It is the end of another sunny week on the islands. Rainy season occasionally produces a quick afternoon or evening shower, but most of those have been inland. More of the same is expected through the weekend.
There was no Association of Realtors® Caravan Meeting this week, but early Tuesday the Professional Development Committee met. Guess who got up early to make 16 mini-strawberry shortcakes for us to enjoy after singing “Happy Birthday” to our Assoc Prez-Elect. He was grateful and his members appreciate that he volunteers his time, especially at 8:30 a.m. on his bday..
The Committee worked on scheduling the educational events/classes and the monthly meeting speakers for the rest of the year. The annual Continuing Education offering with the classes required for sales associates and brokers to renew their licenses is on track for September 12 through 14. It is always a treat to take the hands-on in-person classes including boat trip highlighting local environmental considerations.
Next Thursday is the island Association of Realtors® July Monthly Breakfast Meeting. Speaker is Lee County Commission (former Sanibel Mayor) Kevin Ruane, who will update members on county initiatives and the causeway project. Following the meeting there will be a Realtor Caravan of new listings.
There was not much real estate sales action here this week. The Sanibel & Captiva Islands Multiple Listing Service reports no sales on Captiva and just one on Sanibel. Those details are posted after a couple of news items below. Our “Island Sun” ad from today’s paper also is below.
Bailey’s General Store Adds Vehicle Charging Station just east of the main entrance near the community bulletin board. It has two charging points to accommodate two vehicles at the same time and can charge all brands of electric vehicles. The store is open daily 7 a.m. to 7 p.m.
Great American Outdoors Day at The Refuge is coming up on Thursday, August 5. This is the 2nd celebration of this day across federal lands. It is now one of six fee-free days the Government has designated throughout the year. In addition to touring Wildlife Drive free that day, visitors may go to WoW (Wildlife on Wheels) and participate in a free family scavenger hunt for prizes and go on guided tours.
LCEC Vegetation Trimming on Sanibel began this week and will continue through August. This is a continued effort to improve and maintain the reliability of the island electric service. LCEC’s contractor is Asplundh with crews working Mondays through Thursdays from 7 a.m. to 5:30 p.m. Schedule updates will be posted at https://www.MySanibel.com/.
Lee Health Opens Primary Care Walk-in Clinic on Sanibel
On June 28, Lee Health opened its newest primary care practice in SW Florida. Located at 2495 Palm Ridge Rd, Lee Health Sanibel Primary/Walk-In Care offers primary care and walk-in services. One physician with 40 years medical experience already is seeing new patients at the clinic. A second physician, currently practicing with Lee Health in Fort Myers, will join the Sanibel office next week. The facility is open Monday through Friday 8 a.m. to 6 p.m. Visit www.LeeHealth.org to make an appointment in MyChart or call 239-343-6990.
Housing Expert Says Homebuyers are ‘Hitting the Brakes’
Interesting article posted on-line Tues July 12, 2022, at “yahoo! Money” by Ronda Lee. Seems like every week, there is a different perspective on the economy.
“The housing market has absolutely shifted, and buyers have been hitting the brakes in June,” Jeff Tucker, an economist at Zillow, told Yahoo Finance Live. “It suggests buyers are finally including contingencies in the offers they made this spring, which gives them that possibility of opting out.”
“In June, approximately 14.9% or 60,000 home purchases under contract were canceled, according to a recent Redfin report, while 7% of homes for sale had a price drop, a high for records dating back to 2015, according to a separate Redfin report.
“The culprit? Mortgage rates that are two percentage points higher than the start of the year, with major up and down movements in the last two months. The 30-year fixed mortgage rate dropped to 5.30% last week from 5.70% the week prior. Rate fluctuations mean that unless homebuyers locked in rates, those who once qualified might become ineligible as rates increase.
““It’s affordability. Higher mortgage rates and higher home prices means that the typical mortgage payment is up over half, about 60%,” Tucker said. “A lot of buyers can’t afford that or heard the bad news from their mortgage lender that where mortgage rates are today, you can’t afford this house.”
“Inflation and talks of recession also may be cooling homebuyer demand. The areas that saw the biggest run-up in housing prices due to the pandemic migration patterns may experience the largest price drops, Tucker said.
““This is a necessary cooling down and rebalancing after we’ve just had the most unbalanced, overheated housing market on record,” Tucker said. “Buyers are pulling back, inventory is beginning to climb and then the last domino to fall is to push home price growth back down. So, we should expect it to kind of level off and actually see some modest home price declines in certain parts of the country.””
Ronda is a personal finance senior reporter for Yahoo Money and attorney with experience in law, insurance, education, and government.
Sanibel & Captiva Islands Multiple Listing Service Activity July 8-15, 2022
3 new listings: Captains Walk #A6 1/1 $449K (our listing), Sanibel Arms West #K8 2/2 $889K, Somerset #D101 3/2.5 $2.695M.
No price changes.
1 new sale: Spanish Cay #A4 2/2 listed at $649.9K.
1 closed sale: Sanctuary Heron #3-1B 3/2.5 $875K.
6 new listings: 1447 Albatross Rd 3/2 $980K, 6136 Henderson Rd 3/2 $1.795M, 1433 Sanderling Cir 4/3 $1.975M, 424 E Gulf Dr duplex 4/2 $2.599M, 2969 Wulfert Rd 6/6/2 $3.695M, 1191 Bird Ln 5/4.5 $11.25M.
6 price changes: 446 Lake Murex Cir 2/2 now $859K, 1835 Farm Trl 3/2 now $899K, 1046 Sand Castle Rd 2/2 now $942K, 749 Cardium St 3/2 now $1.179M, 5802 San-Cap Rd 3/3.5 now $1.365M, 1260 Par View Dr 3/3 now $1.699M.
No new sales.
3 closed sales: 9076 Mockingbird Dr 3/2 $985K, 2010 Wild Lime Dr 4/4 $1.1M, 917 Pepper Tree Pl 4/3 $1.436M.
Nothing to report.
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.
Until next Friday, Susan Andrews, aka SanibelSusan