The December Fun Continues on Sanibel & Captiva Islands

Posted on December 12, 2014 by SanibelSusan

With the holidays fast approaching and folks scurrying to prepare, this week there likewise was a sudden flurry of real estate activity on Sanibel.

Several sales were announced at our Association of Realtors® weekly Caravan Meeting yesterday, while later in the day SanibelSusan got the listing paperwork signed on a home in The Sanctuary which will be posted as a new listing next week. At about the same time, two offers were received on two properties that we have listed. Those too are “in the works”! Season may be here early. We sure hope so!

The action posted in the Sanibel and Captiva Multiple Listing Service follow a couple of news items below. You will notice that we have a new listing on Martha’s Lane too. Below are a few photos:

Sanibel & Captiva Islands Realtors® Support Friends Who Care Toy Drive

Friends Who Care, Inc. has been assisting island residents since 1983, providing for children and adults in crisis situations, and working anonymously through information from local churches and schools. Again this year, the islands Association of Realtors® joined the effort by donating, collecting, and buying toys/gift cards which were presented to this non-profit at our meeting yesterday. The items will be sorted, wrapped, and ultimately delivered on December 23 to those in need by The Sanibel-Captiva Kiwanis Club Santa Run. Big thank you to teammate Elise’s kiddos, Payton and Ryan, who did the toy shopping for SanibelSusan’s donations this year!

Real Estate’s Most Loyal Age Group

My experience shows that this is the trend on Sanibel and Captiva too. This is what “Bloomberg Businessweek” had to say on Monday about real estate’s most loyal age group:

“Americans age 65 and over are holding onto home ownership instead of downsizing into rentals or moving to senior centers, Bloomberg Businessweek reports. Indeed, the largest jump in buyers this year was among people between the ages of 65 and 74. This age segment increased to 13% of all buyers from 10% a year earlier, according to National Association of REALTORS® data.

“”They want to remain as home owners now because it represents stability, so they don’t have to deal with generating fluctuating payments for rent,” says Chris Mayer, a real estate professor at Columbia University Business School in New York. Even during the housing crisis, the home ownership rate for Americans 65 and over stayed around 80% while it dropped for every other age group, according to Census Bureau data. Since then, Americans under 35 have seen the largest decline in home ownership, falling to 36% from 48%, Census data shows.

“In 1982, the home ownership rate for every age group was higher than it was in 2013 — except for those 65 and over. “This group has been a ballast for the market,” says Chris Herbert, acting managing director at Harvard’s Joint Center for Housing Studies. “If not for them, we would have seen a much lower home ownership rate overall, more homes on the market, and more weakness.”

“Seniors usually have less mortgage debt than younger home owners, greater wealth than they had four years ago, and longer lifespans than previous generations, Bloomberg Businessweek reports. For those aged 65 to 74, their median net worth rose 5% to $232,100, which is the largest gain for any age group from 2010 to 2013, according to the Federal Reserve’s Survey of Consumer Finances. “They have a quadruple bonus: They benefited from real estate, the best in equity and bond returns, plus higher GDP per capita growth well before the crisis during the 1980s and 1990s,” says Amlan Roy, head of global demographics and pension research for Credit Suisse Group AG’s investment bank in London. “It’s unlikely to repeat.”

“While older Americans are staying in real estate, they are carrying more mortgage debt than previous generations, according to the Consumer Financial Protection Bureau. In 2010, about 40% of those over 65 were still making house payments compared to more than 70% of those 50 to 64, according to a report earlier this year by the Joint Center for Housing Studies.”

Older Americans are indeed a pillar of the housing market!

Six Features in Demand Among Luxury Buyers

In Refin’s blog this week, an article says:

“Luxury sales have been soaring in recent months, outpacing the rest of the housing market. Deals on existing homes priced above $1 million climbed more than 16% in October compared to a year ago, according to National Association of REALTORS® housing data. The increase was bigger than that of any other price segment.

“So what home features are these luxury buyers on the hunt for in their million-dollar–plus homes? The real estate brokerage Redfin recently uncovered some trends in home features and interior designs by looking at what’s in demand among their luxury clients as well as what’s trending on luxury listings. Here are some of the luxury home design trends they noticed driving 2014:

Luxury showers: Forget the Jacuzzi tub. The luxury buyer wants a luxurious shower. “Since most people take more showers than baths, they want to have a stand-alone shower with multiple shower heads,” notes Charlie Baker, a Redfin real estate professional in San Diego.
Fire pits by pools: Fire pits and gas fireplaces beside a pool are gaining in popularity, says Roseann Cossman, a Redfin real estate professional in Phoenix. “One quick way to warm up after a dip in the pool is to curl up next to a fire, and now that fire is just steps away,” Crossman says.
Tasting rooms: Wine cellars are no longer a dark place in a basement or a closet. Home owners are placing more in living areas to host tastings with friends.
White kitchen cabinets: High-end kitchens with cabinets in white, gray, or black with matching or contrasting countertops are gaining in popularity among the luxury market, notes Anna Schwoerer, a Redfin real estate professional in Virginia. Meanwhile, natural-colored wood cabinets are on their way out, she says.
Quartz countertops: Luxury properties are showing more quartz or sandstone in countertops and making granite countertops look more outdated, says Jordan Clarke, a Redfin real estate professional in San Diego. “Quartz comes with a few benefits over granite; it is not as porous and therefore requires less maintenance, it is less prone to staining, and it is better able to withstand abuses during its lifetime,” Clarke says.
Grand powder rooms: The powder room is getting a big makeover. These half-baths are getting more attention and fancier with elaborate mirrors, sinks, and lighting fixtures.”

Island Events & Festivities Continue

A news release from the City today included info on a couple of special events this weekend.

Here is the scoop on those events and some others occurring this weekend on Sanibel and Captiva.

Today (12/12)

6-9 p.m. Grand opening of the South Seas Holiday Stroll

Tomorrow (12/13)

10 a.m.-3 p.m. Art on the Veranda at Bailey’s Center

4:30 p.m. Junkanoo Parade on Captiva in the village

5:30-7:30 p.m. Captiva Lighted boat parade, view from McCarthy’s, Jensens’, Green Flash, ‘Tween Waters

6-9 p.m. South Seas Holiday Stroll

8 p.m. Boat parade after-party at Captiva’s Keylime Bistro

Sunday (12/14)

8.a.m.-1 p.m. Sanibel Island Farmers Market on City Hall Grounds

6-7 p.m. Captiva Community Carol Sing at Chapel by the Sea

BIG ARTS Community Chorus Holiday Concert

It was great to see teammates, colleagues, client, and friends in the audience at our BIG ARTS Community Chorus Holiday Concert on Tuesday night.

If you like the “12 Days of Christmas” song, below is the final verse of the rendition that we sang during the concert. Words were written by chorus-mate, Mike Bugler. It’s fun!

‘Twas the twelfth day of Christmas,

On Sanibel, by the sea

I saw Twelve Dolphins Dancing

Eleven Lighthouse Lookers

Ten Pelicans Plunging

Nine No-See-Ump Swatters

Eight Tourists Tanning

Seven Shellers Shelling

Six Billy’s Bikers

Five Man-a-tees

Four Wading Birds

Three Fishing Men

Two Turtle Tracks

And a Gator in the Sanc-tu-ary!

Chorus-mate, Dick Brown, Dad to author Dan Brown, also composed his own verbiage for the familiar Irving Berlin’s “White Christmas”.

With a few of the verses changed for some soloists dressed in different attire, it drew a few laughs from the audience too.

Soloist (a Sanibel gal):

The sun is shining, the sea is blue,

The orange & palm trees sway.

There’s never been such a day

In Sanibel U.S.A.

But it’s December the twenty-fourth,

And I’m longing to be up north.

Refrain:

I’m dreaming of a white Christmas

Just like the ones I used to know,

Where the treetops glisten

And children listen

To hear, sleigh bells in the snow.

I’m dreaming of a white Christmas

With ev’ry Christmas card I write.

May your days be merry and bright,

And may all your Christmases be white.

Soloist (in heavy winter clothing):

I’ve had it with this white Christmas,

I’ve had enough of all this snow.

I’m so tired of my wool coat,

My runny nose & sore throat,

And spreading flu ‘neath mistletoe.

Refrain:

We really love our grandchildren

Although two weeks with them’s a lot.

Oh, to be on Captiva, on a yacht,

Where all our Christmases are hot!

Soloist (island couple in beach attire):

There’s nothing like a green Christmas,

Not like the ones we used to know.

Instead of ice-chipping,

We’ll go skinny-dipping,

And dream of never shov’ling snow!

Refrain:

We’re dreaming of a green Christmas,

With sunny skies & a warm beach scene.

May your days be merry and serene

And may all your Christmases be green!

I’m dreaming of a warm New Year

With all my friends on Sanibel

Where I’ll walk the beach

And maybe reach

To find a rare junonia shell.

I’m dreaming of a warm New Year

With all my friends so dear & swell,

Where my soul is happy, & I’m well,

With all my friends on Sanibel.

Stinton: News Corp Deal Is a ‘Global Play’

This article posted on-line yesterday on “Daily Real Estate News” elaborates on the recent acquisition of Realtor®.com by News Corp:

“National Association of Realtors® “NAR CEO Dale Stinton talked about the global opportunities that could come out of News Corp’s acquisition of Move Inc. in a wide-ranging interview he gave on Real Estate Coaching Radio earlier this week.

“”What’s missing [when people talk about the News Corp acquisition] is that this is going to be a global play,” Stinton told radio host Tim Harris. “This is the first time you’ve seen the largest trade association in the world, combined with the No. 3 portal in the space, matched up with a platinum-level media company that knows how to deliver messaging and branding to the public. That triumvirate is a very strong, unique basis for approaching the consumer.”

“One thing people often forget, Stinton said, is that NAR has global reach, too—relationships with more than 80 cooperating real estate associations around the world. While Stinton said it was too difficult to predict exactly what changes News Corp would make, creating a much better consumer experience and getting realtor.com® back into the No. 1 position are top priorities.

“Stinton called the News Corp acquisition one of the milestone events during his 31-year career with the association. Others included the creation of realtor.com® during the formative years of the Internet, the decision to marshal REALTOR® Party resources to advocate on the state and local level, and NAR’s eight-year, ultimately successful, campaign to prevent banks from owning real estate companies. “Imagine what the [financial] crisis would have looked like if banks had been in real estate,” he said.

Among other topics Stinton touched on were the association’s efforts to set REALTORS® apart from non-member licensees in consumers’ minds and increasing the availability of safe, affordable mortgage credit.”

Loan Defaults Plunge to Pre-Recession Levels

This is good news, also posted on “Daily Real Estate News”, on Wednesday:

“More home owners are keeping up with their mortgage payments. The nationwide mortgage loan delinquency rate — the number of borrowers 60 or more days past due on their mortgage — is projected to drop to 3.12% by the end of this year. By 2015, TransUnion researchers predict, the delinquency rate will reach 2.51%, the lowest level since reaching 2.61% in the third quarter of 2007, prior to the Great Recession.

“Mortgage delinquencies peaked in the first quarter of 2010 at 6.93%. Since then, the delinquency rate has steadily been dropping.

““We expect the national mortgage loan delinquency rate to continue its decline throughout 2015, marking four consecutive years of quarterly decreases,” says Steve Chaouki, head of financial services for TransUnion. “We anticipate interest rates to remain relatively low next year and unemployment rates to continue their decline, both of which should help fuel home sales and improve consumers’ ability to pay.

“Foreclosures are also expected to continue to funnel through the legal system in 2015, which will reduce delinquencies that have been lingering for some time,” he continues. “All of these factors will contribute to a further decline in mortgage delinquencies.”

“Nevertheless, TransUnion researchers project that while delinquencies will likely fall to precession levels, they likely will remain above the historic norm of 1.5 to 2%. Delinquencies had started to rise prior to the recession.

“TransUnion predicts that 33 states will have delinquency rates lower than 2.5% by the end of next year.

“The largest mortgage delinquency rate drops likely will occur in Nevada (dropping from 4.65% to 2.97%); Georgia (falling from 3.31% to 1.92%); Maryland (falling from 4.17% to 2.83%); and Illinois (down from 3.37% to 2.17%), according to TransUnion’s report.

“On the other hand, delinquency increases are projected to occur in only three states: Idaho (rising from 2.16% to 2.44%); Massachusetts (inching up from 3.18% to 3.265) and North Dakota (up from 0.97% to 1.02%).”

Sanibel & Captiva Islands Multiple Listing Service Activity December 5-12

Sanibel

CONDOS

3 new listings: Seashells #27 2/2 $323K, Sanibel Arms West #B5 2/2 $499K, Loggerhead Cay #202 2/2 $559.9K.

2 price changes: Colonnades #44 now $189.5K, Lighthouse Point #219 2/2 now $449.8K.

4 new sales: Spanish Cay #A6 1/1 listed for $259.7K, Sanibel Surfside #133 2/2 listed for $849K, Pointe Santo #A2 2/2 listed for $849K, Wedgewood #204 1/1 listed for $2,225,555.

4 closed sales: Colonnades #1 1/1 $185K, Sundial #C307 1/1 $305K, Sundial #I203 1/1 $359K, Sandalfoot #5A3 2/2 $820K.

HOMES

8 new listings: 744 Martha’s Ln 2/2 $479K (our listing), 963 Sand Castle Rd 3/2 $599.9K, 1024 S Yachtsman Dr 3/2 duplex $649K, 9012 Mockingbird Dr 3/2 $700K, 5406 Osprey Ct 3/2 $779K, 4037 Coquina Dr 3/3 $848K, 1429 Sanderling Cir 3/3.5 $1.575M, 2984 Wulfert Rd 4/3 $2.2M.

4 price changes: 1938 Roseate Ln 3/2 now $349K, 1452 Sandpiper Cir 2/2 half-duplex now $359K, 3001 Singing Wind Dr 3/2 now $449K (short sale), 6111 SanibelCaptiva Rd 5/4/3 now $18.95M.

6 new sales: 2407 Shop Rd 2/1 listed for $339K; 4599 Brainard Bayou 3/2/2 listed for $529K; 1674 Bunting Ln 3/2 listed for $549K, 490 Christine Rd 2/2 listed for $569,555; 1800 Woodring Rd 2/2 listed for $1.349M, 2302 Wulfert Rd 4/5 listed for $1.449M.

3 closed sales: 705 Oliva St 3/2 $747.5K, 1339 Par View Dr 3/2.5 $950K, 784 Birdie View Pt 4/4 $1.615M.

LOTS

1 new listing: Pine Ave $200K.

4 price changes: 9239 Dimmick Dr now $149K, 1299 Par View Dr now $229K, 1336 Eagle Run Dr now $245K, 6486 Pine Ave now $379.9K (foreclosure).

3 new sales: 864 Birdie View Pt listed for $349.5K, 860 Birdie View Pt listed for $389K, 1540 San Carlos Bay Dr listed for $1.195M.

No closed sales.

Captiva

CONDOS

Nothing to report.
HOMES

1 new listing: 11523 Andy Rosse Ln 5/5.5 $2.795M.

No price changes, new or closed sales.
LOTS

1 new listing: 11545 Wightman Ln $1.345M.

No price changes, new or closed sales.

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.

Until next Friday, happy weekend wishes to all,

Susan Andrews, aka SanibelSusan

Another Summer Sale by The SanibelSusan Team

Posted on August 22, 2014 by SanibelSusan

It’s great to be back on the island after a busy few days of meetings in Orlando. The SanibelSusan Team also was busy while I was away last week with Dave showing homes last weekend which resulted in a nice sale that was finalized today. Way to go, Dave!

Elise and Lisa fielded inquiries and listing showing appointments. Surprisingly for it being the first week of school here, there was a fair amount of action. Island traffic is expected to change significantly tomorrow though, when only a handful of check-ins are expected.

Here are a couple of news items followed by the action posted in the Sanibel and Captiva Islands Multiple Listing Service since last Friday.

Songwriters Bringing Tunes to Captiva

The 1st Annual Island Hopper Songwriter Fest will bring nationally-acclaimed singer-songwriters to Captiva and Fort Myers Beach this fall. The festival will take place over two weekends with dozens of free shows. The Captiva weekend will be Sept 26 to 28, it then will shift to Ft Myers Beach for Oct 3 to 6. The complete schedule will be released soon, but Captiva venues already confirmed include South Seas Island Resort, ‘Tween Waters Inn (Crows’ Nest, Old Captiva House and the Canoe & Kayak Club), Captiva Island Inn, Keylime Bistro, Cantina Captiva, RC Otter’s, The Mucky Duck, and Doc Ford’s Captiva.

Contest Deadline Approaching

Sept 15 is the deadline for the 27th Annual “Ding” Darling Days Amateur Nature Photography Contest. Sponsored by the “Ding” Darling Wildlife Society – Friends of the Refuge (DDWS) it is held in conjunction with “Ding” Darling Days, which runs from Oct 19 to 25. More info on www.ding-darlingdays.com.

The SanibelSusan Team always enjoys receiving photos taken on the island by clients and friends. So get out your best photos, folks, and give the contest a try. Here is a photo that an island friend emailed us a couple of weeks ago. We call it “up close and personal with a red-shouldered hawk” (hope our bird identification is correct).

SanCap Motor Club, Inc.

There is a newly-formed club on Sanibel. Members of the community are invited to meet with other car enthusiasts on Monday, Sep 1 for a “Cruise In” in the front parking lot of Periwinkle Place Shopping Center. If you have a passion for automobiles – antique to muscle, class to hot rods – join the SanCap Motor Club. This is their inaugural event!

Spring Was Healthiest Market in 3 Years

Yesterday’s “Daily Real Estate News” posted the following positive news, sourced to realtor.com®:

“July housing data shows that price appreciation and inventory increases during the peak home-buying season helped the market to post the largest spring gains in three years, realtor.com® reports in its National Housing Trend Report. “In July 2012 and 2013, we saw external economic factors overwhelm the healthy gains established in the housing market during the spring home-buying season,” says Jonathan Smoke, chief economist for realtor.com®. “This year, we’re ending the traditional season with high buyer and seller confidence demonstrated by price appreciation, increases in inventory, and quick home sales.”

“In July, housing inventories rose 2.3% year-over-year, as the median list price posted a 7.5% increase year-over-year, realtor.com® reports. The median list price was $214,900 nationwide in July. “Despite higher prices and more homes on the market, buyers are snatching up properties faster than last year,” realtor.com® reports. The median age of inventory in July was 82 days, three days less than 2013.

“This is the first time since the beginning of the recovery that we expect to see positive momentum throughout the second half of the year,” Smoke says. “While seasonal patterns are emerging in July month-to-month comparisons, all other metrics point to fundamental market health and a build-up of momentum.””

What About Sanibel & Captiva?

Looking at the sales on Sanibel and Captiva Islands January through July, there was not such a huge jump in the number of sales, but good steady progress.

Here is how those statistics stack up – unit sales year-to-year.

Closed

Sales Sanibel Captiva GRAND

1/1 to 7/31 Condos Homes Lots TOTAL Condos Homes Lots TOTAL TOTAL

2014 111 145 20 276 13 19 0 32 308

2013 109 142 14 265 23 14 1 38 303

2012 113 122 22 257 25 20 1 46 303

2011 106 113 12 231 19 15 0 34 265

Wondering how these sales compare to current inventory? We need listings – especially homes!

# for sale

8/22/14 126 149 88 364 43 34 4 81 445

Sanibel & Captiva Multiple Listing Service Activity August 15-22

Sanibel

CONDOS

2 new listings: Tennisplace #A26 2/1.5 $349,555; Sanibel Siesta #502 2/2 $595K.

2 price changes: Spanish Cay #A7 1/1 now $249.9K (our listing), Pointe Santo #B4 2/2 now $669K.

No new sales.

1 closed sale: Sanibel Arms #C1 2/2 $485K.

HOMES

5 new listings: 2615 Tamarind Rd 2/2 $425K, 4606 Brainard Bayou Rd 2/1 $434K, 3990 Coquina Dr 3/2 $599.9K, 169 Southwinds Dr 2/2 $798K, 1525 San Carlos Bay Dr 3/2 $2.175M.

1 price change: 1266 Isabel Dr now $1.795M.

5 new sales: 6451 Pine Ave 3/2 listed for $489K, 1364 Jamaica Dr 2/2 listed for $489K, 701 Durion Ct 3/2 listed for $549K, 667 Nerita St 3/2 listed for $739K, 4500 Waters Edge Ln 2/2 listed for $799K (our sale).

3 closed sales: 5841 Pine Tree Dr 3/2 $425K, 475 Sea Oats Dr 3/3 $715K, 4444 Waters Edge Ln 3/2 $925K.

LOTS

2 new listings: 5749 SanCap Rd $399K, 6486 Pine Ave $459.9K.

1 price change: 861 Birdie View Pt now $339K.

No new or closed sales.

Captiva

CONDOS

1 new listing: Captiva Shores #7B 3/2 $1.249M.

1 price change: Beach Villas #2628 2/2 now $639K.

1 new sale: Captiva Shores #7B 3/2 listed for $1.249M.

No closed sales.

HOMES

Nothing to report.

LOTS

Nothing to report.

Enjoy your weekend! It’s gonna be another sunny warm one on the islands! SanibelSusan

Summertime Happenings on Sanibel & Captiva Islands

Posted on July 11, 2014 by SanibelSusan

I was merrily working on today’s blog when Comcast service went out on most of the island. With no office internet (except by cell phones/iPads) until this afternoon, I now realize how much we take technology for granted.

Years ago when offers were transmitted by snail mail or FedEx, we were thrilled when faxes became acceptable. That was back when those were printed on thermal paper (that shows my age). I remember needing signatures on an offer and running one of those faxes to some folks lounging around the pool at Sundial Resort. The words started disappearing in the bright sunlight. That made for an interesting obstacle to overcome!

What a difference a few years make! Even without internet service today, I was able to type an offer up on my iPad and with electronic signatures AOK, what now can be accomplished in minutes used to take days!

Here are just a couple of news items, followed by a report of the action posted in the Sanibel/Captiva Multiple Listing Service since last Friday. It was a pretty quiet week, aside from the disruptions from the weather. The late day showers make for some fabulous sunsets though!

New Business Neighbors at Sanibel Square

Here’s a little scoop from the shopping center here at Sanibel Square:

Nave Plumbing, serving the island for more than 65 years changed hands recently. Located in the building behind us on Periwinkle Way, it has been renamed Sanibel Plumbing. The first of their trucks with a new wrap was in the 4th of July parade last week.

Next door to Sanibel Plumbing, Jeff Molnar also recently advised that his company, Molnar Electric, has changed hands. This company name will remain as Jeff will continue with them during the transition.

Congratulations to both families for some well-deserved retirement fun and best wishes for continued success to our new neighbors at “the Square”.

New Signs on Sanibel This Week

Coming onto the island from the causeway and coming from Captiva onto Sanibel, two new signs went up this week advising “Stop Algae! No fertilizer July to Sept”. What great tools these signs are to educate the public and get all of us thinking about the devastating effects that excess fertilizer can have on local water quality.

The SCCF (Sanibel-Captiva Conservation Foundation) Marine Lab is working with the City of Sanibel to develop a nutrient management plan: http://marinelab.sccf.org/research/sanibel-nutrient/
To learn about local fertilizer ordinances visit: http://fertilizesmart.com/

Survey: Lenders Fear Another Housing Bubble Is Brewing

Here is an interesting posting from Realtor®Mag’s on-line “Daily Real Estate News”, on Wednesday:

“Mortgage bankers are fearful that another real estate bubble is on the horizon, according to a quarterly survey of 203 bank risk managers from the United States and Canada conducted by FICO. Fifty-six percent of respondents said that an “unsustainable real estate bubble is inflating.”

“”The home loan environment has bifurcated,” says Andrew Jennings, chief analytics officer at FICO and head of FICO Labs. “Six million home owners in the U.S. are still underwater on their mortgages, with the average negative equity a whopping 33%. Yet with home prices soaring in many cities, total home owner equity in the U.S. is at its highest level since late 2007. That doesn’t feel like a healthy, sustainable growth situation. No wonder many lenders in both Canada and the U.S. are concerned about the risk in residential mortgages.”

“But real estate experts mostly have downplayed housing bubble fears in recent months. In fact, a new report finds that home prices are still undervalued by 3% nationally. Trulia’s most recent Bubble Watch report found that at the current pace, home prices are expected to fall in line with long-term fundamentals – neither over- or undervalued – by the last quarter of 2014 or the first quarter of 2015. “Much of the recent house-price appreciation is a result of market correction for the significant undervaluation caused by the price declines,” Mark Fleming, chief economist at housing data provider CoreLogic noted in recent months. “There is no need to fear a bubble for at least a few years to come, if at all.”

“FICO’s survey also asked bankers about the most common concerns they have in the underwriting process on consumer loans. The most common concerns cited by bankers: “high debt-to-income ratio” in approving loans (59%); “multiple recent applications for credit” (13%); and “low FICO score” (10%). “As consumer confidence picks up and people increase their borrowing, lenders are understandably concerned about growing indebtedness,” says Mike Gordon, FICO’s executive vice president of sales, services and marketing. “For the last two quarters, around 65% of our respondents said they think credit card balances are headed higher. Those are the two highest figures we’ve ever seen in this survey. When I talk with bankers, they tell me they’re happy to see growing consumer optimism, but they’re wary of a return to reckless borrowing.””

Sanibel & Captiva Multiple Listing Service Activity July 4-11

Sanibel

CONDOS

3 new listings: Captains Walk #D5 2/1 $299K, Spanish Cay #A4 2/2 $349K (our listing), Lighthouse Point #219 2/2 $488.8K.

2 price changes: Sundial #D307 1/1 now $259K, Loggerhead Cay #453 2/2 now $469K.

2 new sales: Sanibel Arms #C1 2/2 listed for $499K, Gulfside Place #322 2/2 listed for $1.15M.

1 closed sale: Sundial #D304 1/1 $310K.

HOMES

1 new listing: 547 Chert Ct 3/2 $739K.

1 price change: 5753 Pine Tree Dr 3/4 now $799K.

6 new sales: 5141 San-Cap Rd 2/2 listed for $299K, 490 Elizabeth Dr 2/2 listed for $379K, 5841 Pine Tree Dr 3/2 listed for $474.9K, 581 East Rocks Dr 3/2 listed for $495K (short sale), 917 Pepper Tree Pl 4/3 listed for $799,407; 3537 West Gulf Dr 3/3 listed for $3.9M.

1 closed sale: 949 S Yachtsman Dr 3/2 $740K.

LOTS

1 new listing: 1820 Farm Trl $279K.

No price changes, new or closed sales.

Captiva

No new activity for condos, homes, or lots.

Best weekend wishes to all. Here we hope the weather stays like this photo (taken during a home inspection on Captiva early-afternoon Tuesday). SanibelSusan

Wrapping Up the June 2014 Real Estate Action on Sanibel & Captiva Islands

Posted on June 27, 2014 by SanibelSusan

Florida Realtors® “Believe”

It is SanibelSusan reporting that Elise and I enjoyed being part of the FloridaRealtors® “Believe” event last Friday afternoon. This event which encouraged Realtor® work toward helping the homeless was part of a state-wide tour where the FloridaRealtors® leadership team visited every Florida district.

Elise and I were part of the Sanibel & Captiva group who, along with other local association members, packaged meals. It was an inspiring cooperation, where 100+ local association members and the leadership team were arranged in assembly-line fashion under the direction of Meals of Hope.

In just one hour, we assembled 21,760 meals (each will feed a family of five) which will be distributed to families of homeless children in Lee and Collier counties. Astoundingly, our state leaders told us that there are more than 63,000 children here that qualify for free breakfast and lunch during the school year. Often, those were their only meals of the day. Since these children don’t get the meals now that schools are out for the summer, Meals of Hope will distribute the packaged meals to the same families.

Island Weather & More

It has been another week of wonderful summer weather on Sanibel with a few afternoon showers that resulted in fabulous sunsets.

Sunset South Bldg 8 at 8:30 a.m. 06-27-14

Unfortunately the later thunder-buster last night, just after sunset, resulted in a lightning strike in Bldg 8 at Sunset South condominiums. That is one of the riverside buildings. Sanibel’s finest extinguished the fire quickly but several units were damaged. Thankfully, there were no occupants at the time.

We saw the early arrival of some July 4th holiday vacationers this week. Tomorrow many check-ins are expected with the Sanibel and South Seas expected to be near-capacity next week.

The activity from the Sanibel & Captiva Islands Multiple Listing Service this week follows a few more news items below.

Association of Realtors® June Membership Meeting

The Sanibel & Captiva Islands Association of Realtors® June breakfast membership meeting was yesterday.

During the educational segment of the agenda, Jim Jordan, Sanibel’s Director of Planning, updated members on recent happenings at City Hall. He also reminded attendees about Sanibel permit requirements. Here is some of that info:

Development Permits are required whenever the appearance or use of a structure is changed, a structure will be demolished or impermeable coverage or developed area is going to be added.

Building Permits are required when a structure is constructed, enlarged, altered, remodeled or repaired if the labor and materials exceeds $750 in market value. A building permit also is required when a building is moved, demolished, or when replacing windows or doors. Non-permanent improvements like painting, carpeting, and appliances are not included in the calculation.

Sometimes a development permit is required but no building permit is needed, like when building a fence not related to a swimming pool.

In other situations, a building permit may be required, but no development permit is necessary, i.e. for work such as interior repairs or remodeling, exterior siding replacement, or adding a concrete slab under an existing structure. See more details, forms, and a list of approved contractors on www.MySanibel.com.

During “questions & answers”, Realtors® quizzed Jim about some issues recently affecting island sales and closings, i.e. improvements to non-conforming structures and the 50% rule, and open permits discovered before a closing,

Jim reminded members that the 50% rule covers a 5-year time period, so at the end of that time the process may begin again.

Jim also advised that the City is adding software to their computer system this summer/fall which will improve tracking of permits. He said that permit information including history on all properties will eventually be on-line and accessible to the public. Since closing open permits is a requirement of some Florida sales contracts and permit information currently is not readily available on-line to property owners (and Realtors®), that news was well received.

Florida Realtors® Honor Society

At the same meeting, four Sanibel/Captiva Realtors® were recognized for earning Florida Realtors® Honor Society membership for their recent work for the state association; their activity locally and nationally in the Realtor® organization, in national institutes, societies, and councils; for designations earned; educational activities; and political involvement.

SanibelSusan was awarded her 15th-year Florida Honor Society pin, while three VIP colleagues also were recognized: Jim Hall (19 yrs), Dave Schuldenfrei (9 yrs), and Shane Spring (1 yr).

Caloosahatchee Water Project To Begin

A construction project that should improve water quality in Southwest Florida area has been approved. The Caloosahatchee River (C-43) West Basin Storage Project which is part of the Comprehensive Everglades Restoration Plan is slated to begin in October. This is a cost-shared project between the federal government and the state of Florida. The President officially signed off on the project June 10.

This project is just one step toward improving water quality on both coasts of Florida by reducing polluted discharges from Lake Okeechobee to local waterways. The idea is to pull water out of the Caloosahatchee River during the rainy season when there is too much water flowing. Stored water in a newly constructed reservoir would then be released during the dry season to provide sufficient fresh water to keep the salinities at healthy level within the estuary.

This project is just a small part of the many solutions needed to improve water supply and water quality in the estuary, but definitely a move in the right direction!

Sundial Resort Announces Phase II Renovations

The 2nd phase of the Sundial Beach Resort & Spa’s multi-million dollar renovation program is scheduled to begin in August, with completion expected in early November. It will include a state-of-the-art fitness center, pizza kitchen, on-site market and deli, and new soft tennis courts. The Sundial Buddies Kid’s Camp and Sanibel’s Sea Camp for Kids also will be launched. The pool bar and main pool deck area will be upgraded too. During the renovation period, Sundial’s four other condo association pools will be available, Sea Breeze Cafe will be open with live entertainment and full bar offerings, and resort amenities will be available to guests including the activities center, bikes, kayaks, and the new spa and boutique. The meeting rooms and reception areas also will be operational. More details at www.sundialresort.com.

Certified Master Chef at The Sanctuary

This posting came from the June 2014 issue of the “Sanctuary Sound”. No wonder there are so many raves about the great food at The Sanctuary.

“This past March, Daniel Scannell, Certified Master Chef (CMC) one of 66 in the country that successfully obtained the Certified Master Chefs examination joined the Management Team at The Sanctuary Golf Club. Administered by the American Culinary Federation and the Culinary Institute of America, the title Certified Master Chef (CMC) represents the most rigorous culinary test for a professional chef. “Chef Daniel is coming from Oak Hill where the 2013 PGA Championship was held with over 200,000 people attending the event. His education is impeccable, the awards and accolades numerous, and his passion for food is contagious. In Ireland he won The Jean Conil Perpetual Trophy for International Chefs, has been inducted into The Epicurean World Master Chefs’ Society in London, and been a member of the Culinary Olympic Team USA 2000, 2004, and 2008, to name a few achievements. We are very excited to have him on the team,” stated Ken Kouril, General Manager of The Sanctuary Golf Club.”

If you are interested in a property at The Sanctuary, whether it be a condo, home, or lot, please give SanibelSusan a call, she can arrange for you to try out the golf course/tennis courts and dine in the restaurant as part of your due diligence.

Sanibel & Captiva Multiple Listing Service Activity June 20-27

Sanibel
CONDOS

No new listings or price changes.

5 new sales: Tennisplace #E31 2/1 $325K, Sundial #D304 1/1 listed for $339K, Coquina Beach #5G 2/2 listed for $415K, Sandpiper Beach #302 2/2 listed for $599K, Sundial #O307 2/2 listed for $975K.

3 closed sales: Sundial #I304 1/1 $360K, Blind Pass #G204 3/2 $485K, Sundial #L202 2/2 $629.5K.

HOMES

6 new listings: 1377 Sand Castle Rd 3/2 $499K, 981 Main St 4/2.5 $599K, 1426 Causey Ct 3/2 $729K, 667 Nerita St 3/2 $739K, 8987 Mockingbird Dr 3/3 $849K, 2255 Troon Ct 4/5.5 $1.695M.

8 price changes: 5141 SanCap Rd 2/2 now $299K, 490 Christine Rd 2/2 now $599K, 4279 Gulf Pines Dr 4/3 now $699.95K, 6001 Clam Bayou Ln 3/2 now $789K, 676 Anchor Dr 3/3 now $949K, 3400 West Gulf Dr 4/3 now $1.149M, 6440 Pine Ave 3/3 now $1.395M, 3744 West Gulf Dr 4/4 now $1.695M.

5 new sales: 702 Donax St 2/2 listed for $449K, 1644 Atlanta Plaza Dr 2/2 listed for $459.5K, 236 Hurricane Ln 3/3 listed for $549K, 283 Ferry Landing Dr 3/2 listed for $1.695M, 1206 Bay Dr 4/4.5 listed for $2.85M.

3 closed sales: 966 Fitzhugh St 2/1 $290K, 966 Greenwood Ct 3/2.5 half-duplex $385K, 2552 Harbour Ln 3/2 $800K.

LOTS

No new listings.

1 price change: 1304 Eagle Run Dr now $249K.

1 new sale: 5407 Osprey Ct listed for $499,555.

No closed sales.

Captiva
CONDOS

1 new listing: Bayside Villas #5230 1/2 $309K.

No price changes or new sales.

2 closed sales: Tennis Villas 3229 1/1 $215K, Beach Homes #6 3/3 $1.7M

HOMES
No new listings, price changes, or new sales.

1 closed sale: 16645 Captiva Dr 8/9/2 $3.45M.

LOTS

Nothing to report.

Until SanibelSusan’s next blog posting on July 4th, happy summer to all…& remember it’s a great time to buy property on the islands! It is always easier to view during the summer.

Almost Summer & It’s Beautiful on Sanibel & Captiva Islands

Posted on June 20, 2014 by SanibelSusan

SanibelSusan’s Friday blog out is going out a little early today as teammate Elise and I are heading to Naples this afternoon to participate in the Florida Realtors® District 5 “Believe” Tour Celebration. That is an event organized by our state leadership team who are touring the state, visiting every District, and speaking about the homelessness problem in Florida and how Realtors® can make a difference. Elise and I will be rolling up our sleeves with other Realtors® from our district and teaming up with Meals of Hope and the entire Florida leadership team to package meals and fill cases of food for distribution to food pantries in District 5 communities. (District 5 includes Marco Island, Naples, Bonita Springs, Fort Myers and the Beach, Cape Coral, and Sanibel/Captiva Islands.)

Below are a couple of news items from the week, followed by the activity posted over the past week in the Sanibel and Captiva Islands Multiple Listing Service. But first a couple of photos that I snapped midweek at the Fulgur Street beach access, plus a sweet bloom also noticed on my travels this week.

Gov. Scott Signs Florida Flood Insurance Bill

On Monday, Florida Realtors® posted the following news from Tallahassee:

“A Florida bill to ease the burden of skyrocketing flood insurance costs became law on Friday when signed by Gov. Rick Scott. The Florida Legislature approved the bill, SB 542, earlier this year.

“Despite recent reforms at the federal level to slow flood insurance rate increases resulting from Biggert-Waters, legislation passed by Congress in 2012 to reform the National Florida Insurance Program (NFIP), Florida Realtors and other business groups sought an alternative to the NFIP at the state level.

“The bill by Sen. Jeff Brandes (R-St. Petersburg) encourages private insurers to enter the Florida market by giving them rate-setting flexibility and reduced regulatory burdens.

“Early on, the House and Senate disagreed on how much flexibility to give insurance companies on the amount of coverage required. In the end, SB 542 specifies four types of flood insurance policies:

one that mirrors coverage under the National Flood Insurance Program (NFIP)
one called “preferred” that requires replacement costs for contents, not the structure
one labeled “customized,” which will be defined by the Florida Office of Insurance Regulation
one that would wrap around NFIP coverage, i.e., “supplemental” coverage

“Florida Realtors continues to talk with Florida’s Office of Insurance Regulation, NFIP and Federal Emergency Management Association (FEMA) to clarify the coverage requirements on structures/contents and better understand the new law’s impact.”

Homebuyer Flood Insurance Relief

Here is a little more information on the subject of flood insurance. It is an important topic here on the islands. This is more good news, posted Monday on the National Association of Realtors® e-Newsletter:

“On May 30, 2014, FEMA announced the Flood Premiums and Rate Tables for 2015. Each October FEMA issues the following year’s rate tables. Releasing the rate tables at this time provides insurance companies sufficient lead time to update their rate quote software. These rates will take effect this October 2014, and will be used to calculate refunds, to be issued later this Fall. According to FEMA, from their memo: “In every case, the attached rates are the same or lower than the October 1, 2013 premium rates.” In other words, no one will see a rate increase next year and some could see a further rate reduction below this year’s level. This is on top of rate reductions FEMA implemented last month, when it rolled back all rates so no older (pre-FIRM) property owner could pay more than 2013 subsidized rate for the rest of the fiscal year.”

11 Stunning Florida Towns You Need To Visit

BuzzFeed.com posted this article on-line the end of May. Just in time for those making their summer plans, press like this is another reason the island continues to be such a popular vacation destination. Of the eleven stunning Florida towns that the article says you need to visit, Sanibel Island tops the list:

“Florida’s a big state, and possibly the best one to road trip through!

“1. For secluded and untouched beauty, visit Sanibel Island. You won’t find many buildings that are taller than a palm tree on Sanibel Island, and that’s because the city has taken careful measures to preserve the natural beauty of the area. The town is markedly devoid of fast food restaurants, which were banned and even stoplights. So get ready to step into a world that feels totally removed from the norm,,,,”

The other ten towns rounding out the list are: Tarpon Springs, Santa Rosa Beach, Delray Beach, Destin, Mount Dora, St Augustine, Fort Myers, Clearwater Beach, Apalachicola, and Amelia Island.

America’s Happiest Seaside Towns 2014

Not to forget Captiva Island, “Coastal Living” just posted their annual list of 2014’s top ten spots to live in bliss by the sea!” You may remember that Sanibel Island made this list last year, so they were not eligible for 2014.

According to “Coastal Living” on-line, they began with reader nominations, plus all of the past places they’ve lauded as Dream Towns. From there, they looked at the rank on the Gallup-Healthways Well-Being Index, percentage of sunny days, healthiness of beaches, commute times, crime ratings, walkability, standard of living and financial well-being of the locals, geographic diversity, and their editors’ assessment of each town’s “coastal vibe”. They announced their top ten contenders in their March 2014 issue, and let America vote for its favorites. Here are the results:

1. Chincoteague, VA

2. Captiva Island, FL

3. Saugatauk, MI

4. St. Augustine, FL

5. Provincetown, MA

6. St. Simons Island, GA

7. Watch Hill, RI

8. Haleiwa, HI

9. Scarborough, ME

10. Bolinas, CA

Here is what the article had to say about Captiva Island:

“Local folklore holds that pirate José Gaspar hid his captives on this pristine island. A gorgeous prison, indeed: The slender barrier island in the Gulf of Mexico west of Fort Myers has pale, powdery sands graced with more than 250 types of seashells. A single main road runs Captiva’s five-mile length, making much of its raw beauty best appreciated by sea kayak. (Buck Key Paddling Trail, a best-kept paddlers’ secret, winds past green herons and gators.) There are plenty of finds on foot, too; shoppers here love the intimacy of Captiva Village along Andy Rosse Lane, which houses not only galleries and boutiques, but also a public library, community center, and the historic beachfront Chapel By The Sea. It’s a 10-minute stroll from the Village to sweeping Alison Hagerup Beach Park (aka Captiva Beach), a great sunset post for spotting the horizon’s famous green flash.

“Although Captiva’s sunny, mild climate means warm days year-round for its 400 residents, a particularly special time is May to October, when thousands of tiny loggerhead turtles emerge from their nests and make their way slowly to the water’s edge. They might be the only islanders who ever feel like leaving….”

Free Sea Monster Programs

If you are one of the lucky ones on Sanibel this summer and have children with you, here are some fun things to do at the J.N. “Ding” Darling Wildlife Refuge. As reported this week in the on-line newsletter of the “Ding” Darling Wildlife Society.

“As part of our summer Sea Monsters traveling exhibit from Mote Marine Laboratory in Sarasota, Florida, we have scheduled related FREE films and interactive programs through Mote. The exhibit and programs are made possible by grants from the Southwest Florida Community Foundation and a private family foundation.

The programs below begin at 2 p.m. on the designated dates:

Tuesday, July 8. 50-minute interactive Ocean Careers program.
Friday, July 11. 50-minute interactive Manatees program
Monday, July 14. 60-minute NOVA: Why Sharks Attack film
Monday, July 28. 60-minute Inside Nature’s Giants: Giant Squid film
Friday, August 15. 50-minute Sharks interactive program.”

Housing Bubble Fears Brew Overseas

Although much of this news is far-reaching, I found it interesting. It came from “Daily Real Estate News” last Friday.

“The International Monetary Fund says that several global housing markets are overheating, even in the U.S. – which is still digging itself out of a housing bubble that popped in 2008. Most of the warnings, however, have been issued for overseas.

“Economists are warning countries like China, Sweden, the United Kingdom (particularly London), and Canada that after years of rising housing prices, their housing markets may be overheating. In Sweden, housing prices have tripled over the past 10 years. In Canada, prices have been rising for years and some economists have speculated a housing crash is inevitable later this year.

“But China has many economists particularly worried that its property market is overheating, ignited by the widespread availability of cheap credit. Pan Shiyi, CEO of Soho China, even compared the market to the sinking of the Titanic: “After hitting the iceberg, the risks will not be in the real estate sector,” Shiyi notes. “The bigger risk will be the financial sector.”

“IMF policy makers are paying closer attention to the global housing market. Over the past year, 33 out of 52 countries in the IMF’s Global House Price Index have posted rises in home prices, even when the economies in the countries have been slowing down.

“In the U.S., home prices have risen by about 5% on a yearly basis ending 2013. However, the economy has grown by about half that amount. Markets growing by the largest amounts on an annualized basis – more than 9% – were the Philippines, Hong Kong, and China, IMF notes. Economists say that home prices, rents, and incomes should move in tandem with the economy. When they get out of alignment, a housing bubble can form.”

Sanibel & Captiva Multiple Listing Service Activity June 13-20

Sanibel
CONDOS

1 new listing: Pointe Santo #E22 2/2 $749K.

3 price changes: Blind Pass #D204 3/2 now $399K, Blind Pass #E206 2/2.5 now $449.5K, Sanddollar #C101 2/2 now $810K.

1 new sale: Sundial #D408 1/1 listed for $359K.

4 closed sales: Sundial #J407 2/2 $495K, Tarpon Beach #305 2/2 $685K, Snug Harbor #121 3/2 $955K, Tamarind #A101 2/2 $1.325M.

HOMES

No new listings.

8 price changes: 828 Rabbit Rd 2/1 now $419K, 421 Lake Murex Cir 3/2 now $499K, 4563 Brainard Bayou Rd 3/2 now $629K, 590 Lake Murex Cir 2/1.5 now $668.5K, 4648 Buck Key Rd 3/2 now $679K, 1755 Jewel Box Dr 3/2 now $699K, 1800 Woodring Rd 2/2 now $1.695M, 1266 Isabel Dr 3/3 now $1.895M.

6 new sales: 702 Donax St 2/2 listed for $449K; 620 Hideaway Ct 3/2.5 listed for $575K; 1049 S Yachtsman Dr 3/2 listed for $599,555; 2569 Coconut Dr 2/2 listed for $639K; 5313 Punta Caloosa Ct 4/3 listed for $848K; 5321 Punta Caloosa Ct 3/3 listed for $1.094M.

6 closed sales: 2050 Sunrise Cir 3/2 $525K, 1838 Long Point Ln 3/2 $639K, 1019 Lindgren Blvd 3/2 $715K, 2667 Coconut Dr 3/3 $750K, 512 Periwinkle Way 3/3 $875K, 235 Daniel Dr 3/2 $1.145M.

LOTS

1 new listing: 1336 Eagle Run Dr $262.5K.

3 price changes: 9277 Belding Dr now $198.9K, 3792 Coquina Dr now $329K, 2562 Coconut Dr now $349K.

No new sales.

1 closed sale: 1042 Blue Heron Dr $420K.

Captiva
CONDOS

1 new listing: Gulf Beach Villas #2004 2/2 $649K.

No price changes or new sales.

1 closed sale: Ventura Captiva #4B 3/3 $750K.

HOMES

No new listings or price changes.

1 new sale: 11547 Wightman Ln 2/2 listed for $1.375M.

No closed sales.

LOTS

Nothing to report.

Best wishes to all for wonderful weather wherever you are this weekend too.

(I hear there still are some vacancies for the 4th of July if you want to have some small town island fun. It’s just around the corner!)

SanibelSusan

It is Yet Another Gorgeous Friday Afternoon on Sanibel Island

Posted on June 6, 2014 by SanibelSusan

It is another sunny Friday on Sanibel with the locals again enjoying island offerings. The beaches have been just beautiful this week with visitors posting terrific sunset photos and folks talking of dolphins jumping near shore. I heard a couple of vacationers say that the shelling is light, but Lighthouse Beach continues to bring raves from those collecting miniatures. Traffic is essentially nil with no one needed to direct at the 4-way stops the last few days. The shops and restaurants mostly are being patronized by locals too.

We can always tell that “season” is really over when colleagues and I go into an island hangout for lunch and know nearly everyone there. That is when other business owners quiz us about the real estate market and we compare notes. Yesterday, I chatted with Trasi, co-owner of “The Over Easy Cafe” and “Island Paws”. We always joke with her that her restaurant is one of the few places where we can count on getting “in and out” in less than an hour, but only after the snowbirds depart. The restaurant was busy, but patrons included several other Realtors® and many island worker bees. Like the rest of us, she and her staff are enjoying a little less pressure after a super busy winter season.

We are all very thankful for the upswing in business this year. Dave Schuldenfrei, Manager of VIP Vacation Rentals, also told us that their bookings continue to be up, more than 20% over last year overall, including more visitors in June, July, and August. I sure hope prospective buyers are heeding that news. It still is a good time to buy an investment rental. That inventory has good opportunities including several of our listings!

Our last home listing closed on Monday. If you have island friends thinking of selling, please tell them about us, as plenty of home buyers remain.

Below are a couple of news items followed by a report action posted in the Sanibel and Captiva Islands Multiple Listing Service over the last seven days, but first a few photos that I snapped today on my way back to the office about noontime. The beach shots came from the boardwalk at Gulfside City Park. The bay views are from the park at end the end of Dixie Beach Blvd overlooking San Carlos Bay. The turtle crossing the road was in Lake Murex and the pretty arbor is the entrance to the butterfly garden at West Wind Inn.

Another view of San Carlos Bay

Entrance to butterfly garden at West Wind Inn.

Gulfside City Parking looking west

Be sure to watch out for turtles crossing in Lake Murex.

Gulfside City Park

Overlooking San Carlos Bay

Gulfside City Park looking east

Sanibel & Captiva 2014 Sales Stats

With more high-end sales posted this week, it is a good time to update the sales statistics for 2014. Here they are with the closed sales reported through noon today:

		Average Price $		Average Price $		Average Price $
SANIBEL	CONDOS		HOMES		LOTS
For Sale	138	697,768	174	1,332,100	86	521,561
Under Contract Awaiting Closing	15	790,420	34	820,838	4	411,500
Sold in 2014 thru 6/6	92	687,650	111	856,567	15	454,204
Sold in 2013	161	573,557	197	910,321	26	416,502
Sold in 2012	151	551,244	183	823,598	33	487,687
Sold in 2011	142	591,861	179	826,130	19	363,729
Sold in 2010	120	608,545	124	775,805	21	336,905
Sold in 2009	87	670,489	144	755,003	11	333,136
Sold in 2008	95	731,648	148	952,695	13	379,927
Sold in 2007	86	791,163	143	1,024,007	17	854,803
Sold in 2006	143	866,972	156	1,143,682	18	523,917

		Average Price $		Average Price $		Average Price $
CAPTIVA	CONDOS		HOMES		LOTS
For Sale	42	876,664	38	4,307,934	4	2,428,500
Under Contract Awaiting Closing	4	863,125	5	2,284,800	0	N/A
Sold in 2014 thru 6/6	7	526,611	16	2,796,344	0	N/A
Sold in 2013	36	659,185	18	2,522,056	2	675,000
Sold in 2012	35	836,129	26	1,536,019	3	1,221,667
Sold in 2011	24	737,754	22	1,782,059	1	485,000
Sold in 2010	25	696,159	10	2,258,250	2	2,850,000
Sold in 2009	22	804,818	16	2,573,016	3	2,241,667
Sold in 2008	21	894,536	13	3,465,385	4	3,251,250
Sold in 2007	12	906,042	19	3,270,300	1	3,575,000
Sold in 2006	21	1,362,476	10	2,307,375	4	2,218,750

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

Resort & 2nd Home Property Specialist (RSPS)

Tuesday, at our Association office, SanibelSusan taught one of the modules needed for island Realtors® to earn their Sanibel & Captiva Islands Specialist (SCIS) designation. The Sanibel & Captiva Islands Association of Realtors® offers this local education program annually. It is a good way for those working the island to learn what is different in selling real estate here. My 15 students included some brand-new Realtors®, some with many years of experience, some new here, and some that know the island well. It made for an interesting mix and good interaction.

As one of the 40 members of the 2014 Florida Realtors® Resort & 2nd-Home Specialists Forum and one of just six islands Realtors® holding the national RSPS certification, it always is fun to update my course material and get smarter myself, while sharing the knowledge. It goes without saying that the bulk of island sales are to buyers looking for vacation or 2nd-home property, rental income, or value appreciation.

Here is some info from my class. Some of the stats are based on the National Association of Realtors® “Investment and Vacation Home Buyers Survey 2014”.

The states with the largest number of vacation and second homes are Florida, California, Texas, and Michigan.

Nationally, 75% of these buyers get financing, here (Sanibel & Captiva) it is the reverse, with most buyers paying cash.

60% of today’s investment buyers are likely to buy another investment property.

55% of investment buyers are likely to buy a vacation property in the next two years.

Similarly in two years, 51% of all vacation property buyers are likely to purchase an investment property and 52% are likely to purchase another vacation property.

Among those buying primary residences, 37% are likely to buy an investment property and 40% a vacation property within the next two years.

By 2020, the number of second homes is expected to increase by about 200,000 units per year with the South projected to see about half of all the new 2nd-home growth.

Housing Market Reaching Equilibrium

A “Real Estate News” article posted on-line on Monday, says:

“Home prices have already begun moderating over the past year and appreciation likely will continue to gradually slow over the next two years, according to a forecast of 31 analysts recently surveyed by Reuters. Analysts predict home prices to rise 7.5% this year and then curtail to 4% by 2016.

“That marks a sharp slowdown from the double-digit increases reported last year. Analysts surveyed by Reuters say they expect prices to slow in the coming months due to tight lending standards, slow wage growth, and a lack of first-time buyers.

“”Growth would be more robust if we saw more first-time homebuyers in the market,” says David Nice, economist at Mesirow Financial. “That would put the housing market on a sustainable growth trajectory.” Analysts surveyed expect existing home sales to reach a 4.75 million annual rate in the second quarter of this year and rise to 5.10 million in the first quarter of 2015. “We are seeing a state of equilibrium,” says Mark Goldman, a real estate expert at San Diego State University in California. “I don’t see any symptoms that would cause housing prices to go up or down significantly.””

Sanibel & Captiva Islands Multiple Listing Service Activity May 30-June 6

Sanibel
CONDOS

1 new listing: Nutmeg Village #209 2/2 $675K.

5 price changes: Sundial #I103 1/1 now $349.5K, Loggerhead Cay #411 2/2 now $523.9K, Nutmeg Village #308 2/2 now $769K, Sanddollar #A104 2/2 now $829K, Sedgemoor #206 3/3.5 now $2.875M.

4 new sales: Sundial #I304 1/1 listed for $389K, Loggerhead Cay #583 2/2 listed for $540K, Sundial #O302 2/2 listed for $699K, Tarpon Beach #305 2/2 listed for $750K.

5 closed sales: Sunset South #1B 2/2 $515K, Sandpiper Beach #505 $575K (short sale), Surfside 12 #B1 3/2 $854.5K, High Tide #A102 3/2.5 $1.2M, Anglers Key #201 3/3 $1.62M.

HOMES

4 new listings: 621 Lake Murex Cir 2/2 $509K, 2470 Harbour Ln 3/3 $999.9K, 5427 Osprey Ct 3/3.5 $1.2472M, 190 Violet Dr 3/2.5 $1.295M.

6 price changes: 3168 Twin Lakes Ln 3/2 now $579.9K; 1291 Sand Castle Rd 5/3.5 now $799K; 3351 Barra Cir 3/2.5 now $869,999; 904 Almas Ct 3/2.5 now $1.095M; 660 Anchor Dr 4/4 now $1.299M (short sale); 1206 Bay Dr 4/4.5 now $2.85M.

6 new sales: 1841 Ibis Ln 2/2 listed for $458K, 553 Lake Murex Cir 3/2 listed for $579K, 1284 Par View Dr 2/2 listed for $649K, 949 S Yachtsman Dr 3/2 listed for $775K, 2538 Blind Pass Ct 3/2 listed for $850K, 2279 Troon Ct 3/4 listed for $1.295M.

14 closed sales: 2007 Mitzi Ln 3/2 $399K, 9263 Kincaid Ct 3/2.5 $415K, 1890 Farm Trl 3/2 $427.5K, 3837 Coquina Dr 2/2 $415K, 1625 Serenity Ln 3/2 $480K, 706 Emeril Ct 3/2 $679.9K, 2550 Wulfert Rd 4/3.5 half-duplex $688K, 1300 Par View Dr 3/2 $726K, 1130 Seagrape Ln 4/3 $770K, 820 Angel Wing Dr 3/2 $910K (our listing), 1759 Jewel Box Dr 3/2 $917.5K, 5423 Osprey Ct 3/2.5 $1.337M, 4781 Tradewinds Dr 3/2 $1.485M, 1077 Bird Ln 4/4/2 $5M.

LOTS

1 new listing: 1311 Par View Dr $295,555.

2 price changes: 9239 Dimmick Dr now $159.9K, 4636 Rue Royale now $429K.

1 new sale: 659 Anchor Dr listed for $549K.

1 closed sale: 1325 Eagle Run Dr $395K.

Captiva
CONDOS

2 new listings: Sunset Beach Villas #2313 1/1 $539K, Beach Cottages #1403 2/2 $1.085M.

2 price changes: Sunset Beach Villas #2337 2/2 now $699K, Sunset Beach Villas #2332 2/2 now $699K.

1 new sale: Sunset Beach Villas #2316 1/1 listed for $525K.

1 closed sale: Sunset Beach Villas #2338 3/3 $773.5K.

HOMES
No new listings.

1 price change: 16428 Captiva Dr 7/8/2 now $9.75M.

1 new sale: 11532 Wightman Ln 2/2 listed for $1.35M.

1 closed sale: 1129 Logifolia Ct 4/5 $5.3M.

LOTS

Nothing to report.

Best wishes to all for a terrific weekend!

It will be summer beach weather with those afternoon showers still likely here!

Almost Memorial Day 2014 on Sanibel & Captiva Islands

Posted on May 23, 2014 by SanibelSusan

Just in time for a 3-day weekend, SanibelSusan is ready for some holiday real estate business. Island weather is almost in full summer-mode with a few afternoon showers expected to crop up inland. It is AOK if they occasionally hit the islands too since rain still is needed and the after-affects usually make for great sunsets.

With the islands quiet earlier in the week, our listings only had a handful of showings. A report of the Multiple Listing Service action over the last seven days follows a couple of news items. You will notice that another of our Mariner Pointe listings (the 3 bedroom) went under contract this week and we had a nice Gumbo Limbo home closing this afternoon.

19th Annual RPAC Auction & After-Season Party

19th Annual RPAC event with 2014 Assoc Prez, David Schuldenfrei; 2014 RPAC Chair, Toby Tolp; & FL Realtors Sr VP for Public Policy, John Sebree

19th Annual Sanibel-Captiva RPAC event with 2014 Assoc Prez, Dave Schuldenfrei; 2014 RPAC Chair, Toby Tolp; & FL Realtors Sr VP for Public Policy, John Sebree

This annual Sanibel & Captiva Islands Association of Realtors® event was held Wednesday again this year at The Sanctuary Golf Club. It included a golf outing, silent, and live auctions, plus after-party, all to benefit RPAC (REALTORS® Political Action Committee).

Wondering what RPAC is or does? If there is a federal, state, or local topic related to real estate, owner rights, and property values, you can expect a Realtor® PAC to be involved. In recent years, on the islands, we have benefitted from PAC money helping with such issues as water quality, flood insurance, beach re-nourishment, and build-back.

Wondering how each RPAC dollar is spent? 30% goes to the national Realtors® PAC, 45% goes to Florida Realtors® PAC, and 25% goes to the local associations.

For many years, the Sanibel and Captiva Islands Association has led the state in several fund-raising categories including the most RPAC dollars raised and the highest percentage of goal for a small board. Last year, we won four of the five trophies awarded, so you know what we want this year.

A special guest at this year’s event was Florida Realtors® Senior Vice President of Public Affairs, John Sebree, from Tallahassee. It was such a treat to have him update our members on what he and RPAC are doing. SanibelSusan’s “mystery basket” of closing gifts was auctioned off and SanibelSusan again was a major donor.

Tab for Captiva Beach Re-nourishment

Captiva Beach re-nourishment (10/13) photo by NBC-2

According to an article posted Wed in the “Captiva Current”, “Captiva Island property owners are about to get an invoice in the mailbox. Owners holding some 1,108 properties are on the hook for about $5.7 million of a project designed to replace sand lost to erosion and storms. The 3-month Captiva Beach Re-nourishment Project cost nearly $20 million. The work replenished sand to nearly five miles of exquisite Captiva beachfront. The work ended in December. It is considered vital in protecting the region from storm damage, but nice beaches with fluffy sand also attract investment and tourists. Captiva is rated among the world’s finest vacation spots.

“The U.S. Army Corps of Engineers initially had pledged $8 million towards the project, but yanked the funding due to technical issues related to easement and beach access, causing howls of resentment at the last-second decision. Lee County in 2013 upped its commitment to the project by $1 million to $7.1 million. Other sources covered all but $5.7 million in the restoration project.

“The bottom line is that Captiva must pony up the balance. Letters to individual property owners go out beginning May 19. There will be a June 5 public meeting at the ‘Tween Waters Inn/Resort, where property owners can voice concerns, applaud the decision. But it won’t change much, officials concede. The 5:01 p.m. meeting time has the flavor of a final notice.

“Some contention was raised May 13 by Mike Mullins, chair of The Captiva Community Panel, the island’s oversight group, voicing doubts about the formula for spreading the debt fairly among property owners. Mullins inferred he absorbed a large bill for a 2010 re-nourishment project, that homes were assessed differently based on the number of structures on a private residence, Mullins inferred he absorbed a large bill for a 2010 re-nourishment project, that homes were assessed differently based on the number of structures on a private residence, he said. Multiple structures could signify rental or multifamily, but not necessarily, Mullins said. The formula is largely based on home value, but the recreational and storm-benefit value also are figured into the complicated formula. “Homesteaders should be considered differently than second home (owners),” Mullins said.

“The invoice could be as low as $500, but go well above that figure considering the extreme value of some of Captiva’s beachfront homes. Each property will receive a bill. Property owners will have the choice fo paying the bill upfront, or spreading it over seven years, officials with the governing Captiva Erosion Prevention District said.”

National Flood Insurance Program Effective May 1

With flood insurance continuing to be a frequent question from prospective buyers and ground-level island homes popular, I thought it worth repeating the following article that was posted on-line by the National Association of Realtors® (NAR) back on April 30:

“Effective May 1, 2014, all buyers of older properties (“pre-FIRM”) will see a premium rate reduction under the Homeowner Flood Insurance Affordability Act of 2014. Instead of jumping to “full cost” for flood insurance, buyers will assume the seller’s Oct-2013 rate for a pre-FIRM property.

“NAR prevailed upon FEMA to implement this provision seven months early. FEMA also extended the rate relief so all pre-FIRM properties (including 2nd homes and businesses) will begin paying Oct-2013 rates when they purchase or renew their flood insurance after May 1, including:

ALL buyers of a pre-FIRM property, not just those whose seller has an existing policy;
ALL recent owners who apply for a new flood insurance policy on a pre-FIRM property;
ALL recent owners who reinstate an old pre-FIRM policy that previously lapsed for any reason;
ALL recent owners who renew a policy on a pre-FIRM property bought or newly insured after the 2012 Biggert-Waters law.

“While expediting the rate relief, FEMA must still issue refunds to all those who paid more than their Oct-2013 rate.

“NAR will continue working with FEMA and Congress to quickly issue these refunds to anyone overcharged for flood insurance under Biggert-Waters.

“NAR Flood Insurance Resources on the Web:

The Resort & 2nd Home Market

Summer or the “off-season” is education time for most island Realtors®. This weekend, I will be updating the class that I teach in early June to students looking to get their “Sanibel & Captiva Islands Specialist (SCIS)” designation. Earning that designation requires completing 12 different modules, each specific to buying and selling real estate on the islands. The module on the resort and 2nd home market is my specialty. I wrote this module three years ago and it has become more popular each year as that market has grown.

According to NAR’s 2014 Investment and Vacation Home Buyers Survey, last year, vacation home sales were up 29.7% over 2012, with 38% of buyers paying cash. Nationally, vacation home sales accounted for 13% of all transactions last year, their highest market share since 2006. Here on the islands, those numbers are significantly higher.

Sanibel & Captiva Islands Multiple Listing Service Activity May 16-23, 2014

Sanibel

CONDOS

No new listings.

5 price changes: Sundial #H411 1/1 now $277.5K, Loggerhead Cay #451 2/2 now $475K, Mariner Pointe #332 2/2 now $499.9K (our listing), Loggerhead Cay #583 2/2 now $540K, Sundial #E108 2/2 now $799K.

2 new sales: Mariner Pointe #711 3/2 listed for $599.9K (our listing), Tamarind #A101 2/2 listed for $1.505M.

5 closed sales: Sanibel Shores #2 2/1 $289K, Sanibel Moorings #1322 2/2 $400K, Pointe Santo #E21 2/2 $650K, Sundial #E208 2/2 $780K, Pointe Santo #C25 3/2 $825K.

HOMES

4 new listings: 580 Birdsong Pl 3/2.5 $599K, 1228 Anhinga Ln 3/2 $625K, 9448 Cotten Ct 3/2 $898K, 676 Anchor Dr 3/3 $965K.

5 price changes: 490 Elizabeth Dr 2/2 now $379K; 1504 Angel Dr 4/3 now $745K; 917 Pepper Tree Pl 4/3 now $799,407; 1528 Angel Dr 3/2 now $864K; 857 Birdie View Pt 3/2.5 now $1.029M.

5 new sales: 1744 Bunting Ln 4/2 listed for $599.7K, 1063 S Yachtsman Dr 3/2 listed for $675K, 1529 Sand Castle Rd 3/2 listed for $787.5K, 1058 Fish Crow Rd 4/3 listed for $849K, 2279 Troon Ct 3/4 listed for $1.295M.

8 closed sales: 736 Cardium St 3/2 $385K, 1659 Serenity Ln 3/2 $600K (our buyer), 1213 Par View Dr 3/2.5 $700K, 3711 Agate Ct 3/2.4 $784.5K, 5690 Pine Tree Dr 3/2 $745K, 4622 Rue Belle Mer 4/2 $788K, 2749 Wulfert Rd 3/3.5 $900K, 5115 Joewood Dr 4/3 $944K.

LOTS

No new listings.

1 price change: 3792 Coquina Dr now $339K.

1 new sale: 1325 Eagle Run Dr listed for $475,555.

1 closed sale: Middle Gulf Dr $525K.

Captiva

CONDOS

2 new listings: Tennis Villas #3111 1/1 $255.5K, Bayside Villas #5130 1/2 $275K.

2 price changes: Ventura Captiva #5B 3/3.5 now $975K, Lands End Village #1665 2/2 now $1.195M.

No new sales.

1 closed sale: Beach Villas #2634 3/3 $746.5K.

HOMES

Nothing to report.

LOTS

Nothing to report.

Happy Memorial Day!

Sanibel/Captiva Islands Weekend Forecast = Low Humidity, Sunny Skies, Low 80’s

Posted on May 16, 2014 by SanibelSusan

It has been another week of pretty nice weather on Sanibel & Captiva Islands. The first of the summer showers arrived on Wednesday to the begin of the “rainy season”, but the water was needed. A gorgeous weekend is forecast with low humidity, sunny skies, and day-time temperatures in the low 80’s.

There was low turnout at our first summer bi-weekly Realtor® Caravan meeting yesterday and only eight properties were on tour. (That is not many new listings for a 2-week period.)

Teammate Dave held our new listing at Mariner Pointe (#811) open with just a handful of visitors.

Sand Pointe pool

He had nearly as much action the day before when he held Sand Pointe #122 open for a few hours.

It appears that a few condo owners still are poking around.

It is always positive to have those walk-ins at Open Houses.

Here are a few news items followed by the activity posted in the Sanibel and Captiva MLS since last Friday.

Our “Sanibel Scoop with Captiva Chatter” newsletter is due back from the printer soon, so when it is, the next few days will be spent doing the mail-out chores we refer to as “lickin’ & stickin”. If you want to be on our mailing list, please send me at email Susan@SanibelSusan.com.

A Win for the Caloosahatchee

Wondering what the future holds for our water quality?

It was good news to read the below article in the “Island Sun” today.

“The Conservancy of Southwest Florida legally challenged and won a fight to protect the Caloosahatchee. State Judge Bram Canter agreed with the Conservancy’s position that the South Florida Water Management District “went too far” and was “clearly erroneous” in its new proposed rules to redirect water away from the Caloosahatchee.

“”The Caloosahatchee is one of America’s most endangered rivers,” said Robert Moher, Conservancy of Southwest Florida president and CEO. “This waterway already faces extremes of too much or too little fresh water. Taking more water away from our treasured river during dry seasons would further exasperate a dire situation and lead to further ecological damage in the near term and long run.”

“In February, the South Florida Water Management District put forward a rule it was developing to reserve water in the proposed C-43 reservoir for supplementing flows to the Caloosahatchee during dry periods – clearly a desirable goal. However, the same rule would also have expanded protections for other water users at the expense of the river itself – clearly a problematic outcome.

“”The district’s language, if unchallenged, would further contribute to negative consequences for our environment and the tourism economy on which we all thrive,” said Jennifer Hecker, director of natural resource policy with the Conservancy of Southwest Florida….Heckler says with the right balance of fresh water releases, during the wet and dry seasons, the Caloosahatchee can become a healthier and more productive ecosystem and, in turn, enhance our regional economy and quality of life.

“Prior to filing suite, Moher said the Conservancy of Southwest Florida repeatedly reached out to the district advocating for a more balanced alternative. “The Conservancy is known for providing sound research and presenting balanced solutions,” said Moher. “Litigation is always a last resort. We are pleased with the judge’s ruling. This is a win for Southwest Florida land, water and wildlife.”

“To get involved with or to learn more about the Conservancy’s campaign to save the Caloosahatchee, visit www.conservancy.org/ripple-effect.”

More Home Buyers Bring Cash to Closing

How about this news from the National Association of REALTORS® (NAR) last week:

“All-cash purchases are on the rise, despite a decrease in distressed sales and investor activity, according to NAR’s REALTORS® Confidence Index…. All-cash sales made up 33% of transactions in the first quarter, compared to 31% in 2013.

““Distressed home sales, most popular with investors who pay cash, have declined notably in the past two years, yet the share of all-cash purchases has risen,” notes Lawrence Yun, NAR’s chief economist. “At the same time, investors have declined as a market share, indicating other changes have been underway in the marketplace.”

“Distressed home sales fell to 15% in the first quarter. For comparison, in 2013, they were 17% of the market and in 2012 they comprised 26% of sales. NAR predicts that distressed home sales will drop to a single-digit market share by the fourth quarter of this year. Meanwhile, investors’ share in the market is also falling – at 19% in the first quarter of this year compared to 20% of buyers in 2012.

““These findings beg the question as to why we’re seeing higher shares of cash purchases,” Yun says. “The restrictive mortgage lending standards are a factor, but the higher levels of cash sales may also come from the aging of the baby boom generation, with more trade-down and retirement buyers paying cash with decades of equity accumulation.”

“Trade-down buyers have been rising – making up 29% of buyers last year, according to NAR. Also, “a majority of foreign buyers pay cash as well, and the five-year bull run of the stock market has also provided financial wherewithal among higher wealth households,” Yun notes.

“In Florida, more than half of all homes purchased were from all-cash deals, according to NAR’s data.

“Florida is the most popular state for international buyers, who generally pay cash, as well as vacation-home buyers who frequently pay cash,” Yun says. “In addition, downsizing retirees are known to pay cash from the proceeds of their homes in the north. This helps to explain the disparity there, but that isn’t the case in most other states.” All-cash deals account for close to four out of 10 transactions in Nevada, Arizona, and West Virginia.”

30-Year Mortgage Rate Reaches New Low for the Year

After I posted last Friday’s blog, I saw this article sourced to “Freddie Mac” on Realtor®Mag’s “Daily Real Estate News”:

“The 30-year fixed-rate mortgage averaged 4.21% this week, the lowest since November 2013, Freddie Mac reports in its weekly mortgage market survey.

“”Mortgage rates continued moving down following the decline in 10-year Treasury yields after a dismal report on real GDP growth in the first quarter,” says Frank Nothaft, Freddie Mac’s chief economist. Freddie Mac reports the following national averages for mortgage rates for the week ending May 8:

“30-year fixed-rate mortgages: averaged 4.21%, with an average 0.6 point, dropping from last week’s 4.29% average. Last year at this time, 30-year rates averaged 3.42%.

“15-year fixed-rate mortgages: averaged 3.32%, with an average 0.6 point, dropping from last week’s 3.38% average. A year ago, 15-year rates averaged 2.61%.

“5-year hybrid adjustable-rate mortgages: averaged 3.05%, with an average 0.5 point, holding the same as last week. Last year at this time, 5-year ARMs averaged 2.58%.

“1-year ARMs: averaged 2.43%, with an average 0.4, dropping from last week’s 2.45%. A year ago, 1-year ARMs averaged 2.53%.”

Sellers Are Becoming More Aggressive in Pricing

According to a report issued by Redfin Research Center (May 8, 2014), more home sellers want to get aggressive with the pricing of their home. Forty percent of sellers say they plan to price their homes above market value, according to the latest Redfin Real-Time Seller Survey of 1,128 active home sellers across 25 U.S. cities.

“That can be a risky strategy and backfire, says Paul Reid, a Redfin Riverside area real estate professional. “Buyers this year are far less tolerant of overpricing, and homes that aren’t priced appropriately are likely to sit on the market until the seller is forced to reduce the price,” says Reid about the survey results. “Buyers often interpret a price drop as a sign there is something wrong with the home, leading some to negotiate even more aggressively or lose interest altogether.” In Riverside, 30.4% of homes for sale had seen a price drop as of March, compared to nearly 21% last spring.

“Fifty-one percent of home sellers say they plan to price their home in the middle range based on local comparable sales. About 8% say they plan to price their home low.

“Thirty percent of sellers surveyed say that rising prices over the past year has made them feel more confident about the security of a home investment. Sixty percent said that the rising prices have not changed the way they feel about their home as an investment.

“While more sellers say it’s a good time to sell, they do have some concerns when finding their next house. Sellers’ top concerns are affordability, competition, and low inventory in finding their next home, according to the survey.”

3 Tips for Selling a Small Kitchen

Many buyers are in search of great kitchen space. But the kitchen can be one of the trickiest rooms to stage, especially when the space is small.

“If your seller’s house is lacking in kitchen space, it’s important to make it look as appealing as possible”, says Megan Morris, founder of MHM Professional Staging. Morris, who has worked with celebrity clients, offers up these three tips to help sell a small kitchen:

1. Remove all clutter and appliances from the countertops, leaving only one or two decorative items. This will make the space appear cleaner and larger, she says.

2. Make sure the kitchen is getting plenty of light. Dark spaces appear smaller, Morris says, so to open up the space make sure any windows are allowing maximum light through. If that’s not possible, add appealing forms of artificial lighting to do the trick.

3. If the cabinets have seen better days, consider painting them white. White reflects light and helps make a space feel much bigger and open.”

Good Things Happen With an Electric Co-op

LCEC (Lee County Electric Co-op which services Sanibel & Captiva Islands) announced in its May newsletter that “the Board of Trustees recently approved an equity distribution of $12.2 million to current and retired members’ accounts. Members with accounts closed since 2006 will receive a total of $6.1 million. Customers with current and retired accounts will receive a total distribution of $6.1 million. Over the years LCEC has returned more than $220 million in equity to its customers…. Only about half of the 1,000 electric cooperatives in the U.S. return equity to customers.

“In June, checks will be mailed to active members receiving more than $250. Customers received $250 or less will receive a credit on their electric bill….”

Survey Reveals What’s Hot and What’s Not

When I read this article on Daily Real Estate News on-line yesterday, I had to agree with what this Redfin survey reported:

“What are some of the most popular home features luring home buyers? The real estate brokerage Redfin surveyed 435 of its real estate professionals across the country to find out what the biggest real estate trends are with home features. According to the survey, real estate professionals identified the following features as the most popular among home buyers:

•    Open floor plans
•    Move-in-ready homes
•    Granite in areas such as bathrooms or kitchens
•    Upgraded windows
•    Locations near public transportation
•    Energy-saving appliances
•    Large closets
•    Updated lighting fixtures
•    Two-story home with a bedroom on the main floor
•    Wood floors

“The survey revealed the following home features are not popular with home buyers:

•    Popcorn ceilings
•    Carpet
•    Lack of parking
•    Small kitchens and bathrooms
•    Minimal amount of natural light
•    Dated homes
•    Wallpaper
•    Low ceilings
•    Limited storage space
•    Loud location on a busy street”.

Sanibel & Captiva Islands Multiple Listing Service Activity May 9-16, 2014

Sanibel
CONDOS

6 new sales: Seashells #15 2/2 $325K, Seashells #33 2/2 $349K, Sanibel Siesta #105 2/2 $439.5K, Sanibel Arms #C1 2/2 $499K, Sandalfoot #3D3 2/2 $630K, Nutmeg Village #313 2/2 $1.35M.

1 price change: Loggerhead Cay #474 2/2 now $469.9K.

6 new sales: Tennisplace #B24 2/1 listed for $299.9K, Sundial #G407 1/1 listed for $339K, Sanibel Arms West #J6 2/2 listed for $490K, Sundial #J407 2/2 listed for $539K, Sayana #103 2/2 listed for $715K, Sandals #D 4/3 listed for $1.975M.

5 closed sales: Mariner Pointe #732 2/2 $369.5K, Sunset South #1C 2/2 $424K, Pointe Santo #E32 2/2 $695K, Compass Point #133 2/2 $1.1295M, Sanibel Seaview #B1 3/3 $1.35M.

HOMES

8 new listings: 1434 Sand Castle Rd 3/2 $575K, 9247 Dimmick Dr 3/2 $629K, 2569 Coconut Dr 2/2 $639K, 1284 Par View Dr 2/2 $649K, 949 S Yachtsman Dr 3/2 $775K, 1529 Sand Castle Rd 3/2 $787.5K, 201 Violet Dr 3/2 $895K, 297 Ferry Landing Dr 3/3 $1.389M.

1 price change: 1526 Bunting Ln 5/3 now $525K.

9 new sales: 966 Fitzhugh St 2/1 listed for $299.9K, 966 Greenwood Ct 3/2.5 half-duplex listed for $398.5K, 2011 Mitzi Ln 2/1 listed for $435K, 2551 Sanibel Blvd 3/2 listed for $489K, 1278 Sand Castle Rd 4/3 listed for $749K, 705 Oliva St 3/2 listed for $799K, 512 Periwinkle Way 3/3 listed for $925K, 235 Daniel Dr 3/2 listed for $1.195M, 1307 Seaspray Ln 4/3.5 listed for $1.595M.

4 closed sales: 950 Sand Castle Rd 3/2 $485K, 791 Pen Shell Dr 4/3 $1.1M, 2520 Harbour Ln 3/2.5 $1M, 909 Lindgren Blvd 4/3 $1.1427M.

LOTS

Nothing to report.

Captiva
CONDOS

No new listings.

4 price changes: Bayside Villas #5144 1/2 now $275K, Beach Villas #2618 2/2 now $665K, Ventura Captiva #5B 3/3.5 now $985K, Lands End Village #1667 2/2 now $1.095M.

No new or closed sales.

HOMES

1 new listing: 17020 Captiva Dr 7/8/2 $6.75M.

1 price change: 16660 Captiva Dr 5/5.5 now $14.85M.

1 new sale: 16447 Captiva Dr 7/6/2 listed for $2,999,999 (short sale).

1 closed sale: 1114 Schefflera Ct 4/3.5 $1.699M.

LOTS

Nothing to report.

Looking to talk about island real estate this weekend?

Call SanibelSusan (888-603-0603 or 239-472-HOME (4663).

Some of the best island deals can be made this time of the year!

Mother’s Day Weekend – Real Estate Happenings on Sanibel & Captiva Island

Posted on May 9, 2014 by SanibelSusan

With Mother’s Day just around the corner, it was another week of fabulous weather on Sanibel and Captiva Islands – bright blue skies, gorgeous teal gulf waters, unobstructed sunrises and sunsets, and temperatures in the 60’s/70’s at night and 80’s/90’s almost every day.

Donax Street Beach Access Today 05-09-14 at 2 p.m.

This also was the first week of 2014’s real estate “off-season”, with no Association of Realtors® Caravan meeting yesterday and very few showings this week. It’s true what the locals say about May and October being some of the best months to be on the islands – nice weather, little traffic, no waits, and lower rental rates – just not a lot of real estate action then.

Our pals in the vacation accommodation business advise that Sanibel is at only about 45% occupancy now. May is expected to be quiet right up until Memorial Day weekend, but reservations pick up in June when schools are out and families begin their summer vacations.

Beach in front of West Wind Inn on Tues 05-06-14 at 1 p.m.

Below are a couple of new items followed by the action over the last seven days posted in the Sanibel & Captiva Islands Multiple Listing Service.

Survey: More Owners Think It’s a Good Time To Sell

Here is some good news that FloridaRealtors® posted on line yesterday:

“Americans’ outlook toward the housing market continued to improve in April – and perhaps foreshadow an increase in housing activity in the coming months – according to results from Fannie Mae’s April 2014 National Housing Survey.

“The share of respondents who believe it’s a good time to sell a home increased for the third consecutive month to an all-time high of 42%, an encouraging sign since many potential homebuyers will need to sell a home before entering the purchase market.

“In addition, the share of respondents who say it’s a good time to buy a home remained steady at 69% following a gradual climb since the beginning of the year. Notably, although consumers remain generally split regarding their ability to get a mortgage, fewer respondents are concerned about losing their job – which may encourage potential homebuyers to enter the market.

“”Consumer attitudes about the current home selling environment have improved and now are at the most favorable level we’ve seen in the survey’s four-year history,” says Doug Duncan, senior vice president and chief economist at Fannie Mae. “These results are in line with our expectations for increased housing activity and gradual strengthening of the housing market going into the spring and summer selling season.””

Luxury Home Sales Soar Above Historical Average

When I read the following Realtor®Mag on-line article this week, it crossed my mind that Sanibel sales this year mirrored some of these findings.

“Affluent buyers are feeling bullish about housing, as luxury home sales skyrocket, Bloomberg reports. Million-dollar homes in the U.S. are selling at double their historical average, according to data released by the National Association of REALTORS®.

“Sales of homes that cost $1 million or more increased 7.8% in March compared to a year earlier. Meanwhile, sales of homes that cost $250,000 or less — which represent about two-thirds of the housing market — dropped 12% in March year-over-year. “The real estate market is the ultimate reflection of confidence, wealth, and income,” says Sam Khater, deputy chief economist at CoreLogic.

“Transactions for homes costing $2 million or more soared 33% in January and February compared to a year earlier, according to an analysis by DataQuick of 25 of the top U.S. metro areas. The transactions were the highest for a two-month period since DataQuick began its tracking in 1988.

““The luxury markets are on fire,” Christie’s International CEO Bonnie Stone Sellers told Bloomberg. “The trends in luxury housing are similar to trends in other luxury goods. Whether you’re buying a third home in Manhattan as a pied-a-terre or another Picasso, these are acquisitions of passion, of lifestyle, and of experience.”

“There have been some blockbuster sales recently. The latest to grab headlines was the $147 million sale of an East Hampton’s property, which now carries the title as the priciest home sale ever in the U.S. This came two weeks after the sale of a single-family home in Greenwich, Conn., known as Copper Beech Farm shattered home records at the time at $120 million.

““The stock market is very strong, and this is a way to monetize and concretize some gains,” says Gary Wasserman, CEO of Allied Metals Corp., who is looking to boost his personal real estate portfolio. “We had quite a shock to our collective confidence in 2008 and 2009. The resurgence of the economy has underscored for us that this country remains a very strong place, and that the future remains strong.”

Source: “Million-Dollar Home Sales Thrive While Low End Stumbles,” Bloomberg Businessweek (May 2, 2014).”

10 Energy-Saving Tips for a Hot Summer

While reading my on-line Eco-Broker® newsletter this month, I noticed the following timely article which they sourced to “freshome Design & Architecture”. Since the islands have already had some 90-degree temperatures, these ten energy saving tips may come in handy:

“While we all look forward to the summer months for warmer weather, and enjoying the great summer nights, higher energy bills are not welcomed. Whether you are running your air conditioning more often, using more water to take showers, or you’re using more electricity to run fans to get a cool breeze, energy saving tips can help your pocket and the Earth. This summer before you crank down the air conditioning another 10 degrees, look to these energy saving tips to help you through this hot summer, your pocket will thank you!

“1. Replace your outdated air conditioning unit: If you live in a home that is over 20 years old, it may be time to consider purchasing a new unit that is more energy efficient. Even if you have lived in your home for a shorter period, but live in extreme climate areas, such as desert communities, also consider replacing your unit. Look for units that cost less to run and have energy approved program standards. This can differ depending on your geographic location.

“2. Alternate methods of cooking: Instead of using your oven everyday, consider using your microwave or grilling outside this summer. Heating your oven up daily adds more heat to your interiors and therefore requires your air conditioning cooling system to work harder and longer. If you do need to use your oven, consider baking in the morning hours when your air conditioning may not need to be used and it’s cooler outside.

“3. Automate your thermostat: If you are still using a manual thermostat to adjust the air conditioning in your home, consider replacing with an automatic one that can be programmed to keep your home warmer when you are not home. Then in turn, you can program it to come on before the family gets home.

“4. Keep the hot sun out of your home: When leaving your home, or in times of the day when the sun is at its hottest, pull your window treatments closed to block out warm rays. Your interior spaces will feel cooler and your air conditioner won’t work as hard.

“5. Give your air conditioning a break: Using a ceiling fan to move air around in your home instead of air conditioning can give a much needed break to your air conditioning. Save energy and cool your space down for less money with the use of oscillating room and ceiling fans.

“6. Take cooler and shorter showers: When taking a shower in your home, turn down the temperature of the hot water to save energy. Decrease the duration of how long you stay in the shower to save on your hot water tank usage. Consider installing a tankless water heater to heat water only when needed, as opposed to an entire tank, which sits in your garage, basement or utility space.

“7. Install more energy-efficient light bulbs: Change out your current incandescent bulbs to more efficient ones, for example: compact fluorescent bulbs use less energy to use as well as emit a brighter light. They also last longer, and therefore need to be replaced less often, in turn saving you money.

“8. Have you air conditioning unit serviced regularly: Ensure that you keep your air filters changed regularly per the manufacturers directions, and have a professional HVAC maintenance person service your unit every year. This will help your investment keep working properly for years into the future, while saving you money now.

“9. Ensure your air conditioning pipes are sealed: Examine the pipes, and connections, as well as vents in your home to ensure proper sealing and caulking between the connections. What’s the point in cooling your home, if half of the cool air is cooling the attic? If you’re not familiar with how to do this, have the HVAC maintenance person help you.

“10. Spend more time outside of your home: Summertime is a perfect excuse to get out and enjoy it! From swimming in community pools to having a picnic or getting exercise outdoors, spending less time in your house will help your energy consumption bill. While you can’t spend every minute outdoors, the summer weather should push you to the outdoors.

“Saving energy this summer shouldn’t be a major challenge. Use these 10 helpful energy saving tips to protect your wallet, save the Earth and keep you and your family cool this summer. There are hundreds of ways to save energy, do your part in making this summer enjoyable for all, and by keeping your energy consumption to minimum levels to give your pocket a break too!”

U.S. Climate Report Says Global Warming Impact Already Severe

Here are some excerpts from an article by Darryl Fears published in the “Washington Post” on Tuesday. Though this topic is not complete real estate related, perhaps these snippets will be a wake-up call to some.

“Global warming is rapidly turning America the beautiful into America the stormy, sneezy and dangerous.”

“The government’s newest national assessment of climate change declares that increased global warming is affecting every part of the United States. The report released Tuesday cites wide and severe impacts: more sea-level rise, flooding, storm surges, precipitation and heat waves in the Northeast; frequent water shortages and hurricanes in the Southeast and the Caribbean; and more drought and wildfires in the Southwest.

“Temperatures at sea, on land and on ice all point to a warming trend over the past century, according to several indicators in the government’s National Climate Assessment. “For a long time, we have perceived climate change as an issue that’s distant, affecting just polar bears or something that matters to our kids,” said Katharine Hayhoe, a Texas Tech University professor and a co-author of the report. “This shows it’s not just in the future; it matters today. Many people are feeling the effects.”

“The federal climate assessment — the third since 2000 — brought together hundreds of experts in academia and government to guide U.S. policy based on the best available climate science. The authors of the more-than-800-page report said it aims to present “actionable science” and a road map for local leaders and average citizens to mitigate carbon and other gas emissions that warm the planet….Echoing the findings of a recent global report by climate scientists at the Intergovernmental Panel on Climate Change, U.S. scientists said that the climate is changing in the United States and that the warming of the past 50 years was primarily caused by emissions of heat-trapping gases released by humans. Burning coal for electricity, using gasoline to fuel vehicles, clear-cutting forests and engaging in certain agricultural practices that remove carbon-trapping vegetation contribute to the problem, the assessment said.

“By the end of the century, temperatures could be up to 5 degrees higher, even if the nation acts aggressively to reduce greenhouse gas emissions. It could be up to 10 degrees hotter if emissions are high. The higher the temperature, the more dire the impact. Extreme weather in the United States caused by climate change has increased in recent decades, the report said.

“The decade starting in 2000 was the hottest on record, and 2012, the year Hurricane Sandy followed an epic summer drought, was the hottest ever recorded in the nation’s history, the report said. U.S. temperatures are 1.3 degrees to 1.9 degrees Fahrenheit higher now than they were in 1895, and most of that increase — 80% — occurred over the past 44 years, the assessment says.

“Alaska warmed twice as fast as the rest of the country in the past 60 years, leading to permafrost thaw that is causing highways and even airport runways to sink.

“The authors pointed to major concerns for the mid-Atlantic region, which includes the District, Maryland and Virginia. “As sea levels rise, the Chesapeake Bay region is expected to experience an increase in coastal flooding and drowning of wetlands” that protect against storm surge, the report said. That’s especially bad because the lower bay region is at higher risk as a result of sinking land. Water quality would decline and low-oxygen “dead zones” would increase.

“If there are higher greenhouse gas emissions, the majority of Maryland and Delaware, and parts of West Virginia and New Jersey, are projected to have 60 extra days per year of temperatures topping 90 degrees starting around the middle of the century, the report said.

“The effects sound alarming, but there are reasons to be optimistic that they can be mitigated, said David Wolfe of Cornell University, a lead co-author of the report’s chapter on change in the Northeast.

Business leaders are looking more toward investments in renewable energy, he said. This report, unlike the first two, has a Web site with interactive tools that show Americans how to reduce climate impacts.

“It will be a living document, a resource for people,” he said. “It’s a place to start….”

“The climate experts worked for several years, holding 70 workshops nationwide and revising the final drafts to reflect thousands of public comments. They were guided by a 60-member panel called the National Climate Assessment and Development Advisory Committee.

“Climate change is leading to heat-stress events, forcing people with respiratory illnesses to turn to devices such as inhalers or to hospitals, the federal assessment said. It is resulting in more severe allergies and waterborne illnesses as pathogens increase. Minority communities are particularly vulnerable….

“Thirty percent of carbon released into the atmosphere ends up in the ocean, leading to acidification that’s killing coral and shell life. Coral protects young fish from predators, and tiny shellfish, at the bottom of the food chain, help feed entire ecosystems….”

Sanibel & Captiva Islands Multiple Listing Service Activity May 2-9, 2014

Sanibel

CONDOS

3 new listings: Captains Walk #A2 1/1 $259K, Sundial #K105 2/2 $888K, Sanibel Seaview #C3 4/4 $2.2M.

4 price changes: Sundial #C301 1/1 now $325K, Sundial #I301 1/1 now $350K, Shell Island Beach Club #5D 2/2 now $759K, Sayana #202 2/2 now $859K.

1 new sale: Sunset South #1C 2/2 listed for $439K.

4 closed sales: Mariner Pointe #1091 2/2 $375K; Sanibel Moorings #422 2/2 $449,999; Lighthouse Point #130 2/2 $440K; Beachcomber #C302 2/2 $1.6225M.

HOMES
2 new listings: 705 Oliva St 3/2 $799K, 5076 Joewood Dr 3/2 $975K.

9 price changes: 966 Fitzhugh St 2/1 now $299.9K; 5289 Umbrella Pool Rd 3/2 now $499,995; 2079 Wild Lime Dr 3/2 now $549K; 3001 Singing Wind Dr 3/2 now $559,555; 1744 Bunting Ln 4/2 now $599.7K; 497 Lake Murex Cir 4/3 now $715K; 987 Sand Castle Rd 4/3.5 now $729K; 4500 Waters Edge Ln 2/2 now $799K; 1206 Bay Dr 4/4.5 now $2.995M.

6 new sales: 2007 Mitzi Ln 3/2 listed for $399K, 736 Cardium St 3/2 listed for $439K, 1777 Serenity Ln 5/4.5 listed for $779K, 2667 Coconut Dr 3/3 listed for $825K, 4781 Tradewinds Dr 3/2 listed for 1.595M, 1077 Bird Ln 4/4/2 listed for $5.999M.

8 closed sales: 1846 Ardsley Way 2/2 $319.9K, 531 Birdsong Pl 3/2 $419K, 1121 Skiff Pl 3/2 $500K, 710 Pyrula Ave 2/2 $569.5K, 1356 Tahiti Dr 3/2 $645K, 4472 Waters Edge Ln 3/3 $700K, 1818 Buckthorn Ln 3/3 $850K, 5795 SanCap Rd 3/3 $990K.

LOTS

1 new listing: Beverly Ln, Lot 19 $196K.

No price changes.

2 new sales: 4309 Gulf Pines Dr listed for $299K, 1042 Blue Heron Dr listed for $449K.

2 closed sales: 3334 Saint Kilda Rd $280K, 1837 Buckthorn Ln $314.5K.

Captiva
CONDOS

1 new listing: Bayside Villas #5316 3/3 $639K.

No price changes or new sales.

1 closed sale: Marina Villas #708 2/2 $557.5K.

HOMES

1 new listing: 11547 Captiva Dr 2/2 $1.375M.

No price changes.

1 new sale: 16464 Captiva Dr 8/8.5 listed for $7.995M.

1 closed sale: 11541 Laika Ln 4/4 $1.65M.

LOTS

Nothing to report

Happy Mother’s Day Weekend to all

It’s Still a Great Time to Buy Island Real Estate as the Month of May Begins with Great Weather on Sanibel & Captiva

Posted on May 2, 2014 by SanibelSusan

As SanibelSusan wraps up another real estate week on the island, there are 25 finalized Sanibel sales to report: 17 condos and eight homes. Two of the condos were SanibelSusan listings.

Those closings bring total Sanibel closed sales year-to-date up to 154 (69 condos, 75 homes, and 10 lots). Another 85 Sanibel properties are under contract (31 condos, 50 homes, and 4 lots). The total number of closed sales year-to-date are just a tad ahead of last year when 148 properties had sold by now (52 condos, 86 homes, and 10 lots). This winter the most popular product was high-end condos.

Our weekly report below describes the activity posted in the Sanibel & Captiva Islands Multiple Listing Service over the last seven days, including our new listing at Mariner Pointe. (Below is a slide show of some of the amenities at Mariner Pointe.)

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First some island and real estate news:

Dunes Traffic Study Results

In preparation for The Dunes roads being resurfaced in the summer of 2015 (a project expected to cost in excess of $700,000) and as follow-up on the concerns of some residents that their community is being used as a “cut-through” for commuters during “season”, the City performed a traffic study of The Dunes and nearby roadways in March.

The results of the study were presented in a special meeting at The Dunes Pavilion this week when it was reported that 64% of the vehicles accessing the Dunes during the study’s peak period (4-6 p.m. March 19-21) were “pass-through” traffic.

Sanibel Public Works Director, Keith Williams, who spoke during the meeting, said “That total is higher than your typical neighborhood, but it doesn’t appear that speeding is an issue here, although we have heard several complaints about that.” Interestingly, the study also concluded that through-out the 2-hour peak period, eastbound traffic along Periwinkle Way averaged 5 miles per hour. Many Dunes residents at the meeting completed a feedback survey and offered suggestions.

Island Night – Save the Date

Sanibel’s 21st Island Night is Wednesday, June 4. This is the 21st year of the celebration which in 2004 was renamed Sam Bailey’s Island Night in honor of Sam whose vision was to bring the island communities together for a common purpose.

The fun begins at Hammond Stadium at 6:15 p.m. with a parade around the ball field.

The game is at 7:05 p.m. with the Fort Myers Miracle versus the Lakeland Flying Tigers.

Free tickets are available from sponsors and at Bailey’s General Store. Contributions, which have totaled more than $150K over the years, have been distributed to help many local organizations, non-profits, and scholarships.

Mark your calendar on June 4 to enjoy a fun-filled night with the locals – camaraderie, baseball, your favorite ballpark concessions, plus cake from The Bubble Room!

Housing Recovery Ending? Not Yet

“Realtor®Mag” on-line posted the following article last Friday:

“”Several housing reports out this week have painted a picture of a sluggish start to the spring-selling season. New-home sales plunged 14.5% in March, reaching the lowest level in eight months, according to the Commerce Department. Existing-home sales posted a slight drop in March, falling 0.2% from February, but the sales volume was at its lowest point since July 2012, according to the National Association of REALTORS® (NAR).

“So is the housing recovery ending? Not yet, housing experts say.

“Several challenges persist: Low housing inventories, tight access to mortgage financing — particularly for first-time home buyers — and the decrease in housing affordability as home prices and mortgage rates rise, notes Rick Sharga, an executive vice president at Auction.com who used to be an exec at Carrington Mortgage Holdings and RealtyTrac.

“Still, Sharga says the recovery remains on track. “This feels like a relatively normal market correction,” he notes in a column for HousingWire. “Prices rose rapidly and have stayed high due to limited inventory, causing affordability issues for potential home buyers. This has created a bit of a lull in terms of sales volume, but prices continue to go up, albeit more slowly. That, in turn, will create more positive equity and eventually result in more homes — existing and new — on the market, which will cause prices to soften, hopefully in tandem with somewhat more lenient lending practices.”

“Lawrence Yun, NAR’s chief economist, also sees an uptick in housing in the months ahead.

“With ongoing job creation and some weather-delayed shopping activity, home sales should pick up, especially if inventory continues to improve and mortgage interest rates rise only modestly,” he says.”

The Worst Is Over, But the Best Is Nowhere Near

Another “Realtor®Mag” article posted on-line this week offered good follow-up to the article above, when at a recent legislative and leadership summit for real estate managers, economists and industry leaders, NAR Chief Economist Lawrence Yun had more to say:

“The country isn’t likely to fall into a repeat recession, NAR chief economist Lawrence Yun told real estate management professionals meeting in Washington, D.C., last week. But that’s hardly cause for celebration among economists.

“On the plus side, the country has added nearly 8 million jobs, replacing all those lost during the downturn, Yun said. Growth in consumer spending and high household net worth also bode well for the economy.

“However, Yun was quick to stress, the economy is not thriving by any means. Business spending is growing at the slow, steady rate of 2%, he said, rather than a sustained 5% to 10% rate that would suggest real economic growth. Yun said businesses are “flush with cash.” While corporations typically leverage funding to outspend profit levels, recent data shows business spending and profits to be nearly equal, as executives are leery of overspending. This has resulted in improved balance sheets for most organizations, including banks.

“Yun’s comments came during the Institute for Real Estate Management’s 2014 Legislative and Leadership Summit held April 5-9.

“Diving into real estate industry data, Yun said commercial real estate is slowly recovering from 2009, when transactions declined by 90%. Multifamily has steadily outshined the other sectors, partly because of the inability of many renters to convert to home ownership.

“Another factor contributing to the strong performance of multifamily real estate is the lack of supply. “New construction in all sectors has yet to recover in any meaningful way,” Yun said. Housing construction, in particular, would need to rise by more than 50% to be restored to previous levels. This persistent under production of single-family and multifamily housing will continue to lead to low vacancy rates and rising rents for this sector, Yun said.

“After sharing the market outlook, Yun was joined by real estate industry leaders Jeff Day, CEO of Berkeley Point Capital LLC, and Jonathan Miller, partner at Miller Ryan LLC and author of the Urban Land Institute’s Emerging Trends in Real Estate.

“When asked where he would invest in the current market, Miller stressed the desirability of “24-hour cities — large cities in global pathways linked by international transportation hubs.” According to Miller, this is where the major part of the economy is growing and where most institutional and foreign capital is concentrated. Other areas are more lackluster, he said, with both market prices and rents for office buildings remaining stagnant for up to two decades in some cases. “It’s a have and have-not situation,” Miller said.

“Still, the panel said the big-city model is being successfully replicated in smaller markets, such as Reston, Va., where a town center is home to a vibrant community with condominiums, movie theatres, and other retail spaces, attracting young professionals.

“Yun predicted that both the Millennial and boomer generations will contribute to the desirability of condominiums in these 24-hour cities. “I’d invest in 24-hour cities that are developing. Look at areas where traffic is getting worse,” Yun said. “Build condos in 24-hour cities. Apartments are already there, but there is a pent-up demand for condos. A sizable number of renters will want to convert over to ownership. Therefore, property management of condos will be rising.”

“The panel also forecast continued economic success in Texas cities and up through the middle of the country in the so-called “energy states.”

“Addressing office-sector trends, Day told the audience to look for more amenities being offered on business campuses. The new model is to “glue them to the campus with dry cleaning, food, and so forth,” Day said, allowing workers to interact and complete personal business on-site.

“When asked about the demand for green features in commercial real estate, panelists agreed that generally, lenders are interested in making sure they make loans on sustainable income streams. To that end, green features can be desirable, but factor into more of a capitalistic decision than an altruistic one.

“Ultimately, the panelists agreed, the outlook for commercial real estate is good, with all sectors in recovery mode. Money is flowing again, they said. This will lead to continued growth in the industry — and demand for professional real estate managers to keep things operating strongly.”

Countries Where There’s a Rush for U.S. Real Estate

If you missed the “24/7 Wall Street” article earlier this month, here is how it was reported in on-line “Daily Real Estate News” on April 15. Made me think about how my advertising budget is reaching these buyers.

“Foreign buyers are being lured to U.S. real estate due to what they perceive as bargain prices, economic stability, and a “safe haven for investors,” 24/7 Wall St. reports. Interest in U.S. real estate from international buyers in ten countries has soared since 2009 by 95% or more. In nine of those countries, the interest has at least doubled, according to data from RealtyTrac. “The U.S. real estate market is coming off of a rough patch and entering recovery mode,” says Daren Blomquist, RealtyTrac’s vice president. “International buyers see it as a great time to jump in and catch the U.S. market on the upswing.” 24/7 Wall St. compiled data from RealtyTrac to find that the following countries are showing the highest increases in interest in purchasing American homes.

United Arab Emirates: Growth in prospective home buyers: 352.2%, Share of international prospective buyers: 1.1% (12th highest)
Switzerland: Growth in prospective home buyers: 269.7%, Share of international prospective buyers: 2.1% (8th highest)
Hong Kong & China: Growth in prospective home buyers: 254.2%, Share of international prospective buyers: 4.1% (4th highest)
France: Growth in prospective home buyers: 190%, Share of international prospective buyers: 2.8% (6th highest)
Italy: Growth in prospective home buyers: 178.4%, Share of international prospective buyers: 1.9% (10th highest)
United Kingdom: Growth in prospective home buyers: 153.8%, Share of international prospective buyers: 12.1% (2nd highest)
Australia: Growth in prospective home buyers: 121.9%, Share of international prospective buyers: 11% (3rd highest)
Canada: Growth in prospective home buyers: 107.7%, Share of international prospective buyers: 45% (the highest).”

Homes Are Getting Bigger

There were some fun statistics posted in the May issue of “Florida Realtor®” magazine that arrived this week. This info is according to Census Bureau data and the National Association of Home Builders (NAHB).

The average new-home size has continued to rise, from 2,362 sq. ft. in 2009 to 2,679 sq. ft. in 2013.
The share of new homes with at least four bedrooms has risen from 34% in 2009 to 48% last year.
From 2005 to 2011, the number of annual new-home sales has dramatically declined, from 1.28 million to 306,000.

Lee County Meeting Venues

Occasionally, I am asked, “Where could my company hold a business meeting or conference on Sanibel?”

That’s a tough question if your company is a large one, as even our 350+member local Association of Realtors® has had trouble through the years finding spots to hold our weekly caravan and membership meetings.

Several years ago, the Association purchased the commercial strip mall where Finnimore’s Cycle Shop is located and converted the upper floor into conference spaces and meeting rooms.

The April issue of “Gulfshore Business” magazine listed the largest Southwest Florida meeting venues.

Here are the ones in Lee County.

Note that only Sundial Beach Resort is on Sanibel and South Seas Island Resort on Captiva.

Sanibel Harbour is nearby, close to the toll booth before the causeway.

“Germain Arena: 171,000 sq. ft.
Alico Arena: 120,000 sq. ft.
Lee Civic Center: 90,000 sq. ft.
Hyatt Regency Coconut Point Resort & Spa: 73,000 sq. ft.
Sanibel Harbour Marriott Resort & Spa: 45,000 sq. ft.
Harborside Event Center: 42,000 sq. ft.
Broadway Palm Dinner Theatre: 36,000 sq. ft.
South Seas Island Resort: 28,000 sq. ft.
Sidney Berne Davis Art Center: 10,000 sq. ft.
Sundial Beach Resort: 10,000 sq. ft.
The Westin Cape Coral Resort at Marina Village: 10,000 sq. ft.
Crowne Plaza Fort Myers at the Bell Tower Shops: 8,500 sq. ft.
DiamondHead Beach Resort: 8,000 sq. ft.
Holiday Inn Airport @ Town Center: 7,000 sq. ft.

Sanibel & Captiva Islands Multiple Listing Service Activity April 25-May 2, 2014

Sanibel

CONDOS

4 new listings: Sanibel Arms West #J4 2/2 $475K, Mariner Pointe #811 2/2 $499K (our listing), Sanibel Siesta #308 2/2 $500K, Pointe Santo #A21 2/2 $819K.

3 price changes: Sundial #H111 1/1 now $279K, Coquina Beach #5D 2/2 now $375K, Sunset South #1C 2/2 now $439K.

2 new sales: Breakers West #B5 2/2 listed for $459K, Sandpiper Beach #302 2/2 listed for $599K.

17 closed sales: Donax Village #9 1/1 $248K, Captains Walk #C1 2/1 $280K, Sundial #H107 1/1 $298K, Beach Road Villas #104 2/2 $313K (our listing), Kimball Lodge #263 1/1.5 $314K, Beach Road Villas #102 2/2 $330K, Seawind #102 2/2.5 $380K, Sundial #J108 2/2 $460K, Compass Point #212 2/2 $520K, Sundial #Q302 2/2 $625K, Nutmeg Village #105 2/2 $650K, Loggerhead Cay #121 2/2 $699K, Surfside 12 #C3 3/2 $750K, Sanibel Arms #F8 2/2 $775K, Kings Crown #302 2/2 $890K (our listing), Janthina #1A 3/2 $1.03M, Sedgemoor #103 3/3.5 $2.35M.

HOMES

7 new listings: 966 Greenwood Ct 3/2.5 Half-duplex $398.5K; 2098 Wild Lime Dr 2/2 $435K; 320 Palm Lake Dr 2/2 $439K; 1841 Ibis Ln 2/2 $458K; 490 Christine Rd 2/2 $629,555; 3131 Twin Lakes Ln 3/2 $724,999; 842 Limpet Dr 3/3.5 $1.675M.

6 price changes: 421 Lake Murex Cir 3/2 now $515K, 1294 Sand Castle Rd 3/2 now $529K, 9228 Belding Dr 2/1.5 now $545K, 4563 Brainard Bayou Rd 3/2 now $599K, 4648 Buck Key Rd 3/2 now $685K, 1206 Bay Dr 4/4.5 now $3.15M.

8 new sales: 553 Lake Murex Cir 3/2 listed for $579K, 1019 Lindgren Blvd 3/2 listed for $769K, 1130 Seagrape Ln 4/3 listed for $799K, 2552 Harbour Ln 3/2 listed for $895K, 1001 Kings Crown Dr 3/2.5 listed for $899K, 395 Old Trail Rd 5/4 listed for $899K, 6010 White Heron Ln 3/2.5 listed for $959K, 9007 Mockingbird Dr 3/3 listed for $1.075M.

8 closed sales: 1252 Sand Castle Rd 3/2 $500K, 710 Pyrula Ave 2/2 $569.5K, 460 East Lake Rd 2/2 $589K, 5307 Ladyfinger Lake Rd 3/2.5 $575K, 977 Black Skimmer Way 3/2 $570K, 923 Pepper Tree Pl 3/2 $700K, 5049 Joewood Dr 6/7.5 $3.8M, 906 Snowberry Ln 4/4.5 $4.1M.

LOTS

Nothing to report.

Captiva
CONDOS
Nothing to report.

HOMES

No new listings.

1 price change: 16249 Captiva Dr 3/3 now $2.375M.

1 new sale: 15361 Captiva Dr 5/4 listed for $2.595M.

1 closed sale: 17201 Captiva Dr 4/5.5 $3M.

LOTS

Nothing to report.

Here’s to another cheerful Friday on Sanibel Island! Cheers! Susan

Sanibel Scoop & Captiva Chatter

SanibelSusan's Blog About What's Happening on the Islands

Tag Archives: Real estate

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