Best Bay & Gulf Waters… Before a Quick Weekend Storm

It’s another happy Friday on Sanibel as Florida braces for a cool front that is expected to swoop through the state over the weekend. Though this afternoon is bright sunshiny and 80+degrees F, with gulf and bay waters the brilliant teal color so loved.  Winds are expected to pick up over night with a fast storm bringing heavy rain forecast to come through tomorrow morning. Hopefully the weathermen are correct in saying it will pass through Lee County quickly.

Gusty winds are expected to continue through Sunday, sometimes reaching 40 mph. Temperatures Saturday night could go down into the 40’s here, even colder inland. By Monday, it will probably be back into the 80’s.

That is the funny thing about Florida, it can be summer, fall, winter, and spring – all in the same day. We also look forward to moving the clocks ahead this weekend. It will be great to again have evening sunshine.

SanibelSusan Realty 

It was a week with another nice closing for us, with another scheduled early next week. We have a couple of new listings soon coming on the market, so preliminary work is underway with those.

At the local Association of Realtors® Thursday morning Caravan Meeting yesterday, there were no new listings open for viewing, no new listings announced, no price reductions, and no sales reported. There was, however, some activity posted this week in the island Multiple Listing Service. It is after a couple of news items below.

Community Seminar Series – Flood Insurance

The public is welcome to attend a Flood Insurance seminar at the Sanibel Community House, Tues March 29 from 5 to 7 p.m.

Guest speakers are David Arter, Private Client Insurance Services, and Chris Heidrick, Heidrick & Co. Insurance. They will provide info on recent flood insurance changes, NFIP (National Flood Insurance Program) update, and flood insurance facts, questions/answers.

The event also includes a vendor affiliate trade show with representatives from accounting, banking, design, mortgage, title companies, and more.

F.I.S.H. Bunny Basket Drive

This week, teammate Elise and I brought our goodies for the F.I.S.H. Bunny Basket Drive to the local Association of Realtors®.

The Realtors® Communications & Public Relations Committee is gathering donations to help make Easter baskets for families in need.

Donations are accepted at the Association Office until March 31.

Measuring America

Census data tells an interesting story about our increasingly multicultural country. Below are excepts from the “Measuring America” article in the Winter 2022 issue of “Realtor” magazine.

“Between 2010 and 2020, the nation added roughly 23 million people, a 7% gain, reaching above 331 million. The population grew by nearly 10% in the preceding decade.

“Over the last decade, the United States grew at its slowest rate since the 1930’s, and minorities made up almost all of that population growth. These shifts aren’t surprising. The 2020 census bears out what demographers have been predicting for years. Between 2010 and 2020, Asian Americans experienced the highest population gain (36%) followed by Hispanics (23%) and Black (6%) Americans. In contrast, the White population dropped by 9% from 2010, increasing the overall racial and ethic diversity of the country…

“What the Census Data Says About Homeownership – In addition to the decennial census, the U.S. Census Bureau each year conducts the American Community Survey, one of the most comprehensive sources of U.S. population and housing information.

“COVID-19 complicated the recent operations of the survey, leading the bureau to release a smaller set of products for 2020. The bureau does not recommend comparing the experimental estimates with standard ACS estimates from previous years. But here are some highlights from the November 2021 release:

  • 65% – percentage of U.S. homes that were owner occupied in 2020.
  • 75% – homeownership rate in Maine. It’s the highest rated in the country, followed by West Virginia (74%), Wyoming (74%), Minnesota (74%), and New Hampshire (73%).
  • 12% – percentage of U.S. homes that were vacant in 2020.
  • 88% – percentage of households with broadband internet connection. A reliable internet connection has become a truly important utility for most people. It’s now one of the main factors that people consider before moving to an area.
  • 42% – number of homes with more or more people 60 years or over.
  • 12% – percentage of the population that moved in 2020.”

Hometown Hero Housing Program

Below info from an email received last night from Florida Realtors 2022 President, Christina Pappas:

“As the annual legislative session inches closer to its end, I wanted to bring you some incredible news regarding a new homeownership program that was a core focus of our advocacy efforts this year.

“Although it won‘t be 100% official until the Senate and House pass the budget and the governor signs it, the Hometown Hero Housing Program (HHHP) is set to receive $100 million to provide new avenues of down payment and closing cost assistance for some of our most essential workers.

“The HHHP is a revolving loan program targeted at the people who form the foundation of our communities. Firefighters, nurses, teachers, law enforcement officers, EMT’s and other hometown heroes will soon be able to apply for zero-interest loans through this program to help with down payment and closing costs. Even better, when they well, rent or refinance their home, they pay back the loan and that money is now available to help the next hero buy their new home.

“This program was born through a collaborative effort between your leadership team and legislative leaders in both the Florida House and Florida Senate. By working in partnership with lawmakers, we were able to accelerate our efforts to provide relief to Floridians struggling to keep up with rapidly escalating home prices….”

Sanibel & Captiva Islands Multiple Listing Service Activity March 4-11, 2022

Sanibel

CONDOS

4 new listings: Sundial #I307 1/1 $595K, Breakers West #C1 2/2 $799K, Sundial #B206 2/2 $1.3M, Island Beach Club #P4E 2/2 $1.799M.

2 price changes: Sandalfoot #5A2 2/2 now $1.175M, Junonia #301 4/2 now $2.6M.

6 new sales: Mariner Pointe #323 2/2.5 listed at $649K, Sanibel Surfside #225 2/2 listed at $998K, Sundial #Q302 3/2 listed at $1.365M, Cyprina Beach #8 2/2.5 $1.595M, Kings Crown #117 2/2 listed at $1.65M, Compass Point #192 3/2 listed at $1.75M.

1 closed sale: Mariner Pointe #421 2/2.5 $700K.

HOMES

2 new listings: 244 Palm Lake Dr 3/2.5 $1.268M, 1543 San Carlos Bay Dr 4/4 $2.995M.

No price changes.

7 new sales: 4560 Brainard Bayou Rd 3/2 listed at $829K, 917 Pepper Tree Pl 4/3 listed at $1.399M, 247 Daniel Dr 3/2.5 listed at $1.425M, 1194 Sand Castle Rd 3/2.5 listed at $1.425M, 1174 Harbor Cottage Ct 3/3 half-duplex listed at $1.45M, 1560 Royal Poinciana Dr 3/2 listed at $1.525M, 5817 Sanibel-Captiva Rd 4/3 listed at $1.993M.

9 closed sales: 9472 Balsa Ct 2/2 $765K, 1948 Roseate Ln 2/2.5 $775K, 1251 Sand Castle Rd 4/3 $1.05M, 2620 West Gulf Dr 3/2 $1.3M, 1245 Par View Dr 3/2.5 $1.575M, 2030 Sunrise Cir 3/3 $1.6M, 3716 Coquina Dr 3/2 $1.601M (our buyer), 930 Kings Crown Dr 3/2 $1.85M, 3767 West Gulf Dr 4/4.5 $6.75M.

LOTS

No new listings or price changes.

3 new sales: 1836 Ardsley Way listed at $325,555; 2829 Wulfert Rd listed at $349K; 490 Sea Oats Dr listed at $699K.

1 closed sale: 6000 White Heron Ln $850K.

Captiva

CONDOS

1 new listing: Bayside Villas #4214 1/2 $605K.

No price changes.

1 new sale: Beach Villas #2633 2/2 listed at $1.399M.

2 closed sales: Bayside Villas #5210 1/2 $525K, Bayside Villas #5128 1/2 $590K.

HOMES

No new listings.

1 price change: 15261 Captiva Dr 4/4.5 now $10.989M.

No new sales.

1 closed sale: 11529 Andy Rosse Ln 4/4 $3.495M.

LOTS

Nothing to report.

This representation is based in part on data supplied by the Sanibel & Captiva Islands Association of Realtors® 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.

Until next Friday!

Susan Andrews, aka SanibelSusan

85th Annual Shell Show Friday on Sunny Sanibel

 

It’s another happy sunny Sanibel Friday.

The 85th Annual Shell Festival at The Community House was busy again today.

It is open again tomorrow (Sat) from 9 a.m. to 4 p.m. It features more than 60 exhibitors with specimen shells plus shell art, sculpture, mixed media, jewelry, and creative crafts.

 

SanibelSusan Realty Scoop

Here in the office, the team and I have tied up loose ends for upcoming closings, arranged for weekend showings, and again commiserated that we need more listings.

At the Thursday morning local Association of Realtors® Caravan meeting yesterday, there were no new listings announced, no price reductions, and no properties open for viewing. Under the category of “Buyer Wants”, which is when attendees may ask the audience for a property with specific criteria, the resounding answer again was “we need everything.” Buyers continue to be plentiful. Sellers are hard to find.

Next week, the team looks forward to another successful closing and we have our fingers crossed that we make more sales over the weekend. It’s not like buyers have many choices. As of this afternoon, on Sanibel our Multiple Listing Service (MLS) shows 15 condos, 12 homes, and 15 lots for sale. On Captiva, just four condos and seven homes.

Combating the Naysayers

With the world seemingly relying so much on the internet these days, I found the below excerpts from an article published in the Winter 2022 “Realtor” magazine, to be right on. The author is Realtor® Brian Copeland, founder and broker-owner of Doorbell Real Estate in Nashville, TN.

“A 2017 book by Tom Nichols, “The Death of Expertise”, explains how the digital revolution has helped foster a culture of skepticism. Today, everyone has their own truths, and thanks to the internet, we can find sources to back up those “truths,” no matter what they are.

“I’ve been thinking about our culture’s hostility to established knowledge as I fight to defend my own career and the careers of my colleagues, the nation’s 1.5 million Realtors®. I spent months studying to become a real estate agent. In the years since I’ve been able to apply that knowledge and the extensive real-life experience gained along the way to help people navigate a significant variety of complex and technical aspects associated with selling or buying a home.

“And yet frivolous lawsuits and ludicrous accusations swirl around the media from people trying to make a buck off blatantly misleading claims that real estate agents are no longer valuable in the internet-age. Of course, most people who have bought or sold a house remember having a real estate agent by their side every step of the process. Most likely, they had a Realtor® – a member of the National Association of Realtors® – guiding them through everything from price negotiations and lender applications to open houses and final inspection walkthroughs. Most people would prefer to not figure all of that out on their own in the midst of the most complex and consequential financial transaction of their lives.

“Of course, it’s undeniable that the volumes of information made available by the internet have changed the homebuying and home-selling process. What’s also undeniable although less intuitive, is that these transformations have made real estate professionals even more critical. Research shows 88% of those who start their homebuying search online ultimately use a real estate agent as the process moves forward. Just because I have a wealth of medical knowledge at my fingertips doesn’t mean I can diagnose and treat my medical condition. Just because I can buy and sell GameStop stock commission-free on Robinhood doesn’t mean it’s a good idea to lay down my retirement fund without any expert advice.

“The same holds true in the purchase or sale of real estate. Anyone can stake a “for sale by owner” sign in their yard, but it takes more than a quick online search to determine a competitive asking price for your home. And if you don’t want it to sit idly on the market for months, how will you advertise it to buyers?

“Or, if you’re a buyer in today’s hot market with houses selling in a matter of days, do you really expect your offer to stand out compared with those prepared by professionals with local market knowledge? Would you know how to write an offer or ensure that all state and local property transfer laws are being followed? By buying a home, you’re essentially entering a contract on one of the most complicated purchases you’ll ever make. Compare that to what is likely your second most expensive purchase, a car, and you’ll recognize that there’s a lot more to it than kicking the tires, a bit of haggling, and a simple loan application….”

Adding SanibelSusan’s 2-cents: I did not acquire my skills and expertise from watching HGTV. I earned my knowledge over 33 years as a Realtor®, by helping hundreds of friends, neighbors, community members, and island-lovers buy and sell property. My team and I are experts, just as a teacher is to students or a doctor is to patients.

My teammate son David has been a Realtor® for ten years, his wife Lisa for 15 years, and our assistant Elise has been licensed for 19 years. We have worked together on every SanibelSusan transaction since long-before we opened our own office in 2004. On the islands, we have successfully closed 559 sales.

Why a Mortgage Rate Drop? Probably Due to Russia

Posted online yesterday at FloridaRealtors® and sourced to “How Russia Invading Ukraine Could Impact U.S. Interest Rates”, The Mortgage Reports (Mar 1, 2022):

“Analysts still expect mortgage rate increases this year due to Fed actions, but investors flock to bonds when they get jittery – and that often lowers mortgage rates.

“NEW YORK – U.S. mortgage rates have risen this year and are expected to continue doing so, but the conflict between Russia and Ukraine could throw a wild card into those projections.

“The 30-year fixed-rate mortgage climbed by 37 basis points over the first two full weeks of February, according to Freddie Mac. But last week, as Russia invaded Ukraine, rates dropped to 3.89% for the 30-year fixed-rate mortgage, and down to 3.76% this week.

““When global investors sense increased uncertainty, there is a ‘flight to safety’ in the U.S. Treasury bonds, which causes their prices to go up, and their yield to go down,” says Odeta Kushi, deputy chief economist at First American. “Consequently, amidst heightened uncertainty due to the worsening events in Ukraine, there is a possibility that investors flocked to U.S. Treasury bonds, which may result in a temporary, short-term decline in mortgage rates.”

“The Federal Reserve announced it would be raising its funds rate multiple times this year and says it will address this more at its next meeting, March 15 and 16.

“However, the Fed also didn’t consider the Russia-Ukraine conflict before announcing moves planned for this year. As a result, the Fed could change how aggressive it is with rates, according to The Mortgage Reports.

The Fed’s key rate does not directly affect mortgage rates, but it can influence them.”

Sanibel & Captiva Islands Multiple Listing Service Activity February 25-March 4, 2022

Sanibel

CONDOS

2 new listings: Mariner Pointe #323 2/2.5 $649K, Kings Crown #117 2/2 $1.65M.

1 price change: Junonia #301 4/2 now $2.65M.

2 new sales: Mariner Pointe #733 2/2 listed at $699,999; Pelicans Roost #202 2/2 listed at $1.295M.

4 closed sales: Sundial #G104 2/2 $845K, Sand Pointe #222 2/2 $1.125M, Pelicans Roost #104 2/2 $1.299M, Compass Point #141 3/2 $1.407M.

HOMES

8 new listings: 1072 Blue Heron Dr 3/2 $949K, 5307 Ladyfinger Lake Rd 3/2 $968.5K, 917 Pepper Tree Pl 4/3 $1.399M, 1194 Sand Castle Rd 3/2.5 $1.425M, 1174 Harbor Cottage Ct 3/3 half-duplex $1.45M, 1243 Sand Castle Rd 4/4 $1.895M, 5817 Sanibel-Captiva Rd 4/3 $1.993M, 488 Lighthouse Way 4/4 $5.995M.

1 price change: 3324 Saint Kilda Rd 4/4 now $3.5M.

10 new sales: 1196 Sand Castle Rd 2/2 listed at $899K, 3015 Singing Wind Dr 2/2 listed at $959K, 430 Lake Murex Cir 2/2 listed at $1.149M, 824 Birdie View Pt 3/3 listed at $1.725M, 911 S. Yachtsman Dr 3/3 listed at $2.485M, 885 Limpet Dr 4/3 listed at $3.25M, 4322 West Gulf Dr 4/3.5 listed at $3.295M, 543 East Gulf Dr 2/2 listed at $3.5M, 444 Lighthouse Way 5/4.5 listed at $3.595M, 1349 Bay Dr 4/4 listed at $6.395M.

7 closed sales: 567 Rabbit Rd 2/2 $795K, 4239 Gulf Pines Dr 3/2 $939K, 1133 Sand Castle Rd 3/2 $1M, 697 Birdie View Pt 3/2 $1.495M, 4737 Rue Belle Mer 3/2 $1.62M, 857 Birdie View Pt 3/2.5 $1.745M, 1360 Eagle Run Dr 5/3.5 $2.325M.

LOTS

2 new listings: 5085 Joewood Dr $4.25M; West Gulf Dr $5.995M.

No price changes.

1 new sale: 1836 Ardsley Way listed at $625,555.

1 closed sale: 1332 Eagle Run Dr $488K.

Captiva

CONDOS

2 new listings: Bayside Villas #4122 1/2 $595K, Beach Villas #2633 2/2 $1.399M.

No price changes or new sales.

2 closed sales: Sunset Beach Villas #2236 2/2 $1.325M, Beach Homes #20 3/3 $4.25M.

HOMES

1 new listing: 16221-16217 Captiva Dr 5/5.5 $7.25M.

No price changes or new sales.

3 closed sales: 14865 Mango Ct 2/2 $1.25M, 16813 Captiva Dr 3/3 $3.5M, 11548 Wightman Ln 4/4.5 $7.3M.

LOTS

Nothing to report.

This representation is based in part on data supplied by the Sanibel & Captiva Islands Association of Realtors® 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.

It’s expected to be a sunny and in the low-80’s for at least the next week here. Gotta love winters in paradise.

With it being so dry, gulf and bay waters are settling into the bright teal color that so many of us love.

Enjoy your weekend!

Susan Andrews, aka SanibelSusan

Sanibel Friday, with sunshine, some sweet successes & smiles!

Image

Susan here, once again touting Florida’s wonderful summerlike weather, alerting you about the traffic, and complaining that we don’t have enough inventory for the many buyers looking to rent or buy on the islands.

Below is an update of the island inventory today (Feb 25, 2022, data from Sanibel & Captiva Islands Multiple Listing Service). After that are a few news items, followed by all the action posted since last Friday in the MLS.

Looking at just residential property, only 15 condos, 13 homes, and 12 lots are for sale on Sanibel. Just 2 condos and 6 homes on Captiva. With 84 closed sales and another 95 properties under contract, the sellers’ market continues to thrive.

 

 

Status

SANIBEL CAPTIVA
Condos Homes Lots Condos Homes Lots
# Avg $ # Avg $ # Avg $ # Avg $ # Avg $ # Avg $
For sale 15 1,547,733 13 2,929,846 12 588,583 2 1,397,500 6 8,665,833 0 N/A
Under contract 25 971,694 43 1,708.439 11 531,363 7 1,457,785 9 4,262,666 0 N/A
Sold to-date 2022 39 946,106 34 1,700,794 4 988,500 5 1,513,800 2 4,084,750 0 N/A
Sold 2021 287 875,127 355 1,341,881 69 698,862 64 1,150,373 44 2,988,520 2 2,950,000
Sold 2020 192 733,876 290 954,718 23 606,233 47 821,713 27 2,923,148 4 2,537,500

SanibelSusan Realty Scoop

Here at the office, we continue to get buyer requests. It was great to put another home under contract on Sunday. On the other hand, it really hurt Monday when I had to tell a long-time visitor with a budget of $1M, that there are only three Sanibel condos and one home for sale with that price limit. Those listings probably would already be under contract, but they are occupied with guests so difficult to show.

One of our last sales was on the typical “as is” contract with a 15-day inspection/cancellation. The property is a seasonal rental and as luck would have it, the 15-day period coincided exactly with a renter reservation. So, after making nice with the property manager, we delivered a note of appreciation with $ to the guests, thanking them for their cooperation in allowing the inspector, buyer and their Realtor® to come in during their stay. A few days after that, it was a nice surprise to get a text from that guest saying they used the gift toward a meal out at their favorite island restaurant. She included a couple of beach photos from their stay too. Island visitors really are the best!

We were happy to have another closing this morning and continue to beat the bushes looking for new listings. Dave and Elise got half of our huge annual bulk mailing out yesterday. The other half is in the works. Every Saturday, Lisa updates our island inventory summary, so any time you want a copy, either mailed or emailed, just let us know. It includes all the residential property posted in both the local and regional MLS for Sanibel and Captiva. In addition to what is currently available, it also shows the properties under contract and recent sale prices. Some are jaw-dropping!

Sanibel & Captiva Islands Association of Realtors®

Yesterday, was the February Monthly Membership Meeting of the local Association of Realtors®. James Evans, new CEO of the Sanibel-Captiva Conservation Foundation (SCCF) was the guest speaker. James has a wonderful history on the islands from when he first began working for the city, two decades ago, as Natural Resource Director. He later was SCCF Environmental Policies Director, when last November, he was selected as their new CEO, a position he assumed in January.

James reminded the audience that SCCF began in 1967 and today owns/manages ~2,000 acres, about 1,200 on Sanibel, with about 2/3 in conservation. A whopping 84 acres were added in 2021. In 2019, the Sanibel Sea School merged with SCCF. Other upcoming changes include the installation of new RECON (River, Estuary, Coastal Observing Network) 2.0 sensors and a cooperative agreement with data sharing from SCCF’s Marine Lab and the Center for Coastal Solutions (CCS) at the University of Florida.

James also encouraged Realtors® and the public to attend the March 10 South Florida Water Management District governing board meeting which will be held at The Community House. It begins at 9 a.m. Islander Chauncey Goss, chairs that board.

During the general announcements section of the meeting, no new listings were announced, no price reductions, and only one home was open for Realtor® Caravan viewing.

Sanibel Island Crime

Though not our favorite subject, it was informative to read the Police Chief’s annual report to the City Manager which was posted on-line this week on www.MySanibel.com. Here are some excerpts:

“In 2021, more than 3.5 million vehicles came through the Sanibel Causeway. This number is the highest amount ever, and 19% higher than our five-year average (2016-2020) of 3.3 million. This increase in people visiting our island was statistically significant and drove many of the changes you will see in the following pages…

“Analysis of the 2021 data shows a slight increase of 7% in the overall number of federally reportable crimes over our five-year average of 71 to 76 in 2021. Within the federally reported offenses, there are several noteworthy statistics. The reports of vehicle thefts were up by 1, with 1 in 2020 and 2 in 2021. There was a 44% decrease in reported burglaries from 16 in our five-year average to 9 in 2021. There was a 2% increase in thefts from 43 in our five-year average to 44 in 2021.

“The total non-Federally reportable crimes include reported crimes, such as trespass, drug violations, DUI, criminal traffic violations, criminal mischief, and harassment. This crimes category also includes City ordinance violations and criminal citations. The total number of crimes reported in 2021 was 910 which is a 28% increase over our five-year average of 713.

“We experienced a significant number of DUI arrests, up 50% from 18 in our five-year average to 27 in 2021…

“Similar to past years, 19% of those arrested on Sanibel were residents of Sanibel, 51% were from other areas in Lee County, 12% were from different locations in Florida, and 19% were from all other states. These were no arrests of non-U.S. citizens….”

How ‘Tax-Friendly’ Is Florida Compared to Other States?

Posted Wed, Feb 23 at FloridaRealtors® on-line. Sourced to WFLA, Nexstar Broadcasting, Inc.

“A MoneyGeek study including IRS, state, property and sales taxes listed Fla. as the No. 4 least-expensive tax state. Total tax costs are about 5.6% of total income.

“TAMPA, Fla. – It’s tax filing season and depending on where you live in the U.S., you could be forking over a very different-sized chunk of your income. An analysis by MoneyGeek ranked every state by how “tax-friendly” it is. The analysts didn’t just look at income tax – they also factored in property taxes, plus state and local sales taxes.

“To determine where people pay the highest tax burden, MoneyGeek looked at a hypothetical average family: a married couple with one kid, earning the median national income of $82,852, owning a $349,400 home. The study breaks down how much this fictional family would pay in taxes in every state.

“The states with the lowest tax burden, according to the analysis, were:

  • Wyoming (estimated taxes: 4% of income or $3,279)
  • Nevada (estimated taxes: 4.7% of income or $3,879)
  • Alaska (estimated taxes: 5.4% of income or $4,507)
  • Florida (estimated taxes: 5.6% of income or $4,632)
  • Tennessee (estimated taxes: 6.5% of income or $5,377)
  • Washington (estimated taxes: 6.5% of income or $5,414)
  • North Dakota (estimated taxes: 6.7% of income or $5,556)
  • Arizona (estimated taxes: 6.8% of income or $5,665)
  • South Dakota (estimated taxes: 7.2% of income or $5,938)
  • Delaware (estimated taxes: 7.3% of income or $6,074)

“The states with the highest tax burden were:

  • Illinois (estimated taxes: 16.8% of income or $13,894)
  • Connecticut (estimated taxes: 15.1% of income or $12,545)
  • New Jersey (estimated taxes: 14.3% of income or $11,872)
  • New Hampshire (estimated taxes: 14.1% of income or $11,694)
  • New York (estimated taxes: 13.9% of income or $11,495)
  • Iowa (estimated taxes: 13.8% of income or $11,398)
  • Wisconsin (estimated taxes: 13.2% of income or $10,976)
  • Vermont (estimated taxes: 12.6% of income or $10,453)
  • Nebraska (estimated taxes: 12.6% of income or $10,446)
  • Michigan (estimated taxes: 12.4% of income or $10,239)

“Based on its analysis, MoneyGeek also gave every state a letter grade on its “tax friendliness.” The states with A grades have the lowest tax burden on an “average” family, while the states with D or E grades have the highest tax burden. MoneyGeek’s estimates only hold true for that hypothetical family,earning about $82,000 a year with a $349,000 house. A family who just bought a $1 million house in California would probably be paying a lot more in taxes, while a single person earning $40,000 in Texas would be paying less.”

Sanibel & Captiva Islands Multiple Listing Service Activity February 18‑25, 2022

Sanibel

CONDOS

1 new listing: Pelicans Roost #202 2/2 $1.295M.

2 price changes: Gulfside Place #210 2/2 now $1.499M, Junonia #301 4/2 now $2.75M.

2 new sales: Tennisplace #D33 1/1 listed at $425K, Pelicans Roost #104 2/2 listed at $1.299M.

4 closed sales: Villa Sanibel #1D 2/2 $810K, Blind Pass #F203 3/2 $845K, Sundial #M303 2/2 $1.275M (our listing), Pointe Santo #D37 2/2 $1.395M.

HOMES

4 new listings: 3015 Singing Wind Dr 2/2 $959K, 5435 Osprey Ct 4/3.5 $2.4M, 911 S. Yachtsman Dr 3/3 $2.485M, 5089 Joewood Dr 5/5 $5.75M.

No price changes.

6 new sales: 707 Durion Ct 2/2 listed at $985K, 4563 Brainard Bayou Rd 3/2 listed at $1.35M, 1178 Harbor Cottage Ct 3/3 half-duplex $1.395M, 2620 West Gulf Dr 3/2 listed at $1.395M, 3716 Coquina Dr 3/2 listed at $1.395M (our buyer), 5435 Osprey Ct 4/3.5 listed at $2.4M.

3 closed sales: 593 Lake Murex Cir 3/3 $1.395M, 5415 Osprey Ct 3/3 $2.525M, 435 Bella Vista Way E 3/3 $4.8M.

LOTS

No new listings or price changes.

2 new sales: 2486 Wulfert Rd listed at $229K, 2356 Wulfert Rd listed at $280K.

No closed sales.

Captiva

CONDOS

No new listings or price changes.

1 new sale: Beach Cottages #1404 2/2 listed at $1.4975M.

1 closed sale: Captiva Hide-a-Way #1A 2/2 $1.45M.

HOMES

No new listings or price changes.

1 new sale: 11549 Wightman Ln 3/4 listed at $3.395M.

1 closed sale: 5 Sunset Captiva Ln 2/2.5 $3.375M.

LOTS

Nothing to report.

This representation is based in part on data supplied by the Sanibel & Captiva Islands Association of Realtors® 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.

Below is our ad from today’s “Island Sun”.

Until next Friday, enjoy your weekend & here’s hoping your days also are sunny & full of smiles!

Just Another Sunny Sanibel Presidents’ Day Weekend

Susan here, reporting another great week on the islands. Traffic is heavy as it typically is mid-February, so patience is required as we share the roadways with the many visitors here enjoying the sunshine. Midweek temperatures jumped back up into the high 70’s/low 80’s, making for happy locals, snowbirds, and vacationers.

Sanibel’s City Town Hall meeting on Tuesday night at The Community House was well attended both in-person and virtually. It was a great way for the new City Manager and new City Council members to hear first-hand about issues important to their constituents. The future of the shared-use paths, activities for seniors/Center-4-Life, and traffic were some of the topics mentioned more than once.

It is expected to be slow going here this weekend with additional holiday traffic plus the Sanibel-Captiva Rotary Club 39th Annual Arts & Crafts Festival at The Community House. That event features 85 different artists and includes art booths outside and silent auction inside. It is open tomorrow from 10 a.m. to 5 p.m. and Sunday from 9 a.m. to 4 p.m.

Local Real Estate News

At SanibelSusan Realty, we continue to write/field offers, were happy to have another listing close, and look forward to more inventory so that we may meet the demands of the many prospective buyers waiting in the wings.

Our printer advises that the inventory booklets for our big annual mailing are on their way to us. With a hot fast-moving market, it sure is hard to keep that list up to date. The bulk mail should go out the end of next week and we sure hope that it generates more listings.

At the Association of Realtors® Caravan meeting yesterday, there were no new listings announced, nor price reductions, but there were a couple of new listings open for viewing. I visited a home that had just came on the market. It was no surprise to see it visited by many Realtors®, neighbors, and purchasers. The term “feeding frenzy” fit.

As of this afternoon, according to the islands Multiple Listing Service, Sanibel residential inventory includes just 14 condos, 17 homes, and 14 lots, while Captiva has three condos and eight homes for sale.

A Changing Pattern of Migration Trends

From the March 2022 “FloridaRealtor®” magazine: “For decades, Florida has been a favored destination for U.S. and international buyers seeking vacation homes or primary residences. The COVID-19 pandemic shifted some, but not all, of those inbound migration trends.

“”Despite a lot of predictions, COVID didn’t change the underlying U.S. migration flows that were in place before the pandemic,” says Sean Snaith, Ph.D., director of the University of Central Florida’s Institute for Economic Forecasting in Orlando. “New York and New Jersey continue to be the big feeder markets for South Florida, while the Gulf Coast and Central Florida attract buyers from the Midwest states.”

“Snaith added that people who move to Florida from the Rust Belt states, or the Northeast are looking for a change in the weather as well as the tax climate. “Other high-tax states, like California and Illinois, are potentially good feeder markets for Florida’s real estate professionals,” he says.

“While inbound U.S. migration is up, COVID-19-related travel restrictions have shut down the flow of buyers from Canada, Europe, and Latin America – the state’s three primary international feeder markets.

“”South Florida is getting fewer buyers form the Caribbean, Central and South America,” says Ken H. Johnson, Ph.D., a real estate economist at Florida Atlantic University’s College of Business in Boca Raton. “But COVID isn’t the only reason. Many of the South American economies – except for Venezuela – are doing relatively well this year, and that reduces the motivation to buy in the U.S.”

“On the domestic side, Johnson says Florida’s indoor-outdoor lifestyle and work-from-home convenience has helped widen the range of feeder markets beyond the Northeast and Midwest. Now, buyers are coming from Western states like California, Oregon and Washington, as well as nearby states in the Southeast. The Panhandle markets, for instance, appeal to second-home buyers in Georgia, Tennessee, Alabama, and Mississippi.

“Drawing on FAU’s proprietary research, Johnson said population growth in the Orlando, Fort Myers and Lakeland metropolitan areas is likely to exceed 20% in the next 10 years, surpassing Miami, Tampa-St. Petersburg, Jacksonville, Palm Beach County and Tallahassee.  While much of that growth will come from U.S.  states, Johnson expects international migration to pick up as well. “We expect an influx of buyers from Canada and Europe in the next few years,” he says. “That will spark growth in Orlando as well as the state’s coastal markets.”

President’s Day at J.N. “Ding” Darling

FYI, admission to Wildlife Dr will be fee-free on Monday, Feb 21, in honor of President’s Day. As a federal holiday, the administrative offices and Visitor & Education Center, including the Refuge Nature Store, will be closed, however, the restrooms will remain open during Wildlife Dr hours, 7 a.m. to 5:30 p.m. Tarpon Bay Explorers also is open for business that day from 8 a.m. to 5 p.m.

Snowy Plover Nesting Season

Posted this week by SCCF: “February 15th marks the official start of snowy plover nesting season in the state of Florida however our Sanibel plovers have not checked their calendars and were resting in a small group by the lighthouse this morning rather than pairing up to establish nesting territories. Typically, on Sanibel, the first nests are located in late March or early April. If you want to learn more about how you can help protect our beach nesting birds click here: https://sancaplifesavers.org/shorebirds/

 

Sanibel & Captiva Islands Multiple Listing Service Activity February 11-18, 2022

Sanibel

CONDOS

3 new listings: Tennisplace #D33 1/1 $425K, Shell Island Beach Club #5C 2/2 $1.279M, Pelicans Roost #206 2/2 $1.299M.

No price changes.

1 new sale: Captains Walk #C5 2/1 listed at $549K.

2 closed sales: Sealoft Village #109 2/2 $830K (our listing), Sanibel Moorings #1332 2/2 $875K.

default

HOMES

5 new listings: 3716 Coquina Dr 3/2 $1.395M, 824 Birdie View Pt 3/3 $1.725M, 2885 Wulfert Rd 6/5.5 $2.395M, 660 Anchor Dr 6/4 $2.995M, 4630 Rue Bayou 4/4.5 $2.995M.

1 price change: 5802 Sanibel-Captiva Rd 3/3.5 now $1.445M.

3 new sales: 5289 Ladyfinger Lake Rd 3/2 listed at $850K, 320 Palm Lake Dr 2/2 listed at $925K, 1405 Causey Ct 3/2 listed at $1.495M.

3 closed sales: 4636 Bowen Bayou Rd 3/2 $1.725M, 719 Periwinkle Way 4/3 $1.75M, 1146 Golden Olive Ct 5/4 $2.9M.

LOTS

No new listings, price changes, or new sales.

1 closed sale: 638 Lake Murex Cir $565K.

Captiva

CONDOS

No new listings or price changes.

3 new sales: Bayside Villas #5128 1/2 listed at $589K, Bayside Villas #5226 1/2 listed at $625K, Beach Homes #20 3/3 listed at $4.349M.

1 closed sale: Bayside Villas #5342 3/3 listed at $969K.

HOMES

2 new listings: 16813 Captiva Dr 3/3 $3.495M, 11517 Andy Rosse Ln 4/4.5 $5.25M.

No price changes.

1 new sale: 16611 Captiva Dr 6/6 listed at $7.495M.

No closed sales.

LOTS

Nothing to report.

This representation is based in part on data supplied by the Sanibel & Captiva Islands Association of Realtors® 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.

Below is our ad from today’s “Island Sun”.

Enjoy your long weekend!

We’ll be open Monday!

Susan Andrews, aka SanibelSusan

Happy Super Bowl Sunday & Valentine’s Day Monday… Have a Great Week!

It’s time for another Friday update from SanibelSusan. Following a semi-chilly first few days, the week here is wrapping up with beautiful sunny weather today – temperatures in the low 70’s.

Boardwalk to gulf at Sanibel Moorings

At SanibelSusan Realty, we had another listing go under contract over the weekend, prepared for a couple of upcoming closings and our big annual mailing which is at the printer. I also met with another owner thinking of selling and spent several hours looking at communities with prospective buyers.

There is little inventory available for actual showings. Those that come on the market, priced right, are getting multiple cash offers, many over asking prices and with few, if any, contract contingencies. It is challenging to be a buyer in this hot sellers’ market. As of this afternoon, on Sanibel, according to the island MLS, there are just 14 condos and 14 homes for sale. Usually in February, there are a hundred plus.

Yesterday at the Association of Realtors® weekly Caravan Meeting, there were no properties open for viewing and no new listings announced. First time that has happened in my 30 years attending those meetings.

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

Sanibel City Council to Host Town Hall Workshop

The following was excerpted from an on-line post today by The Community House:

Sanibel City Council has announced a Town Hall Workshop scheduled from 6 to 8 p.m. Tues, Feb 15, 2022, at the Sanibel Community House, 2173 Periwinkle Way.

As Council prepares to conduct a Strategic Planning Retreat in March, they invite Sanibel residents to attend the workshop to offer input about locally controlled issues they deem imperative to the long-range planning for the City.

The two-hour workshop will be divided into three primary areas of discussion:

  • Environment
  • Community
  • Business & City Infrastructure

Meeting Format: Following opening comments by Mayor Holly D. Smith, residents will be provided an opportunity to speak about issues within the primary areas of discussion listed above. Approximately 40 minutes will be allocated for resident input within each area of discussion.

Prior to the workshop, residents may provide City Clerk Scotty Lynn Kelly with position papers, presentations, letters, etc. via email at Scott.Kelly@MySanibel.com. All presentations and submissions will become part of the workshop public record and be used to provide the City Council with detailed information about residents’ concerns and issues. This information can be provided in lieu of speaking during the Town Hall Workshop or as a supplement to public comments.

Speakers must adhere to the following procedures when addressing the City Council:

  • Public Comment Cards – All residents who wish to speak at the workshop must fill out a public comment card provided by the City. A fillable and printable public comment card may be accessed by clicking this link; blank public comment cards will also be available at the workshop.
  • Order of Speakers – Speakers will be called in the order announced by City Manager Dana Souza, within each individual discussion topic area.
  • Recognized Speakers – Only the speaker recognized by the Mayor has the floor and must be at a microphone to speak. Councilmembers may ask clarifying questions of speakers.
  • Topics – Speakers should focus on issues, not on persons or personalities.
  • Name – All speakers must state their name into the microphone before speaking.
  • Time Limit – Length of individual public comments is expected to be five minutes per speaker. City Council reserves the right to limit the length of individual public comments to ensure maximum participation from the public.

Audience members should respect the following meeting rules:

  • Sidebar Discussions – Sidebar discussions are not permitted during the Town Hall Workshop. Persons wishing to speak with other members of the public during the workshop should exit the room to hold their conversation.
  • Decorum – Anger, rudeness, ridicule, impatience, and lack of respect for others are not acceptable behaviors. Demonstrations in support or opposition to a speaker or idea such as clapping, cheering, booing, hissing, or intimidating body language are not permitted.

Sanibel residents who are not able to attend the workshop may listen to the meeting live on the City’s website www.mysanibel.com.  Click here to access the Feb 15 workshop agenda.

COVID Migration: Who’s Moving to Fla. and Why?

Posted Tuesday on FloridaRealtors® and sourced to “The Palm Beach Post”, by Kimberly Miller

“WEST PALM BEACH, Fla. – Extraordinary events have forever pushed and pulled and pressured U.S. population shifts, from gold lust to the citrus rush to the restless return of WWII soldiers to revolutions in foreign lands and civil war on southern soil.

“Now there is COVID-19, which has turned a years-long trickle to Florida from the northeast into a deluge. More than 547,000 people exchanged out-of-state driver’s licenses last year for ones with Sunshine State addresses. That’s a 40% increase from 2020 and nearly 20% greater than the five-year average between 2017 and 2021.

The license swaps – largely from New York (11%), New Jersey (6%) and foreign countries (14%) – are acutely felt in Florida real estate markets where inventory is anemic and prices aggressive. The median sale price on Palm Beach County single-family homes ended 2021 at nearly half-a-million dollars with the average price pushing seven figures.

“Demographers believe the relocations are no tropical dalliance because a driver’s license switch is a sign of determination to make Florida home, even if hurricane season and August’s sweltering humidity are spent in cooler climes away from storms and sticky air.

““Unquestionably the COVID impact was the trigger,” said Related Cos. President Ken Himmel about the influx of people and businesses to Florida and Palm Beach County specifically. “Unquestionably, COVID turned the switch on full blast.”

“While the bullseye markets, such as Palm Beach County, may experience the ache of rising rents and home prices until inventory increases, growth experts were reluctant to say the COVID migration on a nationwide scale will make history. Some move to the suburbs was already happening as millennials age. A bump in retirees was also expected, although it was likely expedited by the Great Resignation/Retirement, the euphemism signaling massive waves of frustrated workers and Baby Boomers exiting the job market. Vanderbilt University Assistant Finance Professor Peter Haslag said COVID-related dispersions are more geographically diverse than past migrations, diluting long-term impacts.

“For Florida, migration is tradition. “Migration to Florida is an old story,” said University of Washington professor and historian James Gregory in an article for America’s Great Migrations Project that noted the early 1900s citrus and land boom in the state. “More than any other state, Florida has consistently attracted newcomers.”

Of the 61,728 New Yorkers who in 2021 handed over Empire State driver’s licenses for a Florida license, 19,100 or 31% got IDs with Broward, Miami-Dade or Palm Beach County Zip codes. Palm Beach County accounted for 8,107 of the transplants, the largest share of any county in the state.

“Outside of the Gold Coast counties of southeast Florida, a weighty exchange of New York licenses last year also occurred in Orange (4,203), Hillsborough (3,746), Lee (2,672), Pinellas (2,335) and Sarasota (2,149) counties….”

Sanibel & Captiva Islands Multiple Listing Service Activity February 4-11, 2022

Sanibel

CONDOS

4 new listings: Captains Walk #C5 2/1 $549K; Mariner Pointe #733 2/2 $699,999; Pointe Santo #B44 2/2 $1.45M; Junonia #301 4/2 $2.99M.

1 price change: Blind Pass #D102 2/2 now $685K.

7 new sales: Sanibel Moorings #1411 1/1 listed at $525K, Sandalfoot #5B1 1/1 listed at $768K, Sanibel Inn #1E 2/2 listed at $850K, Lighthouse Point #112 3/2 listed at $864K, Loggerhead Cay #584 2/2 listed at $895K, Sanibel Moorings #122 2/2 listed at $1.2M (our listing), Compass Point #162 2/2 listed at $1.85M.

Sanibel Moorings #122, view from one of the balconies.

5 closed sales: Sundial #C305 1/1 $549,945; Ibis at The Sanctuary#A101 2/2 $669K, Sanibel Moorings #1132 2/2 $803K, Tarpon Beach #106 2/2 $1.06M, Yacht Haven #2 3/2 $1.475M.

HOMES

3 new listings: 320 Palm Lake Dr 2/2 $925K, 2620 West Gulf Dr 3/2 $1.395M, 4972 Joewood Dr 4/3.5 $3.72M.

2 price changes: 885 Limpet Dr 4/3 now $3.25M, 4322 West Gulf Dr 4/3.5 now $3.295M.

7 new sales: 1230 Anhinga Ln 4/2 duplex listed at $699K, 4560 Brainard Bayou 3/2 $829K, 799 Casa Ybel Rd 5/3 duplex listed at $850K, 1398 Jamaica Dr 2/2 listed at $895K, 1053 Seahawk Ln 3/2 listed at $1.195M, 4636 Bowen Bayou Rd 3/2 listed at $1.725M, 2276 Starfish Ln 4/3.5 listed at $2.395M.

3 closed sales: 5307 Ladyfinger Lake Rd 3/3 $840K, 458 Lake Murex Cir 3/2 $935K, 853 Tulip Ln 3/2 $1.735M, 1304 Seaspray Ln 3/2.5 $4.275M.

LOTS

No new listings or price changes.

2 new sales: 1340 Eagle Run Dr listed at $520K, 845 Pyrula Ave listed at $525K.

1 closed sale: 4767 Tradewinds Dr $2.05M.

Captiva

CONDOS

1 new listing: Bayside Villas #5226 1/2 $625K.

No price changes.

1 new sale: Captiva Hide-A-Way #1A 2/2 listed at $1.35M.

1 closed sale: Beach Homes #2 3/3 $3.125M.

HOMES

1 new listing: 11549 Wightman Ln 3/4 $3.395M.

1 price change: 15867 Captiva Dr 7/6 now $11.7M.

1 new sale: 30 Urchin Ct listed at $1.495M.

No closed sale.

LOTS

Nothing to report.

This representation is based in part on data supplied by the Sanibel & Captiva Islands Association of Realtors® 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.

Below is our ad from today’s “Island Sun”.

Enjoy your Super Bowl Sunday & best wishes for a Happy Valentine’s Day on Monday!

Til next Friday,

Susan Andrews, aka SanibelSusan

HOT MARKET – Only 51 Properties Available on Sanibel & Captiva Islands

It has been another busy real estate week for The SanibelSusan Team. We are thankful for two more closings, a couple of meetings with owners thinking of selling, and that the chilly island weather (coldest here in four years) is behind us. Forecasters reported yesterday that SW FL was the warmest area in the nation with 85 degrees F – exactly why Florida is so popular in the winter!

(Photo below of view from our listing at Sanibel Moorings #122. It is one of only 13 condos currently for sale on Sanibel.)

The activity since last Friday posted in the Sanibel & Captiva Islands Multiple Listing Service follows a couple of new items below. First a summary of island inventory today with that info also from islands MLS. Just 51 properties are for sale in total on both islands – including condos, homes, and lots. The market remains hot hot hot!

 

 

Status

SANIBEL CAPTIVA
Condos Homes Lots Condos Homes Lots
# Avg $ # Avg $ # Avg $ # Avg $ # Avg $ # Avg $
For sale 13 1,181,846 12 2,541,500 16 541,437 4 2,122,250 6 7,881,666 0 N/A
Under contract 26 1,082,203 37 2,081,483 9 778,333 4 1,540,750 6 4,346,500 0 N/A
Sold to-date 2022 16 956,000 23 1,423,782 2 690,500 2 1,012,500 1 4,794,500 0 N/A
Sold 2021 287 875,127 355 1,341,881 69 698,862 64 1,150,373 44 2,988,520 2 2,950,000

The Sky is Falling

From Perfection Lawn & Pest Control’s January/February newsletter with some iguana info:

“Green scaly, invaders are stomping all over Florida cities and causing problems. It’s not Godzilla terrorizing the Sunshine State, it’s iguanas and they’re overtaking the environment. When temperatures drop, so do green iguanas – from the trees. But evolution, it seems, could be changing their tolerance to the cold.

“Research shows some species of lizards have grown more tolerant of cold temperatures. It also could mean fewer images on social media of iguanas lying on their backs under trees, legs in the air, stunned until warm sunshine gets their bodies moving again.

“As recently as four years ago, most of South Florida’s common lizard species could tolerate temperatures between 46 and 52 degrees. Now, they hold up to temperatures as low as 44 degrees, according to a study done by a researcher at Washington University in St. Louis.

“Iguanas are invasive, propagate profusely and wreak havoc on homes, gardens, sidewalks, pool decks, seawalls, boats and anywhere else they eat and, well, poop.

“Don’t think they are dead and discard or bury them when you see them lying on the ground under trees; they revive when the weather warms up.”

Mortgage Rates Remain Stable This Week at 3.55%

Posted yesterday on-line at FloridaRealtors® and sourced to the Associated Press, by Matt Ott, the following article is noteworthy, because economic news affects real estate sales, regardless of whether buyers get financing. In a “hot market”, the strongest offers remain those with no contingencies.

“After a notable increase for a few weeks, the average rate for a 30-year, fixed-rate mortgage stopped rising, remaining relatively flat for three weeks.

“WASHINGTON (AP) – Average long-term U.S. mortgage rates were flat for a third straight week after rising about a half percent early in the year.

“The average rate on the 30-year loan held at 3.55% from last week, mortgage buyer Freddie Mac reported Thursday. It stood at 2.73% a year ago.

“The average rate on 15-year, fixed-rate mortgages, popular among those refinancing their homes, fell to 2.77% from 2.80% last week. One year ago, the rate was 2.21%.

“Though they remain historically low, home loan rates have been rising to levels not seen since early 2020, when the coronavirus pandemic was breaking in the U.S.

“Last week, the Fed signaled that it would begin a series of interest rate hikes in March, reversing pandemic-era policies that have fueled hiring and growth, but also adding to inflation levels not seen in some 40 years. Earlier this month, the government reported that inflation spiked to 7% in December from a year earlier, the sharpest increase in four decades. In addition, the Labor Department reported that prices at the wholesale level surged by a record 9.7% last month from December 2020.

“The Fed’s upcoming rate hike – or hikes – will likely make it more expensive to borrow for a home, car or business. Also Thursday, the government reported that applications for unemployment benefits fell for the second week in a row after three straight weeks of increases that economists blamed on the surging omicron variant of COVID-19.

“The Commerce Department reported last week that the nation’s gross domestic product – its total output of goods and services – expanded 5.7% in 2021, the strongest calendar-year growth since a 7.2% surge in 1984. In the fourth quarter, the economy grew at an unexpectedly brisk 6.9% annual pace.

“Available housing has been hard to come by since long before the pandemic started, and rising prices are making it even harder for homebuyers to secure a new home. Economists expect rising interest rates to add to house hunters’ dismay.”

Sanibel & Captiva Islands Multiple Listing Service Activity January 28‑February 4, 2022

Sanibel

CONDOS

2 new listings: Sanibel Moorings #1411 1/1 $525K, Cyprina Beach #8 2/2.5 $1.595M.

No price changes.

6 new sales: Cottage Colony West #119 1/1 listed at $589.9K; Loggerhead Cay #242 2/2 listed at $765K; Loggerhead Cay #351 2/2 listed at $824K; Sanibel Moorings #1332 2/2 listed at $874,999; Shell Island Beach Club #A5 2/2 listed at $1.2M; Sedgemoor #101 3/3.5 listed at $3.995M.

6 closed sales: Dugger’s Tropical Cottages #1 1/1 $452K, Donax Village #7 2/2 $650K (our listing), Donax Village #17 2/2 $695K, Breakers West #C2 2/2 $700K, Pointe Santo #A26 2/2 $1.35M, Tarpon Beach #110 2/2 $1.35M.

HOMES

2 new listings: 799 Casa Ybel Rd 5/3 duplex $850K, 4636 Bowen Bayou Rd 3/2 $1.725M.

No price changes.

8 new sales: 567 Rabbit Rd 2/2 listed at $789K, 1105 Skiff Pl 3/2 listed at $1.095M, 645 Oliva St 3/3 listed at $1.1M, 606 Boulder Dr listed 3/2 $1.1999M, 593 Lake Murex Cir 3/3 listed at $1.395M, 930 Kings Crown Dr 3/2 listed at $1.795M, 474 Lagoon Dr 3/3.5 listed at $2.495M, 1077 Bird Ln 4/4/2 listed at $5.699M.

8 closed sales: 9217 Dimmick Dr 3/2 $699K, 3702 Coquina Dr 2/2 $850K, 644 Lake Murex Cir 3/2 $869K, 4285 Gulf Pines Dr 3/2 $900K (our buyer), 1195 Sand Castle Rd 3/2.5 $1.25M, 543 Boulder Dr 3/2 $1.265M, 979 Whelk Dr 3/2.5 $1.6M, 2391 Wulfert Rd 4/5 $2.35M.

LOTS

3 new listings: 535 Leather Fern Pl $275K, 2486 Wulfert Rd $229K, 490 Sea Oats Dr $699K.

No price changes.

2 new sales: 2310 Wulfert Rd listed at $299K, 544 Lake Murex Cir listed at $699K.

1 closed sale: 0 Rue Bayou $699K.

Captiva

CONDOS

2 new listings: Marina Villas #709 2/2 $1.195M, Captiva Hide-a-Way #1A 2/2 $1.35M.

No price changes.

2 new sales: Bayside Villas #5210 1/2 listed at $499K, Beach Homes #2 3/3 listed at $3.395M.

No closed sales.

HOMES

No new listings or price changes.

2 new sales: 11529 Andy Rosse Ln 4/4 listed at $3.495M, 15855 Captiva Dr 4/3.5 listed at $8.795M.

1 closed sale: 16897 Captiva Dr 5/5.5 $4.7945M.

LOTS

Nothing to report.

This representation is based in part on data supplied by the Sanibel & Captiva Islands Association of Realtors® 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.

Below is our ad from today’s “Island Sun”.

Until next Friday, Susan Andrews, aka SanibelSusan

It’s Gonna Be a Rare Chilly Florida Weekend

This week the downward effects of cold fronts up north brought some chilly weather to the islands. Most locals turned their heat on for the first time in many months. With daytime highs in the 60’s to low 70’s, an even chillier weekend is forecast. While northern states are slated for lots of snow, temperatures here both Saturday and Sunday are expected to go only into the mid-50’s, with freeze warnings in some of SW Florida. Certainly not bikini weather, though most vacationers make the best of it, while we locals continue to enjoy wearing our once-a-year clothes. On a positive note, there were a couple of evenings with nice sunsets again this week. All now after 6 p.m. Hooray!

At SanibelSusan Realty

After posting our blog last week, The SanibelSusan Team had a busy real estate weekend. Teammate Dave and I both fielded inquiries and offers. Wed, we received a new condo listing which already is generating interest with showings scheduled before guest check-in tomorrow. Thank goodness, our photographer, Jim Anderson, fit us into his busy schedule with him filming it this morning. Fingers crossed that he will Photoshop the sky which today looks like I remember it in New England when it was about to snow.

Tues, we had a nice closing this (the results of a multi-year group effort Lisa, Dave, Susan). Two more closings are in the works for next week. Phones are ringing with prospective buyers, many worried, as we are, about the limited inventory. We also are meeting with prospective Sellers next week hopefully to boost that inventory.

The details on activity since last Friday, in the island MLS, are after a couple of news items below.

Florida Realtors® Update – What’s Changing for Florida Real Estate?

Posted Jan 21 on Florida Realtors® by Marla Martin:

“2022 RE Trends panel: Big and small biz relocations, plus the here-to-stay wave of untethered remote workers, will impact Fla.’s markets for years to come.

“ORLANDO, Fla. – After almost two pandemic years, changes created to deal with COVID-19 have created major shifts that affect Florida’s real estate markets, according to a panel of site developers, Realtors® and economic development experts who spoke to more than 300 Realtors during the 2022 Florida Real Estate Trends summit Thursday.

““Prior to COVID, we saw a lot of Wall Street firms testing the waters with CEOs looking at homes,” said Kelly Smallridge, president and CEO of the Business Development Board of Palm Beach County. “Now, these CEOs are signing seven- to 10-year commercial leases, they’re legally domiciling and, most importantly, they’re buying homes and putting their kids in private schools. We now have zero slots open for any private school in Palm Beach County.”

“The Real Estate Trends event was part of this year’s Florida Realtors®’ Mid-Winter Business Meetings at the Renaissance SeaWorld Orlando. In addition to Smallridge, other panelists included: Deanna Armel, broker-owner, Armel Real Estate; John Boyd, principal, The Boyd Company; and Melanie Schmees, director of business and economic research, Greater Naples Chamber of Commerce. Florida Realtors Chief Economist Dr. Brad O’Connor and Dr. Jessica Lautz, vice president of demographic and behavioral insights at the National Association of Realtors (NAR) also shared their insights on the 2022 outlook.

Kelly Smallridge, president and CEO, Business Development Board of Palm Beach County – Unfortunately, the misconception that Florida schools lag and the state’s educated workforce is lacking still lingers among many executives inquiring about relocating their businesses, Smallridge said, and that is “absolutely not the case.” Once they’re in Florida, check out the schools and have their children tested for placement, their perception quickly changes, she said. “The average salary in Palm Beach County is $61,000, while the average salary of the people coming in now is $1 million,” she added – another boon to local businesses and area development.

Many of the business executives interested in moving to Florida want to look at homes first, she said, and may not mention a possible relocation. “When you’re taking a buyer around to see homes, see if they also have any interest in bringing a business here,” Smallridge advised brokers and real estate agents. “You can offer them information to connect with local chambers of commerce or economic development officials. We help them understand all the logistics of what it takes to get them up and running. So, we’re really part of your team. Together, we can land not only the home but the company as well.”

“Melanie Schmees, director of business and economic research, Greater Naples Chamber of Commerce – Like real estate, economic development often involves referrals and regional cooperation, said Schmees. “Naples is a unique market,” she explained. “Right now, we have a 1% industrial vacancy rate; sometimes, we need to direct those interested to other areas near us like Fort Myers. The whole region benefits.” One factor important for ongoing business relocations and continued economic development in Florida will be the consideration of employees’ needs and how they can manage new lives here. “We need to create an environment that works for the workers, not only the business executives,” Schmees said. “Often, their workers are concerned that they can’t make the move. They’re worried they can’t find housing or figure out their cost of living.”

“Deanna Armel, broker-owner Armel Real Estate – “Florida in general is a draw for business and for out-of-state buyers,” she said. “There’s no state income tax, our weather, beaches, and in Orlando, our theme parks. Since COVID (the start of the pandemic), home preferences have changed. People want an office, a pool, flex space and a yard.” According to Armel, the influx of major business relocations and wealthy buyers who can pay cash – like many California residents moving to Florida after selling their homes – has made an impact on the housing market, particularly in the luxury-home sector. “I call it monopoly money,” she said. “Cash is great, but it’s really hurting our buyers who need financing, our veterans, our workers and first-time homebuyers. The competition is unbelievable, especially in new construction. New construction, turn-key, luxury homes: That’s what California buyers want.”

“John Boyd, principal, The Boyd Company – Before the pandemic, about 10% of employees worked remotely, said Boyd. “Today, over half of the workforce works remotely, at least on a hybrid basis, and this change is here to stay. It saves businesses too much in terms of office space, operations and so on. It’s also a great recruiting tool – people like the flexibility.” He noted that economic development is now a “people first operation.” And that, he said, “has established a new class of economic development workers – the residential real estate agent.”

Brightline, the private high-speed rail system running from Miami to West Palm Beach with an expansion in the works to Orlando, is a positive for marketing Florida for economic development, the panelists said. “I think we’ll see a lot of exciting development projects along those Brightline lines, with the ability to connect between Central Florida and South Florida,” Boyd said. Another plus for Florida? “Our state is a magnet for global talent, experience and skill sets,” he added. “Having no state income also attracts industry and development. Business and money tend to go where it feels welcome.””

Loans for Condos? New Rules Start to Have an Effect

Posted on-line Jan 24 at Florida Realtors®, the below article is sourced to the “Daily Breeze” and mortgage broker Jeff Lazerson:

“Fannie’s tighter loan requirements post-Surfside collapse started Jan. 1; Freddie’s start Feb. 28. In the meantime, the list of no-loan condo projects will likely keep growing.

“HERMOSA BEACH, Calif. – A nightmare scenario looms for condo buyers applying for certain types of federally backed mortgages. If you are selling or are looking to buy an attached condominium in a community with five or more attached units, conventional financing from mortgage giants Fannie Mae and Freddie Mac may soon become elusive.

“Beginning Jan. 1 for Fannie and starting Feb. 28 for Freddie, the mortgage giants are putting the screws to a required HOA questionnaire. New questions ask applicants about the structural integrity of the community and whether any code violations are anticipated.

“No doubt, Fannie and Freddie’s updated lender mandates are in response to the Florida condo tower that killed 98 people last June 24. Years of deferred maintenance at the Champlain Towers in Surfside caused the 12-story building to collapse.

“Answering the agencies thoroughly and completely could force lenders to decline a mortgage application. (Remember: Mortgage lenders fund a loan, and then may sell it to Fannie or Freddie).

““Yes, lenders are declining projects even for a simple special assessment for repairs now. Things are just trickling in right now because the guidance started Jan. 1,” said one condo project approval expert, who asked to remain unnamed because he’s not the media spokesman for his company. “Soon enough we’ll see the effects hit all the condo market. I’ve only seen it affect projects with major issues at this point; meaning (the project) has code violations and millions of dollars of repairs underway.”

“Answering these questions honestly or possibly with a guess could bring liability in the form of future lawsuits against HOA stakeholders, such as the property management company, board members, inspectors, engineers and the association.

“If the questionnaire isn’t completely answered because the answers are unknown or undetermined, it might mean the purchase or refinance gets torpedoed.

“Here is a sprinkling of questions included in Fannie Mae’s Form 1076 condominium project questionnaire (posted December 2021 and updated to eight from five pages):

Question: Is the HOA aware of any deficiencies related to the safety, soundness, structural integrity or habitability of the project’s building(s)?

My take: If management didn’t know about any deficiencies, for example, and answered as such, should they have reasonably known these calamities could come up later?

Question: Is it anticipated the project will, in the future, have such violations (zoning ordinances, codes, etc., which are related to safety, soundness, structural integrity or habitability)?

My take: For the love of peace, how could one possibly determine if yet-to-be-written, jurisdictional codes trigger new violations in the condo complex?

“These dubious questions could be akin to a winning lottery ticket for any attorney who lives in the world of HOA litigation.

“Why is this so problematic? The nation has a huge community of really old condos and many of them are backed by Fannie Mae and Freddie Mac mortgages. The U.S. has as many as 156,000 condo associations and cooperatives housing between 27 million and 32 million Americans, according to the Community Associations Institute (CAI).

““Seventy percent of all condo loans in the U.S. are Fannie or Freddie (backed),” said Dawn Bauman, senior vice president of government affairs at CAI. “Sixty to 70% of all condo complexes are more than 30 years old.”

Fannie Mae has a published list of 82 “unavailable” California condo-projects, including the Marina City Club in Marina Del Rey, which has $80 million to $140 million in needed repairs according to a report last year. That a 10-acre complex is one of nearly 1,000 “unavailable” condo projects nationwide. To Fannie Mae, unavailable means a property is ineligible for purchase by the agency.

“One mortgage executive told me Fannie is making the rounds, emphasizing these new condo questions during lender visits. So don’t be surprised if that unavailable list explodes as Fannie collects more intel.

“To be fair, Fannie and Freddie need to dig more deeply to assess and consider condo structural risk before purchasing those mortgages from lenders. The mortgage giants also may disqualify a condo community for other reasons, such as a lack of budget reserves.

“If your loan is denied over the Fan or Fred HOA certification answers, you may be able to get funded on what the industry calls a non-warrantable loan. You should expect to pay perhaps one-half to one point higher in rate than conventional financing. You also might have to provide a larger down payment or have more remaining equity compared with Fannie-type requirements.

“But buyer beware: Non-qualified mortgage lenders that offer the exotic non-warrantable condo mortgages are not a loan approval shoo-in, either.

“For example, California-based LendSure has a condo guidance checklist to help determine investor risks. The common three items it looks at are investor concentration (how many rentals are in the complex), single investor (does one person or entity own a bunch of the units), and litigation against the condo complex, according to Joe Lydon, co-founder, and managing director of LendSure.

“Why so much deferred maintenance? Unit owners are often resistant to increased HOA fees or special assessments for repairs and updates.

“Condo complex building inspections can run $15,000 to $50,000 depending on the number of units, according to Bauman.

““Community Associations Institute is lobbying for laws mandating reserve studies and building inspections,” said Bauman. CAI is also asking Fan and Fred to give HOAs more time to be able to address so many of the new HOA questions. “Five years to ramp-up the requisite building inspections.””

Sanibel & Captiva Islands Multiple Listing Service Activity January 21-28, 2021

Sanibel

CONDOS

7 new listings: Loggerhead Cay #351 2/2 $824K; Lighthouse Point #112 3/2 $864K; Sanibel Moorings #1332 2/2 $874,999; Sanibel Moorings #122 2/2 $1.2M (our listing); Shell Island Beach Club #A5 2/2 $1.2M; Pointe Santo A2 2/2 $1.35M; Sedgemoor #101 3/3.5 $3.995M.

Boardwalk to beach at Sanibel Moorings

1 price change: Gulfside Place #210 2/2 now $1.549M.

6 new sales: Sundial #I402 1/1 listed at $659K, Mariner Pointe #421 2/2.5 listed at $739.9K, Sunset South #11C 2/2 listed at $1.095M, Sand Pointe #218 2/2 listed at $1.099M, Sundial #M303 2/2 listed at $1.249M (our listing), Pointe Santo #A2 2/2 listed at $1.35M.

To beach from Sundial East

 

2 closed sales: Nutmeg Village #308 2/2 $1.225M, Gulfside Place 124 2/2 $1.45M.

HOMES

4 new listings: 645 Oliva St 3/3 $1.1M, 593 Lake Murex Cir 3/3 $1.395M, 5802 Sanibel-Captiva Rd 3/3.5 $1.495M, 4717 Rue Belle Mer 3/3 $4.95M.

No price changes.

5 new sales: 2030 Sunrise Cir 3/3 listed at $1.625M, 489 Sawgrass Pl 5/5 listed at $2.15M, 1266 Par View Dr 4/4 listed at $2.295M, 435 Bella Vista Way E 3/3 listed at $5.2M, 3767 West Gulf Dr 4/4.5 listed at $7.5M.

3 closed sales: 6429 Pine Ave 3/2 $869K, 1943 Sanibel Bayous Rd 3/3 $1.125M, 2379 Wulfert Rd 4/4.5 $2.495M (our buyer).

LOTS

Nothing to report.

Captiva

CONDOS

No new listings, price changes, or new sales.

1 closed sale: Marina Villas #706 2/2 $950K.

HOMES

No new listings or price changes.

1 new sale: 14865 Mango Ct 2/2 listed at $1.295M.

No closed sales.

LOTS

Nothing to report.

This representation is based in part on data supplied by the Sanibel & Captiva Islands Association of Realtors® 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.

Below is our ad from today’s “Island Sun”.

Until next Friday. Stay warm! Susan Andrews, aka SanibelSusan

Another Wild Week in the Real Estate World

As you probably have seen on the news, Southwest Florida received local and national weather alerts early Sunday morning when the cool front passing through showed signs of rotation and tornado activity. With significant damage on the mainland along a stretch beginning just north of the outlet mall, it was a surprise that here on the islands, there was essentially no damage. Astounding also that the tornado was only on the ground for a few minutes and could create so much devastation. Always heed those weather alerts!

At SanibelSusan Realty

At the office, our two closings coming up early next week are in good shape, while several others occurring later also are finalizing action items. Our worry is what do we sell when inventory is gone and there is nothing left to sell. Below is an update of island inventory today. (Data from the Sanibel & Captiva Islands Multiple Listing Service as of Jan 21, 2022.) On Sanibel, just 13 condos, 15 homes, and 4 lots for sale. On Captiva, 4 condos and 7 homes.

 

 

Status

SANIBEL CAPTIVA
Condos Homes Lots Condos Homes Lots
# Avg $ # Avg $ # Avg $ # Avg $ # Avg $ # Avg $
For sale 13 1,134,446 15 3,015,800 16 542,937 4 2,672,250 7 6,940,714 0 N/A
Under contract 23 995,582 33 1,596,606 9 833,444 3 1,073,000 4 4,370,750 0 N/A
Sold to-date 2022 9 902,666 12 1,539,583 1 640,000 1 1,075,000 0 N/A 0 N/A
Sold 2021 287 875,127 355 1,341,881 69 698,862 64 1,150,373 44 2,988,520 2 2,950,000

The meeting I had last Saturday with condo owners resulted in a new listing. With inventory so low, it is no surprise that we have received many inquiries. In a normal market selling quickly could be a challenge as there is a paying guest there for an extended visit. This market is hardly normal, though. Sight-unseen offers are not unusual.

Early in this week, within hours of its posting on MLS, I wrote an offer on a condo in another complex. It provides another good example of how hot the market is. These buyers are not in town, but would like the opportunity to have an inspection, so the offer was written on the “as is” contract with significant deposits, willingness to honor future rental bookings, and at just under asking price (which was $50K+ more than the last comparable recent sale in the same community). Listing agent said we lost out that night to multiple cash offers, several over asking price.

The same situation is happening all over the state. This week, a FB friend and long-time Realtor® on the other coast, posted what is a great example of how a transparent caring Realtor® works. He said this note recently was sent to him after an offer submitted:

“I am very sorry to have to tell you that the seller selected another offer. We received 66 offers. I saw how much each buyer loved this house and wanted it to be theirs. Everyone submitted excellent offers. In another market, your offer price would have sufficed to secure the house. Unfortunately, this real estate market, with a lack of inventory and high buyer demand, makes it very, very competitive. I feel for each and every one of you. I had my own buyers who didn’t get this house. I know how hard it is for buyers now. We just never know who our competition will be. In this case, the median offer price was $440,000. This means that 33 houses offered less than $440,000 and 33 houses offered more than $440,000. We received 10 offers at $450,000. The winning offer was higher and cash. It was hard to beat. If by some chance the property becomes back on the market, I will immediately let you know. I thank you for your interest in this house and for your offer. I hope you find your new home soon.”

So, for those thinking of buying now, particularly in Florida, it is essential that you act fast and have the best terms in your offer.

The details on the activity since last Friday in the islands MLS are after a couple of news items below.

Sanibel & Captiva Islands Association of Realtors®

Our Association Executive Bill Robinson & RPAC Committee Co-Chair Dave Arter with the awards.

Congratulations to our local Association of Realtors®.

Wednesday night at the Florida Realtors® Mid-Winter Business Meetings at the state PAC Awards Reception, the Sanibel & Captiva Islands Association won several awards – Highest Total Cash by a Small Board, Highest Percentage of Goal by a Small Board, and Highest Participate Rate by a Small Board.

Congratulations to our Associations and the others who took home awards.

Florida Realtors Mid-Winter Business Meetings

I found a few minutes this morning to Zoom in on the Florida Realtors® Legal and Professional Standards Update meeting taking place at the state Mid-Winter Business Meetings in Orlando. You probably know that I love contract details so didn’t hear anything new there, but did find it interesting when Marcia Tabak, Florida Realtors® Deputy Legal Counsel provided some details on the increase in Florida real estate licenses this year.

If you didn’t already know, Florida was – and still is – the state with the most Realtors®, sometime years jockeying back and forth with California on which one has the most. Marcia said that today, DBPR (Florida’s Department of Business and Professional Regulation) reports that over 450,000 state licenses have been issued. Of those licenses, 218,000 are for real estate sales associates (like Dave, Lisa, and Elise), 22,000 are broker associates, and 42,000 are brokers (like me).

According to the Florida Real Estate Commission, in December, 4,760 applicants took the test for a real estate license here. That’s an increase from the previous year. Anyone wanting to check on a licensee status can do that at DBPR’s website, www.MyFloridaLicense.com.

Age is Just a Number

Another tidbit that I heard today is that the average age in Florida is 42. That’s not a new number, but illustrates that Florida is not just for retirees. In fact, with the increase in Florida sales during the pandemic, that number may be getting smaller. FYI, the highest average age is in my home state of Maine, where it is a little more than age 45. Come to Florida where age is just a number, more specifically to the islands where outdoor life is enjoyed year-‘round.

New Eats on the Island

Today is the grand opening of Tutti Pazzi in the former location of Matzaluna Italian Kitchen at 1200 Periwinkle Way.

Advertised as a family-friendly Italian kitchen serving pasta, seafood, and pizza, the locals who attended their soft opening Wed night, said the food is fabulous.

So, be sure and try out some of the new restaurants on Sanibel.

Sanibel & Captiva Islands Multiple Listing Service Activity January 14-21, 2021

Sanibel

CONDOS

2 new listings: Loggerhead Cay #584 2/2 $895K, Sundial #M303 2/2 $1.249M (our listing). (A couple of pix by our photographer Jim Anderson with JMA Photography below. The first an aerial of Sundial Resort, followed by the path to the beach.)

No price changes.

5 new sales: Kimball Lodge #303 1/2 listed at $795K; Blind Pass #F203 3/2 listed at $839,555; Sundial #G104 2/2 listed at $875K; Sandalfoot #5A2 2/2 listed at $1.275M; Cyprina Beach #7 3/3 listed at $1.749M.

6 closed sales: Blind Pass #E103 3/3 $775K, Kimball Lodge #303 1/2 $795K, Sanibel Inn #3421 2/2 $900K, Lighthouse Point #212 3/2 $929K, Pointe Santo #A21 2/2 $1.15M, Sundial #R402 2/2 $1.2M.

HOMES

2 new listings: 4563 Brainard Bayou Rd 3/2 $1.449M, 489 Sawgrass Pl 5/5 $2.15M.

1 price change: 1398 Jamaica Dr 2/2 now $895K.

1 new sale: 9472 Balsa Ct 2/2 listed at $765K.

6 closed sales: 804 Rabbit Rd 2/1 $490K, 2114 Egret Cir 3/2 $773K, 966 Whelk Dr 3/2 $1.33M, 1347 Jamaica Dr 2/2 $1.4M, 856 Limpet Dr 4/2.5 $2M, 699 Anchor Dr 4/4 $2.395M.

LOTS

No new listings or price changes.

4 new sales: 1332 Eagle Run Dr listed at $499K, 638 Lake Murex Cir listed at $565K, 3304 Saint Kilda Rd listed at $599K, 4767 Tradewinds Dr listed at $2.149M.

No closed sales.

Captiva

Nothing to report.

This representation is based in part on data supplied by the Sanibel & Captiva Islands Association of Realtors® 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.

Below is our ad from today’s “Island Sun”.

Until next Friday, Susan Andrews, aka SanibelSusan

Read On to Find Out Why the Magic Number Today is 12

It is that time of the year when Floridians are especially grateful to be here. Though a cool front sometimes comes through in the winter, the weather here sure tops what is happening elsewhere.

One of those fronts just came through the islands. Though sunny and bright, it is breezy with temperatures only up into the high 60’s. Do visitors still fill the bike paths and beaches in their shorts and tee-shirts, “yes”. Meanwhile, locals are enjoying more fresh air and relish a chance to wear their long sleeves and an occasional sweater or jacket.

At the office, we continue to finalize action items for our upcoming closings and get ready for our big annual inventory mailing. If you are not already on our mailing list and want a copy of this report, please send your request to Susan@SanibelSusan.com. We update the islands residential inventory list (Sanibel & Captiva condos, homes, & lots) every weekend, so have it available anytime and email it often, but the bulk hardcopy mailing only goes out once a year (saving trees & $). It will go out in early February. (The data is from the local Multiple Listing Services as well as the county tax records.)

Yesterday afternoon, teammate Dave listed his in-laws off-island investment property. He probably set a record for a quick sale. Following several immediate inquiries/offers, he had it successfully under contract by 8 p.m.

So, as we continue to market for new listings, today the magic inventory number is 12. According to the Sanibel & Captiva Islands Multiple Listing service, now there are just 12 condos and 12 homes for sale on Sanibel, while on Captiva, there are 12 in total (4 condos plus 8 homes).

With most colleagues having buyers waiting in the wings, it is tough convincing those prospects that it is going to take a very long time for supply to meet demand. Meanwhile, the strong sellers’ market continues. I am meeting with condo owners tomorrow. Hopefully a new listing follows.

Florida Realtors® Mid-Winter Business Meetings

Last Friday, I attended the Florida Realtors® Resort and Second Home Think Tank meeting via Zoom. During that meeting, Kate Chunka, Vice Present of Industry Engagement at “Visit Florida” provided an update on that agency’s efforts including some interesting statistics. She said that every dollar spent results in $3.27 in tax revenue. Nearly 40% of that in 2020 was the impact of the pandemic on tourism with the third quarter last year exceeding any previous year. In 2021, from first through third quarter, 91.5 million visitors came to Florida. Numbers now are starting to exceed 2019 which was the highest recorded ever. For FY 2022-2023, a $50 million budget has been recommended.

Next, Florida Realtors® Vice President of Law/Policy and General Counsel, Juana Watkins provided an update on the legal options to address local short-term rental ordinance. That has become a huge problem in some areas. Luckily Sanibel and Captiva are proactive in that regard.

A legislative update then was provided by Andy Gonzalez, Florida Realtors® Public Policy Representative. He said, this week legislators are back in session in Tallahassee. On the Senate agenda is a discussion regarding short-term rentals.

He asked Realtor® Broker Marilue Maris from Walton County in the Panhandle to tell us how access to the gulf there is regulated. She described how beach access and use by the public is limited to only the areas of “wet” sand, with security guards sometimes patrolling to ensure that non-property owners don’t settle their chairs or blankets in dry areas. Wow!

Next week, I will be attending a “Florida Real Estate Trends” update by Florida Realtors® Chief Economist Dr. Brad O’Connor. He is scheduled to update policymakers, residents, and Realtors® on what is ahead in 2022. Real estate drives Florida’s economy and as the COVID-19 pandemic continues into its second year, it sure would be nice to know what lies ahead.

Also on the agenda next week are the Forms Content Committee meeting, and Legal and Professional Standards Update – also good stuff to stay up on.

Sanibel & Captiva Islands Association of Realtors®

Tuesday was the first 2022 meeting of the local Association’s Professional Development Committee. Many educational classes for members already are scheduled with the focus of this meeting speakers for the upcoming monthly membership meetings. The first of those is February 24.

Our annual Realtors® lnstallation and Awards Breakfast was early yesterday at The Community House. Attendance was lighter than in normal times, but it was great to see many familiar faces in-person for the first time in more than two years.

Congratulations to the incoming Board of Directors and Officers (shown in the Association photo above) and the many “of the year” awards including 2021 Honor Society recipients (my 29th year).

Though 2021 was a record one for island sales, we all hope that 2022 will be safer, less stressful – and that there will be more product to sell. The details on the activity posted since last Friday in the islands MLS are below.

Sanibel & Captiva Islands Multiple Listing Service Activity January 7‑14, 2021

Sanibel

CONDOS

1 new listing: Sundial #G104 2/2 $875K.

2 price changes: Mariner Pointe #421 2/2.5 now $759K, Sunset South #11C 2/2 now $1.095M.

No new sales.

1 closed sale: Pointe Santo #C3 3/2 $1.095M.

HOMES

No new listings.

1 price change: 3324 Saint Kilda Rd 4/4 now $2.995M.

9 new sales: 804 Rabbit Rd 2/1 listed at $499K, 458 Lake Murex Cir 3/2 listed at $925K, 1133 Sand Castle Rd 3/2 listed at $945K, 1251 Sand Castle Rd 4/3 listed at $1.05M, 4737 Rue Belle Mer 3/2 listed at $1.6M, 719 Periwinkle Way 4/3 listed at $1.895M, 500 Kinzie Island Ct 3/3 listed at $2.295M, 5415 Osprey Ct 3/3 listed at $2.495M, 1360 Eagle Run Dr 5/3.5 listed at $2.695M.

1 closed sale: 1278 Sand Castle Rd 4/3 $1.526M.

LOTS

1 new listing: 845 Pyrula Ave 525K.

No price changes or new sales.

1 closed sale: 3308 Saint Kilda Rd $640K.

Captiva

CONDOS

No new listings.

1 price change: Land End Village #1659 2/2 now $1.345M.

1 new sale: Sunset Beach Villas #2236 2/2 listed at $1.3M.

1 closed sale: Gulf Beach Villas #2122 2/2 $1.075M.

HOMES

No new listings or price changes.

1 new sale: 57 Sandpiper Ct 2/2 listed at $1.399M.

No closed sales.

LOTS

Nothing to report.

This representation is based in part on data supplied by the Sanibel & Captiva Islands Association of Realtors® 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.

Below is our ad from today’s “Island Sun”.

Enjoy your weekend! Susan Andrews, aka SanibelSusan

Just Another January Friday on Sunny Sanibel Island

Following up on grumblings last week about heavy traffic, there was a huge reprieve on Monday after holiday visitors left and Lee County Schools reopened. As teammates reminded, there usually is a 2+week window after New Year’s until traffic picks up with more snowbird returns. Then it should be busy again through February and March, or until Easter.

Weather-wise, as islanders watched much of the country experience snow and freezing cold, a cool front passed through Florida Sunday night. That resulted in us enjoying lower humidity and breezy sweater weather both Monday and Tuesday. The forecaster now says the muggy meter is amping up again with warm weather expected until the next cool front which is scheduled to arrive next week when it again may dip into the low 70’s during the day. That’s the best winter weather!

I took a quick spin down to the lighthouse this afternoon on my way back to the office. Christmas décor is gone and bay/gulf waters are looking good. Here are a few pix from 1:30 p.m. when my car said the temperature was 78 degrees F.

Real Estate Scoop

At SanibelSusan Realty, teammate Dave had a busy week accompanying home inspections both Monday and Tuesday, followed by a contractor visit to one of the properties today. With many year-end closings and our island inventory list updated, we all have been working on the database for our big annual mailout which we hope to send out later this month.

Meanwhile, we are working on closing activities for our five sales and beating the bushes looking for new listings. As of this afternoon, according to the Sanibel & Captiva Islands Multiple Listing Service, there are just 12 condos, 20 homes, and 19 lots for sale on Sanibel – even fewer on Captiva, just four condos and eight homes for sale.

At the state level, Florida Realtors® 2022 Mid-Winter Business Meetings in Orlando are coming up. Many of the meetings again this year are being offered via Zoom as well as in person. I will be attending the Resort and Second Home Think Tank later today, and next week will be at the Forms Content Committee Meeting and the Legal and Professional Standards Update.

On Sanibel, our annual Association of Realtors® lnstallation and Awards Breakfast is next Thursday at The Community House.

The action posted since last Friday in the islands MLS follows a couple of news items below.

Buyers Who Waited for Lower Prices May Regret It

Here’s an article posted at FloridaRealtors® on-line on Dec 20, 2021 and sourced to the South Florida Sun-Sentinel:

“Some buyers postponed searches, assuming prices would drop as they did in the last recession. But now homes they once considered are financially out of reach.

“FORT LAUDERDALE, Fla. – As South Florida home prices spiked during the pandemic, some people decided to put their home shopping on pause in the hopes that prices might drop, a decision they are coming to regret.

“Now, a year-and-a-half into record price growth and dwindling inventory, non-buyers are stuck in a precarious situation: they want to buy but are facing higher prices than they did when they first started searching, and they’re finding themselves at risk of being priced out of the South Florida real estate market…. Homes prices jumped, no slowdown in sight.

“Homes prices skyrocketed in South Florida during the pandemic, as intense demand from out of state buyers dovetailed with historically low inventory to create an intense seller’s market where buyers were often faced with paying over asking price and losing out in bidding wars.

“In a market where it’s common for buyers to lose out and face multiple bidding wars, it can cause home shoppers to get discouraged and more hesitant to buy, explained Brian Pearl, principal agent with the Pearl Antonacci Group in Boca Raton. “I’ve had buyers regret waiting more recently, given that the market hasn’t slowed down like they thought it would by now,” he added.

“He’s not the only Realtor to have clients face this issue. Jeff Creegan with Re/MAX Services in Boca Raton said about 30-40% of his clients in the last year end up trying to wait out the housing market. Many were wary of buying in the spring or even last summer as they watched prices skyrocket, only to see them rise even more as the year comes to a close. The overall sentiment, he said, is that they made a mistake in trying to wait out the market.

“Now, as they begin to look again, buyers say they are greeted with homes that are $100,000 more expensive. As a result, Creegan said, “They are looking in different markets, like in Southwest Florida or more affordable markets.”

“In February of 2021, the median sale price of a home in Miami Dade County was $450,000, a 21% increase from the year before, according to numbers from the Broward, Palm Beach and St. Lucie Realtors. For Broward County, the median sale price of a home was $433,000, a 12% increase from the year before. For Palm Beach County, the median sale price of a home was $450,000, a 24% increase from the year prior.

“Flash forward to October of 2021, when median sale prices rose 19% from the year before in Palm Beach County to $500,000 in October. For Broward County, the median sale price of a home was $489,000 in October, a 17.8% annual increase. In Miami Dade County, the numbers shot up 12.6% to $490,000 for October….

“The housing crash of 2007 is likely still fresh in a lot of potential buyers’ mind, noted Eli Beracha, director of the Hollo School of Real Estate at Florida International University, and is potentially one of the reasons that they are trying to wait out the housing market. Beracha also noted, however, that the forces fueling this housing market are different. “We had an excess of supply last time [in 2007]; we don’t have that this time. If you don’t have excess supply, it’s hard for the market to correct in a significant way.” In other words, he does not see a dramatic bust in our future.

“Out-of-state home shopper Dr. Ketang Modi, his wife and two daughters are making the move from New Jersey to Broward County and are looking for a home that is around 4,500 square feet with a minimum of four bedrooms. When they searched previously, they looked at homes in a community in Davie that were priced around $1.2 million, and now, four months later, prices are hitting $1.6 million, prompting him and his family to consider renting to wait out the market. “Everything is overpriced,” he lamented. “I’m not sure when there will be a correction or when prices will stabilize.””

Expected Market Drivers in 2022

Several real estate forecasters have published their 2-cents worth on what 2022 will bring to the business. Here are some favorites that likely apply to real estate on Sanibel & Captiva.

International Buyers – For years, Florida has been a favored destination for international buyers, mostly those from Canada and Europe. That trend came to an abrupt stop with COVID travel restrictions in early 2020. Now that borders are reopening, a surge of international buying is expected with more action expected than in the past two years. Florida is the top state for wealthy individuals and families who want to acquire residences outside their home country.

Listings from Baby Boomers – Demand for homes is expected to continue to outpace supply. Nationally, boomers (those 55 to 75) own 42% of homes. With many facing health issues, including mobility, which can impact their ability to live independently. This generation controls the single-family home inventory with a huge portion of these homes coming on the market in the next few years.

Affordability – Gen Z and millennials are posed to enter Florida’s housing market – provided they can afford it. In the past two years, real estate prices have risen dramatically with no sign of a downturn in 2022. Many prospective buyers – all ages – already are finding they are priced out of the island market.

Inflation – Inflation returned to the U.S. economy in 2021. From construction materials to home appliances and automobiles, supply chain shortages are pushing prices up for consumers. A global energy shortage is also increasing prices of gasoline, oil, and natural gas. While some economists expect these pressures to subside in 2022, changes in the Consumer Price Index (CPI) and the Federal Reserve actions that affect interest and mortgage rates also may affect real estate sales.

Sanibel & Captiva Islands Multiple Listing Service Activity December 31 – January 7, 2021

Sanibel

CONDOS

1 new listing: Pointe Santo #C26 2/2 $1.279M.

No price changes.

3 new sales: Breakers West #C2 2/2 listed at $749K, Sand Pointe #222 2/2 listed at $1.125M, Tarpon Beach #110 2/2 listed at $1.35M.

5 closed sales: Sundial #H410 1/1 $422.5K, Seashells #43 2/2 $588K, BlindPass #A202 2/2 $610K, Breakers West #C4 2/2 $692K, Sanibel Surfside #213 2/2 $875K.

HOMES

9 new listings: 1948 Roseate Ln 2/2 $769K, 458 Lake Murex Cir 3/2 $925K, 1133 Sand Castle Rd 3/2 $945K, 1398 Jamaica Dr 2/2 $995K, 1251 Sand Castle Rd 4/3 $1.05M, 2695 Wulfert Rd 4/4/2 $1.895M, 500 Kinzie Island Ct 3/3 $2.295M, 5415 Osprey Ct 3/3 $2.495M, 4322 West Gulf Dr 4/3.5 $3.45M.

No price changes.

4 new sales: 1948 Roseate Ln 2/2 listed at $769K, 1305 Par View Dr 3/4 listed at $1.749M, 2695 Wulfert Rd 4/4/2 listed at $1.895M, 1146 Golden Olive Ct 5/4 listed at $2,999,999.

5 closed sales: 534 Piedmont Rd 3/2.5 $725K, 3840 West Gulf Dr 3/2.5 $1.596M, 1220 Morningside Pl 6/4 $1.8M, 1356 Eagle Run Dr 5/5.5 $2.145M, 927 Kings Crown Dr 3/3.5 $2.295M.

LOTS

Nothing to report.

Captiva

CONDOS

No new listings or price changes.

1 new sale: Beach Villas #2236 2/2 listed at $1.3M.

2 closed sales: Beach Villas #2626 1/1 $684K, Bayside Villas #4306 3/3 $935K.

HOMES & LOTS

Nothing to report.

This representation is based in part on data supplied by the Sanibel & Captiva Islands Association of Realtors® 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.

Below is our ad from today’s “Island Sun”.

Until next Friday, Susan Andrews, aka SanibelSusan