Tag Archives: Sanibel Florida

Mid-August Real Estate Scoop About Sanibel & Captiva Islands

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It’s the end of another week of wonderful weather on Sanibel. Here are a few news items, followed by the real estate activity posted this week in the Sanibel & Captiva Islands Multiple Listing Service.

Did You Know?

Here’s another terrific reason to be on Sanibel Island. These statistics really put things in perspective. The summer issue of the Sanibel Historical Museum and Village newsletter “Sanibel’s Village Voice” says: “Sanibel (17.5 sq. mi.) and Manhattan (22.96 sq. mi.) are close to the same size, yet Sanibel’s population is 6,469 and Manhattan’s is about 1.6 million.”

In other news about the Museum, coming soon to the Village are Shore Haven, a Sears kit home, and its caretaker cottage. They are hoping to welcome them to the Village in September.

Sanibel & Captiva Islands Association of Realtors® Continuing Education

Our local association of Realtors®-sponsored 14-hour continuing education class was this week.  Since my license renewal is next winter, this off-season event was a great time to get these education requirements out-of-the-way early.

On Tues morning at o’dark-thirty, 17 of us boarded a Captiva Cruises vessel with Kristie Anders, Education Director of the Sanibel-Captiva Conservation Foundation (SCCF). In addition to getting a terrific boat ride around Captiva, North Captiva, and up/down Roosevelt Channel, Kristie updated us on recent island development from an environmental standpoint, building code changes, mangrove trimming, and preservation issues. As a daily commuter by boat from her home on North Captiva to Sanibel, Kristie has a keen eye for manatees and dolphins, so she spotted several for us to enjoy along the way.

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That morning education session wrapped up at Island Water with a tour of their facility, a presentation on the state of the reverse-osmosis plant, its history, water sources, statistics on how much water islanders use today, how to better conserve, and their plans for the future.

One of the first signs from J.N. “Ding” Darling Wildlife Refuge. As the story goes, Ding himself was seen nailing one of these to a tree in the Refuge.

The afternoon session presented again by Kristie but at SCCF’s Education Center included statistics from the local Visitor and Convention bureau about current sources of county and island visitors, their vacation preferences, and time of year/length of stays. She also gave us her presentation “The City That Almost Wasn’t” which is a new one offered periodically at SCCF and describing how Sanibel came to be. (I post SCCF’s schedule each month on my website and blog, so check them out if you would like to attend this presentation too. It’s definitely a winner!)

2-day Loggerhead turtle with cord still attached where it connected to egg sac

To answer some questions from the floor, Kristie brought in local SCCF animal expert, Dee Serage Century who brought us up-to-day on the travels of the Sanibel Bear, a coyote family that now resides on Sanibel, the new female crocodile, and other tales of island wildlife coexisting with humans.

The last black indigo snake on Sanibel (per SCCF). Species is endangered in Florida.

We also received a tour of the live turtle exhibits, an up-close-and-personal visit with Sanibel’s only black indigo snake which is a protected species, and a chance to photograph a 2-day-old baby Loggerhead turtle. It is amazing how these tiny hatchlings, make it into the gulf, and survive to grow into such huge creatures.

Mangrove diamond-backed turtles

Kristie also updated Realtors® on state and local water quality issues, ongoing projects at the Marine Lab, and SCCF’s current land preservation projects. SCCF offers a free one-year membership to any new island property owner. Local Realtors® help SCCF in facilitating them.

The 2nd day of class covered Negotiations and Core Law. Though these are not usually fun subjects, our instructor, Mel King from the Royal Institute of Real Estate in Fort Myers, made it more enjoyable by including several case studies particularly suited to our island market and today’s real estate challenges. I think he was impressed that island Realtors® demonstrated strong business practices and ethics. (A true plus from working on a small barrier island!)

4 Strong Reasons to Buy a Home Now

An article posted this week in the “Daily Real Estate News” says:

“It’s hard to argue against buying a house now, assuming you can get a loan,” writes John Waggoner, a columnist with USA Today. Sure, Waggoner says that getting a credit check for approval of a mortgage can be a “only slightly less intrusive than a CIA background check,” but for those who are able to qualify, a lot of analysts say that now can be a good time to purchase a home.

1. The price is right. The median single-family home price hit its lowest in more than a decade when it reached $154,600 in January, according to the National Association of REALTORS®. That was the lowest since October 2001. During the height of the housing market in July 2006, the median home price for a single-family home was $230,900.

2. It’s cheaper to buy than rent. In nearly every major metro market, it is cheaper to buy a home than rent. Rents have been on the rise the last few years and are predicted to continue to rise. Meanwhile, home affordability is at record highs, which means that buying a home is more within reach to the median income family.

3. Inventories of for-sale homes are shrinking. Ned Davis Research estimates that excess inventories of homes to be eliminated by the end of next year. “When excess supply dries up, people start building more new houses, which has the virtuous effect of reducing the unemployment rate and increasing the economy generally,” according to the USA Today article.

4. Mortgage rates are at record lows. Mortgage rates have hovered near record lows for weeks which have helped push housing affordability higher. For example, the average 30-year fixed-rate mortgage, which is the most popular among home buyers, is 3.59%, according to Freddie Mac—just above its record low set on July 26 of 3.49% average. “It’s conceivable that at some point in the next 30 years, your interest rate would be less than the rate of inflation,” writes Waggoner for USA Today.”

Sanibel Summer Dining

Last week, I mentioned a couple of new island restaurants. Today I noticed the first announcements of Sanibel restaurants closing for their annual vacations and pre-season spruce-ups. Trader’s Cafe & Store will be closing for seven weeks after dinner tomorrow (reopening Oct 3).

The Over Easy Cafe will be closed from Sept 10-20. Still plenty of time to in fit a few meals at The Over Easy before they take their break. Dog lovers particularly like the outdoor seating at The Over Easy where pets are welcome. Today I spotted an adorable Maltese enjoying the patio.

Sanibel & Captiva Islands Multiple Listing Service Activity August 10-17

Sanibel
CONDOS
4 new listings: Casa Blanca #6 1/1 $274.9K, Sanibel Moorings #1042 2/2 $449K, Sundial #G201 2/2 $539K (foreclosure), Sundial #L202 2/2 $695K.
6 price changes: Ibis at The Sanctuary #A202 2/2 now $348.9K, Sundial #J103 1/1 now $397K, Sundial #I203 1/1 now $439K, Cottage Colony West #101 1/1 now $498K, Island Beach Club #220B 2/2 now $529K, Shell Island Beach Club #5B 2/2 now $744K.
No new sales.
2 closed sales: Sand Pointe #212 2/2 $602K, Beachcomber #A101 2/2 $1.175M.

HOMES
1 new listing: 1824 Woodring Rd 4/4 $1.175M.
2 price changes: 1001 Lindgren Blvd 3/2 now $634K, 6009 Clam Bayou Ln 4/3 now $877K.
4 new sales: 2134 Egret Cir 3/2 half-duplex listed for $369K, 613 Sea Oats Dr 2/2 listed for $375K, 963 Kings Crown Dr 3/3 listed for $795K, Plantation Village #103 4/3 listed for $1.29M.

1 closed sale: 3229 Twin Lakes Ln 2/2 $435K.

LOTS
No new listings, price changes, or new sales.
1 closed sale: 2299 Starfish Ln $303.5K.

Captiva
CONDOS
3 new listings: Bayside Villas #5144 1/2 $339.5K, Beach Villas #2433 $698.5K, Sunset Beach Villas #2238 3/3 $850K.
No price changes.
2 new sales: Tennis Villas #3120 1/1 listed for $215K, Bayside Villas #5228 1/2 listed for $299K.
No closed sales.

HOMES
Nothing to report.

LOTS
Nothing to report.

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

August is Sunny & Bright on Sanibel & Captiva Island

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The islands have had terrific weather again this week with no rain, just sunny days with bright blue skies. A former client stopped in this morning saying that when he went to the beach earlier it was nearly as busy as it is in the winter. We told him that it may slow down a bit next week, after local schools begin.

Last Friday, another client who owns a small Sanibel resort, also stopped in. She said that her facility has been busy much of the summer and now mostly with European visitors. She noted that one day all of her rooms were taken with German tourists – none who even knew one another. She mentioned some foreign guidebooks left behind starred Sanibel as a “must see” stop for visitors coming to Florida – probably more positive results from the national news about Sanibel being such a great vacation destination.

Here are a couple of other news items, followed by the week’s report of the Sanibel & Captiva Islands Multiple Listing Service action.

New Plantings at Lighthouse Beach Park

If you remember the photos posted after Tropical Storm Debby passed near Sanibel earlier this summer, you can appreciate that the City has completed planting a large group of green buttonwood trees along the access roadway to the lighthouse, intended to mitigate erosion during abnormally high tides and storm surges. Once established, the root structures of these trees will help to hold the sand in place and minimize damage from future events. Sanibel’s Director of Natural Resources, James Evans, is quoted saying “It was clear from the areas where erosion did not occur that the existing green buttonwoods and mangroves did a good job of protecting the shoreline.” In addition to these trees at Lighthouse Beach Park, the City is also putting in beach dune plantings at Bowman’s Beach Park, Tarpon Bay Beach, and Gulfside Park – funded by the Tourist Development Council Beach and Shoreline Program. (The photos above and below were taken this afternoon. Dave said that both parking lots were full at the Lighthouse – another busy Sanibel beach day – wooohooo!)

Lee County Commission Votes Against Tax Hike

As reported in the Fort Myers NewsPress.com, on Tuesday “Lee County commission voted to keep property tax rates at their current level for the upcoming fiscal year. In a 4-1 vote, commissioners agreed to set taxes at a maximum rate of 4.15% next year – the same they’ve been since fiscal year 2007-08, according to the clerk’s office. The rate can be lowered during budget hearings in September but not increased….”

FHFA Says Fannie, Freddie Will Not Reduce Mortgage Balances

An article posted in “Daily Real Estate News” midweek, says

“The Federal Housing Finance Agency announced Tuesday that after several months of mounting pressure from the Obama administrator and lawmakers that the mortgage giants it regulates, Fannie Mae and Freddie Mac, will not lower the mortgage principal of underwater home owners. Its decision quickly drew criticism. The FHFA insists that through its own analysis it has concluded that reducing the mortgage principal of struggling home owners will not help prevent foreclosures nor save tax-payers money in bailout money to the GSEs. The Obama administration says it disagrees with the FHFA’s decision. Treasury Secretary Tim Geithner was quick to argue that a reduction of struggling borrowers’ loan balances by the FHFA could save taxpayers up to $1 billion. “I do not believe it is the best decision for the country,” Geithner wrote to the FHFA shortly after it announced its decision. “You have the power to help more struggling home owners and help heal the remaining damage from the housing crisis.”

“The government had committed to helping to cover some of the costs to implementing such a program if the FHFA would permit mortgage principal reductions to move forward. Yet, Edward DeMarco, the FHFA’s acting director, says that the FHFA has concluded after months of consideration that “the anticipated benefits do not outweigh the costs and risks” with mortgage principal reductions, and that the agency stands by its original decision to not permit it. DeMarco says that only about 74,000 to 248,000 home owners would be eligible for the principal reductions, but developing and implementing such a program would prove costly. Plus, about 11 million Americans are underwater on their mortgages so the program would only be able to help a small share. DeMarco also said he was concerned reducing the mortgage principal on some home owners’ mortgages would prompt other borrowers to fall behind on their payments so that they could receive similar treatment.” (Source: “Fannie, Freddie Regulator Says No to Reducing Principal,” CNNMoney (July 31, 2012) and “Agency Bars Fannie and Freddie From Reducing Principal,” The Associated Press (July 31, 2012))

More Sanibel Bike Path Work

This week, the City’s contractor began the scheduled improvements on the shared use path along Tarpon Bay Road from Island Inn Road to West Gulf Dr.

Take care when biking in that area for the next 45 days.

Housing Market Lifts Off From the ‘Bottom’

Another “Daily Real Estate News” article, posted “Recent housing indexes have shown single-family home prices are on the rise, providing more evidence that the “bottom” of the market is already behind. “We’re wiping out just about all of the decline,” Joel Naroff, chief economist at Naroff Economic Advisors, told NBC.com about recent housing data showing home prices inching up. “It indicates the market has turned the corner on the pricing side.” Some recent housing indexes suggest that the “bottom” of the market was reached in January 2012. Since that time, housing prices have been picking up in many housing markets. But “the turnaround in home prices was unexpected,” says Patrick Newport, an economist with IHS Global Insight. “The conventional wisdom in February, following that landmark agreement [of the $26 billion mortgage settlement with the nation’s five largest banks], was that we would see a surge in foreclosures of some size that would lead to lower home prices. This surge never materialized and home prices have turned.”

            “Newport points to several signs of a housing market on the mend. For one, housing starts are up, after reaching a low in the fourth quarter of 2011. Also, he says the FHFA monthly House Price Index shows a 3.7% increase in May year-over-year, which he notes is higher than inflation and “means that real housing wealth, a consumer spending driver, was also up.” The increase in home prices is also leading to a fewer number of home owners who are underwater on their mortgages, owing more on their mortgage than their home is currently worth. The number of underwater home owners fell from 12.1 million at the end of 2011 to 11.4 million at the end of the first quarter this year, according to CoreLogic data. (Source: “Evidence Mounts that Home Prices Hit Bottom Last Winter,” NBC News (July 31, 2012))

New Fire Station Coming to Captiva

A recent article posted locally by Captiva Fire Chief Rich Dickerson, advises that after 33 years of service, the Captiva Fire Station is being retired. Completed in 1980 when the department had just four full-time paid staff, the facility now lacks the space needed to accommodate today’s staff of 11, plus volunteers. Planning for a new station began in 2008 and is targeted for completion in late 2013/early 2014. Not only will the new station be configured to accommodate today’s needs, it will be built to withstand a major hurricane, and designed to service as the main headquarters for a Disaster Unified Command team.         

NAR Emailing 82 Million Americans

A posting today on Florida Realtors® announced that “The National Association of Realtors® (NAR) started an email campaign last week. NAR says it will contact 82 million Americans – 75 million homeowners and 7 million renters – and explain actions in Washington that, if passed, would make homeownership less desirable.
            “The email has two goals. It first attempts to educate consumers about the value of homeownership. It then positions NAR as a consumers’ ally in any fight to keep federal benefits for housing, such as the mortgage interest deduction (MID) on federal income taxes. The MID has been mentioned in some government circles as one of the benefits that could be negated or cut back as the U.S. works to lower the federal deficit.
            “If an email recipient wants more information, he or she will be referred to HouseLogic, NAR’s consumer-facing website. NAR says a second and third set of emails may also be sent to consumers in the coming months if Congress takes any actions that would reduce federal support for homeownership.
            “NAR has posted more information about the email campaign, including a list of FAQs, on its website.” 

Sanibel & Captiva Islands Multiple Listing Service Activity July 27 – August 3

Sanibel
CONDOS
3 new listings: Beach Road Villa #106 2/2 $349K, Nutmeg Village #106 2/2 $649K, Sundial #K203 2/2 $784.5K.
1 price change: Pointe Santo #C32 2/2 now $650K.
1 new sale: Heron at The Sanctuary #2B 3/3.5 listed for $610K.
2 closed sales: Ibis at The Sanctuary #A201 2/2 $310K, Seawind #A103 2/2.5 $410K.
 
HOMES
2 new listings: 688 Cardium St 5/4 $419K, 1056 Sand Castle Rd 3/2 $849K.
8 price changes: 531 Piedmont Rd 2/2 now $314.9K, 2134 Egret Cir 3/2 half-duplex now $369K, 960 Palm St 3/3 now $374.9K (short sale), 2991 Singing Wind 3/2 now $379.9K, 293 Palm Lake Dr 3/2 now $430K, 1603 Sand Castle Rd 3/3 half-duplex, 220 Palm Lake Dr 3/3 now $529K, 553 Lighthouse Way 4/4 now $1.695M. 
3 new sales: 2102 Egret Cir 3/2 listed for $378.9K, 2130 Sunset Cir 3/2 listed for $487K, 731 Nerita St 3/2 listed for $499K.
4 closed sales:  1001 East Gulf Dr 2/2 $377K; 591 Boulder Dr 4/3 $591K; 1290 Bay Dr 3/2 $1,322,500; 5391 Shearwater Dr 3/3.5 $1.495M.
 
LOTS
1 new listing:  2562 Coconut Dr $349K.
1 price change:  1837 Buckthorn Ln now $425K.
1 new sale: 4771 Rue Helene listed for $436K.
 
Captiva
CONDOS
No new listings or price changes.
1 new sale: Captiva Hide-A-Way #1B 2/2 listed for $649K.
No closed sales.
 
HOMES
No new listings.
4 price changes:  11490 Dickey Ln 3/2 now $899K, 15891 Captiva Dr 5/4 now $2.995M, 16645 Captiva Dr 8/9/2 now $3.995M, 16730 Captiva Dr 5/4.5 now $4.695M.
No new sales.
1 closed sale:  11461 Dickey Ln 3/2 $1,027,500.
 
LOTS
Nothing to report.

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

Spring Turns Quickly to Summer on Sanibel & Captiva Islands

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Island Weather – We had a few much-needed showers here this week and spring is in full bloom. Here are some photos taken today by teammate Dave when he was out on his Friday rounds.

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Realtor Rally to Protect the American Dream

Yesterday as part of the National Association of Realtors Mid-Year Business Meetings in Washington DC, more than 13,500 Realtors® from across the country gathered on the steps of Capitol Hill to tell members of Congress that Home Ownership Matters – to people, to communities, and to America. Another nearly 14,000 attended the Rally virtually, through the internet. This gathering is particularly important now, because despite the heated rhetoric of an election year, Realtors® remain focused on home ownership, housing and real estate issues. We know that the challenges our country faces are not going away after November. We believe that everyone should have the opportunity to pursue the American dream of home ownership, and we will fight against obstacles that make it more difficult for people to buy, own and invest in real estate. Thanks to our Sanibel friend and National Association President this year, Moe Veissi from Miami, there was a huge group of attendees from Florida. From just our immediate area in Southwest Florida, last count showed 232 members at the Rally. I am proud to be one of them.

Vacation Homes Beckon

A client forwarded me an article by Joe Light from the May 4 Weekend Investor section of the “Wall Street Journal”. Good info there for those thinking of buying a second home. It said in part:

“If you’re thinking of buying a second home in the next five years, this might be your best opportunity…. Vacation-home sales are perking up as low prices pull more buyers off the fence. Yet many are looking for properties close to home instead of in far-off destinations….Near-record-low mortgage rates, bargain prices and dwindling home inventories are bringing some once-untouchable markets within reach for the first time in a decade, say housing-market experts….Sales of vacation properties fell 56% between 2006 and 2010, but climbed 7% in 2011 to 502,000, according to the most recent survey by the National Association of Realtors (NAR). Yet prices remain soft; according to NAR, the median price on vacation homes dropped more than 19% in 2011…Miami, for example, which already has seen prices of all homes drop 54% since 2007, according to Moody’s Analytics, is expected to lose about 0.1% annually over the next five years. Meanwhile, Napa, Calif., whose prices have also been slashed in half, could see prices rise nearly 10% a year. Realtors say they are even seeing such dichotomies within markets, with sales in more-desirable locations starting to perk up. In New York’s Hamptons, for example, homes positioned north of the Montauk Highway are languishing on the market for months, while well-maintained homes south of the highway, which are closer to the ocean, are sometimes getting multiple offers within days.”

“Factors to consider when deciding whether or not to buy a vacation home:

“The first: momentum. If you considered an investment in the stock market, looking at how prices moved over the past year would be a poor way to estimate future performance. On the other hand, research by Yale University Professor Robert Shiller, widely credited with predicting both the stock market crash of 2000 and the housing bust, has shown that momentum in home prices has staying power. Then again, prices have been dropping in many markets for five years already, and most experts believe the steepest drops already have taken place. And some stronger vacation-home markets, such as Burlington, Vt. (up 1.3% in the past year), have momentum on their side.

“A second point to consider: financing. Even though rates are low, lenders’ standards for making loans are tight. And real-estate agents say deals are falling apart even after buyers obtain initial mortgage commitments. That means buyers who can offer all cash have a leg up over those who make offers contingent on financing. Buyers who don’t want to tie up that cash forever might consider purchasing the house with cash and then taking out a mortgage later. All-cash sales dominate in some of the most beaten-down markets….” To read the entire article, here’s a link.

What Should a Seller Know

A recent case discussed in the May issue of Florida Realtor® expands on what a seller should reasonably know about material defects. Most Realtors® know that if they are aware of a defect that materially impacts the value of a listed property they must disclose that information to a prospective buyer. Examples of these defects include defective drywall, pest problems, leaky roofs, etc.

“In the 1985 case of Johnson v. Davis, the Florida Supreme Court ruled that a home seller who knows of facts that materially affect the property’s value, that aren’t readily observable and aren’t known to a buyer, has a duty to disclose them to the buyer. This is the law in Florida today.

“A nondisclosure claim under Johnson v. Davis has four elements: the seller of a home must know of a defect in the property, the defect must materially affect the property’s value, the defect must not readily observable by the buyer and must be unknown to the buyer, and the buyer must establish that the seller failed to disclose the defect to the buyer.

“Recently in Jensen v. Bailey, the 2nd District Court of Appeal rendered an opinion that focused on the first element of liability under Johnson v. Davis. Specifically, the court considered whether anything less than actual knowledge is sufficient to satisfy the first element.

“The facts of the case were as follows: The seller had done substantial remodeling. After closing, the buyer discovered that permits were required for the work but were never obtained, the work hadn’t been properly done and it didn’t conform to code. Reconstruction in conformity with newer, more stringent codes would be required.

“The trial court found no evidence that the seller knew that the contractor had failed to obtain permits or that the work hadn’t been property done, but it found that the seller was liable to the buyer based on a “should-have-known” standard. However, the appellate court disagreed, reversed the trial court’s final judgment, and held that in order to hold a seller liable under Johnson v. Davis, the buyer must prove that the seller actually knew of an undisclosed material defect.”


Sanibel & Captiva MLS Activity May 11-18:

Sanibel
CONDOS
1 new listing: Pelicans Roost #206 2/2 $849K.
11 price changes: Sundial #G207 1/1 now $249.9K, Tennisplace #E33 2/1.5 now $256K, Blind Pass #D205 2/2 now $263.4K, Sundial #D412 1/1 now $315K, Sea Pines #D 3/3 now $459K, Cottage Colony West #101 1/1 now $515K, Heron at The Sanctuary III #1B 3/2.5 now $599K, Pointe Santo #E32 2/2 now $789K, Sundial #E305 2/2 now $835K, Pointe Santo #C3 3/2 now $899K, Ferry Landing #1 2/2 now $1.195M.
5 new sales: Sundial #D305 1/1 listed for $269K, Lighthouse Point #217 3/2 listed for $339K, Signal Inn #2 1/1 listed for $379K, Sandpiper Beach #205 2/2 listed for $599K, Junonia #202 2/2 $799K.
8 closed sales: Colonnades #C55 1/1 $150K, Sanibel Shores #E 2/2 $259K, Sundial #F408 1/1 $277.5K, Sanibel Arms #C1 2/2 $398K, Sandalfoot #4A3 2/2 $500K, Cottage Colony West #138 1/1 $500K, Tarpon Beach #308 2/2 $615K, Tarpon Beach #301 2/2 $715K.

HOMES
3 new listings: 1052 Fish Crow Rd 3/2 $630K, 1206 Par View Dr 3/2 $759.9K, 2548/2550 Wulfert Rd 3/3.5 townhouse $799K.
4 price changes: 1647 Sand Castle Rd 3/2.5 half-duplex now $325K, 2027 Sunrise Cir 4/4 duplex now $516K, 561 Lake Murex Cir 3/2.5 now $629K, 9470 Balsa Ct 3/2 now $725K.
3 new sales: 1649 Sand Castle Rd 3/2.5 listed for $415K, 335 East Gulf Dr 3/2 listed for $725K, 5864 Pine Tree Dr 3/3.5 listed for $829K.
2 closed sales: 6101 Castaways Ln 4/2 $540K (short sale), 4809 Tradewinds Dr 3/3.5 $1.3M.

LOTS
No new listings or price changes.
1 new sale: 1114 Seagrape Ln listed for $475K.
1 closed sale: 1120 Olga Ave $250K (our listing & sale).

Captiva
CONDOS
No new listings, price changes, or new sales.
2 closed sales: Beach Villas #2516 1/1 $410K, Beach Homes #32 $1.665M.

HOMES
1 new listing: 14971 Binder Dr 3/3 $2.995M.
2 price changes: 11521 Laika Ln 3/3 now $1.375M, 11516 Andy Rosse Ln 6/6 now $2.175M.
No new or closed sales.

LOTS
Nothing to report.

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

Families Love Sanibel & Captiva Islands

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Sanibel weather this week has been terrific, though nearing summertime temperatures. All of a sudden, we have seen a huge drop-off in traffic and phone calls. Other offices report the same and our friends in the vacation-rental business said that rental inquires have dropped off to almost nothing this week. It is pretty typical for this time of the year with school years finishing up, graduations etc. Activity should pick up some over the Memorial Day weekend and then more as summer vacations begin.

There was light turn-out at our first off-season biweekly Realtor® Caravan Meeting yesterday. Only a handful of new listings were “open” for viewing, mostly properties that could not be viewed during high-season because of heavy rentals.

Here are a few island news items, followed by a report of the Sanibel and Captiva Islands Multiple Listing Service activity over the past seven days. To especially honor all the Moms, included are some fun postings for families.

Happy Mothers’ Day weekend to all!

Family-Friendly Destination

Below is an excerpt from an article posted Monday on a Canadian site called “Just the Facts Kid”. (www.justthefactskid.com/) It says:

“Parents would be hard-pressed to find a more family-friendly destination than Sanibel Island, Florida.

“It’s convenient…Located on the Gulf Coast side of Florida. Sanibel Island is just 45 minutes from the Fort Myers airport.

“It’s the perfect combination of nature and fun…Sanibel Island is just 12 miles long and five miles wide. More than 60% of the island is protected wildlife reserve and its white sand beaches go on for miles and miles. There is little to do besides swim, relax, play in the sand and hunt for seashells. (Sanibel boasts over 250 varieties!)

“It will make you feel like you’re in the islands…with all the American conveniences just a three-mile causeway ride away.”

Summer Happenings for the Kiddos

Every year it seems that there are more and more offerings on Sanibel and Captiva in the off-season for children. Here is a summary of some of the camps and special summer programs coming up:

BIG ARTS Summer Arts Camp – BIG ARTS is now accepting camper enrolments for its weekly “creative” sessions beginning in June. Camp runs Monday through Friday from 9 a.m. to 3 p.m. beginning June 4 and running through July 27. Activities include acrylic painting, ceramics, dance, glass fusing, photography, puppetry, improvisational acting, music appreciation, film editing, folk art, and general arts and crafts. Middle and high school students have the option to attend camp solely as a student or select to participate in the fine arts apprentice program, spending half day as a student and the other half assisting instructors of K-5 classes. Tuition assistance is available too. For more info, stop by BIG ARTS at 900 Dunlop Road, call 395-0900, email info@BIGARTS.org, or log on at www.BIGARTS.org.

“Ding” Darling Brings Back Family Programs – June 4 through August 15 the JN “Ding” Darling National Wildlife Refuge on Sanibel has free, fun programs designed especially for families. With support from the “Ding” Darling Wildlife Society – Friends of the Refuge (DDWS), the refuge is offering five free education programs this year. No pre-registration is necessary:

  • Natural Wonders, held every Wednesday, Friday, and Saturday at 1 p.m. – What makes a bird a bird? Why is a manatee called a “sea cow”? Is it a crocodile or alligator? Find the answers to these questions and more by joining a naturalist in exploring the refuge’s unique eco-system. Geared for adults and children, this 30-minute program meets in the Education Center Lab.
  • Indigo Trail Hike, held every Tuesday at 10 a.m. – Join refuge naturalists as they lead a one-hour tour identifying and discussing the eco-system’s plants, animals, birds, and reptiles. Fun for adults and children alike. Bring water and bug spray. Meet at the flagpole in front of the Education Center.
  • Refuge Caravan Tour, held every Wednesday and Saturday at 9:30 a.m. Ride along on a car caravan tour of the refuge’s Wildlife Drive. This 90-minute tour highlights the natural wonders of the unique mangrove ecosystem and the wildlife that call it home. Meet at the flagpole in front of the Education Center.
  •  Family Beach Walk, held every Thursday at 9 a.m. Back by popular demand and in partnership with the Bailey-Matthews Shell Museum, the program convenes at Gulfside City Park for a one-hour exploration of the refuge’s gulf-front Perry Tract. (City parking fees apply.)

For more info on the refuge summer programs, call 472-1100 or visit www.dingdarlingsociety.org.

Summer Day Camp at Sanibel Recreation Center – Summer day camp at the City of Sanibel Recreation Center begins on May 29. This year, the camp has 10 one-week sessions from 8 a.m. to 5 p.m. daily. Children who are entering first through eighth grade may attend one week or more. More info at www.mysanibel.com/Departments/City-Manager-s-Office/News/Sign-Up-Now-For-Sanibel-Recreation-Department-Youth-Summer-Day-Camp.

Junior Sailing Camp at Captiva Island Yacht Club – Registration is now open for the 3rd season of the Junior Sailing Camp to be held at the Captiva Yacht Club. The program is open to children ages 8 to 18 of all experience levels. At the end of each 2-week session students will be able to sail a boat single-handedly, be certified in powerboat safety, if they choose, and properly handle a kayak. The 1st session is from July 9 to 20 and will be geared toward the beginning sailor. The 2nd session is July 16 to 27 and will be geared toward sailors who have had an introduction to sailing and want to learn more about racing and tuning the boat for speed. Each Friday, the program will have “Fun Fridays” including paddle boarding, kayaking, and a sailing outing. At the conclusion of each session, students will demonstrate their new skills at a Parents’ and Friends’ Day Luncheon held at the Club. Get more info, including qualifications, at 472-9627 or www.CaptivaIYC.net.

Florida in Top Five for Home Price Appreciation

An article posted on Florida Realtors® today, says:

“Tighter housing inventories are starting to lift home prices, says Anand Nallathambi, CoreLogic’s CEO. CoreLogic’s latest home price index, which includes distressed sales, shows a slight month-over-month nationwide increase of 0.6% in home prices from February to March. But some markets are seeing much more of a price boost this spring, including Florida, which ranked No. 5 overall for home price increases. “This spring, the housing market is responding to an improving balance between real estate supply and demand, which is causing stabilization in house prices,” says Mark Fleming, CoreLogic’s chief economist. “Although this has been the case in each of the last two years, the difference this year is that stabilization is occurring without the support of tax credits and in spite of a declining share of REO sales.”
“States with highest appreciation – According to CoreLogic, the following states had the highest appreciation in March (this includes distressed sales):
• Wyoming: +5.9%
• West Virginia: +5.3%
• Arizona: +5.1%
• North Dakota: +4.7%
• Florida: +4.5%
“States with biggest depreciation – Meanwhile, the states with the greatest depreciation, when also figuring in distressed sales, are:
• Delaware: -10.6%
• Illinois: -8.3%
• Alabama: -8%
• Georgia: -7.3%
• Nevada: -5.8%”

Sanibel & Captiva Multiple Listing Service Activity May 4-11

Sanibel
CONDOS
No new listings.
7 price changes: Sundial #D412 1/1 now $315K, Pointe Santo #C4 1/1 now $494K, Kimball Lodge #263 1/1.5 now $496K, Pointe Santo #D24 2/2 now $655K, Pointe Santo #D35 2/2 now $679K, Oceans Reach #2D2 2/2 now $749K, Beachcomber #A101 2/2 now $1.495M.
4 new sales:. Captains Walk #D3 1/1 listed for $140K, Sundial #F407 1/1 listed for $297.5K, Pine Cove #102 3/2 listed for $879K, Sanctuary Golf Villages I #4 3/3 listed for $948K.
5 closed sales: Coquina Beach #5A 2/2 $300K, Coquina Beach #4G 2/2 $385K, Tarpon Beach #104 2/2 $645K, Sayana #202 2/2 $825K, Sundial #T306 3/2 $900K.

HOMES
3 new listings: 1809 Bowman’s Beach Rd 3/2 $600K, 1405 Jamaica Dr 3/2.5 $659K, 2498 Harbour Ln 4/3 $995K.
2 price changes: 1339 Par View Dr 3/2 now $659.5K, 2964 Wulfert Rd 5/5.5 now $2.464M.
5 new sales: 1657 Sand Castle Rd 2/2 half-duplex listed for $349K, 533 Rabbit Rd 3/2 listed for $499.5K, 740 Durion Ct 3/2 listed for $599K, 1244 Par View Dr 4/3 listed for $858.9K, 926 Whelk 4/3 listed for $1.295M.
6 closed sales:  3812 Coquina Dr 3/2 $405K; 1417 Causey Ct 3/2 $525K; 215 Robinwood Cir 3/2 $590K; 231 Daniel Dr 3/2.5 $725K; 1735 Jewel Box Dr 3/2 $747,757; 440 East Gulf Dr 3/2 $885K.

LOTS
No new listings.
1 price change: 133 Butterknife Pl now $339K.
No new sales.
2 closed sales: 555 Piedmont Rd $140K (our listing), 1326 Junonia St $267K.

Captiva
CONDOS
No new listings.
1 price change: Gulf Beach Villas #2116 1/1 now $439K.
1 new sale: Bayside Villas #5234 1/2 listed for $315K.
No closed sales.

HOMES
No new listings or price changes.
1 new sale: 11512 Andy Rosse Ln 2/2 listed for $945K.
2 closed sales:  14981 Binder Dr 3/3 $824K, 1 Sunset Captiva Ln 2/2.5 $1.35M.

LOTS
Nothing to report.

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

The Islands Are Flowering Every Month, Including May

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It is the end of another glorious week of sunny weather on Sanibel. Traffic has subsided and the islands are thinning out, but surprisingly, business again was brisk for us this week. Here are a few news items, followed the Sanibel and Captiva Islands Multiple Listing Service activity over the past seven days.

Here are some favorite island flowers to illustrate that with our Southwest Florida tropical weather, the islands of Sanibel and Captiva are colorful year-’round. Hope you like the one with the turtle.

No Realtor® Caravan This Week

Usually it is local “off season” signal when our Realtor® Caravans change from every Thursday to every other week. That off-season schedule began this week and probably will continue until November, or until business picks up again. Interestingly, for us at SanibelSusan Realty, however, this was another busy week.

I sold one of our lot listings to some European visitors, while an off-island Realtor® sold one of our condo listings. An offer on another condo is in the works, while our other two sales transactions (ready to close soon) are progressing well. All-in-all, it was another productive week, though unusual for this time of the year. All we can say is “keep it coming”.

Visit CROW’s New Visitor Center

On Monday evening, CROW (Clinic for Rehabilitation of Wildlife, Inc.) held an open house for island Realtors® at their new Healing Winds Visitor Center. Though I have been a long-time CROW member and supporter of this wonderful facility, it was my first opportunity to leisurely check out their new exhibits and talk to the new Hospital Director, Dr. Heather Barron. Dr. Heather joined their staff in January.

This special event was a follow-up to CROW Executive Director Steve Greenstein’s recent presentation to our Association membership. If you also have not recently visited CROW, please put it on your “do list”. I have some free passes to the Visitors Center and their daily (Tues through Sat) programs at 11 a.m. are continually changing as are the exhibits in the Center. Geared to educate adults and children alike, CROW’s offerings have greatly expanded during my 20 years on Sanibel as has their number of patients. If you plan to visit CROW during one of these 11 a.m. programs, consider a Friday, when they often have live animals in their cooperative presentation with partners from the Calusa Nature Center.

Is Florida’s Shadow Inventory a Rebound Threat?

This article was posted on Florida Realtors® on Tuesday. Note, the full report – The Distressed Property Market and Shadow Inventory in Florida: Estimates and Analysis – is available online.

“The term “shadow inventory” hangs over the real estate market, suggesting a thinly veiled catastrophe seen through the mist, just as the passengers of the Titanic watched an iceberg draw closer. However, a white paper written by Florida Realtors® Chief Economist Dr. John Tuccillo finds the fear of a shadow inventory overrated.
““The fear…is that the inventory of delinquent and foreclosed loans (will be released onto) an already weakened market,” says Tuccillo. “(But) the reality, even in Florida where distressed properties make up a significant portion of the market, appears to be different.” Tuccillo says lenders have no reason to flood the real estate market with more homes if doing so would drive prices down and impact the lender’s profit. While some observers worry that lenders were holding back on purpose, Tuccillo says that’s not so – that the large number of distressed properties on hold was “largely the result of confusion over the rules of the game, and thus missteps by the lenders.”
“In conducting an analysis, Florida Realtors® Research looked at data from MLSs around the state and data provided by CoreLogic, a statistical analysis company. “We looked at the recent history of distressed property listings and transactions relative to normal market data, as well as estimates for the shadow inventory, and came to some conclusions about the likely course (for the) future,” says Tuccillo.
“Conclusions
• Florida remains one of the nation’s hardest hit states for distressed property sales.
• Distressed property sales and listings have declined since late 2010, except for single-family-home short sales.
• Average prices for distressed and normal property sales have been stabilizing.
• In general, Realtors and lenders have learned how to cope with distressed properties in a way that stabilizes the market.
• Florida’s highest percentage of distressed property (compared to total listings) occurs in the I-4 corridor and Southeast Florida; the lowest percentages occur in Northwest Florida.
• Currently, Florida’s shadow inventory was 550,000 units at the end of 2011, a decline of about 9% from its peak in the first quarter of 2010.
• Currently, the flow of new seriously delinquent (90 days or more) loans moving into the shadow inventory is offset by the roughly equal flow of distressed sales (short sales and REOs).
• The number of foreclosures and REOs was significantly lower in February of 2012 than one year earlier, suggesting slower shadow inventory growth.
“Tuccillo predicts that distressed properties will be a significant feature of the Florida real estate market over the next ten years, but it will be considered just one property type a buyer can consider – one that has its own unique sales techniques and documentation.”

Update on Citizens (Wind) Property Insurance

An article in the Miami Herald on Tuesday offered the following:

“Citizens Seeks Fewer Customers, Higher Premiums – Citizens Property Insurance has some new ambitious goals: Move as many as 678,000 policyholders out of state-run insurance and once again become the “insurer of last resort.” Its strategy: Enact a flurry of policy changes that will undoubtedly raise premiums and reduce coverage for thousands. Citizens which unveiled the aggressive “depopulation” plan this month in a revised budget proposal, says it is doing so to prevent statewide financial havoc in the wake of a major hurricane. “Citizens has the ability to levy assessments (hurricane taxes) on almost all Florida policyholders in the event of a deficit after a storm,” spokeswoman Christine Ashburn said in an email. “The long term goal will continue to be returning policies to the private market, which is ultimately how we can reduce the reliance on assessments.”
“But some homeowners have already been impacted by the first wave of Citizens’ campaign to drastically reduce its size and shore up its finances. Patricia Temple, of Coral Gables, is bracing for a $2,150 premium increase this year, after Citizens sent an inspector to her home and decided her payments were too low. “I have to do what I have to do because I (can) not be without insurance,” said Temple, who is 79 and retired. “But I don’t understand how they can do this if the Legislature put in a 10% cap on rate increases.” Temple became a Citizens client after Liberty Mutual, her insurer of 50 years, dropped her. Though she says she has not made a property insurance claim in five decades, Citizens raised her rates by 50%.
“Stories like Temple’s are echoed by thousands of policyholders who say they’ve seen costs suddenly spike despite never making a claim or experiencing hurricane damage. Under a sweeping re-inspection program, Citizens has sent inspectors to 158,000 buildings in the last two years. As inspectors check roofs and windows, more often than not, they find something that translates into higher premiums, with an average increase of nearly $900. Another 209,000 inspections are scheduled for this year, and Citizens recently proposed a new $50,000 contract for a new study of wind mitigation credits. The study is likely to lead to premium increases, and Citizens board member John Rollins indicated the return on investment for the study would be measured in millions of dollars.
“Sean Shaw, founder of Policyholders of Florida, said that money will ultimately come out of the pocket of hard-working homeowners, who are paying more for less coverage. “People are at such a disadvantage when Citizens does this,” he said. “It’s like they’re treating people like data points.”
“Despite recent moves to reduce wind mitigation credits and raise rates on sinkhole coverage, Citizens has not experienced any significant reduction in size (the insurer swelled from 800,000 policies in 2007 to more than 1.4 million today). Citizens’ depopulation push will soon go into overdrive, with several hard-charging coverage changes set to kick in over the next 18 months. Ideally, Citizens would like to shrink by 45% to 794,308 policies in the very near future.
“With private insurers still wary about the Florida market, it’s not clear where 678,000 current policyholders will go for coverage when contracts end with Citizens. Citizens’ theory is that its artificially low rates discourage private insurers by making the market uncompetitive. It’s banking on more private insurers picking up the slack as it depopulates.
“Here are a few of the changes that begin Tuesday for Citizens policyholders:
• Homeowners who need to join Citizens will have to submit written proof that there is no private insurer able to provide affordable coverage for their home.
• Citizens will no longer offer Builders’ risk insurance for new homes.
• Coverage for carports, screened enclosures and fences will end for renewal policies.
• The personal liability coverage limit will decline from $300,000 to $100,000.
“The push to depopulate is set to intensify in the months ahead, and those with Citizens coverage can expect to be impacted by at least one of several policy changes being proposed. Among them:
• Uncapping rates for new policies, causing new policyholders to pay as much as 50% more than existing customers for similar coverage.
• Requiring new electrical and plumbing inspections for older homes.
• Requiring new inspections and likely higher premiums in sinkhole-prone counties.
• Increasing deductibles for “all other perils” coverage.
“Most of the changes are being enacted without the Legislature, which this year declined to pass major property insurance reform. With hurricane season set to begin in a month, Citizens says it must tamp down its level of risk in order to avoid financial calamity for all consumers. While the company has been able to build up a surplus of more than $6 billion during a 6-year streak without a major storm, financial models show that a large hurricane this year could wipe out those funds and other resources. That would lead to assessments for Citizens’ customers and potentially for all insurance policyholders in the state. That’s why the Citizens board of directors, with the support of Gov. Rick Scott, is trying to attract private insurers back into the market by shrinking Citizens as quickly as possible.
““It is important that Citizens work towards having adequate rates to reduce the likelihood of assessments on all Florida policyholders,” said Ashburn. Some say those private insurers are never coming back, particularly in the state’s high-risk areas where it doesn’t make financial sense to underwrite homes. “We’d all love to see the depopulation of Citizens, but guess what? The private companies are not coming back to this area,” Sen. Mike Fasano, R-New Port Richey, told Citizens’ executives last week. “Please, please, leave the people alone that are struggling.””

Sanibel & Captiva Multiple Listing Service Activity April 27- May 4

 
Sanibel
CONDOS
2 new listings: Sealoft Village #106 2/2 $559K, Compass Point #203 2/2 $599K.
10 price changes: Lighthouse Point #217 3/2 now $339K, Blind Pass #C110 2/2 now $399.9K, Sea Pines #D 3/3 now $469K, Sundial #I103 1/1 now $485K, Sea Pines #E 3/3 now $579K, Pelicans Roost #104 2/2 now $599.8K, Heron at The Sanctuary III #1B 3/2.5 now $615K, Heron at The Sanctuary II #2A 2/2.5 now $619K, Compass Point #181 2/3 now $997K, High Tide #B202 2/2 now $1.447.5M.
7 new sales: Sundial #B207 1/1 listed for $299K, Lighthouse Point #332 2/2 listed for $474K (our listing), Kings Crown #211 3/2 listed for $599K, Sand Pointe #132 2/2 listed for $599K, Tarpon Beach #101 2/2 listed for $619K, Tarpon Beach #104 2/2 listed for $679K, Nutmeg Village #108 2/2 listed for $795K.
11 closed sales: Seashells #29 2/2 $300K, Blind Pass #G201 2/2 $334K, Sundial #B402 1/1 $340K, Sundial #H402 2/2 $430K, Sanibel Arms West #J3 2/2 $400K, Sanibel Arms West #L6 2/2 $425K, Sealoft Village #108 2/2 $483K, Sand Pointe #211 2/2 $559.5K, Oceans Reach #1C1 2/2 $722.6K, Atrium #105 2/2 $945K, Junonia #301 3/2 $1.5M.
 
HOMES
6 new listings: 1649 Sand Castle Rd 3/2.5 half-duplex $415K; 2166 Egret Cir 3/2 $559,555; 740 Durion Ct 3/2 $599K; 673 East Rocks Dr 3/2 $629K; 1230 Par View Dr 3/2.5 $749,999; 919 Almas Ct 3/2.5 $1,199,999.
10 price changes: 1663 Bunting Ln 3/2 now $344K (short sale), 1702 Sand Pebble Way 3/2.5 now $399K, 490 Elizabeth Rd 2/2 now $413K, 940 S Yachtsman Dr 3/2.5 now $569K, 1271 Sand Castle Rd 3/2.5 now $609K, 1339 Par View Dr 3/2 now $667.5K, 1516 Angel Dr 3/2 now $899K, 5427 Osprey Ct 3/3.5 now $1.195M, 660 Anchor Dr 4/4 now $1.925M, 780 Birdie View Pt 5/4.5 now $1,999,999.
7 new sales: 1433 Jamaica Dr 5/4 duplex listed for $439K, 4210 Old Banyan Way 3/2 listed for $595K, 1208 Harbour Cottage Ct 3/3 half-duplex listed for $699K, 862 Beach Rd 3/2 listed for $999K, 1690 Sabal Palm Dr 4/3 listed for $1.595M, 5391 Shearwater Dr 3/3.5 listed for $1.649M, 3864 West Gulf Dr 4/5.5 listed for $2.188M.
6 closed sales: 1430 Sandpiper Cir 3/3 half-duplex $406K, 237 Daniel Dr 3/2 $522K, 2624 Coconut Dr 2/1 $656.7K, 1234 Seagrape Ln 3/2 $679K, 1537 Sand Castle Rd 4/3 $740K, 836 Sand Dollar Dr 3/2/2 $1.025M.
 
LOTS
No new listings.
4 price changes: 9211 Dimmick Dr now $137,555; 1894 Farm Trl now $283,555; 4636 Rue Royale now $659K; 6401 Pine Ave now $699K.
1 new sales: 1120 Olga Ave listed for $299K (our listing).
1 closed sale:  4077 Coquina Dr $215K.
 
Captiva
CONDOS
1 new listing: Gulf Beach Villas #2128 3/2 $895K.
1 price change: Captiva Bay Villas #D 3/3.5 now $2.995M.
No new sales.
1 closed sale: Lands End Village #1610 3/3 $1.8M.
 
HOMES
No new listings.
1 price change: 11490 Dickey Ln 3/2 now $849K.
No new or closed sales.
 
LOTS

Nothing to report.

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

Easter Week on Sanibel & Captiva Islands

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SanibelSusan Realty had a busy week with good showing activity on our listings until yesterday when the phones nearly stopped ringing. Even our Realtor Caravan Meeting early that morning had poor attendance. Only three new listings were on the tour, which usually has 15 properties

Our pals at other local real estate offices report the same. Folks must be busy traveling or with holiday plans – almost feels like it usually is here two weeks after Easter, rather than the week before. Season has wound down quickly.

Below are a few island news items, followed by the Multiple Listing Service postings this week on Sanibel and Captiva Islands.

Though the islands are winding down from a busy winter season, for those who like to visit during the “best” time, we locals say that is during May and October, when the traffic is light and the weather is perfect! Make your reservations now. Or better yet, come to buy!

Quick Weather Update

This morning brought our first good shower in what seems like months. Much needed rain that hopefully will green things up and keep the dust down on those sandy island roads. The weather forecast through the end of next week is for mostly sunny days with temperature in the low 80’s.

Easter Weekend Happenings

  • Spring Festival at Sanibel Community Park – tomorrow (Sat April 7) from 10 a.m. to 1 p.m., right across the street from SanibelSusan Realty. This annual event is presented by The Children’s Education Center of the Islands.
  • Easter Egg Hunt at Sanibel Community Church – at 1740 Periwinkle Way, next to Jerry’s Market, also tomorrow (Sat) from 11 a.m. to 1 p.m. It’s for children ages three years through 5th grade.
  • Sunrise Service on the Causeway – 6:30 a.m. Easter Sunday, bring your lawn chair. Many island churches have posted special holiday services too. You can find full schedules on the “Island Sun” newspaper on-line at www.islandsunnews.com
  • Easter Egg Hunt at Island Inn – at 3111 West Gulf Drive, on Easter Sunday beginning at 11 a.m. on the south side of the front office building, and will end once all 500 eggs are found. As the first inn on Sanibel, Island Inn has hosted families for Easter since 1895 and the tradition continues. Open to all children, 12 and under, the hunt also includes three golden eggs with special prizes inside. Miss Silvia also will be on hand to do complimentary face painting for children. www.IslandInnSanibel.com

Taxing Issues

Recent prospective buyers asked about the differences between annual and season rentals. According to local lingo, annual rentals are usually for a year, while a seasonal rental is for a period of less than six months. The April issue of FloridaRealtor® magazine contains the following article about the taxing obligations of owners of these investment-type properties:

“Will state sales tax need to be collected and paid on short-term rentals?

“The situation: A homeowner has two properties in Florida: a single-family home and a condominium. He wants to rent out one or both of them, but is unsure whether or not he’ll be required to collect and pay state sales tax.

“That depends on how many months of the year the property is rented, says the Florida Realtors® Legal Hotline. Generally the rental of residential property, such as a single-family home or condominium, is exempt from taxation. This exemption applies when there is a bona fide, written lease agreement that is for longer than six months. If the lease agreement is written for six months or less, the rental is considered a transient accommodation and is subject to sales tax. If there is no bona fide, written lease agreement, the rental is also considered a transient accommodation, and the first six months of continuous occupancy is subject to sales tax. Exemptions exist for rentals to migrants in labor camps, to certain military personnel and to full-time students.

“The state sales tax rate is 6% and many counties impose a sales tax surcharge as well. The tax is due on rental charges or room rates paid for the right to use or occupy living or sleeping accommodations.  Rental charges include any amount imposed for the use of items or services required to be paid as a condition of the use or possession of the accommodation.

“In addition, most Florida counties impose a local tax on short-term residential rentals. Contact the Florida Department of Revenue (DOR) or your local county taxing agency to determine whether your county has a short-term rental tax and, if so, how it should be reported and paid.

“If you’re the owner of a rental that’s considered a transient accommodation or if you’re a real estate licensee who collects or receives rent on behalf of the owner for a rental that’s considered a transient accommodation, you must register with the DOR before you begin your activities; otherwise, you may be subject to penalties.

“For more information regarding the sales tax on transient accommodations and procedures for registering with the DOR, contact the agency at (800) 352-3671 or www.myflorida.com/dor ”

(In Lee County, a Tourist Development Tax of 5% also is imposed on rentals for a period of less than six months. That brings the total tax up to 11%. Get more info on the Sanibel and Captiva local County tax at www.leeclerk.org )

Coastal Zone Protection Change Benefits Resorts

Sanibel City Council on Tuesday passed an ordinance amending the coastal zone protection section of the Sanibel Plan that allows resort accessory uses such as swimming pools to be repaired or replaced in their existing location and size even when they are entirely or partly beyond the coastal construction setback line (CCSL). This was the final piece in a long process to allow Sanibel’s aging resorts and hotels to modernize and remain attractive to tourists without losing amenities or units. Those built years ago do not conform to stricter regulations enacted after Sanibel incorporated. Council policy is that short-term accommodations are crucial to the island’s tourism-based economy. This proviso regarding replacement is only valid if there is no other site available and it does not allow for new development beyond the CCSL.

Springtime & Baby Birds

A client forwarded the below links. They are web cams to two bird nests posted by Cornell University’s Lab of Ornithology. One is a red-tail hawk and the other a blue heron. With eggs in both nests, it is fun to check them periodically to see these spring happenings.

Lots of Sanibel bird nests already have young in them too.

Next we will see the beaches marked with the nests of our local shore birds. Photo above was taken on Sanibel’s east-end last May. It is a snowy plover mom with three babies following behind her.

http://www.allaboutbirds.org/page.aspx?pid=2422   Link to red tail hawk nest cam

http://www.allaboutbirds.org/page.aspx?pid=2433   Link to blue heron nest cam

Sanibel & Captiva Multiple Listing Service Activity March 30 – April 6

Sanibel
CONDOS
4 new listings: Tennisplace #C31 2/1.5 $279K, Sandpebble #1F 2/2 $356K, Spanish Cay #A6 1/1 $289.6K, Sanctuary Heron III #1B 3/2.5 $624K.
3 price changes: Colonnades #12 1/1 now $159.5K, Tarpon Beach #308 2/2 now $615K, Oceans Reach #2D2 2/2 now $760K.
7 new sales: Sanibel Shores #E 2/2 listed for $279K; Sundial #F408 1/1 listed for $299K; Sanibel Arms West #J1 2/2 listed for $439K, #J3 2/2 listed for $459K, & #L6 2/2 listed for $469K; Sundial #Q402 2/2 listed for $599K & #T404 2/2 listed for $669K.
5 closed sales: Sundial #B301 1/1 $269K, Sanibel Arms #G2 1/1 $395K, Sanibel Inn #3534 2/2 $450K, Pine Cove #303 2/2 $880K, Plantation Village #B122 3/3 $1.7M.
 
HOMES
3 new listings: 1297 Par View Dr 3/2 $799K, 1555 San Carlos Bay Dr 2/2.5 $999K, 829 Tulip Ln 5/4.5 $2.495M.
10 price changes: 2066 Wild Lime Dr 2/1 now $349.9K, 458 Lake Murex Cir 3/2 now $399K, 1429 Jamaica Dr 4/3 now $495K, 9454 Calla Ct 3/2 now $597K, 9319 Kincaid Ct 3/2 now $599K, 1271 Sand Castle Rd 3/2.5 now $629K, 228 Hurricane Ln 3/2.5 now $725K, 4518 Bowen Bayou Rd 4/4 now $759K, 1244 Par View Dr 4/3 now $868.9K, 4701 Rue Belle Mer 4/4 now $2.365M. 
2 new sales: 1417 Causey Ct 3/2 listed for $544K, 1308 Tahiti Dr 3/3 listed for $699K.
5 closed sales: 1427 Sandpiper Cir 2/2 half-duplex $300K, 535 Piedmont Rd 3/2 $347.5K, 565 East Rocks Dr 3/2 $429K, 207 Daniel Dr 3/2 $541.75K, 9020 Mockingbird Dr 3/2 $687K.
 
LOTS
1 new listing: 3037 Poinciana Cir $239.5K.
4 price changes: 4077 Coquina Dr now $224.9K, 9042 Mockingbird Dr now $329K, 2263 Starfish Ln now $549K, 2299 Starfish Ln now $599K.
2 new sales: 1326 Junonia St listed for $279K, 2423 Blue Crab Ct listed for $329.9K.
3 closed sales: 2285 Wulfert Rd 150K, 604 Boulder Dr $250K, 0 Camino Del Mar $310K (our sale).
 
Captiva
CONDOS
2 new listings: Marina Villas #903 2/2 $620K, Lands End #1602 2/2 $1.28M.
No price changes.
1 new sale: Lands End Village #1628 3/3 listed for $1.675M.
1 closed sale: Seabreeze #1251 3/3 $1.48M.
 
HOMES
1 new listing: 15166 Wiles Dr 3/2 $3.895M.
2 price changes: 11521 Laika Ln 3/3 now $1.399M, 11515 Murmond Ln 2/3 now $1.749M.
2 new sales: 1 Sunset Captiva Ln 2/2.5 listed for $1.495M, 16585 Captiva Dr 5/4/2 listed for $2.3M (short sale).
No closed sales.
 
LOTS
Nothing to report.
 

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

 

 

Happy Easter from The SanibelSusan Team!

It’s Always “Green” on Sanibel & Captiva Islands

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All is well here on the islands with high season just flying by. It has been especially busy this week with the Lee County Schools on spring break, which added more day-trippers to the beaches, roadways and bike paths, and filled most of the remaining vacation rentals.

In addition to our continual green foliage from our tropical year-’round weather, we have floral evidence of “spring” too. The photo below was taken as I was coming out of The Bistro at Beachview after lunch on Wednesday. Bet it’s in full yellow bloom by tomorrow!

I was out showing condos this morning. Though 24 units matched the criteria of these prospective buyers, I was only able to show them four units – a definite indication that occupancy is up. Just two of the 24 had short vacancies. Listing agents were able to gain access to the other two by sweet-talking cooperative tenants.

Selling becomes difficult when you can only view a small sampling, and the buyers are leaving the next day. One of our toughest Realtor® tasks is convincing buyers to look early-on during their vacation or on tenant turn-over days. When that does not work out, we also recommend that investment-property buyers come back to view during the off-season when accessibility is easier. We even have been known to suggest making an offer conditional on a viewing. Some buyers think we are crazy when we give that advice, but most buyers do want to “see” what they are purchasing.

Thursday Realtor® Caravan Meeting

We had a little Realtor® kibitzing going on at our weekly meeting yesterday. It all began when only one sale was announced. That is not a good sign for mid-March. The consensus between companies was that although both January and February had good sales activity, so far this month is dragging. Comments ranged from “it’s already spring up north” to “it’s an election year” to “though lots of property is being shown and viewed, buyers remain tentative; most are going home without purchasing.” We hope that this just means that more sales will occur in the off-season.

Typically, we start to see the island thinning out April 1st. The early departures often are those who want to get back to their up north home in time to finish their income taxes. By April 15, or just after Easter, the islands usually are back to off-season activity.

What’s Happening at SanibelSusan Realty

It was a two-closing week for us. We like those, but interesting that our closing at Seashells was the only Sanibel condo sale reported. Five home sales closed, one being our listing at Seagull Estates.

This week, I also listed a wonderful 2-bedroom plus den (or 3-bedroom) condo, right on the beach at Compass Point. It was completely remodeled and professionally decorated in 2009 and is grossing nearly $60K annually as a weekly rental. The slide show photos below are courtesy of Island Vacations of Sanibel & Captiva Inc. who handles the rentals.

 

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Though we did not get any of our listings sold this week, we did put a near-beach lot under contract that was not listed for sale. First time that has happened. As the result of an Open House at one of our home listings, Lisa met folks who then considered other homes, but decided that building a new one is a better option for them. Though we then tried hard to get them interested in one of our lot listings, they ultimately decided that they want a parcel that was not on the market. So I tracked down and contacted the owners, and we were able to negotiate a sale. For statistic purposes, we will post it in our Multiple Listing Service when it closes in a couple of weeks.

Statistics on Sanibel & Captiva Sales as of March 16

Here’s an update of the current island inventory – condos, homes, and lots, and their sales this year. Historical info from 2011 and 2010 is also provided for reference. The amount of inventory remaining substantiates the number of price reductions that continue to be posted week-after-week. The report of the detailed activity in our Sanibel & Captiva Islands Multiple Listing System below shows 23 price reductions, compared to 11 new sales, over the past week.

                                     Number             Average Price $             Average Days on Market

Sanibel Condos:For Sale                        253                      636,827                                    399

Under Contract               31                      651,177                                    455

Sold & Closed in:

   2012 thru 3/16              26                      652,680                                    278

   2011                           142                      591,681                                    325

   2010                           120                      608,545                                    381

 

Sanibel Homes:

For Sale                         230                   1,305,598                                    368

Under Contract                39                      951,347                                    309

Sold & Closed in:

   2012 thru 3/16              45                      767,461                                    289

   2011                           179                      826,130                                    369

   2010                           124                      775,805                                    320

 

Sanibel Lots:

For Sale                        104                      543,024                                    816

Under Contract                 3                      299,933                                    415

Sold & Closed in:

   2012 thru 3/16               6                      762,167                                    208

   2011                            19                      363,729                                    491

   2010                            21                      336,905                                    484

 

Captiva Condos:

For Sale                            67                      774,308                                    389

Under Contract                  4                  1,072,250                                    738

Sold & Closed in:

   2012 thru 3/16                4                     640,375                                    543

   2011                             24                      737,754                                    494

   2010                             25                      696,159                                    312


Captiva Homes:

For Sale                           57                   3,428,474                                    596

Under Contract                  7                  2,331,429                                    482

Sold & Closed in:

   2012 thru 3/16                8                  1,413,125                                    613

   2011                             22                   1,782,059                                    360

   2010                             10                   2,258,250                                    357

 

Captiva Lots:

For Sale                         10                    1,810,800                                  1,074

Under Contract                 0                       N/A                                         N/A

Sold & Closed in:

   2012 thru 3/16              1                      515,000                                      95

   2011                             1                      485,000                                    580

   2010                             2                   2,850,000                                   284

 

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

Fed Notes Better Economy, Takes No Policy Action

Here are some excerpts from an article posted mid-week by “The Associated Press”:

“The Federal Reserve sketched a more upbeat view of the economy Tuesday after a burst of hiring since its last meeting in January. It took no further steps to aid the recovery and repeated its plan to keep short-term interest rates near zero through 2014. After a one-day policy meeting, the Fed said unemployment should continue to decline gradually as the economy expands moderately. It also noted that consumer spending and business investment have picked up. And the Fed took a more hopeful view of Europe’s debt crisis. Though the crisis still threatens the global economy, the danger has eased, the Fed said.

“The policymakers cautioned that rising oil and gas prices will raise inflation temporarily. But they said longer-term inflation should remain stable – repeating a view expressed by Fed Chairman Ben Bernanke earlier this month….Since the Fed’s last meeting in late January, a stream of positive economic reports has suggested the economy is faring better than the Fed had expected.

“Employers added 734,000 jobs from December through February, the best three months of hiring in two years. The unemployment rate has declined to 8.3 percent. Consumers are more confident and have stepped up spending. Auto sales are rising. And the stock market keeps climbing.

“Despite the brightening prospects, unemployment remains historically high — something Bernanke mentioned in testimony to Congress last month, when he said, “The job market remains far from normal.”
Bernanke also said consumer spending and confidence remain less than healthy, inflation-adjusted pay gains are low and credit is still tight for many. As long as they are, Bernanke suggested, unemployment might not fall much further.

“Bernanke’s comments and remarks from other Fed officials suggest that the Fed plans to maintain its efforts to keep rates low to fuel growth. Low rates are intended to encourage consumers and businesses to borrow and spend more. Lower yields also lead some investors to shift money out of bonds and into stocks.

“Most economists don’t think the Fed will retreat anytime this year from its late-2014 target for any rate increase. Some note that threats to the economy remain from Europe’s debt crisis and the run-up in gasoline prices. Eventually, the Fed will feel compelled to raise rates to curb inflation as the economy heats up. But some analysts think the Fed is reluctant to signal an eventual shift toward higher rates before it’s close to a change. Signaling a change too soon might cause investors to push interest rates up before the Fed is sure the economic recovery will last.”

 
Sanibel & Captiva MLS Activity March 9-16
 

Sanibel
CONDOS
5 new listings: Sundial #B207 1/1 $299K, Signal Inn #2 1/1 $379K, Pointe Santo #C4 1/1 $497.9K, Compass Point #141 3/2 $999K (our listing), Compass Point #143 3/2 $1.095M.
6 price changes: Coquina Beach #5A 2/2 now $304K, Seawind #104 2/2.5 now $479K, Blind Pass #C203 3/2.5 now $499K, Loggerhead Cay #232 2/2 now $559K, Tarpon Beach #308 2/2 now $625K, Gulfside Place #117 2/2 now $970K.
4 new sales: Sandalfoot #4A3 2/2 listed for $529K, Sand Pointe #211 2/2 listed for $599K, Pointe Santo #C35 3/2 listed for $879K, Atrium #105 2/2 listed for $990K.
1 closed sale: Seashells #20 2/2 $325K (our listing)
 
 
HOMES
4 new listings: 1621 Sand Castle Rd 3/2 $446K; 4791 Rue Helene 3/2 $599,995; 4570 Bowen Bayou Rd 2/2 $699K, 926 Whelk Dr 4/3 $1.295M.
11 price changes: 531 Piedmont Rd 2/2 now $319K; 1433 Jamaica Dr 5/4 duplex now $439K; 533 Rabbit Rd 3/2 now $499.5K; 1400 Albatross Rd 3/3 now $535K; 1245 Anhinga Ln 3/2 now $549K; 1339 Par View Dr 3/2 now $681K; 4041 Coquina Dr 3/3 now $899K; 2308 Troon Ct 4/4 now $1.5M; 5427 Osprey Ct 3/3.5 now $1.272M; 2284 Troon Ct 4/4.5 now $1,999,999; 4717 Rue Belle Mer 3/3 now $2.195M.
5 new sales: 215 Robinwood Cir 3/2 listed for $639K, 9020 Mockingbird Dr 3/2 listed for $725K, 3861 Coquina Dr 3/3 listed for $729K, 440 East Gulf Dr 3/2 listed for $879K, 654 Kinzie Island Ct 6/4/2 listed for $2.295M.5 closed sales: 5745 Pine Tree Dr 2/1 $375K, 210 Daniel Dr 3/3 $549K (our listing), 1773 Bunting Ln 3/2 $520K, 1351 Middle Gulf Dr (Moonshadows) 3/3 half-duplex $635K, 881 Lindgren Blvd 3/2 $640K.
 
LOTS
2 new listings: 5170 Sea Bell Rd $179K, 201 Robinwood Cir $699K.
1 price change: 2494 Blind Pass Ct now $649K.
1 new sale: 2423 Blue Crab Ct listed for $329.9K.
1 closed sale: 761 Donax St $140K.
 
Captiva
CONDOS
No new listings.
2 price changes: Gulf Beach Villas #2111 2/2 now $595K, Beach Homes #32 3/2.5 now $1.695M.
1 new sale: Tennis Villas #3219 1/1 listed for $219K.
No closed sales.
 
HOMES
1 new listing: 59 Sandpiper Ct 3/2 $825K.
2 price changes:  16849 Captiva Dr 6/2/2 now $2.195M, 15631 Captiva Dr 5/4.5 now $2.85M.
No new or closed sales.
 
LOTS
No new listings.
1 price change: 11516 Wightman Ln now $699K.
No new sales.
1 closed sale:  11515 Gore Ln $515K.

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

 

Happy Saint Patrick’s Day tomorrow to all of our Irish friends, SanibelSusan

What’s Cookin’ This Week at SanibelSusan Realty

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Wow, dare I even say that it is yet another busy week on Sanibel and Captiva Islands. Though most island worker bees will be counting down the next four weeks and are looking forward to a breather after Easter, it sure is terrific when business is booming.

I ran out for lunch today and snagged the very last table at West Wind’s Inn’s Normandy Pub which is a local favorite since it always has a table (and quick service).

Someone must have put the word out on that place too. Wonder if Arthur Frommer is up to his tricks again and touting Sanibel to the world?

Dave, Lisa, and I were out showing several days this week, dealing with inspections, finishing up loose ends for closings, and writing offers, while Elise has been keeping the office on an even keel. We always like it when we have a closing and a new sale in the same week. Kudos to Lisa for bringing in the “big Sanibel sale” of the week. We have a couple of other things in the works too.

Realtor Caravan Meeting

Good sales activity during the last seven-day period was announced at our Realtor Meeting yesterday: On Sanibel, seven new condo sales and five homes. On Captiva, two homes. The 28 price reductions posted this week, however, indicate that the market continues to adjust.

For those wondering what kind of listings we have these days, the below slide show is a sampling. For more details, please click on the tabs above for a link to a page with more details about the individual listings. 

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Sanibel Public Library Earns Top Honors in National Study

The local library’s Winter Newsletter just arrived and announced that again the Sanibel Public Library has earned recognition by being named by The “Library Journal” as a 5-Star Library in its annual America’s Star Libraries 2011 survey. According to the article, the “Library Journal” Index of Public Library Service measures the service levels of 7,153 public libraries in the U.S. based on circulation, visits, internet use, and program attendance. This is the second year Sanibel’s library has been honored as a Star Library, and the first year as a 5-Star Library – the highest rating. In 2010, the Sanibel Public Library received a 3-Star rating. It is the only Florida library to be named a Star Library! The full report of star libraries is available.

Upcoming Events

There are so many special events coming up in the next few weeks that it is almost hard to keep track. It is easy to check the blog events calendar above if you will be here and are looking for things to do.

BIG ARTS Community Chorus reported Tuesday that our spring concert on March 27 already is sold out. There usually are a few no-shows on performance night, however, so those without tickets are advised to arrive early and get in line. It is going to be our best concert ever, with many special solos and instrumentalists, including guest horn players from the Big Apple who will be playing with us on a Manhattan Transfer medley. Every year this concert sells our earlier and earlier. Rumor has it that next year, we may have two performances. 

If you like a more casual-style concert, be sure and catch our chorus when we join Island Jazz performing outside in the Boler Garden at BIG ARTS on Sunday, March 18, at 3 p.m. Just bring your lawn chair or blanket. I borrowed the photo to the left from the Island Jazz Facebook page. Check it out!

Sanibel & Captiva Multiple Listing Service Activity March 2 – 9

HOMES
1 new listing: 5296 Umbrella Pool Rd 4/2 $599K.
10 price changes: 2560 Coconut Dr 3/3 now $495K, 5841 Pine Tree Dr 3/2 now $495K, 1400 Albatross Rd 3/3 now $542K, 955 S Yachtsman Dr 3/2 now $559K, 4210 Old Banyan Way 3/2 now $637K, 561 Lake Murex Cir 3/2.5 now $649K, 960 S Yachtsman Dr 3/3 now $999K, 2981 Wulfert Rd 4/4.5 now $1.95M, 6211 Starling Way 4/4.5 now $1.995M, 1314 Isabel Dr 4/3.5 now $2.194M.
5 new sales: 661 Cardium St 2/1.5 listed for $364K; 927 Limpet Dr 3/3 listed for $674.9K (foreclosure); 231 Daniel Dr 3/2.5 listed for $789,987; 4809 Tradewinds Dr 3/3.5 listed for $1.495M, 1918 Woodring Rd 4/4 listed for $2.799M (our Buyer).
7 closed sales:  474 Surf Sound Ct 3/2 $425K (short sale), 3822 Coquina Dr 3/2 $420K, 1929 Sanibel Bayous Rd 4/3 $395K, 2555 Coconut Dr 3/2 $550K, 4775 Rue Helene 4/3 $687K, 244 Daniel Dr 3/3 $720K, 730 Birdie View Pt 3/2.5 $1.225M.

LOTS
1 new listing:  5044 Joewood Dr $499K.
1 price change:  1048 Fish Crow now $429K.
No new or closed sales.

 
Captiva
CONDOS
No new listings.
2 price changes: Tennis Villas #3120 1/1 now $215K, Captiva Shores #6B 2/2 now $699.9K.
No new or closed sales.

HOMES
No new listings.
2 price changes: 1 Sunset Captiva Ln 2/2.5 now $1.495M, 15891 Captiva Dr 5/4 now $3.149M.
2 new sales: 16185 Captiva Dr 4/4 listed for $1.299M, 15351 Captiva Dr listed for $2.895M.
1 closed sale: 15161 Wiles Dr 5/5.5 $2M.

LOTS
No new listings.
1 price change:  11517 Wightman Ln now $695K.
No 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. Data maintained by the association or its MLS may not reflect all real estate activity in the market. The information provided represents the general real estate activity in the community and does not imply that SanibelSusan Realty Associates is participating or participated in these transactions. If your property currently is listed with another broker, this is not intended as a solicitation of that listing.

Until next Friday, here’s to enjoying your March weather wherever you are.

On Sanibel & Captiva Islands, it came in like a lamb.  TGIF SanibelSusan

What Winter is Like for Real Estate on Sanibel & Captiva Islands

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One of our favorite photos taken by our pal, Jim Anderson, JMA Photography.

SusanSusan here to report that once the islands got caught in a mid-week cold front (we have had our heat on for three nights – ugh), real estate activity picked up. Several new sales were announced at the Realtor Caravan Meeting yesterday. This week, we listed two homes, held a few open houses, saw showings increase with the chilly weather, and I wrote an offer on a condo.

As you would expect with the nation’s economic indicators, the property moving is either very-well priced or unique. A couple of near-beach pool homes were reported to go under contract after being on the market just a short time and we have heard of some multiple offers on some “super deals”.  

Below is a bit of info about the islands as we wrap up 2011 and begin 2012. Following that is the activity posted since last Friday in the Sanibel and Captiva Islands Multiple Listing Service.

What’s On Sanibel’s Agenda for 2012

A recent article in the “Island Reporter” included looking ahead to the new year. For example, “the year will begin with the City sponsoring a number of public hearings to consider needed changes in the commercial district. All intended to ensure Sanibel, as haven for tourists, remains competitive on a world market, but not in a way that forsakes the environmental qualities that make it so enviable in the first place…In 2012, Public Works will begin the rehabilitation and painting of Sanibel’s famed lighthouse. They will also begin construction of the Bailey Road shared use path, an extension of the Dixie Beach Boulevard shared use path and widening of the shared use paths along Tarpon Bay Road as well as Middle Gulf Drive, among other things.”

A similar article, in looking forward to 2012, the Sanibel & Captiva Chamber of Commerce “reports that indications from accommodation businesses are that the season will be very strong. The new year will mark a major celebration year for the Chamber as it will bring a 50th anniversary to fruition in February. A major Open House and production of commemorative materials will help mark the milestone.” “Last year more than 190,000 visitors came to the Chamber’s Visitor Center to secure information on lodging, dining and fun things to do when in Sanibel or Captiva.” 

The Sanibel Captiva Conservation Foundation (SCCF) reports that “2011 was made especially remarkable due to the “extraordinary support of islanders” who helped the organization secure the 28.3 acres of land fronting Periwinkle Way known as the Bailey Homestead Preserve. SCCF staff and volunteers are presently hard at work at the Homestead, restoring the house and wildlife habitat, as well as the Shipley Trail which, when complete, will connect the City’s Pond Apple Trail to Roadside City Park. They hope to have the Preserve open to the public in a year.

“In further looking ahead into 2012, SCCF’s marine laboratory will be undertaking research which includes environmental monitoring and facilitating restoration projects imperative to the health of area waters. Among these initiatives is seagrass study and restoration, Clam Bayou oyster reef and mangrove restoration, scallop research and restoration, and water quality/seagrass monitoring within the J.N. “Ding” Darling National Refuge.” 

“In terms of managing wildlife habitats, SCCF will be working on the Foundation’s preserved lands as well as public lands through a partnership with the City of Sanibel and the J.N. “Ding” Darling Refuge, with the goal to make these lands as productive as possible for wildlife through projects that include the sea turtle and shorebird nest monitoring programs. They will additionally be studying bobcats, gopher tortoises, freshwater fish and reptiles, eagles, and managing habitat quality through a series of prescribed burns and land management operations.”

“Last year also saw the culmination of many projects at the J.N. “Ding” Darling National Refuge; among them, enhancements made to the Calusa Shell Mound Trail and reopening of the Buck Key Paddling Trail. Their education center was also complemented with a historic Duck Decoy Exhibit….The Refuge was further distinguished as the first in America to open an interactive iNature Trail using QR Code technology…. Some 800,000 visitors came to the Refuge in 2011…. 2012 plans call for the opening of a new exhibit touting the marvels of manatees…opening of a new crocodile exhibit. The Children’s Education Boardwalk connecting the Refuge with the Sanibel School is also scheduled to open in 2012.”  

Sanibel & Captiva MLS Activity December 30-January 6

Sanibel
CONDOS
6 new listings: Colonnades #55 1/1 $169K, Captains Walk #D3 1/1 $169.8K, Coquina Beach #1D 2/2 $399K, Sand Pointe #212 2/2 $659K, Oceans Reach #1C1 2/2 $775K, Cyprina Beach #1 2/2.5 $1.395M.
9 price changes: Lake Palms #9 2/2.5 now $245K (short sale), Coquina Beach #5A 2/2  now $304K, Seashells #20 2/2 now $349K (our listing), Lighthouse Point #217 3/2 now $389K, Sanibel Arms West #M2 2/2 now $395.9K, Kings Crown #211 3/2 now $599K, Kings Crown #104 2/2 now $629K, Sanddollar #B104 2/2 now $975K, Snug Harbor #113 2/2 now $1.02M.
4 new sales: Seashells #29 2/2 listed for $324.9K, Spanish Cay #D6 2/2 listed for $329K, Clam Shell #C 2/2 listed for $749K, Pine Cove #303 2/2 listed for $970K.
2 closed sales: Sundial #C208 1/1 $240K, Tarpon Beach #110 2/2 $590K.
 
HOMES
7 new listings: 761 Nerita St 3/2 $490K, 210 Daniel Dr 3/3 $549K (our listing), 244 Christofer Ct 3/2 $599.9K, 9319 Kincaid Ct 3/2 $629K, 1390 Middle Gulf Dr 3/3 half-duplex $629K, 542 N Yachtsman Dr 2/2 $799K (our listing), 3746 West GUlf Dr 4/4.5 $1.249M.
11 price changes: 555 Chert Ct 3/2 now $399K, 1001 East Gulf Dr 2/2 now $399K, 458 Lake Murex Cir 3/2 now $439K, 3229 Twin Lakes Ln 2/2 now $479K, 450 Sea Walk Ct 4/3 now $624.9K, 4210 Old Banyan 3/2 now $637.5K, 1360 Eagle Run Dr 5/3.5 now $920K (short sale), 1765 Venus Dr 3/3 now $1.224M, 4809 Tradewinds Dr 3/3.5 now $1.69M, 1520 Angel Dr 4/3/2 now $1.85M, 780 Birdie View Pt 5/4.5 now $1,999,999.
7 new sales: 1585 Serenity Ln 3/2 listed for $419K, 3822 Coquina Dr 3/2 listed for $449K, 761 Nerita St 3/2 listed for $490K, 280 Southwinds Dr 3/3.5 listed for $530K, 1345 Junonia St 2/2 listed for $565K, 733 Durion Ct 3/2 listed for $577K, 1351 Middle Gulf Dr 3/3 listed for $675K.
3 closed sales: 1326 Seaspray Ln 4/4.5 $1.1M, 909 Snowberry Ln 3/3 $1.8M, 4449 Waters Edge Ln 3/3 $3.55M.
 
LOTS
No new listings.
1 price change: 5723 Baltusrol Ct now $349K.
2 new sales: 1912 Ibis Ln listed for $249K, 3935 West Gulf Dr listed for $2.45M.
1 closed sale: 946 Fitzhugh St $100K (short sale).
 
Captiva
CONDOS
No new listings.
2 price changes: Captiva Hide-A-Way #1D 2/2 now $600K, Sunset Beach Villas #2224 2/2 now $635K.
No new or closed sales.
 
HOMES
1 new listing: 1119 Schefflera Ct 4/3.5 $5M.
1 price change: 11522 Andy Rosse Ln 4/4.5 now $2.275M.
No new sales.
1 closed sale: 16 Urchin Ct 2/2 $660K.
 
LOTS
Nothing to report.
 

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

Tropical December on Sanibel & Captiva Islands

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Delightful weather this week helped make the Sanibel and Captiva Islands holiday festivities extra special. It was a tad chilly yesterday (only reached 70 degrees) and there have been a few cold evenings, but for the most part, the islands have had sunshine-filled days and typical-December tropical 80-degree weather. The forecast into the middle of next week remains the same. There is not much real estate action to report this week. The photos above were taken this week by Jim Anderson of JMA Photography when he filmed one of our listings at Lighthouse Point condominium. When I told Jim that I love posting his pictures on my blog, he offered a few more. Some of those are posted above too. More to follow in the weeks to come!

Here are a few real estate news items, followed the activity posted in our islands Multiple Listing Service this week.

Sanibel Public Library Earns Top Honors 

The Sanibel Public Library has been named a 5-Star Library in the Library Journal Annual American’s Star Libraries 2011 Survey. The Library Journal Index of Public Library Service measures the service levels of 7,153 public libraries in the U.S. based on circulation, visits, internet use, and program attendance. This is the 2nd year Sanibel’s library has been honored as a Star Library and the first year as a 5-Star Library, the highest rating. Last year, it received a 3-Star rating. The Sanibel Public Library is the ONLY Florida library to be named a Star Library.

Leading U. S. Economists Say Florida’s Housing Market is Bouncing Back

Finally some good news! An article posted Wed by Florida Realtors® says: “Despite national and global headwinds, Florida’s real estate market is entering 2012 on an upward trend, according to three leading U.S. economists. “Our state is in a mini-recovery,” said Florida Realtors® Chief Economist Dr. John Tuccillo at the state association’s 2012 Real Estate and Economic Forecast Conference in Orlando. “Sales are trending up, listing inventories are falling, the supply of lender-related properties has stabilized, and we are seeing multiple offers on homes in some local markets.” “In fact, Florida homes today may be undervalued,” Tuccillo added. “That may seem like a drastic statement,” he said. “But a buyer who plans to own the home for five to seven years can get some great bargains today.”

“Mark Vitner, senior economist at Wells Fargo in Charlotte, N.C., said the U.S. economy will continue to face significant challenges, particularly financial concerns related to the European debt crisis. But he expects the U.S. economic recovery will continue next year, making it easier for Midwesterners, for example, to buy Florida homes. “Florida’s economy is recovering, with tourism and healthcare leading the way,” Vitner said. “International tourism has been particularly strong in Miami and Orlando.” Looking around the state, Vitner said Jacksonville’s unemployment rate has dropped and home prices are stabilizing. In Orlando, prices have not yet reached bottom, he said, but the winter tourism season should help the regional economy. Tampa and Southwest Florida have seen solid job growth, with little new home construction. South Florida’s economy is growing thanks to trade relationships with Latin America and the Caribbean, while in the Panhandle, Fort Walton Beach is outperforming Panama City and Pensacola, according to Vitner.

“Dr. Lawrence Yun, chief economist for the National Association of Realtors®, said many Florida markets are showing sharp drops in inventories of homes for sale – a sign that demand is picking up and prices are stabilizing. “That’s a major change from just a year ago,” he said. “Buyers have stepped back into the Florida market.” Noting the state’s powerful appeal to international buyers, Yun said he was particularly optimistic about the outlook for South Florida. “Don’t be surprised to see a gain in home prices in the Miami and Naples markets in the next 18 months,” he said. “From there, the recovery is likely to roll northward to Central Florida and then North Florida.”

“Tuccillo noted that foreclosed and distressed properties will remain a significant part of the Florida market in 2012, but lenders are feeding these properties into the market at a gradual pace rather than pushing them out all at once. The event also featured a panel of Florida real estate professionals, who discussed the 2012 outlook for several sectors of the state’s real estate market from a practitioner’s point of view. Panelists were Clark Toole, president and COO, Coldwell Banker Residential Real Estate Inc. in Florida, discussing residential real estate; Cynthia Shelton, 2009 president of Florida Realtors and a director at Colliers International in Orlando, discussing the commercial market; and Dean Saunders, accredited land consultant and broker-owner of Coldwell Banker Commercial Saunders Real Estate in Lakeland, covering the market for land and undeveloped property. Florida Realtors real estate and economic summit was webcast to 32 local association or satellite sites around Florida. “Turnout was high for our statewide event,” said 2011 Florida Realtors President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. “We hope to hold more of these forums on a regular basis – sharing knowledge of market trends is a powerful way for our Realtor members to connect with buyers and sellers.”

Jumbo Mortgage Rates Hit New Record Low

The following was posted today in Florida Realtors®. “The jumbo 30-year fixed mortgage rate fell to a new record low of 4.68%, according to Bankrate.com’s weekly national survey. The average jumbo 30-year fixed mortgage has an average of 0.4 discount and origination points. According to Bankrate’s weekly survey, the average conforming 30-year fixed mortgage inched lower to 4.24% while the 15-year fixed mortgage held steady at 3.48%. Adjustable rate mortgages were mostly lower, with the average 5-year ARM sliding to 3.18% and the 10-year ARM inching down to 3.8%. Mortgage rates are low, but based on the ultra-low levels of benchmark interest rates such as 10-year Treasury notes mortgage rates could be even lower. Since August, the European debt crisis has pushed the spread between risk-free U.S. government bonds and those of other bonds, such as mortgage-backed bonds, to the highest levels since the spring of 2009. At that time, financial tensions were at a fever pitch, particularly surrounding the health of the U.S. banking system. This time, it is Europe’s banking system in the crosshairs, but the result is much the same – a higher-than-typical cost of borrowing when compared to the rock-bottom government rates. Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.

New Sanibel Restaurant – Il Cielo

I noticed in driving home from the office last night that a new sign is up at the former Dolce Vita location at 1244 Periwinkle Way. The opening of Il Cielo (which is “the sky” in Italian) has been rumored since last spring. Opening was expected in October, but obviously that did not happen. It will be interesting to find out if Loretta Paganini, host of “Simply Gourmet” on the Discovery Channel and proprietor of the International Culinary Arts & Sciences Institute, who was invited by Shoreline Investments, the financial backer of the eatery, is involved in what she earlier described as “the definitive Italian restaurant.” We will be watching for their grand opening.

Sanibel & Captiva Islands Multiple Listing Service Activity December 2-9:

Sanibel
CONDOS
9 new listings: Sundial #G107 1/1 $274.9K, Lake Palms #7 2/2.5 $318K, Loggerhead Cay #422 2/2 $419K, Signal Inn #12 1/1 $419K, Sanibel Arms #A1 2/2 $435K, Sanibel Moorings #142 1/1 $450K, Sunset South #9D 2/2 $499K, Sundial #K203 2/2 $789K, Pointe Santo #E32 2/2 $799K.
6 price changes: Sundial #D207 1/1 now $279.9K, Sundial #F408 1/1 now $299K, Ibis at The Sanctuary #A102 2/2 now $410K, Loggerhead Cay #422 2/2 now $422.5K, Sandalfoot #3D1 2/2 now $449.9K, Mariner Pointe #131 3/2 now $549K.
3 new sales: Tennisplace #D23 1/1 listed for $155K (short sale), Tennisplace #C21 1/1 listed for $238K (short sale), Tarpon Beach #110 2/2 listed for $639K.
2 closed sales: Tennisplace #B31 2/1 $258K, Loggerhead Cay #333 2/2 $390K.
 
HOMES
6 new listings: 1797 Serenity Ln 2/2 $299K (our listing), 1617 Sand Castle Rd 3/2 half-duplex 375K, 1585 Serenity Ln 3/2 $419K, 3812 Coquina Dr 3/2 $445K, 3229 Twin Lakes Ln 2/2 $499K, 1429 Jamaica Dr 4/3 $499K.
5 price changes: 1121 Skiff Pl 3/2 now $579K, 545 Lake Murex Cir 3/3 now $599K (short sale), 913 Kings Crown Dr 4/3 now $995K, 5810 Pine Tree Dr 4/3 now 1.295M, 3401 West Gulf Dr now $4.788M.
2 new sales: 1133 Sand Castle Rd 3/2 listed for $499K, 4449 Waters Edge Ln 3/3 listed for $3.9M.
3 closed sales: 9239 Kincaid Ct 2/2 $240K, 721 Cardium St 2/1 $292K, 1046 Sand Castle Rd 2/2 $355K.
 
LOTS
No new listings.
1 price change: 659 Anchor Dr now $549K.

1 new sale: 2355 Wulfert Rd listed for $169K.
No closed sales.
 
Captiva
CONDOS
1 new listing: Lands End Village #1637 2/2 $1.299M
1 price change: Captiva Bay Villas #2 3/3.5 now $2.095M
No new or closed sales.
 
HOMES
3 new listings: 16742 Captiva Dr 3/3 $2.795M, 16910 Captiva Dr 4/4 $4.85M, 1121 Schefflera Ct 4/4.5 $6M.
No price changes.
2 new sales: 11537 Andy Rosse Ln 4/4 listed for $1.725M, 16849 Captiva Dr 6/6/2 listed for $2.695M.
No closed sales.
 
LOTS
Nothing to report.

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