. Since Tropical Storm Isaac was not declared a hurricane until Tuesday, Aug 28, at 11:20 a.m., property insurance policies should not use the unique hurricane standards against any homeowner who puts in a claim for storm damages. In most cases that means homeowners will pay a smaller deductible; in some cases, it’s a much lower deductible. Kevin McCarty, commissioner of the Florida Office of Insurance Regulation, sent a memo to insurers on Aug. 30. He reminded them that the law defines windstorm damage as “wind, wind gusts, hail, rain, tornadoes, or cyclones caused by or resulting from a hurricane which results in direct physical loss or damage to property.” For most Florida homeowners – except possibly for those in the western Panhandle – Tropical Storm Isaac damage occurred before the storm became an official hurricane. “For these property losses, all insurers must apply the deductible that is unrelated to hurricane, generally referred to as the ‘all other perils deductible’ or ‘other than hurricane deductible,” McCarty said in a memorandum. “An insurer that fails to apply the appropriate deductible is subject to administrative action.””

Thursday Island Realtor Caravan Meeting

Though the Sanibel and Captiva Islands Association of Realtors® had their bi-weekly Caravan Meeting yesterday, there were neither any new listings announced nor any open for viewing. This is definitely not the way we like this time of the year. Rather, this is the time of the year when we expect to see new listings.

It appears that the upcoming election has affected seller confidence, though I think that we will see good real estate action over the next few weeks. There already is evidence of long-time fence-sitters recognizing that the market is turning.

School Shell Collection Kits

Now that most schools are back in session, you might mention to those in your area, that the Sanibel Shell Museum offers a collection of seashells with an accompanying teacher’s guide for schools, children’s museums, and similar educational organizations. The Shell Collection Kit is designed to be part of classroom curricula for grades 4 through 8.

The kits which include shells and accompanying videos are available for purchase at the Museum website. More than 2,000 schools and museums in the U.S., American Samoa, Australia, the Bahamas, Canada, Ecuador, France, Germany, Great Britain, Greece, Honduras, the Marshall Islands, Norway, Russia, South Africa, Spain, and Switzerland already have received kits.

Mariner Pointe New Seawall

Those driving on and off island this summer have watched the renovation project work at Mariner Pointe condominiums including replacing the nearly 900′ seawall along the bay, as well as the wooden boardwalk along the top.

According to Dave Wahl, the property manager, the nearly $1/2-million project also included an additional rip-rap barrier, native plant landscaping, irrigation, and external lighting along the boardwalk. The seawall which originally was constructed in the early 70’s had been scheduled for replacement in 2017, but was showing significant signs of wear and tear.

A client and now a happy Mariner Pointe owner, Dianne Reich, spearheaded the selection of the new plantings along the new 60′ boardwalk. They include sea lavender, beach sunflowers, golden creepers, muhly grass, Christmas berry, sea oats, beach verbena, and blanket flowers. It’s very attractive!

The walkway was constructed from treated Tandex boards and it has several bench seats. Perfect for manatee and dolphin viewing! Nice job, Dave, Dianne, and our other friends at Mariner Pointe. (As a former Mariner Pointe owner and resident, SanibelSusan always recommends this complex to boaters, fishermen, and other water-lovers.)

Annual Street Resurfacing

The City’s annual street resurfacing projects began nearly two weeks ago and will continue for another month. Some of the paving is done at night to minimize inconvenience. Every year, the City resurfaces selected roads based on a time schedule and existing condition. This year’s project involves 13 streets (East Periwinkle Way (Causeway Blvd to Kings Crown), Periwinkle Way (Cause Blvd to just east of Huxter’s), Periwinkle Way (just west of Casa Ybel to just west of Palm Ridge), Causeway Blvd, Lindgren Blvd, the 4-way stop, Tarpon Bay Rd, Purdy Ln, Roseate Ln, Ibis Ln, Baltusrol Ct, Troon Ct, and Wulfert Rd; plus Nerita St paving (currently unpaved); and several other small projects.

Temporary Membership Available at The Sanctuary Golf Community

In an e-mail received today from Sheryl Tatum, Director of Membership and Marketing at The Sanctuary Golf Club, she reminded Realtors of the Temporary Membership available at the club and advises that it is suitable for prospects staying there while they are looking for a home and would like golf/tennis/dining. Here are the details:

“Temporary Members have, for their limited one or two month membership, the same use of and access to the Club’s facilities as Equity Members, but without any voting or redemption rights or an Equity position in the Club, and cannot play in tournaments. The Temporary Membership duration is one month or two months and is not renewable. Temporary Members do not have any additional fees or food and beverage minimums. Cost is $5,000 for 1 month, $7,500 for 2 months. They also have Introductory, Equity, and Social Memberships available.”

Sanibel and Captiva Multiple Listing Service Activity August 24-31

Sanibel
CONDOS
1 new listing: Golden Beach #2 3/2.5 $1.495M.
3 price changes: Sundial #H107 1/1 now $354K, Pointe Santo #D35 2/2 now $669K, Pointe Santo #A21 2/2 now $795K.
1 new sale: Sundial #G207 1/1 listed for $239.9K.
2 closed sales: Sundial #E305 2/2 $795K, Compass Point #153 2/2 $1.05M.

HOMES
3 new lsitings: 1211 Periwinkle Way 3/2 $349.9K, 490/460 Old Trail Rd 3/2 $390K (short sale), 4207 Gulf Pines Dr 4/4.5 $1.1M.
2 price changes: 1536 Bunting Ln 3/2 now $433.5K, 413 Bella Vista Way 4/4 now $1.849M.
4 new sales: 531 Piedmont Rd 2/2 listed for $314.9K, 2991 Singing Winds 3/2 listed for $379.9K (our buyer), 1603 Sand Castle Rd 3/3 half-duplex listed for $435K, 615 Lighthouse Way 3/4.5 listed for $2.495M.
3 closed sales: 2102 Egret Cir 3/2 $300K, 940 S Yachtsman Dr 3/2.5 $465K, 1120 Junonia St 3/2 $612.5K.

LOTS
1 new listing: 1898 Woodring Rd $3.17M.
No price changes, new or closed sales.

Captiva

CONDOS
No new listings.
1 price change: Bayside Villas #5132 1/2 now $273.9K.
No new sales.
1 closed sale: Captiva Hide-A-Way #1B 2/2 $615K.

HOMES
Nothing to report.

LOTS
No new listings, price changes, or new sales.
1 closed sale: 13470 Palmflower Ln $650K.

HAPPY LABOR DAY!

Sanibel & Captiva Islands Real Estate – With All Eyes on Tropical Storm Isaac

Posted on August 24, 2012 by SanibelSusan

The SanibelSusan Team has been watching the weather channel entirely too much today; but better safe than sorry. As a precaution, Dave brought in all of our “For Sale” signs this morning. We don’t want them to become airborne.

We all got our 2012 hurricane re-entry passes in June, but it seems some did not plan ahead. The City/Police Dept stayed open until 8 p.m. last night to accommodate those folks getting them at the last minute.

With all eyes on how Isaac moves after it crosses Cuba, our plan is to be open unless it looks unsafe. Being on the easterly side of a hurricane path is not the best from a wind and storm surge standpoint, so we naturally hope it either veers way out into the gulf or dissipates.

Dave and I did some business on Sanibel’s west end earlier in the week. He snapped these pictures near the dredging area of Blind Pass. The beach sure looked terrific. Let’s hope that Isaac doesn’t bring back the sand that just got moved offshore.

Real Estate Action This Week

We had no real estate caravan meeting yesterday, but there was a little island sales action as posted below. Last week, we had multiple offers on our Rabbit Road lot listing that went under contract. That definitely was a surprise, but fun! It has been a long time since that has happened.

Elise took a class at the Association of Realtors® office yesterday, called “iPads, iPhones, & Tablets”. Now she’s sharing her new knowledge with the rest of us. Our Association also has a new website that went on-line this week, www.SanibelRealtors.com.

Buyers Want a Bargain? Here’s Their Chance!

For home buyers who are looking for a chance to buy low, they may not want to drag their feet too much longer according to an article posted Tuesday in the “Daily Real Estate News”:

““Home prices have probably bottomed in most markets,” David Crowe, chief economist at the National Association of Home Builders, said in an NBC News-hosted Web chat with online visitors last week. “Mortgage rates are not likely to go down much further and will eventually rise as the economy recovers. Home builders are hungry and while you will still have to pay a fair price, you may not get a better bargain than now before all the rest of the demand comes back.” However, the best bargains will largely depend on where you’re at, Crowe says. “House prices are rising in some markets, notably Texas… In a few markets that were severely damaged by the recent Great Recession, prices may continue downward for another six to ten months,” Crowe says. Crowe says one hurdle that may slow the recovery is the inability for some home buyers to still not be able to qualify for financing due to banks’ tightened underwriting conditions in the last few years….”

Comparing this article to the Sanibel and Captiva market, I think it is safe to say that the tide is changing here too. Here are the latest inventory statistics with the number of sales “up” in all categories.

# # Sold # Sold # Sold # Sold

For Sale Year-to-Date in 2011 in 2010 in 2009

Sanibel condos 161 132 142 120 87

Sanibel homes 186 150 179 124 144

Sanibel lots 83 30 19 21 11

Sanibel Subtotal 430 312 340 265 242

Captiva condos 47 31 24 25 22

Captiva homes 41 25 22 10 16

Captiva lots 4 4 1 2 3

Captiva Subtotal 92 60 47 37 41

Total Both Islands 522 372 387 302 283

“Rescue Me” Partnership

This week tree trimmers were working along Periwinkle Way, removing some of the vegetation growing over the power lines. That was timely, wonder if they knew in advance that Isaac was thinking about Florida.

This trimming made it particularly timely, when I saw this internet posting: “CROW (Clinic for the Rehabilitation of Wildlife) is working with the City of Sanibel, Lee County Electric Coop (LCEC) and Asplundh Tree service in an effort to protect our nesting birds. This huge undertaking requires a team of volunteers who can help identify which trees have nests and mark those trees in advance to alert the tree service crews. If an active nest is displaced or babies have fallen, the Asplundh Tree Service crew will place the nests and/or babies in “Rescue Me” boxes created by our local Boy& Girl Scouts, mark the location where the babies were found and then deliver them to CROW for short-term rehabilitative care and release back at the original nest site.”

Below are a few Sanibel bird photos. The baby red-shouldered hawk picture came from CROW while the others are from a Facebook acquaintenance who visited the island for many years and is willing to share his pictures. Thank you, Joe Santucci.

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27th Annual Coastal Cleanup September 15

SCCF (Sanibel-Captiva Conservation Foundation) is inviting everyone to participate in an international volunteer effort to rid our coastlines and waterways of marine litter, pollution, and debris. As many as 400,000 volunteers worldwide will be removing 6.8 million pounds plus of coastal trash that can hurt local economies, injure and kill marine wildlife, and choke the ocean environment. SCCF’s partner in the Ocean Conservancy’s 27th Annual Coastal Cleanup is Keep Lee County Beautiful. Participation is easy. Bring your friends and family to SCCF at 3333 San-Cap Road between 9-12 a.m. on Saturday, September 15 to check in and pick up your Coastal Cleanup Data cards and trash bags. Return your data sheets, deposit your trash in the SCCF dumpster, and have lunch or snacks on the Nature Center porch between 10 and 12 a.m. Call SSCF at 239-472-2329 with questions, to pick your “cleanup” spot early, or get data cards ahead of time.

Top 8 College Towns for Investors

I had two clients tell me this week that they are looking at buying investment real estate in their college towns. Again another timely article was posted Wednesday on “Daily Real Estate News”. It says:

“Investors increasingly are eyeing college towns to snag properties at discounts and turn them into rental properties that could potentially offer steady cash flow with student tenants. But which college towns offer some of the best returns? Realtor.com recently released its second annual list of the best college towns for investors, factoring in average monthly rental prices and comparing it to estimated mortgage payments of a median priced home. The following are the top eight college towns for investors, according to this year’s report.

1. Boston, median list price: $334,900, average rent: $3,084, mortgage payment estimate: $1,240

2. Princeton NJ, median list price: $265,000, average rent: $2,056, mortgage payment estimate: $980

3. Chicago, median list price: $194,000, average rent: $1,630, mortgage payment estimate: $720

4. Washington DC, median list price: $395,000, average rent: $2,637, mortgage payment estimate: $1,460

5. Houston, median list price: $183,000, average rent: $1,134, mortgage payment estimate: $680

6. Philadelphia, median list price: $234,900, average rent: $1,475, mortgage payment estimate: $870

7. Atlanta, median list price: $174,900, average rent: $1,187, mortgage payment estimate: $650

8. Pittsburgh, median list price: $140,000, average rent: $1,122, mortgage payment estimate: $520″

Price Your House To Sell Quickly

I have shared articles on this subject before, but thought this one particularly well written. It was posted by Dian Hymer with Inman News on Monday. Dian is a real estate broker with more than 30 years’ experience, a nationally-syndicated real estate columnist and author of “House Hunting: The Take-Along Workbook for Home Buyers” and “Starting Out, The Complete Home Buyer’s Guide.”

“If home lacks features of recent comps, it’s time to subtract value – A 1st-quarter survey of homebuyers and sellers done by HomeGain.com, a real estate services website, revealed that 76% of homeowners believe their home is worth more than the list price recommended by their real estate agent. Homebuyers usually have a better grasp of current market value in the area where they’re looking to buy than do sellers who own and live there. Buyers look at a lot of new listings. They make offers, know what sells quickly and for how much, and what doesn’t and why. HomeGain reported that homebuyers still think sellers are overpricing their homes.

“Your home is worth what a buyer will pay for it given current market conditions. This may not be the same as your opinion of what your home will sell for, or what you hope it’s worth. Relying on emotion rather than logic when selecting a list price can lead to disappointing results…. Listings that sell today are priced right for the market. Buyers need to feel comfortable that they are getting a good deal. Buyers won’t overpay if they feel home prices are still declining, and in some areas of the country, they still are. In areas of strong sales, buyers may shy away from multiple-offer situations if they feel the recovery is fragile and that prices may slide further before stabilizing. Even in areas where home sales have been strong in the first half of 2012, local practitioners wonder how long the uptick will last.

“HOUSE HUNTING TIP: When selecting a list price, it helps to understand how real estate agents and appraisers establish an expected selling price or price range for your home. They research the recent listing inventory for homes similar to yours that sold. The most recent sales give the best indication of the direction of the market. They analyze these comparable sales giving more value to your home for attributes that it has that the comparables don’t, like a remodeled kitchen. Value is subtracted from your home for features it lacks when compared to the sold comparables, like an easily accessible, level backyard.

“It’s difficult for sellers to step back and take an attitude of detached interest in their home. But it’s essential to do so if you want to sell successfully in this market…. If the comparable sale information suggests that the value of homes like yours is declining, select a list price that undercuts the competition to drive buyers — and hopefully offers — to your home. You can take a more aggressive stance on pricing if the comparables show that prices are moving up.

“If there is high demand for homes like yours, you may receive more than one offer. But don’t list too high. It’s better to stay in the range shown by the comparables and expose the house to the market before accepting offers. The market will drive the price up if it’s warranted.

“THE CLOSING: Don’t rely on rumors circulating in the neighborhood about how high a home sold. Prices tend to get inflated when passed from one person to another. Select your list price based on hard facts.”

Sanibel & Captiva Multiple Listing Service Activity August 17-24

Sanibel
CONDOS
No new listings.
3 price changes: Blind Pass #E102 2/2 now $395K, Blind Pass #B102 2/2 now $359K, Loggerhead Cay #232 2/2 now $539K.
1 new sale: Compass Point #143 3/2 listed for $1.049M.
1 closed sale: Captains Walk #F7 2/1.5 $205K.

HOMES
1 new listing: 3825 West Gulf Dr 3/2 $2.35M.
2 price changes: 1536 Bunting Ln 3/2 now $433.5K, 5841 Pine Tree Dr 3/2 now $489.9K.
2 new sales: 750 Nerita St 3/2 listed for $499K, 494 Surf Sound Ct 5/2.5 listed for $899,555.
2 closed sales: 2210 Camino Del Mar 3/2 $512.5K, 1043 Sand Castle Rd 3/2 $535K.

LOTS
No new listings.
1 price change: 133 Butterknife Pl now $324.9K.
1 new sale: 545 Rabbit Rd listed for $179K (our listing).
1 closed sale: 4771 Rue Helene $345K.

Captiva
CONDOS
No new listings, price changes, or new sales.
2 closed sales: Captiva Shores #1B 3/2.5 $1M, Captiva Bay Villas #D 3/3.5 $2.5M.

HOMES
1 new listing: 1114 Schefflera 4/3 $1.795M.
No price changes or new sales.
1 closed sale: 11407 Old Lodge Ln $950K.

LOTS
No new listings, price changes, or new sales.
1 closed sale: 11401 Old Lodge Ln $2.5M.

Mid-August Real Estate Scoop About Sanibel & Captiva Islands

Posted on August 17, 2012 by SanibelSusan

It’s the end of another week of wonderful weather on Sanibel. Here are a few news items, followed by the real estate activity posted this week in the Sanibel & Captiva Islands Multiple Listing Service.

Did You Know?

Here’s another terrific reason to be on Sanibel Island. These statistics really put things in perspective. The summer issue of the Sanibel Historical Museum and Village newsletter “Sanibel’s Village Voice” says: “Sanibel (17.5 sq. mi.) and Manhattan (22.96 sq. mi.) are close to the same size, yet Sanibel’s population is 6,469 and Manhattan’s is about 1.6 million.”

In other news about the Museum, coming soon to the Village are Shore Haven, a Sears kit home, and its caretaker cottage. They are hoping to welcome them to the Village in September.

Sanibel & Captiva Islands Association of Realtors® Continuing Education

Our local association of Realtors®-sponsored 14-hour continuing education class was this week. Since my license renewal is next winter, this off-season event was a great time to get these education requirements out-of-the-way early.

On Tues morning at o’dark-thirty, 17 of us boarded a Captiva Cruises vessel with Kristie Anders, Education Director of the Sanibel-Captiva Conservation Foundation (SCCF). In addition to getting a terrific boat ride around Captiva, North Captiva, and up/down Roosevelt Channel, Kristie updated us on recent island development from an environmental standpoint, building code changes, mangrove trimming, and preservation issues. As a daily commuter by boat from her home on North Captiva to Sanibel, Kristie has a keen eye for manatees and dolphins, so she spotted several for us to enjoy along the way.

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That morning education session wrapped up at Island Water with a tour of their facility, a presentation on the state of the reverse-osmosis plant, its history, water sources, statistics on how much water islanders use today, how to better conserve, and their plans for the future.

One of the first signs from J.N. “Ding” Darling Wildlife Refuge. As the story goes, Ding himself was seen nailing one of these to a tree in the Refuge.

The afternoon session presented again by Kristie but at SCCF’s Education Center included statistics from the local Visitor and Convention bureau about current sources of county and island visitors, their vacation preferences, and time of year/length of stays. She also gave us her presentation “The City That Almost Wasn’t” which is a new one offered periodically at SCCF and describing how Sanibel came to be. (I post SCCF’s schedule each month on my website and blog, so check them out if you would like to attend this presentation too. It’s definitely a winner!)

2-day Loggerhead turtle with cord still attached where it connected to egg sac

To answer some questions from the floor, Kristie brought in local SCCF animal expert, Dee Serage Century who brought us up-to-day on the travels of the Sanibel Bear, a coyote family that now resides on Sanibel, the new female crocodile, and other tales of island wildlife coexisting with humans.

The last black indigo snake on Sanibel (per SCCF). Species is endangered in Florida.

We also received a tour of the live turtle exhibits, an up-close-and-personal visit with Sanibel’s only black indigo snake which is a protected species, and a chance to photograph a 2-day-old baby Loggerhead turtle. It is amazing how these tiny hatchlings, make it into the gulf, and survive to grow into such huge creatures.

Mangrove diamond-backed turtles

Kristie also updated Realtors® on state and local water quality issues, ongoing projects at the Marine Lab, and SCCF’s current land preservation projects. SCCF offers a free one-year membership to any new island property owner. Local Realtors® help SCCF in facilitating them.

The 2nd day of class covered Negotiations and Core Law. Though these are not usually fun subjects, our instructor, Mel King from the Royal Institute of Real Estate in Fort Myers, made it more enjoyable by including several case studies particularly suited to our island market and today’s real estate challenges. I think he was impressed that island Realtors® demonstrated strong business practices and ethics. (A true plus from working on a small barrier island!)

4 Strong Reasons to Buy a Home Now

An article posted this week in the “Daily Real Estate News” says:

“It’s hard to argue against buying a house now, assuming you can get a loan,” writes John Waggoner, a columnist with USA Today. Sure, Waggoner says that getting a credit check for approval of a mortgage can be a “only slightly less intrusive than a CIA background check,” but for those who are able to qualify, a lot of analysts say that now can be a good time to purchase a home.

1. The price is right. The median single-family home price hit its lowest in more than a decade when it reached $154,600 in January, according to the National Association of REALTORS®. That was the lowest since October 2001. During the height of the housing market in July 2006, the median home price for a single-family home was $230,900.

2. It’s cheaper to buy than rent. In nearly every major metro market, it is cheaper to buy a home than rent. Rents have been on the rise the last few years and are predicted to continue to rise. Meanwhile, home affordability is at record highs, which means that buying a home is more within reach to the median income family.

3. Inventories of for-sale homes are shrinking. Ned Davis Research estimates that excess inventories of homes to be eliminated by the end of next year. “When excess supply dries up, people start building more new houses, which has the virtuous effect of reducing the unemployment rate and increasing the economy generally,” according to the USA Today article.

4. Mortgage rates are at record lows. Mortgage rates have hovered near record lows for weeks which have helped push housing affordability higher. For example, the average 30-year fixed-rate mortgage, which is the most popular among home buyers, is 3.59%, according to Freddie Mac—just above its record low set on July 26 of 3.49% average. “It’s conceivable that at some point in the next 30 years, your interest rate would be less than the rate of inflation,” writes Waggoner for USA Today.”

Sanibel Summer Dining

Last week, I mentioned a couple of new island restaurants. Today I noticed the first announcements of Sanibel restaurants closing for their annual vacations and pre-season spruce-ups. Trader’s Cafe & Store will be closing for seven weeks after dinner tomorrow (reopening Oct 3).

The Over Easy Cafe will be closed from Sept 10-20. Still plenty of time to in fit a few meals at The Over Easy before they take their break. Dog lovers particularly like the outdoor seating at The Over Easy where pets are welcome. Today I spotted an adorable Maltese enjoying the patio.

Sanibel & Captiva Islands Multiple Listing Service Activity August 10-17

Sanibel
CONDOS
4 new listings: Casa Blanca #6 1/1 $274.9K, Sanibel Moorings #1042 2/2 $449K, Sundial #G201 2/2 $539K (foreclosure), Sundial #L202 2/2 $695K.
6 price changes: Ibis at The Sanctuary #A202 2/2 now $348.9K, Sundial #J103 1/1 now $397K, Sundial #I203 1/1 now $439K, Cottage Colony West #101 1/1 now $498K, Island Beach Club #220B 2/2 now $529K, Shell Island Beach Club #5B 2/2 now $744K.
No new sales.
2 closed sales: Sand Pointe #212 2/2 $602K, Beachcomber #A101 2/2 $1.175M.

HOMES
1 new listing: 1824 Woodring Rd 4/4 $1.175M.
2 price changes: 1001 Lindgren Blvd 3/2 now $634K, 6009 Clam Bayou Ln 4/3 now $877K.
4 new sales: 2134 Egret Cir 3/2 half-duplex listed for $369K, 613 Sea Oats Dr 2/2 listed for $375K, 963 Kings Crown Dr 3/3 listed for $795K, Plantation Village #103 4/3 listed for $1.29M.

1 closed sale: 3229 Twin Lakes Ln 2/2 $435K.

LOTS
No new listings, price changes, or new sales.
1 closed sale: 2299 Starfish Ln $303.5K.

Captiva
CONDOS
3 new listings: Bayside Villas #5144 1/2 $339.5K, Beach Villas #2433 $698.5K, Sunset Beach Villas #2238 3/3 $850K.
No price changes.
2 new sales: Tennis Villas #3120 1/1 listed for $215K, Bayside Villas #5228 1/2 listed for $299K.
No closed sales.

HOMES
Nothing to report.

LOTS
Nothing to report.

Sanibel Real Estate Inventory

3.8% Tax: What’s True, What’s Not

Stone Crab Season Is Here

Florida Realtors® Supports the Following Amendments

Island Events

A New Boom by 2015?

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

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Fall Weather Comes to Sanibel & Captiva Islands

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

Oktoberfest & 2nd Sunday BBQ Bash

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

Shell Money Is Fragile

Sanibel & Captiva Multiples Listing Service Activity October 5-12

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Realtor Caravan & Monthly Membership Meeting

Upcoming Events

For the Foodies

Update on The Dunes Piping Replacement Project

A Little More on Island Water & Conservation

Sanibel Community Chorus

Recent Wildlife Rediscoveries on Sanibel

New Bike Path

Sanibel & Captiva Islands Multiple Listing Service Activity September 21-28

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Florida’s Housing Market Continues Positive Trend in August

How Market Improvement Relates to Sanibel & Captiva Islands

City of Sanibel Cuts Property Taxes

Four Big Design Turn-Offs of Home Buyers

Florida AAA-Rated

Sanibel & Captiva Multiple Listing Service Activity September 14-21

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Another Sign That Home Prices Have Hit Bottom

Americans Keep Feeling Better About Housing

Upcoming Island Events

Sanibel City Budget

2012 TRIM Notices

Sanibel and Captiva Multiple Listing Service Activity September 7-14

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East End Happenings

West End Happenings

Florida’s Amendment 4

Vegetation Reminders

Sanibel Beach Parking Permits

Will the Presidential Election Affect Real Estate?

Patients at CROW

“Ding” Darling Days Coming Up

Sanibel and Captiva Multiples Listing Service Activity August 31-September 7

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Tropical Storm Isaac Will Cost Owners Less

Thursday Island Realtor Caravan Meeting

School Shell Collection Kits

Mariner Pointe New Seawall

Annual Street Resurfacing

Temporary Membership Available at The Sanctuary Golf Community

Sanibel and Captiva Multiple Listing Service Activity August 24-31

HAPPY LABOR DAY!

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Did You Know?

Sanibel & Captiva Islands Association of Realtors® Continuing Education

4 Strong Reasons to Buy a Home Now

Sanibel Summer Dining

Sanibel & Captiva Islands Multiple Listing Service Activity August 10-17

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