Sanibel & Captiva Islands Water Looking Mighty Fine

Posted on September 16, 2016 by SanibelSusan

SanibelSusan here with another Friday update. It is still pretty quiet on Sanibel and Captiva Islands. Mostly nice weather though, with visitors enjoying that there is no traffic and loving the stunning summer sunsets and shelling, which continued to be fabulous all week.

Sanibel & Captiva Islands Association of Realtors®

Yesterday was the Sanibel/Captiva Association of Realtors® September Monthly Membership Meeting. Turn-out was a little better than last month, but attendance still light. Realtors® are cramming in their vacations before the snowbirds arrive.

big-arts-loto Meeting speakers included BIG ARTS Executive Director, Lee Ellen Harder, who provided an update on their upcoming offerings for the fall/winter season. Ticket sales have already begun and they have a new web site with more info (www.BIGARTS.org).

During the Caravan section of the meeting, I was happy to announce our new listing at Pointe Santo, two price reductions (at Mariner Pointe and Sunrise Circle), and our Loggerhead Cay Open House which followed the meeting. (First time that condo has been vacant on a Caravan day since the listing began.)

No new Sanibel or Captiva sales were announced. The Sanibel/Captiva Multiple Listing Service Activity since last Friday is posted below after a couple of other news items. (There was one sale, posted this morning.)

Sanibel 2016-2017 Budget Hearing

During last Saturday’s first budget hearing, Sanibel City Council unanimously approved a tentative budget for fiscal year 2016-17 of $62,468,100. The budget was prepared using the same millage rate as the current fiscal year which is 1.9139. Florida law requires that budgets be balanced. This budget compares to the 2015-2016 adopted budget of $56,039,603 and the amended budget of $66,905,637.

The tentative budget is based on Sanibel’s taxable property value for 2017 which has been preliminarily assessed $4.76 billion, which is 5.48% higher than fiscal 2016. The budget includes $1.625 million in causeway tolls from Lee County, a number consistent with bridge traffic in 2016. The budget assumes that about $5.8 million of General Fund reserves will not be spent by the end of the fiscal year and will be rolled forward to the new budget’s beginning balance. Sanibel City continues to reduce its debt, through annual debt service payments and refinancing at favorable interest rates. City-wide debt has been reduced from $79.1 million in 2006 to $40.6 million as of 2015.

Following the budget meeting, the City Council reconvened for its regular monthly meeting…The council passed two ordinances raising fees across the board at the Recreation Center. The rate increases are modest. The daily resident individual fee goes from $5 to $6 and the daily resident family fee raises from $7 to $8. The weekly resident individual fee goes from $23 to $24 and the weekly resident family fee raises from $35 to $37.

Saturday’s budget meeting was required by law, as is the second and final budget hearing which will be at 5:01 p.m. Wednesday, Sept. 21, at City Hall.

A Step in the Right Direction

According to yesterday’s “News-Press”:

“The U.S. Senate today approved legislation authorizing the Army Corps of Engineers to move forward on a major $1.9 billion Everglades-restoration project.

“The Central Everglades Planning Project, which was included in a broader water resources bill that the Senate approved today by a vote of 95-3, is a nearly $2 billion series of engineering projects designed to reduce the need for harmful discharges from Lake Okeechobee by sending more water south into the Everglades instead of east and west into the St. Lucie and Caloosahatchee rivers.

“U.S. Sen. Bill Nelson (D-FL), a long-time supporter of Everglades-restoration projects who pushed to get the project included in this year’s water bill, hailed today’s vote as a major step toward restoring the Everglades.

“This is a big win for Florida,” Nelson said. “We’ve seen firsthand the effect these toxic discharges can have on Florida’s waterways and the local communities that depend on them. Getting this project approved is a significant step forward in our ongoing efforts to restore the Everglades and provide folks some much needed relief.”

“The bill now heads to the House for consideration.”

(If you are wondering what the water here looks like now, check out these photos borrowed from Facebook’s “Beautiful Sanibel page”. The waters surround the islands have been beautiful all week.)

09-15-16-beach-pix

Coastal Cleanup Tomorrow

Tomorrow, Sept 17, SCCF (Sanibel-Captiva Conservation Foundation) is hosting participation in the 30^th Annual International Coastal Cleanup. If you are here and haven’t already signed up, just go to SCCF (3333 Sanibel-Captiva Rd) between 9 a.m. and noon to get your data cards and trash bags. Lunch and snacks will be provided on the SCCF Nature Center Porch from 10 a.m. until noon, along with a dumpster to dispose of the trash. (Please bring your own water and gloves to reduce use of plastic.)

National Public Lands Day, Next Saturday

Next Saturday, Sep 24, J.N. “Ding” Darling National Wildlife Refuge will celebrate with free admission to Wildlife Drive all day 7 a.m. to 7 p.m. and special activities from 10 a.m. to 2 p.m.

10 a.m. Caravan Tour – The first 14 people gathered at the flagpole can ride in the minibus, all others will follow in cars along Wildlife Drive. The one-hour naturalist-led tour will focus on the importance of the mangrove estuary ecosystem.
11:30 a.m. Indigo Trail Walk – Join a ranger on a one-hour hike along Indigo Trail to the Wildlife Education Boardwalk, approximately 3/4 miles. Meet at the flagpole.
1 p.m. Kodiak National Wildlife Refuge Talk – Meet Ranger Kari from Kodiak, Alaska, for a 30-minute presentation about the refuge’s public uses and wildlife. Meet in the Visitor & Education Center.
2 p.m. Family Story & Craft – Meet in the Visitor & Education Center classroom for a fun, educational story and take-home conservation craft (30 minutes).

Sanibel & Captiva Islands Multiple Listing Service Activity September 9 – 16, 2016

Sanibel

CONDOS

2 new listings: Pointe Santo #C34 1/1 $599K (our listing), Pointe Santo #B23 2/2 $849K.

Take from balcony of Pointe Santo C34

4 price changes: Tennisplace #C21 2/1.5 now $375,555; Mariner Pointe #943 2/2.5 now $595K; Loggerhead Cay #211 2/2 now $599K; Cottage Colony West #136 1/1 now $624.9K (our listing).

1 new sale: Mariner Pointe #813 2/2 listed at $449K.

2 closed sales: Ibis at The Sanctuary #302 2/2 $460K, Villa Sanibel #1B 2/2 $535K.

HOMES

3 new listings: 1212 Par View Dr 2/2 $649K, 174 Southwinds Dr 2/2 half-duplex $699K, 1552 San Carlos Bay Dr 4/5.5 $2.95M.

3 price changes: 9292 Belding Dr 3/2.5 now $399K, 598 Kinzie Island Ct 3/3.5 now $1.699M, 4190 Dingman Dr 4/3.5 now $2.375M.

No new sales.

3 closed sales: 421 Lake Murex Cir 3/2 $800K, 923 S Yachtsman Dr 3/2 $849K, 4440 Waters Edge Ln 3/3 $1.29M.

LOTS

1 new listing: 776 Birdie View Pt $495K.

1 price change: 2626 Coconut Dr now $279K.

No new or closed sales.

Captiva

CONDOS

1 new listing: Lands End Village #1660 3/3 $1.625M.

1 price change: Tennis Villas #3111 1/1 now $244K.

No new or closed sales.

HOMES

No new listings.

1 price change: 31 Urchin Ct 3/3 now $960K.

No new or closed sales.

LOTS

Nothing to report.

(This representation is based, in whole, or in part, on data supplied by the Sanibel & Captiva Islands Association of Realtors® or its Multiple Listing Service. Neither the association nor its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or its MLS may not reflect all real estate activity in the market. The information provided represents general real estate activity in the community and does not imply that SanibelSusan Realty Associates is participating or participated in these transactions.)

Until next Friday, wishing you stunning summer sunsets & clear water too!

Susan Andrews, aka SanibelSusan

Island Shelling Bonanza for Labor Day

Posted on September 2, 2016 by SanibelSusan

Sanibel Lighthouse beach yesterday 9/1/2016, photo by Andy Johnson, Sanibel Surveys

It is SanibelSusan reporting that all is well on Sanibel. The islands did not have much sunshine this week. It tried to peek out a little mid-morning, but this afternoon just brought another heavy rain band from Hermine. We certainly are thankful that tropical storm passed by yesterday with just a few showers, wind, and a little high water, before it developed into Florida’s first hurricane in 11 years.

Early today, it swept ashore near Tallahassee and may cause havoc over the few days as it heads through Georgia, the Carolinas, and the eastern seaboard. Certainly not what many want for their last holiday weekend of the summer.

Photo of some found after the storm, photo by Pam Rambo, http://www.iLoveShelling.com

Though Hermine missed the islands, we knew she was out there as high tide about midday yesterday pushed water up over many docks and seawalls. High water washed over many sea turtle nests too.

Later, much of the island was without power briefly in the afternoon and then local TV stations were on the causeway late day filming the waves crashing across the bridge barriers. Really much to do about nothing. The locals are ready for some great shelling once the waves subside.

Holiday occupancy this weekend could be hit or miss with many properties now vacant after getting cancellations. Most flights in and out of the regional airport were posted as on time this morning, but interstate highway travel probably is hampered since north-south I-75 and east-west I-10 were in the cross-hairs of the storm.

Though it dropped a lot of rain on Florida, the storm’s path also spared Lake Okeechobee so should not result in increased water releases down the Caloosahatchee River. Sanibel Natural Resources director, James Evans, was quoted midweek as saying that “flows from the lake have actually decreased this week.” That’s what we like to hear!

The action posted this week in the Sanibel & Captiva Multiple Listing Service follows a few news items below. With September always the “slow” month on the island, it is a good time to preview property, sooo if you are thinking of buying, now is the time to look

Bailey-Matthews National Shell Museum

bailey-mathews shell museum sign The Shell Museum is starting an ambassador program which will train volunteers to be educational guides on Sanibel’s beaches. These trained volunteers will be on the beaches, wearing “ambassador” shirts, answering questions and training visitors about the ecosystem and Florida shelling laws. Training will start in October, call the museum for more info (239-395-2233 or 888-679-6450).

Inaugural Sanibel Jazz & Blues Festival

Sponsored by the Sanibel/Captiva Optimist Club, the first Sanibel Jazz & Blues Festival is planned at the Bailey’s Shopping Center on November 6 from 1 to 7:30 p.m. Proceeds to benefit college scholarships.

Headliners include: Matt Schofield, blues guitarist & singer from England; JP Soars & the Red Hots; and the local favorite Marty Stokes Band.

“Ding” Darling Wildlife Society – Friends of the Refuge New Web Site

Check it out at www.dingdarlingsociety.org

Closings/Openings/Moves

The new Doc Ford’s opening 9/9/16.

Doc Ford’s – It’s finally happening! The Doc Ford’s on Rabbit Road will serve its last meals over the holiday weekend (on Monday Labor Day night), then it’s on to their new flagship location at the corner of Island Inn and Tarpon Bay Road across the street from Bailey’s Shopping Center. I had my last lunch at their old location today where they are excited, but sad to be saying goodbye. They will have an “open house” at their new building on Thursday, September 8, from 5 to 7 p.m., then the new restaurant will open officially next Friday, September 9. The menu at their new location will be the same. One of the biggest differences at the new facility is the size of the kitchen which is twice as big. The new restaurant is ~7,600 sq. ft. and seats about 225, similar to their old, but the new restaurant is all under one roof. The interior was built with mostly reclaimed materials. The wood is reclaimed and the lighting fixtures were taken from vintage boats and refurbished. http://www.DocFords.com
Ickle Pickle Children’s Boutique – has moved to Palm Ridge Plaza (across from CVS). www.ickle-pickle.com
MacIntosh Books & Paper – also has relocated to 2330 Palm Ridge Road, www.macintoshbooks.com

South Florida Housing

According to a S&P CoreLogic Case-Shiller index released this week, South Florida (Palm Beach, Broward, and Miami-Dade counties) outperformed most of the nation with a 6.9% annual increase in home prices (in June).

CoreLogic Case-Shiller indexes cover states, counties, metros and ZIP codes across the US and help securities investors, mortgage banks, servicing operations, and government agencies make property valuations, assess and manage risk, mitigate losses, and control appraisal quality.

The growth in prices ranked these counties on Florida’s west coast beaches sixth among 20 metro areas nationwide. Portland, OR., led all areas with a 12.6% price gain, followed by Seattle (11%) and Denver (9.2%).

Dallas, at 8.9%, and Tampa, at 7.9%, were the only other markets with higher price increases than South Florida in June. The national average was 5.1%.

David M. Blitzer, chairman of the index committee for S&P, said that the housing market overall remains healthy, driven in part by a limited supply of homes for sale. “Nationally, home prices have risen at a consistent 4.8% annual pace over the last two years without showing any signs of slowing,” he said.

Housing analysts consider the index one of the best barometers of home prices. It measures the price of the same house over time, though the index trails local Realtor® association figures.

According to an article Wednesday in Fort Lauderdale’s “Sun Sentinel”, “South Florida Realtor® boards released reports last week for July showing annual price increases among single-family homes in all three counties despite declines in sales. Some agents say buyers are holding off because sellers aren’t pricing properties to market value.”

Sanibel & Captiva Islands Multiple Listing Service Activity August 26-September 2, 2016

Sanibel

CONDOS

5 new listings: Mariner Pointe 2/2 #522 $495K (our listing), Mariner Pointe #733 2/2 $519K, Mariner Pointe #533 2/2 $529K, Blind Pass #B203 3/2 $575K, Sundial East #L401 2/2 $749K.

View from Mariner Pointe #522

1 price change: Tanglewood #1A 3/2 now $1.1345M.

2 new sales: Loggerhead Cay #462 2/2 listed at $539K, Surfside 12 #B3 3/2 listed at $1.124M.

2 closed sales: Island Beach Club #210B 2/2 $584.15K, Sundial West #A203 1/1 $700K.

HOMES

2 new listings: 1040 Sand Castle Rd 3/2 $639K, 5125 Joewood Dr 3/4 $2.595M.

2 price changes: 5240 Caloosa End Ln 3/3 now $999.9K, 2118 Starfish Ln 4/5 now $1.849M.

No new sales.

5 closed sales: 1635 Sand Castle Rd 3/2.5 $435K, 975 Sand Castle Rd 3/2.5 $706K, 823 Limpet Dr 3/2/2 $1.18M, 2251 Starfish Ln 4/3.5 $1.189M, 4257 West Gulf Dr 4/4.5 $4.225M.

LOTS

No new listings or price changes.

1 new sale: 1837 Buckthorn Ln now $439.9K.

No closed sales.

Captiva

CONDOS

No new listings or price changes.

1 new sale: Marina Villas #807 2/2 listed at $670K.

No closed sales.

HOMES

2 new listings: 11535 Chapin Ln 4/4 $1.549M, 15133 Captiva Dr 3/3 $3.295M.

No price changes, new, or closed sales.

LOTS

Nothing to report.

Until next Friday, wishing you a wonderful holiday weekend! Susan Andrews, aka SanibelSusan

Happy 100 Years Florida Realtors!

Posted on August 26, 2016 by SanibelSusan

SanibelSusan here with some scoop from the Florida Realtors 100th Anniversary Celebration & Annual Meetings in Orlando.

After some news, Elise, our SanibelSusan Team Listing Coordinator has added the action posted since last Friday in the Sanibel & Captiva Islands Multiple Listing Service.
Teammate Dave is out in the field this afternoon, opening a listing for a viewing and then continuing to work with some prospects who started their home search with one of our listings yesterday. As our Closing Coodinator, he says all is on track this week with the progress on our sales in process. It sure works having a flexible well-versed team.

It was a week of activity during what is usually a quiet time on the islands.

Florida Realtors 2016 Convention & Trade Expo

With some pals from the Sanibel & Captiva Islands Assoc at last night’s concert featuring Party on the Moon

I participated in the Realtor-Attorney Joint Committee meeting this morning. There are changes coming for the 2017 FloridaRealtors/FloridaBar contract, mostly related to financing contingencies and when deposits go “hard”. Changes in Federal banking regulations have made this process more cumbersome, but Florida has made great strides in improving their contracts. I have seen a lot of good changes during my 18 years attending these meetings. Another takeaway is that so far this year, the “as is” contract, which allows a buyer to walk away, has been used more than 80% of the time. We see that contract used more in our area too.

Event co-chairs Nancy & Deborah with Jay Leno!

The General Session Keynote speaker today was Jay Leno. If possible, I think he is funnier in person. Entertained us for a solid hour plus just talking off the cuff. He ended by giving special recognition to the many charities in Florida that provide housing assistance. Offered a tour any time of his 250+vehicle auto collection in LA to the highest bidder, with the proceeds to these charities. When the bidding got up to $5K, he offered the same to anyone else at the same price. They had already raised $30K when I left the ballroom. Thank you, Jay Leno!
Tomorrow are Professional Standards Forum, Resort & 2nd Home Specialists Forum, and our District meetings in preparation for the Board of Directors meeting on Sunday morning.
Thanks to technology, we convention attendees also have an eye on the weather. Looks like the tropical disturbance between Cuba and the Bahamas has broken up some and is only going to bring rain to Southwest Florida, but conditions are right for redevelopment, so I will continue to follow it. Many of us will be driving home on Sunday so hope for good conditions.

Paul McCarthy – Captiva Cruises

We were sadden this week to hear of the sudden passing of Captiva Cruises’s founder and island icon, Paul McCarthy. He instilled a desire to do more for the community in many, so his spirit lives on. His support toward furthering the education of island Realtors was quiet, but always appreciated. RIP, Paul.

Island Happening & Upcoming Events

Dunes Golf & Tennis Club – Recently reopened after a major summer renovation of the greens and bunkers. They are offering a $40 introductory rate for tee times until September 5.

BIG Arts Community Chorus – The music for fall/winter performances is in our singers hands – though it’s a little odd singing Christmas carols and Hanukkah songs in August. Dates for upcoming events are posted under the above “Upcoming Island Events” tab.

Sanibel & Captiva Multiple Listing Service Activity August 19-26, 2016

Sanibel
CONDOS
No new listings or price changes.
3 new sales: Sandpebble #3D 2/2 listed at $449.9K, Gulfside Place #115 2/2 listed at $1.595M, Somerset #A302 3/2.5 listed at $1.951M.
4 closed sales: Colonnades #C8 1/1 $218.5K, Lighthouse Point #122 2/2 $470K, Sanibel Arms West #H1 2/2 $510K, Oceans Reach #1A1 2/2 $915K.

HOMES
3 new listings: 976 Sand Castle Rd 3/3 half-duplex $495K, 2142 Egret Cir 3/2 $499K, 5657 SanibelCaptiva Rd 3/2 $1.295M.
4 price changes: 5749 Pine Tree Dr 3/3 now $649K, 1429 Jamiaca Dr 3/3 now $749K, 931 S Yachtsman Dr 4/3.5 now $870K, 918 Lindgren Blvd 3/3.5 now $1.295M.
No new sales.
2 closed sales: 2115 Sunset Cir 3/2 $433K, 1520 Angel Dr 4/3/2 $1.15M.

LOTS
No new listings.
1 price change: 1311 Par View Dr now $299K.
No new or closed sales.

Captiva
CONDOS
1 new listing: Bayside Villas #5240 1/2 $327K.
1 price change: Gulf Beach Villas #2004 2/2 now $619K.
No new or closed sales.

HOMES
1 new listing: 16525 Captiva Dr 8/8 $4.2M.
No price changes.
1 new sale: 16167 Captiva Dr 4/3 listed at $1.795M.
1 closed sale: 11530 Paige Ct 4/5.5 $3.299M.

LOTS
Nothing to report.

Until next Friday…wishing good weather & clearing sailing to all…Susan Andrews, aka SanibelSusan

Amazing Island Sunsets & Real Estate on Sanibel & Captiva

Posted on August 19, 2016 by SanibelSusan

It is SusanSusan reporting that all is well on sunny Sanibel and Captiva, where a few afternoon and evening showers cropped up this week – pretty typical for August – and resulting in some fabulous sunsets!

2016-08-15 sunset

Yesterday was the Sanibel/Captiva Association of Realtors® monthly membership meeting. More about that below, plus a few other news items followed by the other action posted in the Sanibel & Captiva Islands Multiple Listing Service this week. (It’s not much. The only Sanibel condo sale was a SanibelSusan listing!)

August Membership Meeting Sanibel & Captiva Islands Association of Realtors®

Yesterday at the Realtors® August Breakfast Membership Meeting attendance improved, but was not back to “standing room only” like we see “in season.” With two sales, a new listing, and a price reduction to announce, I felt like I was hogging the mike, but happy to spread the word to colleagues.

FIRPTA Update

The topic discussed during the professional development segment of the meeting was FIRPTA. Speakers were affiliate members Carol McCarley of Nowack & Company (CPAs) (www.NowackMitchellCPA.com) and Julie LePore with FIRPTA Solutions. Below are a few takeaways, but be sure and contact an expert if you have questions.

Sale of U.S. real estate by a foreign person is subject to the FIRPTA (Foreign Investment in Real Property Tax Act of 1980) which authorized the U.S. to tax those individuals.

Buyers purchasing U.S. real estate from foreign persons, certain buyers’ agents, and settlement officers are required to withhold 15% of the amount realized on the sale. (That amount was 10% before February 17, 2016.)

The important thing to note here is that the buyer is responsible for this withholding. That is why during closings, one of the many documents processed is a certificate of non-foreign status. This document is to protect the buyer from liability for the IRS withholding tax which applies if the seller is a foreign person. If the seller is a U.S. citizen or a U.S. resident, FIRPTA does not apply.

If the Seller is not a U.S. citizen or resident, then the buyer is required to withhold 15% of the sale price at the closing. (Here, title companies assist with that.)

Although the taxable gain from the sale is earned by and taxable to the foreign seller, the buyer is held liable for the tax if it is not paid – likely because the seller could be “long gone”.

If the seller is not a U.S. citizen/resident, the next questions are: Does the buyer have plans to use the property as his residence (to reside at the property for at least 50% of the number of days the property is used by anyone during each of the first two 12-month periods following the date of transfer) AND is the sale price less than $300,000? If a buyer answers “yes” to both of these questions, then the transaction is exempt from withholding.

But, if the sales price is more than $300,000 and the seller is a foreign person, then withholding is necessary.

Since it is the buyer, not the seller, who is obligated for withholding and the reporting required by FIRPTA, unless the transaction is exempt from withholding, the buyer must report the sale to the IRS, and pay the required tax withholding, by the 20th day after the closing date or date of transfer. This deadline is extended to the 20th day after the IRS accepts or denies a legitimate application for a “withholding certificate” if the application is filed on or before the transfer date.

In order to complete the appropriate reporting forms or apply for a withholding certificate the foreign person must have a tax identification number (ITIN). We always recommend that if a foreign seller does not already file U.S. taxes and have a tax identification number, they immediately apply for a number when their property is listed for sale.

After receiving that number and prior to the sale, a seller also may apply for a IRS withholding certification to reduce or eliminate the required amount of the withholding. (The IRS is required to act on a request for a withholding certificate within 90 days of receipt of the application.) Once a withholding certificate is granted, the 15% (amount withheld in escrow at closing) may be released to the seller.

The IRS generally grants withholding certificates (so no withholding is required) if 15% of the sale proceeds exceeds the seller’s maximum tax liability.

When in doubt, please consult a tax professional and do it early!

Right of First Refusal vs. Kick Out Clause

Since this same subject just came up with one of our listings, it was timely to see the below article posted on line Tuesday by Florida Realtors® Margy Grant. Friend and fellow New Englander, Margy is Vice President and General Counsel for Florida Realtors®. As she describes a “first refusal” and a “kick-out clause” are very different:

“Given the number of questions we field on the Florida Realtors Legal Hotline about the terms “right of first refusal” and “kick out clause,” it seems time to clear up the confusion. They are often used interchangeably in real estate transactions despite the fact that “right of first refusal” and “kick out clause” are unrelated legal concepts.

“The right of first refusal is a right in a contract that requires a seller to give a third party the chance to match the offer that a buyer has made to buy a piece of property. You often find this provision in Florida condominium governing documents. They give owners in a particular condominium association specific right to purchase units before they are sold to a buyer outside the complex. The right is only triggered after the seller gets an offer on the property, and then usually anyone in the complex who can match the offer may step into the shoes of the buyer who has signed a purchase agreement. The transaction then moves forward with the new buyer. You may also find rights of first refusals in commercial transactions, leases and other residential real estate agreements.

“Kick out clauses are usually reserved for residential real estate transactions. They are designed to provide more protection to a seller if the seller grants a contingency that allows a buyer to cancel the contract if the contingency is not met. Most often a kick out clause is found in an addendum to the contract and addresses the financing contingency or a contingency on the sale of the buyer’s other property. Florida Realtors provides this addendum in the forms library as Rider X of the CR-4 entitled “Kick Out Clause.”

“If this addendum is included in the purchase contract, and the seller opts to enter into a back-up contract, the seller must provide the first buyer with copies of the contract, removing the identity of the other buyer and purchase price. The first buyer then must make an additional deposit of an agreed amount and waive any financing or sale of property contingencies (other contingencies may survive.) If the buyer fails to make an additional deposit or waive the contingencies, then the first purchase contract is terminated, all deposits are refunded to the first buyer and the seller may sell the property to the second buyer.

“If your client is interested in adding a kick out clause, make sure you meet all requirements in the addendum. Also, make sure that if buyer number one does not perform, the back-up contract is successfully converted into a binding agreement. Florida Realtors provides an addendum called the Rider W of the CR-4 entitled “Back-Up Contract” for this purpose.

“We do not recommend sellers sign a second purchase contract unless they are confident they did not accidentally sell the property to two buyers. Without the right addendum, a seller could face damages from one or both buyers. No matter how attractive a second purchase contract is, the seller must first meet the obligations in the first contract.

“Realtors play essential roles in both of these scenarios but should not attempt to counsel buyers and sellers on legal outcomes. In the event of confusion or a dispute, you should advise your sellers and buyers to consult legal counsel.”

“Smart” Home

REALTOR-Magazine_Logo_ July-August 2016, “Realtor®” magazine made some excellent points on “smart” technology as it relates to selling homes. Here is a good tidbit:

“What is a smart home? The term “smart house” was coined in the 1980’s by the National Association of Home Builders to refer to a home with integrated telephones, lighting, audio, and security. Such systems required special wiring and typically cost tens of thousands of dollars. But the concept has evolved with the proliferation of inexpensive devices than can be operated via smartphone and can make data accessible online. In May, Coldwell Banker Real Estate LLC joined forces with consumer technology news source CNet to define a smart home as “equipped with network-connected products…connected via Wi-Fi, Bluetooth, or similar protocols for controlling, automating, and optimizing functions” of the home. Their definition stipulates that the home has internet access, a smart security or temperature system, and at least two other smart features, such as appliances, entertainment devices, heating or cooling equipment, lighting, landscaping elements, air quality monitors, or thermostats.”

Island Renovations & Closings

August and September are often when many island communities, complexes, and businesses do their big maintenance projects or updates. Sometimes that also is when restaurants take an annual breather too – with staff vacations. Here are a few:

Bleu Rendez-Vous French Bistro – is ready to take their summer break. They close beginning August 21 and will reopen for “season” on October 6. www.bleurendezvous.com/

Traders Gulf Coast Grill & Gifts (note their new name) – will take their annual break beginning September 3, reopening October 3 when the Bailey-Matthews National Shell Museum hosts its annual fundraiser, Celebrity Island Dinner. www.tradersgulfcoast-hub.com & www.shellmuseum.org.

The Community House (Sanibel Community Association) – new roof trusses have been going up all week at The Community House. Construction ongoing until early December.

Sand Pointe – all balconies are being restored now. Work is expected to be completed by October 28.

Sandpebble – replacement of the piping in the vertical stacks going to units is scheduled for late September.

Sanibel Moorings – balcony restorations are underway in Buildings 6, 8, and 9. Work is expected to be completed by the end of September. www.SanibelMoorings.com

Sanibel & Captiva Islands Multiple Listing Service Activity August 12-19, 2016

Sanibel

CONDOS

2 new listings: Tennisplace #A35 2/1.5 $319K, Loggerhead Cay #452 2/2 $549K.

No price changes.

1 new sale: Sanibel Moorings #822 2/2 listed at $449K (our listing).

No closed sales.

HOMES

2 new listings: 545 Piedmont Rd 3/2 $695K, 3869 West Gulf Dr 6/7/2 $8.975M.

2 price changes: 998 Beach Rd 3/3 now $899.9K, 526 N Yachtsman Dr 3/2 now $995K.

2 new sales: 1439 Albatross Rd 3/2 listed at $499,994; 1390 Middle Gulf Dr 3/3 listed at $529K.

2 closed sales: 760 Windlass Way 3/3 $924K, 1230 Bay Dr 3/3 $1.38M.

LOTS

2 new listings: 9441 Peaceful Dr $299K (our listing), 976 Whelk Dr $759K.

No price changes, new, or closed sales.

Captiva

CONDOS

No new listings or price changes.

2 new sales: 16163 Captiva Dr 3/2 listed at $2.695M, 1135 Longifolia Ct 4/4.5 listed at $3.995M.

1 closed sale: Captiva Bay Villas #B 3/3.5 $1.705M.

HOMES

1 new listing: 11521 Andy Rosse Ln 7/7.5 $2.999M.

No price changes or new sales.

2 closed sales: 57 Sandpiper Ct 2/2 $830K, 16790 Captiva Dr 5/5 multi-family $5M.

LOTS

Nothing to report.

Until next Friday, here’s hoping you see lots of pretty sunsets too!

P.S. & don’t forget to call me if you are thinking of buying/selling real estate on Sanibel or Captiva Islands. Thank you!

Susan Andrews, aka SanibelSusan

2016-08-15 Captiva Sunset

TGIF from sea

Posted on July 22, 2016 by SanibelSusan

Thanks to SanibelSusan teammates, Elise & Dave, this Friday Update is coming to you from Haiti where I am enjoying the final days of of a Caribbean cruise while they & Lisa have handled things in the office & at home.

Here is a picture of my view in Labadee where it is a breezy 84 degrees as I pen this at 4:30 p.m.

Dave & Elise say it has been a quiet week on Sanibel as far as showing requests and inquiries about our listings, but they have been busy finishing up our 8000-piece newsletter mailing. If you’d like a copy, let us know.

They offer the following news items & then the Sanibel Captiva MLS activity since last Friday.

But first since I know Sanibel photos are your favorite, here are some taken by our friend Scott who had a busy day on Monday with some Pelicans! (You saved me again, Scott.)

Clear Your Gear Stations

As reported in the Island Sun this week, last week a volunteer representing the Monofilament Busters conservation group oversaw the installation of five new monofilament fishing line recycling stations completed by the City of Sanibel’s Department of Public Works, expanding the scope of the three-year-old Clear Your Gear Campaign. Clear Your Gear is a collaborative effort among Sanibel & Captiva conservation organizations aiming to reduce the amount of monofilament line and fishing gear left in our environment, which is often detrimental to wildlife. New locations are: Bowman’s Beach main beach access, Bowman’s beach kayak launch, Clam Bayou box culvert, Blind Pass, City Boat Ramp.

Shells Needed For Museum Crafts

The Bailey-Matthews National Shell Museum needs shells. The daily Shell Crafting is so popular that the museum is running low. Shells do not need to be perfect and can be from any Southwest Florida beach. They do need to be clean and they must not be what the museum calls “live collected”. In other words they only want shells that are empty when found. The types of shells the program prefers are: lightning whelks under three inches long, paper figs, tulips, rose petal telins, buttercup lucins, apple murexes, paired cockles, dosinias, coquinas, large scallops, kitten paws, turkey wings and button snails. Shell Crafting classes are offered every afternoon in the museum’s auditorium. Classes are free with paid museum admission. Donations accepted at 3075 SanibelCaptiva Rd.

Sanibel & Captiva Multiple Listing Service Activity July 15-22, 2016

Sanibel
CONDOS
2 new listings: Blind Pass #B207 2/2.5 $515K, Sanibel Arms West #M3 2/2 $547.5K.
2 price changes: Mariner Pointe #712 2/2.5 now $525K, Moonshadows #2C 3/3 now $1.897M.
2 new sales: Lighthouse Point #122 2/2 listed at $499K, Sundial West #A205 2/2 listed at $829K.
No closed sales.

HOMES
2 new listings: 9209 Kincaid Ct 3/2 $499K, 533 Rabbit Rd 3/2 $548K (our listing).

Our new listing at 533 Rabbit Road

2 price changes: 918 Lindgren Blvd 3/3.5 now $1.325M, 598 Kinzie Island Cct 3/3.5 now $1.785M.
3 new sales: 421 Lake Murex Cir 3/2 listed at $829K, 739 Pyrula Ave 3/3 listed at $1.245M, 6491 SanibelCaptiva Rd 2/2 listed at $1.795M.
2 closed sales: 2150 Egret Cir 3/2 $479K, 1702 Sand Pebble Way 3/2.5 $500K.

LOTS
1 new listing: 9232 Dimmick Dr $212,555.
No price change or new sales.
1 closed listing: 6217 Starling Way $1.159M.

Captiva
CONDOS
No new listings, price changes, or new sales.
1 closed listing: Tennis Villas #3231 2/2 $395K.

HOMES & LOTS
Nothing to report.

Until, next Friday, I borrowed another photo from Scott! Even at sea, we don’t see sunsets like on Sanibel. This was Wednesday night Tarpon Bay side! Thank you, Scott!

TGIF, Susan Andrews, aka SanibelSusan

Sanibel Summer & Ospreys, oh my…

Posted on July 15, 2016 by SanibelSusan

It is Susan reporting that it has been another “quiet” week on the islands. No Association of Realtors® caravan meeting yesterday, but the activity in the Sanibel & Captiva Islands Multiple Listing Service over the last seven days follows a few news items below.

First a few photos from our friend, Scott, who shares his pictures with us – for the blog. These ospreys love his dock! Thank you, Scott!

Sea Turtle Nests Break Record on East Sanibel

kemp turtle Following up on last week’s post about sea turtles, SCCF’s (Sanibel-Captiva Conservation Foundation) blog on Wed, July 13, posted the following:

“Today SCCF’s Sea Turtle Program confirmed that Sanibel’s East End has broken the record for nest numbers since we began recording. We officially have 122 loggerhead nests on the East End.

“2015 was the previous record holder with 120 nests. Prior to that, the average for nests on the East end was 38 per year! We are having an excellent season!

“Here’s how you can ensure all those nests, hatchlings, and momma’s stay safe:

Respect all staked nests.
Turn off all lights – Nesting females and hatchlings primarily emerge after dark so remember to turn off all lights. Sea turtles use the brightest horizon to navigate towards the water. Any artificial lighting will cause confusion and steer turtles in the wrong direction. This includes beachfront lighting, flash lights, flash photography, and even iPhones.
Remove all beach furniture and toys – Clear everything off the beach from 9 p.m. – 7 a.m. Obstacles on the beach can cause nesting females and hatchlings to become entangled.
Fill in all holes on the beach – if you dug a hole on the beach please fill it in. Nesting females and hatchlings can fall into holes, causing them to be vulnerable to predators.
Never approach a nesting sea turtle – if approached the sea turtle will likely abandon her nesting attempt

sea-turtle-eggs “Loggerhead Sea Turtle Facts

Loggerheads are one of seven species of sea turtles in the world
Nesting/hatching season occurs from April 15 through October 31
Adult loggerheads can grow to more than 3-feet long and weight 200 to 350 lbs
A female loggerhead may nest around 3-6 times per season
Each nest contains 100 or more leathery ping-pong ball sized eggs
Incubation takes about 55 to 65 days depending on sand temperature
It may take 30 years or more for loggerhead hatchlings to reach maturity.”

2016 Profile of International Activity in U.S. Residential Real Estate

The National Association of Realtors® (NAR) just issued the results of the annual survey by their Research Division which measures the share of U.S. residential real estate sales to international clients. The report divides those international or foreign clients into two types:

Non-resident foreigners who are non-U.S. citizens with permanent residences outside the U.S. They typically purchase for investment, vacations, or other visits of less than six months.
Resident foreigners who also are non-U.S. citizens, but are recent immigrants (or in the country for less than two years) or temporary visa-holders residing for more than six months for professional, educational, or other reasons.

The report contains some interesting information. Here are a few excerpts:

“Amid slower economic growth in many countries and the strengthening of the U.S. dollar, fewer non-resident foreigners purchased U.S. residential properties while resident foreigners stepped up their purchases. Meanwhile more U.S. domestic clients searched for properties abroad…
Foreign buyers purchase $102.6 billion of residential property from April 2015 – March 2016, a decrease from $103.9 billion in the previous 12-month period…
Non-resident foreigners accounted for 41% of foreign buyers while resident foreigners made up 59%. In past years, the number of foreign buyers was split almost evenly between resident and non-resident foreign buyers…
Foreign buyers typically purchase more expensive properties…
45% of foreign buyers who purchased residential property came from China ($27B), Canada ($8.9B), India ($6.1B), the United Kingdom ($5.5B), and Mexico ($4.8B)…
Non-resident foreign buyers made up the bulk of buyers from Canada and the United Kingdom while resident foreign buyers came from China, India, and Mexico…
Although foreigners purchased property nationwide, five states accounted for 51% of total residential property purchases: Florida (22%), California (15%), Texas (10%), Arizona (4%), and New York (4%)…
72% of non-resident foreigner buyers purchased the property as a vacation and/or residential rental property for investment while 21% of resident foreign buyers purchased the property for vacation and/or rental use…
50% of reported transactions were all cash…
Previous client contacts and referrals accounted for 47%….”
Florida and Arizona attracted buyers from Latin America, Europe, and Canada who tend to purchase properties in warm climates for vacation purposes…
The outlook for international real estate activity in the U.S. remains positive. The decline in the value of the British Pound following Brexit is likely to mean fewer buyers from the United Kingdom. However, businesses and foreign real estate investors may choose to stay away from the United Kingdom, and the United States could become an attractive alternative.”

Corps to Cut Back Lake O Releases

As reported on line yesterday (July 14) by the Sanibel-Captiva Conservation Foundation (SCCF):

“Some good news — the U.S. Army Corps of Engineers has granted the request made during this week’s Periodic Scientists Call to reduce flows from Lake Okeechobee to 2,800 cfs measured at the Franklin Lock from last week’s average 4,158 cfs. Flows to the St. Lucie will be reduced to 650 cfs. There should be some improvement in water clarity because of the reduction — but that would also require that rainfall not be heavy enough to increase the amount of runoff from the Caloosahatchee’s own watershed.

“SCCF participates in a weekly conference call with the Army Corps and South Florida Water Management District as part of a local stakeholders group, which also includes J.N. “Ding” Darling National Wildlife Refuge, the City of Sanibel, Lee County, the Town of Fort Myers Beach and the City of Cape Coral. As part of this process, the partners prepare a weekly Caloosahatchee Conditions Report. During this week’s call, stakeholders requested a slowdown on the lake releases.

You can find the reports on our website.”

In other SCCF news, their Natural Resource Policy Director Rae Ann Wessel spoke at a congressional hearing yesterday in DC on the water quality crisis in Southwest Florida and St. Lucie, Martin and Palm Beach counties on Florida’s east coast. In part, she said:

“We need to recognize this is a national issue requiring science that informs and directs public policies to protect the natural resources in our backyard,” Wessel testified. “This is an economic crisis as well as an environmental one, with 47,000 jobs in our $3 billion tourism industry at stake. We must act now to stop the harmful algal blooms that extend over 35 miles of the Caloosahatchee as we speak. We ask four things of Congress today. Bring greater science to bear in seeking solutions. Pass WRRDA (The Water Resources Reform and Development Act of 2016). Continue the Tamiami Trail bridging. Accelerate the implementation of the CERP (Comprehensive Everglades Restoration Plan) project to store water in the Everglades Agricultural Area (EAA) south of Lake Okeechobee. These four actions will provide the greatest impacts for resolving the water quality crisis on Florida’s two coasts.”

The Interagency Working Group hearing was the start of “Lagoon-Gulf Action Day” on Capitol Hill. Participating agencies included:

U.S. Environmental Protection Agency (EPA)

Centers for Disease Control and Prevention (CDC)

National Aeronautics and Space Administration (NASA)

United States Geological Survey (USGS)

National Oceanic and Atmospheric Administration (NOAA).

Sanibel & Captiva Islands Multiple Listing Service Activity July 8-15, 2016

Sanibel

CONDOS

No new listings.

3 price changes: Sanibel Arms #F2 1/1 now $515K, Sandpiper Beach #203 2/2 now $699K, Tanglewood #1A 3/2 now $1.1479M.

No new or closed sales.

HOMES

1 new listing: 4428 Waters Edge Ln 3/2.5 $1,299,999.

5 price changes: 1746 Windward Way 3/2 now $540K, 810 Elinor Way 3/2 now $649K, 519 Kinzie Island Ct 3/2.5 now $1.395M, 513 Lighthouse Way 3/3 now $1.929M, 1306 Seaspray Ln 3/4 now $3.895M.

3 new sales: 726 Cardium St 3/3 listed at $775K, 760 Windlass Way 3/3 now $979K, 2251 Starfish Ln 4/3.5 listed at $1.295M.

2 closed sales: 2407 Shop Rd 3/1 $330K, 1317 Eagle Run Dr 4/3.5 $1.075M.

LOTS

No new listings or price changes.

1 new sale: 1242 Anhinga Ln listed at $525K.

1 closed sale: 2988+2993 Wulfert Rd $799K.

Captiva

CONDOS

1 new listing: Bayside Villas #4214 1/2 $317.5K.

No price changes, new or closed sales.

HOMES & LOTS

Nothing to report.

Scott shared this sunset photo too! It’s a beauty!

Sunset 07-09-16

Thanks again, Scott ! Here’s hoping everyone’s weekend sunsets are beautiful too!

TGIF! Susan Andrews, aka SanibelSusan

Sanibel’s April Flowers Waiting for May Showers

Posted on April 22, 2016 by SanibelSusan

Hibiscus

The SanibelSusan Team continues to enjoy the island’s post-season limited traffic and wonderful weather. Our news this week is short due to a busy schedule in the office…showings…more showings…even more showings…lots of internet inquiries…and then a nice closing today.

Our weekly report of the activity posted over the last seven days in the Sanibel and Captiva Islands Multiple Listing Service follows the below article from Sunday’s edition of the “Santiva-Chronicle” about how Sanibel fared in the recent Florida legislative session.

Sanibel Saw Success in Florida’s Legislative Session

Sanibelcityseal logo “Sanibel came away from the recently concluded session of the Florida Legislature with flying colors, Dan DeLisi, the city’s legislative consultant, told the City Council at the council’s recent meeting on April 5.

The city received funding for two projects at the Donax Wastewater Reclamation Plant on the island and, along with the rest of Florida, made great strides on broader water quality issues involving the Everglades and Lake Okeechobee.

““You won’t see a city this size get money like this,” DeLisi told the council. He noted the projects first had to clear both houses and then dodge a gubernatorial veto. Projects like Sanibel’s usually get cut at some point, he said.

“DeLisi said State Sen. Lizbeth Benacquisto, R-Fort Myers, and State Rep. Ray Rodrigues, R-76 which includes Sanibel, did “the heavy lifting” with a big assist from State Rep. Matt Caldwell, R-79 which includes northern Lee County.

“Sanibel received $825,000 for the two projects at the Donax plant.

“Also of major significance to Sanibel were the legislature’s handling of the Legacy Florida bill and the Water Policy bill.

“A key part of the Legacy Florida bill is getting the Amendment 1 documentary stamp revenues appropriated in the right direction. The bill requires that $100 million be dedicated to funding the Comprehensive Everglades Restoration Plan.

““Segregating money for CERP helps to move forward with large construction contracts, specifically for the C-43 Reservoir, and provides a basis for our federal partners to consider how they meet their cost-share obligations through constructing other projects,” DeLisi said.

“The Water Quality Bill, which almost got through in the dysfunctional 2015 legislative session, did pass this time and addressed five major areas, among them water quality in the Lake Okeechobee watershed.

““Changes to how water quality in the Lake Okeechobee watershed will be enforced is the section that has the most impact on the City of Sanibel,” DeLisi said.

““It was an historic session,” he said. “They really got a lot done. We had tempered expectations and got historic results.””

Sanibel & Captiva Multiple Listing Service Activity April 15-22, 2016

Sanibel

CONDOS

3 new listings: Sundial West #I207 1/1 $315K, Pointe Santo #C36 2/2 $875K, Tamarind #A102 2/2 $1.695M.

4 price changes: Donax Village #14 2/2 now $529K, Kings Crown #208 2/2 now $799K, Pointe Santo #B25 2/2 now $799K, Atrium #201 3/3 now $1.595M.

4 new sales: White Caps South #5 1/1listed at $520K, Sealoft Village #106 2/2 listed at $599K, Bayview Village #2A 3/3 listed at $693K, Sanibel Seaview #A-1 3/3 listed at $1.199M.

5 closed sales: Compass Point #221 2/2 $585K (our listing), Sundial West #A305 2/2 $799K, Kimball Lodge #306 2/2 $800K, Shorewood #2 3/3 $1.195M, Sedgemoor #102 3/3.5 $2.4M.

HOMES

2 new listings: 1112 Olga Ave 6/2.5 multi-family $885K, 276 Ferry Landing Dr 3/3 $974.9K.

13 price changes: 9292 Belding Dr 3/2.5 now $439K, 1390 Middle Gulf Dr 3/3 half-duplex now $529K, 1410 Causey Ct 3/2 now $599K, 5279 Umbrella Pool Rd 3/2 now $648K, 4648 Buck Key Rd 3/2 now $649K, 1487 Sand Castle Rd 3/2.5 now $799K, 1321 Par View Dr 3/2.5 now $875K, 792 Birdie View Pt 3/3.5 now $999K, 1740 Dixie Beach Blvd 3/3.5 now $1.095M, 1126 Harbour Cottage Ct 3/2 now $1.495M, 1052 Whisperwood Way 3/3 now $1.524M, 2118 Starfish Ln 4/5 now $1.799M, 584 Kinzie Island Ct 3/4 now $1.945M.

2 new sales: 9027 Mockingbird Dr 4/3 listed at $799K, 283 Ferry Landing Dr 3/2 listed at $1.995M.

5 closed sales: 656 Anchor Dr 3/2 $585K, 3301 Twin Lakes Ln 2/2 $585K, 485 Peachtree Rd 3/3 $712.5K, 345 East Gulf Dr 3/2.5 $899K, 4355 West Gulf Dr 4/3 $3.4M.

LOTS

1 new listing: 644 Sea Oats Dr $329K.

No price changes or new sales.

1 closed sale: 0 Dinkins Lake Rd $215K.

Captiva

CONDOS

No new listings.

1 price change: Beach Villas #2517 1/1 now $497.5K.

No new or closed sales.

HOMES

2 new listings: 11411 Old Lodge Ln 4/3 $1.895M, 16163 Captiva Dr 3/2 $2.695M.

2 price changes: 11523 Wightman Ln 4/4 now $1.895M, 15161 Captiva Dr 4/4.5 now $2.295M.

No new sales.

2 closed sales: 15000 Binder Dr 3/2 $1.0325M, 11535 Wightman Ln 3/3 $1.105M.

LOTS

Nothing to report.

Until next week, here are a few favorite blooms found on the island! TGIF!

Susan Andrews, aka SanibelSusan

Woohoo – Another Gorgeous Day on the Islands

Posted on February 5, 2016 by SanibelSusan

Sanibel and Captiva have had wonderful warm sunny weather this week, until today when temperatures are expected to reach only the low 60’s. With more cool weather forecast for the next week too, the real estate action should be brisk. Hot beach days usually are when there are the fewest showings, so Realtors® love the chilly, but bright days – like today!

Beach

A report of the week’s activity posted in the Sanibel and Captiva Islands Multiple Listing Service follows a few news items below.

Upcoming Events

With those cool days ahead, here are few things to do inside:

Tomorrow, Feb 6 – Center4Life Seniors Arts & Crafts Fair from 9 a.m. to 2 p.m.’

Also tomorrow, Feb 6 – Mardi Gras Celebration to support CHR (Community Housing & Resource) from 5:30 to 9:30 p.m. at the Dunes Golf & Tennis Club. More info at www.SanibelCHR.org/Mardi-Gras-2016

Saturday & Sunday, Feb 13 & 14 – San/Cap Rotary Club Arts & Crafts Show at the Sanibel Community House. Sat 10 a.m. to 5 p.m.; Sun 9 a.m. to 4 p.m.. More info at www.sanibelartfair.com

Saturday, Feb 27 – Annual Kiwanis Spaghetti Dinner at the Sanibel Community House.

Foreign Sellers Update

Recent federal tax legislation increases the FIRPTA (Foreign Investment in Real Property Tax Act) general withholding rate from 10% to 15% effective for closings on or after February 16, 2016.

Sanibel Outlets Acquired by Dahlmann Properties

As reported today in the “Island Sun”, “Dahlmann Properties announced that it completed the purchase of Sanibel Outlets (formerly known as Tanger Outlets) on January 12…Work has already commenced on rebranding the property to Sanibel Outlets as well as a top-to-bottom assessment of the current tenant mix and physical plant…Dahlmann also owns Periwinkle Place Shopping Center, Heart of the Island Shopping Center, The Sanibel Inn, Song of the Sea Oceanfront Resort, Seaside Oceanside Resort, Sunset Beach Oceanside Resort, and The Dunes Golf and Tennis Club on Sanibel.”

Quilt Raffles to Benefit PAWS of Sanibel – Captiva

Dog quilt We had a nice surprise yesterday when we got a visit from Sheila Rodriguez who has made two quilts to benefit PAWS of Sanibel – Captiva. One named “Muchas Poochas” is on display at Three Crafty Ladies, Heart of the Island Shops, 1628 Periwinkle Way.

Cats Quilt The other called “Cats at Play While the Mice Are Away” is displayed at the Bank of the Islands, 1699 Periwinkle Way.

Please buy raffle tickets at these two locations.

PAWS (or Protection of Animal Welfare Society, Inc.) is a 501(c) 3 non-profit rescuing domestic animals here since 1987. Drawings will be March 31, 2016 and you need not be present to win.

If you are willing to foster, adopt, or help PAWS, please call Pam at 239-472-4823.

Real Estate Q&A: Don’t Be Tempted to Ditch Insurance

Good answer here to a question that was posted at Florida Realtors® online yesterday:

“Question: We are snowbirds and have a condominium in Fort Lauderdale, Fla., where we stay five months a year. We keep nothing of real value in the property and don’t have a mortgage. We are thinking about canceling our hazard insurance on the property to save $700 a year. Is this a good idea? – Larry

“Answer: No. I understand your desire to save a few bucks, but this is not the way to do it.

“Your property insurance covers more than just your furniture. Depending on the details of your policy and the policy carried by your condo association, the insurance may cover your appliances, flooring and even your drywall. If there is a fire, for example, you will need to replace a lot more than just your furniture.

“Your insurance also should cover you if your water heater bursts and floods your neighbors’ units. If you are in town when the damage occurs, it also may pay for the hotel you have to stay in while the repairs are being made.

“Your insurance also will step up if one of your guests gets hurt while visiting. Just because they like you doesn’t mean they won’t sue you. Even when you are out of town, you may be sued if someone breaks into your condo and gets hurt. Many homeowners have a hard time justifying the cost of insurance, but there is a reason you have it. It can keep you from enduring a financial crisis.

“While I strongly recommend that you keep your policy in place, you should shop around to make sure that you have the right coverage and the best deal.

“About the writer: Gary M. Singer is a Florida attorney and board-certified as an expert in real estate law by the Florida Bar. He is the chairperson of the Real Estate Section of the Broward County Bar Association and is an adjunct professor for the Nova Southeastern University Paralegal Studies program. The information and materials in this column are provided for general informational purposes only and are not intended to be legal advice. No attorney-client relationship is formed. Nothing in this column is intended to substitute for the advice of an attorney, especially an attorney licensed in your jurisdiction.”

Farm Water Hits SWFL, Leaves Coast Brown, Murky

The recent rains resulted in the below posting yesterday on www.news-press.com

“It was just a matter of time before polluted farm water from Lake Okeechobee made its way to Southwest Florida.

“”Boy, yeah, we saw it,” said Rick Bartleson, a water quality scientist at Sanibel-Captiva Conservation Foundation, when asked if the polluted water had worked its way here. “The water at the (Sanibel) causeway is pretty brown (because) the flows are up to rainy season levels.”

“The South Florida Water Management District spent four days, starting Wednesday night, pulling water off farm fields south of the lake, although the district didn’t send out a public notice about the “emergency” measures until nearly 24 hours after they had started.

“Critics say these water management practices are largely responsible for toxic algal blooms that often plague both the west and east coasts of Florida.

“Polluted and unnatural water from Lake Okeechobee and lands within the Caloosahatchee River watershed kills sea grasses and oyster beds.

“Excess nutrients from the landscape contribute to the duration and frequency of harmful algal blooms, like red tide. Red tide, caused here by Karenia brevis, is a neurotoxin that causes fish and marine mammal kills and can lead to respiratory issues in humans

“Record rains have not made the situation better as the lake level is rising at the same time the state was back-pumping farm water into Okeechobee.

“With levels around 17 feet above sea level, well over the Army Corps mandated maximum of 15.5 feet above sea level, the only way to quickly drain the lake is to send billions of gallons of dirty water down the Caloosahatchee and St. Lucie rivers.

“Measurements taken by the Sanibel-Captiva Conservation Foundation show more than 12,000 cubic feet per second flowing through the W.P. Franklin Lock and Dam, an Army Corps structure that holds back lake waters. Discharges begin harming the Caloosahatchee River and its estuary when levels reach 2,800 cubic feet per second.

“Freshwater has also blown out much of the estuary, causing low salinity levels along the coast — which can kill marine species and disrupt the aquatic food chain.

“Recent Caloosahatchee flows have literally been off the chart.

“”When flows are at 2,800 (cubic feet per second at Franklin Lock), that is one level a harm, but this was another level,” Bartleson said. “Over 4,500 (cubic feet per second) is considered extremely high. We don’t even have an indicator that goes that high (to 12,000 cubic feet per second and above).”

“Sanibel Mayor Kevin Ruane said the city has received many emails from concerned residents and business owners. “There was definitely a breakdown in communication between the Corps and the water management district,” Ruane said. “But with the impressive rain, they’re going to have to pump some of the water off the farms.”

“Ruane, who was in Tallahassee Monday lobbying for more water quality projects in this region, said that the current water management system was designed to take in more water than it can push out, a fact that became painfully obvious during floods and record rains in 2013.

“”We’re going to have to pull out every trick in the playbook to offset some of these releases,” Ruane said.

“”We’re going to have to talk to as many private property owners as possible to store water. We’re in a bad situation. The effects of the releases sometimes you don’t see for months.”

“The rain is expected to continue for the next 60 days or so, according to the National Oceanic and Atmospheric Administration, which is calling for El Nino conditions to bring more rain and slightly cooler temperatures this winter.”

Sanibel & Captiva Multiple Listing Service Activity January 29 – February 5, 2016

Sanibel

CONDOS

4 new listings: Sundial West #H110 1/1 $299K, Sanibel Arms #8 1/1 $375K, Cottage Colony West #137 1/1 $649K, Sundial East #S404 3/2 $849K.

2 price changes: Sand Pointe #113 2/2 now $759K, Gulfside Place #117 2/2 now $1.295M.

6 new sales: Loggerhead Cay #351 2/2 listed at $529K, Lighthouse Point #113 3/2 listed at $639K, St.Criox #4 2/2.5 listed at $935K, Atrium #302 2/2 listed at $1.645M, High Tide #B101 2/2.5 listed at $1.795M, Tigua Cay #489 3/3.5 listed at $2.235M.

5 closed sales: Ibis at The Sanctuary #201 2/2 $450K; Loggerhead Cay #471 2/2 $485K; Lighthouse Point #312 3/2 $698,750; Clam Shell #C 2/2 $975K; Sunset South #5A 2/2 $1.138M.

HOMES

16 new listings: 1653 Bunting Ln 3/2.5 $459K, 1565 Bunting Ln 3/2 $599K, 1113 Sand Castle Rd 3/2 $639.9K, 750 Nerita St 3/2 $699K, 2549 Harbour Ln 3/2 $799K, 595 Birdsong Pl 4/2 $849K, 1311 Sand Castle Rd 3/2 $849K (our listing), 1259 Sand Castle Rd 3/3 $869K, 4775 Rue Helene 4/3 $895K, 437 Lake Murex Cir 4/3 $895.9K, 1170 Buttonwood Ln 4/2 $975K, 1146 Buttonwood Ln 3/3 $999K, 1121 Skiff Pl 3/3 $1.2M, 815 Birdie View Pt 3/3 $1.299M, 1326 Seaspray Ln 4/4.5 $2.45M, 4355 West Gulf Dr 4/3 $3.8M.

View from 1311 Sand Castle Rd

2 price changes: 6491 SanibelCaptiva Rd 2/2 now $1.95M, 2451 Blind Pass Ct 4/4.5 now $2.375M.

3 new sales: 9012 Mockingbird Dr 3/2 listed at $539K, 1148 Shell Basket Ln 4/2 listed at $699K, 2388 Wulfert Rd 3/4 listed at $1.098M.

4 closed sales: 1806 Ibis Ln 3/2 $360K, 542 Boulder Dr 2/2 $500K, 1516 Bunting Ln 3/2 $575K, 699 Anchor Dr 3/4 $950K.

LOTS

No new listings.

1 price change: 5148 Sea Bell Rd now $199K.

No new sales.

1 closed sale: 690 Birdie View Pt $360K.

Captiva

CONDOS

No new listings, price changes, or new sales.

2 closed sales: Beach Villas #2618 2/2 $639.5K, Beach Cottages #1413 2/2 $950K.

HOMES

No new listings.

3 price changes: 15000 Binder Dr 3/2 now $1.049M, 11515 Murmond Ln 3/3 now $1.494M, 16500 Captiva Dr 5/5 now $4.995M.

No new sales.

2 closed sales: 1127 Longifolia Ct 4/3 $5.3M, 16660 Captiva Dr 5/5.5 $16.3M.

LOTS

Nothing to report.

Until next Friday, wishing you bright sunny days & magnificent sunsets regardless of the temperatures!

Susan Andrews, aka SanibelSusan

Another Rainy Friday, But the Shelling is Great

Posted on January 22, 2016 by SanibelSusan

shells 01-22-16 There were not a lot of happy folks in Southwest Florida this morning as heavy rain and high winds passed through the area for the second Friday in a row, bringing less than ideal weather for the weekend. The storms are connected to the larger weather system that is expected to blanket the Northeast with snow and blizzard conditions. Thankfully, we just have to dodge a little water here.

Flights out of RSW heading to many northern cities were delayed and canceled, while downed power lines on Estero Blvd in Fort Myers Beach stopped traffic in both directions for several hours. In addition to the heavy rain today, the area is expected to experience strong offshore winds and higher tides through tomorrow with the region cooler over the weekend as temperatures will drop into the 60’s. Maybe the shelling will again be great after the storms pass.

SanibelSusan Realty Scoop

Sanibelsusan Logo Our successful semi-annual mailing to 7000+ island property owners and prospective buyers is in process. If you too would like a copy of our handy booklet summarizing all of the real estate sold on the islands so for the last few years, including what is for sale now, contact us at Susan@SanibelSusan.com or call 239-472-HOME(4663) or 888-603-0603.

Since last Friday, our new listing at Sandpiper Beach went under contract in record time, several other listings had showings, and we continue to get good walk-in traffic.

View from Sandpiper Beach #101

Few if any accommodations are available on island, though we continue to get multiple inquiries every week. I heard today that the rental organizations were swamped with phone calls because renters leaving tomorrow have had flights canceled, while some incoming tenants expect to be stranded at home and don’t know when they will arrive. Days like this make us happy that we don’t manage any rentals. Though we want to help and will offer recommendations whenever we can. It is listing and selling real estate that is our forte.

Sanibel & Captiva Islands Association of Realtors

Yesterday was the Association’s West-End Caravan with just a handful of Captiva properties open for viewing. A few new listings and sales were announced, though not as many as post holidays.

The activity posted in the Sanibel & Captiva Association of Realtors® Multiple Listing Service follows a couple of news items below.

Sanibel’s Well-Timed Traffic Attack Getting a Buzz

Sanibelcityseal logo A report in the “Santiva-Chronicle” earlier in the week had a nice summation of recent island traffic news:

“The City of Sanibel chose Monday to launch its traffic publicity campaign. It’s part of the traffic battle plan. Like a good battle plan it was timed and it attacked on several fronts.

“On Monday morning, Martin Luther King Day in the middle of January, the City simultaneously released a new video and flyer that warn the daytrippers of the folly of taking an in-season afternoon drive across the causeway to Sanibel and Captiva. Mayor Kevin Ruane does the video and he signed the flyer. All of it is now available front and center at mysanibel.com. A few hours later on Monday the mayor distributed an opinion piece to the area press that says the same thing.

“The timing couldn’t be better. Southwest Florida is heading into the peak of the tourist season. Sanibel decided, correctly, that now is the time to put the word out to the potential daytrippers, and just importantly to the places where the daytrippers stay. Don’t try to come to Sanibel on a whim. Plan it. Stay here, “for a few days, or a few weeks,” as Ruane says in the video.

“Only time will tell how much impact the new campaign will have. It’s getting some immediate buzz. The mayor’s piece and the Santiva Chronicle’s story about the traffic initiative both created traffic on the website, with the help of Facebook and Twitter. The Chronicle is widely seen both on and off the island, which is what the city wants.

“News-press.com has a good story today based on Monday’s releases from the city. Likewise, WINK News has an excellent report. It interviews Ruane and has plenty of footage to show that the island speaks the truth when it comes to traffic.

“See New-press.com report here and WINK News report here

“If you must drive, if you cannot stay for days or weeks, then “come early, stay late.” When here, park it, ride a bike and walk. All of this can help. And it applies to residents also. Islanders have become reluctantly hardened to traffic. The city is asking them to pick their spots when they travel around their own island.

“Let’s not kid ourselves. This isn’t going to eliminate traffic. The City Council, its many partners in the traffic initiative and all Islanders wish it would, but it won’t. But it can help. With 13,000 vehicles coming across the causeway daily during season, maybe a few thousand of them can be coached.”

16 Real Estate Trends for 2016

Here is some news as posted on-line last night by the Fort Myers News-Press.com:

“From office space to man caves, CCIM’s (Certified Commercial Investment Members) 2016 Commercial Real Estate Outlook Conference delivered the state of the state.

“For the 16th year running, CCIM Institute hosted a blue ribbon panel of demographic, market and real estate investment experts Thursday to preview what’s ahead for commercial real estate in 2016.

“From the opening salvo – “Florida is positioned for 60 months of wonderful real estate opportunities” – here are 16 takeaways from their wide-ranging analysis of local and Florida-wide markets.

How will downtown Fort Myers overcome crime-averse investors? High quality, economic development.
Collier and Lee counties could become a combined metropolitan statistical area in 2016 because of their employment and infrastructure ties.
Infill projects are big in almost every Florida market.
In the Great Recession, housing supply outstripped demand times two in Lee County. Going forward, all markets are balanced, except in high seasonal population centers.
Punta Gorda is drawing people to Charlotte County. “The city is new. You don’t find that often.”
Boomers moving here aren’t as wealthy as we would hope. “Thirty-six percent will be living on Social Security alone. We need to build smaller and less expensive.”
Snowbirds are coming to Southwest Florida earlier and staying longer. “We may be transitioning from a seasonal market.”
People are paying a premium for well-located commercial properties. In Naples, a small strip opposite Mercado leased for $242/square foot. In Miami-Dade County, people pay almost $5,000/square foot to be on Lincoln Road.
Retailers will need more distribution facilities as they switch to an Amazon model.
Commercial rents, especially for small flex spaces of 10,000 to 20,000 square foot, have become challenging. It will drive up rates and spur new construction.
Man caves — a space to store one’s cars and hang out — are a growing flex space trend. The caves are driving up flex space costs for traditional users.
The sale-to-asking price for Lee County commercial properties in all categories is close to 90%, compared with 74 to 77% in 2010.
Population growth will continue to support the growth of real estate in 2016. The market will remain stable in 2016, with more institutional and foreign investment.
Lending standards will tighten again in 2016, causing some market pull-back, but nothing like what we saw in the last cycle.
Banks have “plenty of money to lend. We are competitive and we are hungry for deals.”
A rising interest rate is always a roadblock. The rising rate environment will price some people out who might be looking for the next bigger space or a step up in location.”

Market Unrest Pushes Down Mortgage Rates

We knew this was coming – good news for those buyers needing financing – as posted this afternoon on “Daily Real Estate News”:

“For the third consecutive week, mortgage rates edged down, with the 30-year fixed-rate mortgage continuing its run below 4%, Freddie Mac reports in its weekly mortgage market survey.

“”The Freddie Mac mortgage rate survey had difficulty keeping up with market events this week,” says Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate dropped 11 basis points to 3.81%, the lowest rate in three months. This drop reflected weak inflation and nonstop financial market turbulence that is driving investors to the safe haven of Treasuries. However, the survey was largely complete prior to Wednesday’s Treasury rally that drove the yield on the 10-year Treasury below 2%, down 29 basis points since the end of 2015.”

“Freddie Mac reports the following national averages with mortgage rates for the week ending Jan. 21:

30-year fixed-rate mortgages: averaged 3.81%, with an average 0.6 point, dropping from last week’s 3.92% average. Last year at this time, 30-year rates averaged 3.63%.
15-year fixed-rate mortgages: averaged 3.1%, with an average 0.5 point, falling from last week’s 3.19% average. A year ago, 15-year rates averaged 2.93%.
5-year hybrid adjustable-rate mortgages: averaged 2.91%, with an average 0.5 point, dropping from last week’s 3.01% average. Last year at this time, 5-year ARMs averaged 2.83%.

Source: Freddie Mac”

Sanibel & Captiva Multiple Listing Service Activity January 15-22, 2016

Sanibel

CONDOS

4 new listings: Seashells of Sanibel #38 2/2 $395K, Loggerhead Cay #574 2/2 $569K, Island Beach Club #210B 2/2 $599K, St.Croix #4 2/2.5 $985K.

3 price changes: Lighthouse Point #217 2/2 now $555K, Sanctuary Golf Villages I #1-1 2/2.5 now $665K, Sanibel Seaview #C3 4/4 now $1.749M.

6 new sales: Casa Blanca #6 1/1 listed at $250K, Sand Pointe #213 2/2 listed at $635K, Sandpiper Beach #101 2/2 listed at $799K (our listing), Kimball Lodge #306 2/2 listed at $989K, Snug Harbor #121 3/2 listed at 4998K, Sunset South #5A 2/2 listed at $1.195M.

5 closed sales: Blind Pass #E206 2/2.5 $400K, Sanibel Moorings #1422 2/2 $400K, Sanibel Arms West #M8 2/2 $500K, Island Beach Club #P2E 2/2 $1.039M, Nutmeg Village #113 2/2 $1.025M.

HOMES

5 new listings: 1970 Wild Lime Dr 4/3 $699K, 480 Peachtree Rd 3/3 $799K, 5753 Pine Tree Dr 3/4 $998K, 2939 Wulfert Rd 5/6 $1.895M, 3421 West Gulf Dr 5/4.5 $6.975M.

4 price changes: 1258 Par View Dr 3/2 now $775K, 1321 Par View Dr 3/2.5 now $924K, 532 Sea Oats Dr 3/4 now $1.275M, 1552 San Carlos Bay Dr 4/5.5 now $3.599M.

2 new sales: 450 Lake Murex Cir 3/2 listed at $549K, 513 Lake Murex Cir 3/2 listed at $825K.

No sold listings.

LOTS

2 new listings: 667 Birdie View Pt $349K, 5723 Baltusrol Ct $394K.

1 price change: 3723 West Gulf Dr $2.775M.

No new or closed sales.

Captiva

CONDOS

1 new listing: Beach Villas #2632 2/2 $710K.

No new price changes.

1 new sale: Ventura Captiva #1B 3/3 listed at $1.195M.

No closed sales.

HOMES

1 new listing: 11535 Andy Rosse Ln 4/4 $2.339M.

1 price change: 16464 Captiva Dr 8/8.5 now $6.795M.

No new or closed sales.

LOTS

Nothing to report

Here’s hoping next Friday is sunny!

Whoops, you’ve gotta love Florida weather.

The sun just came out…at 4:35 p.m. on 1/22/2016!

Let’s hope it continues!

Happy weekend, everyone! Susan Andrews, aka SanibelSusan

Just the way we like it…in front of Coquina Beach condos.

Just Another Gorgeous Friday on the Islands

Posted on November 13, 2015 by SanibelSusan

All’s well again this week on sunny Sanibel Island.

It has continued to be unseasonably warm and there were a few showers on Tuesday while SanibelSusan was out showing property. Rumor has it that a cooler/dryer front arrives this weekend for a couple of days, when temperatures will drop all the way down to the low 80’s during the day, but back into the mid-80’s next week.

SanibelSusan Realty Happenings

Beach walk at Sanibel Moorings

Several of our listings had good showings this week. I showed several condos at both Sanibel Moorings as well Mariner Pointe and wrote a sight-unseen offer that was accepted on a canal-front pool home.

Yesterday, there was a Realtor Caravan meeting followed by tour of new listings. Only four new listings were held open which is fewer than usual for this time of the year. The SanibelSusan Team held open our new listing at Coquina Beach #3G.

Beach walk at Coquina Beach

Below are a few news items followed by the activity posted in the Sanibel and Captiva Multiple Listing Service since last Friday.

Upcoming Island Events

Check out the “Upcoming Island Events” tab on www.SanibelSusan.com for a complete list. Here are some scheduled this month:

Tomorrow – Nov 14 – Free Admission at Bailey-Matthews National Shell Museum – to celebrate their 20^th anniversary. Open 10 a.m. to 5 p.m.

Tomorrow – Nov 14 – 2^nd Annual Sanibel-Captiva Lions Club Eye Ball – at The Community House from 5 to 9 p.m. with all proceeds going directly to charity. This year, they will go to SE Guide Dogs.

Tomorrow – Nov 14 – Wines In The Wild – SCCF’s (Sanibel-Captiva Conservation Foundation’s) annual wine tasting fundraiser with silent and live auctions. Held at the SSCF Nature Center from 6 to 8 p.m., call SCCF for reservations (472-2329). Tickets $75 in advance or $85 at the door.

Mon – Nov 16 – “A Home of Our Own” – F.I.S.H. of Sanibel-Captiva, Inc. open house to introduce their new building and provide info on what F.I.S.H. does for the community, 2430 Periwinkle Way from 1 to 3:30 p.m.

Tues – Nov 17 – SanCap Solar Connect Solar Community Meeting – Residents of Sanibel and Captiva Islands will be able to realize savings on solar energy conversion through the collective buying power of SanCap Solar Connect, an initiative designed by “Ding” Darling Wildlife Society-Friends of the Refuge (DDWS). Based on a number of successful initiatives in other states, it is the first-ever community-driven solarize program in Florida. The next informational Solar Community meeting will take place on Tuesday, Nov. 17, at 5:30 p.m. in the “Ding” Darling Visitor & Education Center auditorium. Refreshments will be available. No reservations are necessary to attend the meeting. Another meeting is scheduled for Thursday, Dec. 3, at the same time and place. Representatives from Urban Solar, SanCap Solar Connect’s installation partner, and DDWS will be on hand at the meeting to explain how the program works and answer questions. Residents and businesses will be able to schedule free, no-commitment analyses with Urban Solar to receive a bid for installation costs and information on the advantages of a solar energy system. Go online at www.SanCapSolarConnect.org to sign up for a free evaluation or to receive informational emails.

Wed – Nov 18 – CASI Breakfast – Condominium Associations of Sanibel, Inc. upcoming breakfast meeting at The Sanctuary Clubhouse at 8 a.m. will include a presentation of the results of a study commissioned by the Lee County Visitor and Convention Bureau about how improvements to accommodations increase revenues. Cost is $15 for condo board members and staff, $25 for all others. Call 239-334-2138 for reservations. (Sanibel property managers have said that their owners who have renovated have seen rental revenues increase $35K to $50K a year.)

Sat & Sun – Nov 21 & 22 – Concerts to Raise Awareness for Water Quality – Musicians J. Robert Houghtaling, Brent Moyer, and Austin Church will perform on Sat at Jensen’s Twin Palm Marina from 4 to 6 p.m. Then on Sun from 1 to 3 p.m. on the porch of SCCF (Sanibel-Captiva Conservation Foundation) Nature Center. Along with music, SCCF scientists and policy staff will be on hand to answer questions about their studies and current issues in the water in the Caloosahatchee River and the estuaries cradled by Sanibel and Captiva.

Sat – Nov 28 – Free ‘Ding’ Darling Kids Fishing Derby casts off on causeway Nov. 28. Kids who are able to hold their own fishing pole are invited to participate in the free 4^th annual “Ding” Darling Kids Fishing Derby to be held at the Sanibel Causeway Islands Park (Island A) on Saturday, Nov. 28, 2015. J.N. “Ding” Darling National Wildlife Refuge and the “Ding” Darling Wildlife Society-Friends of the Refuge (DDWS) cosponsor the event. Registration begins at 8:30 a.m. on the causeway, and ages 15 and younger start fishing at 9 a.m. and finish at 11 a.m. Awards ceremony is at 11:30. Judges will record catches during the fishing session. Once the results are tallied, they will award winners in two age groups: 10 to 15, and 9 and younger. Based upon total inches of fish caught, the refuge will award first, second, and third place prizes, plus awards for the largest and smallest fish hooked in both age categories. Participants should bring fishing poles, but the refuge will provide a limited number of loaner poles for those who do not have their own equipment. Bait will be provided. Throughout the day, volunteers and staff will teach fishing skills and safe, ethical fishing practices. The event is made possible also by support from the Trophy Case, Sanibel Island Fishing Club, and Lee County Parks & Recreation.

News Corp Upbeat on Real Estate

From “DAILY REAL ESTATE NEWS” on Monday, November 9, 2015:

“In its latest earning call, media giant News Corp, also the owner of realtor.com®, singled out its stake in housing market investments as the bright spot in its earnings. News Corp’s income from continuing operations reached $143 million in the first quarter compared to $109 million in the prior year

““News Corp is on track in its transition to a more digital and global future, having successfully integrated several recent acquisitions and built a powerful platform for future growth,” said Robert Thomson, News Corp chief executive, on a recent earnings call. “We are focused on driving sustainable expansion of revenue and profit, and leveraging the potency of our brands, while diligently controlling costs to maximize long-term returns for all investors.”

“News Corp’s largest revenue generating segment, news and information services, provided the largest drag on revenue in the first quarter. But its profits were buoyed by a strengthening housing market.

“News Corp, owner of such titles as The Wall Street Journal and Barron’s, acquired Move Inc. and realtor.com® in November 2014, firming up its stake in the real estate arena. News Corp also has a majority ownership of the REA Group Ltd., a leading Australian residential property website.

“Thomson said during the call “we are particularly pleased with the momentum at realtor.com®, which is significantly ahead of schedule on key metrics.”

““We are now, by some reckoning, the world’s largest digital property listings company, and we see a particularly bright future in the sector, especially in the U.S. where we believe the national real estate market is still returning to health,” he said.

“In News Corp’s Digital Real Estate Services sector, revenues in the quarter rose $79 million or by 71% compared to the prior year. The jump in revenues was primarily due to the inclusion of the results of Move.

During the first quarter, Move’s revenues climbed 33% to $85 million from $64 million the year prior. Average monthly unique use of realtor.com®’s web and mobile sites for the quarter surged 43% year-over-year to about 46 million. That growth was mostly attributed to a 64% increase in its mobile users.”

The Housing Recovery’s Missing Link

As reported last Friday by NAR (National Association of Realtors®):

“The declining number of first-time home buyers in the market is the major missing piece in the housing recovery, says Lawrence Yun, the chief economist for the National Association of REALTORS®.

“Despite an uptick in home sales over the past year, the share of first-time home buyers in the housing market dropped for the third consecutive year, and remains at its lowest point in nearly three decades, according to the NAR 2015 Profile of Home Buyers and Sellers report.

“The increase in home sales over the past year has instead been driven by more repeat buyers with dual incomes, NAR’s report showed.

“The share of first-time buyers fell to 32% in this year’s survey; last year first-time home buyers represented 33% of the market share. The share of first-time home buyers this year is at its lowest point since 1987, when first-time home buyers represented 30% of the market.

“Historically, first-time home buyers typically represent nearly 40% of primary purchases.

““There are several reasons why there should be more first-time buyers reaching the market, including persistently low mortgage rates, healthy job prospects for those college-educated, and the fact that renting is becoming more unaffordable in many areas,” Yun says. “Unfortunately, there are just as many high hurdles slowing first-time buyers down. Increasing rents and home prices are impeding their ability to save for a down payment, there’s scarce inventory for new and existing-homes in their price range, and it’s still too difficult for some to get a mortgage.”

“Twenty-five percent of would-be first-time home buyers said that saving for a down payment was the most difficult task in home ownership, and 58% reported student loans in particular were delaying their ability to save.

““With a median amount of student loan debt for all buyers at $25,000, it’s likely some younger households with even higher levels of debt can’t save for an adequate down payment or have decided to delay buying until their debt is at more comfortable levels,” Yun says.

Repeat buyers were mostly using the proceeds from the sale of their primary residence as their top source for a down payment on their next home purchase – 53% this year compared to 47% last year.

““With first-time buyers stuck on the sidelines, the majority of sales activity in most parts of the country is coming from pent-up sellers taking advantage of rising home values in their neighborhoods and using their equity to trade up or move down,” says Yun.

“Married couples represented an increasing share of buyers: 67% of buyers were married couples (up from 65% last year). Married, repeat buyers have the highest income among all buyers too at $108,600.

“Meanwhile, single females have been a growing share of buyers the past few years but are showing signs of retreating. The share of single, female buyers fell from 16% to 15% in the latest survey.

““Similar to some of the obstacles facing first-time buyers, tight credit conditions and having less purchasing power than households with dual incomes likely led to the share of single-female buyers declining to its lowest since 2001 (also 15 percent),” Yun says.”

Sanibel & Captiva Multiple Listing Service Activity November 6-13

Sanibel

CONDOS

3 new listings: Seashells #28 2/2 $365K, Coquina Beach #1D 2/2 $599K, Lighthouse Point #312 3/2 $739K.

3 price changes: Sanctuary Golf Villages I #1-1 2/2.5 now $699K, Sanctuary Golf Villages I #2-2 3/3 now $775K, Clam Shell #C 2/2 now $999K.

2 new sales: Lighthouse Point #312 3/2 listed at $739K, Compass Point #111 2/2 listed at $1.159M.

No closed sales.

HOMES

5 new listings: 1125 Captains Walk St 3/3 $830K, 699 Anchor Dr 3/3 $985K, 812 Angel Wing Dr 3/3.5 $2.447M, 696 Kinzie Island Ct 4/5 $2.475M, 1272 Isabel Dr 4/4.5 $3.575M.

3 price changes: 1806 Ibis Ln 3/2 now $440K, 1380 Jamaica Dr 3/2 now $580K, 689 East Rocks Dr 3/3 now $778.5K.

3 new sales: 1774 Bunting Ln 3/2 listed at $539K, 842 Limpet Dr 4/3.5 listed at $1.495M (our sale), 2963 Wulfert Rd 4/6.5 listed at $2.795M.

1 closed sale: 1188 Harbor Cottage Ct 3/3 $840K.

LOTS

2 new listings: 9211 Dimmick Dr $174K, 2379 Wulfert Rd $325K.

1 price change: 5290 Punta Caloosa Ct now $299K.

2 new sales: Sabal Sands Rd, lot 8 listed at $219.9K; 2462 Wulfert Rd listed at $219.9K.

1 closed sale: 1243 Par View Dr $318K.

Captiva

CONDOS

1 new listing: Beach Homes #25 3/2 $2.395M.

3 price changes: Beach Villas #2416 1/1 now $519K, Beach Villas #2422 1/1 now $529K, Lands End Village #1665 2/2 now $1.05M.

No new sales.

1 closed sale: Bayside Villas #5310 3/3 $570K.

HOMES

No new listings.

2 price changes: 17130 Captiva Dr 4/4 now $3.998M, 16910 Captiva Dr 4/4 now $4.719M.

2 new sales: 11546/48 Wightman Ln 3/2.5 now $3.8M, 16660 Captiva Dr 5/5.5 now $16.5M.

No closed sales.

LOTS

Nothing to report.

Until next Friday, here’s to more sunny days… Susan Andrews, aka SanibelSusan

Sanibel & Captiva Islands Association of Realtors®

Sanibel 2016-2017 Budget Hearing

A Step in the Right Direction

Coastal Cleanup Tomorrow

National Public Lands Day, Next Saturday

Sanibel & Captiva Islands Multiple Listing Service Activity September 9 – 16, 2016

Until next Friday, wishing you stunning summer sunsets & clear water too!

Susan Andrews, aka SanibelSusan

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Bailey-Matthews National Shell Museum

Inaugural Sanibel Jazz & Blues Festival

“Ding” Darling Wildlife Society – Friends of the Refuge New Web Site

Closings/Openings/Moves

South Florida Housing

Sanibel & Captiva Islands Multiple Listing Service Activity August 26-September 2, 2016

Until next Friday, wishing you a wonderful holiday weekend! Susan Andrews, aka SanibelSusan

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August Membership Meeting Sanibel & Captiva Islands Association of Realtors®

FIRPTA Update

Right of First Refusal vs. Kick Out Clause

“Smart” Home

Island Renovations & Closings

Sanibel & Captiva Islands Multiple Listing Service Activity August 12-19, 2016

Until next Friday, here’s hoping you see lots of pretty sunsets too!

P.S. & don’t forget to call me if you are thinking of buying/selling real estate on Sanibel or Captiva Islands. Thank you!

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Sea Turtle Nests Break Record on East Sanibel

2016 Profile of International Activity in U.S. Residential Real Estate

Corps to Cut Back Lake O Releases

Sanibel & Captiva Islands Multiple Listing Service Activity July 8-15, 2016

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Sanibel Saw Success in Florida’s Legislative Session

Sanibel & Captiva Multiple Listing Service Activity April 15-22, 2016

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