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

Posted on September 21, 2012 by SanibelSusan

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

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

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

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

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

Florida’s Housing Market Continues Positive Trend in August

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

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

“Statewide closed sales of existing single-family homes totaled 18,669 in August, up 10.8% compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. Closed sales typically occur 30 to 90 days after sales contracts are written.

“Meanwhile, pending sales – contracts that are signed by not yet completed or closed – of existing single-family homes last month rose 40.2% over the previous August. The statewide median sales price for single-family existing homes in August was $147,000, up 5.8% from a year ago….

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

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

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

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

How Market Improvement Relates to Sanibel & Captiva Islands

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

Sanibel & Captiva

Condos Homes

# Average Price # Average Price

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

Under Contract 13 510,931 28 974,698

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

Sold 2011 135 629,361 149 987,302

Sold 2010 114 582,555 107 821,903

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

City of Sanibel Cuts Property Taxes

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

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

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

Four Big Design Turn-Offs of Home Buyers

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

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

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

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

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

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

Florida AAA-Rated

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

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

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

Sanibel & Captiva Multiple Listing Service Activity September 14-21

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

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

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

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

HOMES
Nothing to report.

LOTS
Nothing to report.

This representation is based in whole or in part on data supplied by the Sanibel & Captiva Islands Association of Realtors or its Multiple Listing Service. Neither the association nor its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or its MLS may not reflect all real estate activity in the market. The information provided represents the general real estate activity in the community and does not imply that SanibelSusan Realty Associates is participating or participated in these transactions. If your property currently is listed with another broker, this is not intended as a solicitation of that listing.

A Summer-Like September On Sanibel & Captiva Islands

Posted on September 7, 2012 by SanibelSusan

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

East End Happenings

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

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

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

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

West End Happenings

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

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

Florida’s Amendment 4

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

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

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

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

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

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

Vegetation Reminders

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

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

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

Sanibel Beach Parking Permits

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

Sanibel Center 4 Life

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

Will the Presidential Election Affect Real Estate?

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

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

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

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

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

Patients at CROW

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

“Ding” Darling Days Coming Up

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

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

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

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

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

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

HOMES
Nothing to report.

LOTS
Nothing to report.

Sanibel & Captiva Real Estate Ready for Labor Day Buyers

Posted on August 31, 2012 by SanibelSusan

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

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

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

Tropical Storm Isaac Will Cost Owners Less

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

Thursday Island Realtor Caravan Meeting

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

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

School Shell Collection Kits

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

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

Mariner Pointe New Seawall

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

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

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

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

Annual Street Resurfacing

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

Temporary Membership Available at The Sanctuary Golf Community

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

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

Sanibel and Captiva Multiple Listing Service Activity August 24-31

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

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

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

Captiva

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

HOMES
Nothing to report.

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

HAPPY LABOR DAY!

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

Posted on August 24, 2012 by SanibelSusan

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

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

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

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

Real Estate Action This Week

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

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

Buyers Want a Bargain? Here’s Their Chance!

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

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

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

# # Sold # Sold # Sold # Sold

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

Sanibel condos 161 132 142 120 87

Sanibel homes 186 150 179 124 144

Sanibel lots 83 30 19 21 11

Sanibel Subtotal 430 312 340 265 242

Captiva condos 47 31 24 25 22

Captiva homes 41 25 22 10 16

Captiva lots 4 4 1 2 3

Captiva Subtotal 92 60 47 37 41

Total Both Islands 522 372 387 302 283

“Rescue Me” Partnership

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

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

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

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27th Annual Coastal Cleanup September 15

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

Top 8 College Towns for Investors

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

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

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

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

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

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

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

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

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

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

Price Your House To Sell Quickly

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

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

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

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

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

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

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

Sanibel & Captiva Multiple Listing Service Activity August 17-24

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

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

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

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

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

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

Mid-August Real Estate Scoop About Sanibel & Captiva Islands

Posted on August 17, 2012 by SanibelSusan

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

Did You Know?

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

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

Sanibel & Captiva Islands Association of Realtors® Continuing Education

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

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

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

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

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

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

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

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

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

Mangrove diamond-backed turtles

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

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

4 Strong Reasons to Buy a Home Now

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

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

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

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

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

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

Sanibel Summer Dining

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

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

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

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

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

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

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

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

HOMES
Nothing to report.

LOTS
Nothing to report.

August is Sunny & Bright on Sanibel & Captiva Island

Posted on August 3, 2012 by SanibelSusan

The islands have had terrific weather again this week with no rain, just sunny days with bright blue skies. A former client stopped in this morning saying that when he went to the beach earlier it was nearly as busy as it is in the winter. We told him that it may slow down a bit next week, after local schools begin.

Last Friday, another client who owns a small Sanibel resort, also stopped in. She said that her facility has been busy much of the summer and now mostly with European visitors. She noted that one day all of her rooms were taken with German tourists – none who even knew one another. She mentioned some foreign guidebooks left behind starred Sanibel as a “must see” stop for visitors coming to Florida – probably more positive results from the national news about Sanibel being such a great vacation destination.

Here are a couple of other news items, followed by the week’s report of the Sanibel & Captiva Islands Multiple Listing Service action.

New Plantings at Lighthouse Beach Park

If you remember the photos posted after Tropical Storm Debby passed near Sanibel earlier this summer, you can appreciate that the City has completed planting a large group of green buttonwood trees along the access roadway to the lighthouse, intended to mitigate erosion during abnormally high tides and storm surges. Once established, the root structures of these trees will help to hold the sand in place and minimize damage from future events. Sanibel’s Director of Natural Resources, James Evans, is quoted saying “It was clear from the areas where erosion did not occur that the existing green buttonwoods and mangroves did a good job of protecting the shoreline.” In addition to these trees at Lighthouse Beach Park, the City is also putting in beach dune plantings at Bowman’s Beach Park, Tarpon Bay Beach, and Gulfside Park – funded by the Tourist Development Council Beach and Shoreline Program. (The photos above and below were taken this afternoon. Dave said that both parking lots were full at the Lighthouse – another busy Sanibel beach day – wooohooo!)

Lee County Commission Votes Against Tax Hike

As reported in the Fort Myers NewsPress.com, on Tuesday “Lee County commission voted to keep property tax rates at their current level for the upcoming fiscal year. In a 4-1 vote, commissioners agreed to set taxes at a maximum rate of 4.15% next year – the same they’ve been since fiscal year 2007-08, according to the clerk’s office. The rate can be lowered during budget hearings in September but not increased….”

FHFA Says Fannie, Freddie Will Not Reduce Mortgage Balances

An article posted in “Daily Real Estate News” midweek, says

“The Federal Housing Finance Agency announced Tuesday that after several months of mounting pressure from the Obama administrator and lawmakers that the mortgage giants it regulates, Fannie Mae and Freddie Mac, will not lower the mortgage principal of underwater home owners. Its decision quickly drew criticism. The FHFA insists that through its own analysis it has concluded that reducing the mortgage principal of struggling home owners will not help prevent foreclosures nor save tax-payers money in bailout money to the GSEs. The Obama administration says it disagrees with the FHFA’s decision. Treasury Secretary Tim Geithner was quick to argue that a reduction of struggling borrowers’ loan balances by the FHFA could save taxpayers up to $1 billion. “I do not believe it is the best decision for the country,” Geithner wrote to the FHFA shortly after it announced its decision. “You have the power to help more struggling home owners and help heal the remaining damage from the housing crisis.”

“The government had committed to helping to cover some of the costs to implementing such a program if the FHFA would permit mortgage principal reductions to move forward. Yet, Edward DeMarco, the FHFA’s acting director, says that the FHFA has concluded after months of consideration that “the anticipated benefits do not outweigh the costs and risks” with mortgage principal reductions, and that the agency stands by its original decision to not permit it. DeMarco says that only about 74,000 to 248,000 home owners would be eligible for the principal reductions, but developing and implementing such a program would prove costly. Plus, about 11 million Americans are underwater on their mortgages so the program would only be able to help a small share. DeMarco also said he was concerned reducing the mortgage principal on some home owners’ mortgages would prompt other borrowers to fall behind on their payments so that they could receive similar treatment.” (Source: “Fannie, Freddie Regulator Says No to Reducing Principal,” CNNMoney (July 31, 2012) and “Agency Bars Fannie and Freddie From Reducing Principal,” The Associated Press (July 31, 2012))

More Sanibel Bike Path Work

This week, the City’s contractor began the scheduled improvements on the shared use path along Tarpon Bay Road from Island Inn Road to West Gulf Dr.

Take care when biking in that area for the next 45 days.

Housing Market Lifts Off From the ‘Bottom’

Another “Daily Real Estate News” article, posted “Recent housing indexes have shown single-family home prices are on the rise, providing more evidence that the “bottom” of the market is already behind. “We’re wiping out just about all of the decline,” Joel Naroff, chief economist at Naroff Economic Advisors, told NBC.com about recent housing data showing home prices inching up. “It indicates the market has turned the corner on the pricing side.” Some recent housing indexes suggest that the “bottom” of the market was reached in January 2012. Since that time, housing prices have been picking up in many housing markets. But “the turnaround in home prices was unexpected,” says Patrick Newport, an economist with IHS Global Insight. “The conventional wisdom in February, following that landmark agreement [of the $26 billion mortgage settlement with the nation’s five largest banks], was that we would see a surge in foreclosures of some size that would lead to lower home prices. This surge never materialized and home prices have turned.”

“Newport points to several signs of a housing market on the mend. For one, housing starts are up, after reaching a low in the fourth quarter of 2011. Also, he says the FHFA monthly House Price Index shows a 3.7% increase in May year-over-year, which he notes is higher than inflation and “means that real housing wealth, a consumer spending driver, was also up.” The increase in home prices is also leading to a fewer number of home owners who are underwater on their mortgages, owing more on their mortgage than their home is currently worth. The number of underwater home owners fell from 12.1 million at the end of 2011 to 11.4 million at the end of the first quarter this year, according to CoreLogic data. (Source: “Evidence Mounts that Home Prices Hit Bottom Last Winter,” NBC News (July 31, 2012))

New Fire Station Coming to Captiva

A recent article posted locally by Captiva Fire Chief Rich Dickerson, advises that after 33 years of service, the Captiva Fire Station is being retired. Completed in 1980 when the department had just four full-time paid staff, the facility now lacks the space needed to accommodate today’s staff of 11, plus volunteers. Planning for a new station began in 2008 and is targeted for completion in late 2013/early 2014. Not only will the new station be configured to accommodate today’s needs, it will be built to withstand a major hurricane, and designed to service as the main headquarters for a Disaster Unified Command team.

NAR Emailing 82 Million Americans

A posting today on Florida Realtors® announced that “The National Association of Realtors® (NAR) started an email campaign last week. NAR says it will contact 82 million Americans – 75 million homeowners and 7 million renters – and explain actions in Washington that, if passed, would make homeownership less desirable.
            “The email has two goals. It first attempts to educate consumers about the value of homeownership. It then positions NAR as a consumers’ ally in any fight to keep federal benefits for housing, such as the mortgage interest deduction (MID) on federal income taxes. The MID has been mentioned in some government circles as one of the benefits that could be negated or cut back as the U.S. works to lower the federal deficit.
            “If an email recipient wants more information, he or she will be referred to HouseLogic, NAR’s consumer-facing website. NAR says a second and third set of emails may also be sent to consumers in the coming months if Congress takes any actions that would reduce federal support for homeownership.
            “NAR has posted more information about the email campaign, including a list of FAQs, on its website.”

Sanibel & Captiva Islands Multiple Listing Service Activity July 27 – August 3

Sanibel

CONDOS

3 new listings: Beach Road Villa #106 2/2 $349K, Nutmeg Village #106 2/2 $649K, Sundial #K203 2/2 $784.5K.

1 price change: Pointe Santo #C32 2/2 now $650K.

1 new sale: Heron at The Sanctuary #2B 3/3.5 listed for $610K.

2 closed sales: Ibis at The Sanctuary #A201 2/2 $310K, Seawind #A103 2/2.5 $410K.

HOMES

2 new listings: 688 Cardium St 5/4 $419K, 1056 Sand Castle Rd 3/2 $849K.

8 price changes: 531 Piedmont Rd 2/2 now $314.9K, 2134 Egret Cir 3/2 half-duplex now $369K, 960 Palm St 3/3 now $374.9K (short sale), 2991 Singing Wind 3/2 now $379.9K, 293 Palm Lake Dr 3/2 now $430K, 1603 Sand Castle Rd 3/3 half-duplex, 220 Palm Lake Dr 3/3 now $529K, 553 Lighthouse Way 4/4 now $1.695M.

3 new sales: 2102 Egret Cir 3/2 listed for $378.9K, 2130 Sunset Cir 3/2 listed for $487K, 731 Nerita St 3/2 listed for $499K.

4 closed sales: 1001 East Gulf Dr 2/2 $377K; 591 Boulder Dr 4/3 $591K; 1290 Bay Dr 3/2 $1,322,500; 5391 Shearwater Dr 3/3.5 $1.495M.

LOTS

1 new listing: 2562 Coconut Dr $349K.

1 price change: 1837 Buckthorn Ln now $425K.

1 new sale: 4771 Rue Helene listed for $436K.

Captiva

CONDOS

No new listings or price changes.

1 new sale: Captiva Hide-A-Way #1B 2/2 listed for $649K.

No closed sales.

HOMES

No new listings.

4 price changes: 11490 Dickey Ln 3/2 now $899K, 15891 Captiva Dr 5/4 now $2.995M, 16645 Captiva Dr 8/9/2 now $3.995M, 16730 Captiva Dr 5/4.5 now $4.695M.

No new sales.

1 closed sale: 11461 Dickey Ln 3/2 $1,027,500.

LOTS

Nothing to report.

Midway Thru June With Summer in Full Swing on Sanibel & Captiva Islands

Posted on June 15, 2012 by SanibelSusan

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It has been another week of glorious weather on Sanibel and Captiva Islands. With one of our teammates vacationing at Pointe Santo with her family, we have heard some terrific reports about the children’s programs there, from movie night with pizza and popcorn to island-style arts and crafts projects. Their family has also enjoyed Bubble Room desserts (bet you did not know it was filmed this week for a segment on the Food Channel), golf at The Dunes, plus shelling and Segway adventures. They are having plenty of fun with sunny skies, beautiful sunsets, and temperatures in the low 90’s! The above photos are from our Pointe Santo archives!

Florida Voters

Thousands of property owners stand to save millions of dollars collectively every year if enough voters approve Amendment 4 during the general election in Florida this November. Amendment 4 will provide much-needed property tax relief to non-homestead owners (commercial, vacation/second home and investors) and first-time buyers. The measure requires approval by 60% of voters. To learn more, visit www.floridataxpayersfirst.com.

International Sales Continue to Climb in U.S. Market

Florida Realtors® posted this article on Monday. It illustrates again why it is important to stay in the forefront with international buyers. SanibelSusan is one of only two Sanibel and Captiva Realtors® with the Transnational Referral Certified (TRC) designation and the only one with “platinum” standing or top-billing when a prospective buyer searches on-line at www.WorldProperties.com for a local Realtor® trained in working with international buyers.

“Due to low prices and the relative weakness of the dollar, international buyers continue to identify the U.S. as a desirable place to own property and make a profitable investment. According to the National Association of Realtors® 2012 Profile of International Home Buying Activity, total residential international sales in the U.S. for the past year ending March 2012 equaled $82.5 billion, up from $66.4 billion in 2011. Total international sales were evenly split between non-resident foreigners and recent immigrants. The survey asked Realtors® to report their international business activity within the U.S. for the 12 months ending March 2012.

““Today’s advantageous market conditions have drawn more and more foreign buyers to the U.S. in recent years, signaling how desirable and profitable owning property in this country can be,” said NAR President Moe Veissi, broker-owner of Veissi & Associates Inc. in Miami and 2002 President of Florida Realtors®. “Low housing prices, a good inventory condition and increased buying power with today’s exchange rates help attract international clients. Foreign buyers also have the advantage of working with a Realtor. Realtors who specialize in serving international clientele have a truly global perspective; they know what hurdles foreign buyers face when purchasing property in the U.S., and have the expertise and knowledge that comes from working with clients from different cultures and real estate practices.”

“International buyers bought homes throughout the country, but four states accounted for 51% of the purchases – Florida, California, Texas and Arizona. Florida has been the fastest growing destination of choice, accounting for 26% of foreign purchases. California was second with 11% and Texas and Arizona accounted for seven percent. Proximity to the home country, the presence of relatives and friends, the convenience of air transportation, and climate and location are all important considerations to prospective foreign buyers. Locations on the East Coast generally attract European buyers, while Asian buyers tend to purchase on the West Coast, particularly California.

“Florida attracts a diverse set of international buyers including South Americans, Europeans and Canadians. Meanwhile, Texas remains popular among Mexican buyers. Within markets in an individual state, it is not unusual to find concentrations of people grouped by nationality.

““Foreign buyers recognize that owning a home in the U.S. has many benefits, both financial and social,” said Veissi. “Many purchase property as an investment, vacation home or to diversify their portfolio. In addition, many recent immigrants view homeownership as an important accomplishment. They believe that being a homeowner is one of many ways they become established in the U.S. and attain stability, security and a sense of community.”

“International buyers came from all over the globe, but Canada, China (The People’s Republic of China including Hong Kong), Mexico, India and the United Kingdom accounted for 55% of all international transactions, according to the survey. Canada and China remain the fastest-growing home countries. Canada accounted for 24% of international sales while China accounted for 11%, up from nine percent in 2011. Mexico was third with eight percent of sales and India and the U.K. both accounted for six percent.

“Forty-five percent of international purchases were under $250,000. In addition, there appears to be a gradual increasing trend toward purchases in the $250,000 to $500,000 price range. In 2012, this range accounted for 30% of purchases, up from 28% in 2011. The average price paid by an international buyer was $400,000 compared to the overall U.S. average of $212,000.

“Several reasons account for why the average international home price is higher than the average overall price. The international client is typically wealthier than the domestic buyer and is looking for a property in a specialized niche, for example, a larger property suitable for multi-generational living or a property that establishes the individual’s presence and standing in the community. Many homes purchased by foreign buyers are used as a primary residence. Vacation and rental use are also major reasons for a purchase. More than half – 66% – of survey respondents reported international buyers purchased detached single-family homes. About half of international buyers, 52%, preferred to buy in a suburban area and about a quarter, 23%, bought in a central city/urban area.

“Sixty-two percent of international purchases were all cash, which has increased since 2007. International buyers still experience many financing challenges when purchasing a home in the U.S. In fact, among transactions that failed, Realtors reported that in 26% of the cases financing issues were the problem. The difficulties facing foreign buyers in trying to obtain a mortgage include lack of U.S.-based credit history and hurdles in meeting mortgage requirements. Other reasons for not purchasing properties were cost/taxes/insurance and immigration laws.

“Twenty-seven percent of Realtors reported having worked with international clients this year. Fifty-two percent of Realtors reported that international transactions accounted for one to 10% of their total transactions, while 27% reported that they made up more than 10% of total transactions. Realtor specialization on the buyer’s side of the market – such as foreign language capabilities, cultural affinity or orientation with the prospective purchaser and experience in explaining the U.S. real estate – appear to be important in working with foreign buyers.”

Why Do Lenders Require More Documentation Than Before?

In an e-blast from a local lender, the following was offered as explanation for the need for so much documentation when securing a bank mortgage today:

“So often, clients complain about the amount of documentation that banks are requiring today when a borrower applies for a home mortgage.

“Explanation: Banks obtain most of the money they lend from the agencies known as “Fannie Mae” or “Freddie Mac”. After the loan closes, the loan is packaged up and sold to the investor (Fannie or Freddie). These investors have checklists of documents that MUST be in the loan package when it is delivered to them. Buyers should be advised that banks now require much more documentation than ever before, because these investors require it. This extra documentation adds time to loan processing too. Conventional loans need a minimum of 30 days, usually longer.”

The article also included the following information tips:

“1. All files are documented equally. It doesn’t matter if a buyer is putting down 5% or 50%, the same documentation is required from each borrower.

2. All unusual or large deposits must be documented and sourced.

3. Verbal verifications of employment are conducted on all loans 48 hours prior to closing.

4. Tax transcripts requested by a lender from the IRS are required in all files and must be received from the IRS before a loan is underwritten.

5. Appraisals and purchase contracts are checked for accuracy.”

Sanibel & Captiva Islands Multiple Listing Service Activity June 8-15:

Sanibel

CONDOS

3 new listings: Sanctuary Golf Villages #2 3/3 $599K, Pointe Santo #C43 3/2 $949K, Pointe Santo #A2 2/2 $982K.
2 price changes: Loggerhead Cay #232 2/2 now $547.5K, Kimball Lodge #304 2/2 now 599K.

No new sales.

4 closed sales: Sundial #B207 1/1 $269K, Sandpebble #4E 2/2 $340K, Snug Harbor #311 2/2 $439K, Junonia #202 2/2 $775K.

HOMES

1 new listing: 3968 Coquina Dr 3/2 $749K.

6 price changes: 613 Sea Oats Dr 2/2 now $375K, 1390 Middle Gulf Dr 3/3 now $485K, 1271 SandCastle Rd 3/2.5 now $589K, 5820 Pine Tree Dr 2/2 now $649.9K, 1339 Par View Dr 3/2 $651.5K, 780 Birdie View Dr 5/4.5 now $1.899M.
4 new sales: 1001 East Gulf Dr 2/2 listed for $399K, 701 Nerita St 3/2 listed for $519K, 1274 Par View Dr 3/3 listed for $644K, 2964 Wulfert Rd 5/5.5 listed for $2.464M (short sale).
4 closed sales: 533 Rabbit Rd 3/2 $415K, 335 East Gulf Dr 3/2 $759,050, 5864 Pine Tree Dr 3/3.5 $805K, 3401 West Gulf Dr 4/4.5 $4.1M.

LOTS

Nothing to report.

Captiva

CONDOS
No new listings.
1 price change: Bayside Villas: #5134 1/2 now $274.5K.
No new sales.
1 closed sale: Bayside Villas #5338 3/3 $557.5K.HOMES
Nothing to report.

LOTS
Nothing to report.

Happy Fathers’ Day & happy weekend to all.

Ready for Memorial Day Weekend on Sanibel & Captiva Islands

Posted on May 25, 2012 by SanibelSusan

Realtor® Fundraiser

Last night was the Sanibel & Captiva Islands Association of Realtors® annual fundraising event which for years was called “The Over-the-Hump” Party”. This year the name has been changed since the old name reflects that “season” is over, and we prefer to think that our business continues right through the year. The event includes a golf tournament plus silent and live auctions, all to benefit RPAC, the Realtors® Political Action Committee.

Before coming to the islands, as a long-time resident of Northern Virginia and daily visitor to the nation’s capital, I was not a fan of PAC’s. It was during one of my first years on Sanibel as a Realtor®, more than 20 years ago, that I learned that without the support of RPAC funds many important homeownership issues that protect consumers would not be what they are today. Since 1969, RPAC has successfully help advance the interests of property owners, including many issues here on Sanibel, like beach renourishment, build-back and redevelopment. Now, I am a true believer and one of the islands biggest RPAC supporters.

Dave and Lisa contributed to the event through the golf scramble, while my donation of my famous homemade carrot cake plus six months of SanibelSusan desserts was purchased for the outrageous sum of $550. We still await the final tally, but once again the Sanibel & Captiva Islands Association of Realtors® hopes to secure the top state fundraising position for a small board. We proudly have held that record for several years.

‘Tween Waters Inn Joins National Register of Historic Places

‘Tween Waters Inn on Captiva Island commemorated its historic designation at the resort last Sunday. The resort was officially listed in the National Register of Historic Places on December 15, 2011. The resort’s unique, rich history and dedication to preserving Florida’s cultural resources helped it earn this designation. ‘Tween Waters Inn was established by F. Bowman and Grace B. Price in 1931. The inn began with a single building and expanded over the next 30 years with more cottages and other buildings. They built the remote tourist facility with its small cottages and restaurant into a social center and favorite winter resort of wealthy northerners.

Other historic landmarks within the resort include the Old Captiva House – the fine dining restaurant first built as a one-room school for children of Captiva’s pioneer settlers. Known to have inspired artists, authors and countless others with its beach-to-bay exposure and award-winning sunsets, the resort features modern facilities, plus historically preserved, but luxurious and contemporary cottages, some named after its famous guests.

Well-known guest J.N. “Ding” Darling, conservationist and renowned editorial cartoonist for which he won two Pulitzer Prizes in 1924 and 1943, drew cartoons and wrote a book at ‘Tween Waters Inn. Some of his work lines the walls at the Old Captiva House today. Anne Morrow Lindbergh, wife of famed aviator Charles Lindbergh, also drew inspiration for her bestselling book “Gift from the Sea” (1955) during her time on Captiva.

The SanibelSusan Team congratulate our friend, Tony Lapi, President of ‘Tween Waters Inn and Chairman of VISIT Florida (and his wife, our Realtor® colleague, Angie) for gaining this historic designation. The Florida state historical marker is at the middle entrance to the resort, in front of the Old Captiva House restaurant.

County to Pay for Blind Pass Dredging Project

Posted in the “Island Sun” today, an article says “The Lee County Board of Commissioners unanimously approved the maintenance dredging of Blind Pass at their May 1 meeting…. Lee County is funding the entire project. Equipment will begin to appear around the Blind Pass area by the end of this week and county officials have said the contractor will begin pumping sand the first week in June. Work should be completed by the end of August.” Good news for those west-end property owners!

Florida Realtors® President in Spain With the Governor

As posted in “The Real Deal” South Florida Real Estate News on Monday:

“Florida Realtors® President Summer Greene is in Spain this week as part of a business mission by Governor Rick Scott. “It is vital to our future to encourage business investment and diversification,” said Greene, the regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale. “Development missions like this one offer a prime opportunity to demonstrate the benefits of establishing a business — and home — in Florida.” Scott is leading a 60-member delegation of Florida business executives for a five-day trip across Spain.”

Since I am also Summer’s Facebook friend, I have enjoyed her postings from abroad. On Tuesday, she said: “This is an amazing experience. Interesting to see Spain now is where we were a few years ago. They just announced the takeover and bailout of their biggest bank – Bankia. Just met with some industry folks talking about how long it took…(and is still taking) to get banks on board with short sales etc. By the way, they have 25% unemployment – although Madrid does not seem as affected. Also, almost 400 Spanish companies have operations in Florida! Did you know I-595 is being built out by a Spanish company?”

NAR President Kicks-off 5-Year Flood Insurance Coalition Push

NAR’s e-Newsletter update this week posted the following: “As part of an historic “Flood the Hill” coalition of real estate, construction, financial services, insurance, consumer, taxpayer and environmental groups, the National Association of Realtors® stepped up pressure on Congress to pass the 5-year Flood Insurance Reauthorization Bill. On May 9, NAR President (& our friend from Miami) Moe Veissi testified before Congress. That same day President Veissi co-wrote an Op-Ed which ran in Capitol Hill’s major publication Roll Call. NAR simultaneously ran ads, co-sponsored by nearly 20 coalition partners, in all the Hill newspapers. The Coalition also recently wrote Senate leaders calling on them to bring up the bill for floor consideration.”

Flood Insurance Moves in Congress

An update to the above posting, was yesterday on Florida Realtors®, as posted in the Wall Street Journal:

“The good news: Senate Majority Leader Harry Reid (D., Nev.) said his chamber would consider a five-year extension of the National Flood Insurance Program (NFIP) similar to one already approved by the U.S. House.

“The bad news: It won’t happen by the program’s current deadline, May 31, 2012. Reid has suggested Congress approve another short-term extension of 60 days to give lawmakers time to fully consider the longer-term solution.

“The long-term package seems to have bipartisan support and would include terms to make it more financially stable, such as gradually increasing flood insurance premiums. “It is “critical that we do something on flood insurance,” Reid said. “We need to get something done on a more permanent basis.””

Amen to that. Many Realtors®, including SanibelSusan, are in favor of a broader program than just flood insurance. What about disaster insurance? And what about coverage in states that had floods last year that are not in typical flood zones, like Vermont and North Dakota? A positive move for both the consumer and the provider would be to make the flood insurance pool larger, perhaps by making the coverage more expansive in both type of disaster and coverage area.

Citizens’ Hurricane Mitigation Inspections Pick Up

As follow-up to my posting earlier this month about wind insurance, Florida Realtors® posted this update on-line Monday:

“Florida’s state-backed property insurer, Citizens Property Insurance Corp., is taking a second look at wind mitigation incentives put in place a decade ago, part of its effort to raise premiums to match its risk. For many of its customers, that means higher rates.

“Citizens plans to take a look at 209,000 residential policies by the end of the year to see if the homeowners’ current wind mitigation credits are deserved. As of April 30, Citizens inspectors had completed 180,503 residential inspections, and almost 71% of homes saw a premium increase because they didn’t have the necessary hurricane mitigation measures in place.

“By nixing the discounts associated with mitigation efforts, Citizens has increased its premium income so far by $107 million. Individual homeowners’ without the claimed mitigation elements saw their premiums jump an average $600 per year, or 23%. In a few cases – 7.5% – inspectors discovered that a homeowner had unclaimed hurricane mitigation components. Those homeowners received a credit, reducing Citizens income by about $4.4 million.

“The hurricane mitigation incentives that net a discount include things such as tie downs, shutters and other upgrades. They were offered starting in 2002 in an attempt to lower risk for the state-backed pool, which now handles nearly 1.5 million policies. The wind mitigation program has come under fire from industry groups and the Florida Office of Insurance Regulation, who have said the program eroded the company’s premium base while not significantly reducing its exposure, especially after credits were dramatically increased in 2007.

“Private insurers have also given mitigation credits to homeowners, but a 2010 study by the Department of Financial Services found that, despite good intentions, the programs cost companies money in lost premiums while only modestly decreasing potential losses.

“Last year, lawmakers passed and Gov. Rick Scott signed SB 408, which struck some language relating to mitigation credits and gave insurers more flexibility in establishing rates and applying discounts. As a result, Citizens officials ordered re-inspections of homes that claim more than $650 in credits.

“Robin Westcott, Florida Insurance Consumer Advocate, said she understands Citizens’ objective to get accurate information on proper wind mitigation credits, but she’s worried homeowners may not always be ready with proper documentation on their mitigation efforts and may unnecessarily lose out on benefits. She said Citizens could do a better job of letting homeowners know what inspectors are looking for. “In some cases, you are looking at pretty hefty increases,” Westcott said. “That is really a big part of our concern.””

Florida’s Housing Market Continues Positive Signs in April 2012

More good news posted this week by Florida Realtors®: “Florida’s housing market had increased pending sales and higher median prices in April, along with a greatly reduced inventory of homes and condos for sale, according to Florida Realtors® latest housing data.

“Here in Florida, we’re seeing some strong numbers that show positive momentum for the state’s housing recovery and our economy,” said 2012 Florida Realtors® President Summer Greene. “Home prices continue to rise in many markets. Inventory is down to extremely low levels while pending sales are on the rise – almost 38% for single-family homes and 25% for townhouses and condos. It is not unusual to see multiple offers. Now the challenge will be for appraisals to catch up. Overall, we are very happy to see the market move in this direction and expect this trend to continue.”

“Pending sales refer to contracts that are signed but not yet completed or closed; closed sales typically occur 30 to 90 days after sales contracts are written.

“The statewide median sales price for single-family existing homes in April was $144,350, up 10.2% from the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department, and vendor partner 10K Research and Marketing. The statewide median for townhome-condo properties was $108,000, up 16.1% over April 2011.

“The national median sales price for existing single-family homes in March 2012 was $163,600, up 1.9% from the previous year, according to the National Association of Realtors® (NAR). In California, the statewide median sales price for single-family existing homes in March was $291,080; in Massachusetts, it was $267,500; in Maryland, it was $225,601; and in New York, it was $215,000.

“The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.

“Statewide sales of existing single-family homes totaled 17,544 in April, down slightly, 0.7%, compared to the year-ago figure. Looking at Florida’s year-to-year comparison for sales of townhomes/condos, a total of 9,765 units sold statewide last month, down 4.9% from those sold in April 2011. NAR reported the national median existing condo price in March 2012 was $165,200.
“In April, there was a 5.8-month supply of single-family homes in inventory and a 5.7-month supply for townhomes/condos, according to Florida Realtors.

““The housing numbers for the state of Florida continue to signal recovery,” said Florida Realtors Chief Economist Dr. John Tuccillo. “Sales in 2012 are above where they were in 2011, a harbinger of a third straight year of improvement. More importantly, pending sales are up dramatically, and inventory is still falling. Financing constraints still mean that a significant percentage of these will not lead to closed sales, but with the numbers up, we are confident that closed sales will continue to rise.

““The increase in both median and average prices suggests that investors are having a strong impact on the market, soaking up lower priced inventory and causing buyers to move up the price ladder.”
“The interest rate for a 30-year fixed-rate mortgage averaged 3.91% in April 2012, down from the 4.84% average during the same month a year earlier, according to Freddie Mac.

“To see the full statewide housing activity report, go to Florida Realtors website at http://www.floridarealtors.org, and click on the Research page; then look under Latest Housing Data, Statewide Residential Activity and get the April report. Or go to Florida Realtors Media Center at http://media.floridarealtors.org/ and download the April 2012 data report PDF under Market Data at: http://media.floridarealtors.org/market-data.”

Sanibel & Captiva Multiple Listing Service Activity May 18-25:

Sanibel

CONDOS

1 new listing: Sundial #S404 3/2 $755K.

5 price changes: Colonnades #9 1/1 now $147.9K; Colonnades #12 1/1 now $149,995; Sundial #C206 1/1 now $297K; Sea Pines #D 3/3 now $449K; Heron at The Sanctuary #3B 2/2.5 now $599K.

5 new sales: Blind Pass #D205 2/2 listed for $263.4K (short sale), Tennisplace #C31 2/1.5 listed for $279K, Sandpebble #4E 2/2 listed for $369K, Cyprina Beach #9 3/2.5 listed for $599K, Oceans Reach #2D2 2/2 listed for $749K.

4 closed sales: Tennisplace #C36 2/1 $250K, Lighthouse Point #332 2/2 $440K (our listing), Sandalfoot #1C2 2/2 $575K, Sundial #T404 2/2 $589K.

HOMES

4 new listings: 1000 Greenwood Ct 3/2.5 half-duplex $347.5K, 2991 Singing Wind 3/2 $398.9K, 1787 Serenity Ln 3/2 $595K, 450 Leather Fern Pl 3/2 $675K.

5 price changes: 2130 Sunset Cir 3/2 now $519K, 585 Lake Murex Cir 3/2 now $575K, 1339 Par View Dr 3/2 now $655.5K, 1233 Middle Gulf Dr 3/2 now $699.9K, 1950 Woodring Rd 4/3.5 now $2.895M.

3 new sales: 1415 Sandpiper Cir 2/2 half-duplex listed for $329K, 955 S Yachtsman Dr 3/2 listed for $559K, 4791 Rue Helene 3/2 listed for $599,995.

1 closed sale: 1731 Venus Dr 3/3 $930K.

LOTS

No new listings or price changes.

1 new sale: 637 Sea Oats Dr listed for $299K.

No closed sales.

Captiva

CONDOS

No new listings.

1 price change: Bayside Villas #5308 3/3 now $579K.

No new sales.

1 closed sale: Beach Homes #13 3/3 $2.285M.

HOMES

No new listings.

4 price changes: 11461 Dickey Ln 3/2 now $1.199M, 16849 Captiva Dr 7/7 now $2.195M, 11530 Paige Ct 4/4.5 now $3.495M, 16251 Captiva Dr 4/5.5 now $3.599M.

2 new sales: 11523 Wightman Ln 4/4 listed for $1.565M, 16310 Captiva Dr 4/5.5 listed for $4.5M.

No closed sales.

LOTS

Nothing to report.

HAPPY MEMORIAL DAY!

Families Love Sanibel & Captiva Islands

Posted on May 11, 2012 by SanibelSusan

Sanibel weather this week has been terrific, though nearing summertime temperatures. All of a sudden, we have seen a huge drop-off in traffic and phone calls. Other offices report the same and our friends in the vacation-rental business said that rental inquires have dropped off to almost nothing this week. It is pretty typical for this time of the year with school years finishing up, graduations etc. Activity should pick up some over the Memorial Day weekend and then more as summer vacations begin.

There was light turn-out at our first off-season biweekly Realtor® Caravan Meeting yesterday. Only a handful of new listings were “open” for viewing, mostly properties that could not be viewed during high-season because of heavy rentals.

Here are a few island news items, followed by a report of the Sanibel and Captiva Islands Multiple Listing Service activity over the past seven days. To especially honor all the Moms, included are some fun postings for families.

Happy Mothers’ Day weekend to all!

Family-Friendly Destination

Below is an excerpt from an article posted Monday on a Canadian site called “Just the Facts Kid”. (www.justthefactskid.com/) It says:

“Parents would be hard-pressed to find a more family-friendly destination than Sanibel Island, Florida.

“It’s convenient…Located on the Gulf Coast side of Florida. Sanibel Island is just 45 minutes from the Fort Myers airport.

“It’s the perfect combination of nature and fun…Sanibel Island is just 12 miles long and five miles wide. More than 60% of the island is protected wildlife reserve and its white sand beaches go on for miles and miles. There is little to do besides swim, relax, play in the sand and hunt for seashells. (Sanibel boasts over 250 varieties!)

“It will make you feel like you’re in the islands…with all the American conveniences just a three-mile causeway ride away.”

Summer Happenings for the Kiddos

Every year it seems that there are more and more offerings on Sanibel and Captiva in the off-season for children. Here is a summary of some of the camps and special summer programs coming up:

BIG ARTS Summer Arts Camp – BIG ARTS is now accepting camper enrolments for its weekly “creative” sessions beginning in June. Camp runs Monday through Friday from 9 a.m. to 3 p.m. beginning June 4 and running through July 27. Activities include acrylic painting, ceramics, dance, glass fusing, photography, puppetry, improvisational acting, music appreciation, film editing, folk art, and general arts and crafts. Middle and high school students have the option to attend camp solely as a student or select to participate in the fine arts apprentice program, spending half day as a student and the other half assisting instructors of K-5 classes. Tuition assistance is available too. For more info, stop by BIG ARTS at 900 Dunlop Road, call 395-0900, email info@BIGARTS.org, or log on at www.BIGARTS.org.

“Ding” Darling Brings Back Family Programs – June 4 through August 15 the JN “Ding” Darling National Wildlife Refuge on Sanibel has free, fun programs designed especially for families. With support from the “Ding” Darling Wildlife Society – Friends of the Refuge (DDWS), the refuge is offering five free education programs this year. No pre-registration is necessary:

Natural Wonders, held every Wednesday, Friday, and Saturday at 1 p.m. – What makes a bird a bird? Why is a manatee called a “sea cow”? Is it a crocodile or alligator? Find the answers to these questions and more by joining a naturalist in exploring the refuge’s unique eco-system. Geared for adults and children, this 30-minute program meets in the Education Center Lab.
Indigo Trail Hike, held every Tuesday at 10 a.m. – Join refuge naturalists as they lead a one-hour tour identifying and discussing the eco-system’s plants, animals, birds, and reptiles. Fun for adults and children alike. Bring water and bug spray. Meet at the flagpole in front of the Education Center.
Refuge Caravan Tour, held every Wednesday and Saturday at 9:30 a.m. Ride along on a car caravan tour of the refuge’s Wildlife Drive. This 90-minute tour highlights the natural wonders of the unique mangrove ecosystem and the wildlife that call it home. Meet at the flagpole in front of the Education Center.
Family Beach Walk, held every Thursday at 9 a.m. Back by popular demand and in partnership with the Bailey-Matthews Shell Museum, the program convenes at Gulfside City Park for a one-hour exploration of the refuge’s gulf-front Perry Tract. (City parking fees apply.)

For more info on the refuge summer programs, call 472-1100 or visit www.dingdarlingsociety.org.

Summer Day Camp at Sanibel Recreation Center – Summer day camp at the City of Sanibel Recreation Center begins on May 29. This year, the camp has 10 one-week sessions from 8 a.m. to 5 p.m. daily. Children who are entering first through eighth grade may attend one week or more. More info at www.mysanibel.com/Departments/City-Manager-s-Office/News/Sign-Up-Now-For-Sanibel-Recreation-Department-Youth-Summer-Day-Camp.

Junior Sailing Camp at Captiva Island Yacht Club – Registration is now open for the 3rd season of the Junior Sailing Camp to be held at the Captiva Yacht Club. The program is open to children ages 8 to 18 of all experience levels. At the end of each 2-week session students will be able to sail a boat single-handedly, be certified in powerboat safety, if they choose, and properly handle a kayak. The 1st session is from July 9 to 20 and will be geared toward the beginning sailor. The 2nd session is July 16 to 27 and will be geared toward sailors who have had an introduction to sailing and want to learn more about racing and tuning the boat for speed. Each Friday, the program will have “Fun Fridays” including paddle boarding, kayaking, and a sailing outing. At the conclusion of each session, students will demonstrate their new skills at a Parents’ and Friends’ Day Luncheon held at the Club. Get more info, including qualifications, at 472-9627 or www.CaptivaIYC.net.

Florida in Top Five for Home Price Appreciation

An article posted on Florida Realtors® today, says:

“Tighter housing inventories are starting to lift home prices, says Anand Nallathambi, CoreLogic’s CEO. CoreLogic’s latest home price index, which includes distressed sales, shows a slight month-over-month nationwide increase of 0.6% in home prices from February to March. But some markets are seeing much more of a price boost this spring, including Florida, which ranked No. 5 overall for home price increases. “This spring, the housing market is responding to an improving balance between real estate supply and demand, which is causing stabilization in house prices,” says Mark Fleming, CoreLogic’s chief economist. “Although this has been the case in each of the last two years, the difference this year is that stabilization is occurring without the support of tax credits and in spite of a declining share of REO sales.”
“States with highest appreciation – According to CoreLogic, the following states had the highest appreciation in March (this includes distressed sales):
• Wyoming: +5.9%
• West Virginia: +5.3%
• Arizona: +5.1%
• North Dakota: +4.7%
• Florida: +4.5%
“States with biggest depreciation – Meanwhile, the states with the greatest depreciation, when also figuring in distressed sales, are:
• Delaware: -10.6%
• Illinois: -8.3%
• Alabama: -8%
• Georgia: -7.3%
• Nevada: -5.8%”

Sanibel & Captiva Multiple Listing Service Activity May 4-11

Sanibel
CONDOS
No new listings.
7 price changes: Sundial #D412 1/1 now $315K, Pointe Santo #C4 1/1 now $494K, Kimball Lodge #263 1/1.5 now $496K, Pointe Santo #D24 2/2 now $655K, Pointe Santo #D35 2/2 now $679K, Oceans Reach #2D2 2/2 now $749K, Beachcomber #A101 2/2 now $1.495M.
4 new sales:. Captains Walk #D3 1/1 listed for $140K, Sundial #F407 1/1 listed for $297.5K, Pine Cove #102 3/2 listed for $879K, Sanctuary Golf Villages I #4 3/3 listed for $948K.
5 closed sales: Coquina Beach #5A 2/2 $300K, Coquina Beach #4G 2/2 $385K, Tarpon Beach #104 2/2 $645K, Sayana #202 2/2 $825K, Sundial #T306 3/2 $900K.

HOMES
3 new listings: 1809 Bowman’s Beach Rd 3/2 $600K, 1405 Jamaica Dr 3/2.5 $659K, 2498 Harbour Ln 4/3 $995K.
2 price changes: 1339 Par View Dr 3/2 now $659.5K, 2964 Wulfert Rd 5/5.5 now $2.464M.
5 new sales: 1657 Sand Castle Rd 2/2 half-duplex listed for $349K, 533 Rabbit Rd 3/2 listed for $499.5K, 740 Durion Ct 3/2 listed for $599K, 1244 Par View Dr 4/3 listed for $858.9K, 926 Whelk 4/3 listed for $1.295M.
6 closed sales: 3812 Coquina Dr 3/2 $405K; 1417 Causey Ct 3/2 $525K; 215 Robinwood Cir 3/2 $590K; 231 Daniel Dr 3/2.5 $725K; 1735 Jewel Box Dr 3/2 $747,757; 440 East Gulf Dr 3/2 $885K.

LOTS
No new listings.
1 price change: 133 Butterknife Pl now $339K.
No new sales.
2 closed sales: 555 Piedmont Rd $140K (our listing), 1326 Junonia St $267K.

Captiva
CONDOS
No new listings.
1 price change: Gulf Beach Villas #2116 1/1 now $439K.
1 new sale: Bayside Villas #5234 1/2 listed for $315K.
No closed sales.

HOMES
No new listings or price changes.
1 new sale: 11512 Andy Rosse Ln 2/2 listed for $945K.
2 closed sales: 14981 Binder Dr 3/3 $824K, 1 Sunset Captiva Ln 2/2.5 $1.35M.

LOTS
Nothing to report.

The Islands Are Flowering Every Month, Including May

Posted on May 4, 2012 by SanibelSusan

It is the end of another glorious week of sunny weather on Sanibel. Traffic has subsided and the islands are thinning out, but surprisingly, business again was brisk for us this week. Here are a few news items, followed the Sanibel and Captiva Islands Multiple Listing Service activity over the past seven days.

Here are some favorite island flowers to illustrate that with our Southwest Florida tropical weather, the islands of Sanibel and Captiva are colorful year-’round. Hope you like the one with the turtle.

No Realtor® Caravan This Week

Usually it is local “off season” signal when our Realtor® Caravans change from every Thursday to every other week. That off-season schedule began this week and probably will continue until November, or until business picks up again. Interestingly, for us at SanibelSusan Realty, however, this was another busy week.

I sold one of our lot listings to some European visitors, while an off-island Realtor® sold one of our condo listings. An offer on another condo is in the works, while our other two sales transactions (ready to close soon) are progressing well. All-in-all, it was another productive week, though unusual for this time of the year. All we can say is “keep it coming”.

Visit CROW’s New Visitor Center

On Monday evening, CROW (Clinic for Rehabilitation of Wildlife, Inc.) held an open house for island Realtors® at their new Healing Winds Visitor Center. Though I have been a long-time CROW member and supporter of this wonderful facility, it was my first opportunity to leisurely check out their new exhibits and talk to the new Hospital Director, Dr. Heather Barron. Dr. Heather joined their staff in January.

This special event was a follow-up to CROW Executive Director Steve Greenstein’s recent presentation to our Association membership. If you also have not recently visited CROW, please put it on your “do list”. I have some free passes to the Visitors Center and their daily (Tues through Sat) programs at 11 a.m. are continually changing as are the exhibits in the Center. Geared to educate adults and children alike, CROW’s offerings have greatly expanded during my 20 years on Sanibel as has their number of patients. If you plan to visit CROW during one of these 11 a.m. programs, consider a Friday, when they often have live animals in their cooperative presentation with partners from the Calusa Nature Center.

Is Florida’s Shadow Inventory a Rebound Threat?

This article was posted on Florida Realtors® on Tuesday. Note, the full report – The Distressed Property Market and Shadow Inventory in Florida: Estimates and Analysis – is available online.

“The term “shadow inventory” hangs over the real estate market, suggesting a thinly veiled catastrophe seen through the mist, just as the passengers of the Titanic watched an iceberg draw closer. However, a white paper written by Florida Realtors® Chief Economist Dr. John Tuccillo finds the fear of a shadow inventory overrated.
““The fear…is that the inventory of delinquent and foreclosed loans (will be released onto) an already weakened market,” says Tuccillo. “(But) the reality, even in Florida where distressed properties make up a significant portion of the market, appears to be different.” Tuccillo says lenders have no reason to flood the real estate market with more homes if doing so would drive prices down and impact the lender’s profit. While some observers worry that lenders were holding back on purpose, Tuccillo says that’s not so – that the large number of distressed properties on hold was “largely the result of confusion over the rules of the game, and thus missteps by the lenders.”
“In conducting an analysis, Florida Realtors® Research looked at data from MLSs around the state and data provided by CoreLogic, a statistical analysis company. “We looked at the recent history of distressed property listings and transactions relative to normal market data, as well as estimates for the shadow inventory, and came to some conclusions about the likely course (for the) future,” says Tuccillo.
“Conclusions
• Florida remains one of the nation’s hardest hit states for distressed property sales.
• Distressed property sales and listings have declined since late 2010, except for single-family-home short sales.
• Average prices for distressed and normal property sales have been stabilizing.
• In general, Realtors and lenders have learned how to cope with distressed properties in a way that stabilizes the market.
• Florida’s highest percentage of distressed property (compared to total listings) occurs in the I-4 corridor and Southeast Florida; the lowest percentages occur in Northwest Florida.
• Currently, Florida’s shadow inventory was 550,000 units at the end of 2011, a decline of about 9% from its peak in the first quarter of 2010.
• Currently, the flow of new seriously delinquent (90 days or more) loans moving into the shadow inventory is offset by the roughly equal flow of distressed sales (short sales and REOs).
• The number of foreclosures and REOs was significantly lower in February of 2012 than one year earlier, suggesting slower shadow inventory growth.
“Tuccillo predicts that distressed properties will be a significant feature of the Florida real estate market over the next ten years, but it will be considered just one property type a buyer can consider – one that has its own unique sales techniques and documentation.”

Update on Citizens (Wind) Property Insurance

An article in the Miami Herald on Tuesday offered the following:

“Citizens Seeks Fewer Customers, Higher Premiums – Citizens Property Insurance has some new ambitious goals: Move as many as 678,000 policyholders out of state-run insurance and once again become the “insurer of last resort.” Its strategy: Enact a flurry of policy changes that will undoubtedly raise premiums and reduce coverage for thousands. Citizens which unveiled the aggressive “depopulation” plan this month in a revised budget proposal, says it is doing so to prevent statewide financial havoc in the wake of a major hurricane. “Citizens has the ability to levy assessments (hurricane taxes) on almost all Florida policyholders in the event of a deficit after a storm,” spokeswoman Christine Ashburn said in an email. “The long term goal will continue to be returning policies to the private market, which is ultimately how we can reduce the reliance on assessments.”
“But some homeowners have already been impacted by the first wave of Citizens’ campaign to drastically reduce its size and shore up its finances. Patricia Temple, of Coral Gables, is bracing for a $2,150 premium increase this year, after Citizens sent an inspector to her home and decided her payments were too low. “I have to do what I have to do because I (can) not be without insurance,” said Temple, who is 79 and retired. “But I don’t understand how they can do this if the Legislature put in a 10% cap on rate increases.” Temple became a Citizens client after Liberty Mutual, her insurer of 50 years, dropped her. Though she says she has not made a property insurance claim in five decades, Citizens raised her rates by 50%.
“Stories like Temple’s are echoed by thousands of policyholders who say they’ve seen costs suddenly spike despite never making a claim or experiencing hurricane damage. Under a sweeping re-inspection program, Citizens has sent inspectors to 158,000 buildings in the last two years. As inspectors check roofs and windows, more often than not, they find something that translates into higher premiums, with an average increase of nearly $900. Another 209,000 inspections are scheduled for this year, and Citizens recently proposed a new $50,000 contract for a new study of wind mitigation credits. The study is likely to lead to premium increases, and Citizens board member John Rollins indicated the return on investment for the study would be measured in millions of dollars.
“Sean Shaw, founder of Policyholders of Florida, said that money will ultimately come out of the pocket of hard-working homeowners, who are paying more for less coverage. “People are at such a disadvantage when Citizens does this,” he said. “It’s like they’re treating people like data points.”
“Despite recent moves to reduce wind mitigation credits and raise rates on sinkhole coverage, Citizens has not experienced any significant reduction in size (the insurer swelled from 800,000 policies in 2007 to more than 1.4 million today). Citizens’ depopulation push will soon go into overdrive, with several hard-charging coverage changes set to kick in over the next 18 months. Ideally, Citizens would like to shrink by 45% to 794,308 policies in the very near future.
“With private insurers still wary about the Florida market, it’s not clear where 678,000 current policyholders will go for coverage when contracts end with Citizens. Citizens’ theory is that its artificially low rates discourage private insurers by making the market uncompetitive. It’s banking on more private insurers picking up the slack as it depopulates.
“Here are a few of the changes that begin Tuesday for Citizens policyholders:
• Homeowners who need to join Citizens will have to submit written proof that there is no private insurer able to provide affordable coverage for their home.
• Citizens will no longer offer Builders’ risk insurance for new homes.
• Coverage for carports, screened enclosures and fences will end for renewal policies.
• The personal liability coverage limit will decline from $300,000 to $100,000.
“The push to depopulate is set to intensify in the months ahead, and those with Citizens coverage can expect to be impacted by at least one of several policy changes being proposed. Among them:
• Uncapping rates for new policies, causing new policyholders to pay as much as 50% more than existing customers for similar coverage.
• Requiring new electrical and plumbing inspections for older homes.
• Requiring new inspections and likely higher premiums in sinkhole-prone counties.
• Increasing deductibles for “all other perils” coverage.
“Most of the changes are being enacted without the Legislature, which this year declined to pass major property insurance reform. With hurricane season set to begin in a month, Citizens says it must tamp down its level of risk in order to avoid financial calamity for all consumers. While the company has been able to build up a surplus of more than $6 billion during a 6-year streak without a major storm, financial models show that a large hurricane this year could wipe out those funds and other resources. That would lead to assessments for Citizens’ customers and potentially for all insurance policyholders in the state. That’s why the Citizens board of directors, with the support of Gov. Rick Scott, is trying to attract private insurers back into the market by shrinking Citizens as quickly as possible.
““It is important that Citizens work towards having adequate rates to reduce the likelihood of assessments on all Florida policyholders,” said Ashburn. Some say those private insurers are never coming back, particularly in the state’s high-risk areas where it doesn’t make financial sense to underwrite homes. “We’d all love to see the depopulation of Citizens, but guess what? The private companies are not coming back to this area,” Sen. Mike Fasano, R-New Port Richey, told Citizens’ executives last week. “Please, please, leave the people alone that are struggling.””

Sanibel & Captiva Multiple Listing Service Activity April 27- May 4

Sanibel

CONDOS

2 new listings: Sealoft Village #106 2/2 $559K, Compass Point #203 2/2 $599K.

10 price changes: Lighthouse Point #217 3/2 now $339K, Blind Pass #C110 2/2 now $399.9K, Sea Pines #D 3/3 now $469K, Sundial #I103 1/1 now $485K, Sea Pines #E 3/3 now $579K, Pelicans Roost #104 2/2 now $599.8K, Heron at The Sanctuary III #1B 3/2.5 now $615K, Heron at The Sanctuary II #2A 2/2.5 now $619K, Compass Point #181 2/3 now $997K, High Tide #B202 2/2 now $1.447.5M.

7 new sales: Sundial #B207 1/1 listed for $299K, Lighthouse Point #332 2/2 listed for $474K (our listing), Kings Crown #211 3/2 listed for $599K, Sand Pointe #132 2/2 listed for $599K, Tarpon Beach #101 2/2 listed for $619K, Tarpon Beach #104 2/2 listed for $679K, Nutmeg Village #108 2/2 listed for $795K.

11 closed sales: Seashells #29 2/2 $300K, Blind Pass #G201 2/2 $334K, Sundial #B402 1/1 $340K, Sundial #H402 2/2 $430K, Sanibel Arms West #J3 2/2 $400K, Sanibel Arms West #L6 2/2 $425K, Sealoft Village #108 2/2 $483K, Sand Pointe #211 2/2 $559.5K, Oceans Reach #1C1 2/2 $722.6K, Atrium #105 2/2 $945K, Junonia #301 3/2 $1.5M.

HOMES

6 new listings: 1649 Sand Castle Rd 3/2.5 half-duplex $415K; 2166 Egret Cir 3/2 $559,555; 740 Durion Ct 3/2 $599K; 673 East Rocks Dr 3/2 $629K; 1230 Par View Dr 3/2.5 $749,999; 919 Almas Ct 3/2.5 $1,199,999.

10 price changes: 1663 Bunting Ln 3/2 now $344K (short sale), 1702 Sand Pebble Way 3/2.5 now $399K, 490 Elizabeth Rd 2/2 now $413K, 940 S Yachtsman Dr 3/2.5 now $569K, 1271 Sand Castle Rd 3/2.5 now $609K, 1339 Par View Dr 3/2 now $667.5K, 1516 Angel Dr 3/2 now $899K, 5427 Osprey Ct 3/3.5 now $1.195M, 660 Anchor Dr 4/4 now $1.925M, 780 Birdie View Pt 5/4.5 now $1,999,999.

7 new sales: 1433 Jamaica Dr 5/4 duplex listed for $439K, 4210 Old Banyan Way 3/2 listed for $595K, 1208 Harbour Cottage Ct 3/3 half-duplex listed for $699K, 862 Beach Rd 3/2 listed for $999K, 1690 Sabal Palm Dr 4/3 listed for $1.595M, 5391 Shearwater Dr 3/3.5 listed for $1.649M, 3864 West Gulf Dr 4/5.5 listed for $2.188M.

6 closed sales: 1430 Sandpiper Cir 3/3 half-duplex $406K, 237 Daniel Dr 3/2 $522K, 2624 Coconut Dr 2/1 $656.7K, 1234 Seagrape Ln 3/2 $679K, 1537 Sand Castle Rd 4/3 $740K, 836 Sand Dollar Dr 3/2/2 $1.025M.

LOTS

No new listings.

4 price changes: 9211 Dimmick Dr now $137,555; 1894 Farm Trl now $283,555; 4636 Rue Royale now $659K; 6401 Pine Ave now $699K.

1 new sales: 1120 Olga Ave listed for $299K (our listing).

1 closed sale: 4077 Coquina Dr $215K.

Captiva

CONDOS

1 new listing: Gulf Beach Villas #2128 3/2 $895K.

1 price change: Captiva Bay Villas #D 3/3.5 now $2.995M.

No new sales.

1 closed sale: Lands End Village #1610 3/3 $1.8M.

HOMES

No new listings.

1 price change: 11490 Dickey Ln 3/2 now $849K.

No new or closed sales.

LOTS

Nothing to report.

Florida’s Housing Market Continues Positive Trend in August

How Market Improvement Relates to Sanibel & Captiva Islands

City of Sanibel Cuts Property Taxes

Four Big Design Turn-Offs of Home Buyers

Florida AAA-Rated

Sanibel & Captiva Multiple Listing Service Activity September 14-21

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East End Happenings

West End Happenings

Florida’s Amendment 4

Vegetation Reminders

Sanibel Beach Parking Permits

Will the Presidential Election Affect Real Estate?

Patients at CROW

“Ding” Darling Days Coming Up

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

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Tropical Storm Isaac Will Cost Owners Less

Thursday Island Realtor Caravan Meeting

School Shell Collection Kits

Mariner Pointe New Seawall

Annual Street Resurfacing

Temporary Membership Available at The Sanctuary Golf Community

Sanibel and Captiva Multiple Listing Service Activity August 24-31

HAPPY LABOR DAY!

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Did You Know?

Sanibel & Captiva Islands Association of Realtors® Continuing Education

4 Strong Reasons to Buy a Home Now

Sanibel Summer Dining

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

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New Plantings at Lighthouse Beach Park

Lee County Commission Votes Against Tax Hike

FHFA Says Fannie, Freddie Will Not Reduce Mortgage Balances

More Sanibel Bike Path Work

Housing Market Lifts Off From the ‘Bottom’

New Fire Station Coming to Captiva

NAR Emailing 82 Million Americans

Sanibel & Captiva Islands Multiple Listing Service Activity July 27 – August 3

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Florida Voters

International Sales Continue to Climb in U.S. Market

Why Do Lenders Require More Documentation Than Before?

Sanibel & Captiva Islands Multiple Listing Service Activity June 8-15:

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Realtor® Fundraiser

‘Tween Waters Inn Joins National Register of Historic Places

County to Pay for Blind Pass Dredging Project

Florida Realtors® President in Spain With the Governor

NAR President Kicks-off 5-Year Flood Insurance Coalition Push

Flood Insurance Moves in Congress

Citizens’ Hurricane Mitigation Inspections Pick Up

Florida’s Housing Market Continues Positive Signs in April 2012

Sanibel & Captiva Multiple Listing Service Activity May 18-25:

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Family-Friendly Destination

Florida in Top Five for Home Price Appreciation

Sanibel & Captiva Multiple Listing Service Activity May 4-11

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No Realtor® Caravan This Week

Visit CROW’s New Visitor Center

Is Florida’s Shadow Inventory a Rebound Threat?

Update on Citizens (Wind) Property Insurance

Sanibel & Captiva Multiple Listing Service Activity April 27- May 4

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