Market Outlook – Here, There, Everywhere

Posted on August 27, 2021 by SanibelSusan

Another Friday and SanibelSusan here with another island real estate report. First a photo of what it looks like here on a sunny Sanibel afternoon.

This week, the Saharan dust covering much of Florida has kept rain away from the islands. There have been a few showers, but nothing like usual peak storm season. Driving across the causeway, the hazy view over the water reminded me of growing up on the Maine seashore and how it looked before morning fog burned off. Now, that dust is moving away from Florida, so weather likely will return to a more typical September weather-pattern with daytime temps expected to be in the low- to mid-80’s with chance of afternoon thunderstorms. Now through the weekend, we also may see some wind from Hurricane Ida passing out in the Gulf, no real concern for SW Florida though.

Florida Realtors® Annual Convention

I sure hated to miss this event in-person again this year, but thankfully with new Covid-protocols still was able to participate electronically. Florida Realtors 2021 Convention and Trade Expo is being held August 24-28 at the Rosen Shingle Creek in Orlando.

Yesterday, in between classes, was the Annual Awards luncheon. It was great to hear that some friends were acknowledged and rewarded: Congratulations to 2021 Realtor® of the Year – Florida Realtors® 2020 President Barry Grooms from Bradenton, 2021 Humanitarian of the Year – Steven David from Broward, Palm Beaches, and St Lucie Realtors®, and to our 2021 District 5 VP – Ursula Weinkauff from Bonita Springs. They all excelled in a challenging year as they have for many years.

Today, our local Sanibel & Captiva Islands Association of Realtors® Director of Education, Megan Rose, is sitting on the Florida Realtors® Audition Panel for the Professional Development Committee, evaluating candidates looking to teach state-approved classes. I sure enjoyed doing that for many years and know Megan will do a great job representing us. She will have a long tiring but fulfilling day. It is great process to ensure that Florida’s teachers are top-notch.

Tonight is the annual in-person Florida Realtors® 2021 PAC live auction. You-know-who has been bidding electronically all week on silent auction items. Tomorrow, the event wraps up with a Candidate Forum, Member Update, and the individual District meetings, followed by the Board of Directors Meeting.

At the Sanibel & Captiva Islands Association of Realtors®

There was no caravan meeting this week for the islands Association of Realtors®, but some real estate activity still was posted in the local Multiple Listing Service. The action follows a coupe of news items below.

At SanibelSusan Realty

Happily, The SanibelSusan Team has two closings before the end of the month, so Dave and I will be busy with those over the weekend and early next week. We both remarked this morning about how little traffic is on the island now. At quitting time last night, I went home the back way (west on Periwinkle to Tarpon Bay Rd north to Gulf Dr to the east end to Periwinkle) and didn’t pass a single car going in either direction until I got to just before the turn-off to my street. Even then, only saw one work truck heading off-island. Dave said it was little later when he left Lighthouse Beach, to head off island. He also didn’t see other vehicles. Where is everyone? September usually is the quietest month on the islands, appears that late-August is getting ready.

The Market Outlook – Nationally & More

Tuesday, I attended a Zoom presentation given at the National Association Leadership Summit in Chicago by NAR’s Chief Economist and Senior VP of Research, Lawrence Yun. As a long-time fan, it was interesting to hear his take on the pandemic, today’s housing shortage, and what he thinks the real estate future will bring.

He prefaced his speech saying that 99% of the country is experiencing a double-digit price change in their median priced home.

Then, he began with “when does this pandemic end?” He reiterated that though it has been over 100 years since the Spanish flu pandemic, through history pandemics have been a common phenomenon, a human experience. One that will not be done and over when this pandemic subsides. The Delta variant being a good example of that.

Looking at today’s statistics compared to recent history, one of his first slides showed that for the first time in decades, in the U.S., birth and death rates are equal. He referred to past forecasters who said that when the baby boomer generation starts dying out, U.S. population will decrease. That is looking to be true, though this data does not include those immigrating here and coming across borders illegally.

He then described how today’s housing shortage is a different kind from recent history when there were not enough actual homes for the housing demand. Today, rental prices are skyrocketing and expected to soar even higher. He gave examples where rental properties are getting multiple offers. Today, there is a historic shortage of rental vacancies, while the number of rental households is at an all-time high (mostly because those renters can’t compete with the offers from today’s buyers).

Existing homes sales (which traditionally are 90% of that market) are still above pre-pandemic levels, but not as frenzied as they were a few months ago. Newly-constructed-home sales (usually 10% of the market), now are just matching pre-pandemic levels.

Though interest rates still are historically low (less than 3%), mortgage applications from those looking to buy are below pre-pandemic levels. Why is this? It is because all-cash sales are elevated. Cash is king with cash sales ruling the market, essentially everywhere.

With most median home prices up over 20% in the last year, rental demand has gone up as most 1^st-time buyers now are priced out of the market. Monthly mortgage payments are rising even at time when interest rates are at their lowest.

Though mortgage debt is at a record high, the record high property valuations should overwhelm any risk, so he says there is no worry of the market being over leveraged.

Comparing geographic areas, it was interesting to see where local market homeowner wealth gained over the last year. The highest equity gain was in the San Francisco Bay area where the average property increase was $160K. Unfortunately, this appreciation is not enjoyed across the population, as only 45% of San Francisco residents own. Like anywhere, homeownership rates vary across geographic areas, age groups, ethnicity, etc.

In comparing home occupant wealth, his slides showed how the average renter has a nest egg of only about $8K while the average property owner has $297K.

He made a point of mentioning of how the news media using old data does not help us understand the market – and how you cannot always believe what you hear. Particularly, considering the 2020 census numbers, that data does not reflect where people live and work today with so many fleeing cities to work in the suburbs or more preferred areas.

He had a slide showing the metro areas with the most net migration gains since the first of the year, and interestingly most of those are in vacation areas. For example, the places with the highest population increase year-to-date include Barnstable, MA (Cape Cod), Portland (ME), Myrtle Beach (SC), Asheville and Wilmington (NC), Huntsville (AL), Jacksonville (FL), and others. Another tidbit he mentioned was that Huntsville has the highest number of PhD’s in the nation. (Who knew?)

What will these vacation areas show for 2021? He said they all are experiencing a sizeable jump in sales, which is exactly what has happened here on Sanibel and Captiva.

What will the future bring? He said that housing demand should be compared to where people with jobs are doing their jobs.

As inflation increases the Fed will be forced sooner to make changes. When that happens, he expects that negative effects will occur from the Federal Reserve, who provides monetary policy, gradually increasing mortgage rates. He sees a tapering of purchases of mortgage-backed securities later this year, short-term rates rising next year, and an inevitable increase in G-fees to cover Congress’s infrastructure package. (A G-fee is the gurantee-fee to cover projected credit losses from borrower defaults over the life of loans, admin costs, and a return on capital.)

A positive effect will come from more first-time buyers qualifying for a mortgage as they have demonstrated financial capability from renting longer. (Big data also will help show their payment capability, with so many creating a financial trail through their use of Amazon Prime, Netflix, etc.)

Inflation already is popping out and is not going to go away. He predicts high inflation will continue. Already many of us are seeing price increases in used cars, gas, airfares, appliances, and the like.

The Government says rents are rising at 1.9% annually, but he provided info from national rental organizations showing that increases are more like 6, 7, and 8%, probably an indication that the Government also is under estimating inflation.

As the pandemic wanes, sales to foreign buyers and immigrants will pick up.

In the commercial arena, office space usage is shaky, particularly in downtown areas where many cities, like New York and Chicago, have high vacancies.

Industrial spaces, on the other hand, are booming. Retail spaces are coming back as buying improves, while apartment spaces also are coming back strong.

In his wrap-up, he likened the economy internationally to the winners of the Olympic gold medals, showing how through history those with the most medals were the most economically strong. We might have received the most medals in the Olympics this year, but China is a close second. Followed by Japan, before Great Britain. There is a message in that. Stay tuned.

Sanibel & Captiva Islands Multiple Listing Service Activity August 20-27, 2021

Sanibel

CONDOS

3 new listings: Blind Pass #A102 2/2 $630K, Sanibel Arms West #E3 2/2 $965K, Gulfside Place #210 2/2 $1.495M.

No price changes.

3 new sales: Sanibel Moorings #211 1/1 listed at $525K, Breakers West #C3 2/2 listed at $749K, Gulf Beach #207 2/2 listed at $1.1M.

3 closed sales: Sanibel Moorings #921 1/1 $435K, Sanibel Inn #3511 2/2 $695.1K, Kings Crown #102 2/2 $1.55M.

HOMES

1 new listing: 4771 Tradewinds Dr 3/3 $3.35M.

2 price changes: 1025 S. Yachtsman Dr 3/2 listed at $820K, 5747 Pine Tree Dr 3/3 $1.799M.

8 new sales: 837 Casa Ybel Rd 2/2 duplex listed at $599.9K, 5802 Sanibel-Captiva Rd 3/3.5 listed at $899K, 4760 Rue Helene 3/2 listed at $1.325M, 4954 Joewood Dr 3/2 listed at $1.599M, 5379 Shearwater Dr 4/3 listed at $2.149M, 2475 Tropical Way Ct 3/3.5 listed at $2.295M, 856 Limpet Dr 4/2.5 listed at $2.358M, 4014 West Gulf Dr 4/4 listed at $3.849M.

1 closed sale: 734 Anchor Dr 3/2 $1.55M.

LOTS

No new listings.

1 price change: 5642 Baltusrol Ct now $369K.

1 new sale: 1272 Par View Dr listed at $459K.

No closed sales.

Captiva

CONDOS

No new listings, price changes, or new sales.

2 closed sales: Tennis Villas #3127 1/1 $385K, Captiva Hide-a-Way #1D 2/2 $1.032M.

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.

Until next Friday,

Susan Andrews, aka SanibelSusan

Late Summertime Happenings on Sanibel & Captiva

Posted on August 20, 2021 by SanibelSusan

It is finally that time of the year when things slow down on the islands, though it was a long-time coming this year. Even during the “off” season, the islands have been busier than usual this summer. But now that schools are back in session and COVID cases are at record-highs, it makes sense that traffic and occupancy have eased up.

I took a quick spin through the islands early this afternoon, drove all the way through Captiva’s South Seas Plantation, out to tip at Lands End. I was surprised to see very few people or vehicles, though passed quite a few contractor vehicles doing deliveries and updates at properties. Below are some Captiva photos taken during that ride.

Boat launch at South Seas Harbor looking toward the Lady Chadwick.

Looking toward Harborside Bar & Grill.

At Lands End looking across Redfish Pass to North Captiva Island

From the road into Lands End looking back toward South Seas amenity area (rain in the distance on the mainland)

Island Real Estate Happenings

Real estate inventory on both islands remains at record lows. It will be interesting when fall arrives to see what happens to the market as snowbirds and prospective buyers start thinking about spending their winter in the sun. Few rental companies have vacancies then and most Realtors® have anxious visitors looking to come. Thanks to supply and demand, prices in the foreseeable future, for both buying and renting real estate here, will continue to go up.

Meanwhile, at SanibelSusan Realty, we are finishing up action items on closings scheduled to occur in a few weeks, continuing to market our new listing that is not under contract yet, and beating the bushes looking for owners wanting to take advantage of this unique sellers’ opportunity.

After a few news items below is the real estate action posted since last Friday in the Sanibel & Captiva Islands Multiple Listing Service.

Today (August 20, 2021) on Sanibel, there are 13 condos, 27 homes, and 17 lots for sale.

On Captiva, there are three condos and 12 homes.

Causeway Island Update

Plenty of social media postings about the changes on the causeway islands have not been positive, mostly because the public is not aware of what is happening there. Here is an update:

The Lee County Board of Commissioners voted Tuesday to award engineering contracts for engineering services for enhancements to both Islands A and B and construction services for the stabilization of Island B. (Island A is the one closest to the high bridge and the mainland. Island B is closest to Sanibel.)

These contracts are part of a larger project on the causeway islands. Plans approved by the Board in December call for the shoring-up of erosion-prone areas of Islands A and B which are part of the Sanibel Causeway. Beach sand also will be added along parts of these islands. In addition, enhancements will be made to upland portions of both islands, including the creation of structured parking, new restrooms on Island A, additional picnic pavilions, pathways, and landscaping, and other park amenities.

In July, in preparation for the project, Lee County Crews removed Australian pines, an invasive exotic species. They will be replaced with native trees.

Local COVID News

Unfortunately, Lee Health Hospitals posted yesterday that it was their highest day of COVID fatalities. Traveling nurses arrived this week to assist in their patient overload.

Sanibel remains proactive regarding COVID. It makes me feel better just to drive by the signage by the Chamber that continues to flash “Welcome to Sanibel”, “Please Wear Mask”, Please Get Vaxxed”.

This morning the City Manager posted the following message on the City website: “City of Sanibel Recreation Center to Remain Closed Saturday, August 21, 2021 All Programs Cancelled. Last evening, Thursday, August 19, the City of Sanibel was advised that a participant who utilized the Sanibel Recreation Center yesterday had tested positive for COVID. Today, Friday, August 20, the City of Sanibel Recreation Center, 3380 Sanibel-Captiva Rd, is closed for all programs and services while the facility is disinfected. Currently City staff continue to contact trace all persons who were at the facility yesterday. The City of Sanibel Recreation Center will remain closed tomorrow, Saturday, August 21. The sole program scheduled for the Recreation Tomorrow, Tiny Tots Basketball, is also cancelled.”

Temporary Closure of Ding Darling Visitor & Education Center

From this week’s, “Ding on The Wing”: “Starting this week and running through September, the Refuge Visitor and Education Center will be closed both Friday and Sunday each week, due to volunteer dropout over COVID-19 concerns. The Center is open 9 a.m. to 4 p.m. Monday through Thursday, and Saturday.

37^th Sanibel & Captiva Luminaries Scheduled

As posted in the “Island Sun”, the island Chamber of Commerce has received approval from The City to celebrate Luminary 2021 in traditional fashion on December 3 and 4. The Sanibel celebration will be Friday and the Captiva Saturday. Besides candle-lined walkways and shared-use paths, the festivities bring live music, decorations, sidewalk sales, and complimentary refreshments.

The golf-cart parade also will return to Captiva’s celebration (time to be announced). If you haven’t attended an island luminary, plan to do it this year. It is special.

I couldn’t help but think about Captiva’s luminary as I drove along the Tween Waters stretch this afternoon. Those who have been here for the holidays likely remember that a Santa will be climbing that tall palm tree for Christmas. My photo from today is shown above, while below it, a photo of Santa from years.

Sanibel Household Chemical Waste Collection Event

A City notice received this week says, Sanibel residents may dispose of household chemical waste such as left-over paint, cleaners, herbicides, pesticides, auto fluids, and pool chemicals on Wed, Sept 1. The collection event hosted in partnership with Lee County Solid Waste will be held from 10 a.m. to 2 p.m. at the Sanibel Library at 770 Dunlop Rd with drop-off an easy drive-through at no charge. This event is for residents only, businesses that need disposal should call for an appointment for the monthly business collection held at the county’s permanent Household Chemical Waste drop-off location at 6441 Topaz Ct which is off Metro Parkway in Fort Myers.

The following items are NOT chemical waste but may be set out with your regular household garbage: small-engine equipment such as pressure washers, lawnmowers, weed eaters; small electronic parts such as routers, mice, keypads; tires; small appliances; empty paint cans/dried paint; empty auto fluid containers.

Hot Housing Market Drives Home Fix-Ups

Posted August 13, 2021, on FloridaRealtors®:

“Remodeling hit a high during lockdowns when homeowners had time and an increased frustration with their living space. Now, rising home equity entices them.

“NEW YORK – More homeowners plan to renovate their homes this year. The remodel trend took off during pandemic lockdowns when homeowners had little else to do and a general frustration with a home when they had to spend 24 hours a day within it.

“Now, owners are spiffing up their home because they can afford to do so, thanks to higher home prices and their home’s increased equity, according to Bank of America’s “2021 Homebuyer Insights Report: Home Improvement and Equity Spotlight.”

“As home prices surge, more homeowners are tapping HELOCs (Home Equity Lines of Credit) to make significant home improvements. Gen X homeowners (ages 44 to 56) are the most likely to report using HELOCs for home improvements. “Greater reliance on the home as both a workspace and a family center has led many owners to tailor their homes to their needs,” the report says.

“Most respondents don’t focus too heavily on increasing their home’s value, however. The majority said they’re viewing home improvements as a way to bring greater enjoyment to their living space (67%). Only 33% said they’re undertaking updates to increase their home’s value (33%). “Traditionally, home improvement projects have been measured through the lens of return on investment (ROI), but we’re seeing that the emotional connection to one’s home is just as important,” says Ann Thompson, specialty lending executive at Bank of America.

“Remodeling trends

“Greater modernization: Many homeowners want to bring their homes up to date, or they need to replace dated areas of the homes. The median age of the U.S. owner-occupied housing stock is 39 years, according to the National Association of Home Builders.

“Fixer-uppers are OK again: About 42% of younger homebuyers say they would prefer to buy a fixer-upper and improve it over time than to purchase a home that’s move-in ready.

“DIY is trending: Many homeowners are taking a do-it-yourself approach to some of their smaller house projects, such as painting or upgrading hardware and fixtures, with 50% saying they learned how from watching videos. Nearly 40% say they’re inspired by TV shows such as HGTV to do more DIY projects in their home. Younger adults are the most likely to do DIY, with almost 75% of younger homeowners (ages 18 to 43) say they’ve completed DIY work around their house.

“Sustainability is important: Younger generations tend to value sustainability features more than older generations. Half of younger generations want to add solar panels (51%) and energy-efficient appliances (48%) – only one-third of older generations want to add solar panels (33%) and energy-efficient appliances (36%).”

To Market or Not, Should Not Be the Question

With Florida real estate in increased demand from domestic buyers, sale prices high, and inventory limited, some agents have had success with “pocket listings”, a process that allows an agent to quietly market a property on a one-to-one basis to individual buyers and colleagues, before (or without) posting it on the Multiple Listing Service.

Some sellers and agents think pocket listings offer advantages in certain situations, like giving a seller time to prepare for marketing and the agent to perform some limited targeted outreach before notifying the masses. I have found that this can influence price, time on market, and the best deal for a seller/buyer.

Some sellers with concerns about privacy and COVID, have preferred this process even if it results in a less profitable sale. Many agents, like me, however, view pocket listings as a disservice to sellers.

For example, prospective pocket-listing buyers know they are the only ones submitting an offer, making them not as motivated to make one that is competitive. By limiting the pool of prospective buyers, sellers can be losing money.

The National Association of Realtors® (NAR) recently took a clearer stance on the gray area of pocket listings. Realtors® now are required to list a property in the applicable MLS within 24 hours of launching any mass marketing. This puts the selling agent in a difficult position with only limited marketing allowed. The minute that marketing is expanded, by social media post or group email, that agent is “on the clock” and has only 24 hours to get it posted in the MLS.

What seller doesn’t want his property exposed to the most potential purchasers? Not to mention making the entire transaction transparent with everyone held accountable. According to Redfin, pocket listings increased from 2.4% to 4% of the market from November 2019 to March 2021. Maybe that jump is strictly COVID related, but I doubt it.

Pocket listings should be limited to exceptional unique cases. In my experience, the most exposure brings the best offers – which is what most sellers want. That means a traditional listing – not a pocket listing. The SanibelSusan Team does not take pocket listings.

Sanibel & Captiva Islands Multiple Listing Service Activity August 13-20, 2021

Sanibel

CONDOS

2 new listings: Sanibel Arms West #F6 2/2 $1.049M, Gulf Beach #207 2/2 $1.1M.

No price changes.

7 new sales: Sundial #H410 1/1 listed at $429K, Cottage Colony West #101 1/1 listed at $575K, Sanibel Inn #3514 2/2 listed at $699K, Sandalfoot #2D3 2/2 listed at $789.5K, Pointe Santo #B33 2/2 listed at $839K, Tantara #102 2/2 listed at $1.139M, Sundial #E104 2/2 listed at $1.299M.

3 closed sales: Coquina Beach #2B 2/2 $585K; Sanibel Arms West #D2 2/2 $915,799; Tarpon Beach #305 2/2 $1M.

HOMES

3 new listings: 4954 Joewood Dr 3/2 $1.599M, 2475 Tropical Way Ct 3/3.5 $2.295M, 885 Limpet Dr 3/3 $2.395M.

1 price change: 535 Birdsong Pl 3/2 now $711,555.

5 new sales: 754 Donax St 4/2 duplex listed at $599K, 5817 Sanibel-Captiva Rd 4/2 listed at $1.19M, 1360 Jamaica Dr 3/3 listed at $1.349M, 518 N. Yachtsman Dr 3/3 listed at $2.795M, 544 Lighthouse Way 4/5.5 listed at $4.25M.

5 closed sales: 486 Surf Sound Ct 3/3.5 $1.19M, 734 Anchor Dr 3/2 $1.55M, 6418 Pine Ave 3/3 $1.7M, 5270 Indian Ct 6/6.5 $2.05M, 545 Lighthouse Way 3/3.5 $3.25M.

LOTS

No new listings, price changes, or new sales.

2 closed sales: 0 Dixie Beach Blvd $150K, 000 West Gulf Dr $3.5M.

Captiva

CONDOS

No new listings or price changes.

2 new sales: Lands End Village #1633 2/2 listed at $1.599M, Seabreeze #1251 3/3 listed at $2.05M.

No closed sales.

HOMES

No new listings.

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

No new or closed sales.

LOTS

Nothing to report.

It’s even quiet at the beach. This is in front of Kings Crown on Sanibel.

Until next Friday,

Susan Andrews, aka SanibelSusan

Happy Friday the 13th Brings Real Estate Action & More Rain

Posted on August 13, 2021 by SanibelSusan

Though it is Friday the 13^th and the 17^th anniversary of Hurricane Charley, all is well at SanibelSusan Realty as we keep our eyes on the tropics and the local COVID reports. Florida sure is getting a bum rap in the national news.

Here on the island, we were happy that Sanibel City Council held an emergency meeting last Saturday to address COVID concerns. As you come on the island, the signage next to the Chamber of Commerce now reads in rotation: “Welcome to Sanibel”, “Please Wear Mask”, “Please Get Vaxxed”. Face coverings now are required indoors for anyone age 2 and older, in all City buildings with public access, including the Recreation Center. Outdoors, masks are optional.

In the office, our sales are chugging along as they should in preparation for upcoming closings later this month and in early September. We also received a new condo listing last night which Jim Anderson, our photographer, filmed this morning before the storm bands started arriving.

We also have letters in the mail and in the works looking for new listings as our list of prospective buyers continues to grow as inventory continues to dwindle. Some of these buyers are getting antsy, since inventory isn’t improving and the few listings that do become available, sell fast.

As of today, on Sanibel, for sale, there are 14 condos (228 sold/under contract year-to-date), 27 homes (298 sold/under contract year-to-day), and 17 lots (67 sold/under contract year-to-date).

On Captiva, for sale, there are five condos, 12 homes, no lots. (Compared to year-to-date sales: 47 condos, 38 homes, two lots.

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

More Florida Insurers Dropping Homeowners with Older Roofs

Owners who reroofed after Hurricane Charley in 2004 who have not already put on another new roof, take note of the following posting from FloridaRealtors® on-line news on August 2, 2021.

“NEW YORK – An increasing number of Florida insurers are refusing to cover homes with roofs over 10 years old as the state continues to deal with increasing weather damage claims and rampant fraud.

“Florida’s top 44 insurers face an increasing number of lawsuits, according to data from the state Department of Financial Services – a total of 44,325 during the first six months of 2021 compared to about 30,000 during the same period in the three previous years.

“An anonymous insurer recently cited at least four companies unwilling to insure shingle roofs more than 10 years old, two that had a cut-off at 12 years, and three that would not insure homes with 15-year-old roofs. The data was based on a review of information submitted to the state’s insurance regulators.

““You can’t force insurance companies to write business they can’t write, says Paul Handerhan, president of the Federal Association for Insurance Reform. “If the law suddenly required companies to cover homes with older roofs, you’d be risking the company’s solvency, and that wouldn’t do anyone any good, because, after a catastrophe, they’d be going bankrupt and no-one would get paid.”

“Handerhan says that insurers don’t care if a 10- or 12-year-old roof is still functional; the issue is that they see homes with older roofs as most likely to be targeted by roofing contractors looking for big payouts.” Source: Insurance Business America (07/26/21) Adriano, Lyle

Can You Afford a New Roof?

As further info, for those who know my little 2-bedroom ground-level home on Anchor Dr. I had my shingle roof (which was put on in 2005) replaced this spring with a metal roof. Cost was ~$52K. Though I was happy with the installation and received a small refund on my insurance carrier after submitting a new Wind Mitigation Report, these new roofs are pricey!

Continuing on the same subject, the below article was also posted on FloridaRealtors® and is sourced to “South Florida Sun-Sentinel”, Ron Hurtibise. Distributed by Tribune Content Agency, LLC.

“Many Fla. homeowners could soon find it difficult to get private market insurance coverage on their homes, as a result of big losses insurers say are partially due to skyrocketing claims and lawsuits over roof replacements. To stay insured, owners may have to replace their roofs, regardless of whether or not those roofs are failing.

“FORT LAUDERDALE, Fla. – Tony Lilly can’t find a private market insurance company willing to insure the house he bought last August because, he was told, at 16 years, the structure’s cement tile roof is too old.

“It’s a problem millions of Florida homeowners could soon face, thanks to insurance companies’ efforts to avoid paying for skyrocketing numbers of roof replacements. Homeowners will have to shell out tens of thousands of dollars to replace their roofs – regardless of whether or not those roofs are failing – if they want to remain insured.

“For many, that will be a financial hardship. Asphalt shingle roofs typically cost about $12,000 to $15,000 to replace. Tile roofs cost about $30,000 to $35,000.

“And there’s no quick fix on the horizon to the issues that have brought us to this point.

“Lilly was stunned to learn that he couldn’t get coverage because of his roof. His house was built in the 1990s. Its roof was installed in 2005. An inspector who looked at the roof and a roofer who replaced a handful of broken tiles last fall both told Lilly that the roof should be good for another 20 years. It’s cement tile, after all.

“That apparently doesn’t matter to Florida-based home insurers, reeling after five years of collective operating losses they blame on a combination of factors:

“Florida’s building code requires replacement of an entire roof if more than 25% is damaged. When insurers refuse to pay claims to replace entire roofs, the contractors sue them.

“While contractors and attorneys maintain they sue only when insurers refuse to pay legitimate claims in a timely manner, insurers contend that they are treated like ATMs by contractors, attorneys and, yes, homeowners willing to look the other way when promised free roofs, bathrooms or kitchens.

“But that leaves honest homeowners – who would never file an insurance claim except in an emergency – stuck with higher premiums and forced to replace good roofs.

“The number of lawsuits filed against the top 44 insurers in Florida has continued to spike – totaling 44,325 during the first six months of 2021 compared to about 30,000 during the same periods of each of the three previous years, according to data maintained by the state Department of Financial Services.

“Get ready to buy a new roof

“For Florida consumers, “the outlook is bleak,” said Paul Handerhan, president of the consumer-focused Federal Association for Insurance Reform. “But you can’t force insurance companies to write business they can’t write. If the law suddenly required companies to cover homes with older roofs, you’d be risking the company’s solvency and that wouldn’t do anyone any good, because after a catastrophe, they’d be going bankrupt and no one would get paid.”

“Consumers with asphalt shingle roofs, among the most common roof types, will be facing expensive replacement requirements if they just bought a home, want to switch insurers or were recently dropped by their previous insurer.

Companies are increasingly unwilling to write new policies with asphalt shingle roofs over 10 or 12 years old, according to a comparison compiled in January by one of the insurers, which asked not to be named as the source of the data. The list, which the insurer said was based on a review of information submitted to state insurance regulators, identified four companies unwilling to insure shingle roofs more than 10 years old, two companies that set the cut-off age at 12 and three others that drew the line at 15 years.

“Metal and tile roofs are generally allowed up to 20 or 25 years, and some companies are listed as willing to insure homes with metal or tile roofs as old as 40. Those insurers could be among many that are currently not writing policies in South Florida and therefore weren’t available to Lilly. Which companies opted not to offer Lilly coverage is not known.

Since the list was compiled in January, some of the companies on the list have sought to lower their roof cut-off ages, but the state Office of Insurance Regulation has been “pushing back” against those proposals, the insurer said.

“Barry Gillway, Citizens’ president and CEO, told the company’s board of governors this month, “It’s getting hard for an independent agent in Southeast Florida to find a company willing to write a roof that’s more than five years old.”

“While many insurers are ordering more inspections when existing customers’ policies come up for renewal, some aren’t yet subjecting renewing customers to the same stringent age-of-roof criteria if they haven’t filed expensive claims, said Locke Burt, president and CEO of Security First Insurance Co.

“That’s why most agents tell people: ‘If you get a renewal notice, take it and don’t worry about the premium [increase],” he said.

“Owners of older roofs have few choices

“Insurers don’t care whether a 10- or 12-year-old roof is still functional, Handerhan said. The issue is that they see homes with older roofs as most likely to be targeted by roofing companies that canvass neighborhoods promising owners they can get them a free roof from their insurer.

“Eliminating older roofs from their books of business is the easiest way they can avoid the costliest claims, he said.

Homeowners with targeted roofs older than companies’ cutoff ages will have little choice but to replace them before their usable lives are over, settle for state-owned Citizens Property Insurance Corp., or try to find a private market insurer that will sell them a customized policy that limits their roof coverage to one that pays only the depreciated value.

“Lilly’s insurance agent said he had no choice but to settle for Citizens, the “insurer of last resort” that no one wants but that tens of thousands of South Florida homeowners are turning to because they have no other choice. Upon renewal this year, Lilly’s Citizens policy went up $500. Again, he asked agents to help him find a private-market policy, and again they told him his roof is too old, he said.

“Will it ever end?

“Insurance experts interviewed for this story don’t expect companies to ease up on roof-age restrictions until recently passed reforms succeed in reducing costs of roof replacement claims and other expenses driven by contractors and attorneys.

“A new law that took effect on July 1 bars roofing companies from offering homeowners incentives to allow the companies to inspect their roofs for damage.

“Another part of the new law prohibits advertisements such as door hangars, business cards, pamphlets and emails encouraging homeowners to file insurance claims. But a judge this month found that section violated contractors’ First Amendment rights and struck it down, telling the state to instead find more targeted ways to address fraud.

“Other parts of the law remain in force, however, including restrictions on collection of legal fees that insurers contend encouraged attorneys to file massive numbers of lawsuits without financial consequences.

“The new law also reduces the amount of time plaintiffs have to file claims after losses occur, from three years to two years. The latter change is meant to reduce roofers’ opportunities to identify damage they can pin on past weather events, like hailstorms or hurricanes.

“Still, those changes might not reduce claims and lawsuits for several years, insurers say, if attorneys are allowed to pursue claims for old losses under the old rules.

“Insurers also hope to see more criminal prosecutions of crooked contractors.

“The Legislature provided the Department of Financial Services $1.8 million specifically to investigate property and casualty homeowner insurance fraud.

“Department spokesman John O’Brien said the money will fund two squads of detectives at the Division of Investigative and Forensic Services.

“Meanwhile, several insurers, including Citizens, Security First and Tower Hill, are pursuing claims under Racketeering Influenced and Corrupt Organization Act laws, developed to fight organized crime, against roofing companies they contend are engaging in fraud.

“The problem of roof-based coverage denials and ever-rising claims costs might not be solved until the concept of homeowner insurance in Florida is revolutionized, said Paresh Patel, CEO of HCI Group, which includes Homeowners Choice and Typ Tap insurance companies.

“Patel envisions a day when homeowners most likely to file claims for repairs, like roof replacements, are allowed to buy more expensive policies that are designed more as home maintenance coverage. Homeowners willing to accept the responsibility to pay their own costs to replace aging, deteriorating roofs and other components would pay less for traditional coverage, he said.

““Essentially, we’re going to be separating the people who think of their insurance policy as a home maintenance policy vs. an insurance policy. Both products can be priced differently,” he said.”

Sanibel & Captiva Islands Multiple Listing Service Activity August 6-13, 2021

Sanibel

CONDOS

3 new listings: Sundial #F407 1/1 $569K, Sanibel Arms #F3 1/1 $699K (our listing), Sandalfoot #2D3 2/2 $789.5K.

Sanibel Arms Building F

No price changes.

4 new sales: Sundial #I202 1/1 listed at $595K, Sanibel Inn #3513 2/2 listed at $699K, Sanibel Inn #3532 2/2 listed at $778.5K, Pointe Santo #D1 2/2 listed at $815K.

4 closed sales: Spanish Cay #F7 1/1 $395K, Loggerhead Cay #433 2/2 $735K, Island Beach Club #310A 2/2 $789.5K, Gulfside Place #225 2/2 $1.61M.

HOMES

2 new listings: 3324 Saint Kilda Rd 4/4 $2.8M, 1320 Seaspray Ln 3/4.5 $4.55M.

No price changes.

6 new sales: 1846 Ardsley Way 2/2 listed at $800K, 565 Lake Murex Cir 3/2 listed at $899K, 556 Sea Oats Dr 3/2 listed at $1.075M, 1319 Par View Dr 3/2.5 listed at $1.15M, 743 Durion Ct 3/2 listed at $1.299M, 509 Lagoon Dr 3/2 listed at $1.795M.

8 closed sales: 565 East Rocks Dr 3/2 $760K, 460 Sawgrass Pl 2/1 $800K, 1371 Tahiti Dr 2/2 $800K, 1450 Sand Castle Rd 3/2 $1.18M, 5300 Umbrella Pool Rd 3/3 $1.19M, 5431 Shearwater Dr 3/3 $1.148M, 1206 Par View Dr 3/2 $1.26M, 1314 Seaspray Ln 5/5.5 $6,695,875.

LOTS

Nothing to report.

Captiva

CONDOS

No new listings, price changes, or new sales.

1 closed sale: Bayside Villas #5343 3/3 $874K.

HOMES

No new listings or price changes.

1 new sale: 1072 South Seas Plantation Rd 3/3.5 listed at $3.349M.

No closed sales.

LOTS

Nothing to report.

So, until next Friday, here’s hoping the tropical disturbances pass quickly and Southwest Florida doesn’t get too soaked.

Enjoy your weekend!

Susan Andrews, aka SanibelSusan

Hooray, The Sun is Out Again Today!

Posted on August 6, 2021 by SanibelSusan

Lee County Schools begin their fall session Tuesday (August 10), while the last day of the school year will be later than usual next spring, on Thursday, June 2. This week local families fitting in last-minute beach visits probably haven’t been happy about all the rain. It came down in torrents on Monday (over a foot measured in some parts of SW Florida) and again Tuesday. Both Wednesday and Thursday had off-&-on rain too. To say island vegetation is green and growing fast is an understatement. It definitely has been tropical.

Today, the weather is bright and sunny, though expected to revert later to the typical summer schedule of an afternoon/evening shower.

Island Real Estate

There has not been a lot of new real estate action this week, probably weather and summer-time related, but likely because inventory continues to be low. At the Sanibel & Captiva Islands Association of Realtors® biweekly caravan meeting yesterday just two new listings were on tour. After a few news items below is the action posted in the local Multiple Listing Service since last Friday.

In summary, today on Sanibel there are 13 condos for sale, five on Captiva. With homes, 31 are available on Sanibel, 13 on Captiva. Just 17 residential lots for sale on Sanibel, none on Captiva.

The Sanibel School

The Sanibel School is accepting new students and does not require that they live on-island. With an “A” rating and designated a School of Excellence by the Florida Department of Education, the K-8 campus provides an exceptional learning environment for its students, and the array of programs available is comparable with even the largest schools in the district. For more about enrollment and the waiver process, or to set up a tour, call registrar Donna Marks at 239-472-1617 or email donnamm@leeschools.net.

Sanibel Causeway Toll Facility Maintenance Work

Sanibel received notice this week from Lee County of scheduled preventative maintenance work at the Sanibel Toll Facility. Work will be performed beginning Monday, August 23, between 7:30 a.m. and 5 p.m. Monday through Saturday and is expected to continue until September 3. No work will be done during Labor Day weekend.

The County urges motorists to use caution. Intermittent lane closures will be necessary in the work areas. At least two lanes will always remain open. (The Sanibel Causeway Toll Facility and Bridges are owned and operated by the Lee County Board of County Commissioners.)

TRIM Notices Coming Soon

Usually, mid-August is when the Lee County Property Appraiser’s office mails out annual TRIM notices to property owners. TRIM stands for “Truth in Millage” and is the official notice, required by state law, of the proposed property taxes.

A TRIM Notice is not the tax bill, but an estimate of the expected taxes based on the proposed millage rates for that year. It considers the property value as of January 1 of the year and any applicable exemptions applicable to the property, such as a homestead exemption.

The TRIM notice is important as it is it provides a 25-day window for an owner to contest the taxable value of their property. Each year, the Property Appraiser’s Office uses available information to assess the value of the property. Here on the islands, the Appraiser’s Office has access to our Multiple Listing System information.

In a hot market, property values are destined to go up. When you get your TRIM notice, if you think you have grounds to contest the value, please let us know if we can provide comparable sales info.

City of Sanibel Budget

Sanibel’s draft budget for the next fiscal year – October 1, 2021 through September 30, 2022 was prepared with an operating millage rate of 1.8922 which is the same rate that was assessed to taxpayers last year. The City Finance Director recently advised City Council that the 2021 budget was prepared when the effects of the pandemic on economy were unknown. Since then, better-than-expected revenues and expense-saving initiatives in preceding years have put the City in a good economic position heading into this budget cycle. The 2022 draft budget is 12.1% higher than the adopted budget for fiscal year 2021.

According to an article posted in today’s “Island Sun”, the City’s taxable property value for fiscal year 2022 has been assessed by the Lee County Property Appraiser at $5,615,472,773 which is a 3.74% higher than last year which was an all-time historical high.

The City millage rate has decreased approximately 10% since 2013 to reach the 1.8922 rate proposed.

The first public hearing on the budget will be held Monday September 13 and the final hearing will be Monday, September 27, both at 5:01 p.m. in MacKenzie Hall at 800 Dunlop Rd.

Tarpon Bay Brings Back Breakfast Cruise & Touch Tank

As posted this week in “News from “Ding” Darling Wildlife Society: “For the first time since pandemic lockdown, Tarpon Bay Explorers, the Refuge recreation concession, has resumed its Breakfast Cruises and Touch Tank sessions. The morning cruises which run Wednesdays at 8:30 a.m., tour around Tarpon Bay in pursuit of wildlife such as birds, manatees, and dolphins. Participants enjoy a continental-style breakfast during the cruise, including freshly made doughnuts from Bailey’s General Store with coffee, tea, or orange juice. The last half hour is spent at the Touch Tank where guests get a hands-on experience to learn about the wildlife that lives beneath bay waters.”

Captiva Beach Renourishment Project Update

Those visiting Captiva might want to take note of the following parking lot closures from the island beach re-nourishment project underway. Designed to last about eight to ten years, the re-nourishment project is expected to provide the necessary maintenance to counteract long-term critical erosion of Captiva’s beaches, properties, and shorelines.

Alison Hagerup Beach Park – 14790 Captiva Dr

· Sep 3 to 10 – full closure

· Sep 11 to Oct 7 – partial closure

· Oct 8 to 22 – full closure

Turner Beach – 17200 Captiva Dr

· Aug 6 to 18 – full closure

· Aug 18 to Sep 2 – partial closure

· Sep 3 to 10 – full closure.

Sanibel Recreation Center

The Rec Center was closed this week and will remain closed through Sunday (August 8) to complete annual maintenance projects. It reopens Monday August 9.

Daily, weekly, semi-annual, and annual memberships are available. Beach parking permits are purchased at the Rec Center too.

Sanibel & Captiva Islands Multiple Listing Service Activity July 30 – August 6, 2021

Sanibel

CONDOS

1 new listing: Tantara #102 2/2 $1.139M.

No price changes.

2 new sales: Oceans Reach #3A1 2/2 listed at $894.9K, Island Beach Club #330B 2/2 listed at $989K.

2 closed sales: Spanish Cay #F2 1/1 $325K, Nutmeg Village #313 2/2 $1.295M.

HOMES

6 new listings: 1846 Ardsley Way 2/2 $700K; 535 Birdsong Pl 3/2 $721,555; 556 Sea Oats Dr 3/2 $1.075M; 743 Durion Ct 3/2 $1.299M; 509 Lagoon Dr 3/2 $1.795M; 1266 Par View Dr 4/4 $2.295M.

5 price changes: 1025 S. Yachtsman Dr 3/2 now $850K, 565 Lake Murex Cir 3/2 now $899K, 5817 San-Cap Rd 4/2 now $1.19M, 5379 Shearwater Dr 4/3 now $2.149M, 737 Periwinkle Way 3/3 now $2.2M.

6 new sales: 1444 Sandpiper Cir 2/2 listed at $489K, 5308 Ladyfinger Lake 3/3 listed at $779K, 4506 Bowen Bayou Rd 3/2 listed at $819K, 460 Sawgrass Pl 2/1 listed at $849K, 1866 Farm Tr 3/3 listed at $890K, 5786 San-Cap Rd 2/2 listed at $1.029M.

9 closed sales: 1717 Atlanta Plaza Dr 2/2 $550K, 9431 Moonlight Dr 3/2 $850K, 540 East Rocks Dr 3/2 $975K, 221 Robinwood Cir 3/2 $980K, 633 Lake Murex Cir 3/3 $1M, 4516 Bowen Bayou Rd 3/2.5 $1.005M, 539 N Yachtsman Dr 4/3.5 $1.3M, 5809 San-Cap Rd 3/2 $1.351M, 1001 Schooner Pl 3/2.5 $1.6M.

LOTS

3 new listings: 1272 Par View $459K, 845 Pyrula Ave $515K, 638 Lake Murex Cir $565K.

No price changes or new sales.

1 closed sale: 5116 Sea Bell Rd $210K.

Captiva

CONDOS

No new listings or price changes.

1 new sale: Captiva-Hideaway #D 2/2 listed at $1.075M.

No closed sales.

HOMES

1 new sale: 10 Sunset Captiva Ln 2/2.5 $1.395M.

No price changes, new sales, or closed sales.

LOTS

Nothing to report.

Until next Friday, Susan Andrews, aka SanibelSusan

Summer News – Economic, Water, Turtles, Realtors

Posted on July 30, 2021 by SanibelSusan

Sanibel summer continues with more warm sun-filled days, sprinkled with periodic tropical showers, and usually culminating with a fabulous sunset.

You may be tired of hearing about the HOT island real estate market, but if you are not, below is an update of Sanibel and Captiva inventory today, compared to sales year-to-date and sales in 2020. With info from the Sanibel & Captiva Islands Multiple Listing Service, note the “for sale” and “under contract” prices are “asking prices”. As the prices continue to go up, the Days on Market (DOM) are getting shorter.

	CONDOS			HOMES			LOTS
SANIBEL	#	Avg $	DOM	#	Avg $	DOM	#	Avg $	DOM
For sale	14	894,200	198	30	2,404,996	123	14	590,485	298
Under contract	24	812,499	36	37	1,478,348	73	11	731,444	348
Closed 2021 to 7/30	197	869,523	139	249	1,295,217	99	56	718,205	473
Closed in 2020	192	733,876	174	290	954,718	161	23	606,233	393

	CONDOS			HOMES			LOTS
CAPTIVA	#	Avg $	DOM	#	Avg $	DOM	#	Avg $	DOM
For sale	7	1,727,571	158	13	5,563,230	251	0	N/A	N/A
Under contract	6	1,818,833	65	1	2,695,000	302	0	N/A	N/A
Closed 2021 to 7/30	40	1,068,160	180	35	2,807,868	270	2	2,950,000	731
Closed in 2020	47	821,713	134	27	2,923,148	315	4	2,537,500	448

The SanibelSusan Team continues to look for new listings since as soon as we get a new one, it sells! Island sellers are smiling all the way to the bank, but if you are thinking of selling, be sure you know where you intend to go next. With low inventory and the islands more popular than ever, long-term rentals are as difficult to find as the perfect property.

If you are a buyer looking for something special, be sure to have us on the lookout for you. We previewed several properties this week as they were being professionally photographed, to be posted soon in MLS. In today’s market, in-demand properties like those, could go under contract before they get posted, so be sure you are working with a well-connected island Realtor® who knows about what is “coming soon”.

After a couple of news items below is the action posted in the Sanibel & Captiva Islands Multiple Listing Service since last Friday.

Instant Reaction: GDP, July 29, 2021

Posted on-line yesterday at NAR.Realtor, below is an economist look at today and what the future will bring. Authored by By: Scholastica (Gay) Cororaton:

“The strong surge in consumer spending for travel and recreation in the wake of a big vaccination rollout and the relaxation of masking and social distancing guidelines pushed gross domestic product (GDP) to expand at an annualized rate of 6.4% in the second quarter. Real GDP ($ 19.35 trillion) is now running at 2% above the pre-pandemic level in the first quarter of 2020 ($18.9 trillion).

“Personal consumer spending rose 11.8% as consumers revved up their bottled-up demand for spending on food services and accommodation (67.7%), recreation services (42.8%), and transportation services (37.6%). Spending for gasoline/fuel/energy goods also rose (34.3%) due to increased personal travel and as people started returning to work, mostly by car rather than by transit, according to the Apple® Mobility Trends Index. Travel by car is up nearly 20% from the pre-pandemic level (January 2020), while travel by transit is down by nearly half.

“The personal consumption expenditures price index — the measure the Federal Reserve Bank uses to gauge inflation — rose 6.4% in the second quarter. This spike in PCE inflation reflects the temporary and short-term surge in spending for recreational/travel spending, which the Federal Reserve has repeatedly noted in its policy statements.

“Not surprisingly, construction spending declined for non-residential (-7%) and residential (-9.8%) structures (buildings). The decline in non-residential investment is not a surprise given the high vacancy rate for office space, at 18% in 2021 Q2). Retail brick and mortar stores are still attracting more foot traffic and weaning shoppers away from online shopping, where consumers have spent about $200 billion more since the pandemic.

“The decline in residential investment spending was also expected as housing starts slid in the second quarter of 2021 (average of 1.568 million) from the first quarter of 2021 (1.599 million), in part due to rising softwood lumber prices (typically used for framing, doors, windows) that saw price growth accelerating to 125% year-over-year by June 2021 from 83% year-over-year in March 2021.

“What’s the outlook in the coming quarters? The pace of GDP growth will likely moderate in the coming quarter because the current strong personal spending is a temporary surge. More importantly, the acceleration in coronavirus cases from the Delta variant and the incidences of breakthrough cases (where a person has been fully vaccinated but tests positive) is casting a severe and perhaps long shadow on the path of economic recovery. The CDC has already advised masking indoors, and if cases accelerate, more guidelines could be forthcoming, negatively affecting travel, recreation, and mobility to places of leisure and work. GDP growth is likely to moderate to about 3.5% by the fourth quarter of 2021 and to further moderate to about 3% in 2022.

“The simple average of the PCE inflation since 2020 Q1 is now at 2.5%, which is above the 2% average inflation rate target announced by the Federal Open Market Committee. The rising Delta variant cases will have a negative impact on consumer spending so PCE inflation will also likely slow in the coming quarters. The Fed will likely still keep the fed funds rate target to 0 to 25 basis points when it meets in September.

“Mortgage rates are expected to hover at below 3.5% by the end of 2021 and to rise to about 3.6% in 2022. The mild uptick in mortgage rates should not cause a crash in housing demand and housing prices. Some slowdown in housing demand is good for rebalancing of housing demand and supply to cool off the torrid pace of price acceleration that is hurting affordability. NAR forecasts the median existing-home price to rise at a modest pace of below 5% in 2022 from about 14% in 2021.”

Army Corps of Engineers New Lake Okeechobee Management Plan

Perhaps you have seen recent news and social media posts about dark polluted water in Tampa Bay/St Petersburg and the resulting massive fish kills. In SW FL, those images remind us of 2018 when during the rainy season, algae spilled out of Lake Okeechobee, down the Caloosahatchee River, ultimately dumping into in the Gulf of Mexico resulting in red tide events and similar marine-life kills.

Interestingly, these recent Tampa events coincided with the Army Corps of Engineers mid-July public meeting which resulted in their adoption of a revised Lake Okeechobee System Operating Manual, or “LOSOM”. The current management plan, revised over a decade ago, governs the Army Corps’ management of Lake Okeechobee water levels and their water releases. The Corps, as the executive arm in charge of the releases, drains and stores water to assist with flood control, system ecology, and agricultural irrigation around the Lake.

To Floridians south of the Lake, regulation of freshwater releases down the St. Lucie River, Caloosahatchee River and through the Everglades into Florida Bay is the most important aspect of the Army Corps plan.

The adoption and modification of the LOSOM plan are governed by the Comprehensive Everglades Restoration Plan. Considering the Congressional mandate of the Everglades Restoration Plan, along with public input from numerous stakeholders across South Florida, the Army Corps considered several revised management plans. At this recent meeting, they ultimately decided on the plan known as Alternative CC.

This proposed LOSOM revision significantly reduces water releases down the St. Lucie River (on Florida’s east coast) and increases freshwater releases to the south through the Everglades, and even lowers the allowable flow levels into the Caloosahatchee during the dry season. This revision outperformed the other models during simulated testing, meaning the plan does begin to address the water quality issues stemming from the Lake.

The downside is that Alternative CC in its proposed form requires that the Caloosahatchee River bear the brunt of Lake O discharges during the rainier summer months. That is when the levels of phosphate and nitrogen are especially high in the Lake, which can cause algae blooms that exacerbate the effects of naturally occurring red tide.

In its current form, Alternative CC does not necessarily provide a solution to potential Caloosahatchee River algae blooms. However, the Army Corps now is in what is called the optimization stage of the implementation process. Between now and early August, the Corps will continue to receive public comment and consider additional stakeholder input before finalizing the plan in September.

Based on those comments and continued evaluation of management models of the Lake, the plan may be modified further to provide for an even more balanced approach, which spreads the releases more evenly to the St. Lucie and Everglades.

Island lovers, please submit public comment by sending an email to LakeOComments@usace.army.mil or go to this next link provided by the Sanibel-Captiva Conservation Foundation. It just takes a few seconds and needs to be done before Tues August 3: Tell the U.S. Army Corps LOSOM Must be Balanced for All Stakeholders! (p2a.co)

Sea Turtle Hatching Season Really Picking Up

SCCF photo

Here’s the latest update from SCCF on the 2021 sea turtle nesting season on Sanibel and Captiva. This is from their Wednesday email:

“Hatching season is steadily picking up as 169 nests on Sanibel and Captiva have hatched and 12,463 hatchlings have emerged. There are 626 nests still incubating on Sanibel and Captiva, and SCCF staff and volunteers are hopeful that thousands of hatchlings have yet to emerge on island beaches.

“Of these incubating nests, 47 are being monitored with data loggers to determine how sand quality affects the incubation environment and hatch success. These research nests have temperature and moisture probes, and water-level loggers that collect data every 15 minutes throughout incubation. Sand size and color are also being quantified for each nest. Once these research nests hatch, staff will examine any unviable eggs to identify when embryonic development ceased and determine which variables may have contributed. We hope to learn what environmental factors are potentially impeding hatch success, and how these factors vary across the islands.

“As the end of July nears, fewer nests are being laid in the region. Staff continues to monitor Sanibel Island throughout the night, seven nights a week, to intercept nesting females, document tags, and collect morphometric information. In the past two weeks, the sea turtle team has encountered 54 turtles—17 that had not been documented before were given new flipper and tracking tags. In the last week, the team observed 14 nests being laid by adult loggerhead (Caretta caretta) and green sea turtles (Chelonia mydas). The last week in July marks the final week of nighttime monitoring, so stay tuned for a 2021 nesting report.

“Visit SanCapLifeSavers.org to learn how you can help protect sea turtles and other coastal wildlife.”

Sanibel & Captiva Islands Multiple Listing Service Activity July 23-30, 2021

Sanibel

CONDOS

3 new listings: Sanibel Moorings #921 1/1 $449K, Island Beach Club #330B 2/2 $989K, Gulfside

Place #117 2/2 $1.849M.

No price changes.

6 new sales: Sanibel Moorings #921 1/1 listed at $449K, Mariner Pointe #712 2/2.5 listed at $659K, Tarpon Beach #305 2/2 listed at $1.1M, Sanibel Moorings #512 2/2 listed at $1.195M (our listing), Island Beach Club #330E 2/2 listed at $1.295M, Kings Crown #102 2/2 listed at $1.495M.

View from Sanibel Moorings #512

4 closed sales: Captains Walk #B2 1/1 $280K, Coquina Beach #3D 2/2 $610K, Sanibel Arms West #I7 2/2 $651K, Loggerhead Cay #523 2/2 $930K.

HOMES

4 new listings: 1444 Sandpiper Cir 2/2 half-duplex $489K, 5308 Ladyfinger Lake Rd 3/3 $779K, 1886 Farm Trl 3/3 $890K, 5802 Sanibel-Captiva Rd 3/3.5 $899K.

1 price change: 856 Limpet Dr 4/2.5 now $2.358M.

7 new sales: 9032 Mockingbird Dr 3/2 listed at $799K, 9431 Moonlight Dr 3/2 listed at $899K, 915 Palm St 3/2 listed at $995K, 3010 West Gulf Dr 3/2 listed at $1.245M, 9464 Calla Ct 3/2.5 listed at $1.45M, 1761 Venus Dr 4/3.5 listed at $1.899M, 545 Lighthouse Way 3/3.5 listed at $3.395M.

6 closed sales: 1605 Sand Castle Rd 3/2.5 half-duplex $625K, 1826 Farm Trl 3/2 $849K, 915 Fitzhugh St 4/2.5 $875K, 5100 Sea Bell Rd 4/2.5 $900K, 718 Gopher Walk Way 4/3 $1.6M, 852 Birdie View Pt 4/3 $1.625M.

LOTS

No new listings or price changes.

1 new sale: 255 Hurricane Ln listed at $399K.

1 closed sale: 809 Pyrula Ave $420K.

Captiva

CONDOS

No new listings or price changes.

2 new sales: Tennis Villas #3127 1/1 listed at $419K, Beach Homes #33 4/3 listed at $3.2M.

1 closed sale: Beach Homes #20 3/3 $3.46M.

HOMES

Nothing to report.

LOTS

No new listings, price changes, or new sales.

1 closed sale: 16970 Captiva Dr $3.9M.

Until next Friday, Susan Andrews, aka SanibelSusan

Island Beaches Are Busy & The Real Estate Market Stays HOT!

Posted on July 23, 2021 by SanibelSusan

It was another busy real estate week at SanibelSusan Realty. We got another new gulf-front condo listing, had a nice gulf-front condo closing, and showings and offers at our only two listings. One now is under contract while the other in negotiations. So, if you are wondering, the market still is HOT and the SanibelSusan team continues to look for more listings – since as soon as we get them, they sell!

The full details on the real estate activity here and the action posted since last Friday in the Sanibel & Captiva Islands Multiple Listing Service are after a couple of news items below.

Island Weather

Teammate Dave took this one Wed near West Rocks

Weather-wise, it has been another week of beautiful bright summer days, followed by some evening showers in inland Lee County.

I took a spin at noon today to check out beach parking since social media lately has been full of comments about lots often being full. That certainly was the case at Lighthouse Beach where the gulf was busy with swimmers, beachgoers, shellers, fishermen, and boaters. There were nine vehicles lined up looking for spots at their main parking lot with the fishing pier lot also full.

Check out the water photo below. It continues to sparkle in those Caribbean-blue-tones. Fingers crossed that it continues!

Taken at noon today near the Lighthouse

Lee County Begins Causeway Islands Project

There was lots of social media chatter this week about the Australian pines coming down on the causeway islands. Here’s the full report by Wendy McMullen that was posted on the front page of today’s “Island Sun”:

“Trees are already coming down on the Sanibel Causeway islands in preparation for an $8.5 million plan to enhance the amenities and control erosion on the islands. The trees being removed – such as the Australian pines – are non-native and considered exotic and invasive. They will be replaced eventually with native trees.

“Among the improvements envisioned for the islands are structured parking (it is not known if this will involve paid parking of some sort), pavilions, pathways, additional restrooms, landscaping, T-groins and erosion control structures.

“On Island A, the furthest from Sanibel, picnic and recreational vehicle parking areas will be added at the northern end along a more formalized event space. There will also be a paddle-craft loading and unloading area, restrooms and an equipment storage area, along with parking for 83 vehicles on the southern end. Island B will have parking for another 213 vehicles.

“Both islands will have erosion control structures designed to keep bay waters from covering the road in storm conditions. This will include two rock groins and renourishment of the beaches. The causeway road itself will not be elevated.

“Work is already starting on erosion control structures and the design of the upland structures. Building the amenities will begin in spring 2022 and continue until the summer of 2024.

“The project will be funded using tourist development taxes and state funds. Lee County plans a public meeting later this summer or fall. Announcements about its time, date, location and how to participate will be forthcoming.”

Sanibel & Captiva Islands Association of Realtors® July Membership Meeting

Yesterday at the July Membership Meeting of the local association of Realtors®, the speaker was Tim Moore, from Sanibel’s Planning Department Code Enforcement. He provided handouts and info on the island’s Dwelling Rental License and Registration process. This is required for every Sanibel property that rents.

Begun in October 2019, the forms for this process are on-line at www.MySanibel.com (under Planning Dept forms). Approximately 2,200 properties already are licensed. Form completion is required for an initial license and registration, annual license and registration renewal, and for any revision to the license and registration.

The first step in the process is applying for a Business Tax Receipt (formerly occupational license) at the City Finance Department. The 2^nd step is completing and submitting the Dwelling Rental License and Registration form.

The type of rental dwelling could be:

Limited Rental, for properties rented via written lease for longer than 6 months (so exempt from Florida Sales Tax), this includes annual rentals;
Limited Rental, or those limited by City Code to 28 consecutive days per occupancy;
Unlimited Rental, rentals not limited by City Code to a minimum number of days.

Once a Dwelling Rental License (DRL) number is issued, it must appear in all advertising, as must the minimum rental period if not in a resort district.

Sanibel & Captiva Islands Multiple Listing Service Activity July 16-23, 2021

Sanibel

CONDOS

2 new listings: Sanibel Moorings #512 2/2 $1.195M (our listing), Island Beach Club #330E 2/2 $1.295M.

Sanibel Moorings #512

1 price change: Tarpon Beach #305 2/2 now $1.1M.

6 new sales: Sundial #I103 1/1 listed at $499K, Sundial #J301 1/1 listed at $605K, Mariner Pointe #631 2/2 listed at $695K, Breakers West #A5 2/2 listed at $749K, Gulf Beach #106 2/2 listed at $899K (our listing), Sanddollar #C101 2/2 listed at $1.21M.

View from Gulf Beach #106

3 closed sales: Tarpon Beach #102 2/2 $1.125M, Gulfside Place #124 2/2 $1.385M, Gulfside Place #115 2/2 $1.995M (our listing).

Gulfside Place #115

HOMES

6 new listings: 9032 Mockingbird Dr 3/2 $799K, 460 Sawgrass Pl 2/1 $849K, 565 Lake Murex Cir 3/2 $939K, 5817 Sanibel-Captiva Rd 4/2 $1.25M, 9464 Calla Ct 3/2.5 $1.45M, 1304 Seaspray Ln 3/2.5 $4.695M.

No price changes.

4 new sales: 754 Donax St 4/2 duplex listed at $599K, 1702 Bunting Ln 4/3 listed at $749K, 1270 Par View Dr 3/2 listed at $859K, 5268 Ladyfinger Lake Rd 3/2 listed at $999K.

5 closed sales: 1612 Serenity Ln 3/2 $672K, 4505 Bowen Bayou Rd 3/3 $675K, 1376 Jamaica Dr 2/2 $750K, 1426 Sand Castle Rd 3/2 $1.15M, 1218 Ferry Rd 3/2 $1.231M.

LOTS

2 new listings: 3308 Saint Kilda Rd $582K, 470 Sawgrass Pl $795K.

No price changes.

1 new sale: 2133 Starfish Ln listed at $529K.

No closed sales.

Captiva

CONDOS

2 new listings: Lands End Village #1633 2/2 $1.599M, Beach Homes #33 4/3 $3.2M.

No price changes.

1 new sale: Beach Villas #2414 2/2 listed at $875K.

No closed sales.

HOMES & LOTS

Nothing to report.

Until next Friday, Susan Andrews, aka SanibelSusan

(a couple more photos below taken today on way to the Lighthouse)

Summertime & The Market Still is HOT!

Posted on July 16, 2021 by SanibelSusan

Welcome to another Friday real estate update. The Sanibel & Captiva Islands market remains “hot” with the below summary showing the status of inventory today, sales year-to-date, sales last year, and for comparison, sales in the peak price year, 2006. (Note info based on The Sanibel & Captiva Islands Multiple Listing Service. Prices “for sale” and “under contract” are asking prices.)

The SanibelSusan Team is thankful that of the 69 Sanibel properties under contract, four are our transactions, but we need listings. Plenty of buyers are ready, in the wings. We get inquiries every week from colleagues looking for properties coming on the market, while we personally have condo buyers waiting for availability at Blind Pass, Gulfside Place, Sand Point, and Sandalfoot, as well as several others wanting a variety of properties, including east-end home, canal-front property, near-beach home, large Captiva home with rental income. We have a few lot buyers too, so if you are thinking of selling, please give us a call. The seller’s market will continue until inventory improves.

It also appears that our summer visitor traffic remains high. Yesterday, the City issued their first summer high-traffic notice, after 5,500 vehicles had crossed the causeway before noon. That much oncoming traffic typically results in late afternoon slowdowns. When in doubt, check Sanibel’s traffic cams at https://www.mysanibel.com/Live-Street-Cams.

	CONDOS			HOMES			LOTS
SANIBEL	#	Avg $	DOM	#	Avg $	DOM	#	Avg $	DOM
For sale	18	819,044	152	29	2,449,893	124	14	558,414	334
Under contract	19	825,973	44	40	1,388,435	70	10	754,279	290
Closed 2021 to 7/16	190	864,843	143	238	1,309,063	100	55	723,627	479
Closed 2020	192	733,876	174	290	954,718	161	23	606,233	393
Closed 2006	143	866,972	147	156	1,143,682	186	18	523,917	158

	CONDOS			HOMES			LOTS
CAPTIVA	#	Avg $	DOM	#	Avg $	DOM	#	Avg $	DOM
For sale	6	1,339,000	127	12	5,910,583	258	0	N/A	N/A
Under contract	5	2,569,400	123	1	2,695,000	302	1	4,250.000	1,287
Closed 2021 to 7/16	39	1,006,830	184	35	2,807,868	270	1	2,000,000	129
Closed 2020	47	821,713	134	27	2,923,148	315	4	2.537,500	448
Closed 2006	21	1,362,476	180	10	2,307,375	334	4	2,218,750	432

After a couple of news items below, see the details about the action posted since last Friday in the Sanibel & Captiva Multiple Listing Service.

Summer of the Speed Buyer

From NAR’s Chief Economist, Lawrence Yun, as posted in the July-August 2021 “Realtor” magazine:

“The housing shortfall is driving up prices, but a crash is unlikely.

“Remember when it could take years to sell a home? MLS’s were flooded with distressed properties. In Miami, it was up to six years, according to news accounts in the wake of the 2008 financial crisis.

“Today, of course, it’s the opposite story. It’s generally taking just a couple of weeks, and sometimes days, to find a buyer. From listing to contract, homes typically sold in 17 days in April, the fastest rate ever. In most markets, home buyers can’t risk leisurely weighing several listings before committing to likely the most expensive purchase of their life. Rushed decisions can easily lead to buyer misgivings – about overspending for the home, its size, or having insufficient reserves for upkeep. Still, most buyers come to see they made the right decision in these competitive times. Seeing price, and hence their wealth, rising helps.

“Could it all crash as happened from 2008 to 2010? Not likely. The current housing cycle is fundamentally different. We thankfully don’t have risky subprime mortgages that overstretched buyers’ budgets. The gatekeepers at banks, mortgage brokers, and government regulators demand that loan-to-value ratios, debt-to-income rations, and income documentation meet guidelines before a mortgage is approved. To be sure, even with soundly written mortgages, we know some defaults can occur.

“A second major difference is supply. Leaking up to the housing bubble heyday, builders overbuilt. By my calculations, America had 2.1 million surplus housing units by 2006. Following the crash, underproduction steadily chipped away at the surplus, such that inventory normalized by 2011. Continuing underproduction led to the housing shortage. By 2015, the shortfall was 2 million homes. By the end of 2020, it totaled 4.8 million homes. The lack of inventory is why home prices are in no danger of falling sharply.

“Homebuilding activity in 2021 will be slightly above historical norms. But it will take at least a few years to correct the massive shortage. In the meantime, we expect the national median home price to rise 9% this year and another 3% in 2022. Hyper-speed homebuying should taper off by year’s end as supply improves and affordability challenges persist.”

Elsa Washes Away 45 Sea Turtle Nests on Sanibel

SCCF photo

From SCCF’s Wednesday update:

“Tropical Storm Elsa’s strong southern winds caused 125 sea turtle nests on Sanibel and Captiva to lose their marking stakes and protective screens. Sea turtle staff members have been working diligently over the last week to confirm whether the eggs washed away, too, or if they are still buried in the sand.

“Using highly accurate coordinates collected with a Trimble device, SCCF staff and volunteers were able to confirm that 40 of the 85 nests that lost their stakes on Sanibel survived the extreme tidal action. However, 45 nests were completely washed-out on Sanibel, reports SCCF Coastal Wildlife Director Kelly Sloan. The assessment on Captiva is still underway.

“Please remember that sea turtles have a nesting strategy that accommodates natural storm events. Female sea turtles deposit several nests throughout the nesting season, essentially hedging their bets to make sure that even if a hurricane or tropical storm hits during nesting season, there is a high probability at least a few of the nests will incubate successfully. For instance, in early June 2020, TS Cristobal washed away 29 nests and, in September, TS Sally washed away 17 nests on Sanibel and Captiva. Yet, there were still a record-breaking 924 nests last year.”

CEPD Provides Updated Start Date for Project

From the July 14, 2021 “Island Reporter”:

“On July 8, the Captiva Erosion Prevention District reported that the beach re-nourishment project’s start was being coordinated with its contractor, Great Lakes Dredge and Dock, and the resource agencies. Following recent and ongoing planning discussions, construction is now projected to start no earlier than August 26, pending all notice-to-proceed approvals from the agencies….

“Barring any unforeseen delays, the project is estimated to take approximately 35 days to place the contracted 600,000 cubic yards once construction is underway….

“Construction for the beach re-nourishment will first move south near 16141 Captiva Dr to Turner Beach, and then north to fill in the remainder of the island in a similar manner. The beach fill will be placed along 4.85 miles of shoreline and the rehabilitation of existing dunes between Redfish Pass and Blind Pass.

“Designed to last beyond eight to 10 years, the project will provide the necessary maintenance to counteract long-term critical erosion of Captiva’s beaches, properties and shorelines. The project plans, design specifications, cost estimates and tentative cost apportionments are on file and available for public review at the CEPD’s office, at 11513 Andy Rosse Lane, Unit 4, Captiva (phone 239-472-2472).”

Sanibel & Captiva Islands Multiple Listing Service Activity July 9-16, 2021

Sanibel

CONDOS

4 new listings: Sundial #I103 1/1 $499K, Mariner Pointe #631 2/2 $695K, Sanibel Surfside #213 2/2 $920K, Tarpon Beach #305 2/2 $1.25M.

No price changes.

4 new sales: Spanish Cay #F7 1/1 listed at $395K, Mariner Pointe #323 2/2.5 listed at $549K, Loggerhead Cay #282 2/2 listed at $695K, Sanibel Arms West #C6 2/2 listed at $955K, Gulfside Place #225 2/2 listed at $1.595M.

3 closed sales: Pointe Santo #D24 2/2 $755K, Sanibel Surfside #115 2/2 $1.04M, Sundial #A205 2/2 $1.285M.

HOMES

2 new listings: 1702 Bunting Ln 4/3 $749K, 545 Lighthouse Way 3/3.5 $3.395M.

2 price changes: 5268 Ladyfinger Lake Rd 3/2 now $999K, 1077 Bird Ln 3/3.5 now $5.699M.

No new sales.

4 closed sales: 974 Greenwood Ct S 3/2.5 half-duplex $522K, 5161 Sanibel-Captiva Rd 3/2 $585K, 2011 Mitzi Ln 2/1 $642.5K, 1306 Seaspray Ln 4/4 $3.8M.

LOTS

No new listings or price changes.

1 new sale: 0 Dixie Beach Blvd listed at $399,555.

2 closed sales: 2095 Wild Lime Dr $260K, 1028 Bayview Dr $2.08M.

Captiva

CONDOS

No new listings or price changes.

2 new sales: Beach Homes #25 3/2 listed at $2.095M, Beach Homes #6 3/3 listed at $2.879M.

No closed sales.

HOMES

No new listings, price changes, or new sales.

1 closed sale: 11540 Laika Ln 2/2.5 $1.49M.

LOTS

Nothing to report.

Happy Friday! Will post again next week at this time.

Susan Andrews, aka SanibelSusan

All’s Well Post Elsa & July 4th Holiday 2021

Posted on July 9, 2021 by SanibelSusan

It is with a sigh of relief that the island is back to a typical sunny summer Friday. Tropical Storm Elsa damage here was minimal. Heavy winds and hours of rain resulted in some temporary flooding in some low-lying areas along Periwinkle Way and on my street too, but it dispersed quickly and was less disruptive than Tropical Storm Eta that passed by last fall.

The below photo was posted Wed on the “Beautiful Sanibel Island” Facebook page by pal Diana Taylor, a site admin. How about the size of this post-Elsa shell? Way to go, Diana.

Also on Wednesday, teammate Dave took the below pictures while at Algiers Beach, Gulfside City Park.

SCCF turtle patrol staff and volunteers have been checking for disrupted nests, while a bit of beach erosion also has occurred in a few locations.

In the middle of the night, there was a lightning strike that hit one of the roof-top decks in the back building at Pointe Santo causing a small fire that resulted in a brief evacuation of that building. All occupants (except in #C47) were back in their units by early the next morning.

The Lee County Mosquito Control team are busy with fly-overs while landscapers and pool service folks also are catching up from the holiday and the storm. My yard is busting with tropical growth, but I am still watching for the return of the Sanibel bunnies.

At SanibelSusan Realty Associates

Here in the office, teammate Lisa got our holiday stars up in time for July 4^th..

Last weekend, I put a home in The Sanctuary under contract.

On Monday teammate Elise was back at her post.

This week, teammate Dave, who in addition to being our Closing Coordinator, handles our off-island business, listed a large home in The Estates at Estero River. Shown in the aerial below, it features 4 bedrooms, 2-1/2 baths, 4-car garage, expansive general livign spaces & a beautiful backyard entertainment area with outdoor kitchen. Gated community with low HOA fee covering community gulf access for canoes, kayaks, small boats.

Island real estate news slowed down a little this week with the holiday and Elsa disrupting things.

After a news item below is the action posted in the Sanibel & Captiva Multiple Listing Service since last Friday.

Condo Insurers Reacting to Surfside Disaster

Yesterday, FloridaRealtors® on-olline posted the below follow-up article from the “Miami Herald”.

“It’s too soon for lawmakers to suggest solutions for problems not yet explained, but insurers have started to ask condo HOAs for proof that they’ve passed all inspections.

“MIAMI – Gov. Ron DeSantis said Wednesday that condominiums in Florida are “kind of a dime a dozen, particularly in southern Florida,” but he would not commit to any state action to address concerns about the aging buildings, suggesting that Champlain Towers South “had problems from the start.”

“Speaking after a briefing on Tropical Storm Elsa at the state Emergency Operations Center in Tallahassee, the governor would not say if he supports calls to require that aging buildings throughout the state be recertified to assure residents of their structural integrity in the wake of the deadly collapse of the 136-unit high-rise in Surfside.

The building was going through its 40-year recertification process when it crumbled at about 1:20 a.m. on June 24. Experts say the tragedy has exposed weaknesses in the state’s building inspection process, and some state legislators, structural engineers and insurance agents have suggested that it’s time for the state to update laws that apply to coastal high-rises.

““We obviously want to be able to identify why did this happen,” DeSantis said. “Is this something that was unique to this building? Is it something that was unique to the person that maybe developed it – because obviously there are sister properties? Is it something that buildings of that age, that would have implications beyond southern Florida or the entire state of Florida? I think we need to get those definitive answers.”

“The governor was then asked about the impact of the condo collapse on the state’s soaring condominium real estate market. While the exact cause or causes of the collapse of the 40-year old structure probably won’t be known for some time, real estate experts warn that the tragedy has become a concern for would-be buyers of waterfront condos in older buildings.

““I can just say, just having talked with people who’ve been on the scene – people who’ve done stuff – I think this building had problems from the start, let’s just put it that way,” the governor answered. “… So I wouldn’t jump to conclusions about it but, at the same time, if there is something identified that would have implications broader than Champlain Towers, then obviously we’re going to take that and act as appropriate.”

“Miami-Dade County and several coastal cities in the county have launched their own review of aging buildings since the Surfside tragedy.

“On Friday, the city of North Miami Beach ordered the evacuation of Crestview Towers Condominium after a building inspection report found it to have unsafe structural and electrical conditions, and on Saturday firefighters ordered residents to evacuate a low-rise condominium complex in Miami Beach after a building inspector flagged a flooring system failure in a vacant unit and damage to exterior walls.

“Miami-Dade and Broward counties are the only Florida counties that require aging high-rises to go through a reinspection after they reach 40 years of age. No other Florida counties mandate routine inspection after a building is built.

“Call for more condo scrutiny – Sen. Jason Pizzo, a Miami Democrat whose district includes Surfside, said the state needs to update its reinspection process to include more factors, especially for buildings close to the shoreline and flood zones. With exposure to corrosive sea salt and vulnerability to sea level rise, coastal condominiums should be the subject of increased scrutiny in Florida, he said.

“The Surfside condo collapse is expected to dampen sales of existing condos in Miami, particularly in older buildings, experts said. According to the Miami Association of Realtors, sales of existing condos had been driven primarily by U.S. buyers from other states and in May jumped a whopping 286% year-over-year, from 563 to 2,176.

“Experts say it may take years for a forensic investigation to single out the source of the failure of Champlain Towers South. A 2018 engineering report done for the building’s condominium association detailed “abundant cracking” in concrete columns, beams and walls and said that the lack of proper drainage under the pool deck had caused “major structural damage.”

“Six engineering experts interviewed by the Miami Herald said that, based on the publicly available evidence, it appeared that a structural column or concrete slab beneath the pool deck likely gave way first on June 24, causing the deck to collapse into the garage below. That may have formed a crater beneath the bulky midsection of the tower, which then caved in on itself, the experts said.

“Documents from the Champlain Towers South condo association show that board members disagreed over the assessment for its building repairs, which first were estimated at $9 million and, within two years, grew to $15 million.

“Insurers grow concerned – In the absence of broader state and county regulation, the insurance industry in Florida has begun its own assessment of its liability in the condominium market. Insurance companies sent letters to owners of condominiums 40 years and older in South Florida last week, asking for proof that their buildings have passed all inspections or they will lose their coverage.

“The destruction of the Surfside condo has rattled the insurance industry that had already considered older condos on the coast – with their hurricane exposure, their common ownership structure and reputation for delaying maintenance – a high risk, experts said.

“”A deep wound” – Meanwhile, DeSantis has focused his attention on the rescue and recovery efforts. He spent most of the 13 days since the condo collapse at the building site meeting with leaders of the rescue mission and families of the people still missing.

“On Wednesday, the governor said the tragedy will not be forgotten and spoke of the determination of the rescue teams and the outpouring of community support. “It’s going to be a deep wound for a long time,” he said. “But as tragic as it’s been, I think the outpouring of support has shown a lot of great parts of our community.”

“He said the members of the rescue teams from across the country “are leaving a very impressive legacy.” “They get very invested in it and, so to see that, and to see that singularity of purpose, has really been heartening.”

He concluded: “I don’t think the state’s ever going to quite be the same. But I’ll tell you. You never want to go through the tragedies but those folks there, you know they are leaving a very impressive legacy.

““And for those who are missing, who have been identified as being deceased, the impact that they’ve had, not just on Florida but through folks all across the country and the world, has really been profound.””

Sanibel & Captiva Islands Multiple Listing Service Activity July 2-9, 2021

Sanibel

CONDOS

1 new listing: Gulfside Place #225 2/2 $1.595M.

No price changes.

2 new sales: Sanibel Arms West #I7 2/2 $644.5K, Tarpon Beach #102 2/2 listed at $1.175M.

1 closed sale: Kimball Lodge #244 1/1.5 $520K.

HOMES

No new listings or price changes.

5 new sales: 223 Southwinds Dr 3/2 listed at $815K, 540 East Rocks Dr 3/2 listed at $1.025M, 5809 Sanibel-Captiva Rd 3/2 listed at $1.35M, 2367 Wulfert Rd 3/3.5 listed at $1.928M (our buyer), 5270 Indian Ct 6/6.5 listed at $2.295M.

2357 Wulfert Rd

6 closed sales: 9195 Dimmick Dr 2/2 $550K, 1649 Sand Castle Rd 3/2 half-duplex $635K, 9408 Moonlight Dr 3/2 $780K, 1747 Jewel Box Dr 3/2 $950K, 3960 West Gulf Dr 3/2 $1.01M, 768 Limpet Dr 3/3 $2.2M.

LOTS

No new listings or price changes.

1 new sale: 1032 Sand Castle Rd listed at $399,880.

No closed sales.

Captiva

CONDOS

No new listings or price changes.

1 new sale: Bayside Villas #5343 3/3 listed at $874K.

No closed sales.

HOMES

No new listings, price changes, or new sales.

1 closed sale: 15133 Captiva Dr 3/3 $2.695M.

LOTS

Nothing to report.

Until next Friday, wishing you sunshine, bright blue skies, & sparking water too!

Susan Andrews, aka SanibelSusan

Celebrating July 4th Weekend on Sanibel & Captiva Islands

Posted on July 2, 2021 by SanibelSusan

Another Friday has rolled around as Sanibel and Captiva have settled into summer – with sunny, occasionally cloudy mornings, then late afternoon showers cooling things down before a beautiful sunset.

It was quiet in the office all week, with similar news from other real estate offices. With the real estate market hot and only 81 properties available on both islands (condos/homes/lots), many prospective buyers are discouraged and playing the waiting game.

The weekly action posted in the Sanibel & Captiva Islands Multiple Listing Service follows a couple of news items below.

July 4^th Holiday Weekend on the Islands

Though some are disappointment that there will not be a holiday parade or fireworks on Sanibel, the precautions are understood and appreciated. We still can decorate though – so, as usual, SanibelSusan Realty will be decked out in red, white, and blue as thankful freedom reminders.

If you are looking for some pre-July 4^th fun, the San-Cap Motor Club is hosting a Cars and Coffee cruise-in tomorrow, Sat, Jul 3 from 9 to 11 a.m. at Periwinkle Place Shopping Center.

After that, the Sanibel-Captiva Optimist Club’s 41^st Annual Road Rally will line-up for a noon start time at The Timbers Restaurant parking lot. To sign up for the 2021 Freedom Road Rally, contact Randy Carson at RCarson@gmail.com. Cost is $50 per vehicle and prizes will be awarded. Registration will be accepted until 11:45 a.m. on race day. The afterglow party and awards presentations will immediately follow the rally in The Sanibel Grill at The Timbers.

On 4^th of July, there is a celebration at American Legion Post #123, 4249 San-Cap Rd with free hot dogs served all day, plus music by The Marty Stokes Band from 3 to 6 p.m.

Also on July 4^th, South Seas Resort will host their annual golf cart parade and fireworks. You must be a registered guest to enter the resort grounds.

At the J.N. “Ding” Darling Visitor and Education center, the refuge staff will observe Independence day on Mon, July 5, with the administrative building and Visitor Center closed, but Wildlife Drive and its trails, Bailey Tract, and Tarpon Bay Explorers remain open with their regular hours.

Presenting Offers: OK with License Law? Code of Ethics?

Posted recently at FloridaRealtors on-line, this article by Meredith Caruso (Associate General Counsel for Florida Realtors®) provides direction for Realtors® but offers good information for Sellers and Buyers too.

“Your exhausted seller received five offers in one day. Four are over asking price, but the last one offers $50,000 less, possibly making it a waste of time for an already exhausted seller. Must you still present it? Perhaps not – but only under very specific conditions.

“ORLANDO, Fla. – In today’s fast paced market, sellers receive many competitive offers on their properties. Some sellers may choose to ask for highest and best; some sellers may just accept one of the offers presented to them.

“This article isn’t about that though. This article focuses on the agents involved and their actions with regards to offers and counteroffers.

“Florida real estate licensees can have one of three types of agency relationships with buyers and sellers: single agent, transaction broker or no brokerage relationship. Unless a licensee has something in writing with their respective party indicating single or no brokerage relationship, Florida law presumes you are in a transaction broker relationship.

“Under a transaction broker relationship – as well as single agent relationship – you have obligations with regards to offers and counteroffers. Additionally, Article 1, Standard of Practice 1-6, 1-7 and 1-8 of the Code of Ethics set forth further requirements regarding the presentation of offers and counteroffers.

“Specifically, per Florida Statute 475.278, the licensee is obligated to present all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing. This article focuses on the language of this statute.

“What does this mean in plain English? Unless your buyer or seller sent you something in writing in advance, or you’ve added something into your listing or buyer brokerage agreement clarifying what kinds of offers and counteroffers they want to see, you must present them all.

“We all know the market is hot right now, so I understand the pressure to act quickly, on both sides. However, Florida Realtors Legal Hotline calls have included statements from Realtors® indicating that some sellers feel overwhelmed by the number of offers they’re receiving. As a result, these agents try to help by picking and choosing which offers the sellers see.

“Let me be clear: If you don’t have something in writing in advance – before you received those multiple offers – stating that you’re able to do this, it’s a violation of your real estate licensing law.

“Does this mean this can’t happen at all? No! But you must do it properly.

“If you’re a listing agent taking a listing, you can easily have a conversation with the sellers and should be asking a variety of questions, including what kind of offers the sellers are looking for. Do they only want to see cash offers? Do they only want to see offers over a certain price point? Do they only want to see offers that can close by a certain time? If so, clarify that in writing in your listing agreement or get it in writing some other way from your sellers. Then if you get offers that don’t fall within the sellers’ criteria, you do not have to present those offers and are able to move forward, confident you are in compliance with your real estate licensing law and the Code of Ethics.”

SCCF’s June 30, 2021 Turtle Update

As locals and visitors tentatively watch what is happening south of Florida with Tropical Storm Elsa, it was great news to read this week’s email update from the Sanibel-Captiva Conservation Foundation. Here it is, titled “Green Sea Turtles Return to Nest on Sanibel”:

“In the last few weeks, SCCF’s sea turtle team has documented 12 green sea turtle… nests on Sanibel. The team has been able to identify four different individual green nesters, two of which have been seen on Sanibel in years past and were part of a satellite tag tracking project in 2017, 2018, and 2019.

“Most of the nesting on Sanibel and Captiva is primarily by loggerhead sea turtles so a different species is always extra exciting,” said Research Associate Andrew Glinsky. “Based on the number and timing of nests there could possibility be as many as two more green sea turtles that we have yet to positively ID.”

“…As of today, Sanibel has 440 loggerhead nests… and Captiva has 139 loggerhead nests as hatching season is ramping up on our islands…. To date, nine nests on both islands have hatched, with nearly 1,000 hatchlings.”

Surfside Condo Tragedy Could Influence RE Market

As we all have watched the devastation on Florida East Coast, this article posted Wed on FloridaRealtors® is sourced to 2021 “Miami Herald” and distributed by Tribune Content Agency, LLC. There is some interested info in the article.

Sanibel residents appreciate that there are no high-rise buildings here, prevented by our building code. Interestingly, in recent months, local West Coast Realtors® have seen an increase in business from East Coast buyers looking to get out of the Miami hustle bustle post-COVID. I wonder if the Surfside tragedy will mean even more future business here.

“It could take years to understand the Surfside tragedy’s cause, and condo buyers will likely pay more attention to building inspections and assessments going forward.

“MIAMI – As grim images of rescue workers sifting through the wreckage of the Champlain South Tower circulate around the world, Miami’s kingpin condo real-estate industry is bracing for a slide.

““In the short-term, the effect of the collapse will be jarring,” said real estate attorney Jesse-Dean Kluger, who said he spent the weekend fielding calls from clients under contract for units in older buildings. “You’re going to have some pushback from buyers on the closing dates, because why would you close before you have an inspection and a satisfactory report?” he said. “This could be a deal-breaker for some clients.”

“Built in 1981, the beachfront Champlain Towers South condo, located at 8777 Collins Ave., partially collapsed on the morning of June 24 shortly after 1:30 a.m. The building was going through its 40-year recertification process.

“Search and rescue efforts are ongoing – While the exact cause of the collapse probably won’t be known for at least a year, two suspected contributors – salt air and ocean water – are cause for concern for would-be buyers of waterfront condos in older buildings. In the short-term, at least, some experts say they expect the brakes to slam on what has been a county-wide sales bonanza.

““At the very least, people are being more sensitive to association fees and checking the financial health of the association,” said Ron Shuffield, president and CEO of Berkshire Hathaway HomeServices EWM Realty. “These 40-year recertifications are now something that everyone is aware of, instead of just the industry. Buyers are also looking more closely to the construction of the building.” Increased attention to such detail is a positive development, said Shuffield. But it likely also will lead to higher prices and deter some buyers, say experts.

““Every condo, especially the older ones, are going to want to hire an expert and verify the integrity of their buildings,” said Alex Barthet, managing member of the Barthet Construction Law Firm and publisher of thelienzone.com website. “These are probably not fully budgeted items, so this will increase the assessments,” Barthet said. “That’s going to send buyers away, because they only have a certain number of dollars to spend, so why spend them on an older building?”

“According to the Miami Association of Realtors, sales of existing condos jumped a whopping 286% in May year-over-year, from 563 to 2,176, driven primarily by U.S. buyers from tax-burdened states. The median sales price of existing condos rose to $325,000, a 25% year-over-year increase, and sales of existing condos priced between $400,000-$600,000 – a range that includes many older waterfront buildings – increased 475.4% to a total of 328 transactions.

“The Champlain Towers South, where property records show a total of 14 units were sold over the last three years, was part of the sales boom. Condos in the town of Surfside may be particularly hard hit for the next year, especially in older buildings, said Ana Bozovic, founder of brokerage and consulting firm Analytics Miami. Buildings located near the collapse site may be most affected. Bozovic said resale prices might drop for the ultra-luxury Eighty Seven Park, which is adjacent to the site of the collapse and currently has seven units for sale priced between $2 million-$11 million. “Who wants to buy something overlooking this collapse? People died there,” she said. “People don’t want to look at the site.”

““When 9/11 happened, it affected the lower Manhattan area,” she said. “It’s going to be the same thing here.”

Buyer hesitation also may affect newer buildings, say experts. Such was the case for an attorney whose clients were scheduled to close on a Bal Harbour condo the day after the Surfside collapse. “They got cold feet, even though the building where they were buying is only three years old,” said the lawyer, who declined to be named. “They just needed a minute to hear more about what happened at the Champlain Tower. A lot of people with active contracts can delay their closings, but they can’t pull out because they would lose their deposits. They’re stuck.”

“Inspections underway – Miami-Dade County and the city of Miami Beach have started doing visual inspections and audits of buildings nearing or at their 40-year recertification process, which is required by county law. The city of Miami has gone further, requiring inspections of all buildings 40 years and older that are six stories or taller. The city has given condo associations a 45-day deadline to provide letters detailing the condition of their buildings signed by licensed structural engineers.

“But the enforcement boost hasn’t eased buyer concerns. “The question is, does being able to walk out on the sand surpass the value of safety?” said real estate analyst Jack McCabe. “What I thought was going to be paradise could now be a danger. “This collapse is the tip of the iceberg,” McCabe said. There are a lot of other buildings affected by sea level rise and hurricanes that are 40-50 years old, that have not been well maintained, and that have put off special assessments” – that can run into millions.

“Favorable pricing has been the chief attraction of older buildings. “It comes back to affordability,” said Dan Kodsi, CEO of the Miami-based development firm Royal Palms Companies, which developed the Paramount Worldcenter tower. “A lot of people live in those older buildings because they can afford it and still get to live by the water.”

“But repairs can diminish the differential. “Getting hit with a huge assessment bill is going to become a bigger factor in the minds of buyers,” McCabe said. “It could be a much more costly endeavor buying an existing unit than it was in the past.”

“Age matters – The numbers tell the story. According to the real estate firm Condovulturesrealty.com, some 1,660 units in buildings on the barrier islands built before 2000 – or before Florida’s building code was strengthened to its current standard – currently are listed for sale, with an average price per unit of $589,692. During the first three months of 2021, 779 sales were closed at an average price of $487,384. Currently 491 units are under contract at an average price of $484,821.

“In comparison, the current 1,241 active listings of condos in buildings on the barrier islands built after 2000 have an average asking price of $3,141,845 – a price tag beyond the reach of all but the wealthy.

“The gap likely will widen. “What you’re going to see is anything built before 2000 is going to suffer and [drop] their prices,” said Peter Zalewski, co-founder of Condo Vultures. “We have always told our clients not to look at anything built before then. Right now the system is stacked against any due diligence by the buyer. The associations are very private, and they’re not going to share any information that might impact pricing. They give the condo docs, and in three days your offer is locked in by default according to state law.” “According to Zalewski, there were 139 towers fronting the Atlantic Ocean in Miami-Dade County as of November 2019. Of those, only 60 were built between 2000-2019. The other 79 towers were built between 1930-1999.

“While waterfront has long been considered prime territory, inland locations have been gaining favor as waterfront prices soar and climate change becomes a greater concern. A recent study of “climate gentrification” in Miami-Dade showed home buyers and renters are increasingly choosing properties on higher-elevation land, most of which happens to be in primarily Black and Hispanic neighborhoods.

“The collapse may speed the inland migration. Cordelia Anderson, founder of the Miami-based I Heart Real Estate LLC brokerage firm, said one of her prospective condo buyers from New York is now considering moving her search more inland, expressing concern about the structural integrity of coastal buildings and sea level rise.

“Falling prices? The seemingly inevitable price drop of older condos in beachfront locations isn’t just a problem for their owners and brokers. According to the Miami-Dade County Property Appraiser, the county is poised to collect more than $94 billion in 2020 taxes from condominium owners – money that goes to everything from schools and police and fire services to infrastructure repairs and maintenance.

“If prices of older condos take a nosedive, all Miami-Dade residents will feel the pinch, since taxes are calculated by property values. But if prices drop far enough in older buildings to make selling too much of a loss for the owner, there’s another possible scenario that could eliminate the problem altogether, said Alicia Cervera, chairman and principal of Cervera Real Estate: Condo termination, in which owners decide to sell the entire building to a developer interested in building something new at the location.

“When you sell an entire building in a triple-A location to a developer, you get a much better price for your condo,” she said. “It may be that some associations are not doing the repairs because they simply can’t afford it. Selling to a developer could be a solution for the owners and would result in the buildings being taken down before they become unlivable. It’s a good exit strategy for a lot of condo owners.”

Sanibel & Captiva Islands Multiple Listing Service Activity June 25-July 2, 2021

Sanibel

CONDOS

No new listings.

1 price change: Mariner Pointe #231 2/2 now $674K.

1 new sale: Loggerhead Cay #433 2/2 listed at $735K.

7 closed sales: Sundial #F106 1/1 $440K, Sanctuary Heron #3A 2/2.5 $760K, Pointe Santo #A1 2/2 $868.5K, Sanibel Surfside #123 2/2 $905K, Loggerhead Cay #101 2/2 $964K, Sundial #P403 2/2 $1.3M, Sanddollar #A102 3/2 $1.425M.

HOMES

2 new listings: 5809 San-Cap Rd 3/2 $1.35M, 5379 Shearwater Dr 4/3 $2.295M.

1 price change: 5270 Indian Ct 6/6.5 now $2.295M.

5 new sales: 1376 Jamaica Dr 2/2 listed at $710K, 1270 Par View Dr 3/2 listed at $859K, 1450 Sand Castle Rd 3/2 listed at $1.199M, 633 Lake Murex Cir 3/3 listed at $1.235M, 1206 Par View Dr 3/2 listed at $1.249M.

12 closed sales: 1643 Bunting Ln 2/2 $626K, 1737 Serenity Ln 3/2 $635K, 429 Lake Murex Cir 3/2 $740K, 1585 Serenity Ln 3/3 $749K, 2480 Library Way 3/2.5 $725K, 770 Donax St 2/2 $850K, 1469 Sand Castle Rd 3/2 $969K, 450 Lake Murex Cir 3/2 $980K, 812 Sanddollar Dr 3/3 $1.2M, 3385 Twin Lakes Ln 5/5 $1.5M, 1460 Middle Gulf Dr 4/4.5 $1.725M, 4701 Rue Belle Mer 4/5 $3.395M.

LOTS

1 new listing: Dixie Beach Blvd $399.5K.

1 new sale: 2431 Shop Rd listed at $249.9K.

1 closed sale: West Gulf Dr $3.895M.

Captiva

CONDOS

No listings or price changes.

1 new sale: Beach Homes #20 3/3 listed at $3.549M.

3 closed sales: Bayside Villas #4118 1/2 $425K, Bayside Villas #5318 3/3 $789.9K, Lands End #1629 2/2 $1.376M.

HOMES

Nothing to report.

LOTS

Nothing to report.

Wishing you and yours a safe and happy July 4^th holiday weekend.

Raindrops Are Just Part of Living in Paradise!

Posted on June 25, 2021 by SanibelSusan

Susan here from soggy Sanibel Island. The rainy season has arrived, vegetation is greening up, and when the periodic showers sprinkle the island, the shopping centers and restaurants are busy with beach and boat-loving vacationers looking for other things to do. The showers really are only occasional and in-between, it often is sunny and tropical. There are a few visitor grumblings about the clouds, no-see-ums, and humidity, but we locals appreciate when showers keep daytime temperatures down into the 80’s. Similar weather is expected next week.

Here in the office our new Gulfside Place listing sold in record time at a record price. Now we are hustling to find a single-family home for these clients. As of this afternoon, there are just 28 for sale on Sanibel, compared to 270 already sold this year.

Yesterday, in chatting with David Wright, Sr VP and head of lending at The Sanibel-Captiva Community Bank, we shared experiences in this new world of real estate. He said the bank is already $100 million ahead of 2019, which also was a good year. We both wondered what will happen when inventory is gone, but we both expect that real estate, particularly in SW Florida, will continue to boom. We all know that it is more than just nice weather on Sanibel and Captiva!

Annual Sam Bailey’s Islands Night Is Back in the Ballpark

The following update was posted on-line Wed by The Santiva Chronicle: “The highly anticipated Sam Bailey’s Annual Islands Night is back in the ballpark for the 27th year after a season off the diamond. “Sam Bailey’s Islands Night is one of the greatest traditions our franchise has,” Fort Myers Mighty Mussels Director Chris Peters said. “This night has a very special place with us. Islands Night is always greatly anticipated by everyone in the Mussels family.”

“Since its establishment, the Annual Islands Night serves as a day for businesses and individuals to celebrate Sanibel and Captiva. The event was originally scheduled for June 16, but was rained out and rescheduled for Wednesday, June 30 at Hammond Stadium with a game between the Lakeland Flying Tigers and the Fort Myers Mighty Mussels. Its comeback will follow suit of prior years with the exception of the parade which will not be taking place. There are COVID protocols in place at the field preventing it from happening, but is expected to return in future years, Peters said. The parade usually showcases floats designed by the vendors. Although the parade is benched for the season, attendees can expect the activities they have enjoyed previously. In between innings there will be a shoe scramble, a dance off, a t-shirt toss, and more.

“Attendees can also enjoy $1 hot dogs, cold beverages, but most importantly an entertaining night. “It’s a lot of fun and there’s a lot of energy,” Peters said. “It’s just the atmosphere, you have to experience it, it’s hard to kind of put in the words.” It’s a night to sit back and enjoy a ballgame while also contributing to the community.

“Established years ago by Sam Bailey, it has since evolved and now sponsorships contribute to scholarships for island students, Sponsor Calli Johnson explained. The money raised at the event goes into the Sam Bailey Scholarship Fund which helps islanders continue their education. Interested applicants can apply by contacting Kiwanis, Johnson said.

“As it has grown, it has forged its spot as tradition in the community, staying strong 27 years later. “This event is an important community gathering where islanders can enjoy each other after the traditional end of the business season and the start of summer,” Johnson said. “The spirit of Sam and Francis Bailey certainly lend to the sense of community that keeps the event alive.” Peters and the Mighty Mussels in particular, enjoy playing a part in the ongoing tradition. “It’s as rewarding as anything seeing people have smiles on their faces,” Peters said. “Just coming out to the ballpark. That’s what the reward is for us to see in people having fun at our ballpark.”

In previous years, the event has held 2,000 to 3,000 attendees, now it is time to see what this year holds. Masks are encouraged but will not be required at the event.”

Tickets are free and available throughout the island including at Bailey’s General Store.

Responding to Offers

With many island buyers and sellers coming from states other than Florida, where their real estate practices may be different, it is important for those involved in Florida transactions to know how it works here. The below question and answer were posted in the June 2021 “Florida Realtor” magazine under the “Talk to An Attorney” section:

“COMMISSIONS

I have a listing that was only on the market a couple of days when three offers came in from three buyers. The seller accepted one of the offers. Now, the broker who represented the buyer whose offer arrived first claims my seller had an obligation to negotiate with his buyer because his offer was presented to the seller first. Is this true?

No. there is no Florida law that would require the seller to respond to any offer. Additionally, there is no Florida law that requires the seller to negotiate with each buyer in the order in which the offers were received. Therefore, it’s ultimately up to the seller how to negotiate with each of these three buyers. In this case, the seller opted to simply accept one of the three offers without giving the other two a chance to amend their offers.”

Florida Realtors® Clean Up Florida Waters

For the entire month of July, thousands of Florida Realtors® and community partners are coming together to clean up our lakes, rivers, streams, retention ponds, bays, intracoastal waterway, gulf and ocean. The Sanibel & Captiva Islands Association of Realtors® will join in the cleanup on Wed, July 14, at 6 p.m. on the causeway (Span B). Gloves and trash bags provided. Come to work and enjoy sunset too!

7 Winning Tips for Buyers

It’s true, even Realtors® in the business for decades like us are shaking their heads at some of the sales occurring these days. Here are some buyer tips from the June 2021 issue of “Florida Realtor®””

“Encourage your agent to reach out to the listing agent to find out what the seller is looking for, such as quick close, an above asking-price offer or a waived contingency. This will help you and your agent craft a competitive offer.
Make a cash offer. If you’re not in a position to pay cash, get preapproved for a mortgage and have your preapproval letter in hand.
Pay attention to the listing agent’s request. Many times, they will have you submit your highest and best offer. Ask your agent for some strategies on handling this type of offer.
Consider waiving contingencies if you are financing, check with your lender.
Figure out where you can be flexible. You’ll need to move quickly, so know your must-haves versus your nice-to-haves before you start our search.
Don’t get emotional. Trust your agent to walk you through each step in the buying process.
Be available. Respond to inquiries quickly and ask your real estate agent to check in regularly with the listing agent to monitor the seller’s progress.”

Sanibel & Captiva Islands Multiple Listing Service Activity June 18-25, 2021

Sanibel

CONDOS

1 new listing: Loggerhead Cay #433 2/2 $735K.

No price changes.

3 new sales: Island Beach Club #310A 2/2 listed at $799K, Sanibel Arms West #D2 2/2 listed at $919,999, Gulfside Place #115 2/2 listed at $1.995M (our listing).

14 closed sales: Sundial #F106 1/1 $435K, Spanish Cay #D6 2/2 $549K, Blind Pass #E104 2/2 $549.9K, Kimball Lodge #264 1/1.5 $570K, Cottage Colony West #102 1/1 $571.5K, Sanibel Arms West #I8 2/2 $624K, Island Beach Club #330A 2/2 $730K, Mariner Pointe #943 2/2.5 $800K, Pelicans Roost #102 2/2 $875K, Gulfside Place #107 2/2 $1.2M, Sanddollar #C202 3/2 $1.225M, Island Beach Club #230D 2/2 $1.3M, Gulfside Place #320 2/2 $1.349M, Sanddollar #C103 3/2 $1.4M.

HOMES

4 new listings: 837 Casa Ybel Rd 2/2 duplex $599.9K, 9431 Moonlight Dr 3/2 $899K, 5268 Ladyfinger Lake Rd 3/2 $1.049M, 4020 West Gulf Dr 3/2 $2.795M.

2 price changes: 1025 S. Yachtsman Dr 3/2 now $865K, 633 Lake Murex Cir 3/3 now $1.235M.

7 new sales: 565 East Rocks Dr 3/2 listed at $749K, 4516 Bowen Bayou Rd 3/2.5 listed at $979.9K, 915 Palm St 3/2 listed at $995K, 5300 Umbrella Pool Rd 3/3 listed at $1.19M, 939 Beach Rd 3/2.5 listed at $1.55M, 718 Gopher Walk 4/3 listed at $1.599M, 852 Birdie View Pt 4/3 listed at $1.699M.

10 closed sales: 5859 Pine Tree Dr 2/2 $755K, 555 Piedmont Rd 3/2 $765K, 1550 Center St 3/2 $768K, 750 Nerita St 3/2 $1.01M, 604 Sea Oats Dr 3/3 $1.022M, 2755 Wulfert Rd 3/3.5 $1.038M, 5765 Baltusrol Ct 4/4.5 $1.648M, Plantation Village #103 4/3 $1.875M, 750 Periwinkle Way 5/4 $3.3M, 1020 Bayview Dr 5/5.5 $4.5M.

LOTS

No new listings or price changes.

1 new sale: 5398 Osprey Ct listed at $299K.

2 closed sales: 2299 Starfish Ln $554K, 461 Sawgrass Pl $675K.

Captiva

CONDOS

No new listings, price changes, or new sales.

2 closed sales: Beach Cottages #1423 2/2 $1.16M, Lands End #1635 2/2 $1.434M.

HOMES

2 new listings: 5 Sunset Captiva Ln 2/2.5 $3.595M, 952 South Seas Plantation Rd 6/4.5 $4.349M.

No price changes or new sales.

2 closed sales: 15155 Wiles Dr 3/2 $1.875M, 11514 Andy Rosse Ln 5/5 $2.36M.

LOTS

Nothing to report.

Until next Friday, enjoy your week!

Susan Andrews, aka SanibelSusan

Florida Realtors® Annual Convention

At the Sanibel & Captiva Islands Association of Realtors®

At SanibelSusan Realty

The Market Outlook – Nationally & More

Sanibel & Captiva Islands Multiple Listing Service Activity August 20-27, 2021

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Island Real Estate Happenings

Causeway Island Update

Local COVID News

Temporary Closure of Ding Darling Visitor & Education Center

37th Sanibel & Captiva Luminaries Scheduled

Sanibel Household Chemical Waste Collection Event

Hot Housing Market Drives Home Fix-Ups

To Market or Not, Should Not Be the Question

Sanibel & Captiva Islands Multiple Listing Service Activity August 13-20, 2021

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More Florida Insurers Dropping Homeowners with Older Roofs

Can You Afford a New Roof?

Sanibel & Captiva Islands Multiple Listing Service Activity August 6-13, 2021

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Island Real Estate

The Sanibel School

Sanibel Causeway Toll Facility Maintenance Work

TRIM Notices Coming Soon

City of Sanibel Budget

Tarpon Bay Brings Back Breakfast Cruise & Touch Tank

Captiva Beach Renourishment Project Update

Sanibel Recreation Center

Sanibel & Captiva Islands Multiple Listing Service Activity July 30 – August 6, 2021

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Instant Reaction: GDP, July 29, 2021

Army Corps of Engineers New Lake Okeechobee Management Plan

Sea Turtle Hatching Season Really Picking Up

Sanibel & Captiva Islands Multiple Listing Service Activity July 23-30, 2021

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Summer of the Speed Buyer

Elsa Washes Away 45 Sea Turtle Nests on Sanibel

CEPD Provides Updated Start Date for Project

Sanibel & Captiva Islands Multiple Listing Service Activity July 9-16, 2021

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At SanibelSusan Realty Associates

Condo Insurers Reacting to Surfside Disaster

Sanibel & Captiva Islands Multiple Listing Service Activity July 2-9, 2021

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July 4th Holiday Weekend on the Islands

Presenting Offers: OK with License Law? Code of Ethics?

SCCF’s June 30, 2021 Turtle Update

Surfside Condo Tragedy Could Influence RE Market

Sanibel & Captiva Islands Multiple Listing Service Activity June 25-July 2, 2021

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Annual Sam Bailey’s Islands Night Is Back in the Ballpark

Responding to Offers

Florida Realtors® Clean Up Florida Waters

7 Winning Tips for Buyers

Sanibel & Captiva Islands Multiple Listing Service Activity June 18-25, 2021

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37^th Sanibel & Captiva Luminaries Scheduled

July 4^th Holiday Weekend on the Islands