Tag Archives: Mother Nature

Bright Friday With Real Estate News on Sanibel & Captiva Islands

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It is a bright Friday on Sanibel and Captiva Islands. Son Dave and SanibelSusan are manning the office today, while Elise and Lisa are enjoying an extra day off. The islands are fairly busy. Most accommodations were filled by Wednesday, but we have not had a lot of showing requests, or at least not yet. Perhaps too many outside events are being enjoyed in the bright sunny weather (highs in the mid-70’s).

Here are some post-holiday news items followed by the week’s report of Sanibel and Captiva Islands Multiple Listing Service activity.

Thanksgiving – Looking Back & Looking Ahead

As I reminisce about the wonderful meal that Dave and Lisa prepared yesterday and how thankful we all were to enjoy their home full of family and friends with doors wide open to the great Florida weather, I cannot help but think about others not as lucky. We all know folks struggling with illness and the devastating effects of disasters like Hurricane Sandy, while the media is overwrought with unsettling news from the Fiscal Cliff and worldwide economic issues, to fighting in the Middle East, not to mention what has happened with the Twinkie.

Makes me think about how all of these events will affect real estate business in Florida. Many colleagues similarly have blogged about how trends are influenced by world as well as local events. Here is my 2-cents worth.

  • Safer, Stronger, More Energy-Efficient Homes – Storm protected homes have always been in demand on barrier islands, but with climate changes and recent weather patterns, buyers now have an even more critical eye toward the strength of properties. Lessons learned from hurricanes both here and afar make prospective owners particularly interested in piling and concrete-block construction, impact/hurricane windows and doors, Wind Mitigation Reports, elevations, environmental zones, and insurance costs. For decades, Sanibel was in the forefront with its Land Development Code and tough building requirements. Today’s purchasers, particularly those that have looked elsewhere in Florida, appreciate the results of the Sanibel Plan, including the resultant flood insurance discounts. Today’s buyers also ask about self-sufficiency features, like generators and solar.
  • New Construction – As resale prices have crept up on remodeling and replacement costs, the last few months have seen a surge in island lot sales and new construction. More buyers are deciding to build exactly what they want, rather than update an existing property. The islands may be close to build-out, but there are good single-family home sites available.
  • Move to Urban Areas or the Opposite Approach – Get Out of Dodge – You probably remember me mentioning a few months ago that a new trend is to move back into more highly developed areas, to cities where public services like roads, hospitals, shopping, and schools may be better and cost less. Then, from Sandy, we have seen areas where infrastructures have been lost causing problems like rationing and looting. Metropolitan areas mostly likely will get better prepared for Mother Nature, but prospective homeowners will continue to look for sites that are better able to withstand future storms and other natural disasters. Here, we have noticed that many buyers also are looking for the family home or vacation retreat in a more rural area. Give them a small town where the ambience is laid-back, the life-style is easy, and the environment is key, and they are happier.
  • Togetherness – Nothing brings families and friends closer than a common problem or disaster.  With technology and the working population able to spend more time away from their primary residence, we had already seen higher interest in family and friends buying into the same community or condo complex. Now more are exploring family-compound-type properties and offerings with shared amenities too.
  • More Cost Conscious – It seems that now more than ever there is a greater tendency to examine the total long-term cost of a property including insurance, maintenance, utilities, and travel. Knowing the stability of those costs is important too. Key buying events are to have a prospective home or condo professionally inspected and to get insurance estimates.
  • The Wait and See Approach – It probably is just a sign of the times, but some prospective purchasers say they are going to put off buying and wait and see what happens with the economy; this is as opposed to the other trend which is to capitalize on someone else’s indecision. Some clients are sitting on their cash while others recognize opportunity and buy on bad news. Fiscal Cliff reports may be forcing some to move more quickly to downsize and economize. Baby Boomers are going to retire; Sandy just may move more of them to Florida sooner than previously expected.

So what is the direction to all of these trends? There is not just a single answer. Everyone has their own real estate wants and needs. Though we cannot ignore life events and natural disasters, they are not all encompassing. The good news for owners and investors is that here in Southwest Florida, the weather is terrific, the infrastructure is in good shape, banks are lending at low interest rates, and the Sanibel/Captiva life-style is easy!

Sundial Beach and Golf Resort

On a side note, Dave and I had lunch at Sundial Resort on Tuesday. The resort has reopened some of its general amenity dining areas to the public. If you go there yourself, be sure and check out the lobby, where artist renderings of the upcoming renovations are posted. When complete, this central amenity area will have big open balconies on the beach side of the conference and dining/party facilities on the 2nd and 3rd levels. The views should be magnificent and great for pelican watching too!

Yesterday, I chatted with Lisa’s brother who works at the resort and he said that some remodeling projects already are underway. (I noticed that the lobby-level convenience store is closed.) He said construction will continue right through the busy months of high season this winter. That’s unusual, but probably a sign that the new general owners are anxious to get the resort “looking great” again.

Sundial has had a bit of a rebound with sales this year, particularly since the new owners took over in July (22 units sold year-to-date, compared to 15 in all of 2011). Once renovations are done, this complex may again become our bellwether for Sanibel condo sales. In the meantime, there still are several excellent buys at the complex – a terrific time to buy-in!

Florida’s Housing Market Continues Positive Trends in October 2012

As posted on-line at Florida Realtors® on Monday:

            “Pending sales, closed sales and median prices rose, while the inventory of homes and condos for sale dropped in Florida’s housing market in October, according to the latest housing data released by Florida Realtors®. “With Thanksgiving just around the corner, we have a lot to be thankful for here in Florida,” said 2012 Florida Realtors President Summer Greene, regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale. “The state’s latest unemployment rate fell to 8.5%, the lowest in nearly four years – and combined with the momentum of the housing market, it clearly shows that Florida is on a positive path and has been for months. Pending sales, closed sales and prices are trending up.”
            “Statewide closed sales of existing single-family homes totaled 17,779 in October, up 25.3% compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. Closed sales typically occur 30 to 90 days after sales contracts are written. Meanwhile, pending sales – contracts that are signed by not yet completed or closed – of existing single-family homes last month rose 56.7% over the previous October. The statewide median sales price for single-family existing homes in October was $145,000, up 9% from a year ago.
            “According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in September 2012 was $184,300, up 11.4% from the previous year. In California, the statewide median sales price for single-family existing homes in September was $345,000; in Massachusetts, it was $294,900; in Maryland, it was $244,357; and in New York, it was $225,000. The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.
            “Looking at Florida’s year-to-year comparison for sales of townhomes-condos, a total of 8,252 units sold statewide last month, up 16.4% compared to October 2011. Meanwhile, pending sales for townhome-condos in October increased 47.1% compared to the year-ago figure. The statewide median for townhome-condo properties was $107,000, up 20.2% over the previous year. NAR reported that the national median existing condo price in September 2012 was $181,000.
            “The inventory for single-family homes stood at a 5.2-months’ supply in October; inventory for townhome-condo properties was also at a 5.2-months’ supply, according to Florida Realtors. Industry analysts note that a 5.5-months’ supply symbolically represents a market balanced between buyers and sellers.
            ““Once again, everything that should be going up in the market is going up, and everything that should be going down is going down,” said Florida Realtors Chief Economist Dr. John Tuccillo. “As impressive as the year-over-year gains for October are, far more impressive are year-to-date gains of 2012 over 2011. They indicate the depth and resilience of this recovery.”
            “The interest rate for a 30-year fixed-rate mortgage averaged 3.38% in October 2012, down from the 4.07% averaged during the same month a year earlier, according to Freddie Mac.”

Sanibel & Captiva Islands Real Estate Scoop

Here are the island sales statistics as of today, comparing 2012 to 2011, and showing current inventory and median (or midpoint) prices.

                                    Condos                         Homes                       Lots                                  

                        Year     #          Median Price     #         Median Price     #          Median Price

SANIBEL

For Sale:           Now      178      $549,000           194       $895,000           87         $370,000

Sales pending:   Now      12        $357,000           22         $497,000           2          $239,000

Sold/Closed*:    2012     139       $529,000           165       $599,000           30         $299,900

                        2011     132       $589,500           159       $692,000           17         $295,000

CAPTIVA

For Sale:           Now      55         $600,000           39         $2,500,000        7          $1,749,000

Sales pending:   Now      2           $634,950           2          $3,125,000        0          N/A

Sold/Closed*:    2012      33         $635,000           25         $1,549,000        3          $869,000

                        2011      23         $595,000           20         $1,497,500        1          $485,000

 * Sales from January 1 to November 23.

Our local Association of Realtors® had no weekly caravan meeting this week. Dave opened Compass Point on both Monday and Tuesday (before a holiday check-in) trying to catch some prospective condo buyers. His only lookers were a couple of complex owners checking out the decorating and some vacationers who may purchase in a few more years. I opened a listing on Tuesday for an island resident looking to purchase, and we had another showing today; but otherwise activity was light. There probably was too much shopping and cooking and beaching and golfing and fishing and boating, competing with real estate this week.


Sanibel & Captiva Multiple Listing Service activity November 16-23

Sanibel
CONDOS
4 new listings: Sandpebble #1F 2/2 $349.9K, Sundial #H308 1/1 $395K, Sandpiper Beach #106 2/2 $649K, Sayana #103 2/2 $799K.
2 price changes: Sanibel Arms #H4 2/2 now $479K, St.Croix #3 2/2.5 now $849K.
2 new sales: Seashells #6 2/2 listed for $335K, Sanibel Arms #A5 2/1 listed for $379K.
1 closed sale:  Sandpiper Beach #303 2/2 $555K.

HOMES
3 new listings: 928 Pepper Tree Place 2/2 $659K, 4496 Waters Edge Ln 3/2 $849K, 940 Victoria Way 3/3 $1.1M.
2 price changes: 2166 Egret Cir 3/2 now $499,555; 1266 Isabel Dr 3/3 now $2.285M.
5 new sales: 960/964 Palm St 3/3 listed for $374.9K (short sale), 1599 Sand Castle Rd 3/2.5 half-duplex listed for $425K, 1001 Lindgren Blvd 2/2 listed for $614K, 862 Beach Rd 3/2 listed for $939K, 6211 Starling Way 4/4.5 listed for $2.295M.
3 closed sales: 471 Las Tiendas 3/2 $530K, 848 Limpet Dr 3/2.5 $1.045M, 1765 Venus Dr 3/3 $1.06M.

LOTS
No new listings.
2 price changes: 5307 Umbrella Pool Rd now $399K (our listing), 1898 Woodring Rd now $2.99M. 
1 new sale: 9042 Mockingbird Dr listed for $329K.
1 closed sale: Bay Dr $185K.

Captiva
CONDOS
2 new listings: Captiva Shores #3B 3/2.5 $778K, Lands End Village #1638 3/3 $1.95M.
No price changes.
1 new sale: Sunset Beach Villas #2336 2/2 listed for $749.9K.
No closed sales.

HOMES
1 new listing: 11515 Laika Ln 4/4.5 $2.395M.
1 price change: 15891 Captiva Dr 5/4 now $2.949M.
No new sales.
1 closed sale: 15361 Captiva Dr 5/4 $1.6M (short sale).

LOTS
Nothing to report.

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

November Arrives on Sanibel & Captiva Islands

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All is well this week on sunny Sanibel, though it is hard to talk about our marvelous weather as we watch the news and see the many pictures of the massive devastation in the northeast. Floridians have a huge appreciation for Mother Nature and hope that today’s blog finds everyone safe and on the road to recovery.

After a few windy days and lower than average temperatures earlier in the week, our weather is essentially back to normal for this time of the year – highs in the upper 70s/low 80s and nights in the high 50s/low 60s.

Photo from ILoveShelling.com blog by Pam Rambo

The last few days, several beaches have been covered with pen shells and sea grasses. Those are lightweight and usually the first items to get washed ashore after a storm and often an indication that good shelling finds will follow a few days later. I bet there is lots of “Sanibel Stoop”-ing going on over the weekend.

We did not have much showing activity this week, but we had a home listing go under contract, received a new listing (a nice near-beach home), and had a small closing. Bet you didn’t know we also could sell a unbuildable lot. We like challenges! After a little research, I found a neighboring owner interested in this vacant parcel so was able to help both parties by facilitating the transaction.

Weekly Realtor Caravan

We had good Realtor® turnout at our 1st-of-the-season weekly Caravan Meeting yesterday. Few sales were reported, but more new listings were announced, and a few price reductions were reported. The entire Realtor® association is gearing up for a busy new year. (This week’s Multiple Listing Service activity is posted at the bottom of today’s blog.)

This morning was the mandatory annual training for members of our 2013 Professional Standards Committee while this afternoon I also attended the kick-off event for our 2013 local leadership team. I will be chairing the islands’ Professional Development Committee again next year. This is the group that handles our local education and training events including orientation for new Realtor® members, continuing education for licensed sales associates and brokers, and classes for professional designations including the Sanibel and Captiva Islands Specialist.

Upcoming Island Events

  • Sanibel Farmers Market – reopens Sunday for its 5th season with a couple of new vendors joining the nearly 30 that are expected to return. Two new ones are Andy’s Seafood from Pine Island who is a member of the Seafood Choices Alliances (which embraces environmentally-responsible seafood) and Farmer Mike from Bonita who will bring his own mobile market trailer. Olga of Big C’s Salsa also will be back after a short medical absence. Her salsa is wonderful! The market is every Sunday (November to April) from 8 a.m. to 1 p.m. on Sanibel City Hall grounds.
  • 31st Taste of The Islands – is next Sunday, November 11 from 12:30 to 5 p.m., across the street from SanibelSusan Realty at Sanibel Community Park. (You can be sure that we will be open then to catch any prospective buyers.) With 20 local restaurants participating, two bands, the fun-to-watch traditional server competition run by the Sanibel Recreation Department, face painting, collector T-shirts, and more, this annual fundraiser for CROW (Clinic for the Rehabilitation of Wildlife) is always fun. More info at www.tastesanibelcaptiva.com  

SmartPhone Apps

Here’s a cool application that is a 1st-of-its-kind canoe and kayak navigational aid of the 190-mile Great Calusa Blueway Paddling Trail. It became available yesterday which was the opening day of the Calusa Blueway Paddling Festival which started from the Sanibel causeway. It is free on Google Play and the iTunes store. (More info at www.CalusaBlueway.com) On November 8, when the Fort Myers Boat Show opens two other iPhone and Android apps will be launched and also free – for the Lee County Boaters Guide and Artificial Reef Guide. These applications were funded by a grant from the West Coast Inland Navigation District. (More boat show info at www.fortmyersboatshow.com)

Florida’s Amendment 4 – Questions Answered

When my son keeps questioning why he should vote “yes” on Florida’s Amendment 4 on Tuesday, I knew it was time to sleuth out a few more answers for him. For those also interested, these questions and answers came from Florida Realtors® on-line.

“Does Amendment 4 hurt job creation and small businesses?  No. Florida TaxWatch, a nonpartisan watchdog, determined that Amendment 4 would increase Florida’s GDP by $1.1 billion and create almost 20,000 private Florida jobs in the first 10 years. Amendment 4 will provide predictability to small businesses by lowering their yearly assessment increase cap from 10% to 5%. Furthermore, without Amendment 4, the current 10% cap will expire in 2018, leaving small businesses completely unprotected from unlimited assessment increases.

“Does Amendment 4 make a complicated tax system more complicated and confusing? No. Amendment 4 actually adds fairness and could help make the tax code simpler. Confused is what a homeowner becomes when they see their property tax bill rise even when their home value has declined. Amendment 4 will provide a way to deal with that problem by giving authority to the Legislature to create a solution.

“Is Amendment 4 unfair to homestead residents? No. Amendment 4 benefits current Florida homeowners, small businesses, and even people who rent their homes in Florida. The additional homestead exemption will help boost Florida’s struggling housing market by giving qualified buyers a reason to get into the market. This will help lower the inventory of abandoned foreclosures that are dragging current homeowner’s prices down in neighborhoods across Florida. Amendment 4 will bring more predictability to small businesses in Florida and allow them to reinvest in local economies by creating jobs, lowering prices, and raising pay for their workers.

“The price of rent in Florida, and everywhere else for that matter, is determined by adding mortgage payment, insurance, and property taxes with other expenses. Stable, predictable and responsible property assessment increases will result in stable, predictable, and responsible rent prices. So even people who rent their homes will benefit from Amendment 4. Amendment 4 also strengthens Save Our Homes protections because it would provide relief to first time homebuyers who see their new home’s taxable value reassessed upon sale. The additional homestead exemption in Amendment 4 will then responsibly phase out as the Save Our Home’s savings are kicking in. Additionally, every citizen in Florida will benefit from the new jobs, increased GDP, and $5.3 billion of personal wealth that will come back to Florida as a result of Amendment 4.

“Doesn’t Amendment 4 contribute to an unbalanced property tax system by causing different properties to pay different amounts? Amendment 4 takes an unbalanced tax burden and ADDS equity. Florida’s small businesses have been bearing the majority of the tax burden for years. Amendment 4 will give Florida’s small business predictability by lowering the assessment cap from 10% to 5% until 2023. If Amendment 4 does not pass and nothing else is done, the current 10% cap will expire in 2018. At that time, Florida’s small businesses will enjoy absolutely no predictability whatsoever. Not only will Florida’s economy miss out on the economic benefit of Amendment 4, it will also be devastated by limitless property tax increases on small business.

“Will Amendment 4 have a negative impact on government revenue?  In a comprehensive study of Amendment 4, Florida TaxWatch examined the impact to local governments. Florida TaxWatch says that even when you do not consider the economic benefit of Amendment 4, the impact is minimal. When you do consider the economic benefit of more jobs, more personal wealth, a higher GDP and more home sales, these losses will be offset and in some cases local government revenues will actually increase.

“How are schools supposed to make up the lost revenue from Amendment 4? The additional homestead exemption contained within Amendment 4 holds school funding harmless.

“What kinds of jobs does Amendment 4 create? According to Florida TaxWatch, Amendment 4 will create almost 20,000 private nonfarm jobs.

“Isn’t Amendment 4 just a tax break for rich people and snowbirds who buy million dollar houses?

Actually, Amendment 4 is most beneficial for working Floridians who purchase lower priced homes. In fact, the additional homestead exemption in Amendment 4 is capped at the median home price in the county.

“Isn’t Amendment 4 just a tax break being pushed by a bunch of Republicans? No. Amendment 4 was placed on the ballot by the Legislature with bipartisan support. Already this year, Democrat and Republican lawmakers across the state have endorsed Amendment 4.

“Won’t Amendment 4 force local governments to raise taxes or lay off teachers, firefighters and police officers?

No. While Amendment 4 does nothing to restrict local governments from raising millage rates, local governments will only see a very slight decrease in the projected increase of their budgets as a result of Amendment 4. Since Amendment 4 does nothing to cut current local governments budgets, no layoffs or millage rate increases will even be necessary. Additionally, when you consider the economic benefit of Amendment 4 and the rising home values that will result, some local governments may actually see an increase in projected revenue.”

Sanibel & Captiva Multiple Listing Service Activity October 26-November 2

Sanibel
CONDOS
4 new listings: Island Beach Club #P1A 2/2 $460K, Loggerhead Cay #582 2/2 $549K, Sundial #O205 2/2 $659K, Junonia #203 3/2 $999K.
6 price changes: Blind Pass #A105 2/2 now $395K, Sealoft Village #106 2/2 now $539K, Loggerhead Cay #411 2/2 now $549K, Sundial #L202 2/2 now $599K, Pointe Santo #C32 2/2 now $640K, Shell Island Beach Club #5B 2/2 now $719K.
2 new sales: Tennisplace #A26 2/1.5 listed for $327,555, Pointe Santo #A21 2/2 listed for $749K.
1 closed sale: Blind Pass #B102 2/2 $325K.

HOMES
6 new listings: 2985 Island Inn Rd 3/2 $399K (our listing), 1245 Anhinga Ln 3/2 $529K,  1170 Sand Castle Rd 3/2 $619K, 4518 Bowen Bayou Rd 4/4 $725K, 9224 Dimmick Dr 4/2 $740K, 2963 Wulfert Rd 4/6.5 $2.85M.
6 price changes: 1001 Lindgren Blvd 2/2 now $614K, 6138 Castaways Ln 3/2.5 now $684K, 5742 Pine Tree Dr 4/2 now $798.9K, 5750 Pine Tree Dr 2/2 now $848.5K, 862 Beach Rd 3/2 now $939K, 1066 Beach Rd 3/3 now $1.25M (short sale).
4 new sales: 688 Cardium St 5/4 listed for $399.9K, 1536 Bunting Ln 3/2 listed for $433.5K, 1521 Wilton Ln 3/2 listed for $499K (our listing), 4996 Joewood Dr 3/3 listed for $760K.
8 closed sales: 1125 Captains Walk St 2/2 $405K, 293 Palm Lake 3/2 $426K, 9440 Begonia Ct 3/2 $465K, 660/664 Periwinkle Way 4/2/2 duplex $550K, 1755 Jewel Box Dr 3/2 $560K, 445 East Gulf Dr 3/2 $609K, 3864 West Gulf Dr 4/5.5 $2M, 3825 West Gulf Dr 3/2 $2.3M.

LOTS
1 new listing:  5407 Osprey Ct $595,555.
3 price changes: 9211 Dimmick Dr now $149,555; 4556 Buck Key Rd now $249,9; 1894 Farm Trail now $289,555.
No new or closed sales.

Captiva
CONDOS
1 new listing: Sunset Beach Villas #2228 2/2 $600K.
1 price change: Marina Villas #801 2/2 now $552K.
No new or closed sales.

HOMES
Nothing to report.

LOTS
Nothing to report.

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