June 1 was the official first day of Florida hurricane season. Right on time, the Pacific storm that passed the Yucatan this week, now is into the gulf and forecast to dump heavy rain on SW FL beginning today and continuing into tomorrow. After that, island weather likely will return to typical “rainy season” with off-and-on tropical showers possible most afternoons and evenings.

From now through fall, the islands enjoy many bright sunny days and excellent shelling (particularly after a summer storm), but this time of the year it is especially smart to keep an eye on the weather. It also pays to stock up on hurricane supplies during tax-free time, which is now through Jun 10. Qualifying disaster preparedness supplies include such items as generators, tarps, smoke and carbon monoxide detectors, fire extinguishers, flashlights, lanterns, batteries, weather radios, and for pets, portable kennels, beds, leashes, collars, and muzzles (some price limits apply).

In the world of island real estate, after a couple of news items below is the activity posted in the Sanibel & Captiva Multiple Listing Service since last Friday. On Jun 1, the May renters departed from our new canal-front listing in Sanibel Estates so Jim Anderson, JMA Photography, our long-time photographer was able to do his magic before the storm arrived.

931 South Yachtsman Dr in Sanibel Estates

There was no local Association of Realtors® Caravan meeting this week, but this morning I attended the Professional Development Committee meeting where we were busy finalizing 2022 classes and speaker schedules. I am also putting the finishing touches on the Resort & 2^nd-Home Market class that I teach for the Association next week as one of the modules for the SCIS (Sanibel & Captiva Islands Specialist) designation.

Sanibel & Captiva Islands 2022 Real Estate Sales

Not totally unexpected is how quickly island sales have slowed. Even with a holiday weekend, the islands were quiet this week. Traffic was slim to none, with reported real estate sales about the same. It is another story about how busy it was on the causeway beaches, particularly on Sunday. There was no room for even a bird to light. Lots of people appeared to be enjoying the water and weather, but vehicles were parked within inches of each other, and jet skiers were zooming close to shore. Lee County certainly has their hands full monitoring those beaches.

Below is an update of Sanibel/Captiva inventory today, compared to sales year-to-date and last year. (Info from Sanibel & Captiva Islands Multiple Listing Service as of Jun 3, 2022. For sale & under contract average prices are based on asking prices.)

Florida Realtors® 2022 Budget Victories

This week, Florida Governor Ron DeSantis signed the $109.9 billion 2022-23 state budget into law which includes four Realtor® legislative priorities from the 2022 session.

First, it solidifies the $100 million allocated for the new Hometown Heroes Housing Program, meaning that July1, down payment and closing cost assistance will be available for eligible hometown heroes such as nurses, teachers, firefighters, law enforcement offices, and other critical front-line workers.

The budget signing also means that $262 million will be available at the start of the new fiscal year for the State Housing Initiatives Partnership (SHIP) and State Apartment Incentive Loan programs (SAIL). These existing affordable-housing programs have been a long-standing priority for Florida Realtors® as they provide home ownership and rental assistance to low-income Floridians.

On the environmental side, the budget signing locks in more than $1.6 billion for water quality and other related projects including:

• $500+million for Everglades Restoration
• $558+million for target water quality improvements
• $75 million for springs restoration
• $50 million for Florida beaches
• $20 million for Biscayne Bay
• $125 million for the Wastewater Grant Program
• $500+million for the Resilient Florida Program.

The budget also includes $500K to help the Department of Business and Professional Regulations combat unlicensed real estate activity.

Florida Real Estate Market Shows Signs of Cooling

Below is a transcript of the Market Update video posted May 19 on Florida Realtors® by Chief Economist Dr. Brad O’Connor:

“The red-hot resale market for housing in Florida finally showed some legitimate signs of cooling in April, based on the latest monthly housing statistics from Florida Realtors. Let’s start by looking at closed sales of existing single-family homes, which were down over 15% compared to April of last year. That’s a significantly larger decline than we saw in March, when closings were only down a little over 6% year-over-year. “What happened in April?” you ask? Well, it’s not so much what happened in April so much as what was happening in February and March. Remember, most home sales that close each month, particularly the majority that are purchased with mortgage financing, went under contract one or two months prior to closing. So, the closed sale statistics reported each month are always impacted by market conditions from one or two months prior, as well. And what was going on in February and March when so many of April’s closings were going under contract? The answer, of course, is a rapid rise in mortgage rates.

“At the beginning of every week, Freddie Mac surveys mortgage lenders across the U.S. and reports the average national rate for the 30-year fixed-rate mortgage on Thursday. For most weeks in 2021, they reported an average rate between 2.8 and 3.2%. These consistently low rates were essentially rocket fuel for the housing market and led to one of the best years for home sales of all time. But mortgage rates started rising in earnest in 2022. At the beginning of February, Freddie reported an average rate of about 3.6%–a little higher than the 3.2% rate it reported at the beginning of January. But by the beginning of March, the average rate had reached 3.8%, and by April, it was up almost a full percentage point further, to 4.7%. It was this huge increase during March that really had a significant impact on closings in April.

“Our new pending sales statistic, which is simply a count of how many homes went under contract each month, is typically a good leading indicator of closed sales a month or two down the road. This statistic has been showing double-digit year-over-year percent declines since February, so it’s not just the theory that rising rates dampen housing demand that has led us to expect lower levels of closings this spring, it’s been present in the numbers, as well. New pending sales are not a perfect forecaster of future closed sales, signed contracts do not always guarantee a successful closed sale, but they are one of the better ones. And with mortgage rates now consistently above 5%, it’s not surprising that new pending sales of single-family homes were down almost 14% in April. So, we might expect closings to be weak on a year-over-year basis over the next month or two, as well.

“Weak” is a relative term here, obviously. As I said earlier, 2021 was characterized by near-record low mortgage rates that allowed for a huge surge in homebuying demand. So, it’s simply unreasonable for us to expect that the market will perform just as well this year now that we are in a higher interest rate environment. The mortgage rates on home sales that closed this April are much more akin to what rates were at in 2018. And compared to April 2018, the number of single-family closings in April of this year was up 11%. April closings were also 4% higher than they were in 2019, when rates were on the way down. So, it all depends on your perspective. Closed sales are performing at about the level they were leading up into the pandemic, despite higher mortgage rates, low supply, and much, much higher sale prices.

“The median sale price for closed existing single-family homes finally eclipsed the $400,000 mark in April. It came in at $410,000, which is almost 22% higher than it was one year ago. While that’s bad news for prospective buyers, once again we need to remind ourselves that many home sales that closed in April actually had their prices determined when they went under contract a month or two earlier, just as rates were really starting to take off. In the longer run, price growth should start to moderate in response to these higher rates, so this is an important statistic to keep your eye on over the next few months as an increasing share of sellers will inevitably have to start adjusting their expectations to a degree.

“If you’re in the real estate business, though, the good news is that the lower level of sales in April was mostly offset by this year’s higher sale prices, although not completely. The statewide dollar volume of closed existing single-family home sales in April was down 4.5% compared to a year ago. Year-to-date, however, single-family dollar volume is still up 6.4%.

“Although we’re seeing fewer sales relative to last year, the number of existing homes being listed for resale this year has remained relatively consistent in 2022 compared to recent years. There were more new listings of single-family homes this April than in April of either 2018, 2019, or 2020, and they were only down by less than 2% compared to April of 2021. Year-to-date, new listings are down only 0.5% compared to a year ago. This has allowed inventory levels to finally start creeping up a little bit. As of the end of April, the statewide inventory of existing single-family homes for sale was up close to 7% year-over-year. That’s a big deal since it represents the first year-over-year increase in Florida’s single-family inventory since June of 2019. Granted, we still have over 60% fewer single-family listings than we did at this time two years ago, but we’ll take any victory on inventory that we can get at this point. It’s still a long road back to a balanced market.

“Now that we’ve covered the resale market for single-family homes, let’s look at the stats for homes in the condo and townhouse category. If you regularly watch our videos here, you know that annual condo and townhouse sales were up significantly in 2021. Single-family sales were up by almost 13%, but that was nothing compared to condos and townhouses’ increase of over 34%. The big reason why that happened is that our single-family inventory was mostly depleted during the second half of 2020. So, when 2021 came around, relative to single-family homes, we had a fairly abundant amount of condo and townhouse inventory. With housing demand as hot as ever and home prices rapidly rising, condo and townhouse sales went through the roof.

“By the beginning of 2022, though, condo and townhouse inventory levels were largely depleted, as well. As of the end of April, we’re at 1.3 months supply of inventory for this property type category, not much more than the 1.1 months supply of single-family inventory. As a result, condo and townhouse sales are constrained this year in a way they were not one year ago, so the decline in sales has been more severe than on the single-family side. Closed sales in April were down almost 21%, while new pending sales were down almost 24%. The levels of closings and new contracts, however, remain above where they were at this time in 2019, the last normal year for our housing market ahead of the pandemic.

“The median sale price for condos and townhouses in April was $310,000, a year-over-year increase of 24%. This year’s higher price point led to a decline in dollar volume of only about 8% relative to a year ago when condo and townhouse sales were at their hottest.

“Many of the factors impacting Florida’s housing market right now are macroeconomic factors, in other words, phenomena that are broadly impacting the housing market nationally, not just here in Florida. Rising interest rates and high inflation are two prime examples. But on a state-specific basis, Florida currently has some great things going for it that continue to make our state an attractive destination for new residents, investors, and second-home buyers. Our lack of income tax, access to beautiful beaches, and warm, sunny weather have always been a great asset, but they’ve become even more attractive in today’s work-from-anywhere world.

“Moreover, Florida’s economy has seen one of the strongest recoveries of any state over the past two years. But just as all states are different, so are all the markets within our state….”

How Did Sanibel Home & Condo Sales Compare in April 2022?

Since it also is important to analyze local market statistics, not just understand what is happening at the state-level, below is the info collected by Florida Realtors® (SunStats) for April sales on Sanibel.

Single-family homes – comparing April 2022 with April 2021, the number of home sales was down 68.1% (from 47 sales to 15). Median sale price, however, was up 32.1%, from $1,050,000 to $1,387,500.

Condos – also comparing April 2022 to 2021, the number of condo sales was down 55% (from 40 to 18), while median sale price was up 103.9%, from $675,000 to $1,376,500.

In April 2022, 73.3% of the single-family home sales and 83.3% of the condo sales were cash.

Sanibel & Captiva Islands Multiple Listing Service Activity May 27 – June 3, 2022

Sanibel

CONDOS

1 new listing: Tarpon Beach #105 2/2 $1,297,555.

1 price change: Gulfside Place #101 3/3 now $2.495M.

1 new sale: Sanibel Arms #G8 2/2 listed at $1.295M.

5 closed sales: Coquina Beach #5A 2/2 $779K, Sanctuary Golf Villages I #5-3 2/2.5 $859K, Island Beach Club #P4E 2/2 $1.749M, Somerset #A301 3/2.5 $3M, Sedgemoor #101 3/3.5 $3.895M.

HOMES

5 new listings: 647 Rabbit Rd 3/2 $819K, 446 Lake Murex Cir 2/2 $949K, 947 Lindgren Blvd 3/2 $1.5459M, 839 Birdie View Pt 3/3 $1.995M, 931 S. Yachtsman Dr 4/3.5 $1.995M (our listing).

931 S Yachtsman Dr

3 price changes: 1012/1014 East Gulf Dr 4/2 duplex now $1.049M, 5802 Sanibel-Captiva Rd 3/3.5 now $1.39M, 2729 Wulfert Rd 4/4.5 now $1.998M.

No new sales.

10 closed sales: 778 Cardium St 3/3 $853K, 1667 Sabal Sands Rd 3/3 $1.05M, 3910 Coquina Dr 3/2 $1.299M, 750 Oliva St 3/2 $1.425M, 788 Birdie View Pt 3/3 $2.1M, 746 Windlass Way 4/3 $2.15M, 489 Sawgrass Pl 5/5 $2.183M, 1679 Hibiscus Dr 3/2 $2.495M, 474 Lagoon Dr 3/3.5 $2.5M, 6176 Henderson Rd 4/3 $2.8M.

LOTS

Nothing to report.

Captiva

CONDOS

No new listings or price changes.

1 new sale: Sunset Beach Villas #2235 4/3 listed at $1.979M.

No closed sales.

HOMES

1 new listing: 16151 Captiva Dr 7/7.5 $13.875M.

No price changes.

1 new sale: 11524 Andy Rosse Ln 5/5.5 listed at $3.995M.

1 closed sale: 16989 Captiva Dr 4/4.5 $5.823M.

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.

Stay dry this weekend & enjoy your week!

Til mext Friday… Susan Andrews, aka SanibelSusan

May continues to prove itself as one of the best months to be on Sanibel & Captiva Islands. Traffic is a breeze. Sunny days usually include a breeze. Occasional evening showers begin, also with a breeze. Funny how when the rainy season starts here, most showers stay inland. That’s when we locals joke that rain can’t afford the bridge toll.

Sanibel got a couple of inches of accumulation earlier in the week which has greened things up and contributed to local color. As typical for May, plenty of springtime flowering vegetation has popped. As I head home from the office each evening, it is fun to admire the Royal Poinciana trees (aka flamboyant) trees busting with orange blooms, occasional purple jacaranda, plus many colorful frangipanis (aka plumeria). My gardenia bushes have been exploding for a couple of weeks and yesterday I spotted a beautiful blooming magnolia on East Gulf Dr.

Real Estate Scoop

Sanibel & Captiva Islands Association of Realtors® – It was with mixed emotions last Friday afternoon when I attended a surprise going-away get-together for our Association of Realtors® Director of Education who has now moved to Jacksonville to be closer to family. Best of luck, Megan Rose. Our loss is Jax’s gain. It was so easy to write her a letter of recommendation.

There is not much new real estate activity to report this week on the islands, though we had another nice closing Monday and I met with a prospective seller this morning. Prices continue to be mind-boggling. Inventory remains soooo low.

With another month in the books, below is a summary of island inventory as of today (May 6, 2022) (info from the islands MLS). Also, after a couple of news items are the details of the action posted in the Sanibel & Captiva Multiple Listing Service (MLS) since last Friday.

2022 National Association of Realtors® Legislative Meetings

This annual event sponsored by the National Association of Realtors® (NAR) is held each May near Washington DC. This year, the meetings and trade expo were under one roof, at a new location, the Gaylord National Resort & Convention Center in National Harbor, MD. These meetings are where NAR members take an active role to advance the real estate industry, public policy, and the association with Capitol Hill visits, issues forums, committee meetings, legislative activities, and the industry trade show.

NAR is American’s largest trade association with over 1.5 million members advocating and protecting the property rights of buyers and sellers in the U.S. and around the world. NAR began 112 years go and today includes 1,200+local and state/territory associations serving Realtors® and their communities. More than 200,000 members hold subject-matter expertise designations and certifications.

Though I did not personally attend the meetings, I followed several via the internet and was especially touched when on Tuesday I read a Facebook post by Marcia Franks, island client/friend from the Nashville area, where she is a Tennessee Real Estate Commissioner and broker/owner of Franklin Realtors Inc. Marcia also is the most recent Past President (2021) of ARELLO which is the Association of Real Estate License Law Officials. Her post said:

“My National Association of REALTORS Global Business & Alliances Committee meeting was very emotional this morning. The VP and Committee member of the Ukrainian Real Estate Association spoke to us about their country and the need for help. It was so heartbreaking. They drove 4 days from their cities to Poland, 8 hours in immigration, flew to Warsaw then to Chicago and finally Washington to speak to us. They go back in 2 days to their homes and family. The man’s military post in his town is in a trench and the woman and her children are living in a basement of a church because her home was bombed. Our committee is asking NAR to start a Global Relief Foundation. We in AMERICA are so blessed! ”

NAR Chief Economist Lawrence Yun Predicts Uncertainty for the Housing Market

My favorite economist also spoke at the National Association of Realtors® event this week:

“NATIONAL HARBOR, MD (May 4, 2022) – Two years after enduring the devastating financial impacts of COVID-19, the U.S. economy has made an impressive comeback, in large part due to a booming housing market. However, as National Association of Realtors® Chief Economist Lawrence Yun explained today, there are significant questions regarding the sector’s direction over the coming months.

““Housing kept the economy afloat as home prices rose and buyer demand intensified,” said Yun to 9,000 Realtors® and industry experts in attendance at the 2022 Realtors® Legislative Meetings during the event’s Residential Economic Issues and Trends Forum. “However, this year has already thrown some curveballs, including record-low inventory and unyielding inflation.”

“While housing supply appears to be on the upswing as builders increasingly construct new homes, Yun says inflation will persist and in turn cause strain for would-be buyers. Additionally, other external economic factors will negatively impact the market, both indirectly and directly, he said. “The Russia-Ukraine war and escalating fuel prices have contributed to further housing unaffordability for buyers.”

“Yun explained that a more immediate impact for home seekers has been the rapid increase of mortgage rates, along with other anti-inflationary actions from the Federal Reserve. “Mortgages now compared to just a few months ago are costing more money for home buyers,” he said. “For a median-priced home, the price difference is $300 to $400 more per month, which is a hefty toll for a working family.”

“NAR calculates purchasing a home is now 55% more expensive than a year ago. These rising mortgage rates and prices hurt affordability, and although wages are improving, Yun says they are “wiped away” due to inflation.

“Wages have risen by 6% from one year ago and that’s good news,” he continued. “But inflation is at 8.5%.”

“He estimates inflation will remain elevated for the next several months and that the market will see further monetary policy tightening through a series of rate hikes. Citing a five-month decline in pending home sales, as well as a drop in newly constructed single-family sales, Yun predicts the higher mortgage rates will slow the housing market.”

Fundraiser to Benefit Sanibel School

The Sanibel School Fund’s 20^th annual Blue Ribbon Classic Golf Tournament will be followed by a dinner party on May 14 at the Community House, 2173 Periwinkle Way. The community is invited to take part in an evening of fun and philanthropy including a cocktail hour starting at 5:30 p.m., dinner at 7 p.m., deejay and dancing, and raffle and live auction at 8 p.m.

Proceeds from the golf tournament and after-party support The Sanibel School’s STEM (Science, Technology, Engineering, and Math) program. Tickets to the event are $100 per person. More info about the event, for tickets, and learn about bidding auction items without attending, go to https://sanibelschoolfund.betterworld.org/

Sanibel & Captiva Islands Multiple Listing Service Activity April 29 – May 6, 2022

Sanibel

CONDOS

No new listings or price changes.

2 new sales: Sundial #G401 2/2 listed at $1.274M, Sanctuary Golf Villages I #6 3/3 listed at $1.398M.

4 closed sales: Sandalfoot #5A2 2/2 $1.05M, Shell Island Beach Club #5C 2/2 $1.279M, Lighthouse Point #227 3/2 listed at $1.395M (our listing), Pine Cove #A 2/2 $1.549M.

View from Lighthouse Point #227

HOMES

3 new listings: 1752 Serenity Ln 3/2 $899K, 6471 Pine Ave 2/2 $949K, 1827 Middle Gulf Dr 2/2 $950K.

No price changes.

3 new sales: 750 Oliva St 3/2 listed at $1.495M, 1710 Dixie Beach Blvd 3/2 listed at $2.195M, 1690 Sabal Palm Dr 5/3 listed at $3.177M.

7 closed sales: 430 Lake Murex Cir 2/2 $1.155M, 244 Palm Lake Dr 3/2 $1.255M, 1190 Sand Castle Rd 3/2 $1.34M, 1194 Sand Castle Rd 3/2.5 $1.3875M, 1305 Par View Dr 3/4 $1.7M, 4322 West Gulf Dr 4/3.5 $2.975M, 1349 Bay Dr 4/4 $5.825M.

LOTS

No new listings or price changes.

1 new sale: 3938 West Gulf Dr listed at $899K.

1 closed sale: 2356 Wulfert Rd $260K.

Captiva

CONDOS

1 new listing: Beach Homes #3 3/2 $3.495M.

No price changes.

3 new sales: Bayside Villas #4214 1/2 listed at $605K, Bayside Villas #5110 1/2 listed at $673.5K, Gulf Beach Villas #2001 2/2 listed at $1.15M.

No closed sales.

HOMES

1 new listing: 15160 Captiva Dr 6/6.5 $5.249M.

No price changes.

1 new sale: 1114 Schefflera Ct 4/3.5 listed at $3.6M.

1 closed sale: 15009 Binder Dr 4/5.5 $7.5M.

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… best wishes to all the Moms… may your May be special.

Susan Andrews, aka SanibelSusan

And just like that, SanibelSusan now reports that the timeframe typically referred to as “high season” on the islands is over! This week, sunny breezy days have made for great spring vacations for many visitors while some snowbirds already are packing up to head north for the summer.

Water Around the Islands

Whenever I receive the Sanibel-Captiva Conservation Foundation (SCCF) weekly water quality update, it makes me also want to check out some of my favorite island spots for water watching. This morning SCCF posted the aerial photo below and reported that satellite imagery this week detected no red tide blooms on the SW Florida coast. Their report also said that on Monday, Lee County Environmental Lab reported some blue-green algae filaments up in the Caloosahatchee River and upstream of the Franklin Locks.

Before the summer rainy season begins usually is when gulf and bay waters here are clearest, sometimes in that sparkly blue-green color more often seen in the Caribbean. I did an island drive-around today, taking a few water photos. Here are some favorites.

End of Dixie Beach Blvd overlooking Pine Island Sound

End of Bailey Rd overlooking San Carlos Bay

Road to Lighthouse

From McCarthy’s Marina overlooking Pine Island Sound

From Green Flash to Roosevelt Channel

End of Henderson overlooking Dinkins Bayou

Sanctuary Rd bridge over bayou

Sea Turtle Nesting Season Begins

Posted on-line Wednesday by SCCF: “April 15 marked the first day of the 2022 sea turtle nesting season! Volunteers have been eager to get back on the beaches again after a successful season last year. This season, SCCF has 85 active volunteers who are committed to patrolling the beaches every day from April through October. Volunteers and staff survey the beaches along Sanibel, Captiva, and Causeway Island B at first light have not found any turtle activity.

“The first several patrols have not seen any telltale sea turtle crawls in sand, but that is not unusual this early in the season. The record for the earliest nest laid was by a loggerhead (Caretta caretta) on April 15, 2020. Even without any activity to report, the volunteers were all smiles as they donned their white sea turtle shirts once again.

“Now that nesting season has officially started, please remember that everyone can make a difference by taking little steps to help make our beaches turtle-friendly! Please take your beach equipment and furniture off the beach by 9 p.m., fill in holes your party may have dug, avoid using white lights visible from the beach (including interior lights) and flashlights on the beach, and properly dispose of all trash. For more tips, go to http://www.SanCapLifesavers.org

SanibelSusan Realty Scoop

Here in the office, it was nice to have visits from several clients back in town after long pandemic-related delays. We hope they will be back more often now that some travel restrictions lifted.

As the team and I continue to commiserate about so few properties being available for sale, it has been an interesting twist to work with clients’ children. I guess that’s what happens when you get to be my age. Listings more often come from former buyers now looking to move to retirement communities or closer to families, while their children now are looking to purchase and with parameters different from those their parents had.

More than once recently I have met with that next generation asking for advice – sometimes because they are thinking of selling or buying back in their home state and some wanting to purchase an investment property here. Some want to know why they even need a Realtor® in a hot market. Others simply want to know how to find a good Realtor®. Below are SanibelSusan tips when shopping for real estate help.

After that is the action since last Friday reported in the Sanibel & Captiva Islands Multiple Listing Service. Today, there are 39 residential properties for sale on Sanibel (16 condos, 14 homes, and nine lots). On Captiva, there are 14 (five condos, eight homes, one lot).

Susan’s Tips On Hiring a Realtor®

It really doesn’t matter if you are looking to buy or sell, you always want the best representative working for you. And guess what? That person is not just someone with a real estate license, but one who also is a Realtor®. The best Realtor® may not be the one with the flashy social media, billboard, TV and radio advertising. Here are a couple of tips that I recently shared.

Why hire a Realtor® – All real estate licensees are not the same, only those who are members of the National Association of Realtors® (NAR) are Realtors®. They subscribe to a strict code of ethics and have access to advanced educational opportunities and training in their real estate specialties. Realtors® are committed to fairly treating all parties to a transaction. A full-time Realtor® that also lives in the geographic area they service likely has the best grasp of what is happening in that local marketplace. They will know the prices, terms, and condition of competing properties and recent sales. You want an expert in the local business to guide you through the buying and selling process.

Get recommendations – It doesn’t matter whether you are purchasing or listing, ask for recommendations from family, friends, co-workers, and neighbors IN THE TOWN or AREA where you are buying/selling. Ask if they recently worked with a Realtor® they like. This is not asking for the name of a Realtor® they know – or their family member or friend who also may have a real estate license. You want a recommendation from someone who RECENTLY worked with an agent in that area and had a great experience. Someone who has not bought or sold in decades is not the person to ask. The Realtors® in your area with the best recommendations are the ones you should contact. Try to get three recommendations. If you can’t get recommendations, sleuth them out yourself.

Get experience – Though the Realtor® designation is national, real estate licenses vary state to state (& country to country). Usually, a sales associate has less education than a broker who can open a real estate office in that state. Sometimes though, a new associate has more time to devote to you than a busy top producer. Find out who has generated the most sales in the community where you are buying or selling.

Get credentials – Go to Realtor.com and click on the tab to “Find a Realtor®”. In addition to specifying your geographic area or town, click “Add Credentials”. The first credential you want to check is C2EX. A C2EX Realtor® has received the commitment to excellence endorsement from NAR. There are over 1.5 million Realtors® in the U.S., only the top 100,000+ have earned this endorsement. C2EX is not a class or designation, but recognition by NAR as committed to practicing real estate at the highest professional standard in the industry. Next consider what type of property you are buying or selling. If it is in a resort or 2^nd home market, like Sanibel & Captiva Islands, you may want to work with someone who holds the RSPS (Resort & Second-Home Specialist) designation. If you are listing a property in an area that appeals to foreign buyers, consider someone with the TRC (Transnational Referral Certified) designation. These Realtors® belong to a consortium of real estate organizations in many countries, providing additional exposure to their listings. The Sanibel & Captiva Islands Association of Realtors® also has their own certification that is specific to these islands. Though not on the list of credentials on Realtor.com, you might consider an agent that specializes in your area. Here, those are an SCIS (Sanibel & Captiva Islands Specialist).

Response time – Once you have some names and cell phone numbers, call these Realtors®. If they answer immediately, it is a good sign. I have mixed feelings about leaving a cell phone message as when I am working with a buyer or a seller, I give them my undivided attention and don’t answer my cell phone unless it is an emergency. If you get their voice mail and it’s full, you probably don’t want to work with them. This may be someone too busy to handle the business they already have. If I don’t reach a Realtor® first-try on their cell, I send them a text or an email. Expect them to reply within a few hours. If not, move on.

Meeting – If you are going to list your property, set up an appointment with each Realtor® to come and see the property and tell you why you should work with them. If they are on time or early, that’s likely how they will react to a buyer wanting to view your property. If they also present themselves well and are organized, that is likely how they also will present your property. If you have already prepared a list of the salient features that your property has (or if you are buying, a list of your requirements), your Realtor® will have a better understanding of the job. Having info ready about recent improvements or deficiencies, operating costs, occupancy and showing obligations will help your Realtor®. Find out what the Realtor® knows about the details of any recent sales in the area. A smart Realtor® will have done their homework before meeting with you.

Samples – If you are buying, you want to know what the local sales contract has in it. What is required to make a winning bid in the market in that area. If you are selling, you also want to know about the offers expected, how multiple offers are handled, what your obligations are as the property owners. On either side of the transaction, ask about required disclosures, inspections, closing costs, etc. Hard copy samples of marketing materials, contractual documents, and closing statements, help buyers and sellers determine who will work best with them. Find out what your candidate is willing to do in advance. In today’s hot island market, it is important to have professional photography including aerials and streaming videos done in advance, so that the minute the listing hits the Multiple Listing Services, it is shown “best”. First impressions get properties sold. At SanibelSusan Realty, we already have had five listings sell this year sight-unseen, because of advance professional photography. In addition to the Multiple Listing Services, find out where else on the internet, your property will be posted.

Pay the going rate – As a seller, I’m sure you have heard that real estate commissions are negotiable. Ask what the agency charges, what that pays, and what you likely will net when your property sells. In Florida for example, closing costs vary from county to county. In Lee County, for example, the seller pays for the title insurance and to record to the deed (a total of about 1% of the sale price). In Collier County, it’s the opposite, the buyer pays.

Don’t haggle – Much of the real estate commission a seller pays is used to incentivize other agents to bring buyers, and photography, advertising including online marketing, broker contribution, and taxes. Professional agents that make a living selling real estate typically do not discount their services. During my 30 years selling real estate on Sanibel & Captiva, I have watched average commissions slowly go down from 10% to 6%. Do we occasionally offer a 5% commission for a sale within 30 days or for a high-end property? Yes. But my advice, is don’t haggle. Once you have found the right person to work for you, you will find that they are worth every penny. You certainly don’t want someone negotiating on your behalf that is willing to give away their own income. SanibelSusan Realty has never given up a commission when negotiating a sale. That’s the tough line you want used in negotiating for you too.

Get most exposure – Don’t get caught up in the promise of someone telling you that they already have a buyer for your property, or someone in their office does. That may be true, but if you are looking for top dollar in today’s market, you want the broadest professional exposure fast. Real estate statistics show that sale prices of properties listed with Realtors® far exceed those sold off-market or before hitting the open market.

Sanibel & Captiva Islands Multiple Listing Service Activity April 15-22, 2022

Sanibel

CONDOS

2 new listings: Sanibel Arms West #B8 2/2 $895K, Sanibel Surfside #116 2/2 $1.699M.

No price changes.

3 new sales: Coquina Beach #5A 2/2 listed at $779K, Heron at The Sanctuary III #1B 3/2.5 listed at $875K, Sanibel Arms West #H7 2/2 listed at $889K.

5 closed sales: Tennisplace #D33 1/1 $433K, Loggerhead Cay #201 2/2 $900K, Pelicans Roost #202 2/2 $1.31M, Sundial #Q302 3/2 $1.428M, Kings Crown #117 2/2 $1.8M.

HOMES

5 new listings: 600 Boulder Dr 3/2 listed at $935K, 1382 Tahiti Dr 3/2 $1.15M, 1202 Sand Castle Rd 4/2.5 $1.25M, 3910 Coquina Dr 3/2 $1.299M, 1318 Seaspray Ln 5/3.5 $4.65M.

2 price changes: 9405 Beverly Ln 3/2 now $1.395M, 1558 San Carlos Bay Dr 3/3.5 now $4.35M.

6 new sales: 469 Lake Murex 3/2 listed at $895K, 1667 Sabal Sands Rd 3/3 listed at $1.05M, 1311 Sand Castle Rd 3/2 listed at $1.445M, 479 Las Tiendas Ln 4/3 listed at $1.68M, 746 Windlass Way 4/3 listed at $2.275M, 6176 Henderson Rd 4/3 listed at $2.995M.

2 closed sales: 707 Durion Ct 2/2 $988K, 606 Boulder Dr 3/2 $1.248M.

LOTS

No new listings or price changes.

1 new sale: 451 Sawgrass Pl listed at $949K.

1 closed sale: 2348 Wulfert Rd $325K.

Captiva

CONDOS

No new listings or price changes.

1 new sale: Marina Villas #709 2/2 listed at $1.145M.

No closed sales.

HOMES

1 new listing: 11523 Andy Rosse Ln 5/5.5 $4.995M.

No price changes or new sales.

1 closed sale: 15759 Captiva Dr 1/1 $11M.

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,

Susan Andrews, aka SanibelSusan

P.S. One of my favorite island signs below.