More Sanibel/Captiva July Fun & Real Estate News

Posted on July 15, 2022 by SanibelSusan

It is the end of another sunny week on the islands. Rainy season occasionally produces a quick afternoon or evening shower, but most of those have been inland. More of the same is expected through the weekend.

There was no Association of Realtors® Caravan Meeting this week, but early Tuesday the Professional Development Committee met. Guess who got up early to make 16 mini-strawberry shortcakes for us to enjoy after singing “Happy Birthday” to our Assoc Prez-Elect. He was grateful and his members appreciate that he volunteers his time, especially at 8:30 a.m. on his bday..

The Committee worked on scheduling the educational events/classes and the monthly meeting speakers for the rest of the year. The annual Continuing Education offering with the classes required for sales associates and brokers to renew their licenses is on track for September 12 through 14. It is always a treat to take the hands-on in-person classes including boat trip highlighting local environmental considerations.

Next Thursday is the island Association of Realtors® July Monthly Breakfast Meeting. Speaker is Lee County Commission (former Sanibel Mayor) Kevin Ruane, who will update members on county initiatives and the causeway project. Following the meeting there will be a Realtor Caravan of new listings.

There was not much real estate sales action here this week. The Sanibel & Captiva Islands Multiple Listing Service reports no sales on Captiva and just one on Sanibel. Those details are posted after a couple of news items below. Our “Island Sun” ad from today’s paper also is below.

Summer Things

Bailey’s General Store Adds Vehicle Charging Station just east of the main entrance near the community bulletin board. It has two charging points to accommodate two vehicles at the same time and can charge all brands of electric vehicles. The store is open daily 7 a.m. to 7 p.m.

Great American Outdoors Day at The Refuge is coming up on Thursday, August 5. This is the 2^nd celebration of this day across federal lands. It is now one of six fee-free days the Government has designated throughout the year. In addition to touring Wildlife Drive free that day, visitors may go to WoW (Wildlife on Wheels) and participate in a free family scavenger hunt for prizes and go on guided tours.

LCEC Vegetation Trimming on Sanibel began this week and will continue through August. This is a continued effort to improve and maintain the reliability of the island electric service. LCEC’s contractor is Asplundh with crews working Mondays through Thursdays from 7 a.m. to 5:30 p.m. Schedule updates will be posted at https://www.MySanibel.com/.

Lee Health Opens Primary Care Walk-in Clinic on Sanibel

On June 28, Lee Health opened its newest primary care practice in SW Florida. Located at 2495 Palm Ridge Rd, Lee Health Sanibel Primary/Walk-In Care offers primary care and walk-in services. One physician with 40 years medical experience already is seeing new patients at the clinic. A second physician, currently practicing with Lee Health in Fort Myers, will join the Sanibel office next week. The facility is open Monday through Friday 8 a.m. to 6 p.m. Visit www.LeeHealth.org to make an appointment in MyChart or call 239-343-6990.

Housing Expert Says Homebuyers are ‘Hitting the Brakes’

Interesting article posted on-line Tues July 12, 2022, at “yahoo! Money” by Ronda Lee. Seems like every week, there is a different perspective on the economy.

“The housing market has absolutely shifted, and buyers have been hitting the brakes in June,” Jeff Tucker, an economist at Zillow, told Yahoo Finance Live. “It suggests buyers are finally including contingencies in the offers they made this spring, which gives them that possibility of opting out.”

“In June, approximately 14.9% or 60,000 home purchases under contract were canceled, according to a recent Redfin report, while 7% of homes for sale had a price drop, a high for records dating back to 2015, according to a separate Redfin report.

“The culprit? Mortgage rates that are two percentage points higher than the start of the year, with major up and down movements in the last two months. The 30-year fixed mortgage rate dropped to 5.30% last week from 5.70% the week prior. Rate fluctuations mean that unless homebuyers locked in rates, those who once qualified might become ineligible as rates increase.

““It’s affordability. Higher mortgage rates and higher home prices means that the typical mortgage payment is up over half, about 60%,” Tucker said. “A lot of buyers can’t afford that or heard the bad news from their mortgage lender that where mortgage rates are today, you can’t afford this house.”

“Inflation and talks of recession also may be cooling homebuyer demand. The areas that saw the biggest run-up in housing prices due to the pandemic migration patterns may experience the largest price drops, Tucker said.

““This is a necessary cooling down and rebalancing after we’ve just had the most unbalanced, overheated housing market on record,” Tucker said. “Buyers are pulling back, inventory is beginning to climb and then the last domino to fall is to push home price growth back down. So, we should expect it to kind of level off and actually see some modest home price declines in certain parts of the country.””

Ronda is a personal finance senior reporter for Yahoo Money and attorney with experience in law, insurance, education, and government.

Sanibel & Captiva Islands Multiple Listing Service Activity July 8-15, 2022

Sanibel

CONDOS

3 new listings: Captains Walk #A6 1/1 $449K (our listing), Sanibel Arms West #K8 2/2 $889K, Somerset #D101 3/2.5 $2.695M.

Captains Walk #A6 looking toward bay, lighthouse, & gulf

No price changes.

1 new sale: Spanish Cay #A4 2/2 listed at $649.9K.

1 closed sale: Sanctuary Heron #3-1B 3/2.5 $875K.

HOMES

6 new listings: 1447 Albatross Rd 3/2 $980K, 6136 Henderson Rd 3/2 $1.795M, 1433 Sanderling Cir 4/3 $1.975M, 424 E Gulf Dr duplex 4/2 $2.599M, 2969 Wulfert Rd 6/6/2 $3.695M, 1191 Bird Ln 5/4.5 $11.25M.

6 price changes: 446 Lake Murex Cir 2/2 now $859K, 1835 Farm Trl 3/2 now $899K, 1046 Sand Castle Rd 2/2 now $942K, 749 Cardium St 3/2 now $1.179M, 5802 San-Cap Rd 3/3.5 now $1.365M, 1260 Par View Dr 3/3 now $1.699M.

No new sales.

3 closed sales: 9076 Mockingbird Dr 3/2 $985K, 2010 Wild Lime Dr 4/4 $1.1M, 917 Pepper Tree Pl 4/3 $1.436M.

LOTS

Nothing to report.

Captiva

CONDOS, 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

More Summertime News on Sunny Sanibel

Posted on July 8, 2022 by SanibelSusan

I hope you had a safe happy July 4^th holiday. Sanibel festivities were terrific with the morning weather perfect – bright sunny, with slight breeze, when the parade passed by the office.

I was joined by regulars who like our shady location – which also is just before the judges’ reviewing area. I took plenty of photos which are posted on Facebook (if you are a social media follower).

If you also follow island restaurants, you may be interested in hearing that The Sandbar (Steak & Seafood) recently changed hands. New owner also is the new owner of The Green Flash on Captiva. I had dinner at The Sandbar this week and it was wonderful, busy as always with locals and visitors, so before you go, be sure and make a reservation.

A little more restaurant scoop is that I heard today that Café Italia (currently in the Publix shopping center across the street from the outlet malls) is moving to Sanibel in September. They will be in the location of former restaurants (Bamboo, Il Tesoro, & Twilight Café) at 751 Tarpon Bay Rd, Unit #2, behind the Art Gallery.

Sanibel & Captiva Islands Real Estate News

I was busy meeting a contractor early yesterday so missed the Realtor® bi-weekly Caravan Meeting. Just one property was on tour for viewing after the meeting. The activity posted since last Friday in the Sanibel & Captiva Islands Multiple Listing Service follows some news below.

Now that the year is half over, and inventory is changing slightly, I thought it would be interesting to compare island sales status today to year-to-date sales during the same time last year and 2020. Usually, the most contracts occur and sales close during that “high season”. Though changes in interest rates do not have a huge bearing on island sales, the shift toward a more balanced market has begun (or so it looks to SanibelSusan). There was little new sales activity, this past week. Data below is from the Sanibel & Captiva Islands MLS today.

Status	SANIBEL
	Condos			Homes			Lots			Total
	#	Avg $	DOM	#	Avg $	DOM	#	Avg $	DOM	#	$ change over previous year
For sale	24	1,328,787	64	38	1,956,447	32	10	1,523,160	281	72
Under contract	17	1,055,752	33	16	1,513,625	20	1	145,000	6	34
Sold 1/1-7/8/2022	93	1,147,421	39	125	1,699,504	60	21	621,083	241	239	+31%
Sold 1/1-7/8/2021	187	862,247	144	237	1,299,038	100	53	706,783	462	477	+20%
Sold 1/1-7/8/2020	80	726,294	155	116	993,923	157	4	849,666	423	200

Status	CAPTIVA
	Condos			Homes			Lots			Total
	#	Avg $	DOM	#	Avg $	DOM	#	Avg $	DOM	#	% $ change over previous year
For sale	9	1,593,055	71	9	6,075,307	90	1	15,500,000	104	19
Under contract	0	N/A	N/A	2	5,622,500	45	0	N/A	N/A	2
Sold 1/1-7/8/2022	27	1,468,575	51	19	5,723,973	134	0	N/A	N/A	46	+73%
Sold 1/1-7/8/2021	39	1,006,830	184	34	2,846,629	278	1	2,000,000	129	74	-4%
Sold 1/1-7/8/2020	15	882,666	104	13	3,188,230	332	2	1,925,000	462	30

Is It OK to Self-Insure Our House?

Posted on-line at FloridaRealtors® in late June, this Question/Answer was reposted from the South Florida Sun Sentinel, by Gary M. Singer:

‘As property insurance grows more expensive, homeowners study other options. If an owner has paid off the mortgage, is self-insurance an option?

“FORT LAUDERDALE, Fla. – Question: We own our home outright, without a mortgage. Because of the insurance crisis, what is the feasibility of self-insuring our house rather than renewing our policy at an ever-higher cost? –Thomas

“Answer: Under certain circumstances, it is feasible to go without homeowner’s casualty insurance. Even still, it is rarely, if ever, a good idea or a sound financial policy.

“Banks and other mortgage lenders are good at making money and protecting their investments.

“I often look at what mortgage lenders require of their customers to gauge the risk of a proposed action. For example, when asked whether a homeowner needs title insurance when purchasing a home, I respond that although they are not required by law to have this valuable coverage, every lender I have dealt with requires title insurance when lending money.

“If a bank thinks it is necessary to protect their investment in your asset, you should afford yourself the same protection. Lenders also require their borrowers to have a casualty insurance policy for many of the same reasons.

“Most people think of insurance as covering the small events – a fender bender, prescription drugs or a leaking water heater. While this is important, minor claims rarely exceed the cost of the policy, especially when considering the deductible.

“When insurance shines is when the rare severe event happens. Not having health insurance and developing a serious health condition bankrupts many people. A dented fender is easy enough to live with, but replacing a totaled car can cost decades of car insurance premiums.

“Similarly, if your house suffers a significant casualty – for example, a lost roof and flooding from severe weather, a fire, or even a guest hurting themselves on your lawn – the costs to the homeowner can be more than a lifetime of insurance premiums.

“While no one enjoys paying their insurance bills, especially when they seem to increase every year, it still makes sense to grit your teeth and write a check.”

Upcoming BIG ARTS Community Chorus Concerts

If you are a follower of the BIG ARTS Community Chorus, you may be interested in marking your calendar for their upcoming concert events. As a chorus alto since the beginning in 1992, the pandemic caused SanibelSusan to miss a couple of seasons. Here’s hoping that things are back to more normal this fall. If you are interested in singing with us, please let me know and I will get you on our message alerts.

The chorus Holiday Concert will be Wednesday December 7 at 7 p.m. in BIG ARTS Christensen Auditorium.

The spring concert also at 7 p.m. in BIG ARTS Christensen Auditorium is scheduled for Wednesday March 29, 2023.

Also in spring 2023, a new special concert is scheduled. This one, at the same BIG ARTS location, will be Tuesday April 4 at 6:30 p.m. and a combined effort with the singers of the Sanibel School Seahorse Chorale, under the direction of Joey Giangreco..

Sanibel & Captiva Islands Multiple Listing Service Activity July 1‑8, 2022

Sanibel

CONDOS

2 new listings: Sundial #C310 1/1 $875K, Wedgewood #104 3/3.5 $3.695M.

No price changes.

3 new sales: Seashells #9 2/2 listed at $650K, Sandalfoot #2A2 2/2 listed at $850K, Sundial #N301 3/2 listed at $1.328M.

1 closed sale: Colonnades #10 1/1 $455K.

HOMES

5 new listings: 531 Birdsong Pl 3/2 $799K, 1289 Par View Dr 3/2 $1.1M, 1018 S Yachtsman Dr 3/3 $1.295M, 917 Lindgren Blvd 3/2 $1.692M, 9020 Mockingbird 3/2 $1.795M, 5855 San-Cap Rd 3/2 $2.275M.

3 price changes: 446 Lake Murex Cir 2/2 now $899K, 1382 Tahiti Dr 3/2 now $995K, 437 Lake Murex Cir 5/3 now $1.95M.

1 new sale: 1031 Bird Watch Way 3/2 listed at $950K.

3 closed sales: 1236 Sandcastle Rd 2/2 $932,111, 1710 Dixie Beach Blvd 3/2 $2.195M, 2915 Wulfert Rd 5/5.5 $3.495M.

LOTS

Nothing to report.

Captiva

CONDOS

No new listings.

1 price change: Tennis Villas #3113 1/1 now $535K.

No new or closed sales.

HOMES

No new listings, price changes, or new sales.

1 closed sale: 1114 Schefflera 4/3.5 $3.6M.

LOTS

Nothing to report.

Until next Friday,

Susan Andrews, aka SanibelSusan

June on Sanibel & Captiva – More Inventory & Other News

Posted on June 10, 2022 by SanibelSusan

It’s Susan, reporting another sunny Sanibel Friday. Lee County schools are out, family vacations are beginning, and plenty of spring/summertime fun events are being announced.

Luckily, the heavy rains last weekend, didn’t cause much long-term flooding and it resulted in some terrific shelling for those enthusiasts. Now that the ground is saturated, islanders will be keeping a close eye on future rainy events. Meanwhile, the Anchor Dr bunnies are loving the juicy vegetation at my house. There were two munching in my yard this morning as I headed out to work. I love those little guys!

Sanibel & Captiva Islands Association of Realtors®

Some good news at the Sanibel & Captiva Islands Association of Realtors® Caravan meeting yesterday. As incoming Association Prez, Realtor® Greg Demaras mentioned in his opening remarks, there has been 100% increase in Sanibel home listings compared to ten days ago when there were only 11 homes for sale. (Actually, today the number of Sanibel homes available according to the islands MLS is up to 26. More inventory is becoming available.)

The other percentage mentioned was that the number of properties open for Caravan viewing was up 400% from the last meeting two weeks ago, when there was only one available to see. These may be subtle market changes, yet still worth watching.

One of the properties open for Caravan viewing was our new listing on South Yachtsman Dr. The action posted in the island Multiple Listing Service (MLS) since last Friday follows a couple of news items below.

2022 SCIS Designation Classes

Also. yesterday morning, I taught the 2022 Resort & Second-Home Market module for the Sanibel & Captiva Islands Specialist (SCIS) designation.

My 10^th year teaching that class and it’s always fun. The 12 attendees this year included nine taking the classes or the first time and three Realtors® working on their renewal.

They all tolerated my insistence that the class photo be taken with them wearing funny resort-wear props.

Wishing them much success in their resort & 2nd home market business.

Governor DeSantis Vetoes SB 2508

Posted Wed, Jun 8, 2022 by Sanibel-Captiva Conservation Foundation (SCCF):

“Today, in a move that is a significant win for Florida’s environment—Governor DeSantis exercised his executive power to veto Senate Bill 2508. This bill would have undermined the extensive work by SCCF and our partners to base the Lake Okeechobee System Operating Manual (LOSOM) on sound science and an equitable distribution of water. It would have had a chilling effect on water management decisions related to discharges from Lake Okeechobee, perpetuating the harmful “hold and dump” practices that currently allow for high-volume discharges to our coastal communities during the wet season. In addition, the bill would have accelerated the destruction of wetlands by allowing private reviewers to process expedited dredge and fill permits for utilities, resulting in further deterioration of water quality. Furthermore, it would have negatively impacted the Florida Forever land acquisition program by allowing the Florida Department of Agriculture and Consumer Services to compete with the Department of Environmental Protection for state funding.

“We thank Governor DeSantis for demonstrating great political courage in vetoing this harmful bill. Our coastal communities in Southwest Florida have been devastated by declining water quality and harmful algal blooms for far too long. The red tide bloom in 2018 resulted in more the 425 tons of dead sea life being removed from the beaches of Sanibel, and more than $47 million in economic losses. Scientists with SCCF and the University of Florida’s Center for Coastal Solutions recently published data linking pollution from stormwater runoff and harmful algal blooms. We now know that preventing harmful nutrients from reaching the coast is one way to reduce the extent and severity of red tide events in the future. This is not only critical for the ecology of our coastal waters, but it is also essential for protecting the quality of life of our residents, and Florida’s economy.

“SCCF remains engaged in the LOSOM process with the Army Corps, South Florida Water Management District, and our environmental partners to eliminate the harmful discharges that contribute to harmful algal blooms. With extensive modeling we have demonstrated that an equitable distribution of water can meet the needs of all stakeholders without any being sacrificed. By vetoing 2508, Governor DeSantis has confirmed that he is listening to stakeholders, and will not let politics take priority over sound science.

“We sincerely thank all of you who spoke out against this harmful bill.”

Housing Market Is Strong – But Time to Sell?

Posted Mon, Jun 6, 2022 on FloridaRealtors® and sourced to Daily Commercial, by Don Magruder. He is the CEO of Ro-Mac Lumber & Supply Inc., and he is also the host of the “Around the House” Show which can be seen at AroundtheHouse.TV. More good news here about Florida.

“Housing remained resilient – Fla. more than many states – but signs suggest a slowdown in price increases. Still, investors moving away from stocks may be a wild card.

“NEW YORK – The Florida and national housing market remain very strong by every metric, but the overall health of the United States’ economy, inflation worries, interest rate hikes, and the downward spiral of many investment markets are starting to create some buts in the housing forecast long-term.

“The overall economy will affect housing especially regarding increased interest rates, but through the first quarter of 2022, housing has been very resilient.

“In March, per the United States Census Bureau, United States housing starts hit an annual seasonal rate of 1,873,000 which was 0.4% higher than February, and 6.7% above the previous year.

“Within those numbers, single-family homes cooled by almost 5%, but multi-family housing bolstered the sector to an increase. Because of the COVID-19 pandemic, multi-family housing projects have been delayed, but with the current rental demand, most expect multi-family housing to grow.

“The dirty secret about these numbers is that starts would have been higher if not for supply chain woes. Housing starts and production are being suppressed because of serious supply chain issues throughout the country.

“The Monthly New Residential Sales report from the Census Bureau tells a different story, which may suggest interest rates and the economy may be slowing new home sales. Sales were 763,000 units which is 12.6% below the previous year, but the median price rose to $436,700 with a 6.4-month supply at current sales volume.

“The buyers remain in the market, but many are being priced out by higher interest rates and soaring prices for homes. This may be an inflection point in which home sellers will have to start reducing the prices to attract buyers since the low interest rate environment is going away.

“Some point to the fact that a late winter weather surge could have hampered sales in March and getting buyers back in the market may soon become a priority for sellers. In short, housing prices coupled with higher interest rates are too much for many buyers.

“Florida’s housing numbers are somewhat robust as compared to the national housing markets. Florida Realtors® reports that first quarter sales of housing were down 2.6% compared to the previous year, but housing inventories across the state were down to 1 month or a 10.2% drop as compared to the previous year.

This indicates sales were subdued because there were simply not enough houses in the market for sale. Additionally, the median sales price jumped 21.3% from the previous year to $385,000 while new listings for the quarter were flat from the year before.

“Here is another key fact; homes on the market were down to 53 days as compared to 64 days a year ago. The Florida housing market remains red hot, and builders simply cannot build enough units timely with all the supply chain disruptions.

“Two other big facts about Florida’s housing market that cannot be ignored are the percentage of cash sales for new homes and the rate of foreclosures. For the first quarter, cash buyers made up 33.5% of all the homes sold while foreclosures across the state were down 34.8% to a measly 362 units, which is nothing for a state of 23 million people. It seems money is moving out of Wall Street and other investments to real estate, and that most homes are in good shape financially.

“With all these first quarter numbers and economic data, where does the housing market go the rest of 2022? First, the Florida market will probably be one of the most robust markets in the country, but all markets, including Florida’s, will start seeing some capitulations in housing prices.

“Low interest rates have shielded sellers for some time, and with a forecasted rise in interest rates in June and July of half points on top of the May half point increase, something has got to give on pricing.

“What about Wall Street investors? Here is the big but: Do large amounts of money flow out of riskier investments on Wall Street and cryptocurrency find a safe haven in real estate? That is a possibility as builders and investors build rental housing for a population dealing with a lack of housing.

“Unlike some of the funny money investments on Wall Street, housing does provide one huge advantage as a tangible investment that delivers real value like a place to live and a nice tax advantage, plus there is a genuine need for more housing in America.

“It appears housing will cool some in other parts of the country, which should help ease supply chain disruptions. Additionally, pricing overall will moderate, probably knocking out the over-exuberance; but in Florida, unless the economic conditions deteriorate significantly, expect housing to remain strong.

If you are a home seller, the environment suggests you sell sooner rather than later.”

Sea Turtle Update

Posted Tues, Jun 7, 2022 by SCCF (Sanibel-Captiva Conservation Foundation). All sea turtle research and monitoring is conducted by trained individuals operating under Marine Turtle Permit #047:

“As of today, 296 loggerhead and 3 green turtle nests have been laid on Sanibel and Captiva Islands! Fortunately, the impacts of last weekend’s storm on our nests were minimal and we only lost 5 on both islands to storm surge.

“Sea turtles have a nesting strategy that accommodates for natural events such as storms. Each nesting female turtle deposits several nests throughout the duration of the nesting season – essentially hedging her bets to make sure that even if a storm hits at some point during the nesting season, there is a high probability that at least a few of the nests will incubate successfully.

“If you see a new nest on the beach that hasn’t been marked yet, please keep your distance. While well intentioned, marking it with beach objects or walking on the tracks makes it much more difficult for our staff and volunteers to interpret the field signs. To help our sea turtles, please remember to turn off all white lights visible from the beach (including flashlights), fill in holes at the end of the day, and remove furniture from the beach at night.”

Volunteers Needed for Beach Bucket Program!

Coastal Watch has partnered with the City of Sanibel and Bailey’s General Store to install Beach Bucket Stations at a few Sanibel beach access points. The project objective is to provide beachgoers with a vessel to collect trash as they enjoy the beach. The stations will be located at Lighthouse Beach, Tarpon Bay Beach, and Bowman’s Beach. They are looking for volunteers that frequently visit these areas or live close by, who are willing to check on the stations and make sure all buckets are accounted for and in good condition. If interested email coastalwatch@sccf.org.

At SanibelSusan Realty Associates

Join Dave, Lisa, and I as we wish our long-time teammate, Elise, well in her new position beginning Monday at Florida Gulf Coast University. We have worked together so long; she is like family.

Our loss is FGCU’s gain. Plus, she sure will enjoy her commute going from hours to just minutes. Best wishes on your new adventures, Elise!

Sanibel & Captiva Islands Multiple Listing Service Activity June 3-10, 2022

Sanibel

CONDOS

3 new listings: Sandalfoot #1A3 2/2 $1.175M, Sundial #F403 2/2 $1.325M, Sanibel Surfside #122 2/2 $1.54M.

3 price changes: Sanibel Arms West #B8 2/2 now $875K, Gulf Beach #107 2/2 now $999K, Sanctuary Golf Villages #5-2 3/3 now $1.198M

4 new sales: Seawind #110 2/2.5 listed at $895K; Tarpon Beach #105 2/2 listed at $1,297,555; Pine Cove #101 3/2 listed at $1.65M, Gulfside Place #101 3/3 listed at $2.495M

1 closed sale: Sundial #B206 2/2 $1.3M.

HOMES

8 new listings: 1236 Sand Castle Rd 2/2 $929K, 1031 Bird Watch Way 3/2 $950K, 1835 Farm Trl 3/2 $993K, 4052 Coquina Dr 3/2 $1.25M, 9409 Moonlight Dr 3/2.5 $1.282M, 671 Durion Ct 3/2 $1.395M, 585 Chert Ct 3/2 $1.549M, 437 Lake Murex Cir 5/3 $2.199M.

2 price changes: 446 Lake Murex 2/2 now $934K, 947 Lindgren Blvd 3/2 now $1.456M.

1 new sale: 4612 Rue Belle Mer 3/2 listed at $1.495M.

2 closed sales: 4577 Brainard Bayou Rd 3/2 $771K, 1196 Sand Castle Rd 2/2 $875K.

LOTS

1 new listing: 1994 Wild Lime Dr $350K.

1 price change: 3005 Turtle Gait Ln now $995K.

No new sales.

1 closed sale: 3938 West Gulf Dr $853,750.

Captiva

CONDOS

No new listings, price changes, or new sales.

2 closed sales: Marina Villas #790 2/2 $10925M, Lands End Village #1610 3/3 $3.6M.

HOMES

1 new listing: 16163 Captiva Dr 3/2 $4.125M.

1 price change: 11517 Andy Rosse Ln 4/4.5 now $4.995M.

No new sales.

1 closed sale: 15261 Captiva Dr 4/4.5 $10.25M.

LOTS

Nothing to report.

Until next Friday,

Susan Andrews, aka SanibelSusan

Coming Up on Memorial Day Weekend 2022 on Sunny Sanibel

Posted on May 27, 2022 by SanibelSusan

Another quiet week is wrapping up on the islands and at SanibelSusan Realty. Summer-like weather has made for warm sunny days, some with record high temperatures, but with occasional evening showers cooling things down and contributing to springtime growth spurts. After an extended drought, things are greening up here and many flowering trees still are busting blossoms.

Turtles and tortoises are on the move depositing their eggs. Winter birds are migrating north, along with the people-birds aka snowbirds, while our year-‘round avian friends including snowy plovers, herons, and owls also are producing offspring.

Not to be missed, the baby bunnies are back, both at my home and office. It’s nice to say that traffic again is light, while wildlife continuing abundant.

Sanibel & Captiva Islands Association of Realtors®

Yesterday was the May monthly membership meeting at the Association of Realtors®. No longer offered via Zoom, it was great to see more in-person attendees including a couple of new affiliates. Due to an unexpected speaker cancellation, the two meeting sponsors, David Wright from Sanibel-Captiva Community Bank (SanCap Bank) and David Arter from Private Client Insurance Services (PCIS) provided quick updates on their businesses.

Mortgages – David Wright, SanCap Bank, said now is the first time in his lifelong lending career that portfolio loans at his bank have better terms than government-backed financing. Though SanCap Bank still offers loans from many outside sources, including Fannie & Freddie, their in-house offerings are at lower rates/points and can be quickly approved, right at his desk. (Just another excellent reason to bank local.)

Insurance – David Arter, PCIS, provided highlights from the Special Florida Legislative Session about property insurance that wrapped up late Wednesday. Though not signed into law just yet, the measures passed by lawmakers this week may not immediately reduce premiums, but they do get at the heart of the problem and will have a long-term positive effect on stabilizing insurance in Florida. It took lawmakers three days to debate, discuss, and ultimately pass some significant property insurance reforms that will go a long way in helping to alleviate Florida’s ongoing property insurance crisis. Some of the topics included:

Improving affordability for policyholders through a new $2 billion 2-year program
Improving accessibility and protecting policyholders from nonrenewal
Preventing fraud in claims
Holding insurers accountable
Creating more consumer choice on roof repairs
Transparency to improve the marketplace for consumers
Curbing unscrupulous roof claims
Home hardening grants to help Floridians make homes safer.

Caravan – During the Caravan segment of the meeting, there were no new sales or new island listings announced, also no price reductions. One property was open for Caravan viewing (Gulfside Place #101). Next Caravan is in two weeks, on June 9.

After a couple of news items below is the action posted since last Friday in the Sanibel & Captiva Islands Multiple Listing Service. Here at SanibelSusan Realty, yesterday we received a new canal-front home listing. As we work on some advance marketing, we also await departure of May renters so that our photographer may film next week – for a “best first impression” when the listing is promoted worldwide.

Today, according to the Sanibel-Captiva MLS, on Sanibel, there are 14 homes, 21 condos, and 8 lots for sale. Captiva has 8 homes, 8 condos, and 1 lot. Inventory is creeping up, but just a little.

Lawmakers Pass Condo Reforms

The same special session for insurance reform discussed above was expanded to include condominium reform in response to the tragedy in Surfside, FL last June. Lawmakers acted quickly on this, unanimously passing a Building Safety bill in both chambers. It provides several measures designed to increase building safety and prevent the types of issues that lead to the Surfside collapse. Specifically, the bill:

Creates a statewide “milestone inspection” requirement for condos and cooperative buildings three stories or higher 30 years after initial occupancy, and 25 years after initial occupancy for buildings located within three miles of the coast.
Requires inspections every 10 years after a building initial “phase 1” inspection.
Requires an additional, more intensive inspection, or a “phase 2” inspection if a building initial inspection reveals substantial structural deterioration.
Beginning in 2024, condo associations are required to conduct a structural integrity reserve study at least every ten years and prevents needed reserves from being waived.

Florida’s Economic Resiliency

This week, Florida Chief Financial Officer Jimmy Patronis issued a report which outlines how Florida’s economy outpaced the nation. Key findings of the report show even after the global pandemic, Florida’s economy continued to grow and outpace the U.S. economy; Florida’s finance and real estate industries suffered no economic dip; and Florida’s COVID-19 policies allowed Florida’s economy to make a quick rebound leading to exceptional growth.

A Recession Does Not Equal a Housing Crisis

The one thing every Homeowner needs to know about a recession is that a recession does not equal a housing crisis. Everywhere you look, experts are warning we could be heading toward a recession, and if true, an economic slowdown doesn’t mean homes will lose value.

The National Bureau of Economic Research (NBER) defines a recession as “a significant decline in economic activity spread across the economy, normally visible in production, employment, and other indicators. A recession begins when the economy reaches a peak of economic activity and ends when the economy reaches its trough. Between trough and peak, the economy is in an expansion.”

To help show that home prices don’t fall every time there’s a recession, requires a look at the historical data. There have been six recessions in this country over the past four decades. As the CoreLogic graph shows, going all the way back to the 1980s, home prices appreciated four times and depreciated only two times.

That first occasion on the graph when home values depreciated was in the early 1990s when home prices dropped by less than 2%. It happened again during the housing crisis in 2008 when home values declined by almost 20%. Most people vividly remember the housing crisis in 2008 and think if we were to fall into a recession that we’d repeat what happened then. But this housing market isn’t a bubble that’s about to burst. The fundamentals are very different today than they were in 2008. So, we shouldn’t assume we’re heading down the same path.

Bottom Line – We’re not in a recession in this country, but if one is coming, it doesn’t mean homes will lose value. History shows a recession doesn’t equal a housing crisis.

Remodel Underway at SCCF Nature Center

Earlier this month, contractors started extensive renovations to transform the former Sanibel-Captiva Conservation Foundation (SCCF) Nature Center into an energy-efficient collaborative space intended for more interaction among staff members and volunteers, and with visiting scientists.

The design by Sanibel architect (& Sanibel Chorus fellow alto) Amy Nowacki features more than 20 offices and workstations, an indoor lab space, bathrooms with shower for those commuting by bike or coming in from the field, outdoor decks, and solar panels. The remodel is being done by Benchmark General Contractors and is expected to be completed in November. It will also include a reception area with space for volunteers and a large board room with seating for 42 people for presentations.

Originally constructed in 1977, the aging structure was no longer meeting the needs of the organization, which currently employs a staff of 36 at five different locations across Sanibel. For more than 40 years, the building was a popular visitor attraction that once featured a touch tank, box turtle and indigo snake exhibits, a gift shop, and a butterfly house. It also offered regular educational programs on wildlife and island ecosystems.

Stay tuned for a community celebration with a ribbon-cutting for the freshly renovated facility in November. Click here to see a story map of all SCCF Trails and facilities.

Sanibel & Captiva Islands Multiple Listing Service Activity May 20 ‑ 27, 2022

Sanibel

CONDOS

4 new listings: Spanish Cay #A4 2/2 $649.9K, Seawind #A110 2/2.5 $895K, Sanibel Arms #G8 2/2 $1.295M, Seascape #302 3/3.5 $2.495M.

No price changes.

3 new sales: Loggerhead Cay #323 2/2 listed at $850K, Seawind #A106 2/2.5 listed at $899K, Compass Point #201 2/2 $939K.

1 closed sale: Breakers West #A4 2/2 $825K.

HOMES

5 new listings: 542 Boulder Dr 2/2 $1.195M, 1313 Seaspray Ln 3/3 $1.895M, 2729 Wulfert Rd 4/4.5 $2.148M, 1740 Dixie Beach Blvd 3/2.5 $2.625M, 4353 Gulf Pines Dr 3/2.5 $2.85M.

No price changes.

3 new sales: 1545 Serenity Ln 3/2 listed at $799K, 1827 Middle Gulf Dr 2/2 listed at $950K, 1270 Par View Dr 3/2 listed at $1.699M.

4 closed sales: 6471 Pine Ave 2/2 $935K, 733 Durion Ct 3/2 $1.6M, 746 Windlass Way 4/3 $2.15M, 1543 San Carlos Bay Dr 4/4 $2.25M.

LOTS

Nothing to report.

Captiva

CONDOS

1 new listing: Sunset Beach Villas #2235 4/3 $1.979M.

No price changes or new sales.

4 closed sales: Beach Villas #2418 2/2 $1.2M, Marina Villas #901 2/2 $1.2M, Beach Villas #2324 2/2 $1.295M, Beach Villas #2438 3/3 $1.55M.

HOMES

1 new listing: 11524 Andy Rosse Ln 5/5.5 $3.995M.

No price changes or new sales.

3 closed sales: 17201 Captiva Dr 5/4.5 $5.5M, 16280 Captiva Dr 6/6 $8.6M, 15855 Captiva Dr 4/3.5 $8.795M.

LOTS

Nothing to report.

Wishing you a safe thoughtful Memorial Day weekend.

Susan Andrews, aka SanibelSusan

Sanibel/Captiva Springtime Wonderfulness Is Now

Posted on April 29, 2022 by SanibelSusan

Though the islands continue to need rain (heard on the local news that SW FL is about 5” behind normal accumulation), traffic now is nearly perfect with very few waits anywhere. Midweek, I did a quick drive-around to some of the island resorts and beach accesses. Plenty of parking everywhere and several hotels/condos had few cars.

Back when I used to vacation on Sanibel, we always said the best months are May and October – schools still in session, weather not too hot or too cold, and traffic light, with not as many visitors here then. It surprised me to see such a drastic change in occupancy post-Easter as last year after “season” during the pandemic, occupancy stayed quite high. I guess folks are traveling again – and not just to Sanibel and Captiva.

New Island Businesses

Sometimes social media is ahead of the curve on scoop. two new Sanibel businesses were mentioned on Facebook this week:

Island Seafood Market Sanibel recently opened at 2330 Palm Ridge Rd. Hours are Monday through Saturday 9 a.m. to 4 p.m. (closed Sundays). They advertise that they are family owned and operated, specializing in local seafood. They own their boats and catch their fish!
JRods Surf, Fish & Style is officially opening May 1 at 630 Tarpon Bay Rd. They already are selling merchandise through their website ShopJRods.com

1^st Sea Turtle Nesting of 2022 Season

Following up on last week’s post by SCCF that the 2022 sea turtle nesting season has begun (April through October), the first loggerhead turtle nest was spotted and staked Wednesday morning (April 27), the same day that the first nest was discovered last year. Don’t forget to keep the beaches clean and unlit after dark. More tips at http://www.SanCapLifesavers.org

Historical Museum & Village Switches to Summer Hours

Sanibel’s museum and village at 950 Dunlop Rd changes to off-season summer hours on May 3. Those are Tuesdays through Saturdays from 10 a.m. to 1 p.m. The museum also will close on August 1 and reopen October 18, going back then to their regular in-season hours which are Tuesdays through Saturdays from 10 a.m. to 4 p.m. Guided tours are at 10:30 a.m., depending on docent availability. For more info, visit http://sanibelmuseum.org

Summer Fees for Wildlife Drive

At the J.N. “Ding” Darling National Wildlife Refuge, admission fees for Wildlife Drive remain the same after season ends. The $10 vehicle fee, however, is good for three days starting May 1 and running through September. Show receipt at entrance booth when returning. Daily fees for bikers and walkers remain $1 each visit for visitors age 16+.

Real Estate Scoop

April Association of Realtors® Breakfast Meeting – Yesterday was the monthly breakfast meeting of the Sanibel & Captiva Islands Association of Realtors®. Speaker was J.P. Fraites, Florida Realtors® Public Policy Rep. He provided highlights from the 2022 Florida legislative session which ended last month and produced the largest state budget ever (well over $100 billion). He highlighted several items including great strides in affordable housing (particularly for first responders, teachers, and medical workers) and, of particular interest to islanders, a record $1.6 billion for various water quality initiatives.

He also mentioned how Gov DeSantis has called a special session for May 23-27, bringing lawmakers back to the Capitol that week to address problems in the property-insurance system. Though there were changes to Florida insurance law in 2021 including limiting fees of attorneys who represent homeowners in lawsuits against insurers and a reduction to two years to file claims, the House and Senate were unable to agree on another bill.

Other unfinished issues included proposals to change building codes, like putting additional inspection requirements on condominium buildings. Like insurance, that likely will come up again in 2023.

Association of Realtors® Summer Schedule – During the summer, the Sanibel & Captiva Islands Association of Realtors® weekly Caravan Meetings change to bi-weekly. That usually doesn’t occur until June, but with so few new listings this year, that schedule will begin now. The next caravans will be May 12 and 26, with the monthly Membership breakfast meeting also on May 26.

Only one new listing was announced at the meeting, an off-island listing. According to the Sanibel & Captiva Islands Multiple Listing Service (MLS), today the islands together have just 20 condo, 20 homes, and 11 residential lots for sale – just 51 properties. That is compared to 185 closed and 75 pending sales year-to-date.

After a couple of news items below is the action posted in the local MLS since last Friday.

What Are Novice Sellers’ Top 3 Mistakes?

This article from the May 2022 issue of “Florida Realtor®” magazine:

“With soaring home prices and high demand, homeowners find it a great time to sell. But some sellers – particularly first-timers – may be so caught up in the “hot housing market” headlines that it clouds their expectations.

“Real estate professionals shared with realtor.com some of the mistakes of rookie home sellers in the current market:

“Unrealistic price expectations: It’s a seller’s market, but that doesn’t mean a sky-is-the-limit pricing strategy will work. “First-time sellers often erroneously believe that the list price means the desired purchase price,” says Lindsay Reishman, founding partner at the Reishman Group in Washington, D.C. “In fact, the list price simply indicates an approximate appropriate price, and its purpose is to drive interest to the property.”
“Accepting the highest offer: Some buyers make giant bids to beat out the competition, but those offers can fall apart. Real estate pros say some sellers become so focused on the highest number that they overlook a bid’s reliability. Home offers can fall apart for a number of reasons, including financing, appraisals or inspections. “In this market, it’s not uncommon for a buyer to submit an offer for a home sight unseen,” says Deborah Ann Spence, a broker at Fierce Real Estate Corp, in Bala Cynwyd, PA. “Then, if the buyer doesn’t like what he eventually does see, the offer can be withdrawn, and the property is likely to lose traction.”
“Trying to FSBO: “For sale by owner” may tempt homeowners who believe a seller’s market offers them an opportunity to DIY their home sale. However, the FISBO route could limit the home’s exposure to larger pools of buyers since FSBOs can’t be listed on the multiple listing service. And even if the home bets buyers’ attention, a real estate agent is critical to navigate the process, help with paperwork and sort through multiple offers.”

Calmer Market Ahead

This week, the spring 2022 issue of “Realtor” magazine also arrived. Here’s the article by Lawrence Yun, National Association of Realtors® Chief Economist:

“The past two years have been quite exceptional for real estate. Home sales boomed. Home prices rose at the fastest rate in modern times. However, such a strong housing market created growing pains. Inventory shrank to its lowest count ever. Even through the recent winter months, the inventory that has made it onto the market has typically attracted multiple bidders – and increasingly, investors offering cash. Twenty-two percent of recent transactions were investor purchases, up from 15% a year ago, and 27% of transactions were cash-only deals, up from 19% a year ago. That’s putting a strain on first-time buyers. Moreover, mortgage rates are notably higher as the Federal Reserve moves from a quantitative easing monetary policy, quickly buying up mortgages, to what is in essence a quantitative squeezing that does the opposite. With all this in mind, what’s ahead?

“Let’s begin with the jobs picture. Although the unemployment rate is back to normal at 4%, the economy is still short by nearly 3 million jobs compared to before the pandemic. But that hasn’t held back housing sales. Existing-home sales reached 6.12 million in 2021, the best since 2006. The median home price reached an all-time high of $347,100 a one-year gain of 16.9%.

“A few states actually have more jobs now than before the COVID-19 days. They are Utah, Idaho, Texas, Arizona, Georgia, and Montana in order of performance. Those are also the states experiencing extra strong real estate activity, both in residential and commercial markets. Jobs are important.

“What now, given the diminishing pandemic – fingers crossed – and rising mortgage rates? Office workers will need to get back to the office. Maybe the new work model will be some form of hybrid, with a few days each week spent in the office. This still means locational choices do not have to be inherently dependent on big-city-downtowns. It’s fine to live farther from the city, given less time spent on the commute. Higher mortgage rates, though, will lock out some would-be buyers. In very high-cost areas, the increase means about $500 more in monthly mortgage payments for the typical borrower. Consequently, home sales will come down 2% to 4% in 2022. If inflation remains stubbornly high and the Fed is forced to be even more aggressive, then home sales could fall by as much as 10%.

“Prices will keep rising, though, since getting to a balanced market will take time. The turnaround may occur by the middle of the year. Expect calmer home price gains of 3% to 6% per year in 2022 and 2023.”

Sanibel & Captiva Islands Multiple Listing Service Activity

April 22-29, 2022

Sanibel

CONDOS

1 new listing: Sanctuary Golf Villages I #6 3/3 $1.398M.

1 price change: White Pelican #124 2/2 now $1.699M.

2 new sales: Breakers West #A4 2/2 listed at $849K, Nutmeg Village #211 2/2 listed at $1.15M.

4 closed sales: Sundial #I307 1/1 $595K, Mariner Pointe #733 2/2 $65K, Sand Pointe #131 2/2 $1.325M, Pine Cove #201 3/2 $1.899M.

HOMES

5 new listings: 750 Oliva St 3/2 $1.495M, 2474 Wulfert Rd 3/3/2 $2.195M, 2658 Coconut Dr 3/2 $2.495M, 1690 Sabal Palm Dr 5/3 $3.177M, 1520 Angel Dr 4/3.5 $3.995M.

No price changes.

7 new sales: 778 Cardium St 3/3 listed at $849K, 600 Boulder Dr 3/2 listed at $935K, 9076 Mockingbird Dr 3/2 listed at $985K, 1202 Sand Castle Rd 4/2.5 listed at $1.25M, 3910 Coquina Dr 3/2 listed at $1.299M, 746 Windlass Way 4/3 listed at $2.275M, 2658 Coconut Dr 3/2 listed at $2.495M.

1 closed sale: 1600 Sabal Sands Rd 3/2 $1.4M.

LOTS

1 new listing: 2462 Wulfert Rd $348K.

1 price change: 1321 Seaspray Ln now $995K.

No new or closed sales.

Captiva

CONDOS

1 new listing: Gulf Beach Villas #2003 1/1 $925K.

No price changes.

1 new sale: Gulf Beach Villas #2027 3/2 listed at $1.595M.

No closed sales.

HOMES

No new listings or price changes.

1 new sale: 15261 Captiva Dr 4/4.5 listed at $11.25M.

1 closed sale: 15867 Captiva Dr 7/6 $11M.

LOTS

Nothing to report.

Once the rainy season begins, the clear aqua-looking water disappears, but it’s still looking pretty now. Happy Friday!

Until next week, Susan Andrews, aka SanibelSusan

It’s Not a Joke – It’s an Overcast Friday in Paradise

Posted on April 1, 2022 by SanibelSusan

Rumor has it that some snowbirds already have headed north, but you couldn’t prove it this week by the heavy traffic in SW Florida. More wonderful breezy sunny weather has made for perfect days for outdoor lovers. Beaches, waterways, and bike paths have been busy.

With limited rain since Florida’s storm season ended last fall, forecasters have reported fire danger for much of central and south Florida. Rainy season usually doesn’t begin until May, but with unusual weather events in many places in recent years, who knows what 2022 will bring.

Weathermen say a front is arriving today that may stall over the weekend bringing a few occasional showers. That should help, so far it’s just turned from sunshine to overcast.

Real Estate Scoop

There were a couple of Association of Realtors® sponsored events this week with a Flood Insurance Seminar at the Community House Tuesday evening. With presentations from two Sanibel & Captiva Islands Association affiliate members, Dave Arter with Private Client Insurances Service and Chris Heidrick with Hedrick & Co. Insurance, the focus was the National Flood Insurance Program (NFIP) new FEMA (Federal Emergency Management Agency) 2.0 Rating System for flood insurance. It recently went into effect to more fairly charge flood rates. Unfortunately, on barrier islands like Sanibel and Captiva, that usually means higher premiums. Presenter examples often included a former $800 annual premium jumping to $8,000. Luckily, the new system limits increase to 18% per year.

Their final take-away slide had the following advice:

Don’t let your flood policy lapse! Risk rating 2.0 rates will apply.
If your premium is escrowed, you still are the responsible party.
Be prepared for 18% premium increases for the foreseeable future
At renewal, you may receive a request for additional information (type of construction, number of floors, square footage, etc.). Speak to your insurance agent to avoid “Provisional Rates”.
Speak with an insurance agent for advice, specific to any property you are buying.
Always get the elevation certificate AND the seller’s flood declaration page, when buying a home

Tuesday afternoon was a Zoom class for members of Realtor® Association Professional Standards Committees. At least ten associations throughout the state attended including two members from Sanibel and Captiva. The presenter, Shannon Allen, is an attorney and Florida Realtors® Director of Local Association Services. With Realtors® governing themselves on ethics and arbitration through their local groups (which include Ombudsmen, Grievance and Professional Standards Committees), it was insightful to hear how a hot market and the electronic age have caused nuances. Luckily in a small Association like the islands, complaints are rare.

At the Association Thursday morning Realtor® Caravan meeting, attendance was light, but at least there were two new listings open for viewing. After a couple of news items is the activity posted since last Friday in the Sanibel & Captiva Islands Multiple Listing Service.

Final Car Show of the Season

San-Cap Motor Club is hosting its final “Cars & Coffee Cruise-In” of the season tomorrow, April 2 from 9 to 11 a.m. at Periwinkle Place shopping center. Exhibitors are suggested to arrive by 8:30 a.m. to secure a good spot. They include antique cars, hot rods, muscle cars, all makes and models, including motorcycles. There is visitor parking behind the shopping center.

Community Chorus Spring Concert

Another annual event is the Spring Concert of the BIG ARTS Community Chorus. SanibelSusan has missed singing with them this year but has followed their progress and upcoming program – which is terrific. Tickets are on sale now and night of the concert, which is Wednesday, April 6 at 7 p.m. in the BIG ARTS Performance Hall. Link for tickets: https://my.bigarts.org/3260/3262

SCCF’s “Beer in the Bushes”

Yet another annual unofficial end of season celebration is right around the corner. The popular fundraiser for the Sanibel-Captiva Conservation Foundation will be Saturday, April 16 from 6 to 10 p.m. Tickets are available online at www.beerinthebushes.com.

Real Estate Trends to Watch This Spring

Posted online Tuesday, March 28, 2022 on FloridaRealtors® and sourced to Realtor.com, 2022 INFORMATION, INC. Bethesda, MD.

“Realtor.com: Home sellers may continue to hold the upper hand, but buyers may be more sensitive to price increases; and more inventory could enter the market.

“SANTA CLARA, Calif. – Home sellers will likely continue to hold the upper hand this spring, says a realtor.com® housing report that also uncovered upcoming trends.

“Buyers are likely to become more sensitive to price increases. Mortgage rates are on the rise and are expected to continue to increase this year. As home shoppers face higher borrowing costs, they may need to tighten their budgets or even step back from the market as home prices increase as well. That could help to moderate price trends, realtor.com says. The trend occurred last year, even when mortgage rates were at historical lows but home prices were climbing by double-digit annual gains. In early May 2021, the number of sellers who made price adjustments rose by 17.8% compared to the start of the year.

“More inventory will likely hit the market. Buyers may see the benefit of a greater housing supply. Still, the number of homes for sale is expected to remain historically low this year, though more options are likely to become available. Builders are adding more homes to the inventory. Also, more homes typically come on the market during the spring season. Realtor.com notes that based on historical trends, by mid-August the number of sellers with actively listed homes usually rises 17.4% over the beginning of the year. If that trend holds true, it could mean more options for buyers and more competition for home sellers.

“Sellers may face trade-offs. Homeowners who have to sell and buy could face a dilemma: If they hold out for peak asking prices on their home, they also could end up paying a premium for the home they buy, realtor.com says. Listing prices usually reach their highest levels in the summer. But home seller-buyers who delay will face more competition from other sellers and the possibility of missing out on buying opportunities.

““We all know that homes are selling lightning-fast right now,” says Rachel Stults, managing editor at realtor.com. “But that doesn’t necessarily mean your house will sell itself. Before you list your home this spring – or any other time this year – make sure you’ve taken steps to get it ready, including cleaning and decluttering, getting cost estimates on repairs you might need to make, and talking to agents to see who would be a good fit for your needs. No matter when you decide to list, whipping your home into shape beforehand will help you sell faster and for more money.”

Sanibel & Captiva Islands Multiple Listing Service Activity March 25 ‑ April 1, 2022

Sanibel

CONDOS

2 new listings: Coquina Beach #5A 2/2 $779K, Sanibel Moorings #1042 2/2 $869K.

1 price change: Pointe Santo #C26 2/2 now $1.195M.

4 new sales: Loggerhead Cay #201 2/2 listed at $995K, Sand Pointe #131 2/2 listed at $1.295M, Island Beach Club #P4E 2/2 listed at $1.799M, Junonia #301 4/2 listed at $2.4M.

4 closed sales: Captains Walk #C5 2/1 $591K; Donax Village #9 2/2 $746K; Sanibel Surfside #225 2/2 $1,022,222; Pointe Santo #A2 2/2 $1.371M.

HOMES

6 new listings: 9476 Balsa Ct 3/2 $1.195M, 3822 Coquina Dr 4/3.5 $1.595M, 479 Las Tiendas Ln 4/3 $1.68M, 733 Durion Ct 3/2 $1.695M, 746 Windlass Way 4/3 $2.495M, 1558/1545 San Carlos Bay Dr 3/3.5 $4.7M.

No price changes.

3 new sales: 1600 Sabal Sands Rd 3/2 listed at $1.2M, 1190 Sand Castle Rd 3/2 listed at $1.35M, 4577 Brainard Bayou Rd 3/3 listed at $1.725M.

11 closed sales: 799 Casa Ybel Rd 5/3 duplex $840K, 4560 Brainard Bayou Rd 3/2 $889K, 1666 Middle Gulf Dr 3/2 $1.05M, 4563 Brainard Bayou Rd 3/2 $1.3M, 1437 Causey Ct 3/2.5 $1.365M, 1174 Harbor Cottage Ct 3/3 $1.507M, 2711 Wulfert Rd 4/4/2 $1.65M, 2695 Wulfert Rd 4/4/2 $1.8475M, 5817 Sanibel-Captiva Rd 4/3 $2.1M, 444 Lighthouse Way 5/4.5 $3.75M, 1077 Bird Ln 4/4/2 $5.5M.

LOTS

1 new listing: 3005 Turtle Gait Ln $1.15M.

No price changes or new sales.

1 closed sale: 2310 Wulfert Rd $290K.

Captiva

CONDOS

2 new listings: Lands End #1610 3/3 $3.7M, Beach Homes #6 3/3 $3.749M.

No price changes or new sales.

3 closed sales: Bayside Villas #4210 1/2 $594.5K, Lands End #1659 2/2 $1.3M, Beach Cottages #1404 2/2 $1.609M.

HOMES

No new listings.

1 price change: 15261 Captiva Dr 4/4.5 now $11.25M.

No new sales.

1 closed sale: 11549 Wightman Ln 3/4 $3.395M.

LOTS

1 new listing: 15819 Captiva Dr $15.5M.

No price changes, new, or closed sales.

Until next Friday,

Susan Andrews, aka SanibelSusan

Woohoo, More Sanibel Closings, Listings, & Sales!

Posted on March 18, 2022 by SanibelSusan

Another week has flown by with the islands again busy with more visiting families on spring break. It sure is a good thing that states and schools have vacations at different times. As it is, locals are counting down to Easter, when traffic usually eases as snowbirds start heading north. We love the extra winter business and understand why so many want to be here, but too many at once can be challenging to drivers.

Heads-up, roads and bike paths probably also will be busy next week as Lee County schools are out today and next week. With the forecast for more sunny days and temperatures in the low 80’s, those visiting should be happy!

SanibelSusan Realty

Blind Pass condos

It was nice to get a new surprise listing over the weekend. One that managed to go under contract within hours, even before we got to see it and have it photographed, as it has a rental guest. Blind Pass #D204 is the 3-bedroom condo mentioned in the Multiple Listing Service activity summary, posted after a couple of news items below. We appreciate that the Blind Pass rental office allowed us to use their photos to get the listing posted.

Another new listing was signed and posted in MLS as “coming soon”, then it became “active” today. The difference between those listing statuses is that “coming soon” listings are only available for Realtors® to see, while “active” listings are syndicated to the public and many real estate sites. It was professionally photographed early, thanks to JMA Photography. This condo, a direct bay-front Lighthouse Point 3 bedroom has showings beginning tomorrow.

View from Lighthouse Point #227

A 3^rd new listing also signed and posted in MLS as “coming soon” is a condo in Windjammer Village in The Landings in Ft Myers. That listing is occupied but will be available to show in April. It also has been professionally filmed, including streaming video.

With closings, it was another week with a nice one of those. Thanks to Realtor® Wendy Kirschner for bringing that buyer.

Island Inventory

Every week, we continue to get calls and emails from prospective buyers and renters. It is frustrating when we often can’t help them. It certainly pays to have a Realtor® on the lookout though as we often hear of listings coming on the market or cancellations.

Though 1^st quarter isn’t over yet, it is amazing to see what is happening with sale prices and days-on-market (DOM). Some are saying that prices are beginning to stabilize, but I’m not a believer – or not yet. As long as demand remains high and inventory low, buyers must be poised to pounce, while most sellers are smiling.

Below is an update of island inventory as of this morning, March 18, 2022, data from Sanibel & Captiva Islands Multiple Listing Service). Looking at just residential property, only 15 condos, 10 homes, and 11 lots are for sale on Sanibel. Just 8 condos and 8 homes on Captiva. With 113 closed sales and another 91 properties under contract, the sellers’ market continues.

Status	SANIBEL
	Condos			Homes			Lots
	#	Avg $	DOM	#	Avg $	DOM	#	Avg $	DOM
For sale	15	1,387,533	56	10	2,919,250	44	11	1,439,545	350
Under contract	30	1,100,726	18	42	1,826,950	44	10	504,155	113
Sold to-date 2022	37	966,863	47	52	1,710,807	78	8	762,625	184
Sold 2021	287	875,127	113	355	1,341,881	89	69	698,862	442
Sold 2020	193	733,136	174	189	950,426	161	23	606,233	393

Status	CAPTIVA
	Condos			Homes			Lots
	#	Avg $	DOM	#	Avg $	DOM	#	Avg $	DOM
For sale	8	1,339,250	20	8	7,929,875	116	0	N/A	N/A
Under contract	4	1,209,000	32	5	4,515,800	29	0	N/A	N/A
Sold to-date 2022	10	1,488,402	51	6	3,952,416	196	0	N/A	N/A
Sold 2021	64	1,150,373	145	44	2,988,520	261	2	2,950,000	731
Sold 2020	47	821,713	134	27	2,923,148	315	4	2,537,500	448

Americans Moving to Sun Belt States

From the April 2022 issue of “Florida Realtor” and sourced to 2022 News World Communications, Inc.:

“Both U-Haul and United Van Lines listed Florida as a top destination state. The National Association of Realtors® (NAR) chief economist credits affordability, job creation and lower taxes for the moves.

“Job-rich, low-tax states such as those in the Sun Belt are attracting many Americans as housing prices rise, recent reports show. Zillow and U-Haul both cited Florida and Texas as hot relocation destinations in separate reports, while Unit Van Lines listed Florida and South Carolina among the top states for inbound migration…

“Meanwhile, U-Haul reported in its annual Grown Index that Texas edged out Florida for the largest net gain of one-way trucks in 2021, while California and Illinois saw the greatest net losses.

“And United Van Lines reported in its 45^th annual National Movers Study that two Sun Belt states made the top five for inbound migration in 2021: South Carolina (63%) and Florida (62%) joined Vermont (74%), South Dakota (69%) and West Virginia (63%).

“States such as Illinois (67%), New York (63%), Connecticut (60%), and California (56%) appeared once again at the top of the list for outbound migration….”

Seawall Approved at Spanish Cay

It was good news to read the below article in today’s “Island Sun”. This approval has been long in coming.

“The problem of crumbling and cracked seawalls on man-made canals was under discussion at the Sanibel Planning commission meeting last week when commissioners approved replacing the seawall behind Spanish Cay condominiums on Middle Guld Drive.

“Seawalls were allowed as a special conditional use in many subdivisions bordering San Carlos Bay including Shell Harbor north and south of Periwinkle Way, Sanibel Harbour, Sanibel Isles and Water Shadows. The Sanibel Land Development Code includes standards for repairing nonconforming use seawalls on humanmade bodies of water.

“The seawall at Spanish Cay borders the manmade canal separating it from Beachview Estates. Repairs to the seawall bordering a narrow walkway required commission approval of a long form development permit.

”Complicating the matter was that removal of the seawall could not result only in loss of land bordering the water, but also cause a very high probability of undermining buildings that are 10 feet or less from the existing seawall.

“To avoid damage to structures, engineering firm Hans Wilson and Associates proposed a plan that includes replacing the seawall cap and installing a 10- to 12-foot shelf of rock riprap with a maximum 2:1 slope and consisting of limestone that is 12 to 36” in diameter.

“Two concerns addressed by the commission were rainwater downspouts from each building that discharged water directly into the canal and the limited vegetation along the seawall. The condominium association accepted a proposal to relocate the downspouts to prevent discharge into the canal or onto neighboring properties, and to install native vegetation along the path where possible…

“Native vegetation will also be planted within the riprap to provide a habitat for aquatic species to live or hide within the voids of the riprap.

“Planning commissioners voted unanimously in favor of the project.”

International Buyers Are Back

Another article in the new “Florida Realtor®” magazine says “Canada and South America are strong markets this year. Global buyers are looking for all types of properties – not just vacation homes…

“Stifled by COVID-19 the past couple of years, global buyers are finally seeing restrictions lifted and opportunities in U.S. properties.

“For decades, Florida has been a preferred U.S. market for foreign real estate buyers seeking a vacation home, primary residence or an income-generating commercial investment. But the travel restrictions imposed in spring 2020 by the COVID-19 pantenic dramatically slowed global purchases.

“Two years later, international buyers are returning to Florida, creating new business opportunities… Some of Florida’s traditional global markets are expected to see a bigger rebound than others this year. For instance, Canadian snowbirds are traveling again to Florida, and buyers from Latin American and the Caribbean are active throughout the state. On the other hand, there may be fewer buyers from China or European nations that imposed travel bans and lockdowns in late 2021 due to the omicron variant….

“According to the 2021 Profile of International Residential Transactions in Florida, Latin American/Caribbean buyers made up 46% of the global market followed by Canadians at 18% and Europe at 15%… Countries with good relations and economic ties with American are the best targets….”

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

Sanibel

CONDOS

5 new listings: Captain’s Walk #D5 2/1 $569K, Breakers West #A4 2/2 $849K, Loggerhead Cay #201 2/2 $995K, Lighthouse Point #227 3/2 $1.395M (our listing), Island Beach Club #210C 2/2 $1.495M.

1 price change: Junonia #301 4/2 now $2.49M.

Bridge over Clam Bayou heading to Bowman’s Beach

7 new sales: Sundial #I307 1/1 listed at $595K, Blind Pass #D102 2/2 listed at $685K, Breakers West #C1 2/2 listed at $799K, Blind Pass #D204 3/2 listed at $799.9K (our listing), Sanctuary Golf Villages I #5-3 2/2.5 listed at $859K, Sundial #B206 2/2 listed at $1.3M, Sedgemoor #101 3/3.5 listed at $3.995M.

5 closed sales: Sanibel Moorings #1411 1/1 $510K, Sunset South

Bowman’s Beach

#11C 2/2 $1.025M, Sanibel Moorings #122 2/2 $1.08M (our listing), Shell Island Beach Club #A5 2/2 $1.2M, Lantana #101 4/3.5 $2.395M.

HOMES

1 new listing: 2451 Blind Pass Ct 4/4.5 $2.895M.

3 price changes: 1243 Sand Castle Rd 4/4 now $1.745M, 1543 San Carlos Bay Dr 4/4 now $2.499M, 488 Lighthouse Way 4/4 now $5.495M.

2 new sales: 1072 Blue Heron Dr 3/2 listed at $949K, 244 Palm Lake Dr 3/2 listed at $1.268M.

2 closed sales: 2276 Starfish Ln 4/3.5 $1.8M, 475 Sawgrass Pl 3/3.5 $2.1M.

LOTS

No new listings, price changes, or new sales.

2 closed sales: 2486 Wulfert Rd $219K, 3304 Saint Kilda Rd $590K.

Captiva

CONDOS

4 new listings: Tennis Villas #3128 1/1 $549K, Beach Villas #2312 1/1 $1.075M, Gulf Beach Villas #2027 3/2 $1.595M, Lands End Village #1628 3/4 $3.5M.

No price changes.

1 new sale: Bayside Villas #4210 1 /2 listed at $594.5K.

1 closed sale: Bayside Villas #5226 1/2 $625,026.

HOMES

1 new listing: 1106 Tallow Tree Ct 3/3 half-duplex $4.2M.

No price changes, new sales, or closed sales.

LOTS

Nothing to report.

Until next Friday,

Susan Andrews, aka SanibelSusan

It’s Gonna Be a Rare Chilly Florida Weekend

Posted on January 28, 2022 by SanibelSusan

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

At SanibelSusan Realty

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

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

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

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

Posted Jan 21 on Florida Realtors® by Marla Martin:

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

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

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

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

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

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

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

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

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

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

Loans for Condos? New Rules Start to Have an Effect

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Sanibel

CONDOS

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

Boardwalk to beach at Sanibel Moorings

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

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

To beach from Sundial East

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

HOMES

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

No price changes.

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

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

LOTS

Nothing to report.

Captiva

CONDOS

No new listings, price changes, or new sales.

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

HOMES

No new listings or price changes.

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

No closed sales.

LOTS

Nothing to report.

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

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

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

Posted on January 14, 2022 by SanibelSusan

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

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

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

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

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

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

Florida Realtors® Mid-Winter Business Meetings

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

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

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

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

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

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

Sanibel & Captiva Islands Association of Realtors®

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

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

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

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

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

Sanibel

CONDOS

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

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

No new sales.

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

HOMES

No new listings.

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

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

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

LOTS

1 new listing: 845 Pyrula Ave 525K.

No price changes or new sales.

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

Captiva

CONDOS

No new listings.

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

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

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

HOMES

No new listings or price changes.

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

No closed sales.

LOTS

Nothing to report.

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

Enjoy your weekend! Susan Andrews, aka SanibelSusan

It’s Almost 2022 on Sunny Sanibel

Posted on December 31, 2021 by SanibelSusan

As the sun gets ready to set on another year, why is it always a surprise when the islands are snarled with traffic during Christmas/New Year week? With mostly delightful weather (sunny with daytime temperatures high-70’s to mid-80’s), the causeway has been a slow crawl in the mornings from before the toll booth coming onto the island through the 4-way stop and down Periwinkle Way.

About 3 p.m., the same crawl begins in reverse making it a fun ride home in the evening. It sure appears that more folks have been enjoying things on-island this year.

Today, with holiday closings, there is less traffic and it started out foggy – an unusual occurrence here. It burned off about noon, but more fog is expected tomorrow morning with a cool front forecast to pass through Florida Monday. (That probably means daytime temperatures then will only go into the low 70’s that day.) Otherwise, the next ten days are expected to be sunny and warm.

A summary of the week’s real estate activity is after a couple of news items below. There have been a few more year-end closings so first an updated island inventory table. (Data from Sanibel & Captiva Islands Multiple Listing Service as of 12/31/21.)

Hard to believe that there are only 19 Sanibel condos/homes for sale and that nearly 700 have gone under contract/sold this year.

Status	SANIBEL						CAPTIVA
	Condos		Homes		Lots		Condos		Homes		Lots
	#	Avg $	#	Avg $	#	Avg $	#	Avg $	#	Avg $	#	Avg $
For sale	14	1,160,628	15	2,922,733	19	630,210	4	2,684,750	8	6,248,000	0	N/A
Under contract	27	900,883	31	1,662,258	7	676,840	5	905,600	3	5,361,333	0	N/A
Sold 2021	284	877,655	355	1,341,881	68	703,830	62	1,161,369	44	2,988,520	2	2,950,000

New Year Weekend Happenings

San-Cap Motor Club Cars and Coffee Cruise-in – Sat, Jan 1 at Periwinkle Place – 9 a.m. to 11 a.m.
Sanibel-Captiva Audubon Society Bird Walk – Sat, Jan 1 on Wildlife Dr at J.N. “Ding” Darling Wildlife Refuge at 9 a.m. Meet in overflow parking lot on left as you enter the Refuge. On a side note, the Society’s annual Christmas Bird Count conducted Sun, Dec 18, with 108 participants counted a total of 10,869 birds comprised of 96 different species. The results of the San-Cap count are reported to the National Audubon Society and will become part of the 122^nd Audubon Christmas Bird Count. The overall count was below average. Warm temperatures up north may have delayed migrations could have played a part.
Sanibel-Captiva Polar Bear Plunge 2022 – Sat, Jan 1 at northside of Sanibel Causeway Island B. (Island closest to Sanibel). Registration begins at 11:30 a.m. At “crack of noon”, swimmers will plunge into the “frigid” (70 degree) water to kick off the new year!
Community House Arts & Crafts Show – Sun, Jan 2 from 9 a.m. to 2 p.m.

New Lending Rules Threaten Some Condo Sales

By Kerry Smith, the below article was posted Dec 22 on FloridaRealtors®:

“Fannie and Freddie tighten condo-lending rules. Details vary, but they generally won’t back single-unit condo loans if a building has deferred maintenance issues.

“ORLANDO, Fla. – In response to the Surfside tragedy, Freddie Mac announced last week that it would immediately start taking a closer look at a condo development’s maintenance issues before approving individual loans. The change follows a similar announcement made earlier by Fannie Mae. The two mortgage giants back over half of all U.S. loans.

“The new requirements can be complex – Freddie Mac posted its announcement online – but they will generally deny condo and co-op unit loans if the building has deferred maintenance issues, special assessments to fix deferred issues or other problems.

“All changes announced in Freddie Mac’s bulletin “will be effective for Mortgages with Settlement Dates on or after Feb. 28, 2022.” Fannie Mae’s earlier bulletin says its rules will be “effective for whole loans purchased on or after Jan. 1, 2022, and for loans delivered into MBS pools with issue dates on or after Jan. 1, 2022.”

“Both policies “remain in effect until further notice.”

“As part of the process, Fannie Mae lenders will send condo managers a five-page form that must be completely filled out. Under the section that covers insurance types and amounts, it even includes instructions, such as “Do NOT enter ‘contact agent.’” The regulations apply to all condominiums with five or more units, even if that complex is otherwise exempt from review.

“While individual condo buyers may immediately face hurdles getting a loan approved, the tighter policies could have a longer-term impact on entire condominium complexes. Even condo associations without concerning maintenance issues could find that unit owners – without the backing of Fannie Mae and Freddie Mac – will have a harder time selling their property if the new paperwork isn’t filled out correctly and returned promptly.

““Loans secured by units in condo and co-op projects with significant deferred maintenance or in projects that have received a directive from a regulatory authority or inspection agency to make repairs due to unsafe conditions are not eligible for purchase,” Fannie Mae states in its Oct. 13 announcement. And those projects “will remain ineligible until the required repairs have been made and documented.”

Fannie Mae considers acceptable documentation to be “a satisfactory engineering or inspection report, certificate of occupancy, or other substantially similar documentation that shows the repairs have been completed in a manner that resolves the building’s safety, soundness, structural integrity, or habitability concerns.”

“While Fannie Mae and Freddie Mac’s changes apply nationwide, Florida may feel a greater impact due to the number of condo buildings across the state. In addition, condo complexes that have deferred maintenance issues or one of the other problems noted won’t be approved for Fannie Mae- or Freddie Mac-backed loans until those issues have been fixed.”

Updated Captiva Land Development Code & Regulations

Realtors® were noticed this week (see letter below) following amendment approvals to Captiva’s land development code by the Lee County Board of County Commissioners. The new code revisions are shown below in red while some rule reminders are included too:

“CAPTIVA COMMUNITY PANEL

P.O. Box 72, Captiva, FL 33924-0072

“Dear Captiva Property Owners and Companies Doing Business on Captiva:

“The Lee County Board of County Commissioners has just approved amendments to the Captiva land development code. These changes were recommended by the Captiva Community Panel and they will keep our Village beaches pristine at the end of each day, protect our dark skies and reduce unnecessary light trespass onto neighboring properties, protect our bicyclists and pedestrians from dangerous conditions caused by overgrown vegetation on Captiva Drive, and reduce the number of contractor, design professional and real estate signs on our islands.

“It is important that all of us who live and work on Captiva review these new updates to the code as well as existing provisions which protect and preserve our fragile barrier island. The Panel believes in the power of community and in voluntary compliance with our codes and ordinances. Enforcement on Captiva should be necessary only as a last resort.

“To assist us, the Panel has summarized the new code provisions (in red) and reminds everyone of some of the existing regulations that apply to Captiva (in black). Please remember that Captiva is an unincorporated part of the Lee County and that many Lee County regulations (in addition to the Captiva-specific rules) apply to Captiva. We ask everyone to comply with them all.

“Beach Furniture and Equipment

All beach furniture and equipment when not in use and unoccupied must be removed from the beach between 9:00 p.m. and 8 a.m. at all times of the year between Alison Hagerup Park and the south end of Wiles Drive. Beach furniture and equipment not removed shall be considered abandoned property and subject to removal.

Remember: A similar rule applies to the rest of Captiva’s beaches during turtle season – from May 1 to October 31.

“Outdoor Lighting

All new outdoor lighting, including landscape spotlights, must be hooded or shielded so that the light source is masked, and does not shine beyond or above the structure, property or highest foliage to be illuminated or spill onto adjacent property. Fixtures attached to poles, trees or buildings must also be hooded or shielded, shall be no more than 15 feet above grade, and directed downward. No new or existing lights may be aimed, directed, focused onto adjacent property, or allowed to cause direct light or glare to be projected onto adjacent property. Seasonal decorations are permitted for up to 60 days per year.

“Captiva Drive Landscaping

No vegetation shall be allowed to grow on Captiva Drive or its paved shoulder. A setback of at least 2 feet from the edge of the pavement must be maintained at all times for all vegetation below the height of 8 feet.

“Signs on Captiva

All residential identification signs shall not exceed 6 square feet. Remember: The height of these signs may not exceed 4 feet above grade. If illuminated, the lights must shine downward and wattage may not exceed 36 watts per sign. Uplighting is prohibited and approval for electric hookup to illuminate a new sign must be obtained from Lee County.

All contractor, subcontractor, or design professional signs shall not exceed 6 square feet. There may be no more than 2 signs per property and they must be removed within 10 days of the issuance of the certificate of occupancy or certificate of compliance. Remember: Any design professional, landscaper or contractor signs not located at a work site under construction are prohibited and must be removed.

All real estate signs advertising a property for sale or rent in a residential neighborhood may not exceed 2 square feet in size with the bottom edge of the sign no more than 12 inches above the ground. A property is limited to one real estate sign at any given time.

Remember: Sandwich signs, banner signs, pennants, flying signs and neon signs are prohibited on Captiva. (There are some exceptions for short-term special events.)

“DON’T FORGET

Rentals: Residential dwelling units cannot be rented for less than a week on Captiva. The one-week minimum does not apply to rooms in hotels and motels.

Golf Carts: Golf carts can operate between South Seas and ‘Tween Waters, and at night with the required lights and equipment. But no one can operate a golf cart on Captiva without a valid driver’s license.

Parking: Parking on all Captiva streets is prohibited.

Littering: It is unlawful for any person to place litter on a street, beach, or waterway on Captiva. Litter includes cans, bottles, boxes, straws, paper, and cigarette butts.

Open Containers: It is illegal to carry an open alcoholic beverage or drink any alcoholic beverage on a street, sidewalk, beach, or parking lot on Captiva. It is also illegal to have an open container of an alcoholic beverage while a passenger in a car or on a golf cart.

Dunes: No person may harm or destroy a dune or dune vegetation on Captiva, or harass, molest or disturb wildlife. And no one may light or maintain any open fire on the beach.

Building Height Restrictions: Captiva has very strict building height restrictions and requirements from which no variances or deviations can be permitted. Anyone planning construction should review these regulations carefully.

“Please remember: This letter only summarizes the new regulations – and only lists some of the existing ones. If any of them apply to you, it is important to review the full text of the regulation. Amendments to our Noise, Fertilizer, Parking, Golf Cart and Septic regulations have been presented to the County for future adoption.

“2021 CAPTIVA COMMUNITY PANEL

Members: Ann Brady – Jay Brown – Ken Gill – John Jensen – Mike Kelly – Linda Laird

Mike Lanigan – Tony Lapi – R. Bruce McDonald – David Mintz – Bob Walter”

Sanibel & Captiva Islands Multiple Listing Service Activity December 24-31, 2021

Sanibel

CONDOS

1 new listing: Pointe Santo #D41 2/2 $1.45M.

1 price change: Gulfside Place #117 2/2 now $1.789M.

3 new sales: Blind Pass #D102 2/2 listed at $625K, Sanibel Moorings #1132 2/2 listed at $799K, Pointe Santo #D37 2/2 listed at $1.395M.

3 closed sales: Captains Walk #B4 2/2 $510K, Loggerhead Cay #422 2/2 $769.9K, Sedgemoor #205 3/4 $4.27M.

HOMES

1 new listing: 2114 Egret Cir 3/2 $769K.

No price changes.

4 new sales: 9217 Dimmick Dr 3/2 listed at $699K, 5307 Ladyfinger Lake Rd 3/3 listed at $865K, 1347 Jamaica Dr 2/2 listed at $1.498M, 2711 Wulfert Rd 4/4/2 listed at $1.595M.

9 closed sales: 1667 Atlanta Plaza Dr 2/1.5 $650K, 1841 Ibis Ln 2/2 $680K, 4226 Gulf Pines Dr 3/2 $852K, 2539 Coconut Dr 2/2 $1.1M, 1585 Sand Castle Rd 3/2.5 $1.2M, 1410 Sanderling Cir 3/2 $1.2M, 737 Periwinkle Way 3/3 $1.9M, 807 Limpet Dr 3/2 $2.15M, 1146 Golden Olive Ct 5/4 $2.9M.

LOTS

Nothing to report.

Captiva

CONDOS

No new listings, price changes, or new sales.

1 closed sale: Bayside Villas #5320 3/3 $1M.

HOMES

No new listings or price changes.

2 new sales: 16897 Captiva Dr 5/5.5 listed at $4.989M, 11548 Wightman Ln 4/4.5 listed at $7.5M.

1 closed sale: 15300 Captiva Dr 9/7 $6.19M.

LOTS

Nothing to report.

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

Happy New Year! Wishing your good health & safety, happiness & colorful sunsets in 2022!

Susan Andrews, aka SanibelSusan

Summer Things

Lee Health Opens Primary Care Walk-in Clinic on Sanibel

Housing Expert Says Homebuyers are ‘Hitting the Brakes’

Sanibel & Captiva Islands Multiple Listing Service Activity July 8-15, 2022

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Sanibel & Captiva Islands Real Estate News

Is It OK to Self-Insure Our House?

Upcoming BIG ARTS Community Chorus Concerts

Sanibel & Captiva Islands Multiple Listing Service Activity July 1‑8, 2022

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Sanibel & Captiva Islands Association of Realtors®

2022 SCIS Designation Classes

Governor DeSantis Vetoes SB 2508

Housing Market Is Strong – But Time to Sell?

Sea Turtle Update

Volunteers Needed for Beach Bucket Program!

At SanibelSusan Realty Associates

Sanibel & Captiva Islands Multiple Listing Service Activity June 3-10, 2022

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Sanibel & Captiva Islands Association of Realtors®

Lawmakers Pass Condo Reforms

Florida’s Economic Resiliency

A Recession Does Not Equal a Housing Crisis

Remodel Underway at SCCF Nature Center

Sanibel & Captiva Islands Multiple Listing Service Activity May 20 ‑ 27, 2022

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New Island Businesses

1st Sea Turtle Nesting of 2022 Season

Historical Museum & Village Switches to Summer Hours

Summer Fees for Wildlife Drive

Real Estate Scoop

What Are Novice Sellers’ Top 3 Mistakes?

Calmer Market Ahead

Sanibel & Captiva Islands Multiple Listing Service Activity

April 22-29, 2022

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Real Estate Scoop

Final Car Show of the Season

Community Chorus Spring Concert

SCCF’s “Beer in the Bushes”

Real Estate Trends to Watch This Spring

Sanibel & Captiva Islands Multiple Listing Service Activity March 25 ‑ April 1, 2022

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SanibelSusan Realty

Island Inventory

Americans Moving to Sun Belt States

Seawall Approved at Spanish Cay

International Buyers Are Back

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

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At SanibelSusan Realty

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

Loans for Condos? New Rules Start to Have an Effect

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

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Florida Realtors® Mid-Winter Business Meetings

Sanibel & Captiva Islands Association of Realtors®

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

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New Year Weekend Happenings

New Lending Rules Threaten Some Condo Sales

Updated Captiva Land Development Code & Regulations

Sanibel & Captiva Islands Multiple Listing Service Activity December 24-31, 2021

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1^st Sea Turtle Nesting of 2022 Season