Sunny Sanibel September Scoop

Even with the Monday holiday, it has been a quiet September week on sunny Sanibel. The causeway was packed over the long weekend, but Sanibel beaches were not overly busy.

Though the great summer-like weather continues with little traffic, there are a few visitor rumblings about the many temporary restaurant closings. That list has been updated and provided below.

Meanwhile, like me, some of my local pals are not out socializing much, but instead limiting their travels to home, work, necessary shopping, and doctoring. We are anxious for COVID-19 numbers to get under control. It is sad that this week, Lee Health had their highest number of pandemic deaths, as many as 18 a day. The number of unvaccinated cases reported is staggering and hospitalizations now include many children. With the politics about mask wearing and CDC precautions all over the news, it is scary to realize that this pandemic is getting worse – not better. We hope that you and yours remain safe and healthy.

Sanibel & Captiva Real Estate

In the world of island real estate, there was no Association of Realtors® Caravan meeting this week, At the late-August membership meeting, where two local rental managers spoke (Fran Peters with Island Vacations and Sharon Michie with Cottages to Castles), it was interesting to hear how 2021 has set records for both rental income and bookings. Even with cancellations and without foreign visitors, the islands have persevered as a much-desired vacation destination. Both companies were booked until late August. Rental prices continue to rise as the pent-up demand for island vacations goes up.

They also reported that accommodations are fully reserved for the upcoming winter season. Like we have seen in sales, many property owners now are using their condos and homes more themselves, further limiting rental availability. Those companies with accommodations have wait lists of vacationers wanting extended winter stays.

It will be interesting to see what happens with reservations over the next few weeks. There likely will be more COVID-related cancellations, but I bet those timeslots quickly will be scooped up by others anxious to come.

Regarding real estate sales, according to the Sanibel/Captiva Multiple Listing Service (MLS) today, there are just 15 Sanibel condos for sale, 5 on Captiva. Looking at homes, there are 26 on Sanibel and 12 on Captiva.

After a few news items below is the action posted in the MLS since last Friday.

Sanibel Causeway Toll Collection

Posted this week on the Lee Government website: Lee County has moved to an all-electronic process for toll collection. To avoid administrative fees that will be reinstated beginning October 1, 2021, they suggest residents sign up for a LeeWay transponder or use a compatible transponder such as SunPass or E-ZPass. Residents can sign-up to receive a transponder to avoid these extra fees being reinstated Motorists with compatible transponders will continue to pay the same prices. Motorists using pay-by-plate will be charged a $3 administrative fee per toll. This fee covers the manual costs of identifying motorists and billing them by mail. Visit leegov.com/tolls for more information.

Sanibel Farmers Market Beginning Soon

Get ready, the Sanibel Farmers Market opens for its 14th season on Sunday October 3 at City Hall. Open from 8 a.m. to 1 p.m. on every Sunday (including Easter) through May 29, please check their website at http://www.BuyLocalLee.com for info on all their markets in SW FL and their required COVID-19 precautions.

Revised List of Temporary Restaurant Closings

As in past Septembers, several restaurants are taking time off, some for vacations, some for deep-cleans and annual maintenance. Here is an updated list as of this week:

  • Bleu Rendez-Vous Bistro – closed thru Sep 30, reopens Oct 1.
  • Blue Giraffe at Periwinkle Place – closed thru Sep 20, reopens Sep 21.
  • Blue Giraffe 2 at Beachview Estates – closed thru Sep 20, reopens Sep 21.
  • Island Pizza – closed thru Sep 29, reopens Sep 30.
  • Mad Hatter – closed thru Sep 30, reopens Oct 1.
  • Paper Fig Kitchen – closed thru Sep 13, reopens Sep 14.
  • Rosie’s Café & Grill – closed thru Sep 13, reopens Sep 14.
  • The Sandbar Steak & Seafood – closed thru Sep 29, reopens Sep 30.
  • Sweet Melissa’s Café – closed thru Sep 20, reopens Sep 21.
  • Traders – closed Sep 11 thru Oct 5, reopens Oct 6.
  • Traders 2 (T2) – closed thru Oct 4, reopens Oct 5.
  • Traditions on the Beach – closed thru Sep 23, reopens Sep 24.

Scoop from SCCF

Nature lovers, be sure and check the Sanibel-Captiva Conservation Foundation’s Wednesday reports for weekly updates. Here are a couple of tidbits from their report this week:

Nesting Turtles Update – SCCF sea turtle monitors last observed a new sea turtle nest on August 22, which turned out to be a rare green sea turtle nest. While this nest comes later than usual, green nests were documented at later dates in August in three previous years. Overall, while Hurricane Ida impacted 106 nests, 171 still are incubating on our beaches.

World Shorebirds Day – On September 7, SCCF staff and 10 volunteers divided into small groups to cover the East End of Sanibel for shorebird counts as part of World Shorebirds Day. A total of 1,532 individuals of 25 species of birds were counted. To see the detailed list of sightings, visit https://ebird.org/checklist/S94363237

SCCF Launches Weekly Water Conditions Update on Fridays – Have you checked out SCCF’s Weekly Water Conditions Update which can be emailed to you each Friday? (sign up at http://sccf.org/our-work/join-our-mailing-list). It provides a comprehensive understanding of the water quality surrounding the islands. A visual, virtual tour of the waters surrounding Sanibel Lighthouse Beach Park is included with a link to SCCF’s site https://aerialwq.sccf.org/lighthouse/virtualtour/ where beachgoers can see the water’s color and clarity. Also included in the e-newsletter are the status of flows from Lake Okeechobee, red tide and harmful algal blooms in the region, and a real-time look at water quality data throughout the Caloosahatchee estuary through SCCF”s River, Estuary, and Coastal Observing Network (RECON) monitoring system at eight sites (http://recon.sccf.org/).

Sanibel & Captiva Islands Multiple Listing Service Activity September 3-10, 2021

Sanibel

CONDOS

1 new listing: Sandalfoot #5B1 1/1 $769.5K.

No price changes.

2 new sales: Beach Road Villas #101 2/2 listed at $495K, Blind Pass #A102 2/2 listed at $630K.

4 closed sales: Sundial #I202 1/1 $532K, Sundial #J301 1/1 $610.5K, Sanibel Arms West #K3 2/2 $680K, Sanibel Moorings #512 2/2 $1.15M (our listing).

HOMES

3 new listings: 1245 Par View Dr 3.2.5 $1.575M, 2030 Sunrise Cir 3/3 $1.625M, 1278 Sand Castle Rd 4/3 $1.65M.

2 price changes: 535 Birdsong Pl 3/2 now $695,555; 727 Periwinkle Way 3/3 now $2.1M.

1 new sale: 720 Elinor Way 3/2 listed at $939.9K.

2 closed sales: 1360 Jamaica Dr 3/3 $1.349M, 812 Birdie View Pt 3/3.5 $1.55M.

LOTS

1 new listing: 5642/5648 Baltusrol Ct $738K

1 price change: 3308 Saint Kilda Rd now $595K.

No new sales.

1 closed sale: 255 Hurricane Ln $370K.

Captiva

CONDOS

1 new listing: Beach Villas #2638 3/2 $1.349M.

No price changes, new sales, or closed sales.

HOMES & LOTS

Nothing to report.

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

Stay well & be safe,

Susan Andrews, aka SanibelSusan

Counting Down to Labor Day at SanibelSusan Realty

Thanks to friends Doris & Hans for this photo of Roseate Spoonbills. Love that pink!

It has been seven quiet days on the islands with little affects noticed here when Hurricane Ida passed out in the Gulf last weekend. Now our thoughts are with those from Louisiana into New England that have been ravaged by that far-reaching storm.

Here the haze-causing Saharan dust still is noticeable when crossing the causeway. The news says it has caused some discomfort to those with allergies, but it has worked in keeping tropical storms away from SW FL. So far, 2021 has been a lucky one for us at least as far as hurricanes are concerned.

Our first “cold front” arrived yesterday. With heavy rain much of that day and again this morning, the daytime temperatures got down into the mid-70’s. High temperatures only the mid-80’s are expected for the next seven to ten days. Maybe fall is arriving early!

SanibelSusan Realty

Teammate Dave and I have been covering the office this week. We had closings both Monday and Tuesday; then on Wednesday, Dave put his Estero listing under contract. Another of our Sanibel listings is scheduled to close after the holiday too. We like weeks like these, particularly in the off-season! The team and I continue to look for new listings as there still Is little inventory.

After a couple of news items below is the week’s report of the action posted in the Sanibel & Captiva Islands Multiple Listing Service. First, a summary of Sanibel and Captiva residential inventory today (Sep 3, 2021) with data from islands MLS. Though, September is usually the slowest month, it sure would be great for more properties to become available. We have buyers and colleagues do too!

 

 

Status

SANIBEL CAPTIVA
Condos Homes Lots Condos Homes Lots
# Avg $ # Avg $ # Avg $ # Avg $ # Avg $ # Avg $
For sale 15 905,793 23 2,926,654 16 587,875 3 1,496,666 12 5,827,249 0 N/A
Under contract 25 795,556 40 1,553,047 8 478,929 6 2,211,500 3 2,479,666 0 N/A
Sold 2021 to-date 215 870,579 274 1,310,921 59 747,110 43 1,046,916 35 2,807,868 2 2,950,000
Sold 2020 192 733,876 290 954,718 23 606,233 47 821,713 27 2,923,148 4 2,537,500

Temporary Closings

As in past Septembers, several island restaurants are taking time off, some for vacations, some for deep-cleans and annual maintenance. Here are the ones we have heard about:

  • Bleu Rendez-Vous Bistro – closed thru Sep 30, reopens Oct 1.
  • Blue Giraffe at Periwinkle Place – closed Sep 7-20, reopens Sep 21.
  • Blue Giraffe 2 at Beachview Estates – closed Sep 5-20, reopens Sep 21.
  • Mad Hatter – closed Sep 6-30, reopens Oct 1.
  • Paper Fig Kitchen – closed Sep 6-13, reopens Sep 14.
  • Rosie’s Café & Grill – closed Sep 6-13, reopens Sep 14.
  • The Sandbar Steak & Seafood – closed thru Sep 29, reopens Sep 30.
  • Spoondrift Island Bowls – closed thru Sep 6, reopens Sep 7.
  • Sweet Melissa’s Café – closed Sep 5-20, reopens Sep 21.
  • Traders – closed Sep 11 thru Oct 5, reopens Oct 6.
  • Traders 2 (T2) – closed Sep 4 thru Oct 4, reopens Oct 5.
  • Traditions on the Beach – closed Sep 5-23, reopens Sep 24.

CROW Visitor Education Center will be closed Sep 6 thru 10 for fall cleaning. They will reopen Sep 13 and are offering some new presentations. Tours are available Monday thru Friday at 11 a.m. with masks required. Each tour is limited to eight people (over the age of 13) and advance registration is required. More info at http://www.CROWClinic.org.

J.N. “Ding” Darling Wildlife Refuge – Wildlife Drive, Bailey Tract, and Tarpon Bay Explorers will be open on Labor Day, while the Visitor & Education Center, the Nature Store, and all administrative offices will be closed Monday. Reminder: The Visitor & Education Center and Refuge Nature Store currently are closed every Friday and Sunday because of staff shortages due to the pandemic. Wildlife Drive closes every Friday throughout the year. Restrooms remain open.

COVID-19 Update

Florida continues to report a record-number of COVID-19 cases. Locally, the Lee Health System is maxed out with a temporary suspension of elective hospital procedures that require an overnight stay. They also have temporary restrictions on hospital visitations. On a more positive note, Lee Health is making its Lee Telehealth service free until further notice. It connects patients with a physician or advanced provider and is available 24/7. The COVID-19 monoclonal antibody treatment offered locally also is beginning to show good results and is expected to keep the number of hospitalizations down.

According to Lee Health’s website, quarantine is recommended for those who have a known or suspected exposure to COVID-19. During quarantine, you should stay home, away from other people, except for medical care or basic necessities. If you must take care of a family member, they also must quarantine. Quarantine lasts for 14 days – this allows enough time to develop an infection from exposure. Sometimes you may be requested to test during this time, BUT a negative test at any point does not end quarantine sooner,

Isolation is recommended for those who have a suspected COVID infection or receive a 1st positive test for COVID. You should stay away from people except for medical care or basic necessities. If a family member must take care of you, they will need to quarantine after you are well (or after their last exposure to you while you are on isolation.)  Isolation lasts for at least 10 days. These 10 days begin with your first symptom or positive test (if asymptomatic). This means if you become sick while on quarantine, your 10 days starts at that time – not at the beginning of the quarantine. If you improve and have no fever at the end of the 10 days, isolation may stop. Repeat testing is not recommended.

Here is their COVID-19 update from yesterday, Sept 2, 2021:

“As of today, Lee Health has:

– 596 COVID-19 patients isolated in our hospitals (inpatient).

– Of these patients, 12 of them are children being treated at Golisano Children’s Hospital of Southwest Florida.

– Yesterday, we had 60 new COVID-19 hospital admissions and 64 COVID-19 discharges.

– 50% of our ventilators and 3% of our ICU rooms are available for use. We have 86 COVID-19 patients on ventilators and 113 in the intensive care unit.

– This morning, census was at 101% of staffed operational bed capacity.

“OTHER UPDATES:

“For just the second time in the last month, Lee Health has discharged more COVID-19 patients than we’ve admitted over the last 24 hours, and this is the fewest number of COVID-19 patients we are treating since August 20. We hope that this slight downturn will accelerate and continue over the next few weeks.

“While this is promising, we are still not out of the woods. Lee Health hospitals are still at capacity, and we are seeing more patients than ever. This is why it remains as important as ever to get vaccinated if you haven’t already. Widespread vaccination in our community can help prevent another surge like the one we are currently experiencing, especially as we move closer to our seasonal months.

“Lee Health offers COVID-19 vaccines for anyone 12 and older at its walk-in Community Vaccination Clinic, located inside Gulf Coast Medical Center. It’s open Tuesdays, Wednesdays and Fridays from 7:00 a.m. – 3:30 p.m. and there is no cost for the vaccine.”

Nearly 1000 People Moving to Florida Every Day

A Fox 4 post by Cindy Preszler this week says: “We never have to deal with ice or snow. Extreme cold is foreign to us. This is SWFL. The weather is one of the reasons so many people are moving to our state, there are other reasons too but you just can’t beat this stuff.

“The latest stats from snntv.com indicate that nearly 1000 people move here every day and many are coming from northern states like New York, New Jersey, and Connecticut. According to move.org, Florida was the most moved to state in 2020.

“And why not? Chick out the weather/climate stats for Fort Myers. The average annual high is 85, and the low is 65… not too hot, not too cool.

“July and August are the hottest months with an average high of 92… it’s rare to see temps in the upper 90’s. Ad when most folks are shivering in January, highs are typically in the 70’s down here.

“Our wettest month is August with almost ten and a half inches on average. But in February and November… oh it’s so beautiful… not even two inches typically falls.”

Sanibel & Captiva Islands Multiple Listing Service Activity August 27-September 3, 2021

Sanibel

CONDOS

2 new listings: Breakers West #C2 2/2 $749K, Breakers West #C4 2/2 $749K.

No price changes.

2 new sales: Blind Pass #C110 2/2 listed at $539K, Sundial #C308 1/1 listed at $575K.

View from Gulf Beach #106

6 closed sales: Sundial #I103 1/1 $500K, Mariner Pointe #712 2/2.5 $620K, Mariner Pointe #631 2/2 $685K,  Gulf Beach #106 2/2 $893K (our listing), Sanddollar #C101 2/2 $1.15M, Somerset #D202 3/2 $1.7M.

HOMES

3 new listings: 719 Durion Ct 3/2 $1.025M, 5880 San-Cap Rd 3/2 listed at $1.35M, 2480 Harbour Ln 3/3.5 listed at $1.9645M.

2 price changes: 4771 Tradewinds Dr 3/3 now $2.99M, 1146 Golden Olive 5/4 now $2,999,999.

2 new sales: 5747 Pine Tree Dr 3/3 listed at $1.799M, 4949 Joewood Dr 5/5 listed at $4.295M

3 closed sales: 1702 Bunting Ln 4/3 $749.5K, 565 Lake Murex Cir 3/2 $899K, 2367 Wulfert Rd 3/3.5 $1.85M (our sale).

LOTS

Nothing to report.

Captiva

CONDOS, HOMES & LOTS

Nothing to report.

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

Enjoy your weekend!

Susan Andrews, aka SanibelSusan

Market Outlook – Here, There, Everywhere

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

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

Florida Realtors® Annual Convention

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

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

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

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

At the Sanibel & Captiva Islands Association of Realtors®

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

At SanibelSusan Realty

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

The Market Outlook – Nationally & More

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Sanibel

CONDOS

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

No price changes.

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

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

HOMES

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

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

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

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

LOTS

No new listings.

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

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

No closed sales.

Captiva

CONDOS

No new listings, price changes, or new sales.

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

HOMES & LOTS

Nothing to report.

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

Until next Friday,

Susan Andrews, aka SanibelSusan

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

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

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

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

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

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

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

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

More Florida Insurers Dropping Homeowners with Older Roofs

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

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

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

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

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

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

Can You Afford a New Roof?

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

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

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

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

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

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

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

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

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

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

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

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

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

Get ready to buy a new roof

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

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

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

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

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

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

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

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

Owners of older roofs have few choices

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

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

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

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

Will it ever end?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Sanibel

CONDOS

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

Sanibel Arms Building F

No price changes.

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

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

HOMES

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

No price changes.

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

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

LOTS

Nothing to report.

Captiva

CONDOS

No new listings, price changes, or new sales.

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

HOMES

No new listings or price changes.

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

No closed sales.

LOTS

Nothing to report.

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.

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

Enjoy your weekend!

Susan Andrews, aka SanibelSusan

Summertime & The Market Still is HOT!

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

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

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

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

 

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

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

Summer of the Speed Buyer

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

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

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

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

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

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

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

Elsa Washes Away 45 Sea Turtle Nests on Sanibel

SCCF photo

From SCCF’s Wednesday update:

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

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

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

CEPD Provides Updated Start Date for Project

From the July 14, 2021 “Island Reporter”:

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

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

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

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

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

Sanibel

CONDOS

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

No price changes.

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

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

HOMES

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

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

No new sales.

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

LOTS

No new listings or price changes.

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

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

Captiva

CONDOS

No new listings or price changes.

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

No closed sales.

HOMES

No new listings, price changes, or new sales.

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

LOTS

Nothing to report.

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.

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

Susan Andrews, aka SanibelSusan

Beautiful Weather for Memorial Day Weekend 2021

SanibelSusan here reporting that all is well on the islands for the holiday weekend. Traffic on Periwinkle and the causeway was already picking up yesterday afternoon and has been steady most of today. More summerlike weather is expected for the immediate future, so plenty of weekend warriors may be arriving.

If you follow local news, this week there has been a lot of hype about red tide and blue-green algae. With the rainy season approaching those often are summertime concerns in SW Florida. But, if the water surrounding Sanibel today is any indication, there is none. I took the below photos this earlier this afternoon showing bayside surrounding waters – they are clear and a beautiful bright blue reminiscent of the Caribbean. Should be perfect for boaters and beachgoers here for the holiday holiday! We hope you enjoy your weekend too and remember those who served.

At SanibelSusan Realty

Here in the office teammate Elise has kept things running smoothly while teammate Dave is on vacay and I have struggled with a bad knee. Who knew that just getting up from a chair causes injury?  Anyway, I now have mastered using a walker, luckily can still drive, and should get an orthopedic plan of action next week. Teammate Lisa is in the office tomorrow.

Thank goodness we work like a well-oiled machine and much of it is over the internet. I put our last lot listing under contract Sunday, we had two nice closings this week, and both Elise and I have spoken with and visited owners thinking of selling.

Meanwhile, island inventory continues to diminish. Today on Sanibel, there are just 13 condos, 25 homes, and 15 lots for sale. Even fewer listings on Captiva, where seven condos, 11 homes, and just one lot are available.

You will see the week’s report of the action in the Sanibel & Captiva Islands Multiple Listing Service after a couple of news items below. There was not a lot of new listing activity this week.

Most remaining snowbirds are heading north this weekend, while the post-season crowd will be here for the holiday. Fingers crossed they are “nice” and appreciate the islands’ low-key laid-back eco-friendly ambience.

Use of ‘Escalation Clause’ Skyrockets in Hot Seller’s Market

With Florida real estate market hot, the below article posted this week by Joel Maxson, Florida Realtors® Associate General Counsel is especially appropriate. One of the offers that one of our listings recently received had an escalation clause and it was not the successful offer. Sometimes other terms are more important to a seller than the price.

“As escalation clauses become more popular during this hot seller’s market, buyers should consider the pros and cons of using them – as well as the broader legal context of their offer.

“ORLANDO, Fla. – During this white-hot seller’s market, many conversations on Florida Realtors® Legal Hotline involve multiple offer scenarios. Buyers are desperately seeking ways to try and make their offer stand out. One method that has rocketed in popularity is using an escalation clause.

“There are many variations of these clauses, but the one thing they have in common is that a buyer is willing to increase the purchase price above the amount in the initial offer. A simple version of an escalation clause may read something like this: “Buyer agrees to pay $____________ more than the next highest offer, not to exceed a final purchase price of $___________.”

“This is the core concept, at least. Most clauses will also include some combination of the following components, although this is by no means an exhaustive list. The clause can get increasingly more complex the more a buyer adds to the clause.

  • “The amount of money to add to the next highest offer (the escalation amount)
  • The maximum purchase price
  • Seller’s obligation to show the buyer a copy of the next highest offer used to calculate the final purchase price
  • Whether the financing amount will increase, or whether the buyer will pay cash to cover the escalation amount
  • How to handle a situation involving two or more competing escalation clauses
  • Whether the buyer or seller will be obligated to sign or initial further documents if the escalation clause is triggered
  • Whether the escalation is based on the purchase price or net proceeds to the seller (to account for costs and credits in a competing offer)

“The positive side of escalation clauses is that they may make a buyer’s offer stand out. It also invites a seller to take an easy path to finalize negotiation.

“Most of the confusion we hear about these clauses on Florida Realtors Legal Hotline centers around the fact that the buyer’s offer is just that – an offer. A seller who receives an offer can accept, reject, counter, or even ignore an offer.

“For example, can the seller send a brief message that instructs the buyer to submit a new, “highest and best” offer, with a fixed purchase price by a deadline? Yes – the seller is welcome to reject the buyer’s offer.

“What if the seller removes the escalation clause and counters the buyer’s offer right at buyer’s maximum price cap with no information about any other offers? Can the seller do that? Yes – the seller is welcome to counter buyer’s offer.

“Can the seller go with a different buyer’s offer (even a lower-priced one) and never inform the buyer with the escalation clause? Yes – the seller is welcome to ignore the buyer’s offer.

“As you can see, the crux of most buyer frustrations centers on the concept that the seller isn’t bound to follow the rules in the escalation clause unless the seller accepts the offer.

“Please note that there are additional angles to this issue – this brief article is simply designed to give an overview of the escalation clause itself. For example, although this article mentions a seller’s right to ignore an offer, a listing Realtor must comply with this Standard of Practice from NAR’s Code of Ethics: REALTORS®, in response to inquiries from buyers or cooperating brokers shall, with the sellers’ approval, disclose the existence of offers on the property. Where disclosure is authorized, REALTORS® shall also disclose, if asked, whether offers were obtained by the listing licensee, another licensee in the listing firm, or by a cooperating broker.”

Memorial Day Weekend Happenings

“Ding” Darling’s Summer Fun Virtual Auction is now through Monday, May 31, at https://DingFunAuction.givesmart.com . All proceeds benefit conservation efforts at the National Wildlife Refuge.

Sanibel’s last Farmer Market until fall wraps up Sunday, May 30, on the grounds of City Hall, 8 a.m. to 1 p.m. The market begins again on the first Sunday in October.

Also Sunday, May 30, American Legion is hosting a Backyard BBQ from noon until 8 p.m., 4249 San-Cap Rd at Mile Marker 3. Featuring burgers, brats & sides, with live music & fun.

Beachgoers, please be on the lookout for turtle and snowy plover nests. As of May 19, four active snowy plover nests have been recorded. If you see a nest that has not yet been roped off, contact shorebirds@sccf.org. Also as of May 19, SCCF already has counted and marked off 60 turtle nests on Sanibel, 25 on Captiva. That’s a lot for this early in the season. Please do not disturb any nests and if you are on the beach at night, only red/amber lights are allowed.

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

Sanibel

CONDOS

No new listings or price changes.

6 new sales: Captains Walk #B2 1/1 listed at $299,999, Mariner Pointe #943 2/2.5 listed at $749K, Sunset South #11D 2/2 listed at $749K, Pointe Santo #D24 2/2 listed at $795K, Pelicans Roost #102 2/2 listed at $930K, Sanddollar #A102 3/2 listed at $1.395M.

13 closed sales: Sundial #I105 1/1 $405K, Mariner Pointe #731 2/2 $515K, Sandalfoot #3B3 1/1 $520K (our listing), Lighthouse Point #121 3/2 $591K, Sandalfoot #3C1 2/2 $630K, Loggerhead Cay #572 2/2 $670K, Sanibel Arms West #C4 2/2 $910K, Sunset South #4D 2/2 $997.5K, Tarpon Beach #109 2/2 $1.055M, Pointe Santo #C43 3/2 $1.075M (our listing), Compass Point #151 3/3 $1.495M, Atrium #102 3/2 $1.498M, Cyprina Beach #3 3/3 $1.749M.

HOMES

No new listings.

1 price change: 939 Beach Rd 3/2.5 now $1.55M.

6 new sales: 2011 Mitzi 2/1 listed at $650K, 1605 Sand Castle Rd 3/2.5 half-duplex listed at $699K, 429 Lake Murex Cir 3/2 listed at $749.5K, 770 Donax St 2/2 listed at $850K, 4516 Bowen Bayou Rd 3/2.5 listed at $979.9K, 5765 Baltusrol Ct 4/4.5 listed at $1.648M.

8 closed sales: 1657 Sabal Sands Rd 3/2 $767K, 3570 Bunny Ln 3/3 $869K, 1983 My Tern Ct 3/2.5 $1.02M, 557 N. Yachtsman Dr 4/3 $1.124M, 5403 Shearwater Dr 4/3 $1.599M, 2355 Wulfert Rd 3/3.5 $1.649M, 1680 Hibiscus Dr 3/3.5 $1.8M, 1044 Whisperwood Way 4/4.5 $1.94M.

LOTS

No new listings or price changes.

2 new sales: with contingencies: 1894 Farm Trl listed at $199K (our listing & our sale), 461 Sawgrass Pl listed at $699K.

No closed sales.

Captiva

CONDOS

1 new listing: Captiva Hide-a-Way #D 2/2 $1.075M.

1 price change: Lands End Village #1649 2/2 now $1.395M.

1 new sale: Beach Villas #2514 2/2 listed at $820K.

2 closed sales: Tennis Villas #3217 1/1 $355K, Ventura Captiva #4A 3/3 $1.1M.

HOMES

No new listings, price changes, or new sales.

2 closed sales: 1105 Tallow Tree Ct 3/3 $2.4M, 14980 Binder Dr 4/4 $2.475M.

LOTS

No new listings.

price change:

No 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.

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

Best wishes for a safe Memorial Day Weekend,

Susan Andrews, aka SanibelSusan

 

Wrapping up a Sunny Quiet Sanibel Friday

It has been another week of great weather, but rain is needed! Below is some news followed by the weekly action posted in the Sanibel & Captiva Islands Multiple Listing Service (MLS).

At SanibelSusan Realty

Here in the office, we are down to just one listing available and three under contract, with two closings next week. Inventory is sooo low. Realtors everywhere are looking for new listings. That includes us!

What Will Exurb Buyers Do if Called Back to the Office?

Posted May 12, 2021 on FloridaRealtors®: By Kerry Smith – “Pandemic-era buyers moved farther out and to new cities, assuming they’d never have to return to the office. Now, if forced to choose, 25% would pick home over their job.

“SANTA CLARA, Calif. – COVID-19 drove working professionals out of the office and sparked a surge in home buying in the less-expensive outskirts of cities and even in small towns across the U.S. But so far, only 48% of these workers have been told they can continue working remotely. An unknown number may soon be expected to commute to work if a return becomes mandatory, creating a conflict that pits their new house against their job.

“According to a realtor.com study, almost 60% of new homeowners who purchased within the last 12 months work from home – and 62% prefer to be. However, less than half have been told that they can continue to do so. About 25% of those surveyed have no definitive answer on whether they can remain fully remote indefinitely; another 25% already have plans to return.

““Throughout the last year we have seen homebuyers across the country, empowered by the newfound ability to work remotely, moving farther and farther from crowded urban downtowns in search of more space, a higher quality of life and a lower cost of living,” says George Ratiu, Sr. economist for Realtor.com. “Our survey data shows that people are really enjoying their new communities and larger homes, and aren’t willing to give them up anytime soon.”

“If companies start demanding that these workers return to the office, Ratiu says we “could see an influx of new homeowners in the job market. For companies willing to stay more flexible with either hybrid or entirely remote opportunities, there’s a large cohort of young professionals with growing families who … welcome the benefits of a technologically-enhanced employment landscape.”

“Job versus home – When asked what they will do if their employer decides they must return to the jobsite, 48% would try to arrange a flexible schedule that allows for some in-office work and some remote work – but almost 25% said they’d find a new job. Only 30% said they’d willingly return to the office if asked, and only 8% would sell their pandemic-era home to be closer to work.

“Going the distance – Despite the fact that 31% are less willing to commute farther for work, close to 40% would have to travel 30 minutes or more each way to the office if asked to return to the workplace, and 18% of new homeowners would have to commute more than 60-minutes each way – an unappealing prospect for many.

““As offices begin to reopen, those who are currently looking for a new home may have to start factoring commute time into their search. One way to find homes within your desired commute time is to use the Realtor.com commute time filter.,” says Lexie Holbert, home and living expert at Realtor.com.”

Sanibel & Captiva Islands Multiple Listing Service Activity May 14-21, 2021

Sanibel

CONDOS

1 new listing: Mariner Pointe #943 2/2.5 $749K.

No price changes.

5 new sales: Blind Pass #E104 2/2 listed at $549.9K, Sanibel Arms West #I2 2/2 listed at $599K, Heron at The Sanctuary #3A 2/2.5 listed at $839K, Sanddollar #C103 3/2 listed at $1.375M, Gulfside Place #320 2/2 listed at $1.389M.

6 closed sales: Sundial #H107 1/1 $450K; Blind Pass #D203 2/2 $459K; Kimball Lodge #302 1/1 $552,750; Sanibel Arms West #J5 2/2 $600K; Blind Pass #G104 3/2 $687.5K, Sundial #Q401 2/2 $908K.

HOMES

4 new listings: 4506 Bowen Bayou Rd 3/2 $839K, 4516 Bowen Bayou Rd 3/2.5 $979.9K, 5765 Baltusrol Ct 4/4.5 $1.648M, 1360 Eagle Run Dr 5/3.5 $2.695M.

3 price changes: 2011 Mitzi Ln 2/1 now $650K, 4619 Bowen Bayou Rd 3/2 now $848K, 1237 Isabel Dr 6/6.5 now $2.995M.

11 new sales: 5161 Sanibel-Captiva Rd 3/2 listed at $574K, 1649 Sand Castle Rd 3/2 half-duplex listed at $599.9K, 4505 Bowen Bayou Rd 3/3 listed at $729K, 555 Piedmont Rd 3/2 listed at $765K, 9408 Moonlight Dr 3/2 listed at $768.5K, 2548 Wulfert Rd 3/4 listed at $943K, 221 Robinwood Cir 3/2 listed at $999K, 5431 Shearwater Dr 3/3 listed at $1.148M, 1187 Sand Castle Rd 3/2 listed at $1.399M, 4701 Rue Belle Mer 4/5 listed at $3.395M, 1306 Seaspray Ln 4/4 listed at $4.245M.

13 closed sales: 1942 Roseate Ln 2/2 $500K; 1695 Serenity Ln 3/2 $619,830; 2441 Shop Rd 4/3.5 $920K; 5424 Shearwater Dr 3/2.5 $999K; 2563 Coconut Dr 2/2 $1.049M; 694 Heather Ln 3/3.5 $1.2534M; 1391 Jamaica Dr 4/3 $1.299M; 2303 Troon Ct 3/4 $1.3M; 5423 Shearwater Dr 3/3 $1.315M; 994 Whelk Dr 3/2 $1.325M; 4664 Rue Belle Mer 5/5 $1.62M; 775 Conch Ct 4/3 $1.75M; 4601 Rue Belle Mer 3/2 $2.9M.

LOTS

2 new listings: 2829 Wulfert Rd $349K, 3938 West Gulf Dr $899K.

1 price change: 255 Hurricane Ln now $399K.

2 new sales: 809 Pyrula Ave listed at $424.9K, 0 Rue Bayou listed at $649,555.

2 closed sales: 5687 Baltusrol Ct $385K, 539 Sea Oats Dr $385K.

Captiva

CONDOS

2 new listings: Lands End Village #1649 2/2 $1.349M, Lands End Village #1663 2/2 $1.395M.

No price changes or new sales.

2 closed sales: Tennis Villas # 3233 2/2 $520K, Gulf Beach Villas #2127 2/2 $885K.

HOMES

No new listings or price changes.

1 new sale: 11551 Paige Ct 5/5/2 listed at $6.495M.

2 closed sales: 42 Oster Ct 2/2.5 $1M, 11541 Laika Ln 4/4 $2.15M.

LOTS

No new listings.

1 price change: 16970 Captiva Dr now $4.25M.

No 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.

Enjoy your weekend!
Until next Friday, Susan Andrews, aka SanibelSusan

Sanibel White Stuff = Sand & Seashells

It is another sunny Sanibel Friday. More warm weather abounds in SW Florida and the drive across the causeway is back to the brilliant azure blue that we see each spring before the rainy season begins.

There was a noticeable decrease in traffic this week on Periwinkle Way, but the City continues to post their daily noontime warning as soon as more than 5,500 cars cross the causeway. I still drive home from the office the back way, with little to no waits this week between 5 and 6 p.m.

Regarding Sanibel’s State of Emergency due to COVID-19, on Tuesday, Mayor Holly Smith again extended the mask requirement and the emergency proclamation until next Tuesday, April 20. Masks are required in all businesses and outside where social distancing is not possible. It seems to be working with a total of 248 Sanibel cases reported from March 26, 2020 through April 14, 2021, a total of 11 on Captiva.

This May Be the Best Month Ever to Sell a Home

Posted on-line yesterday, Apr 15, 2021 on FloridaRealtors®, by Kerry Smith: “Study: April is the best month to sell a home – more buyer interest, less competition, higher list prices and faster sales – and given market conditions right now that strongly favor sellers, there may never be a better time for homeowners to post a for-sale sign in their yard.”

“In today’s market, it seems as if it’s always a good time to sell a home because they’re selling fast, often sight unseen. However, this month, depending on the city, may be the best time of the best times to sell a home, according to realtor.com’s 2021 Best Time to List analysis. From April 18-24, debuting home sellers should see more buyer interest, less competition from other sellers, a faster sale and a higher listing price, the study suggests.

“To determine the optimum time to list, the study considered competition from other sellers, median listing prices, time it takes to sell, likelihood of price reductions and interest from buyers measured by views per property on realtor.com’s website. Because of COVID’s disruption in 2020, the analysis included 2018-2019 listing data.

“Unlike 2020 when COVID upended the spring home-buying season and pushed buyer interest to later in the year, this year’s housing market is following more typical seasonal trends,” says realtor.com Chief Economist Danielle Hale. “With half as many homes available for sale this year than last, sellers are well positioned for a quick sale at top dollar. However, for most sellers, listing sooner rather than later could really pay off with less competition from other sellers and potentially a higher sale price. They’ll also avoid some big unknowns lurking later in the year, namely another possible surge in COVID cases, rising interest rates and the potential for more sellers to enter the market.”

“However, while that April sweet spot for listing a home may be true for most Florida metro areas, it’s not so consistent in South Florida. According to realtor.com’s analysis, the best day of the year for a seller to list a home in a major Florida metro is:

  • Jacksonville: April 4
  • Miami-Fort Lauderdale-West Palm Beach: July 4
  • Orlando-Kissimmee-Sanford: April 25
  • Tampa-St. Petersburg-Clearwater, Fla.: April 25

What makes the week of April 18 stand out?

Higher price: Homes listed next week typically sell 2% higher than the average week and 10.4% higher than at the start of the year. If 2021 follows the typical seasonal trend, a median priced home listed next week could sell for $7,500 above the average week and $36,000 more than it would have in early January.

Strong buyer demand: Homes typically get 11% more views on realtor.com than the average week throughout the year.

Less competition: Homeowners who listed during the week of April 18 in 2018 and 2019 saw 5% fewer sellers on the market compared to the average week throughout the year.

Faster sale: Historically, homes listed during this week sold 14.1% faster than the average week. In 2021 terms, this would translate to selling in just 59 days – eight days faster than homes listed in other weeks, on average.

A downside to waiting?

While waiting a few months to list a home may be fine, some potential housing market shifts could lessen homeowners’ current advantage. Rising mortgage rates, which realtor.com forecasts will reach 3.4% by the end of the year, could dampen buyer demand later in the home-buying season.

“In addition, improved vaccination rates could also bring more competition if an uptick in homeowners decides that it’s now safe to make a move.

““It’s a seller’s market right now, but you still need to ensure your home makes a great first impression, especially if you want to get the best price for your place,” says Rachel Stults, deputy editor for realtor.com. “The key is zeroing in on what buyers want. In the wake of the COVID-19 pandemic, buyers are looking for more space – or flexible space they can transform into what they need.”” © 2021 Florida Realtors®

Why You Need SanibelSusan Realty Associates

With the “hot” real estate market in many parts of the country, including the islands, we have heard of prospective sellers saying, “You should reduce your commission since you won’t need to do as much work to get my property sold” or “You should charge less if you sell it yourself.”

Let’s consider these suggestions. First, if a seller wants to get sale terms that meet certain expectations, they need to make those requirements known. Perhaps they are only looking to sell if they get a certain price or maybe they can’t close until after a specific date or want to spend another winter here, or maybe they want to sell all their furnishings too.

Should they want the person that will negotiate terms on their behalf, be someone that is willing to give away their own fee? Or should they want someone working for them that will negotiate for them, like they do for themselves. Someone who is tough, but fair, honest, and forthright.

Especially in a hot market, sellers here need the exposure that only a local established on-island Realtor can provide. Everyone deserves solid ethical representation.

I built The SanibelSusan Team because I believe that no one is an expert in everything. In high school, I was voted “best all-‘round”. For years, I thought that meant I could do lots of things but was not a pro at any of them. Then I went to work for the government and then private industry. I found that whether in engineering or management or real estate, the strongest businesses are created with the smartest most-flexible people – not just one person.

On my team, my forte is the analysis, the details, the contracts, probably the result of all those years spent in marine engineering and in writing/administering/negotiating service contracts. I love the nitty gritty in getting a deal done.

Teammate Realtor® David Anderson, is our boots on the ground guy. He oversees the physical aspects of our office and the properties we list and sell. He is our internet sleuth and computer guru. He pulls files at City Hall, determines property values, researches their permit status and their opportunity for development or improvement. He accompanies our inspections, oversees repairs, and does our heavy lifting.

Teammate Elise Carnes, like Dave, has been part of the team for almost 21 years. As our licensed assistant and notary, Elise oversees our listing action items including preparing fliers, inventories, MLS postings, and bulk mailings. She schedules showings, follows up on feedback, and coordinates our weekly and monthly progress reports.

Realtor® teammate Lisa Murty is our Saturday gal. She coordinates weekend showings and updates our island inventory lists. She joined the team in 2007. With a background in the hospitality industry, she always is looking for ways to make selling our listings easy.

Does every SanibelSusan teammate know the ins and outs of the Florida sales contracts and are they all qualified to sell a property? Of course, they are, but more importantly we work together, capitalizing on our strengths, but flexible enough to do it all.

Whether The SanibelSusan Team is working for buyers, sellers, or both, we are fair, honest, and forthright. Our goal is to provide the best service. Our reputation is “we tell the truth” and sometimes that may be hard, but we want to make working with us the ”best” real estate experience.

Sanibel & Captiva Inventory

Table below with data from Sanibel & Captiva Islands Multiple Listing Service 4/16/2021. Prices in italics are asking prices.

Average sale prices are provided for closed sales year-to-date, and in all of the years 2020, 2019, and 2006 (which was the prior peak year).

It is hard to believe that there are only 36 homes currently for sale on Sanibel, compared to 193 sold this year. The condo market is catching up, with just 47 Sanibel condos for sale, 144 sold this year. More Sanibel lots have sold already than in each of the last 15 years. Forty-six have sold, just 28 are for sale.

 

SANIBEL

CONDOS HOMES LOTS
# Avg Price $ # Avg Price $ # Avg Price $
Available 47 841,778 36 2,325,580 28 819,111
Under contract 51 816,900 66 1,415,536 12 1,056,325
Sold to-date 2021 93 864,419 127 1,324,262 34 521,588
Sold 2020 192 733,876 290 954,718 23 606,233
Sold 2019 127 694,392 211 949,790 15 372,200
Sold 2006 143 866,972 156 1,143,682 18 523,917

 

 

CAPTIVA

CONDOS HOMES LOTS
# Avg Price $ # Avg Price $ # Avg Price $
Available 8 1,740,312 16 4,819,874 1 3,995,000
Under contract 14 1,270,671 10 2,328,100 1 2,450,000
Sold to-date 2021 19 967,684 20 3,244,595 0 N/A
Sold 2020 47 821,713 27 2,923,148 4 2,537,500
Sold 2019 29 1,037,077 17 2,737,503 1 1,375,000
Sold 2006 27 797.532 25 2,127,352 0 N/A

Sanibel & Captiva Islands Multiple Listing Service Activity April 9 to 16, 2021

CONDOS

2 new listings: Sanibel Arms West #I8 2/2 $624K, Sanibel Surfside #115 2/2 $1.05M.

2 price changes: Sanibel Moorings #242 1/1 now $409K, Sanibel Arms West #C4 2/2 now $911K.

3 new sales: Spanish Cay #F2 1/1 listed at $325K, Blind Pass #D203 2/2 listed at $459K, Loggerhead Cay #572 2/2 listed at $719K.

12 closed sales: Sanibel Moorings #1512 2/2 $529K; Sanibel Arms West #B5 2/2 $540K; Pointe Santo #B26 2/2 $675K; Sand Pointe #217 2/2 $752.5K; Sand Pointe #113 2/2 $775K; Sand Pointe #216 2/2 $800K (our buyer); Sanibel Arms West #F1 2/2 $924,150; White Pelican #111 2/2 $1.245M; Pine Cove #202 3/2 $1.3M; By The Sea #B301 2/2 $1.595M; Cyprina Beach #2 3/3 $1.65M; Somerset #D102 3/2.5 $1.8M.

Sand Pointe pool

HOMES

3 new listings: 5423 Shearwater Dr 3/3 $1.245M, 820 Angel Wing Dr 3/2 $1.595M, 4601 Rue Belle Mer 2/2 $3.395M.

2 price changes: 3010 West Gulf Dr 3/2 now $1.299M, 940 Whelk Dr 3/2 now $1.47M.

10 new sales: 1695 Serenity Ln 3/2 listed at $649K, 958 Sand Castle Rd 3/2 listed at $714K, 4505 Bowen Bayou Rd 3/3 listed at $729K, 1117 Captains Walk St 2/2 listed at $857K, 1275 Par View Dr 3/2 listed at $1.399M, 2303 Troon Ct 3/4 listed at $1.4959M, 1200 Kittiwake Cir 4/3.5 listed at $1.5M, 742 Sand Dollar Dr 3/3 listed at $1.55M, 775 Conch Ct 4/3 listed at $1.895M, 1680 Hibiscus Dr 3/3.5 listed at $1.975M.

18 closed sales: 1835 Ardsley Way 2/2 $444K; 976 Greenwood Ct 3/2.5 half-duplex $515K; 4397 Gulf Pines Dr 3/3 $655K; 5303 Umbrella Pool Rd 3/2.5 $685K; 1965 Roseate Ln 3/2 $740K; 1052 Fish Crow Rd 3/2 $760K; 3781 Coquina Dr 3/2 $794,999; 1045 Blue Heron Dr 2/2.5 $889K; 685 Sea Oats Dr 3/2/2 $1.05M; 957 Cabbage Ct 3/3 listed at $1,062,150; 5076 Joewood Dr 3/2 $1.329M; 490 Sawgrass Pl 3/2.5 $1.41M; 1480 Middle Gulf Dr 4/4/2 $1.56M; 2479 Harbour Ln 4/3 $1.695M; 513 Lighthouse Way 3/3 $1.755M; 1283 Isabel Dr 3/2 $1.84M, 550 Lighthouse Way 4/4.5 $2.775M; 4961 Joewood Dr 4/4 $4.995M.

LOTS

No new listings or price changes.

1 new sale: 6000 White Heron Ln listed at $850K.

3 closed sales: 667 Birdie View Pt $315K, 3308 Saint Kilda Rd $430K, 3324 Saint Kilda Rd $430K.

Captiva

CONDOS

No new listings, price changes, or new sales.

3 closed sales: Bayside Villas #5118 1/2 $392.5K, Lands End Village #1637 2/2 $1.41M, Lands End Village #1634 3/3 $2.32M.

HOMES

1 new listing: 15867 Captiva Dr 7/6 $12.7M.

2 price changes: 15300 Captiva Dr 9/7 now $6.7M, 15261 Captiva Dr 4/4.5 now $11.499M.

No new sales.

3 closed sales: 11504 Wightman Ln 4/3.5 $1.475M, 16727 Captiva Dr 5/4 $1.925M, 16447 Captiva Dr 7/6/2 $2.79M.

LOTS

Nothing to report.

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

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

Until next Friday, Susan Andrews, aka SanibelSusan

Another Bright Sunny Friday on Sanibel & Captiva

As the SanibelSusan Team and I maneuvered through another week of wonderful sunny island weather (low humidity, yet day-time temperatures in the 80’s), we occasionally had to remind ourselves to be patient. Easter always is the busiest week until Christmas, so it was not unusual for complaints about heavy roadway traffic, busy bike paths, and full lots at the public beaches. We try to take the temporary inconveniences in stride – hoping that some buyers are in the visitor mix – particularly ones that want to purchase our listings.

Beach in front of our listing at White Sands

Each day as soon as causeway traffic exceeded 5,500 vehicles (usually before noon), The City website, www.MySanibel.com, posted warnings of heavy off-going afternoon/evening traffic. Lee County commissioners (who regulate the bridge tolls) met this week and discussed keeping the toll booth unmanned, while raising the fee from $6 to $8 to cover the additional costs associated with that change. No decision was made, but it could be an omen of things to come.

Weather Changing

Southwest Florida needs rain with many lawns and vegetation turning yellow and crunchy. Less than an inch of rain was accumulated last month, so water is needed. The rainy season usually does not start until May, but forecasters are saying that we may get brief scattered showers both Sunday afternoon and Monday.

Last week, I posted a couple of pix of the first two gardenia blooms on the bush by my front door. I guess, those plants don’t need a lot of water, as this week, the bush has exploded. Wish you could smell it – it’s heavenly!

When the rainy season begins, usually hurricane season is not far behind (Jun 1 through Nov 30). After the historic tropical storms of 2020, meteorologists predict 2021 could be another busy hurricane season, with between 16 to 20 named storms expected for the Atlantic area.

SanibelSusan Realty

This week at SanibelSusan Realty, we had another nice closing, a couple of walk-ins and several listing and showing inquiries. Unfortunately, once again, most Realtors® wanting to show our condo listings that are booked solid, have buyers departing before, or arriving after, the short Saturday window between when guests leave and new ones arrive.

Teammate Dave was out showing and has been sleuthing for properties that meet buyers’ requirements. We have done that a lot lately. We continue to search for new listings, particularly in communities where we have buyers “waiting”.

Sanibel & Captiva Islands Association of Realtors®

Now it has been more than a year since our Sanibel & Captiva Islands Association of Realtors® has met in person for Caravan and Membership meetings. We hope that changes soon. The next Open Caravan Zoom meeting is Apr 15.

Wondering about inventory today? It remains super low. Below is an update from the islands Multiple Listing Service as of Apr 9.

CONDOS:

On Sanibel, 46 for sale, average asking price $821,267.

On Captiva, eight for sale, average asking price $1,740,312.

HOMES:

On Sanibel, 39 for sale, average asking price $2,208,638.

On Captiva, 15 for sale, average asking price $4,280,599.

What about sales, year-to-date?

CONDOS:

On Sanibel, 148 sold/under contract, average asking price $866,941.

On Captiva, 33 sold/under contract, average asking price $1,112,239.

HOMES:

On Sanibel, 185 sold/under contract, average asking price $1,416,986.

On Captiva, 30 sold/under contract, average asking price $3,120,616.

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

Update on COVID-19

The mask mandate remains in effect for Sanibel businesses, with the City State of Emergency extended by the Mayor until Apr 13.

FISH (Friends in Service Here of San-Cap) was notified this week that they would get another 300 vaccine doses which were administered today (by appointment) at The Community House.

Today’s Housing Market? ‘Not the Time for Amateurs’

Posted on-line Wednesday at FloridaRealtors®:

“It may be possible to buy a home without the help of a Realtor – but it’s hard to see how given today’s multiple bid competitions for a limited number of homes.

“NEW YORK – Real estate agents agree: Even though the spring housing market is hot, many are desperate to find listings – and this is not the market for amateurs. Nationally, there are about half as many listings not under contract right now than there were a year ago, according to realtor.com The typical home also is now selling a week faster than last year.

“By the numbers, there are now about twice as many working real estate agents as there are listings. Spring is the traditional time of year when the most listings come on the market, but this past March saw 20% fewer homes listed than last March.

“Potential sellers have several concerns, the largest being that they’re afraid they won’t be able to find or afford another home. Not only are home prices incredibly hot – up over 11% year over year, according to the S&P Case-Shiller home price index – but rents are also rising fast.

““The uptick in mortgage rates is likely fueling more bidding wars in the short term because house hunters are rushing to buy homes before rates rise even further,” says Redfin chief economist Daryl Fairweather.

“Supply has been tightest on the low end of the market, but the higher end is now slimming as well. Moreover, real estate agents are relying on their networks to find homes for clients no longer constrained by location thanks to remote work. Source: CNBC (04/05/21) Olick, Diana © Copyright 2021 INFORMATION INC., Bethesda, MD (301) 215-4688”

Island Spring Things

SCCF Sea Turtle Program – Sanibel-Captiva Conservation Foundation (SCCF) Sea Turtle volunteers are trained and ready to begin surveying the islands during turtle nesting season, from Apr 15 through Oct. Nearly 100 volunteers take part in this program, conducting the surveys designed by the Florida Fish & Wildlife Conservation Commission, with a defined number of positions. Today, the wait list is more than the number of active volunteers with only a few positions opening each season.

Snowy Plovers – Tues, SCCF posted the following: “We are excited to report that we just roped off our first snowy plover nest of the season! Our shorebird biologist and volunteers found a one-egg nest on the East End of Sanibel this morning and roped it off immediately. The volunteers named the snowy plover … “Pale Male.” He’s shading the egg while his mate was off feeding to get energy to lay the next egg. We also have another area posted on the East End where our snowy plovers usually nest. There are two pairs that will likely nest there. Click here to learn how to protect these precious shorebirds! sancaplifesavers.org

Lake Okeechobee Releases Reduced

Last week, the U.S. Army Corps of Engineers Jacksonville District reported that it would reduce Lake Okeechobee release to coastal estuaries beginning April 3 to slow the lake recession rate. Releases to the Caloosahatchee River are reduced to 1,200 cubic feet per second as measured at the W.P. Franklin Lock and Dam and to 300 cfs as measured at the St. Lucie Lock and Dam. The releases are being continued as part of a planned deviation which was approved in Sept to reduce the risk of lake releases when harmful algal blooms are more likely present (in the summer). Since it began in Feb, the deviation has released about 80,500 acre feet of additional water from the lake.

One of the requirements for using the Harmful Algal Bloom deviation is for the Army Corps to maintain a recession rate of no more than 0.5 feet per month to avoid harm to nesting birds. As of Apr 2, the lake stage was at 14.44’. The lake had fallen 0.87’ in the past 30 days, but still was 2.61’ higher than it was one year ago and 2.58’ higher than two years ago. The releases regularly will be reevaluated as conditions change. Recent satellite images show conditions on Lake O remain poor for development of large harmful algal blooms. Additionally, the Florida Department of Environmental Protection tracks water samples. Operators continue daily monitoring.

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

Sanibel

CONDOS

4 new listings: Blind Pass #D203 2/2 $459K, Blind Pass #E104 2/2 $549.9K, Sanibel Arms West #I2 2/2 $599K, Atrium #102 3/2 $1.498M.

No price changes.

9 new sales: Sundial #F106 1/1 listed at $465K, Kimball Lodge #264 1/1.5 listed at $570K, Loggerhead Cay #351 2/2 listed at $629K, Island Beach Club #210A 2/2 listed at $729K, Sanibel Arms West #D6 2/2 listed at $955K, Pointe Santo #C23 3/2 listed at $995K, Tarpon Beach #109 2/2 listed at $1.1M, Compass Point #102 2/2 listed at $1.375M, Shorewood #2D 3/2 listed at $1.595M.

7 closed sales: Sanibel Arms #C5 2/2 $435K, Blind Pass #E207 2/2.5 $466K, Loggerhead Cay #223 2/2 $575K, Sandalfoot #2C2 2/2 $640K, Loggerhead Cay #274 2/2 $658.5K, Mariner Pointe #112 2/2 $675 (our listing), Sandals #A 3/3.5 $1.825M.

Dockage at Mariner Pointe

HOMES

6 new listings: 4505 Bowen Bayou Rd 3/3 $729K, 2098 Wild Lime Dr 3/2 $795K, 4619 Bowen Bayou Rd 3/2 $894K, 5186 Sea Bell Rd 3/3 $998K, 1275 Par View Dr 3/2 $1.399M, 1146 Golden Olive Ct 5/4 $3.299M.

6 price changes: 1717 Atlanta Plaza Dr 2/2 now $550K, 1695 Serenity Ln 3/2 now $649K, 3010 West Gulf Dr 3/2 now $1.345M, 930 Kings Crown Dr 3/2 now $1.55M, 742 Sand Dollar Dr 3/3 now $1.55M, 4014 West Gulf Dr 4/3 now $3.849M.

10 new sales: 1717 Atlanta Plaza Dr 2/2 listed at $550K, 1644 Bunting Ln 3/3 listed at $643K, 5859 Pine Tree Dr 2/2 listed at $749.9K, 1186 Sand Castle Rd 3/2 listed at $825K, 812 Sand Dollar Dr 3/3 listed at $1.249M, 1743 Jewel Box Dr 3/3.5 listed at $1.395M, 1044 Whisperwood Way 4/4.5 listed at $1.995M, 1245 Isabel Dr 3/4.5 listed at $2.149M, 880 Limpet Dr 4/3.5 listed at $2.5M, 1314 Seaspray Ln 5/5.5 listed at $6.995M.

11 closed sales: 1613 Sand Castle Rd 3/2 half-duplex $575K, 3085 Poinciana Cir 2/2 $599K, 9211 Dimmick Dr 3/2 $699K, 1985 Sanibel Bayou Rd 3/2 $790K, 1050 White Ibis Dr 4/3.5 $935K, 2313 Wulfert Rd 4/3 $1M, 6101 Starling Way 3/3.5 $1.05M, 1147 Buttonwood Ln 3/2 $1.165M, 4500 Waters Edge Ln 2/2 $1.175M, 1323 Seaspray Ln 4/4.5 $1.65M, 2964 Wulfert Rd 5/5.5 $2.65M.

LOTS

No new listings.

1 price change: 6141 Starling Way now $897K.

2 new sales: 971 Main St listed at $205K, 9042 Mockingbird Dr listed at $395K.

3 closed sales: 1820 Ardsley Way $170K, 1303 Par View Dr $300K, 3354 Barra Cir $350K.

Captiva

CONDOS

No new listings or price changes.

2 new sales: Ventura Captiva #4A 3/3 listed at $1.1M, Lands End Village #1662 3/3 listed at $1.99M.

No closed sales.

HOMES

1 new listing: 41 Oster Ct 2/2.5 $1.125M.

No price changes, new sales, or closed sales.

LOTS

Nothing to report.

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

Until next Friday, Susan Andrews, aka SanibelSusan

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

Just Another Gorgeous Friday on Sunny Sanibel

It is SanibelSusan with another Friday Sanibel and Captiva Islands real estate report. If you are wondering if the weather here is fantastic, if the islands are packed, and if the market still is hot, all are true again this week. The most challenging three weeks year-to-date traffic-wise likely will be those ahead as it seems the entire world wants to be visiting SW Florida this spring.

Last night, what forecasters call another “cold” front arrived. That means daytime temperatures will remain in the 70’s for over the weekend. Those from north of Florida, probably still get a chuckle about these tropical “cold fronts.” Below is a photo taken this afternoon from Woodring Rd, bayside where the breeze is evident and the water looking beautiful. (The full video is on my Facebook page.)

Best Beach Town is “Sanibel Island”

If you follow “Southern Living” magazine, you will see that their April 2021 issue features an island photo on the cover.

That is because their inside article says “Sanibel Island” is the best beach town!

Grab a copy to read about the South’s best beach towns, barbeque joints, bakeries, cities, parks, and other hidden gems.

Sanibel & Captiva Real Estate Scoop

Meanwhile, low interest rates are keeping bankers slammed, while title companies are swamped with closings, and prospective buyers continue to think we are nuts when we tell them that inventory is low – or that there is nothing in their price range that meets their requirements.

Looking at island inventory in general terms, there now are just 159 residential properties for sale on Sanibel and Captiva. That includes homes, condos, and lots. If you think that sounds like a lot, compare it to the 186 that are under contract awaiting closing, and the 185 that have already sold and closed this year. Those total 371 sales in less than three months. For the entire year, 583 Sanibel/Captiva properties sold last year, while in 2019, 400 sold.

It certainly does not take a crystal ball to figure out that by the end of this month or first quarter 2021, as many island properties will have sold as in all of 2019. Betcha there will be more records set before the year is out.

The two news articles below provide an economic and political spin on things. After those is the action posted in the Sanibel & Captiva Islands Multiple Listing Service since last Friday, followed by our “Island Sun” ad from today’s paper today. Happy spring!

The Brighter Path Ahead

Nice outlook posted in the March-April 2021 “Realtor®” magazine by NAR Chief Economist, Lawrence Yun:

“More inventory and better access to vaccines are welcome news.

“The 2020 pandemic-induced recession was unique in terms of the sudden and massive slashing of jobs. It was also the first recession during which overall income grew. No doubt there are families struggling paycheck to paycheck, but due to the massive stimulus packages – including the initial deposit of $1,200 and enhanced unemployment benefits – the financial condition of many families was better in a recession than before the pandemic.

“Total income for the country in late 2020 was 4% higher than a year earlier. This was the figure reported just before the second stimulus checks of $600 per person went out in late December. It also does not include wealth accumulation from the record-high stock market or rising home prices. Also not reflected in the totals are the proceeds from mortgage refinances last year or the relief expected from a new stimulus. Still consumers remain cautious, as spending opportunities have been restricted by COVID-19. For the year, consumer spending fell by 2%. And the savings rate consequently rose to twice the pre-pandemic levels.

“The situation translates into the potential for a great unleashing of spending in 2021. The positive impact will be increasingly felt as jobs come around. The full effect will be evident once herd immunity is established with the vaccine, likely in autumn. That is to say, 2021 is a growth year that will take us out of the recession.

“The housing market continues to shine brightly. The main frustration is for buyers who find themselves outbid during multiple offer situations. More inventory is needed to give buyers more options and lessen the heat.

“It’s encouraging to see that builders are ramping up production of homes with backyards, which are now at their highest level in 13 years. Activity has been particularly robust in Southern states where land is more plentiful and building regulations are less onerous.

“Moreover, with the wider availability of COVID-19 vaccines, homeowners, especially older Americans who have been more hesitant about strangers visiting their homes, now may be more ready to list. Many seniors own their homes outright and have sizable housing equity for the next home purchase. They may even need to buy a larger place to accommodate more family visitors. After all, in the new economy, remote-work flexibility may mean more days working from grandma’s house.”

Political Power Shift Could Generate Changes in the U.S. Luxury Housing Market

On the other hand, the below article by Michele Lerner and published on “Mansion Global”, was linked to the February 2021 issue of the RSPS (Resort & Second-Home Property Specialist) newsletter. It was prefaced with:

“Everything from capital gains tax policy to a more stable political environment will affect how affluent buyers view their wealth and appetite for home purchases.

“There’s a new political party in charge in Washington, D.C., one that hopes to make some big changes in the U.S. economy, including tax reform. While the initial priorities of the Biden administration and Congress focus on mitigating the devastating impact of the pandemic, the new political dynamic could eventually create a shift in the luxury housing market.

““The luxury market has done very well in recent years thanks to low mortgage rates and to the performance of the stock market, which is influenced by politics,” said Danielle Hale, chief economist for realtor.com in Washington, D.C.

““Political actions have both a direct and an indirect impact on the housing market. “We’ve never been at a time when the political landscape has continued to seem so uncertain,” said Frederick Peters, CEO of Warburg Realty in New York City. “Politics has an effect on the stock market, which in turn has an effect on the luxury real estate market.”

“While most of the Biden administration’s initial housing policies focus on the affordable housing crisis, Marco Rufo, a partner with The Agency real estate brokerage in Los Angeles, said that the possible extension of the federal eviction moratorium beyond the current date of March 31 could have implications for the higher end of the housing market in the future. “Most of our buyers are extremely wealthy and many of them own lots of property that they rent to tenants,” Mr. Rufo said. “If policies are put in place that reduce their ability to collect rent on multiple properties, that could have a negative impact on their net worth and willingness to upgrade into more expensive properties.”

“Another political issue that’s already had a major effect on luxury housing markets is tax reform. The Tax Cuts and Jobs Act that went into effect in 2018 has several provisions, such as lower tax rates, a higher lifetime estate and gift tax limit, and a higher standard deduction that are set to expire at the end of 2025. Democrats are anticipated to address those expiring provisions and other tax issues eventually.

““Most of the tax reform ideas impact people with incomes above $400,000 and capital gains of more than $1 million, the demographic that matches our homebuyers,” Mr. Rufo said. “If everything was enacted, it probably wouldn’t mean that people won’t buy homes, but it could mean that they pause a little to consider their options.”

“Some potential tax reforms include:

Lifting SALT deduction limitations. The 2018 limitation on the deductibility of state and local taxes (SALT) to $10,000 was significant in markets like New York and California, said Mr. Peters, who anticipates a positive impact on those tax-heavy locales if that limit is lifted by Democratic tax reform efforts. “It’s not just a matter of money and getting a larger tax deduction, it’s also the perception,” he said. “It would make people feel less anxious about buying in states with higher taxes.” In the Washington, D.C. area, where the luxury market mostly centers on homes priced between $1.5 million and $2.5 million, the SALT deductibility cap slowed the pace of sales, reduced luxury listings and reduced home buyers’ budgets, said Jeff Detwiler, president and CEO of Long & Foster Real Estate in D.C. “We saw $2 million homes sit on the market for a year or longer,” he said. “Now we have only a two-month supply of luxury homes because of migration trends and a frothy market in 2020. If the SALT cap is lifted, we’d see even more demand because those deductions directly impact the finances of our buyers.” Migration trends after the SALT cap meant that more people left high-tax states to move to lower tax states like Florida and Texas. “If your SALT deductions aren’t limited, then you can be agnostic over where you live,” said Melissa Cohn, executive mortgage banker with William Raveis Mortgage in New York City.

Higher income tax rates. Increasing income taxes always has a negative impact on the luxury market, Ms. Cohn said. However, she doesn’t expect tax rates to rise in the near future. “The pandemic changed everything, and the focus now is on rebuilding the economy. So even if the Democrats want to raise taxes eventually, now is not the time,” she said. An increase in tax rates for high earners probably won’t take buyers out of the market, said Mr. Detwiler, but it could reduce their price point by several hundred thousands dollars or more. “The good news about tax reform that would cause wealthier people to pay more is that it would be a federal issue that people can’t escape by moving to Florida,” Mr. Peters said.

Higher capital gains tax rate. While home sellers can exclude up to $250,000 in profit if they’re single and up to $500,000 if they’re married from a capital gains tax on their primary residence, an increase in the long-term capital gains tax rate could still hurt the luxury housing market. Currently, the highest capital gains tax rate is 20%. “If the capital gains tax rate is increased, that could have negative repercussions,” Ms. Cohn said. “People wouldn’t want to sell their homes, especially if they hoped the rates would roll back again in the future, and that would limit the supply of homes.” Mr. Detwiler said he thinks a higher capital gains rate could have a bigger impact on the second-home market. Currently, the long-term capital gains tax rate depends on your income and is either 0%, 15% or 20%. Single taxpayers who earn $441,450 or more and married taxpayers who earn $496,600 pay the top rate. “Sellers have to pay capital gains taxes on the profit of the sale of a home that’s not their primary residence,” Mr. Detwiler said, “In addition, if people have to pay more taxes on other gains, that shrinks their portfolio and changes how much they’ll want to pay for a house.”

Elimination of 1031 Exchange option. A 1031 Exchange allows investors to swap one property for another and postpone paying capital gains tax on the sale until you sell the next property. Without the 1031 Exchange, investors would have less money to put into their next deal, Ms. Cohn said. “Getting rid of the 1031 Exchange would have a direct impact in our area because we have a lot of luxury rentals at $40,000 to $50,000 a month in Los Angeles,” Mr. Rufo said. “Owners of these properties would pull back from buying and selling them if they had to pay capital gains on the transaction, and that would have a direct impact on property values.”

“Broader Impact of Politics on the Housing Market – Real estate market performance is tied to the fundamentals of supply and demand, which can also be influenced by political policies, realtor.com’s Ms. Hale said. (Mansion Global is owned by Dow Jones. Both Dow Jones and realtor.com are owned by News Corp.) “Demand is based on income and consumer confidence,” Ms. Hale said. “If wealthy households see their income go down due to a higher tax burden, it’s conceivable that their spending could decline and that would impact the housing market.”

However, a growing economy, especially one that drives stock gains, could mean after-tax incomes are higher for wealthy households, she said. “The way politics matters the most is how it makes people feel,” Mr. Peters said. “As real estate agents, we’re selling people a belief in their future. That’s a lot harder to do when people feel freaked out by the present. They’re less likely to take on large financial commitments when they’re concerned about the future.”

“Personally, Mr. Peters is optimistic about the impact of the new power configuration for his market in New York. “It’s not entirely irrelevant that the new Senate majority leader [Charles Schumer] is from New York,” he said.”

Sanibel & Captiva Islands Multiple Listing Service Activity March 12-19, 2021

Sanibel

CONDOS

2 new listings: Sundial #F206 1/1 $479K, Pointe Santo #E24 3/2 $1.495M.

1 price change: White Sands #13 2/2 now $949K.

6 new sales: Sanibel Arms West #A1 2/2 listed at $534K, Heron at The Sanctuary I #1B 3/3.5 listed at $872.7K, Pointe Santo #E3 2/2 listed at $889K, Sanibel Arms West #D6 2/2 listed at $955K, Pointe Santo #E2 2/2 listed at $964K, Somerset #D102 3/2.5 listed at $1.849M.

6 closed sales: Sandpebble #2D 2/2 $534K, Sandpebble #2B 2/2 $535K, Heron at The Sanctuary II #2A 3/2.5 $830K, Sundial #A301 2/2 $1.1M, Sanddollar #C101 2/2 $1.117M, Island Beach Club #220D 2/2 $1.34M.

HOMES

4 new listings: 3009 Singing Wind Dr 2/1.5 $657K, 1117 Captains Walk St 2/2 $857K, 6412 Pine Ave 3/2.5 $1.589M, 3385 Twin Lakes Ln 5/5 $1.695M.

3 price changes: 5100 Sea Bell Rd 4/2.5 now $869K, 1747 Jewel Box Dr 3/2 now $999K, 742 Sand Dollar Dr 3/3 now $1.599M

12 new sales: 2015 Wild Lime Dr 3/3 listed at $570K, 1606 Bunting Ln 3/2 listed at $649K, 2985 Island Inn Rd 2/2 listed at $649.5K, 3781 Coquina Dr 3/2 listed at $789K, 1657 Sabal Sands Rd 3/2 listed at $797.5K, 5424 Shearwater Dr 3/2.5 listed at $999K, 1890 Middle Gulf Dr 3/3 listed at $1.15M, 2464 Blind Pass Ct 3/2 listed at $1.2M, 2843 Wulfert Rd 4/5 listed at $1.295M, 2479 Harbour Ln 4/3 listed at $1.695M, 2964 Wulfert Rd 5/5.5 listed at $2.998M, 1253 Anhinga Ln 4/4 listed at $3.795M.

4 closed sales: 430 Old Trail Rd 3/2.5 $550K, 610 Hideaway Ct 3/2.5 $690K (our buyer), 2391 Shop Rd 3/2.5 $1.61M, 5618 Baltusrol Ct 4/4/2 $2.195M.

610 Hideaway Ct

LOTS

No new listings or price changes.

2 new sales: 1292 Par View Dr listed at $349.9K, 9056 Mockingbird Dr listed at $380K.

4 closed sales: 9436 Beverly Ln $200K, 0 Bunting Ln $225K, 717 Birdie View Pt $370K, 1837 Buckthorn Ln $460K.

Captiva

CONDOS

No new listings.

1 price change: Beach Cottages #1423 2/2 now $1.195M.

No new or closed sales.

HOMES

1 new listing: 11514 Andy Rosse Ln 5/5 $2.349M.

No price changes.

2 new sales: 18 Urchin Ct 2/2 listed at $1.15M, 16813 Captiva Dr 3/3 listed at $2.25M.

2 closed sales: 11520 Wightman Ln 3/2 $2.225M, 16500 Captiva Dr 6/6/2 $6M.

LOTS

Nothing to report.

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

Until next Friday, have a great week! Susan Andrews, aka SanibelSusan