It has been another quiet week on sunny Sanibel. The local and national news about the green algae in the river and canals in Cape Coral is making rental phones ring with questions and some cancellations, but if you are here, like The SanibelSusan Team, you have noticed that the gulf waters still are sparkling and usually clear.
Here’s a cool picture shared with me this week by Jimmy and Jim Anderson who handle our professional photography. I told them I’d give them a plug when I posted this. Jim’s been taking care of our listing pictures for 25+years! Jimmy’s the drone expert! Nice job, guys! Check out more of their work at ImagesForSuccess.com.
Below are a couple of news items followed by the postings in the Sanibel & Captiva Islands Multiple Listing Service since last Friday.
Sanibel & Captiva Islands Association of Realtors®
This is the off-week for the islands’ Thursday morning Realtor® Caravan Meeting, but next week is our July membership meeting, which always brings more members out.
Our new listing at Moonshadows #2C already is signed up to be on the caravan – open July 26 from 9 a.m. until noon at 1351 Middle Gulf Drive. (Here’s a link to the streaming video for Moonshadows, by Jim and Jimmy Anderson).
First, on Tuesday is the Association of Realtors® hosted meal packing event for “Meals of Hope”. We have raised the $5,000 needed to pay for the food for 20,000+meals and have more than 50 volunteers ready to get to work, but there is always room for more, so let us know if you want to participate. Teammate Elise and I will be packing then from 3 to 5 p.m., while Teammate Dave keeps the office running.
The word is out that Sanibel’s Paper Fig Kitchen is having their soft opening today, July 20. Located in Tahitian Gardens here is what their website says about their offerings: “PAPER FIG KITCHEN in Sanibel believes that even a quick breakfast bite, lunch on the go (or on our Shop porch), afternoon nosh, or “I don’t have time to shop, chop, and prep” take along dinner should be creatively crafted, absolutely fresh, and without a doubt, delicious!
“Every item at PAPER FIG KITCHEN is made in House from scratch…. which includes our fresh to freezer hors d’oeuvres, soups, prepared/green salads, entrees/sides, trays & platters, dressings, sauces, garnishes, etc. Client favorites, seasonal fare, daily specials, and sweet treats will be available at our storefront…. Our Kitchen to yours! “ They offer catering and private chef services too. More info and menu at https://paperfigkitchen.com/
National Flood Insurance Program Expiring
The SanibelSusan Team has heeded the call-to-action to encourage Congress to reform and extend the National Flood Insurance Program (NFIP) which expires July 31 denying necessary insurance coverage to homeowners and buyers in more than 20,000 communities nationwide. We don’t want to know what will happen if this doesn’t occur. The National Association of Realtors® supports:
- Reauthorizing and gradually strengthening the NFIP so it is sustainable over the long run;
- Encouraging the development of private market options to offer comparable flood insurance coverage at lower cost than NFIP;
- Providing federal assistance to high-risk property owners, including guaranteed loans, grants and buyouts in order to build to higher standards and keep insurance rates affordable;
- Provide fair flood insurance rates that better reflect the property’s flood risk;
- Improving flood map accuracy, so fewer property owners have to file expensive appeals.
You don’t need to be a Realtor® to also encourage Congress. CLICK BELOW TO:
Tell Congress to EXTEND NFIP and PASS Flood Insurance Reform Thank you.
Florida’s Gross Domestic Product Hits $1-Trillion Mark
On Monday, FloridaRealtors® on line posted the following article from “The Orlando Sentinel”.
“Florida’s gross domestic product topped $1 trillion Friday, an economic output that would make the Sunshine State the world’s 17th largest economy if it were an independent country, the state chamber said.
“The milestone has been expected. University of Central Florida economic analyst Sean Snaith said the state has been strong in all areas of employment. “This is really being driven by fundamentals,” he said. “This is not just a fluke of an overheated economy.”
“Florida’s economy has grown larger than Saudi Arabia’s, Switzerland’s and Argentina’s, the chamber said.
“The economist who authored the study pointed to growth in manufacturing. “Those [jobs] are growing faster here than the U.S. the last few years, ” said Jerry Parrish, Florida Chamber Foundation chief economist.
“The $1 trillion figure was calculated based on the U.S. Bureau of Economic Analysis’ most recent GDP number of $984 million for the fourth quarter of 2017, and a formula that projects current statistics that have yet to be factored in by the bureau, including job growth, goods, services and other factors.
“Key factors driving the state’s growth that can be seen in Metro Orlando’s economy include low unemployment, population growth and tourism. The broad successes in those areas make the $1 trillion figure sustainable, Snaith said. “The near-term risk of recession is still fairly low,” Snaith said. “… Momentum in the labor market, the tax cuts and jobs act, all that has been a force of adrenalin, if you will, for economic growth. Could we drop below that? It’s possible, but that would be temporary. This is a mile marker on a longer-run trend as opposed to being fleeting or cyclical.”
“Florida has been adding $2.7 billion to its GDP each day on average, the Chamber said in its release.
At the start of 2008, the state’s GDP stood at $757 billion adjusted for inflation, according to BEA. It dropped to $715 billion by the third quarter of 2009 but has since risen steadily. The $1 trillion projection would represent a 39.86 percent increase.
“The Chamber cited unemployment lower than the national average and other factors driving the growth.… Florida continues to break visitation records, and our state is continuing to diversify its economy,” its release said.”
Where Are The Buyers?
The July-August issue of REALTOR® Magazine has a good article by NAR Chief Economist (and my favorite crystal-ball reader), Lawrence Yun. His answer to the above question is “They’re waiting until their earnings and home prices are better aligned.
“The economy is solidly advancing. The anticipated growth rate of 4 to 5% in the 2nd quarter is remarkable. For the year, the GDP will exceed 3% for the 1st time since 2005. Employment, likewise, is strong: 5 million net new jobs over the past two years, pushing the unemployment rate down to 3.8%, the lowest rate in 50 years. Wages are up too, by 2.8% over the last 12 months.
“There is more good news. Despite recent volatility, the stock market has been close to an all-time high, helping push combined wealth in the U.S. across the $100 trillion mark for the 1st time. The median home price has risen 40% over the last fives years and continues to climb.
“And yet home sales are down 1% from this time last year, and homebuyer sentiment is tepid. The number of consumers strongly expressing “it is a good time to buy” fell to 38.5% in the 1st half of the year compared to 45% at a similar period last period.
“What’s behind the mismatch? For many potential buyers, homes are just too expensive. That’s why more building is critical. Consider advocating for accelerated new construction in your community. Some goals to consider pursuing with local authorities: streamlining the housing permit process; reducing impact feees on new homes; reducing minimum lot sizes; expediting local environmental reviews; promoting the repurposing of outdated commercial buildings into residential units; amending rehabilitation codes, and encouraging use of prefabricated, modular housing, and accessory dwelling units.
“At the federal level, the National Association of REALTORS® is pushing for expanded vocational training in construction fields, revised condominium defect laws, and increased community bank lending for lot development. The combined impact of these efforts would be tremendous. Not only would these steps relieve the housing shortage, they’d help keep economic growth humming at 4% or more. And that would be a win for everyone.”
- J.N. “Ding Darling” National Wildlife Refuge Prescribed Burn – In a press release, the Refuge thanked all residents, visitors and partners for “a successful prescribed burn of the Botanical Site on Sanibel on Tuesday, July 17. It was conducted to reduce the likelihood of catastrophic wildfires and to help preserve the natural ecology of the area, officials reported. It was successful because of help from multiple partners. The Southern Florida and Caribbean Fire District of the U.S. Fish and Wildlife Service conducted the prescribed burn with the assistance of: six national wildlife refuges, the J.N. “Ding” Darling National Wildlife Refuge, Loxahatchee National Wildlife Refuge, Piedmont National Wildlife Refuge, Florida Panther National Wildlife Refuge, Savannah National Wildlife Refuge and Merritt Island National Wildlife Refuge, two federal units, Big Cypress National Preserve and Avon Park Air Force Range; and local partners, Florida Forest Service, Sanibel-Captiva Conservation Foundation, City of Sanibel, Sanibel Police Department, Sanibel Recreation Center, Sanibel Fire and Rescue District, Lee County Mosquito Control District, Clinic for the Rehabilitation of Wildlife, Island Water Association, Audubon Society and the “Ding” Darling Wildlife Society.”
- Causeway Bridge Inspection. – Notice was in the “Island Sun” today that Lee County Department of Transportation will be performing a bridge inspection on Sanibel Causeway Span A next week. The job is scheduled to start on Tuesday (July 24) and finish on Thursday (July 26), weather permitting. Lane closures will be controlled by flagging operation. Affected times will be from 9 a.m. to 3 p.m. daily.
Sanibel & Captiva Islands Multiple Listing Service Activity July 13-20, 2018
No new listings.
5 price changes: Cottage Colony West #108 1/1 now $624.9K, Cottage Colony West #132 1/1 now $634.9K, Island Beach Club #320F 2/2 now $758.5K, Sundial West #E104 2/2 now $850K, Plantation Village #312 3/2.5 now $1.649M.
4 new sales: Sanibel Moorings #141 1/1 listed at $435K, Loggerhead Cay #313 2/2 listed at $535K, Loggerhead Cay #434 2/2 listed at $629K, Sandpiper Beach #506 2/2 listed at $719K.
5 closed sales: Blind Pass #A205 2/2 $400K, Sanibel Moorings #941 2/2 $510K, Loggerhead Cay #433 2/2 $575K, Lighthouse Point #212 3/2 $746K, Sundial West #E310 2/2 $875K.
3 new listings: 4436 Waters Edge Ln 3/3 $729K, 1307 Par View Dr 3/3 $1.199M, 920 Snowberry Ln 3/3.5 $1.225M.
9 price changes: 2074 Wild Lime Dr 3/2 now $55K, 1339 Tahiti Dr 3/2 half-duplex now $649K, 1807 Serenity Ln 3/2 now $739.5K, 438 Surf Sound Ct 3/2 now $819K, 1035 S Yachtsman Dr 5/4.5 now $999K, 6412 Pine Ave 3/2.5 now $1.175M, 794 Conch Ct 3/2.5 now $1.548M, 599 Lake Murex Cir 3/3.5 now $1.75M, 1133 Golden Olive Ct 3/3.5 now $2.446M.
4 new sales: 5306 Ladyfinger Lake Rd 3/2 listed at $539.9K; 3784 Coquina Dr 3/3 listed at $549,999; 978 Black Skimmer Way 3/2 listed at $695K; 5657 Sanibel-Captiva Rd 3/2 listed at $1.299M.
1 closed sales: 3708 Coquina Dr 3/2 $715K.
1 new listing: 6089 Sanibel-Captiva Rd $4.995M.
No price changes or new sales.
2 closed sales: 5723 Baltusrol Ct $287K, 6000 White Heron Ln $705K.
No new listings.
4 price changes: Lands End Village #1655 2/2 now $1.055M, Beach Homes #2 3/2 now $1.999M, Beach Homes #18 4/3 now $3.375M, Beach Homes #13 4/4.5 now $3.949M.
1 new sale: Tennis Villas #3129 1/1 listed at $325K.
No closed sales.
HOMES & LOTS
Nothing to report.
This representation is based in part on data supplied by the Sanibel & Captiva Islands Association of Realtors® Multiple Listing Service. Neither the association nor its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or its MLS may not reflect all real estate activity in the market. The information provided represents the general real estate activity in the community and does not imply that SanibelSusan Realty Associates is participating or participated in these transactions.
Until next Friday!
Enjoy your weekend! Susan Andrews, aka SanibelSusan