Tag Archives: Home Prices

Another Happy June on Sanibel/Captiva

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sun & rainIt’s SanibelSusan reporting that in typical fashion, the islands’ 23rd Annual Sam Bailey Islander Night at Hammond Stadium Wednesday night again was rained out. After several weeks of beautiful weather, it should have been no surprise when the first big downpour of the rainy season began just as the parade was scheduled to start. It has happened many times before and June 1 is the beginning of hurricane season.

Continuing the summer trend, more showers are expected later today and through the weekend with all of us watching the tropical storm expected to develop in the gulf early next week. That certainly will not make next week’s vacationers happy, but may result in good shelling and more folks wanting to view property.

At SanibelSusan Realty

Activity-wise in the office, it has been quiet. Even the holiday weekend was very quiet, probably weather-related, as all days were fabulous for the beach. A few listings shown and some phone/email inquiries, but not many – certainly nothing like when it’s snowing somewhere!

Yesterday, The SanibelSusan Team was happy to receive a new listing at Beachcomber (gulf-front ~2600 sq. ft.) which will be posted in the islands’ Multiple Listing Service as soon as we receive a couple of clarifications from the sellers.

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View from our new listing at Beachcomber #A102

 

May is always an in-between month here, post “high” season, but pre “summer” season. A quick snapshot of the islands’ May real estate sales show that it was not a month with much real estate action.

May Sanibel Sales

In May, were just five new Sanibel home sales with no contingencies (three inland priced under $530K, one on a deep-water canal (asking price $1.545M) and one bay-front in Ferry Landing (asking price $1.995M)).

Another 13 Sanibel homes went under contract with contingencies (four inland priced under $535K, five near the beach (priced from $569K to $600K), one in Beachview (asking $1.195M), one in Gulf Pines (asking $1.479M), one deep-water canal (asking $1.548M), and a unique one across the street from the beach (asking $1.595M)).

In May, Sanibel condos did not have as much action as homes. Just two Sanibel condos went under contract with no contingencies: a 1-bedroom at Sundial (asking $299K) and a recently-remodeled Lighthouse Point bay-front unit (asking $830K).

Another four condos went under contract with contingencies: a Seashells unit (asking $379K), a 1st floor Sanibel Moorings 2 bedrm with peek of gulf (asking $449K), a 3-bedrm Heron-model at The Sanctuary (asking $665K), and a beach-front 2-bedroom at Sanddollar (asking $870K).

During the same time, in May, just two Sanibel lots went under contract: one near beach (asking $244.9K) and one on the bayou (asking $1.295M). Both contracts have contingencies.

May Captiva Sales

In May on Captiva, four homes went under contract with contingencies (two at Sunset Captiva asking $885K and $995K, one gulf-front asking $3.998M, and one on Roosevelt Channel asking $4.8M).

Also in May, three Captiva condos in South Seas Plantation went under contract, all with contingencies. Asking prices ranging from a 1-bedroom Bayside Villas for $289K to a 2-bedroom Tennis Villas for $405K, to a Bayside Villas 3 bedroom for $629.9K

A Captiva gulf-front lot went under contract (with contingencies) in May too, asking price $4.999M.

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

Sanibel & Captiva Islands Specialist Designation

ASSOC LogoWednesday, for the fifth year, SanibelSusan taught the Resort & Second-Home module to those Realtors® training to receive their Sanibel & Captiva Islands Specialist designation. This designation is a 12-part educational series, offered each summer by the local Association of Realtors. The coursework needs to be completed over a 2-year period and provides instruction to those looking to specialize in working the Sanibel/Captiva market.

2016 Resort ClassI authored the module that I teach, update it each year, and always enjoy the teaching experience – getting as much in return as I give. It was especially fun this year since my students ranged from some new Realtors® to those with many years of real estate experience, but in other parts of the country.

Here are my students adorned in the funny resort-wear they earned for answering questions correctly in my pop quiz.

1st National Seashell Day

As reported in Monday’s “Santiva-Chronicle”:

2016 National Seashell Day“As the Lee County Visitor and Convention Bureau said, it’s official. June 20 has been proclaimed National Seashell Day. The news is also out that the first National Seashell Day will be on Good Morning America.

“The VCB (Visitors Convention Bureau) already has a National Seashell Day page on its website. Visitors to the page can enter the “Shell Yeah! Sweepstakes,” for which the grand prize is three nights for four at Sanibel Inn, a Captiva Cruises shelling cruise to Cayo Costa and the chance to go shelling with Pam Rambo. The grand prize is enough to make any Sanibel sheller nod with approval.

“Rambo had the news about Good Morning America on her amazing blog iloveshelling.com. The blog says Ginger Zee, Good Morning America and ABC’s chief meteorologist, will be here on June 20. We don’t know the exact details yet other than it will be in the morning….

“The VCB’s idea for National Seashell Day will get the word out to people of all places about the wonders of shells on our beaches, which is good for anything having to do with shells. The VCB also hopes it will be a driver for tourism….”

Fishing Pier Rehab Project

sanibel fishing pier.jpgOn Tuesday next week (June 6), the Sanibel Fishing Pier at Lighthouse Beach Park will be closed temporarily due to a necessary rehabilitation project. Construction is expected to continue through August 2016.

Top 10 Outdoor Features, Where Most Are, & What They’ll Pay

realtor.comPosted in Tuesday’s “DAILY REAL ESTATE NEWS”, you will see Naples, FL on the list below. Buyers all over Southwest Florida like outdoor kitchens!

“As temperatures heat up, more home owners and buyers are taking a closer look at their home’s outdoor features. Realtor.com®’s research team took a look at 10 popular outdoor home features to find the premium that owners will pay. They also identified the regions of the country that are most likely to feature these popular outdoor amenities.

Amenity                        Premium           Where You’ll Most Likely Find Them

Tree houses                     5.2%                Asheville, N.C.

Gazebo                              7.6%                McAllen, Texas

Putting green                 11.4%               Phoenix

Hot tub                             11.8%               Bend, Ore.

Tiki bar                             13.8%               Key West, Fla.

Tennis court                   14.6%               Los Angeles

Outdoor fireplace           21.5%               Dallas, Texas

Outdoor kitchen             26.2%               Naples, Fla.

Private dock                     44.7%               Traverse City, Mich.

Infinity pool                      56%                 Kahului, Hawaii”

Red-Hot South Florida Home Prices Are Cooling Off

miami herald logoMuch like island Realtors® often look to activity in larger complexes and communities here as bellwethers of the local market, we also look to bigger East Coast communities to foretell what may be in the future. The below article is from the May 31 “Miami Herald”.

“So far in 2016, South Florida home prices are growing at the slowest pace since the real-estate market began to recover four years ago.

“Home prices in Miami-Dade, Broward and Palm Beach counties rose 6.2% between March 2015 and March 2016, according to the closely watched S&P/Case Shiller Home Price Indices. They grew 8.7% between March 2014 and March 2015, and at a double-digit clip for much of 2013 and 2014, fueled mainly by red-hot demand from foreign investors. But a strong dollar and troubled economies abroad have stymied the flow of cash into local real estate.

“Residential home sales fell in Miami-Dade in April, according to Realtors’ data. Weak demand could help make homes more affordable for locals — if wage growth keeps picking up and developers start building more units for the lower tiers of the market.

“The nation’s hottest housing markets are in Portland (12.3%), Seattle (10.8%), Denver (10%), San Francisco (8.5%) and Dallas (8.5%). Home prices in the Tampa area (7.6%) also grew faster than they did in Miami in March.”

Sanibel Prescribed Burns Begin Today

Sanibelcityseal logoAs described in an earlier update, Sanibel will have prescribed burns in six different areas this summer, so if you are on the island today do not be surprised if you smell smoke.

SCCF logoSCCF (Sanibel-Captiva Conservation Foundation and the City of Sanibel are scheduled to perform a prescribed burn of about 19 acres of the Sanibel Gardens Preserve today. (That’s just west of Tarpon Bay Rd. on Island Inn Rd.)

Sanibel & Captiva Islands Multiple Listing Service Activity May 27-June 3, 2016

Sanibel

CONDOS

2 new listings: Colonnades #8 1/1 $229K, Sandalfoot #5A1 2/2 $799K.

1 price change: Tanglewood #1A 3/2 now $1,163,999.

1 new sale: Blind Pass #A102 2/2 listed at $399K.

3 closed sales: Sanibel Arms #E2 1/1 $347.5K, Loggerhead Cay #474 2/2 $489.9K, Donax Village #14 2/2 $505K.

HOMES

1 new listing: 732 Windlass Way 4/3.5 $1.395M.

5 price changes: 1478 Albatross Rd 3/2 now $679K, 242 Christofer Ct 3/2 now $729K, 232 Robinwood Cir 4/3 now $1.195M, 932 Whelk Dr 3/3 now $1.449M, 1743 Venus Dr 4/3.5 now $1.75M.

3 new sales: 376 Lake Murex Blvd 3/2 listed at $598K, 1245 Isabel Rd 3/3.5 listed at $1.548M, 4257 West Gulf Dr 4/4.5 listed at $4.495M

9 closed sales: 575 Piedmont Rd 3/2 $410K, 2114 Egret Cir 3/2 $475K, 1322 Sand Castle Rd 3/2 $500K, 1380 Jamaica Dr 2/2 $570K, 5303 Ladyfinger Lake Rd 3/2 $622K, 5267 Ladyfinger Lake Rd 3/2 $750K, 595 Birdsong Pl 4/2 $835K, 2388 Wulfert Rd 3/4 $1M, 283 Ferry Landing Dr 3/2 $1.675M.

LOTS

3 new listings: 9426 Sage Ct $287K, 223 Robinwood Cir $299K, 2288 Starfish Ln $499K.

No price changes.

1 new sale: 3013 Poinciana Cir listed at $244.9K.

No closed sales.

Captiva

CONDOS

No new listings or price changes.

2 new sales: Tennis Villas #3231 2/2 listed at $405K, Bayside Villas #5302 3/3 listed at $629.9K.

No closed sales.

HOMES

No new listings, price changes, or new sales.

3 closed sales: 19 Urchin Ct 2/2.5 $855K, 15 Seascape Ct 3/2.5 $985K, 16500 Captiva Dr 5/5 $4.225M.

LOTS

Nothing to report.

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

rain‘til next Friday, here’s hoping the raindrops stay away & the sunsets continue like the one below!

Susan Andrews, aka SanibelSusan

sanibel sunset pinterest.jpg

Thankfulness Abounds as the Sun Shines Brightly on Sanibel & Captiva Islands

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Temps 11-28-14It’s just SanibelSusan at the office today following our chilliest morning of the season yet – 48 degrees F this morning, though it now has warmed up to 64. From the forecast, it looks like this will be our last cold day for a while. Temperatures are expected to get back into the high 70’s/low 80’s before the weekend ends, and continue into next week. We probably will be wearing shorts again by island luminary nights next weekend, December 5 and 6. 

Thanksgiving Day on the island was clear and cool. Lots of families are here vacationing. It’s a great start for the Master Arts & Crafts Fair which began today at The Community House across the street from Sanibel Square. This usually is one of their most attended events of the year, so The SanibelSusan Team is hopeful for some walk-in traffic. 

free_christmas_tree_ipad_wallpaper_s-13The BIG ARTS Community Chorus sings two sets there tomorrow (Saturday) morning and then sings again tomorrow night at the South Seas Plantation tree lighting – all good practice for our Holiday Concert which is Tuesday, December 9 at BIG ARTS Schein Performance Hall. Tickets are going fast! 

Below are a couple of real estate news articles followed by the activity posted in the Sanibel & Captiva Islands Multiple Listing Service over the past seven days.

5 Reasons Housing Markets Are Thankful

realtor logoHere is SanibelSusan’s 2-cents worth on an article posted Wednesday on “Realtor® Magazine” on line:

“The housing market has seen plenty of challenges the last few years, but could brighter days be ahead? Based on recent housing reports, some markets are reporting a rosier picture now than for the first half of the year — and growing optimism heading into next year for a lasting turnaround. 

“Reason for Good Cheer? Here are five market gauges that many in the real estate industry are thankful for this holiday season: 

“1. Mortgage rates are still low. Home buyers can take advantage of borrowing costs that remain near historical lows. Last week, the 30-year fixed-rate mortgage averaged 3.99% nationwide, marking the sixth consecutive week of averages near 4%. In October, the 30-year fixed-rate mortgage reached its lowest average of the year at 3.97%. “If you are planning to buy a home in the next year, it’s better to do it sooner rather than later,” Frank Nothaft, Freddie Mac’s chief economist,…Still, many economists aren’t expecting the rate surge in the new year to be quite as drastic as previously seen. Fannie Mae recently revised its forecast for 2015, expecting low mortgage rates to stick around longer into the year. Fannie Mae now projects rates will average 4.3% next year, a drop of about two-tenths of percentage points from its forecast earlier in the year.” 

Susan says: Most island sales continue to be “cash”, but the consumer confidence generated by the low interest rates definitely helps the market on Sanibel and Captiva. For those buyers looking to finance, the good times continue. The time is right for a real estate loan!

“2. Home sales have been inching up. In many markets, more sales are being reported. Existing-home sales in October were above year-over-year levels for the first time in 12 months, according to the National Association of REALTORS®’ latest report. Sales are at their highest annual pace since September 2013.  The job market may be a big contributor behind that increase, says Lawrence Yun, NAR’s chief economist. “This bodes well for solid demand to close out the year and the likelihood of additional months of year-over-year sales increases,” Yun said in a recent statement.” 

On Sanibel and Captiva, home sales also continue to improve. Last year, 197 homes sold on Sanibel. Year-to-date, there have been 187 closings with another 29 Sanibel homes under contract = 216 which is the first time the number of Sanibel homes sold has passed 200 since 2005 when 266 homes sold.

On Captiva, 18 homes sold last year, compared to 23 closed sales to-date there, with another home under contract = 24 home sales or about the same as years 2011 and 2012.

“3. Buyers are getting more choices. Home buyers are finally getting more selection in homes for-sale. Unsold inventory is 5.2% higher than a year ago, representing a 5.1% supply at the current sales pace.  “The growth in housing supply this year will likely prevent the drastic sales slowdown and coinciding spike in home prices we saw last winter due to low inventory,” Yun says. “However, more housing starts are needed to increase supply, meet current demand and keep price growth in check.” New-home construction is gradually picking up in the latter half of the year, also bringing more inventory into many markets. Single-family housing starts rose 4.2% month-over-month in October to 696,000 units, reaching the highest level since November 2013, the U.S. Department of Housing and Urban Development and U.S. Census Bureau reported. What’s more, the future looks bright that the increase will stick around for the time-being: Building permits — a gauge for future building activity — increased 4.8% in October to an annual rate of 1.08 million units. “The rise in single-family starts is more proof that the economy is firming and consumer confidence is growing,” says Kevin Kelly, chairman of the National Association of Home Builders. ‘We expect continued momentum into next year.””

Here on the islands, where build-out is near, we do not have that same increase in inventory and new product. With just 142 Sanibel homes currently for sale (and 44 on Captiva), island Realtors® just hope there is have enough product to sell this winter. Condominium inventory is low too, with just 122 Sanibel condos for sale (37 on Captiva), compared to the 168 Sanibel condos that have sold this year (23 on Captiva). The island market continues to rebound! 

“4. Foreclosures are falling. In October, distressed home sales dropped into the single digits for the third month this year. Distressed sales, which include foreclosures and short sales, fell to 9% in October, compared to 14% a year ago, NAR reports. Foreclosures and short sales typically sell at a discount — 15% or 10% below market value, respectively — and can place downward pressure on overall home prices in an area. The decrease in foreclosures is helping more home values to stabilize in communities. 

Still, while distressed sales are trending downward overall, several pockets across the country are still battling elevated levels, particularly in judicial states like Florida, Maryland, and New York, NAR President Chris Polychron recently said in a statement.”

Thankfully, the islands did not have many foreclosures, but for those Realtors® who sell off-island throughout the other communities in Lee County. They agree.

“5. Home prices are stabilizing. The median existing-home price for all housing types in October was $208,300 — 5.5% above October 2013, according to NAR’s latest report. It marks the 32nd consecutive month of year-over-year price gains. The double-digit gains in prices from last year have mostly faded away. “Many of the fastest-appreciating real estate markets last year have now settled into a more sustainable pattern of single-digit appreciation,” Daren Blomquist, vice president of RealtyTrac, a real estate data provider, said at the end of October. Still, the gains in home prices over the past year have made home owners feel more optimistic about selling. Forty-four percent of about 1,000 home owners surveyed in Fannie Mae’s October 2014 National Housing Survey said now is a good time to sell, marking an all-time survey high.”

Yes, island prices are stabilizing too. The average Sanibel home price has been over $800K since 2011, while condo prices did not really jump until this year. 2014 Sanibel average condo price = $666,072. That average has not been over $600K since 2010. 

On Captiva where the market is smaller, the averages are not as discerning; but even so, the average Captiva home price was $2.8M this year, compared to $2.5M last year, and $1.5M in 2012. Average Captiva condo sale price this year is $646,350, not much different from last year, $659,185.

Luxury Sales Outshine Rest of the Market 

CNBC_Logo_FlatCNBC posted an article last week that was reposted in the “Daily Real News” on Friday. It relates to our island market: 

“Sales of million-dollar homes are soaring: Deals on existing homes priced above $1 million climbed more than 16% in October compared to a year ago, according to National Association of REALTORS® housing data. The increase was bigger than any other price segment. “There is little volatility in the stock market. It is whoppingly higher, so people in the top 10% of wealth are really feeling confident now,” says Lawrence Yun, NAR’s chief economist.

“Sales are also rebounding for listings in the $750,000 to $1 million range, up 12% year-over-year according to NAR. Meanwhile, sales of homes priced under $100,000 dropped 6% year-over-year in October. The largest growth in luxury markets were mostly centered in Miami; Los Angeles; Riverside, Calif.; and New York. International buyers—particularly those from China, Canada, Europe, Russia, and South America—are continuing to help drive up the U.S. luxury market.

“Other markets that are often considered “affordable” are seeing bigger pockets of luxury taking hold too. For example, in Houston, the median home price has risen above the national average and landed No. 6 on a survey by the real estate brokerage Redfin of markets with the most million-dollar sales, beating out Boston, Washington, D.C., and Seattle. “It’s the new economy of the energy boom and other industries moving inland and taking dollars with them,” says Nela Richardson, chief economist for Redfin. “Our agents are going crazy in Houston.”” 

Check How Mobile-Friendly Your Website Is

SANSLogoAn article this week in “Daily Real Estate News” says that Google soon will be labeling websites “mobile-friendly”. Naturally, the first thing I did after reading the article was to take the Google on-line test to see how www.SanibelSusan.com fares. The answer is: “Awesome! This page is mobile-friendly.”

The article says: “The purpose of the new label is to help prevent frustration among mobile searchers, who are growing tired of visiting sites with too-small text, difficult-to-tap links, or sites that have to be scrolled sideways to view all the content. Google started adding the “mobile-friendly” label to its mobile search results last week. To earn the label, Google says a site must meet the following criteria: 

  • Software that is not easily viewed on mobile devices (such as Flash) is avoided. 
  • The text is readable without the visitor having to zoom in.
  • The site automatically sizes the content to fit the screen, so that visitors don’t have to scroll across or zoom to view the page’s contents.
  • Links are far enough apart so visitors can tap them with ease.

“To find out how mobile-friendly your site is, Google offers a Mobile-Friendly Test. You can plug in your URL and you’ll receive a report on how mobile-friendly the page is. The criteria could later be used to determine where your site falls in search results.

““We see these labels as a first step in helping mobile users to have a better mobile web experience,” Google writes in a statement announcing the new labels. “We are also experimenting with using the mobile-friendly criteria as a ranking signal.”” 

RSPS (Resort and 2nd-Home Property Specialist)

RSPS LogoI got a phone call today with a referral from a fellow RSPS. That is a Realtor® who also holds the Resort & 2nd-Home Property Specialist designation. Though I teach the segment about this same subject during our local Association of Realtors® island designation class series, it has always surprised me that only six local Realtors® (yours truly included) have taken the time to earn this national designation. I know for a fact that many island property owners also own property in other resort areas like the mountains of Aspen, Steamboat Springs, New England’s White Mountains, and the Carolinas; the beaches of Cape Cod and Hawaii, plus the Pacific/Atlantic seaboards, and the Great Lake areas. So, I hope those referrals keep coming, the islands are a great fit for buyers looking to invest in the resort and 2nd-home market. 

Sanibel & Captiva Islands Multiple Listing Service Activity November 21-28 

Sanibel

CONDOS

4 new listings: Colonnades #11 1/1 $195K, Island Beach Club #330E 3/2.5 $795K, Sand Pointe #214 2/2 $749K, Somerset #B101 3/2.5 $2.2M (our listing). (Below are a few more photos of this new listing at Somerset at The Reef. The streaming video with showing the fabulous beach/Gulf of Mexico views and waterside enclosed balcony is being prepared later today. It will be posted soon!)

1 price change: Seashells #15 2/2 now $324.9K.

3 new sales: Sundial #J203 1/1 listed for $425K, Sundial #G101 2/2 listed for $445K. Compass Point #101 3/2 listed for $1.169M.

3 closed sales: Ibis at The Sanctuary Ibis #301 2/2 $421K, Nutmeg Village #107 #2/2 $615K, Plantation Village #B321 3/3 $2.075M. 

HOMES

6 new listings: 1712/1714 Sand Pebble Way 4/2 duplex $399K; 999 Dixie Beach Blvd 3/2 $599K; 9032 Mockingbird Dr 3/2 $649,946; 1490 Middle Gulf Dr 3/4.5 $1.859M; 1137 Golden Olive Ct 5/3.5 $2.275M; 1204 Isabel Dr 3/3.5 $4.1M.

4 price changes: 564 Hideaway Ct 3/2 now $589K, 1717 Windward Way 3/2 now $649K, 1528 Angel Dr 3/2 now $849K, 1272 Isabel Dr 3/3.5 now $3.895M.

8 new sales: 1644 Bunting Ln 3/3 listed for $495K, 660 Durion Ct 2/2 listed for $549K, 1477 Albatross Rd 4/3 listed for $598.8K, 1207 Par View Dr 3/2 listed for $759K, 1674 Sabal Palm Dr 3/3 listed for $865K, 501 Sea Walk Ct 3/2 listed for $889K, 9448 Cotten Ct 3/2 listed for $898K, 1779 Venus Dr 4/5.5 listed for $3.998M.

2 closed sales: 3990 Coquina Dr 3/2 $570K, 1777 Serenity Ln 5/4.5 $754K.

LOTS

No new listings, price changes, or new sales.

1 closed sale: 776 Birdie View Pt $375K. 

Captiva

CONDOS

1 new listing: Bayside Villas #5320 3/3 $650K.

No price changes or new sales.

2 closed sales: Bayside Villas #5230 1/2 $280.5K, Sunset Beach Villas #2218 2/2 $568.5K. 

HOMES

3 new listings: 14981 Binder Dr 3/3 $1.149M, 11500 Chapin Ln 4/4.5 $2.195M, 15009 Binder Dr 4/5.5 $4.295M.

3 price changes: 43 Oster Ct 2/2.5 now $784.9K, 15747 Captiva Dr 6/6.5 now $5.995M, 16428 Captiva Dr 7/8/2 now $9.5M.

1 new sale: 11520 Laika Ln 2/2 listed for $2.75M.

No closed sales.

LOTS

Nothing to report.

This representation is based, in whole, or in part, on data supplied by the Sanibel & Captiva Islands Association of Realtors® or its Multiple Listing Service. Neither the association nor its MLS guarantees or is in any way responsible for its accuracy. 

Our ad in the local “Island Sun” this week including a special thank you to all of our clients, colleagues, and business associates who have contributed toward making it another great year for SanibelSusan Realty Associates. We always are thankful to be living and working on this wonderful island, but especially enjoy thanking those who have helped to make it possible! Best holiday wishes to all! SanibelSusan (Susan Andrews)

Counting Our Blessings at SanibelSusan Realty

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Banyan BeachIt sure was fun yesterday to be recognized again at the Sanibel & Captiva Islands Association of Realtors® September membership meeting for my “big” closing on Monday.

At nearly $8.5M, “Banyan Beach” it is the record year-to-date sale on Sanibel and Captiva. The team and I are very thankful for it, as well as our other closings Monday and today.

After posting the new sales of two condo listings last Friday, it was a wonderful surprise to also find the paperwork for another terrific condo listing in my email on Friday night. It’s the top-floor west-corner unit at Island Beach Club, so the views of the gulf and the beach are spectacular. Even though much of the complex, including this unit, is not fully accessible this month because the association is doing their annual exterior repair work, this condo already has had a showing of the rooms that can be seen and a couple of Realtor® viewings.

Luckily the photos that we borrowed from their rental organization, Select Vacation Properties, show it in total. Big thank-you to their employee, Patience, for sharing! If you want to see this one-of-a-kind income-producing condo, here are her photos.

Below are a few other news items followed by the action posted in the Sanibel & Captiva Islands MLS since last Friday.

Where Buyers Face Steepest Competition

CashSometimes island buyers and sellers are surprised when we tell them how high the percentage of cash buyers is on the island. Here is an article posted yesterday in “Daily Real Estate News”, sourced to “24/7 Wall Street. Looks like the islands are not the only place in Florida where cash sales prevail.

“All-cash transactions remain high, but they are showing signs of dropping, which could be good news for traditional home buyers with financing who find they are unable to compete against cash buyers.

Nearly 38% of home and condo purchases in the second quarter were from all-cash transactions, according to RealtyTrac’s data. That marks a drop from the first quarter, when all-cash transactions reached a three-year high of 42%.

“However, the share of all-cash purchases varies widely in markets across the country. For example, in the Miami metro area, more than 64% of home sales were cash in the second quarter, but in Madison, Wis., that figure was only 18.5%.

“Daren Blomquist, vice president at RealtyTrac, explained to 24/7 Wall St. that some of the highest number of cash sales are occurring in recovering markets that have the highest activity of institutional investors. Also, all-cash sales tend to be highest in areas with still-elevated levels of foreclosures and short sales. Blomquist further notes that all-cash sales are higher for both low-end and luxury properties. Cash sales make up two-thirds of home purchases for up to $100,000 and 45% of purchases for more than $2 million.

“24/7 Wall St., using RealtyTrac data, reviewed the cities that had the largest percentages of all-cash sales in the second quarter of this year. The following metros showed the highest concentration of all-cash transactions:

  • “Miami-Fort Lauderdale-Pompano Beach, FL – Percent of cash sales: 64.1%
  • Cape Coral-Fort Myers, FL – Percent of cash sales: 62.1%
  • Sarasota-Bradenton-Venice, FL – Percent of cash sales: 61.5%
  • Tampa-St. Petersburg-Clearwater, FL – Percent of cash sales: 54.6%
  • Lakeland, FL – Percent of cash sales: 53%
  • Orlando-Kissimmee, FL – Percent of cash sales: 52.2%
  • McAllen-Edinburg-Mission, TX – Percent of cash sales: 52%”

There’s An App for That – Discover Ding Game App Premieres for “Ding” Days

Discover DingHere’s info from a recent press release from “Ding” Darling Wildlife Refuge:

“If you noticed a giant cell phone walking around the island recently, don’t have your bifocals checked. It’s just the latest costumed character at J.N. “Ding” Darling National Wildlife Refuge. “Happy Appy” is helping to promote the unveiling of the Discover Ding app on Sunday, Family Fun Day, Oct 19, 2014 to celebrate the 25th anniversary of “Ding” Darling Days.

“A collaboration among the refuge, the “Ding” Darling Wildlife Society – Friends of the Refuge (DDWS), and app developer, Discover Nature Apps (DNA), the Discover Ding app is designed to adapt to the public’s expanding reliance on smart devices by creating a positive interaction experience that encourages smart-phone users of both Apple and Android products to immerse themselves into their natural surroundings.

“DNA is developing similar apps for other refuges and national parks, but “Ding” Darling will be the first to go live.

“”The first-of-its-kind Discover Ding app will offer the public a few new way to experience the refuge, further enhancing our effort to integrate new technology and social media into our interpretive programming,” said Paul Tritaik, refuge manager.

“The refuge will host a public unveiling and “download-in” to kick off the three Family Fun Days and weeklong eco-festival at 10 a.m. on Oct 19 in the Visitor & Education Center Auditorium. The first 250 people to show staff their download get a special free T-shirt. Happy Appy will be on hand throughout the day to give free tutorials on downloading and using the app which combines nature, gaming, social media, and GPS technology for an entirely new experience. Throughout the week, the costumed character also will be in the Education Center parking lot each morning at 9:25 a.m. to offer help and instruction….”

To support DDWS and the refuge, go to dingdarlingsociety.org.

There’s An App for Real Estate Too

GoMLSLogoThe Sanibel & Captiva Islands Association of Realtors® announced this week that they are taking the next step forward in Multiple Listing Service mobility with a new App too. Within the next few weeks, the new GoMLS mobile app will be available for island Realtors® and their clients. With this app, there will be access to real-time MLS data with listing search capability by city, zip code, address, MLS number, geo-location, or by drawing a search area on a map; multiple map views including street, satellite and hybrid; driving directions; ability to schedule a viewing or contact the listing agent; share listings via text, email, Facebook® and Twitter®; and more!

Flood Insurance Overview

SanCapAssnLogoThe speakers at our monthly Realtor® membership meeting yesterday were a panel of affiliate-member professionals in the insurance business.

They were there to update us on recent Flood Insurance changes. Panelists were:

  • David Arter with Private Client Insurance Services
  • Chris Heidrick with Heidrick & Co.
  • Angie Larson with Rosier Insurance

To understand flood insurance lingo, here are a few definitions.

The most hazardous flood zones are V (usually first-row beachfront properties) and A (usually, but not always properties near water.) According to FEMA (Federal Emergency Management Agency) and the National Flood Insurance Program, any building in A or Z zones are considered to be in a Special Flood Hazard Area.

V zones generally include the first row of beachfront properties. The hazards in these areas are increased because of wave velocity – hence the V designation. If your home is in a “V” zone, adhere to the following recommendations:

  • The bottom of the lowest horizontal structural member of the lowest floor elevation must be at or above the Base Flood Elevation (BFE).
  • Enclosed areas below the lowest floor cannot be used for living space. The building must be elevated on piles, piers, posts or column foundation.
  • Electrical, heating ventilation, plumbing, air conditioning equipment and other service facilities must be elevated to or above the BFE.

The next most volatile of the Special Flood Hazard Areas is the A zone. These areas are subject to rising waters and are usually near a body of water with a high potential of flooding. If your home is in an A zone, follow these important recommendations:

  • The lowest floor elevation must be at or above the Base Flood Elevation (BFE).
  • Enclosed areas below the lowest floor cannot be used for living space.
  • Electrical, heating, ventilation, plumbing, air conditioning equipment and other service facilities must be elevated to or above the BFE.

On Sanibel and Captiva, the flood zones that apply are either the VE Zone or the AE Zone, with the AE zone being a place with potential for a 1%-annual-chance flood event.

In the flood insurance business, it also is important to know if Pre-FIRM insurance rates apply. Pre-FIRM properties on Sanibel were those permitted prior to April 1979. On Captiva, Pre-FIRM properties were permitted before September 1984.

What else is important for these professionals to know is whether a property will be used as a primary residence or non-primary residence. The definition of a “primary residence” for policy rating purposes is: The property must be occupied by the insured and/or the insured’s spouse more than 50% of the 365 days following the policy renewal date.

If you have more specific questions about flood insurance, be sure to talk to an insurance professional.

Economist Calls for National Policy to Reinforce Home Ownership

realtor logoIn a recent column for “HousingWire”, Jonathan Smoke, Chief Economist at Realtor.com®, breaks down the good and the bad of the housing recovery. In the article titled “Economist: Here’s Why Mortgage Supply & Demand Isn’t Normal”, he notes:

“Certain areas are close to a complete recovery, such as employment, home prices, distressed existing home sales, multifamily new construction, and rents. On the other hand, Smoke says the recovery is far from normal levels in terms of single-family new-home construction, mortgage applications and originations, household formation, and home ownership.

“The most negative sales signal comes from the new-home market, where new-home sales came in at an estimated annualized rate of 412,000 in July, the second lowest rate in the last 10 months,” Smoke notes. New-home permits and starts have failed to reach a pace that economists consider healthy for the sector, which is generally above one million.

Smoke points to another troubling area: Mortgage applications, which fell to the lowest level in 14 years at the beginning of September. Mortgage applications remain low despite the fact that rates are hovering near yearly lows. “Mortgage applications are considered a leading indicator for future home sales, but I believe the decline is not so much a signal of another downturn in demand but rather an indication of a seriously hobbled housing credit market,” Smoke writes. He says many buyers are being sidelined due to a very “small credit box,” where only consumers with easily documented incomes, strong credit scores, and large down payments are able to qualify for financing on a home.

“Another housing hurdle Smoke notes is the abnormal levels of supply and demand. “Affordable homes aimed at the first-time buyer segment are not being built,” he says. “Hedge funds bought up most of the affordable distress inventory over the last three years and have turned them into rentals. Home values have recovered the least in affordable price points, resulting in higher numbers of existing owners with negative equity and therefore unable to sell.”

“Smoke says that the continuing declines in areas of home ownership will portend to bigger problems ahead for the overall economy. “Without a strong housing policy, the mortgage market is incapable of adequately addressing risk-appropriate access to credit that supports home ownership,” Smoke writes. “Fundamentally, we need new directions for national housing policy to address the broken credit market, find solutions for affordability housing across all income levels, reinforce home ownership as the cornerstone of financial security, and fulfill the housing needs of older households.”

Priced to Sell at $30M? & Even $68M?

Realtor.com logos“Daily Real Estate News” last Friday posted the following. It was sourced to a “The Wall Street Journal” article from Sept 10, 2014, titled “Luxury Homes: Priced to Sell at $30 Million”. Just after I read that article, I heard on the news about the $68M mansion just listed for sale in neighboring Naples.

“Luxury homes are selling faster than last year, and the homes fetching some of the heftiest price tags are spending less time lingering on the market, according to new data from Realtor.com®. An uptick in the stock market and improving economy may be helping to boost the luxury market in recent months.

“The High-End Market is Booming: For homes listed less than $1 million, the median age of listings ranged from 80 days to a median of 180 days for homes just under $30 million, according to Realtor.com®. But for homes above $30 million, the median time to market dropped to 139 days.

Jonathan Smoke, Realtor.com®’s chief economist, says the faster times are often because these high-ticketed homes are marketed quietly before hitting the open market. This market segment is attracting a more engaged group of buyers lately, he says. For example, in Vail, CO., homes above $15 million used to sit on the market for more than two years, but now are selling in “months, not years, and sometimes in weeks,” Tye Stockton, a real estate professional with Ascent Sotheby’s International Realty, told The Wall Street Journal. In Greenwich, CT, Tamar Lurie with Coldwell Banker told The Wall Street Journal that she is expecting about 20 sales above $10 million this year – double the number sold last year. A $2 million listing in the Hancock Park area of Los Angeles sat on the market last year before it was removed after never hooking a buyer. But this month, the owners put the home back on the market and sold above the asking price in just one day, says Billy Rose, co-founder of the Agency, a real estate brokerage in Beverly Hills, CA.”

Sanibel & Captiva Multiple Listing Service Activity September 12-19

Sanibel

CONDOS

5 new listings: Mariner Pointe #951 1/1 $449K, Nutmeg Village #107 2/2 $659.9K, Sandalfoot #5A3 2/2 $849K, Kings Crown #307 3/2 $925K, Island Beach Club #P6D 2/2 $990K (our listing).

2 price changes: Sundial #I103 1/1 now $345K, Sunset South #9D 2/2 now $425K.

5 new sales: Sundial #D207 1/1 listed for $239K, Kimball Lodge #304 2/2 listed for $499K, Pointe Santo #E22 2/2 listed for $749K, Nutmeg Village #308 2/2 listed for $769K, Pointe Santo #D45 2/2 listed for $799K (our listing).

6 closed sales: Dugger’s Tropical Cottages #5 1/1 $283.25K, Sundial #G407 1/1 $325K, Spanish Cay #A4 2/2 $325K (our listing), Loggerhead Cay #583 2/2 $510K, Sandpiper Beach #302 2/2 $590K, Shell Island Beach Club #5A 2/2 $597K.

HOMES

No new listings.

4 price changes: 1825 Ardsley Way 3/2 now $538K, 732 Durion Ct 3/2 now $749K, 1777 Serenity Ln 5/4.5 now $759K, 501 Sea Walk Ct 3/2 now $889K.

1 new sale: 419 Lighthouse Way 4/3 listed for $849.9K.

5 closed sales: 1364 Jamaica Dr 2/2 $470K, 620 Hideaway Ct 3/2.5 $570K, 4500 Waters Edge Ln 2/2 $769K (our buyer), 676 Anchor Dr 3/3 $887K, 466 Sea Oats Dr 4/3.5 $937.5K.

LOTS

No new listings.

3 price changes: 1246 Sand Castle Rd now $225K, 6411 Pine Ave now $345K, 1048 Fish Crow Rd now $415K.

No new or closed sales.

Captiva

CONDOS
Nothing to report.

HOMES

1 new listing: 0 on Captiva-Village Area 4/4 $1.799M.

No price changes or new sales.

1 closed sale: 16682 Captiva Dr 10/12.5 $8.48M (our buyer).

LOTS

Nothing to report.

This representation is based, in whole, or in part, on data supplied by the Sanibel & Captiva Islands Association of Realtors® or its Multiple Listing Service. Neither the association nor its MLS guarantees or is in any way responsible for its accuracy.

Here’s to another great week!

Weekend good wishes from the team at SanibelSusan Realty