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 email@example.com. 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
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.
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.
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.
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.
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.
No new listings.
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