Sanibel Island Real Estate Happenings Plus What’s A Bloom!

Posted on January 18, 2013 by SanibelSusan

It was another quiet week on Sanibel until yesterday when the traffic picked up and sunshine gave way to a few clouds. Maybe that means the 3-day weekend is beginning early. Whatever it means, at SanibelSusan Realty Associates we like it. Daytime weather is expected to be down into the 70’s for the next week which will be a nice change after the 80-degree weather we have experienced the last few weeks. It was only 47 degrees this morning and so far has only warmed up to 64 – nice day for long sleeves with the flip flops.

We had a little real estate action at SanibelSusan Realty this week – a nice closing on Tuesday and a couple of vacant land offers. Below are a few real estate and island news items, followed by the activity posted in the Sanibel & Captiva Islands Multiple Listing Service this week.

Thursday Sanibel Real Estate Caravan

Our island Realtor® meeting yesterday was well attended and we had a “mini-awards” ceremony when I presented our “2012 Got Ethics” game show participants with trophies for their roles in that November educational event. It wasn’t like the Critics Choice, Peoples Choice, Emmys, or Oscars, but it got a laugh.

With 20 East-end properties on tour and slow going on Periwinkle Way, it was difficult to see all of the open listings within the 3-hour time period. Dave and Lisa viewed a few, while I viewed some others. We all have buyers coming in a few weeks so we want to be ready!

I took a few iPhone snapshots along the way and another few today. If you are wondering what is blooming on Sanibel Island in mid-January, this is it!

Bougainvillease abloom in Seagull Estates

Bougainvillea in Seagull Estates

Trumpet tree on Dixie Beach Blvd

Lovely bromeliads on Sanibel Blvd

Another blooming bromeliad

Bismark palm

Little Lake Murex garden

Dredging Blind Pass Again

Dredging of the inside of Blind Pass was expected to begin again this week. The pass was dredged several years ago, but has since choked up with sand and needs to be reopened. All beach compatible sand dredged from the pass (estimated to be about 40,000 cubic yards) will be placed near Silver Key. The project is being managed by Lee County Natural Resources, with shorebird and sea turtle monitoring conducted by the Sanibel-Captiva Conservation Foundation under contract with Lee County.

Results of the 2012 Tropical Storm Season

According to a recent report by Sanibel’s Natural Resource Director, Sanibel’s beaches were eroded in several locations during summer-fall storms. In June, Tropical Storm Debby caused damage to the access road to the Sanibel Lighthouse and erosion of the shoreline east of the fishing pier. That shoreline has since stabilized.

In August, Hurricane Issac skirted the gulf before making landfall in Louisiana. Wind and high surf from that storm resulted in moderate erosion along West Gulf Drive and the beaches south of Blind Pass. At the end of October, more wind and surf from Hurricane Sandy further exacerbated those same areas. In some spots, escarpments were as much as five feet high. The Natural Resource Director is working with Sanibel’s Public Works Department and Lee County Natural Resources to develop a plan to address this.

Sanibel Island Golf Club

In the two months, since the former Beachview Golf Club was purchased (for $7M), the 152-acre facility has seen several changes. Bought by two well-known island golf professionals with years of experience at courses on the island, as well as Massachusetts, Connecticut, and Michigan, one of the changes is the name. Now called “Sanibel Island Golf Club”, the course is getting some landscape and aesthetic changes. According to a local paper, membership is about 175 now, and expected to push past 200 by the end of season. They also offer weekly or 10-round packages.

When Is Sanibel Chorus Singing?

In response to a few queries about when the BIG ARTS Community Chorus is singing again, here is our winter/spring schedule so far. We have a varied repertoire in the works including some pieces from Les Miserables score. The full chorus now has nearly 80 members again, while the ensemble which sings for smaller venues is about 30 voices. No try-outs necessary for the full chorus which practices on Tuesday nights Oct through Mar, at BIG ARTS.

Feb 26, Tues, FISH Annual Meeting & Volunteer Recognition Luncheon at The Sanctuary
Mar 6, Wed, Ensemble singing at Center-4-Life Pot Luck Dinner Meeting at The Sanibel Rec Center
Mar 18, Mon, Minnesota Twins vs. Miami Marlins game at Hammond Stadium (Star Spangled Banner & 7th inning stretch)
Mar 20, Wed, Spring Concert at BIG ARTS (matinee performance)
Mar 21, Thur, Spring Concert at BIG ARTS (evening performance)

REALTOR.com® Highlighted in Joint NAR/Google Study

A recent study from the National Association of Realtors® (NAR) and Google examined the connection between consumer Internet use and online home search and shopping patterns. It shows the value of REALTOR.com® in the home search process. According to the 2012 NAR Profile of Home Buyers and Sellers, multiple listing service websites and Realtor.com® were the top two websites used in recent home searches. (I am sure that you know that since I belong to two Multiple Listing Services, your property is featured in two systems, which also results in two postings on Realtor.com. Those two MLS systems sites have public search links at The Sanibel & Captiva Islands Association of Realtors® website at www.SanibelRealtors.com and The Realtor® Association of Greater Fort Myers and the Beach website at www.SWFLRealtors.com which links to the Florida Gulf Coast database.)

Steady Market Gains Ahead

An article in the Jan/Feb issue of Realtor® Magazine offered the following 2013 economic outlook:

“Modest growth in the economy and improving job picture bode well for both residential and commercial real estate. For residential practitioners, the National Association of Realtors® (NAR)’s forecast for 2013 looks like a return to normalcy with healthy price appreciation, an increase in both existing- and new-home sales, and a drying up of the shadow inventory. Interest rates are expected to remain low, though inflation could put upward pressure on both rates and home prices. For commercial practitioners, the rise in renal households is good news for the multifamily sector. Office, industrial and retail are all expected to inch back, with slight declines in vacancies and positive growth in net absorption and rents.”

“Where We’ve Been

“Own vs. Rent – The number of owner households has been flat over the past several years. Despite U.S. population growth of roughly 1% per year, the number of owner households has held steady, in the range of 75 million since 2007, while the number of rental households has increased from 35 million in 2007 to nearly 40 million today. Some renters who’d like to take advantage of today’s favorable prices and interest rates are finding credit standards too tight to obtain financing. NAR warns that continued tight credit conditions threaten to widen the wealth gap between owners and renters.

“Builder Activity – New home construction has been well below the 50-year average of 1.5 million. Housing starts remain well below historical averages, even with new construction expected to rise from 776,000 units last year to more than 1.1 million in 2013. Depressed construction activity has kept inventories down and put upward pressure on prices.

“Shadow Inventory – Delinquencies and foreclosures have dropped but remain high. Since hitting a level of nearly 4.3 million units in the fourth quarter of 2009, the shadow inventory – seriously delinquent mortgages and homes in foreclosure – has been declining. It was at 3.1 million units in 2012’s 1st quarter, still high but sharply below the peak. As a percentage of total sales, distressed sales are on the decline. In 2010 and 2011, they constituted about a third of the market. That dropped to 25% in 2012 and is expected to decline to single digits by 2014.

“Where We’re Going

“The Forecast Calls for – NAR is forecasting 3% growth in U.S. gross domestic product by 2014, along with a steady increase in national medial home prices. After years of tepid performance, both existing-home sales and new-home sales are expected to see significant gains this year and next, despite a gradual rise in interest rates. Commercial sectors are also seeing signs of upward progress. And good news is expected in the all-important employment picture: NAR Research estimates payroll jobs will grow by 2 million this year and 2.6 million next year.”

Sanibel & Captiva Multiple Listing Service Activity January 11-18

Sanibel
CONDOS
3 new listings: Nutmeg Village #202 2/2 $629K, Loggerhead Cay #522 2/2 $695K, Sedgemoor #103 3/3.5 $2.55M.
4 price changes: Sundial #I-103 1/1 now $396K, Ibis at The Sanctuary #302 2/2 now $399K, Sundial #J207 2/2 now $529K, Compass Point #181 2/3 now $949K.
2 new sales: Sundial #G106 1/1 listed for $292.9K (short sale), St. Croix #3 2/2.5 listed for $849K.
3 closed sales: Captains Walk #A8 2/2 $275K, Sandpebble #1F 2/2 $325K, Compass Point #141 3/2 $847.5K (our listing).

HOMES
7 new listings: 696 Durion Ct 3/2.5 $665K, 2631 San-Cap Rd 2/2 $699K, 3131 Twin Lakes Ln 3/2 $739K, 5403 Shearwater Dr 4/3 $1.249M, 2695 Wulfert Rd 4/4/2 $1.345M, 1141 Paper Fig Ct 3/3.5 $1.495M, 4525 Waters Edge Ln 3/3 $2.95M.
9 price changes: 1854 Farm Trl 3/2 now $598K, 1183 Kittiwake Cir 4/3 now $699.9K, 1225 Junonia St 3/2 now $719K, 1230 Par View Dr 3/2.5 now $739K, 765 Conch Ct 5/4 now $849K, 2498 Harbour Ln 4/3 now $888.5K, 743 Sand Dollar Dr 3/2 now $899K, 6123 Starling Way 3/2.5 now $999K, 228 Violet Dr 3/2/2 now $1.325M.
6 new sales: 1809 Farm Trl 3/2 listed for $499K, 3344 Twin Lakes Ln 3/2 listed for $549K, 525 N Yachtsman Dr 3/2 listed for $579K, 928 Pepper Tree Place 2/2 listed for $639.9K, 576 Hideaway Ct 3/2 listed for $749K, 4709 Rue Belle Mer 3/2 listed for $2.1M.
No closed sales.

LOTS
No new listings.
3 price change: Sea Bell Rd now $265K, 5116 Sea Bell Rd now $265K, 3792 Coquina Dr now $389K.
1 new sale: 1028 Bayview Dr listed for $1.795M.
No closed sales.

Captiva
CONDOS
1 new listing: Captiva Cove #5236 3/2 $1.299M.
No price changes or new sales.
1 closed sale: Bayside Villas #5236 1/2 $307K.

HOMES
3 new listings: 11541 Wightman Ln 3/2 $1.585M, 1102 Tallow Tree Ct 5/4 half-duplex $3.3M, 15009 Binder Dr 4/5.5 $3.95M.
1 price change: 11513 Wightman Ln 5/5 now $1.795M.
2 new sales: 56 Sandpiper Ct 2/2.5 listed for $669K, 16742 Captiva Dr 3/3 listed for $2.795M.
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. 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.

Happy Weekend to All Sanibel & Captiva Island Real Estate Lovers!

Record Temps & Picture-Perfect Sanibel & Captiva Islands Weather

Posted on January 11, 2013 by SanibelSusan

Photo courtesy of Jim Anderson, JMA Photography

You probably have heard about Florida in the news this week. It was the warmest state in the nation several times and set records some days for some of the highest recorded January temperatures in SW Florida. Gorgeous bright blue skies and sunny days with 80 degree weather have kept islanders – and visitors and vacationers – smiling.

The roads and bike paths thinned out a little this week when the holiday visitors departed, but my pals in reservations tell me that they had a few record days with bookings this week – undoubtedly thanks to our terrific weather – and the opposite in other parts of the world. Be sure and tell your friends/family planning an island visit this winter that they should not delay in making reservations. Rumor has it that many popular peak nights already are fully booked.

Check-ins are expected to be light again tomorrow and the following Saturday, with the big influx of winter visitors expected to arrive on the 26th. The island will be busy from then until Easter.

Here are a few real estate and island news items followed by the activity reported in the Sanibel and Captiva Islands Multiple Listing Service this week.

Traveling from Sanibel to Captiva

Teammates Dave and Lisa viewed some Captiva properties that were open for Realtor® Caravan yesterday. During their travels, they took a few pictures of the wildlife in Clam Bayou and along Sanibel-Captiva Road.

View into Clam Bayou

Eagle’s nest in Gulf Pines

Gopher Tortoise stopping traffic on San-Cap Road

Osprey in flight with fish

Quite a few upcoming happenings were added to my island events calendar too. Check them out if you are looking for things to do on particular day. It’s going to be busy winter here, http://sanibelsusan.com/island-events-calendar/

Beginning the New Year at The Sanibel & Captiva Islands Association of Realtors®

David, Lisa, and I attended the local Association of Realtors® Installation and Awards Banquet on Saturday night. Incoming Florida Realtors® President Dean Asher came to Sanibel to perform the induction ceremony. I was one of twenty local Realtors® to receive an Honor Society Award – perhaps the only one for the 20th year in a row. Honor Society awards are presented annually to those of our ~300 Realtor® members earning recognition for their professionalism through education, participation, and community service. Our leadership’s goal this year is to get more of those Realtors® involved.

In 2013, I again am chairing the Sanibel & Captiva Islands Association of Realtors® Professional Development Committee. Several educational events already are scheduled and others planned.

My other committee work this year will be with the Professional Standards Committee. That group is the Realtors® governing body that hears ethics and arbitration cases that have passed Grievance Committee and need resolution. The beauty of working on these small islands, where most business is handled professionally, is that Professional Standards usually hears few if any cases. I sure hope that applies this year too.

Another New Sanibel Restaurant – The Sandbar

Islanders always get excited when we hear a new restaurant is opening. If you have seen the many contractor vehicles parked at the 2761 West Gulf Drive location of the former Stone Crab restaurant, it was purchased in December by the same island residents who own the nearby Shalimar Cottages and Motel. Called “The Sandbar”, the new restaurant opened this week with hours from 11 a.m. to 10 p.m. It features a new open-view kitchen and retail market. The general manager who has previously managed other popular island restaurants advises they will feature creative entrees of fresh fish and choice beef, plus menu staples like King crab, shrimp, Maine lobster, and mile-high mud pie. They have a full liquor license too.

Another Coffee Shop Also Coming

This week, Bennett’s Roast was cleared for a City Permit for a 40-seat coffee shop with outdoor seating at 1020 Periwinkle Way, the former Century 21 office east of the Lazy Flamingo. You may remember, I mentioned it several weeks ago, that their permitting process had a few hurdles. The challenges include the property being located in a bald eagle nest buffer zone, wetlands in the back, and being on Sanibel’s highest traffic area near the 4-way stop. Kudos were handed out from both sides for the way the applicants and city staffers worked together to overcome the hurdles.

Island Water & Piping Work Done at The Dunes

The big project to replace old water pipes in The Dunes subdivision is complete ahead of schedule. All Island Water member water meters were replaced with radio-read meters too. The second phase of this two-phase project was not expected to begin until this year, but instead was fully accomplished before Christmas! Way to go Island Water! Did you know that Island Water was incorporated 47 years ago, in 1965, and franchised by Lee County as a member-owned not-for-profit association? As part of our Realtor® education, many of us have toured the facility, seen how the reverse-osmosis water is made, its usage and conservation. It’s a fascinating process. Island Water’s winter newsletter says they will be putting more info on their website this year, check it out at http://www.islandwater.com.

Where The Jobs Will (And Won’t) Be In 2013

Here is part of an interesting forecast that was posted in December on-line at www.Forbes.com.

“Though Florida is still recovering from the subprime mortgage crisis of 2008 and the state unemployment rate sits at 8.5% (almost a point higher than the national rate of 7.7%), some pockets of the state are experiencing strong job growth. In fact employers in the Cape Coral-Fort Myers area are projecting a net job increase of 23%, the highest in the nation, according to the latest employment outlook survey by the employment services firm, ManpowerGroup. One other Florida metropolitan area, Lakeland-Winter Haven, also landed in the top 15 cities for job growth, according to Manpower….

“In Cape Coral, employment has gotten a boost from the recovering housing market and the fact that the city has a low density rate, at 45%, so there is plenty of room to grow. As home construction has revived, property values have climbed, going up 18%-20% since the trough, says Cape Coral Chamber of Commerce President Mike Quaintance. Housing growth has also fueled growth in restaurants and retail chains…. Cape Coral is getting a new Wal-Mart and a Sam’s Club store. Jobs at those budget retailers don’t tend to pay well, concedes Quaintance. But the housing recovery is also funding better-paying construction-related jobs and home-based businesses like landscaping.

“In neighboring Fort Myers, Chamber of Commerce Executive Director Colleen DePasquale says job growth may in part be seasonal, because the population always swells in the winter months, and two baseball teams, the Twins and the Red Sox, go to Fort Myers for spring training. At the same time, clothing chain Chico’s is based in Fort Myers and doing well, and the city just opened a new waterfront development, with plans for a hotel and other businesses.

“Second on Manpower’s list after Cape Coral-Fort Myers: two Arizona metro areas in a tie, Phoenix Mesa-Scottsdale, and Tucson, with a net employment outlook of 20%…. At the other end of the spectrum, St. Louis has the worst employment outlook in the country at -5%. The next-worse is Portland, ME, at ‑2%, followed by Wichita, at -1%….”

Florida Releases Info on State Insurance Companies

Florida Realtors® posted the following article this week:

“The Florida Office of Insurance Regulation (OIR) has released its 2012 Fast Facts report, created to give interested parties statistical data about Florida’s insurance market. The report compiles financial and regulatory information, insurance premium volume, number of domestic insurance companies and related entities, enforcement actions/consumer recoveries, public hearings and more. The Fast Facts report also includes four “Top 20” lists with information about insurance companies in Florida for personal residential, personal automobile, life and annuity, and accident and health lines of business. For residential homeowner policies, Florida-owned Citizens Property Insurance tops the state list with 1.4 million policies, or more than the number covered by the four largest private insurers combined.

“The latest report includes the following breakdown for residential insurance writers by size, followed by number of Florida policies in December 2012:

1. Citizens Property – 1,423,160
2. Universal Property & Casualty – 578,825
3. State Farm Florida – 453,997
4. St. Johns Insurance – 174,021
5. Security First – 147,080
6. USAA – 142,733
7. Castle Key Indemnity (Allstate) – 131,759
8. Castle Key Insurance (Allstate) – 127,540
9. Homeowners Choice – 122,737
10. ASI Assurance – 113,603
11. Florida Peninsula – 112,372
12. American Integrity – 106,052
13. Tower Hill Prime – 104,594
14. American Bankers – 96,381
15. United Property & Casualty – 95,036
16. Florida Family – 87,059
17. ASI Preferred – 78,977
18. Tower Hill Signature – 78,816
19. Universal Insurance – 76,559
20. Southern Fidelity – 74,556

The Fast Facts report can be downloaded through the Florida Office of Insurance Regulation website.”

Vote Sanibel as “Happiest Seaside Town”

Coastal Living Magazine listed Sanibel Island as one of ten of its “Happiest Seaside Towns” of 2013. The locations chosen were based on criteria like well-being index, percentage of sunny days, healthiness of beaches and “coastal vibe”.

Starting yesterday (Jan 10) and running through February, you can go online and cast your vote to make it number one at www.coastalliving.com/happytowns2013.
Sanibel & Captiva Multiple Listing Service Activity January 4 – 11

Sanibel
CONDOS
2 new listings: Sundial #G106 1/1 $292.9K, Seawind #A102 2/2.5 $439.9K.
5 price changes: Tennisplace #D31 1/1 now $179K, Tennisplace #B32 2/1 now $249K, Blind Pass #D205 2/2 now $291K (short sale), Ibis at The Sanctuary #A202 2/2 now $384.9K, Island Beach Club #220B 2/2 now $499K.
3 new sales: Tennisplace #C35 2/1.5 listed for $249K, Blind Pass #B103 3/2 listed for $469K, Oceans Reach #1B4 1/1 listed for $698K.
1 closed sale: Coquina Beach #1D 2/2 $362K.

HOMES
7 new listings: 1809 Farm Trl 3/2 $499K, 525 N Yachtsman Dr 3/2 $579K, 5431 Shearwater Dr 3/3 $825K, 1213 Par View Dr 3/2.5 $890K, 4709 Rue Belle Mer 3/2 $2.1M, 4461 Waters Edge Ln 5/5.5 $5M.
7 price changes: 2079 Wild Lime Dr 3/2 now $460K, 5650 San-Cap Rd 2/2 now $635K, 928 Pepper Tree Place 2/2 now $639.9K, 977 Black Skimmer Way 3/2 now $649K, 569 Lighthouse Way 3/3 now $795K, 9007 Mockingbird Dr 3/3 now $1.1M, 1826 Woodring Rd 3/2 now $1.595M (foreclosure).
4 new sales: 2985 Island Inn Rd 3/2 listed for $399K (our listing), 2560 Coconut Dr 3/3 listed for $495K, 967 Beach Rd 2/2 half-duplex listed for $498K, 1032 Lindgren Blvd 3/2.5 listed for $615K.
3 closed sales: 3050 West Gulf Dr 3/2 $542K, 963 Kings Crown Dr 3/3 $700K, 4689 Rue Belle Mer 3/2 $1.975M.

LOTS
No new listings.
2 price changes: 3005 Turtle Gait Ln now $249K, 1898 Woodring Rd now $2.695M.
No new or closed sales.

Captiva
CONDOS
No new listings.
1 price change: Bayside Villas #4106 1/2 now $295K.
1 new sale: Bayside Villas #5326 3/3 listed for $639.5K.
No closed sales.

HOMES
No new listings.
3 price changes: 16838 Captiva Dr 6/7.5 now $5.995M, 15747 Captiva Dr 5/6.5 now $6.95M, 15172/174 Wiles Dr 12/1 multi-family now $11.5M.
No new sales.
1 closed sale: 15783 Captiva Dr 5/5.5 $8.5M.

LOTS
No new listings, price changes, or new sales.
1 closed sale: 11516 Wightman Ln $650K.

Hooray for the weather in Sanibel & Captiva Islands on January 11, 2013!

It’s glorious!

Photo by Jim Anderson, JMA Photography

Sanibel & Captiva Real Estate in Paradise 2013

Posted on January 4, 2013 by SanibelSusan

It is another Friday afternoon on Sanibel Island. Here are a couple of pictures taken at noon today at a West Gulf Drive beach access. If you closely in the first one you can see some folks behind these dunes grasses doing the “Sanibel stoop” in a tidal pool – always a good spot to find a few barely-buried shells.

With the holidays winding down, it is bittersweet to see island decorations being put away for another year. Here’s a photo of Santa being put away at Jensen’s Twin Palms Resort and Marina on Captiva. Note the supervisory ibis atop the davit.

The New Year‘s week visitors had terrific weather nearly every day with warm afternoons (70s to 80s) and cool evenings (50s & 60s). Unusual fog both yesterday and today burned off early and we even had a surprise shower this morning – all good for keeping the islands lush green and tropical. We saw our first “season” traffic jams this week, with Periwinkle Way busier than it has been since last year at this time. Afternoons find Sanibel’s finest directing traffic at most of the 4-way-stops.

Mid-week, teammate Dave held a couple of open houses in hopes of attracting business; but with the weather so nice, attendance was sporadic. I had a good walk-in New Year’s eve – 1st-time visitors to the island. It didn’t take them long to decide that Sanibel is a very special place; so both Wed and Thurs afternoons, we looked at condos. It is great fun to share the wonders of the island with folks like that.

Little sales action was announced at our Realtor® Caravan meeting yesterday.

Below is an update of Sanibel’s current inventory, followed by the 2012 sales, compared to 2011.

Condos Homes Lots

# Avg Price # Avg Price # Avg Price

For sale 184 697,093 218 1,305,070 87 590,657

Closings pending 13 512,900 20 739,055 2 514,000

Sold/Closed in 2012 151 551,244 181 825,837 33 487,687

Sold/Closed in 2011 142 591,861 179 826,130 19 363,729

It will be interesting to see what happens when new government changes are enacted – or not. Some prospective buyers say that they are waiting to see what is happening with the “fiscal cliff” – others are taking stock market funds and instead investing in real estate where they see greater investment potential.

Below is some real estate news – beginning with the “fiscal cliff” – followed by the weekly report of action posted in the Sanibel & Captiva Islands Multiple Listing Service.

Real Estate Provisions in “Fiscal Cliff” Bill

Here is the Issue Brief that was posted on line Wednesday by the National Association of Realtors®:

“On January 1, 2013 the Senate and House passed H.R. 8, legislation to avert the “fiscal cliff,” the bill will be signed by President Barack Obama on January 2, 2013. Below are a summary of real estate related provisions in the bill.

“Real Estate Tax Extenders –

Mortgage Cancellation Relief is extended for one year to January 1, 2014
Deduction for Mortgage Insurance Premiums for filers making below $110,000 is extended through 2013 and made retroactive to cover 2012
Leasehold Improvements: the 15 year straight-line cost recovery for qualified leasehold improvements on commercial properties is extended through 2013 and made retroactive to cover 2012.
Energy Efficiency Tax Credit: the 10% tax credit (up to $500) for homeowners for energy efficiency improvements to existing homes is extended through 2013 and made retroactive to cover 2012.

“Return of the “Pease” limitations on itemized deductions for high income filers – Under the agreement so called “Pease Limitations” that reduce the value of itemized deductions are permanently repealed for most taxpayers but will be reinstituted for high income filers. “Pease” limitations will only apply to individuals earning more than $250,000 and joint filers earning above $300,000. The thresholds are indexed for inflation so will rise over time. Under the formula, filers gradually lose the value of their total itemized deductions up to a total of a 20% reduction. First enacted in 1990, and named for the Ohio Congressman Don Pease who came up with the idea, the limitations continued throughout the Clinton years. The limitations were gradually phased out starting in 2003 and were completely eliminated in 2010-2012. NAR has never had an official position on Pease limitations. The reinstitution of these limits has far less impact on the mortgage interest deduction than a hard dollar deduction cap, percentage deduction cap, or reduction of the amount of MID that can be claimed.

“Capital Gains – Capital Gains rate stays at 15% for those the top rate of $400,000 individual and $450,000 joint return. After that, any gains above those amounts will be taxed at 20%. The 250/500k exclusion for sale of principal residence remains in place.

“Estate Tax – The first $5 million dollars in individual estates and $10 million for family estates are now exempted from the estate tax. After that the rate will be 40%, up from 35%. The exemption amounts are indexed for inflation.”

Rental Demand to Edge Higher in 2013?

An article posted on Wednesday’s “Daily Real Estate News” said:

“Five to six million new renter households may be created within the next 10 years, likely caused from low inventories of homes available and tight credit conditions, according to the Bipartisan Policy Center. Rental demand is expected to particularly increase among seniors looking to downsize their homes, as well as young adults and a growing immigrant population. “We expect to see an increase in household formation and for a variety of reasons that household formation is likely to be more heavily concentrated among renters and households who are likely to be renters for somewhat longer than was the case for the last 20 years,” Barry Zigas, director of Housing Policy for Consumer Federation of America, told HousingWire.

“Tight credit conditions continue to be one main culprit holding back home ownership among some potential buyers. “Credit for home ownership borrowing will likely be tighter and potentially more expensive, relative to earlier times,” Zigas predicts. “Families will likely have less wealth because the rising generation is starting with less wealth. If down payments are at any significant level, it will be a barrier to acquiring a home for longer than may have been the case in the past.””

Seven Housing Markets Needing Big Jolt in 2013

Another “Daily Real Estate News” article also on Wednesday, mentions several Florida towns including our local area:

“While the housing market has made notable gains in the past year, some areas are seeing a longer road to recovery. AOL Real Estate recently listed some of the least healthy housing markets going into 2013, based on employment, foreclosures, home sales, and prices. Nearly all of these housing markets have seen notable improvements recently, but they still remain the nation’s least healthy housing markets entering 2013, according to AOL Real Estate.

Detroit: Foreclosures remain high and home values lost nearly 60% of their peak value.
Fort Lauderdale: Home prices likely hit bottom in 2012 but Fort Lauderdale still has the nation’s 3rd largest foreclosure inventory.
Miami: Foreign buyers are driving demand for luxury housing here, but Miami still faces the 4th highest unemployment rate in the nation.
West Palm Beach: Foreclosures remain high here with one out of every 349 homes having received a foreclosure notice in July.
Cape Coral-Fort Myers: While higher construction permits is a bright spot here, the area faces high foreclosure rates.
Palm Bay-Melbourne-Titusville: Home sale prices have remained low, and this market was dubbed the No. 1 “foreclosure capital” in the nation as of July.
Chicago: Foreclosures remain high with the foreclosure rate rising 18% in 2012.”

View the 7 Healthiest Housing Markets for 2013.

Free “Island Jazz” Concerts

For those lucky enough to be on the islands, from now until Easter is when the most educational and entertainment-related events are offered here. The first of the year’s free Sunday afternoon jazz concerts is January 13 at 3 p.m. in the Boler Garden of BIG ARTS. Comprised of eight local popular and well-seasoned jazz musicians, “Island Jazz” plays all styles of music from jazz standards and Dixieland to bop, pop, and more. At SanibelSusan Realty, our Sunday agents look forward to these winter events where we open our back door and hear the tunes. To attend in person, there is plenty of parking at BIG ARTS, but bring your beach chair as seating is limited.

Other concert dates and events through spring are posted on SanibelSusan’s calendar.

Two New Baby Bald Eagles

Here is a link to the Southwest Florida “Eagle Cam” which provides a 24/7 live video stream of an active pair of bald eagles in their nest in North Fort Myers. These bald eagles have been coming to the nest for the past 5 years between the months of October to April. Last night the second baby eaglet hatched. Take a look: http://www.ustream.tv/SouthwestFloridaEagleCam

Sanibel & Captiva Island Multiple Listing Service Activity December 28 – January 4

Sanibel
CONDOS
1 new listing: Loggerhead Cay #451 2/2 $495K.
3 price changes: Blind Pass #D205 2/2 now $300K (short sale), Sanibel Moorings #1042 2/2 now $419K, Mariner Pointe #1052 2/2 now $475K.
4 new sales: Sandpebble #1F 2/2 listed for $349.9K, Sanibel Arms West #L8 2/2 listed for $479K, Sandpiper Beach #404 2/2 listed for $695K, Gulf Beach #205 2/2 listed for $725K.
5 closed sales: Colonnades #9 1/1 $110K, Seashells #15 2/2 $255K (short sale), Sanibel Moorings #341 2/2 $380K, Compass Point #213 2/2 $510K, Sandpiper Beach #106 2/2 $635K.

HOMES
7 new listings: 1409 Sandpiper Cir 2/2 half-duplex #299K, 1045 Blue Heron Dr 3/3 $599K, 656 Anchor Dr 3/2 $639K, 526 N Yachtsman Dr 2/2 $649K, 1163 Seagrape Ln 4/4 $887.9K, 4164 West Gulf Dr 4/4 $1.995M, 4809 Tradewinds Dr 3/3.5 $1.69M.
5 price changes: 1366 Sand Castle Rd 3/2.5 now $649.9K, 1750 Dixie Beach Blvd 3/2.5 now $679K (short sale), 1555 San Carlos Bay Dr 3/2.5 now $975K, 6440 Pine Ave 3/2.5 now $1.64M, 775 Limpet Dr 3/3 now $1.695M.
2 new sales: 1002 Greenwood Ct N 3/2.5 half-duplex listed for $349K, 4717 Rue Belle Mer 3/3 listed for $1.895M (short sale).
3 closed sales: 1978 Roseate Ln 3/2 $435K (our listing), 656 Anchor Dr 3/2 $550K, 1314 Isabel Dr 4/3.5 $1.8M.

LOTS
1 new listing: 4538 Bowen Bayou Rd #329K.
No price changes or new sales.
1 closed sale: 659 Anchor Dr $375K

Captiva
CONDOS
Nothing to report.

HOMES
No new listings.
1 price change: 59 Sandpiper Ct 3/2 now $795K.
No new or closed sales.

LOTS
Nothing to report.

Welcome to 2013!

Sanibel & Captiva Real Estate News on the Last Friday of 2012

Posted on December 28, 2012 by SanibelSusan

The SanibelSusan Team hopes that you all had a Merry Christmas and look forward to a Happy New Year.

Over the last week on the islands we have had a little up-and-down weather, a few chilly evenings but mostly beautiful bright sunny days with lots of bikers, beach-goers, and families enjoying nature and the holidays.

Here are a couple of news events, followed by the week’s Multiple Listing Service activity on Sanibel and Captiva.

Realtor® Membership Meeting

Yesterday, at the December Sanibel & Captiva Islands Association of Realtors® breakfast meeting, Sanibel City Manager Judie Zimomra, Planning Director Jim Jordan, and Police Chief Bill Tomlinson updated us on recent happenings at City Hall and around the island. Manager Zimomra spent the day before snow-bound at the Cleveland airport, so we were happy that she made it back home safely.

As part of continued cooperative efforts between our local organization and City leadership, Manager Zimomra and Director Jordan encouraged Realtor® input in the ongoing Planning Department review of the updating and redevelopment process for island commercial properties. Manager Zimomra and Chief Tomlison likewise asked for our help in spreading the word on island safety, mainly to encourage visitors and vacationers to lock their accommodations, particularly sliders, when they are away. Open doors particularly with purses and wallets in sight are invitations for trouble, even on this quiet island.

Top Real Estate Stories of 2012

This week, Florida Realtors® posted on-line a summary slide show of how the real estate industry here changed in 2012. Here is a list of the top industry stories, a recap of the most significant news stories that impacted Florida real estate brokers and agents.

“Real Estate Rebound – In a year-over-year comparison, single-family sales grew 25.3% and prices increased 9%, according to Florida Realtors® economists. The big Realtor® complaint now is low inventory and continued banking and lending hassels. Schwab says real estate will be the key driver of a 2013 rebound.
“There’s No Place Like Home. Got One? The big Realtor® complaint now? Low inventory. Sensing a rebound, buyers jumped into the market only to face competition from investors. At the same time, many owners put off a sale, waiting for even higher prices. New construction – almost nonexistent since the recession – kicked into gear.
“For Lease, Navidad – Real estate investors tried a new tactic. Instead of buying buildings, they bought single-family homes one by one and, on paper, turned a multi-location group of homes into a single investment. They signed up renters, paid a property manager and turned an almost immediate profit.
“How Low Will They Go? Mortgage interest rates hit record lows in 2012, bottoming out at 3.31% for a 30-year fixed rate – and still hovering at that range at year’s end. Some buyers with dynamic credit scores found great deals. Others couldn’t score a great home due to tight lending and competition from cash-laded investors.
“Let’s Get Fiscal – A threat overshadowed the 2nd half of 2012 – a presidential election followed by possible economic pandemonium if Congress failed to stop a fiscal cliff on Dec 31. Fear of the unknown caused businesses to postpone investments, homeowners to avoid buying, and a nationwide wait-and-see attitude.
“I’ll Make This Short – Buyers loved bank-owned properties (REO’s) just a year ago, but in 2012, banks cut back on REO’s and started to favor short sales that net them more money. In Realty Trac’s latest quarterly report, a full 65% of homes in some stage of the foreclosure process sold through a short sale instead.
“Don’t Deduct the Deduction – The U.S. supports homeownership through a mortgage interest tax deduction (MID). But some now question the fed’s role and say renting isn’t such a bad option. As part of a deal to cut the deficit, will lawmakers nix the MID altogether? Cap the amount? Either option could trim buyer demand in 2013.
“A Billion Here, A Billion There – Five large U.S. banks accused of unfair foreclosure tactics settled a court case to the tune of $26 billion. The money helped some underwater homeowners lower monthly payments, and it reimbursed some ex-owners who went through foreclosure. The banks say they’ve changed those practices.
“Three Out of Four Ain’t Bad – Florida voters passed three property tax amendments in November, easing the burden for spouses of veterans and first-responders, out-of-state veterans and, with local approval, low-income adults 65 or older. Unfortunately, the Florida Realtors®-backed Amendment 4 failed to get the 60% approval need for passage.
“Help for Howeowners Literally Underwater – Congress finally passed a long-term fund flood insurance law extending the program to 2017, following a lengthy, years-long series of short-term extensions. The national flood program faces financial challenges however, and it now has stricter requirements for coverage.
“Less is More – In an effort to become financially sound, Florida’s Citizens Property Insurance Corp. reduced coverage and increased premiums. Still, these policies are less expensive than the private market. In 2013, Citizens will struggle to again become the state’s insurer of last resort.
“Global Shift – International buyers love Florida’s sunshine, lifestyle and want a piece of the action. However, some global economies have been hit harder than others. In 2012, buyers from Brazil, Venezuela and Canada ramped up purchases. But European buyers, hit harder by a downturn, cut back on buying Florida homes.
“Sizing Up Appraisals – NAR (National Association of Realtors®) survey: 65% of Realtors had no contract problems due to a home appraisal over the previous three months, but 35% did. NAR and appraisers note many problems result from lender demands and the use of out-of-area valuators (often via AMC’s (Appraisal Management Companies)) without local expertise or full access to local data.” (This again was a big problem on Sanibel/Captiva in 2012. Another reason why island Realtors® recommend working with a local lender.)

New Year Traditions

Thanks to a few reminders in the “Island Sun” and Googling, here is some info on the upcoming holiday traditions:

What to Eat – Southerners eat black-eyed peas on New Year’s Day for good luck. In Germany, marzipan pigs are traditional Christmas and New Year’s gifts that symbolize success.
What to Do – Put a silver coin in your pocket before midnight on New Year’s eve to increase your chances of prosperity. An Irish tradition is to bang on doors and walls with a Christmas bread to chase away bad luck and invite good spirits. Bread is used to ensure plentiful food comes to the household. The Chinese use firecrackers to welcome the New Year and chase away evil spirits. In Iran, they bang pots and pans.
Your First Visitor – 1st-footing is an ancient European New Year’s custom that continues into the present in many areas. The first person to enter a home after midnight on the 1st day of the year should be a male, preferably with dark hair. Blondes may have been associated with Vikings – visitors who never brought good luck. The 1st-footer should carry a gift, such as a coin for prosperity, bread for food, salt for flavor, or whiskey to represent good cheer. The 1st-footer can be a resident of the house, but must not be inside during the hour leading up to midnight. No fair stepping outside and coming back in again!
What to Sing – Nearly every English-speaking New Year’s Eve celebration includes singing “Auld Lang Syne” which literally means “the good old days”.
To Kiss or to Toast? – Kiss those dearest to you at midnight not only to share the celebration, but to ensure that those ties continue through the next 12 months. A champagne toast at midnight is the most honored New Year’s tradition. It can be traced back to the ancient Greeks and Romans.
New Year’s Resolutions – This tradition dates back to the early Babylonians where their most popular resolution was to return borrowed farm equipment. This year, we hope many resolve to buy an island property in 2013.

New Year’s Happenings on Sanibel & Captiva Islands

New Year’s Eve at Sanibel Recreation Center – 8 p.m. to 12:15 a.m. is family-friendly, alcohol & tobacco-free, with food, games, raffles, adult bingo, silent auction, DJ, dancing, magician, juggler, ventriloquist, & midnight balloon drop. www.mysanibel.com
Annual New Year’s Eve Gala at Traditions on the Beach beginning at 7 p.m. www.traditionsonthebeach.com
The Modulators at The Crow’s Nest at ‘Tween Waters Inn on New Year’s Eve.
13th Annual Polar Bear Plunge – at noon on New Year’s Day at Tarpon Bay Beach. Free and fun. Go to watch or wear your bathing suit and make history.

Big Houses Making a Comeback

An article in “Daily Real Estate News” just before Christmas sourced CNBC as saying:

“Home owners desire bigger spaces again, following five years of downsizing trends.

Average sizes of newly built homes increased 3.7% last year over 2010, according to U.S. Census Bureau data. That marked the first increase since 2007. And builders are reporting higher demand for larger homes this year.

“A recent survey by PulteGroup showed that 84% of home owners between the ages of 18-59 have no intentions of downsizing, even among Baby Boomers. “There appears to be a renewed sense of optimism in housing,” says Deborah Meyer, PulteGroup’s chief marketing officer. “Homebuyers, regardless of their stage of life, still want and need larger homes. Consistent with our consumer research, the survey results show that today’s buyers are equally focused on more efficient use of the spaces within their homes.”

“The need for more space may be coming from the growing number of people living under one roof, as multi-generations move in together.

“A recent survey by the American Institute of Architects shows a higher demand for multi-generational housing. The survey also showed more home owners upsizing their current homes. Fifty-eight percent of architects reported higher interest in additions and remodels, which is up from 35% one year ago. Kitchen and baths topped the list.

“While the desire for larger homes bodes well for home builders, “they may also add optimism to the upper end of the market, and all those so-called “McMansions”—generally considered in the 3,000- to 5,000-square-foot range—many of which lost significant value during the housing crash,” reports CNBC’s Diana Olick.”

Sanibel & Captiva Island Multiple Listing Service Activity December 21-28

Sanibel
CONDOS
2 new listings: Sundial #H110 1/1 $215K, Captains Walk #E5 2/2 $224.5K.
2 price changes: Blind Pass #D205 2/2 now $300K, Pointe Santo #C4 now $479.9K.
5 new sales: Colonnades #9 1/1 listed for $129K, Tennisplace #A34 2/1 listed for $239.9K, Sanibel Moorings #341 2/2 listed for $420K, Lighthouse Point #318 3/2 listed for $449K, Wedgewood #303 3/3.5 listed for $1.198M.
1 closed sale: Duggers Tropical Cottages #6 1/1 $235K.

HOMES
4 new listings: 3316 Saint Kilda Rd 2/1 $449K, 1053 Seahawk Ln 2/2 $689K, 1694 Dixie Beach Blvd 3/2 $1.195M, 1175 Bird Ln 4/3.5 $2.995M.
6 price changes: 4629 Brainard Bayou Rd 3/2 now $499K, 9203 Dimmick Dr 4/2 now $649K, 1350 Middle Gulf Dr #1E (Moonshadows) 3/3 half-duplex now $669K, 2540 Coconut Dr 4/3.5 now $740K, 4496 Waters Edge Ln 3/2 now $825K, 2984 Wulfert Rd 4/3 now $2.4M.
2 new sales: 6457 Pine Ave 3/2 listed for $429K, 1693 Bunting Ln 3/2 listed for $745K.
3 closed sales: 199 Daniel Dr 3/2 $337.5K., 1001 Lindgren Blvd 2/2 $600K, 3239 Twin Lakes Ln 3/2 $745K.

LOTS
No new listings.
1 price change: 1847 Farm Trl now $224K (our listing).
1 new sale: 6006 White Heron Ln listed for $749K.
2 closed sales: 9042 Mockingbird Dr $289,375; 1035 Bayview Dr $3.55M.

Captiva
CONDOS
1 new listing: Sunset Beach Villas #2222 1/1 $529K.
No price changes, new or closed sales.

HOMES
2 new listings: 15160 Captiva Dr 6/6.5 $2.299M, 15017 Binder Dr 3/4.5 $3.75M.
No price changes, new or closed sales.

LOTS
Nothing to report.

Happy New Year!

Sanibel & Captiva Real Estate – All Decked Out for the Holidays

Posted on December 14, 2012 by SanibelSusan

The islands are in full holiday mode. With successful luminaries last weekend, the palm trees are decorated and local businesses are ready for the added traffic from the visitors and families who will spend Christmas and New Years here. Heaviest check-ins are expected on the 22nd.

A few of our listings were shown this week and our Realtor Caravan meeting yesterday (held at The Sanctuary Clubhouse) reported a handful of sales.

Dave and I were out showing homes today to some visitors from Vermont! They loved the weather here today – 79 degrees and sunny this afternoon, while we were out and about.

The Sanibel and Captiva Islands Multiple Listing Service activity for the last seven day is posted below, after a few real estate-related items.

2013: A Continued Year for Real Estate Growth

On Wednesday, Florida Realtors® hosted its second economic summit which I attended. The four speakers were Leslie Appleton-Young, California Association of Realtors® chief economist; Doug Duncan of Fannie Mae; Pat Reass, a Realtor member who specializes in appraisals; and John Tuccillo, Florida Realtors® chief economist. I took a few notes so here are some items that I found interesting. Some may be out of context, but are good reminders nonetheless of today’s real estate situation.

More people nationally now can buy median priced homes than ever.
Nationally the real estate market bottomed in mid-2010 with the home-buyers tax credits.
In the west, there currently is less than a 2-week supply of REO properties (A REO is a property that goes back to the mortgage company after an unsuccessful foreclosure auction.)
The credit freeze impacted 2008.
In CA, the percentages of properties in the three markets discussed nationally have shifted. Traditional non-distressed equity sales are 76% of the market. REO’s are 12%. Short sales are 12%. (A short sale is a sale in which the proceed from selling the property will fall short of the balance of debts secured by liens against the property, and the property owner cannot afford to repay the lien’s full amounts, and whereby the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt.) Last year the split included 60% REO’s. That’s a huge change.
Looking at the price trends from 1970 to today in CA and nationally, they are both back on the “up” trend.
(MY FAVORITE:) “Homeowner without equity is not a homeowner.”
Like FL, in CA the higher priced properties are moving again.
(ANOTHER GOOD QUOTE:) “We can’t again reach the 2005 prices (which were created by the credit situation) for another decade!”
The numbers of CA underwater properties are down but there are still 29% underwater, compared to 35% in 2009. Since some areas are seeing appreciation, these numbers should change as time goes on.
There is only a 5.4-month supply of inventory for sale nationally. The long-term trend in a balanced market is 6-7-month supply.
In CA, 43% of the REO buyers are cash. Multiple offers are up from 25% to 35% in CA. In all ways, there is overall strength in the CA market. Heavy numbers of CA investors now buy to rent versus flip.
In 2013, a 9% increase in CA sales is expected, but the long-term viability of the real estate market is based on jobs, which will probably increase slowly. The fundamentals are attractive – there is no way to go but up (I sure hope that is right.)
There is a pent-up demand for housing. The number of new units being built is too low for this pent-up demand.
Real estate today has a fractional mindset. It’s a bipolar market. (Love that one)
Nationally the number of Realtors® has gone from 1.4 million to 1 million. (Probably a good shake out)
CA lost 60,000 Realtor® members in the last few years. Probably would have lost more if other jobs had been available.
Nationally and in CA dollar volume is improving.
In Florida, there are a few wild cards for 2013, but over all 2012 will be better than 2011, and 2013 should be better than 2012.
Florida saw a 40-45% drop in single-family home prices in the first recession. The end of 2008 was the real bottom.
Since beginning 2009, Florida has seen regrouping and recovery. All pressures are on prices moving upward.
The upward price trend line was broken through in 2005/2006 and broken the other way in 2008/2009. These actual changes in values were missed by most but not by many investors.
Florida has seen a huge jump in cash investors. A lot are from foreign countries, with the price change differential being a double bonus for some – as much as 36% or better for Brazilian buyers.
Florida investors scarfed up most of the low-end inventory. For many, there was a ready-made rental demand and in some cases people haven’t even moved (those underwater).
Beginning in 2009 the FL market was ripe. Now the lowest price range is in lowest supply.
Today in FL there are a lot of distressed properties and there are going to be a lot more, though the market overall is abating and stable.
The last few years caused a lot of confusion to both lenders and real estate professionals. In three years, both have learned a lot.
Over 50% of FL sales are now traditional sales. REO’s and short sales have changed positions. Banks have figured out that a 2-year-plus foreclosure process costs them more than the short sale process, so short sales have become more prevalent that foreclosures and REO’s.
In FL average price trends are starting to go up.
FL shadow inventory peaked in 2009, though we currently have 40% of the national in FL. Trend of this shadow inventory down is very very slow and there is no guarantee of that. It used to be a real market threat, not so much now that it can be handled.
In 2013 where will FL be? Even slow job growth will help commercial growth. FL Realtors® chief economist thinks only 5% grown can be expected, though some other economists say 10%.
Market growth will push inventory up, i.e., those barely underwater will go to the positive side.
A big issue remains, that homeowners can stay in their property for up to two years without paying their mortgage before they get pitched out. That process needs to change.
Lack of financing opportunities due to changes in borrower qualifications is now a problem, especially for first time buyers/those just out of college.
Failure to deal with recession issues is the biggest factor in housing recovery.
Realtors® were all called to action again this week, concerning the mortgage interest deduction.

Sundial Approved Spa, Wedding Facilities

Sundial Resort was in the news a couple of times this week.

On Tues night NBC-2 posted “For the first time in decades, some Sanibel resorts are getting a facelift. City leaders are tweaking rules that have been in place since the 1970’s to make it easier for property owners to update amenities. During their latest trip to Sanibel, Sue Deuber and her sister, Cathy, reflect on years of memories.” The shells… at that point, you could reach over and pick up huge shells of any kind,” Sue Deuber said. The island’s natural beauty continues to draw the family back. “There must be an anxiety for the people who live here that you don’t want to change what’s been a good place,” said Cathy Deuber Bengson.

“But some argue a little change will boost tourism. “People love this island and people love coming here, but the accommodations island-wide have really deteriorated over the last 20 or 30 years,” said Steve Hatfield of the Sanibel Island Inn. Hatfield says thanks to recently relaxed codes, the 117-year-old inn is getting much-needed work. “[The work gives] our accommodations the modern comforts of the modern age,” Hatfield said.

“This month, the Sundial resort became the second island property to undergo renovation when they kicked off a two year project that will cost nearly $5 million. (Artists rendings are shown above.) City planning director Jim Jordan says renovations will help businesses who compete with other Southwest Florida destinations to attract visitors. “It also sets the initiative for the other properties to come in and improve their sites as well,” Jordan said.

“The lack of development draws Deuber back. But she doesn’t mind the fixing-up, so long as the island’s resources stay preserved. “Balancing the tourism and the welcoming with the appreciation of the natural system,” she said.

Also on Tues, the Sanibel Planning Commission approved an application by the new owners of Sundial Beach and Golf Resort for a permit to establish a spa treatment and wedding preparation facility.

Restaurant Rumblings

The Sanibel rumor mill has been rampant the last few days with possible changes of interest to the foodies. Several work vehicles have been parked outside both the former Stone Crab Restaurant on West Gulf Drive and the new Windjammer Restaurant on Periwinkle Way this week making the locals think that both of those establishments are opening soon under new ownership. I also heard yesterday that the restaurant at the Holiday Inn is opening soon with a new name and chef.

Luc Century & his new glass etchings at Il Cielo

Sanibel’s five-star restaurant, Il Cielo, reopened yesterday featuring new eclectic menu items and interior upgrades. Here’s an article in part from news-press.com: “Meaning “the sky” in Italian, Il Cielo is located at 1244 Periwinkle Way on Sanibel Island. It opened last January. “While our patrons can still enjoy a fine-dining experience in our main dining area, we now also offer a more casual atmosphere in our Cloud Nine Grille for our seasonal residents, tourists and families who are seeking a nice, yet relaxed meal,” said General Manager Bruce Ronty in a news release. According to Ronty, this season, diners will be able to enjoy a more casual atmosphere in the new Cloud Nine Grille which features an aesthetic, three-quarter dividing wall featuring a signature Luke Century glass sculpture running along the top. Comfortable booth seating has been added inside the lounge area, while a number of corner booths have replaced the stand-alone tables in the main dining room. Outdoor patio dining will now be available as well. Diners will no longer be required to wear long pants; instead, dress shorts and collared shirts will be allowed. The interior changes also allow space separate from the main dining room for private functions or community events. The Il Cielo menu has been revamped with grilled additions such as Yellow Fin tuna, local catch, pork tenderloin and free-range chicken. Specialties now include Colorado lamb, Yellowtail Snapper, Blue-Crab-crusted Black Grouper, Zinfandel-braised short ribs and jumbo shrimp and grits in addition to a number of favorites from last season’s menu such as mussels, traditional meatballs, linguini and clams, pastas, filet and lamb. New items featured on the Cloud Nine menu include Baja fish tacos, lobster mac and cheese, a 6-ounce New York strip, wild-caught salmon and more. “Our goal is to deliver superb food that meets the highest standards of quality, freshness and seasonality and combines both modern-creative and traditional Mediterranean styles of cooking,” said Il Cielo’s new executive chef, Neil Griffin, in the release. “In addition to the most popular favorites from last season, we wanted to evolve the menu for our diverse clientele into the addition of lighter selections featuring local and regional fish and locally grown sustainable vegetables.” Il Cielo will still feature a full liquor bar with a wide selection of wines as well as desserts. Menu items range from $4 to $38. Hours are daily from 5 to 10 p.m. For more information, visit ilcielosanibel.com.”

It was announced today, that Beachview Steakhouse is reopening tonight. Chef Mike Price is back! Beachview Restaurant is open for lunch 7 days a week. Dinner is available Monday through Saturday.

Refund for Loggerhead Cay?

New pavers at Loggerhead Cay

We have had only positive comments from recent visitors to our new listing at Loggerhead Cay where the community is in the process of replacing its solid asphalt parking areas with permeable pavers. It was with interest that we read the following article in today’s “Island Sun” about that project:

“Due to wording in the new resort redevelopment guidelines, enacted to encourage renovation of aging lodgings, Loggerhead Cay had to undergo an expensive variance application procedure to enable it to replace asphalt with permeable pavers. It didn’t sound right to Planning Commission Chairman Michael Valiquette, nor to Vice Chairman Phillip Marks. “Why are we even seeing this?” asked Valiquette. City codes favor permeable surfaces which allow rain to filter back down. Impermeable surfaces such as asphalt send polluted water into drains and such. So, why was a variance required for such an environmentally-friendly move? That’s what some commissioners wondered on Tuesday. “This is a substantial gain of permeability,” said City Planner Ben Popple, who noted that staff recommended granting the variance. Marks noted, “The price tag is $2,000 for the variance.” He added that the services of a consultant were not free either. “We need to change it. This is a perfect example of over-regulation.” He suggested refunding “$500 or $1,000 of the application free,” to which Valiquette said the applicant “might want to ask the council to address the issue.” Planning Director Jim Jordan said because of a portion of the driveway being paved is in the Gulf Beach Zone, it is not a permitted use and as such requires a variance. “It is the way the code was designed,” Jordan added.”

30-Year Mortgage Rates at New All-Time Low

An article posted this week on “RealtorMag” sources an article by Reuters “U.S. Mortgage Applications Rise in Latest Week; Rates Fall“:

“Mortgage applications for home purchases reached a new high for the year for the 3rd consecutive week, as 30-year mortgage rates sank to a new all-time low, the Mortgage Bankers Association reported Wednesday. The MBA’s index which measures mortgage application activity for both home purchases and refinancing soared 6.2% for the week ending Dec 7. Applications for home purchases viewed as a leading indicator of future home sales, rose 0.7% and hit another high point of the year. Applications for refinancing — which make up the biggest bulk of the MBA’s index — rose 8% last week. Home owners and buyers are rushing to take advantage of record low mortgage rates. Fixed 30-year mortgage rates dropped to the lowest point in history, averaging 3.47% for the week ending Dec 7, down from 3.52% the previous week, according to the MBA.”

Sanibel & Captive Multiple Listing Service Activity December 7-14

Sanibel
CONDOS
5 new listings: Tennisplace #A34 2/1.5 $239.9K; Sandpiper Beach #302 2/2 $625K; Oceans Reach #1B4 1/1 $698K; Sand Pointe #235 2/2 $699K; Atrium #101 3/3 $1,147,555.
7 price changes: Beach Road Villa #106 2/2 now $299K, Sundial #H308 1/1 now $369K, Mariner Pointe #1052 2/2 now $485K, Island Beach Club #220B 2/2 now $525K, Loggerhead Cay #121 2/2 now $699K, Sundial #K205 2/2 now $775K, Sundial #L305 2/2 now $850K.
1 new sale: Duggers Tropical Cottages #6 1/1 listed for $259K.
2 closed sales: Sanibel Arms #A5 2/1 $367K, Sanddollar #C302 3/2 $1.07M.

HOMES
10 new listings: 1415 Sandpiper Cir 2/2 half-duplex $339K, 3196 Twin Lakes Ln 3/2 $589K, 1744 Bunting Ln 3/2 $649K, 977 Black Skimmer Way 3/2 $675K, 576 Hideaway Ct 3/2 $749K, 214 Palm Lake Dr 3/2.5 $775K, 789 Pyrula Ave 4/2 $1.18M, 1743 Venus Dr 4/3.5 $1.498M, 1480 Angel Dr 3/3 $1.595M, 1083 Bird Ln 3/2.5 $3.795M.
5 price changes: 1193 Kittiwake Cir 4/3 now $649K, 450 Leather Fern Pl 3/2 now $649K, 3960 West Gulf Dr 3/2 now $699.9K, 1826 Woodring Rd 3/2 now $1.695M (foreclosure), 1878 Woodring Rd 3/2.5 now $2.19M.
5 new sales: 4057 Coquina Dr 2/2 listed for $286K (foreclosure), 750 Nerita St 3/2 listed for $499K, 1060 White Ibis Dr 3/2 listed for $549.9K, 1032 Lindgren Blvd 3/2.5 listed for $615K, 3239 Twin Lakes Ln 3/2 listed for $784K.
1 closed sale: 688 Cardium St 5/4 $350K.

LOTS
No new listings.
1 price change: 1242 Anhinga Ln now $499.9K.
2 new sales: 1340 Eagle Run Dr listed for $279K, 3761 Coquina Dr listed for $350K.
No closed sales.

Captiva
CONDOS
No new listings.
1 price change: Captiva Bay Villas #2 3/3.5 now $1.948M.
1 new sale: Ventura Captiva #2A 3/3 listed for $699K.
1 closed sale: Sunset Beach Villas #2336 2/2 $668K.

HOMES
1 new listing: 16459 Captiva Dr 8/7.5 $3.495M.
2 price changes: 15166 Wiles Dr 3/2.5 now $3.75M, 16251 Captiva Dr 4/5.5 now $3.95M.
No new sales.
1 closed sales: 17061 Captiva Dr 4/3.5 $1.5M.

LOTS
No new listings or price changes.
1 new sale: 11516 Wightman Ln listed for $699K.
No closed sales.

What’s Happening for Thanksgiving (& with Real Estate) on Sanibel & Captiva Islands

Posted on November 16, 2012 by SanibelSusan

Island Weather at Its Finest

Photo by our BIG ARTS Chorus accompanist Ellen Witten on her way to practice 11-13-2012

After a brief sampling of cool weather last week, the islands have been back to basking in sunshine and 77-82 degree temperatures every day this week. It still gets down to mid 50’s-low 60’s at night – or what we islanders often refer to as perfect weather. It is a little disconcerting to see Christmas decorations going up pre-Thanksgiving here in Sanibel Square, but fun to again remember that holiday festivities are just around the corner.

Top 10 Cities for Best Air Quality

In addition to great weather, Southwest Florida is known for its clean air. Here’s an article posted on-line yesterday by “Daily Real Estate News”:

“In some cities, you can breathe a little easier. The maker of Honeywell air purifiers recently ranked the top cities with the best air quality, based on pollen counts, ozone concentrations, public smoking laws, green initiatives, and other factors. Here are the top 10 cities with the cleanest air:

1. Palm Bay-Melbourne-Titusville, FL

2. Cape Coral-Fort Myers, FL

3. North Port-Bradenton-Sarasota, FL

4. Honolulu, HI

5. Tucson, AZ

6. Colorado Springs, CO

7. Albuquerque, NM

8. Seattle-Tacoma-Bellevue, WA

9. Charleston-North Charleston-Summerville, SC

10. Lakeland-Winter Haven, FL”

Source: “25 Regions With the Best Air Quality: Metros Where You Can Breathe Easy,” AOL Real Estate (Nov 13, 2012)

Upcoming Sanibel and Captiva Holiday Events

Thanksgiving Celebration is Sunday, Nov 18, at 6:45 p.m. at the Sanibel Community House. This annual event for the whole family is always full of great camaraderie and music. SanibelSusan will be singing with the BIG ARTS Chorus. A new children’s chorus also is expected to perform. The event is non-denominational and admission is free with non-perishable food or monetary donations to FISH (Friends in Service Here).

Sanibel Masters Art Festival is just after Thanksgiving on both Friday and Saturday, Nov 23 and 24, 9 a.m. to 5 p.m., on the grounds of the Sanibel Community House. On Saturday on the east steps, BIG ARTS Chorus will perform two previews of their holiday concert at 10:15 and 11 a.m.

The Captiva for the Holidays month-long celebration begins with Sunset Arias on the beach, Saturday, Nov 24, 5 to 6:30 p.m., in front of “Tween Waters Inn.

On Friday, Nov 30, Captiva for the Holidays continues with a Mullet March at 4:30 p.m. (starting at Jensen’s), followed by a 5-piece band Joyous Jam beginning at 5:30 p.m. at Keylime Bistro and Fire Dancing at 6 p.m., also on Andy Rosse Lane.

5K Jingle Bell Walk for a Good Claus – The Sanibel-Captiva Optimist Club invites families, friends, and leashed pets to join in a walk/run on Bowman’s Beach on Saturday, Dec 1, between 8 and 9 a.m., to benefit local children. Pre-register at www.sancapoptimist.org or at the beach starting at 7:30 a.m. Parking, T-shirts, water, and refreshments are free for participants. Registration donations are $20/person while kids (10 and under) and pets are free. Following the walk, the City of Sanibel Recreation Center will hold a free Block Party from 11 a.m. to 1 p.m. to celebrate their 5th anniversary.

Captiva for the Holidays events include a Junkanoo Parade on Saturday, Dec 1, starting on Andy Rosse Lane at 3 p.m., followed by a Lighted Boat Parade at 6 p.m. on Roosevelt Channel.

Volunteers Needed for Christmas Bird Count

San-Cap Audubon will conduct its annual Christmas Bird Count on Saturday, Dec 15. The results of this local count will go to the National Audubon Society for inclusion in the 113th National Christmas Bird Count. More than 50,000 state-wide observers participate in this census event each year. Birding skills are desirable, but not necessary. Call 239-395-3804 for more info.

Where Do Home Shoppers Look the Most on the Web?

“Daily Real Estates News” on-line posted the following article yesterday, which I annotated with where SanibelSusan listings are posted.

“Today’s consumer is no stranger to using the Internet when home shopping. In fact, most buyers find the house they eventually buy first by searching on the Internet, according to buyer surveys. So where do they turn most frequently for their information? Their local multiple-listing service Web site is the top place home buyers look for homes, according to the National Association of REALTORS® 2012 survey of home buyers and sellers.

“The following are the most popular Web sites used in a home search, according to the survey:

MLS web site: 54% (www.SanibelRealtors.com & www.SanCapMLS.com)
Real estate agent web site: 51% (www.SanibelSusan.wordpress.com)
Realtor.com: 47% (www.Realtor.com – two postings for each SanibelSusan listing)
Real estate company web site: 39% (www.SanibelSusan.wordpress.com)
Other listing web sites: 27% (www.CLRSearch.com, www.FrontDoor.com, www.HarmonHomes.com, www.HomeFinder.com, www.HomeGain.com, www.HouseHitz.com, www.HousingBlock.com, www.LakeHomesUSA.com, www.LandWatch.com, www.Oodle.com, www.ovLix.com, www.Point2Homes.com, www.RealEstateActive.com, www.RealtyPin.com, www.RealtyStore.com,
www.Real-Buzz.com, www.trovit.com, www.trulia.com, www.zillow.com
Search engines: 19% (www.Google.com, www.Yahoo.com)
Mobile or tablet apps: 13% (www.Realtor.com/mobile, www/zillow.com/mobile)
For-sale-by-owner sites: 13%”

Source: “MLS Most Used Internet Resource for Homebuyers,” Inman News (Nov 14, 2012)

Continued Housing Growth Seen, But Inflation Looms

The National Association of Realtors® (NAR) Chief Economist Lawrence Yun provided a peek at the economic future of residential real estate at the REALTORS® Conference & Expo in Orlando last week. Here are a few points from his presentation as posted by REALTOR®Mag on line:

“Home sales volume and prices are poised to keep improving over the next two years, outpacing growth in the broader economy, but look for moderate inflation to appear starting in 2015, making it harder for today’s renters to become home owners, NAR Chief Economist Lawrence Yun told thousands of REALTORS® last Friday in a residential economic update at the REALTORS® Conference & Expo in Orlando.

“Yun is forecasting 4.64 million home sales this year, 5.05 million next year, and 5.3 million in 2014. Home price appreciation will see a similar positive upward trend, with the median existing-home price reaching $176,000 at the end of this year, $185,000 next year, and $195,000 in 2014. By 2015, the national median home price is expected to have risen by 15% from today’s level.

“Contributing to the growth are the slowly improving economy, job creation, and an increase in household formation after a hiatus during the downturn, Yun said. Rising rental rates are also contributing, as renters who are able to get financing in today’s tight credit market find it makes more financial sense to buy while home prices remain relatively affordable.

“But inflation could pose a problem starting two years down the road, Yun said. Although inflation has remained tame today—at about 2% per year—starting in 2015 it could jump to between 4 and 6% a year. That will be a short-term boon to home owners, as they enjoy an increase in price appreciation, but that would make home ownership harder for the growing number of renters today who aspire to buy. Not only would prices rise, but mortgage rates would go up as well.

“The continuing federal deficit is a reason inflation could jump in the future. But another cause might be the Federal Reserve buying mortgage-backed securities to help keep rates low. At some point soon, the Fed will have to start unwinding its position. When it does, interest rates and inflation will rise. Rental rates are expected to keep heading up as well, and that’s the biggest part of the Consumer Price Index.

“Yun and Mark Vitner, managing director and senior economist for Wells Fargo Securities, who also spoke at the forum, said Congress will have to start addressing the federal deficit soon, starting with an agreement to avoid the ‘fiscal cliff” the country faces at the end of this year as hundreds of billions in tax cuts expire. Both Yun and Vitner expect Congress to take short-term action to avoid that, but the pressure will be on to take long-term action after that. As a result, although housing is expected to keep improving, this big question mark will hang over the real estate market and the broader economy over the next few years.”

Cautious Optimism in Global Real Estate

“Daily Real Estate News” on Monday reported on another speaker at the REALTORS® Conference in Orlando:

““I’ll try not to be too gloomy, and I’ll try to find some silver lining,” said Adrian Cooper, CEO of Oxford Economics and one of the world’s leading financial minds. During the Global Forum Friday afternoon at the 2012 REALTORS® Conference & Expo, Cooper outlined his projections for the global economy and the implications for real estate. While the global economy is still on what Cooper called “a roller coaster ride with no sign of let up,” the economic data for the U.S. shows a “bright future within reach.” Through 2014 and beyond, Cooper expects GDP growth to accelerate more than 3% annually, in part due to Federal Reserve measures like low interest rates that help increase supply and bring unemployment down. However, low rates and the deleveraging of bank debt have yet to significantly drive the U.S. economy forward. Cooper also pointed to America’s recent energy boom as being “a real game changer” in terms of U.S. competitiveness in the global marketplace.

“The main takeaway from Cooper’s hour-long lecture was that as long as the Eurozone remains intact, positive economic growth in both the United States and emerging markets should underpin an improved outlook for real estate, and in particular, for housing prices. Should the European Union collapse, however, the prospects for housing prices would be significantly lower. “You know there could be no greater early warning sign of impending break-up of the European union than the Nobel Peace Prize coming our way,” Cooper quipped.

“Eurozone troubles aside, these positive prospects have led to improvements in consumer confidence and spending. As life springs back into the collective budgets of American households, housing prices in many areas are moving back up. Consequently, home sales, housing starts, and new-construction permits are projected to increase through 2013, Cooper said. In light of these gains, Cooper remains hopeful but cautious. “We’re not expecting the housing market to suddenly start booming, but there is no longer a break in recovery,” he said.”

Sanibel & Captiva Islands Association of Realtors® Weekly Caravan Meeting & Real Estate Scoop

Good turn-out at our local Realtors® Caravan meeting yesterday. Several new listings were announced, but few sales.

Compass Point gulf-front walkway

Our Compass Point listing was deep cleaned earlier in the week in preparation for seasonal rentals, so we held it open then and again today for those Realtors® who had not viewed or shown it. I was out showing a couple of times this week too.

Sanibel & Captiva Islands Multiple Listing Service Activity November 9-16

Sanibel
CONDOS
4 new listings: Duggers Tropical Cottages #6 1/1 $259K, Sanibel Arms #A5 2/1 $379K, Tarpon Beach #203 2/2 $629K, Wedgewood #303 3/3.5 $1.198M.
2 price changes: Beach Road Villas #106 2/2 now $344.9K, Sedgemoor #202 3/3.5 now $2.245M.
2 new sales: Compass Point #213 2/2 listed for $569K, Sundial #O205 2/2 listed for $659K.
1 closed sale: Mariner Pointe #1092 2/2 $350K.

HOMES
7 new listings: 4057 Coquina Dr 2/2 $286K (foreclosure), 1846 Ardsley Way 2/2 $339K, 429 Lake Murex Cir 3/2 $579.9K, 1667 Sabal Sands Rd 3/3 $599K, 1031 Sand Castle Rd 3/3 $690K, 4577 Waters Edge Ln 4/3 $3M, 1145 Bird Ln 5/5 $4.495M.
7 price changes: 5650 SanCap Rd 2/2 now $660K, 1225 Junonia St 3/2 now $799K, 2543 Tropical Way 3/2.5 now $995.9K, 836 Birdie View Pt 3/3 now $1.195M, 2429 Wulfert Rd 4/4.5 now $1.445M, 872 Limpet Dr 3/3 now $1.695M, 5035 Joewood Dr 4/4.5 now $3.595M
3 new sales: 2560 Coconut Dr 3/3 listed for $495K, 199 Daniel Dr 3/2 listed for $624.9K, 6190 Henderson Rd 3/2 listed for $1.399M.
No closed sales.

LOTS
2 new listings: 1429 Albatross Rd $293K, 3351 Saint Kilda Rd $345,555.
2 price changes: 4309 Gulf Pines Dr now $305K, 659 Anchor Dr now $448.5K.
No new or closed sales.

Captiva
CONDOS
2 new listings: Tennis Villas #3213 1/1 $370K, Marina Villas #701 2/2 $549K.
No price changes or new sales.
2 closed sales: Gulf Beach Villas #2116 1/1 $380K, Lands End Village #1606 3/3 $1.8M.

HOMES
1 new listing: 16910 Captiva Dr 4/4 $4.85M.
No price changes, new or closed sales.

LOTS
Nothing to report.

Thanksgiving Wishes from all of us to all of you.

“Gratitude makes sense of our past, brings peace for today, & creates a vision for tomorrow.”

The SanibelSusan Team (Susan, Dave, Lisa, & Elise)

Sanibel & Captiva Island Real Estate Happenings With a Chill in the Air

Posted on November 9, 2012 by SanibelSusan

It was another fairly quiet week on Sanibel Island, but we got a sampling of fall/winter weather yesterday when the high was just 70 degrees. Then last night, it went down into the high 40’s. Today, it is clear and crisp. You can almost feel it through these photos that I took this afternoon from Island Beach Club on West Gulf Drive.

Golfing News

Son and Office Manager, Dave golfed with a pal at Shell Point last Sunday and got his first “hole in one“. We have been giving him the business about it all week.

On the island, rumor also has it that Beachview Golf Course will soon be opening under new ownership. If you like to stay up on what is going on at the Sanibel golf clubs, below are links and info. Our December 13, Realtor® Caravan meeting will be at The Sanctuary, so I will have a winter update on what is happening out there then.

Dunes Golf & Tennis Club, www.dunesgolfsanibel.com, 949 Sand Castle Road, 239-472-2535
Beachview Golf Club, www.beachviewgolfclub.com, 1000 Par View Drive, 239-472-2626
Sanctuary Golf Club, www.sanctuarygc.net, 2801 Wulfert Road, 239-472-6223

Election on Sanibel

The island got national exposure – as did much of Florida – after the Tuesday election. Though Dave and Lisa voted quickly at their poll just off island, Elise had a longer wait in South Ft Myers. I vote at the Sanibel Community Church which usually is very efficient, but not so this time. The 4-page ballot and only one scanner made for a long line. In the morning, it took me 3-1/2 hours which thankfully was overcast much of the time, with only a couple of showers. The afternoon voters were not as lucky and were standing out in the hot sun for 4 to 6 hours. It was nearly midnight before many got through the line. Some, however, became discouraged and either left after standing in line too long or just didn’t vote. Several other local precincts had similar waits. Luckily when the Captiva poll closed, a 2nd scanner was moved to Sanibel, or those voters might still be line. Not a good reflection on Lee County.

Taste of the Islands

Sanibel weather is expected to be back into the low 80’s by Sunday just in time for the 31st Annual Taste of the Islands which is from 12:30 to 5 p.m. at the Community Park right across the street from SanibelSusan Realty. This year promises to be the best ever with an assortment of great food provided by 20-island restaurants in addition to classic rock music performed live by local bands! (I will have our front door open to enjoy the sounds and hopefully snag a few folks interested in real estate!) Proceeds help CROW’s (Clinic for Rehabilitation of Wildlife) mission to save wildlife.

Fresh Taqueria

Continuing with food news, there is a new tacos and tapas place on Sanibel that is a blend of Cuban, Spanish and Mexican cuisine. It opened about a week ago at 2411 Periwinkle Way, which was the original home of Cheeburger Cheeburger. According to local reports, the new Latin fusion restaurant has salads and soups, tacos and tapas, Cuban pressed sandwiches and enchiladas all on an a la carte menu with a variety of sides available. The restaurant seats 40 and is open for lunch Tuesday through Sunday from 11:30 a.m. to 2:30 p.m. and from 5 to 9 p.m. for dinner.

What to Ask When Shopping for Homeowners Insurance

It seems that when you tout yourself as a full-service Realtor®, you get quizzed on a variety of things related to homeownership. In response to some recent inquiries about how much and what kind of homeowners insurance may be needed, here is a helpful article that was published back on February 21 on Florida Realtors®:

“Six questions to ask when shopping for homeowner’s insurance – Homeowners should work with experts to determine the type of homeowner’s insurance they need and the amount of coverage. “Besides knowing the basics of what a standard homeowner’s insurance policy covers, consumers should ask a series of questions – and receive satisfactory answers to each of them – before buying a new policy or renewing an existing one,” says Michael Barry, vice president, media relations, Insurance Information Institute (I.I.I.). I.I.I. is a nonprofit, communications organization supported by the insurance industry.

“According to I.I.I., there are six basic questions everyone should ask before buying or renewing a homeowner’s insurance policy:

“1. How much would it cost to rebuild my home in its current location in the event of a total loss? Ideally, a homeowner’s insurance policy should cover the cost of building a new home from scratch. In general, homeowners’ policies cover partial or total damages caused by fire, hurricane, hail, lightning or any other disaster if it’s listed in the policy. Flood and earthquake-related losses must be insured separately because both perils are excluded in standard homeowners’ insurance policies.

“2. How much is my personal property worth in the event of a total loss? A homeowner’s insurance policy should cover the cost of replacing all personal property (furniture, appliances, clothing) should it be stolen or destroyed by fire, hurricane or another insured disaster. Most companies provide personal property coverage equal to about 50 to 70% of the amount of insurance on the home’s structure. (A $100,000 policy for the structure would have perhaps $50,000 to $70,000 worth of personal property coverage.) However, the best way to determine personal property coverage in a specific situation is to conduct a home inventory. I.I.I. provides online software to help homeowners catalog and value possessions (https://www.knowyourstuff.org/iii/login.html) as well as an iPhone app.

“3. How much liability protection do I need? Liability covers homeowners against lawsuits for bodily injury or property damage caused to other people, including damage caused by pets. The liability portion of a policy pays legal defense costs and any court awards – but only up to the limit set in the policy. It’s effective not just inside the home but also anywhere in the world. Liability limits generally start at about $100,000, and many insurance agents will recommend at least $300,000. Homeowners with significant assets may want more; others may want less.

“4. What level of additional living expense coverage do I need? The Additional Living Expenses (ALE) provision is found in standard homeowners insurance policies. It pays for the costs of living away from home if damage from an insured disaster makes the house uninhabitable. ALE covers hotel bills, meals and other expenses above customary living expenses. ALE coverage differs from company to company. Many policies provide coverage equal to about 20% of dwelling protection. For example, if the structure of your home is insured for $100,000, you would have $20,000 of ALE coverage. Some companies impose a time limitation, such as 12 to 24 months.

“5. Should I buy a separate flood and/or earthquake insurance policy? Flood coverage is available from the federal government’s National Flood Insurance Program (NFIP) and from a few private insurers. Earthquake coverage is usually available in the form of a supplemental policy.

“6. Do I qualify for any discounts? Homes with smoke detectors, burglar alarms or dead-bolt locks often get a premium rate discount. Sophisticated sprinkler systems and alarms that ring at monitoring stations often reduce homeowner’s insurance premiums too. Ask an agent. If you are at least 55 years old and retired, for instance, you may qualify for a discount of up to 10% at some companies. If you have completely modernized your plumbing or electrical system recently, a few companies may provide a price break.”

Sanibel’s City Council to Tackle Neglected Properties

An article posted on-line Wednesday at http://www.news-press.com discussed an item that becomes even more important when you are trying to sell a property.

“An increased number of complaints by citizens over a small number of abandoned and neglected properties have caught the attention of Sanibel’s City Council. Though City Manager Judith Zimomra said the number of abandoned and neglected properties is few, discussing the introduction of a city ordinance is a must. With an ordinance, the city can prevent other properties from becoming problems, and neglected and abandoned properties from becoming a nuisance. The council will hold discussion about whether it should introduce such an ordinance during today’s meeting. Zimomra added it would be a “mischaracterization” to believe that neglected properties are a widespread problem. “It’s truly preventative,” she said. “We don’t want to wait until something is in a crisis situation.”

“In a memo dated Wednesday, City Planner Scott Fulton presented the council with a package of information detailing proposed code changes. The current code allows for the city to address properties that are considered dangerous, but not neglected. For example, one of eight properties listed in the package — 5100 Sea Bell Road — is referred to as “dangerous.” The front staircase “became so dilapidated that it fell down,” according to the memo. The city has claimed it has been a problem for five years and has received a total of 10 complaints because of it.

“Another property listed in the memo is 1108 Sandcastle Road, a home for which Diane Chesley has written a letter to the city complaining about its condition. “I don’t want to be a pain, but this is a major investment in my life and I don’t someone else’s neglect to impact me,” Chesley said. “You don’t have to have a fancy home or yard, but you have to have a well-maintained yard. We’re not asking for anything fancy.” Chesley said she’s going to be among those who will be present at today’s meeting speaking in favor of the ordinance. Further, she said the ordinance would allow the city to address properties in a “fair manner to everybody.” “I think for the welfare of the residents of this island, we should all have a vested interest,” she added.

“…Other cities in Lee County have taken more drastic measures than Sanibel to address abandoned properties. Since March 2009, Cape Coral has required banks pay a $150 registration fee on foreclosed properties. Banks also register with the lot mowing and maintenance program; Through property management companies, they pay to have grasses mowed and properties kept up to code. But Sanibel doesn’t have the want or need to take such an aggressive approach. The city just wants to be able to address properties before they reach the “dangerous” category. “Sanibel’s properties are extremely well maintained,” said Zimomra, adding that the ordinance would simply address those few nuisance properties….”

Veterans Day Celebration on Sanibel

This 23rd annual ceremony also is the 94th anniversary of the end of World War I, the 30th anniversary of the Vietnam Veterans Memorial Wall, and the 65th anniversary of the United States Air Force. Honoring all veterans, Sanibel’s event will be held on Monday, November 12, around the flagpole on the grounds at Sanibel City Hall at 800 Dunlop Road. There will be patriotic music by the Sanibel Community Band and the program includes a short talk by our local friend and artist, Luc Century, about the technique he developed to etch the Wall and his work there. It begins at 10:30 a.m.

Realtor Caravan

Yesterday, Lisa and Dave held our new listing on Island Inn Road for Realtor Caravan. Below is the activity posted in our Sanibel and Captiva Islands Multiple Listing Service (MLS) over the past week.

Sanibel & Captiva Islands Multiple Listing Service Activity November 2-9

Sanibel
CONDOS
2 new listings: Lighthouse Point #125 2/2 $539,935; Seascape of Sanibel #302 3/3.5 $1.349M.
3 price changes: Sanibel Siesta #210 2/2 now $419K, Heron at The Sanctuary #1A 2/2.5 now $489K, Pointe Santo #E32 2/2 now $749K.
2 new sales: Mariner Pointe #1092 2/2 listed for $389K, Sanibel Arms West #M7 2/2 listed for $399.9K (our listing & sale).
1 closed sale : Sanibel Arms West #K3 2/2 $357.5K (short sale).

HOMES
9 new listings: 1002 Greenwood Ct N 3/2.5 half-duplex $349K; 1941 Roseate Ln 3/2 $449,944; 3311 Twin Lakes Ln 3/2 $599K; 2630 West Gulf Dr 3/2 $624.9K; 2550 Wulfert Rd 4/3.5 half-duplex $748.5K; 1306 Par View Dr 3/3.5 $799K; 776 Conch Ct 3/2 $845K; 1777 Serenity Ln 5/4.5 $895K; 385 Old Trail Rd 5/2.5 $1.2M.
4 price changes: 1511 Angel Dr 2/2 now $649K, 5406 Osprey Ct 3/2 now $879K, 228 Violet Dr 3/2/2 now $1.349M, 829 Tulip Ln 5/4.5 now $2.445M.
2 new sales: 1610 Sabal Sands Rd 3/2 listed for $479.9K, 3705 West Gulf Dr 5/5/2 listed for $3.995M.
2 closed sales: 3002 Poinciana Cir 3/2 $330K, 1263 Par View Dr 5/2.5 $590K.

LOTS
No new listings, price changes, or new sales.
1 closed sale: 5044 Joewood Dr $450K.

Captiva
CONDOS
No new listings or price changes.
1 new sale: Marina Villas #603 2/2 listed for $520K.
No closed sales .

HOMES
No new listings or price changes.
2 new sales: 15891 Captiva Dr 5/4 listed for $2.795M, 16310 Captiva Dr 4/5.5 listed for $4.5M.
No closed sales.

LOTS
Nothing to report.

November Arrives on Sanibel & Captiva Islands

Posted on November 2, 2012 by SanibelSusan

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.

Little Affect on Sanibel & Captiva Islands from Hurricane Sandy

Posted on October 26, 2012 by SanibelSusan

Sanibel sunset courtesy of Jim Anderson at JMA Photography.

Sanibel and Captiva Islands have seen another week of increased traffic, but little real estate action. Perhaps, there has been too much news about the economy and the election. We have been watching the weather channel too, especially over the last few days. With Hurricane Sandy now far to our east out in the Atlantic, the only effect on Sanibel and Captiva has been a little more breeze. It is bright and sunny here now (Friday afternoon on October 26) with 82 degree temperatures.

Last Biweekly Realtor Caravan

There was a good turn-out at the Sanibel & Captiva Islands Realtor® Caravan Meeting yesterday with 15 new listings open for member viewing. Whenever we see that many new listings, it is always an indication that it again is time for caravan to revert back to its every-week “season” schedule. Sure enough, that begins next Thursday with an East-End Caravan. Weeks then will rotate until spring, with properties in east and west locations alternating. Since visitors and vacationers alike soon learn that Thursday mornings are when these events occur, it is not unusual for us also to add an occasional open house to the mix. It pays to take advantage of those Thursday morning lookers and Lisa likes to sit those open houses – hopefully to either sell the listing or make contact with new prospective buyers.

Perfect Weather Expected for Halloween Festivities

“Real” fall weather is expected on the islands early next week. Thanks to Hurricane Sandy passing us to the east, on Monday and Tuesday, Sanibel is expected to be sunny with temperatures of only 73-75 degrees tops with lows of 55 degrees. Upcoming Halloween events including:

Tomorrow night, 10/27 – Hallo-Tween Costume Contest & Halloween Party – This adult event at ‘Tween Waters Inn Island Resort is Captiva Island’s most notorious Halloween event. Themed this year as a “Twisted Circus,” tickets are available at the door for $18 to anyone over the age of 21, the Twisted Circus Party will start out the night rocking the beach with live music with Deb and the Dynamics. This high-energy live band covers a range of Rock, R&B and Jump Blues, and is known as the ultimate dance-party band. ‘Tween Waters Inn also offers a $1,000 grand prize costume contest, with judging at midnight, along with another $1,000 in prizes for additional costume categories. The outdoor event from 8 p.m. to 2 a.m. is infamous for the scope, size, scariness, outrageousness, raciness, zaniness, variety and creativity of costuming.
Wednesday, 10/31 (Halloween) – Trunk Or Treat At The Church – At the Sanibel Community Church (1740 Periwinkle Way, next to Jerry’s Market) from 4 to 6 p.m. Families are invited to stop with their children for holiday fun, games, finger foods and lots of treats.
Also Wednesday, 10/31 (Halloween) – Fall Family Carnival – Hosted by the Sanibel Community Association, at The Community House from 5 to 7 p.m. with candy, games, prizes and crafts, a dining area serving meals at family-friendly prices and a hay ride (courtesy of Billy’s Bike Shop). Everyone – kids, adults and volunteers – are encouraged to wear costumes. Multiple costume prizes will be awarded. Admission price is a bag of Halloween candy per family. More info at http://www.sanibelcommunityhouse.net/.

Early November Happenings on Sanibel

Bird Show – Libby is back, so the Periwinkle Park bird show begins again starting November 1. Walk or bike to the aviary at the park to see a show, daily (except Wednesdays & Sundays) at 10 a.m. http://www.sanibelcamping.com/

Sanibel Farmers Market – Reopens for “season” on Sunday, November 4, and will be open every Sunday, except Christmas, until the end of April. Over 30 vendors participate, selling local fruits and vegetables, flowers, honey, seafood, breads, cheeses, soups, pastas, organics, jams, nuts, salsa, & more. It is on the grounds of City Hall, 800 Dunlop Rd, next to the Sanibel Library and BIG Arts. Hours are 8 a.m. to 1 p.m. Follow the market on Facebook.

More Luxury Homebuyers Opt for ARMs

An article posted on Florida Realtors® this week, sources a recent “Wall Street Journal” posting about the new surge of adjustable-rate mortgages (ARMs).

“Once blamed as one of the culprits behind the flood of foreclosures in recent years, adjustable-rate mortgages are back and rising in popularity, particularly among luxury homebuyers, The Wall Street Journal reports. ARMs offer super-low interest rates – at least for a certain period – compared to fixed-rate mortgages and are tempting homebuyers once again. ARMs can have a fixed-rate mortgage rate for a certain number of years, such as five or seven years, before they start fluctuating with the market and the monthly mortgage payments start rising.
“For homebuyers who need a jumbo loan, ARMs are particularly tempting. ARMs make up 30% to 40% of the private jumbo market at Bank of America. They make up about half of all private jumbo loans by NASB Financial. “Lenders say high-net-worth buyers face relatively little risk because they can tap liquid assets to pay off a loan should a sudden spike in rates occur,” according to The Wall Street Journal. As such, high-end buyers are considering ARMs to finance their home purchases and unlocking some savings. For example, the rates could be as low as 2.82% on a jumbo 5/1 ARM, compared to 4.06% on a 30-year fixed-rate jumbo loan, according to HSH.com, a mortgage information website. “Over the first five years, borrowers with the 5/1 ARM would save nearly $90,900 in interest on a $1.5 million mortgage compared with a fixed-rate jumbo,” The Wall Street Journal notes.”

Strong New Home Sales Brighten Housing Picture

It always puts a smile on my face when a faithful blog reader, e-mails me a real estate article that I may have missed. Here’s good housing summary from an article that was posted on-line this week by “Reuters”. (Thank you, Scott!)

“New U.S. single-family home sales surged in September to the highest level in nearly 2-1/2 years, further evidence the housing market recovery is gaining steam. The Commerce Department said on Wednesday that new home sales increased 5.7% to a seasonally adjusted 389,000-unit annual rate — the fastest pace since April 2010, when sales were boosted by a tax credit for first-time home buyers. Although sales in August were revised down to a 368,000-unit rate from the previously reported 373,000 units, the tenor of the report was relatively strong, with the median price of a new home rising 11.7% from a year ago.

“The quickened pace in the housing sector is good news for the economy, but it remains one of the few bright spots. “Housing is now a positive for the economy after years of being a drag, but it’s not enough to counteract the slowdown in manufacturing, which was the star,” said David Berson, chief economist at Nationwide Insurance in Columbus, Ohio.

“A second report showed only a modest pick-up in factory activity this month amid a darkening cloud of economic uncertainty at home and slower growth abroad. The home sales data was the latest to show the housing market on the mend from its brutal collapse in 2006, which dragged the economy through its worst recession since the Great Depression.

“Rising sales are pushing down the stock of unsold properties on the market, lifting prices and giving builders more confidence to take on new projects. Demand for housing is being driven by a steady rise in the number of U.S. households, which had declined during the recession as financially strapped Americans moved in with family and friends. Modest job gains, increased job security and record low mortgage rates are encouraging many to seek home ownership.

“The U.S. Federal Reserve has targeted housing as a channel to boost growth, announcing last month that it would buy $40 billion in mortgage-backed securities per month until the outlook for employment improved substantially. The action helped push already low mortgage rates even lower. However, mortgage rates rose last week, dampening demand for loans to purchase homes during that period.

“The Fed’s monetary policy committee on Wednesday stuck to its ultra accommodative stance even as it acknowledged that some parts of the economy, including the housing market, were looking a bit better.

MANUFACTURING SLUGGISH

“While the Fed’s stimulus is supporting the consumption side of the economy, concerns about domestic fiscal policy and slowing global demand are hobbling the production side.

“In a separate report, financial information firm Markit said its U.S. “flash,” or preliminary, Purchasing Managers Index for the manufacturing sector edged up to 51.3 this month from 51.1 in September. A reading above 50 indicates expansion. A modest rise in output helped boost business conditions in the sector, which suffered its weakest quarter in three years during the July-to-September period. But fewer orders from domestic clients and a fifth straight monthly decline in overseas demand for U.S. goods indicated manufacturing was acting as a drag on growth and employment, said Markit Chief Economist Chris Williamson. “Purchasing managers report that the key to the ongoing weakness remains uncertainty among customers in export markets, notably Europe and Asia,” he said.

“The slowdown in factory activity is largely the result of fears that the U.S. Congress might fail to avoid the automatic tax hikes and government spending cuts that will suck about $600 billion out of the economy next year. The housing data, however, showed no signs yet that the so-called fiscal cliff has crossed the radar of ordinary Americans.

“The inventory of new homes on the market remained near record lows in September, although some economists worry a pick-up in building activity could undercut the market if sales do not rise significantly further.

“At September’s sales pace it would take 4.5 months to clear the new homes on the market, the fewest since October 2005 and down from 4.7 months in August. Sales last month were up in three of the four regions. They tumbled 37.3% in the Midwest.”

Big Hurdles Pose Challenge to Housing Recovery

On Wednesday, “Daily Real Estate News” online, had a similar spin, sourced from a MSN Real Estate article entitled “Could the Housing Recovery Sputter to a Halt?”

“Home prices are inching up, record-low mortgage rates are creating more urgency with buyers, and foreclosures are falling. But despite the glowing reports, economists are still questioning whether the housing recovery will last.

“The challenges that persist could make this “one of the longest, most excruciating recoveries in housing history,” MSN Real Estate reports. “Some of those challenges to the housing recovery: Access to credit still remains very tight, job growth remains weak, and a large number of underwater home owners are still waiting for prices to jump more so they can have equity in their homes once again and then move on. “Real incomes are not growing,” says Sam Khater, deputy chief economist for real-estate analytics firm CoreLogic. “We are at the same level we were in the mid-1990s. [The recovery] is not sustainable until incomes recover.”

“Also, economic uncertainty could prompt many potential home buyers to remain the sidelines, says Alex Villacorta, director of research and analytics at Clear Capital. “Debt-ceiling brinksmanship pushed down consumer sentiment 14.3% last year, the largest amount since the end of the recession, and uncertainty over taxes could throw a wrench into the recovery,” Villacorta told MSN Real Estate.

“The number of underwater home owners also is constraining inventories of for-sale homes across the country. About 22.3% of homes — or 10.8 million home owners — who have mortgages were underwater or in negative equity at the end of the second quarter, according to CoreLogic. In the next two years, more home owners are projected to gain equity in their homes, which could likely cause inventories to grow. According to CoreLogic, just a 5% increase in annual home prices would likely lead to a “significant” number of underwater home owners obtaining equity in their homes.

“Still, some economists are watching the housing recovery closely and cautiously to determine whether it’s sustainable. “It seems as if we have a long recovery in order, given the slow economic growth and pace of hiring,” says Ingo Winzer, president of Local Market Monitor.

“Nevertheless, economists say the positive signs in the housing data in recent weeks can’t be ignored. For example, existing-home sales are up 11% in September compared to the same time last year. The median home price is $183,900, 11.3% higher than year-ago levels, according to the National Association of REALTORS®. Median prices of new homes also rose 11.2% in August, posting the largest one-month increase ever recorded, the Commerce Department reported.”

START To Extend Beach Monitoring Effort On Islands

A recent article in “The Island Sun” offered the following update on island beaches.

“An enhanced beach-monitoring initiative sponsored and implemented by the Sanibel-Captiva chapter of START, will begin to provide up-to-date info on red tide blooms and other conditions at beaches throughout the islands. The local chapter of START (Solutions To Avoid Red Tide), a statewide environmental organization, is collaborating with Mote Marine Lab to enhance its current Beach Conditions Report program for Sanibel and Captiva. This Internet-based reporting network apprises visitors and residents of daily beach conditions, in an effort to minimize potential health impacts and maximize enjoyment of area beaches. Currently, beach conditions at ‘Tween Waters Inn on Captiva and at Bowman’s Beach on Sanibel are monitored by MOTE-trained observers, and information is uploaded to a website twice daily. START will extend the monitored locations to include Lighthouse Beach, Causeway Islands Park, Bailey Beach, Gulfside City Park, Blind Pass and other frequented beaches across the islands….

“Nancy McPhee, program manager of new product development for the Lee County Visitor and Convention Bureau, thinks the addition of new reporting locations will prove valuable in further assisting island visitors….

“Dr. Bruce Neill, president of the Sanibel-Captiva chapter of START (& from Sanibel Sea School), is pleased that his volunteer organization will spearhead the added monitoring efforts. “It is very exciting to be able to sponsor this service for our community,” Neill said. “We are an organization dedicated to coastal conservation through education and outreach. Helping to minimize the impacts that red tide has on our island communities is one of our main goals. We would like to help people avoid sections of our beaches that are most heavily impacted by red tide. “A second, but still very important aspect of this increased beach coverage is that it will help visitors realize that when we have impacts from red tide, it is usually not the entire island that is affected and that there are almost always places they can go to enjoy the ocean.”

“Cracker Fest, the annual START fundraiser scheduled to take place the evening of Friday, November 2 at The Bait Box on Sanibel, will generate the funding for this expanded network of beach reporting. Local START board members will organize monitoring efforts for the islands, and interested area residents are also invited to volunteer. If you would like to become a beach monitor during red tide outbreaks, contact call 239-472-8585. If you would like to view the Beach Conditions Report, visit http://coolgate.mote.org/beachconditions and click on the Lee County area of the map. For more info on preserving our coastal waters, visit www.start1.org.”

The Sanibel Sea School blog (http://sanibelseaschool.org/blog/) is an excellent way to also stay informed about the island environmental issues too. As an avid ready, SanibelSusan can tell you that, it is not just for kids!

Hurricane Sandy Could Improve Local Red Tide Conditions

For those unaware, the islands have experienced small outbreaks of red tide over the past couple of weeks (which is a normal occurrence, particularly at this time of the year). Sometimes it is here for just a couple of days, occasionally a little longer. Here is the essence of a report posted on NBC2 news just this morning:

“While Hurricane Sandy threatens the east coast, some researchers say the storm could help reduce red tide on this coast. But that doesn’t mean all of the toxin’s affects will disappear. As Hurricane Sandy hits Southeast Florida, its winds are also kicking up water on the west coast.

“Research scientist Rick Bartleson says that may be a good thing. He studies water samples from Sanibel Island and for the fifth consecutive day, his tests show low levels of toxic red tide. “While the water is coming down here, the waves are breaking up. And when waves break, that causes turbulence that affects the red tide and can break up cells,” he said. And what cells survive, Bartleson says, the storm will likely push south, slowing down blooms in Pine Island Sound and the Gulf of Mexico. But even as blooms break up, problems for wildlife could continue – especially for birds. Once they ingest the toxin, it accumulates. In the past two days, rescuers checked more than half a dozen sick birds into CROW Wildlife Hospital and at least one died. “They eat the fish that are feeding on the red tide bloom,” said Jeana Harms, with CROW. Well after researchers detect red tide, wildlife feels its effects. So Harms says she’s prepared for more patients. “We’re at the beginning, so it’s going to be a little while before we really start to see a varied amount of species coming in,” she said. Sandy won’t reverse the toll red tide has already taken on some wildlife, but scientists hope, could slow its growth.”

Sanibel & Captiva Islands Multiple Listing Service Activity October 19-26

Sanibel
CONDOS
8 new listings: Colonnades #12 1/1 $139.9K; Tennisplace #A26 2/1.5 $327,555; Loggerhead Cay #261 2/2 $549K; Pointe Santo #A22 2/2 $789K; Lighthouse Point #323 2/2 $898.5K; Lantana #102 3/3.5 $1.697.5M; Tamarind #B301 2/2 $1.875M; Seascape #104 3/3 $2.7M.
2 price changes: Sanibel Arms #A1 2/2 now $420K, Pointe Santo #E3 2/2 now $849K.
1 new sale: Sanibel Arms West #K3 2/2 listed for $375K (short sale).
1 closed sale: Colonnades #47 1/1 $106.7K (our Seller).

HOMES
8 new listings: 1693 Bunting Ln 3/2 $745K, 544 Sea Oats Dr 4/4 $899.9K, 786 Conch Ct 3/2 $1.05M, 479 Lagoon Dr 3/3 $1.195M, 1349 Eagle Run Dr 3/2.5 $1.295M, 5423 Osprey Ct 3/2.5 $1.695M, 1272 Isabel Dr 4/4.5 $3.9M, 4067 West Gulf Dr 4/4.5 $4.75M.
6 price changes: 220 Palm Lake Dr 3/3 now $529K, 3344 Twin Lakes Ln 3/2 now $595K, 9203 Dimmick Dr 4/2 now $690K, 1516 Angel Dr 3/2 now $799K, 1314 Isabel Dr 4/3.5 now $2.094M, 3705 West Gulf Dr 5/5/2 now $3.995M.
7 new sales: 1663 Bunting Ln 3/2 listed for $344K (short sale), 3002 Poinciana Dr 3/2 listed for $359K, 6467 Pine Ave 3/3 listed for $495K, 1125 Captains Walk St 2/2 listed for $499.9K, 1755 Jewel Box Dr 3/2 listed for $599K, 1233 Middle Gulf Dr 3/2 listed for $699.9K, 1765 Venus Dr 3/3 listed for $1.15M.
1 closed sale: 1188 Harbour Cottage Ct 3/3 $548K.

LOTS
No new listings.
3 price changes: 3037 Poinciana Cir now $219,555; 1450 Tahiti Dr now $229,555; 5830 San-Cap Rd now $385,555.
No new or closed sales.

Captiva
CONDOS
2 new listings: Venture Captiva #2B 3/3 $849K, Lands End Village #1611 2/2 $1.225M.
1 price change: Lands End Village #1610 3/3 $1.895M.
1 new sale: Gulf Beach Villas #2116 1/1 listed for $439K.
No closed sales.

HOMES
No new listings, price changes, or new sales.
1 closed sale: 15158 Captiva Dr 5/4 #1.7M (short sale).

LOTS
Nothing to report.

Real Estate Inventory & What’s Happening Now on Sanibel & Captiva Islands

Posted on October 19, 2012 by SanibelSusan

We are seeing more and more traffic on Periwinkle Way every day – even had an all-stop in front of SanibelSusan Realty Associates for a few minutes late afternoon a couple of times this week, either signs that “season” is coming or that the local ibis and turtles are road-walking again.

I showed a few condos on Monday (including at Tennisplace, their canalside dockage shown above). The complexes we viewed did not appear to have many occupants. We probably will see those condos start to fill up as we get closer to the holidays. The prospective buyers have visited here for many years on vacation and found me as a referral from a local condo manager. Love it when that happens.

Here are a few island news items followed by the Sanibel and Captiva Islands Multiple Listing Service activity over the past week.

Sanibel Real Estate Inventory

Photo by Jim Anderson, JMA Photography

Island inventory remains low and many Realtors® are out beating the bushes for good listings. Here’s an update of availability today, compared to sales to-date, and last year totals. (Note: DOM = days on market)

SANIBEL Condos Homes Lots

# /Avg Price/DOM # /Avg Price/DOM # /Avg Price/DOM

Available 169/$633,530/452 186/$1,257,747/397 88/$621,659/830

Under contract 6/$309,317/660 17/$869,965/381 3/$315,967/124

Sold & closed:

2012 to 10/18 134/$566,057/407 151/$782,914/285 28/$401,582/568

2011 142/$591,861/325 179/$826,130/369 19/$363,729/491

3.8% Tax: What’s True, What’s Not

Rumors about the 3.8% Medicare tax continue to circulate. Here’s the definitive word on what’s true and what’s not on how the tax impacts real estate. It is from the October issue of the “Realtor®Mag by Robert Freedman:

“Ever since health care reform was enacted into law more than two years ago, rumors have been circulating on the Internet and in e-mails that the law contains a 3.8% tax on real estate. The National Association of Realtors® (NAR) quickly released material to show that the tax doesn’t target real estate and will in fact affect very few home sales, because it’s a tax that will only affect high-income households that realize a substantial gain on an asset sale, including on a home sale, once other factors are taken into account. Maybe 2-3% of home sellers will be affected.

“Nevertheless, the rumors persist and the latest version that’s circulating falsely say NAR is advocating for the tax’s repeal. But while NAR doesn’t support the tax (it was added into the health care law at the last minute and never considered in hearings), it’s not advocating for its repeal at this time.

The characterization of the 3.8% tax as a tax on real estate is an example of an Internet rumor, says Heather Elias, NAR’s director of social business media. Elias and Linda Goold, NAR’s director of tax policy, sat down for a discussion of how the tax works and how Internet rumors work and you can find their remarks in a 6-minute video (The 3.8% Tax Is Not a Real Estate Transfer Tax). (Realtor.org/articles/new-summary-explains-the-38-tax)

“Goold says the tax will affect few home sellers because so many different pieces must fall into place a certain way for the tax to apply. First, any home sale gain must be more than the $250,000-$500,000 capital gains exclusion that’s in effect today. That’s gain, not sales amount, so you really have to reap a substantial amount for the tax to even come into play. Very few people are walking away with a gain of more than half a million dollars today, even in the high-end home market, so right off the bat only a few home sellers would be a candidate for the tax.

“For the few households that do see a gain of more than the $250,000-$500,000 exclusion (that’s $250,000 for single filers and $500,000 for joint filers), only the amount above the exclusion would be factored into the tax calculation, and that would still only apply to high-income households, which the law defines as single people earning $200,000 a year and joint filers earning $250,000 a year.

“So, if you are a household with annual income of $250,000 or more and you earn a gain of more than $500,000 on your house (again, that’s after the $500,000 exclusion), any amount of gain above the exclusion would be plugged into a formula to see if it’s taxable. If it turns out that it’s taxable, then the amount could be subject to the 3.8% tax. If the household had a gain of more than $500,000 but only earned $249,000 a year in income, the tax wouldn’t apply.

“(Note that these are just hypothetical examples. To know if a case would really be subject to the tax, a professional tax preparer or tax attorney has to look at all the particulars of the tax filer’s case. Only a tax professional is in a position to say the tax is applicable, but the examples cited here could help you get a sense of how the tax works.)

“The other thing about the tax worth noting is that, although it takes effect in 2013, any impact on taxes wouldn’t happen until 2014. That’s because the tax filer would do the calculation in 2014 for the 2013 tax year. Because it’s not a tax on a real estate sale but rather on a capital gain, it’s not calculated at the time of an asset sale, whether that asset is a house or something else. It’s calculated at the time the filer figures his or her tax.

“This is all explained clearly in the video, so if you have questions about how the tax works, or if you’re still hearing rumors about the tax and you’re not certain of the accuracy of what you’re hearing, the video should prove helpful.”

Stone Crab Season Is Here

Florida’s recreational and commercial stone crab claw harvest season officially opened this week (October 15) in state and federal waters. It’s always a treat to see them again on restaurant menus.

To be harvested, the claws must be at least 2-3/4″ in length. The season will be open through May 15, 2013. If you want to try harvesting yourself, see more info online at www.MyFWC.com/Fishing (click on “Saltwater”).

Florida Realtors® Supports the Following Amendments

I know that it makes good business sense to stay out of the political fray, but there are several amendments on the Florida ballot this year that relate to real estate. Florida Realtors® supports the following amendments and hopes you vote “yes” on November 6

Amendment 2 – would expand property tax exemptions to all combat-disabled veterans living in the state, not just disabled veterans who lived in Florida prior to military service.
Amendment 3 – would establish a new state revenue limit based on inflation and population changes.
Amendment 4 – would strengthen Florida’s economy, create new jobs and boost the housing market recovery. This three-pronged amendment: would provide a way to stop recapture, bringing relief to thousands of Floridians who have experienced a dramatic decline in their property values while suffering from a steady increase in their property-tax bills; would lower the maximum valuation increase on non-homestead property from an alarming 10% to a more sensible 5% which would bring predictability to small business and allow more investment in local economies; and would boost Florida’s housing market by creating an additional homestead exemption for first-time homebuyers which would bring more qualified buyers off the sidelines and lower the number of deteriorating foreclosed homes that are holding housing values down.
Amendment 9 – would authorize the Legislature to totally or partially exempt surviving spouses of military veterans or first responders who died in the line of duty from paying property taxes.
Amendment 10 – would provide an exemption from ad valorem taxes levied by local governments on tangible personal property with a value greater than $25,000 but less than $50,000.
Amendment 11 – would authorize counties and municipalities to offer additional tax exemptions on homes of low-income seniors.

So, if you are a Florida voter, please remember “yes” on 2-3-4 and 9-10-11.

Island Events

10/21 – 27th BaileyFest, the annual gathering of islanders and visitors celebrating community spirit is this Sunday from 1 to 4 p.m. at Bailey’s Shopping Center. I’ll be singing with the BIG ARTS Chorus opening the event and again performing 1:30 to 2 p.m. after the Kellyn Celtic Arts Irish Dance Academy.

Other entertainment includes the Country Rhythm Cloggers, Frank Torino who is Frank Sinatra & Tom Jones-style singer, The Sanibel School cheerleaders, The Sanibel School Band, and the popular local rock band, The Troubleshooters.

10/26 – Howl-O-Ween Party, Island Paws in the Olde Sanibel Shoppes is having its annual pet costume party next Friday from 5 to 7 p.m. on the patio at its sister business, the near by Over Easy Cafe.

Even if you don’t have a pet to enter, this event is fun to watch. Puptails and yappetizers will be service.

Judging is at 6:30 p.m. with prizes awarded to the winning pets in costumes. Each $10 admission donation goes to Lee County Domestic Animal Services.

10/31 – Fall Family Carnival, which began in 2001 as a way for local children to have a safe Halloween, will be indoors at The Community House on Wednesday Halloween night from 5 until 7 p.m. with candy, games, crafts, dining at family-friendly prices, and a free hay ride donated by Billy’s Bike Rentals. Costumes encouraged and prizes will be awarded. Get more info at www.sanibelcommunityhouse.net.

11/3 – 19th Annual Esperanza Woodring Memorial Castnet Rodeo, is two weeks away on Saturday at The Bait Box, 1041 Periwinkle Way. A photo from a previous event is shown above. This fun family event has free lessons and demonstrations from 8:30 to 10 a.m. Youth competition begins at 10:30 (contestants must be under age 16) with divisions determined by age/size and prizes awarded to all entrants.

A New Boom by 2015?

An article this week in “Daily Real Estate News” citing “CNNMoney” as it source says:

“The housing market has been showing several signs of recovery, including home prices and home sales on the rise, new construction up, foreclosures falling, and mortgage rates near record lows. Some economists are getting very bullish about the housing recovery and even predicting that the market will return to its “boom” level days in just three years.

“In a recent report, Barclays Capital predicts that home prices could be back to peak levels by 2015. Barclays is predicting home prices to rise 5% to 7.5% a year. “In our view, the housing market had undergone a dramatic over-correction during the prior five years, resulting in pent-up demand for housing purchases that would spark a rapid rise in housing starts,” says Stephen Kim, an analyst with Barclays.

“Home construction is also expected to soar, rising 20% or more a year for the next year, according to some economists’ forecasts. The new-home market could return to its pre-bubble average of about 1.5 million new homes a year by 2016, CNNMoney reports. That would double the construction level expected this year. “That turn in the [housing] market is occurring now and it should become a boom by 2015,” Roger Altman, chairman of Evercore Partners and former deputy Treasury secretary, told CNNMoney.”

Sanibel & Captiva Islands Multiple Listing Service Activity October 12-19

Sanibel
CONDOS
4 new listings: Sundial #J207 2/2 $549K, Pine Cove #1A 2/2 $799.9K, White Pelican #111 2/2 $1.045M, Tanglewood #1A 3/2 $1.179M.
1 price change: Pointe Santo #A21 2/2 now $749K.
3 new sales: Blind Pass #D205 2/2 listed for $315K (short sale), Sandpiper Beach #303 2/2 listed for $599K, Pelicans Roost #104 2/2 listed for $649K.
2 closed sales: Loggerhead Cay #232 2/2 $450K, Sundial #H306 2/2 $459K.

HOMES
1 new listing: 1599 Sand Castle Rd 3/2.5 half-duplex $425K.
4 price changes: 5841 Pine Tree Dr 3/2 now $479.9K, 4570 Bowen Bayou Rd 2/2 now $675K, 6138 Castaways Ln 3/2.5 now $699K, 6211 Starling Way 4/4.5 now $2.295M.
1 new sales: 490/460 Old Trail Rd 3/2 listed for $390K (short sale).
5 closed sales: 531 Piedmont Rd 2/2 $305K, 1647 Sand Castle Rd 3/2.5 half-duplex $315K, 1603 Sand Castle Rd 3/3 half-duplex $365K, 9454 Calla Ct 3/2 $565K, 982 Whelk Dr 3/2 $690K.

LOTS
1 new listing: 5321 Punta Caloosa Ct $420K.
No price changes or new sales.
1 closed sale: 1114 Seagrape Ln $370K.

Captiva
CONDOS
2 new listings: Tennis Villas #3137 2/2 $399K, Bayside Villas #5342 3/3 $629K.
1 price change: Marina Villas #603 2/2 now $515K.
No new or closed sales.

HOMES
No new listings.
3 price changes: 14980 Binder Dr 3/3 now $1.465M, 11517 Wightman Ln 4/3 now $1.745M, 15891 Captiva Dr 5/4 now $2.795M.
1 new sale: 17061 Captiva Dr 4/3.5 listed for $1.75M.
No closed sales.

LOTS
Nothing to report.

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