It’s another Friday with glorious weather on sunny Sanibel. It again has been pretty much picture perfect all week, with just a few showers Tues night as a front passed through. Continued warmer-than-usual weather is expected until the middle of next week when forecasters say we might want to get the winter sweaters out one last time, as it might not get out of the 60’s for a day.
Roadways, bike paths, and the beach continue to be busy, as are restaurants and shops. Plan ahead, always try to turn right, and expect delays is our norm when preparing to open property and scheduling showings. Teammate Dave and I both have been showing this week with our listings getting showns too, with one going under contract plus a home inspection at another. Dave also had another successful Open House that resulted in a 2nd showing today. I put a condo under contract too. The details of the activity posted since last Friday in the Sanibel/Captiva Islands Multiple Listing Service follow a few news items below.
Thursday Caravan Meeting Sanibel & Captiva Islands Association of Realtors®
A few more sales were announced at the islands’ Association of Realtors® early Caravan Meeting yesterday, while again there were oodles of price reductions (35 on Sanibel). Since another month is over, below is a quick summary of the January/February 2019 real estate action, compared to the same timeframe in 2018.
Sold/Closed Sales in January & February 2018 Compared to 2019, & Current Inventory
| # | Average Price $ | # | Average Price $ | # | Average Price $ | |
| Sanibel | Condos | Homes | Lots | |||
| 2018 | 23 | 723,510 | 42 | 1,334,948 | 2 | 296,000 |
| 2019 | 15 | 624,517 | 20 | 1,303,275 | 1 | 185,000 |
| Available | 122 | 840,684 | 246 | 1,380,551 | 66 | 692,811 |
| Captiva | Condos | Homes | Lots | |||
| 2018 | 9 | 949,401 | 4 | 1,300,000 | 0 | N/A |
| 2019 | 5 | 1,324,600 | 1 | 2,800,000 | 0 | N/A |
| Available | 47 | 1,129,206 | 46 | 3,307,402 | 4 | 3,446,000 |
More Sharing of the Roadways
Yesterday, the Federal Aviation Administration issued a temporary flight restriction (TFR) for VIP movement from March 1 at 1:15 p.m. to March 3 at 3:30 p.m., which spans three nautical miles in Lee County and covers Southwest Florida Intentional Airport. Minus exceptions, aircrafts are prohibited in the area.
According to the National Business Aviation Association, a TFR is a restriction on an area of airspace due to the movement of government VIPs, special events, natural disasters or other unusual events. VIP TFRs are significantly restrictive and are issued for the movement of the president and vice president. I betcha VP Pence and his family are returning for another visit.
Last week, there were sightings of former VP Walter Mondale on Captiva. He’s 91 years young and still loves vacationing here. It’s that time of the year when patience, sharing, and kindness are necessary – as there are visitors here from one end of the country to the other, especially from chilly points north.
Weekend Happenings
Tomorrow, Saturday, Mar 2 – 17th Annual San-Cap Art League 2019 Art Fair from 9 a.m. to 3 p.m. both inside and outside at The Community House.
Sunday, Mar 3 – 11th Annual Sanibel Uncorked (Food & Wine/Craft Beer Festival) at Lily & Company from 1 to 5 p.m. Sanibel-Captiva Optimist Club fundraiser for island youth. Hosted by Bailey’s and Lily & Company. This club awards scholarships, supports children’s sports programs at the Sanibel Recreation Center, and more. Tickets are $30 ($25 for designated drivers) at Bailey’s or at the door. Valet parking next to Island Cinema.
Upcoming Concerts
Thursday & Friday, Mar 14 & 15, BIG ARTS Community Chorus Spring Concerts at Schein Performance Hall at 7 p.m. The posters are up, tickets are selling, and we are rehearsing like crazy because with the upcoming construction of the new buildings at BIG ARTS, the spring community concerts this year are in March, rather than April. Every year, I say these concerts are going to be our best ones ever, because it’s true, we keep getting better. I’ve been singing with the altos since the chorus began in the early 90’s. This year, in addition to a well-rounded mix of patriotic, gospel, folk, and international favorites, we are doing a fun tribute to “Music Man”. If you’ve seen that show, you’ll especially get a hoot out of our group of traveling salesmen on the train. Big thanks to our singing pal Dick Brown (Dad to author Dan Brown) for choreographing.
The Inventor of Real Estate Time Sharing
Most islanders know that Keith Trowbridge is called the “father of timeshares”. Having known Keith for better than 25 years, it was fun to read the article in this week’s “Sanibel-Captiva Islander” where Art Stevens discusses Keith’s latest book. Here’s a little info about Keith – first from his website and then, from Art’s article.
“Keith Trowbridge earned a Ph.D. in education at the University of Michigan and an MBA in business administration at Bowling Green State University. He was part of the team that founded Florida International University; but a year later Trowbridge found himself leaving academia to launch a career in land development and has been a leader in the timeshare industry ever since.
“In 1974 Trowbridge pioneered timesharing in North America with the development of Sanibel Beach Club on Sanibel Island, Florida, a 31-unit purpose-built timeshare project completely sold out in 18 months. He founded Captran Resorts International, Ltd. and has been involved in the development and marketing of 35 timeshare resorts in the United States, Canada, and the Caribbean.
“Trowbridge earned the respect of his peers and has served as president of the Resort Timesharing Council and on the board of directors of the American Land Development Association, a forerunner to the American Resort Development Association, or ARDA. He has written a book sharing his timeshare industry knowledge and experience, Resort Timesharing: How You Can Invest In Inflation-Proof Vacations for Life (Simon and Schuster Publishers still available at Amazon.com) and co-authored with Richard J. Lynge The Real Estate Broker’s Guide to Resort Timesharing (Real Estate Education Company). Trowbridge also brought his industry expertise and his academic credentials together and taught college-level resort management courses at Lynn University in Boca Raton, Florida.
“Once retired, after more than 20 years in timeshare development, Trowbridge found himself frequently being asked by timeshare friends and associates to make informal recommendations of executive management candidates. Two years later he formed the specialty firm, Executive Quest, Inc., designed to find timeshare industry-qualified executive management candidates for just a few clients at first and in the United States. But soon Mexico and Caribbean placements followed. Then Asia. Fifteen years later the company has had a hundred clients in a dozen countries and a couple thousand timeshare-specific resumes at hand. Executive Quest is now the leading executive search firm in the timeshare industry.”
As Art’s article says: “…With the expert help of Barbara Hill Freeman, a noted local writer, Trowbridge has just written a book about an industry he created right here in Sanibel – time sharing. Time sharing has become a worldwide phenomenon which allows people to own a share of a vacation property and have a place to go to every year.
“What better legacy can anyone leave than to have created an entire industry which has grown into the billions of dollars? It’s like Edison inventing electricity, Bell inventing the telephone, and Morse inventing the telegraph, Trowbridge has earned his special place in real estate Hall of Fame by coming up with a concept that has caught on like wildfire.
“I never really understood how this now commonplace industry got its start until I read “Time to Share”….The idea is so logical that one wonders why it wasn’t thought of until well along into the twentieth century. Enter Trowbridge, a Canadian by birth but a long-time American by love of country.
“Trowbridge has written a book that shares the adventure of birthing a whole new industry that makes you want to shout out loud, “of course”….
“Several factors contributed to Trowbridge’s decision to transfer his attention to vacation ownership. One was Sanibel itself. He says, “Around that time, Sanibel became a city, and the city council lowered the allowable density of construction from twenty units per acre to five units per acre. That had the financial effect of doubling land costs, but there was no way to increase the price of condos to offset the increased price of land. Vacation ownership was a way to absorb the increased land cost of condos.”
“Another factor was the sluggish condo market. While Trowbridge’s traditional ownership condo developments on Sanibel were eventually considered successful, it took longer to sell every unit than he anticipated. In addition, after the failure of Sanibel Lodge, he was gun shy about trying to build another model.
“In looking for an alternative, he found his inspiration in long-term interval leasing “right-to-use’ programs initiated in 1964 at a resort in the Swiss Alps, programs then the French often call temp partage (shared time). Building upon this European model of units rented for a period of time annually, he asked why not sell properties by the week in desirable vacation destinations?….
“Trowbridge has played a prominent role in the growth of Sanibel and its reputation as one of the top warm weather resort islands to frequent. “Time to Share” chronicles much of that history as well as telling the story of a man with boundless energy and creativity. It is a book about a real estate visionary….”
Island Realtors® Win 2nd President’s Cup
In February, the Sanibel & Captiva Islands Association of Realtors® was announced as a 2018 winner of the national Association of Realtors® President’s Cup for the second year in a row. This award recognizes the hard work local Realtor® leaders and association staff perform to advance public policies that build strong communities, preserve homeownership, protect property interests, and promote a vibrant business environment. The Sanibel & Captiva Islands Association was one of only six Realtor® associations in Florida to receive this award.
In addition to the President’s Cup award, the Sanibel & Captiva Islands Association of Realtors® also, for the second year in a row, was named an RPAC Triple Crown winner in Florida for its fundraising and advocacy efforts. Just 24 states had associations that were Triple Crown winners last year, with 26 other associations in Florida also named Triple Crowns.
The Sanibel & Captiva Islands Association of Realtors® still has just one member who has achieved Realtor® Hall of Fame status. That’s SanibelSusan, inducted in 2016. I still haven’t made it back to DC to see my plaque on the rooftop terrace at the National Association of Realtors® building at 500 New Jersey Ave NW.
Sanibel & Captiva Islands Multiple Listing Service Activity Feb 22-Mar 1, 2019
Sanibel
CONDOS
8 new listings: Blind Pass #A104 2/2 $469K, Sanibel Arms #B1 1/1 $482.5K, Loggerhead Cay #322 2/2 $569K, Island Beach Club #310B 2/2 $649K, Loggerhead Cay #553 2/2 $719K, Bandy Beach #B101 3/2 $1.49M, Sandals #A 3/3.5 $2.074M, Wedgewood #203 3/3.5 $2.695M.
6 price changes: Spanish Cay #F7 1/1 now $249K, Donax Village #10 1/2 now $369K, Loggerhead Cay #471 2/2 now $562.9K, Loggerhead Cay #351 2/2 now $629K, Loggerhead Cay #223 2/2 now $679K, Somerset #B202 3/2.5 now $1.995M.
3 new sales: Spanish Cay #B4 2/2 listed at $399K (our buyer), Sunset South #9B 2/2 listed at $589.9K, Oceans Reach #4B1 1/1 listed at $699K.
4 closed sales: Tennisplace #C32 2/1.5 $270K, Kings Crown #311 3/2 $937.5K, Sanibel Arms #F8 2/2 $940K, Tarpon Beach #112 2/2 $1.1M.
HOMES
6 new listings: 5869 Pine Tree Dr 3/2 $695K, 640 Oliva St 3/2 $699K, 700 Birdie View Pt 3/2 $799K, 3013 Turtle Gait Ln 3/2.5 $847K, 823 Birdie View Pt 4/3 $949K, 4014 West Gulf Dr 4/3 $3.699M.
28 price changes: 1520 Centre St 3/2 now $440K; 1304 Sand castle Rd 3/2 now $550K; 836 Donax St 3/2 now $575K; 1018 Demere Ln 4/2 now $599K; 328 Palm Lake Dr 3/2 now $657K; 3350 Barra Cir 3/2 now $689,986; 1807 Serenity Ln 3/2 now $732.5K; 743 Windlass Way 3/2 now $739.9K; 955 S. Yachtsman Dr 3/2 now $749K; 256 Daniel Dr 3/2 now $769K; 1559 Sand Castle Rd 3/2 now $785K; 707 Cardium St 3/2 now $799K; 9094 Mockingbird Dr 4/3.5 now $895K; 4787 Rue Helene 4/3 now $919K; 920 Snowberry Ln 3/3.5 now $975K; 6123 Starling Way 3/2.5 now $984K; 1039 Sand Castle Rd 3/3 now $999.5K; 5411 Osprey Ct 3/2 now $1.025M; 4080 West Gulf Dr 3/2 now $1.149M; 1550 Sand Castle Rd 3/3 now $1.189M; 1159 Golden Olive Ct 3/2 now $1.295M; 2251 Starfish Ln 4/3.5 now $1.429M; 725 Donax St 6/6 now $1.448M; 872 Limpet Dr 3/3 now $1.68M; 784 Limpet Dr 4/3 now $1.739M; 1133 Golden Olive Ct 3/3.5 now $2.349M; 1136 Golden Olive Ct 4/4.5 now $2.695M; 3757 West Gulf Dr 4/4 now $6.995M.
12 new sales: 976 Greenwood Ct 3/2.5 half-duplex listed at $459K, 659 Donax St 2/2 listed at $575K, 1225 Seagrape Ln 3/3 listed at $729K, 4760 Rue Helene 3/2 listed at $829K, 9448 Cotten Ct 3/2 listed at $875K, 1656 Middle Gulf Dr 3/4 listed at $895K, 543 Hideaway Ct 3/2 listed at $929K, 225 Violet Dr 3/2 listed at $965K, 742 Sand Dollar Dr 2/3 listed at $1.089M, 1230 Par View Dr 4/2.5 listed at $1.095M, 1653 Hibiscus Dr 3/2 listed at $1.495M, 1237 Isabel Dr 5/6.5 listed at $2.895M.
5 closed sales: 998 Fish Crow Rd 3/2 $500K, 5280 Ladyfinger Lake Rd 3/2 $720K, 1127 Buttonwood Ln 3/2.5 $850K, 2640 Coconut Dr 2/2 $1.1905M, 243 Daniel Dr 4/3.5 $1.3M.
LOTS
No new listings.
1 price change: 6411 Pine Ave now $349.5K.
1 new sale: 9441 Peaceful Dr listed at $249K (our listing).
No closed sales.
Captiva
CONDOS
1 new listing: Tennis Villas #3120 1/1 $335K.
No price changes.
1 new sale: Tennis Villas #3230 2/2 listed at $469K.
No closed sales.
HOMES
2 new listings: 16798/802 Captiva Dr 4/4 $5.75M, 1129 Longifolia Ct $6.499M.
6 price changes: 16813 Captiva Dr 3/3 now $2.095M, 11523 Andy Rosse Ln 5/5.5 now $2.295M, 16447 Captiva Dr 7/6/2 now $2.99M, 16531 Captiva Dr 8/8 now $2.995M, 16814 Captiva Dr 2/2.5 now $5.25M, 15819 Captiva Dr 5/5 now $10.9M.
No new or closed sales.
LOTS
1 new listing: 11525 Murmond Ln $895K.
No price changes, new, or closed sales.
This representation is based in part on data supplied by the Sanibel & Captiva Islands Association of Realtors® Multiple Listing Service. Neither the association nor its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or its MLS may not reflect all real estate activity in the market. The information provided represents the general real estate activity in the community and does not imply that SanibelSusan Realty Associates is participating or participated in these transactions.
Until next Friday, we’re working all weekend, if anyone wants real estate!
Susan Andrews, aka SanibelSusan
