Today is one of those rare cloudy rain days on otherwise sunny Sanibel. Forecasters say that rain bands are bringing a cold front. I can attest to that, as my car showed a temperature drop from 83 degrees F to 73 degrees F in the few minutes that it took me to drive home from the office last night. Clearing is expected tomorrow with weekend temperatures to remain in the low 70’s and below. By early next week, it will be back to sunny and warmer.
At SanibelSusan Realty, it has been busy this week. After our Mariner Pointe condo listing was open for Realtor® Caravan last week, we got two offers, then yesterday, we had our new listing at Sealoft Village open for Caravan. The action since last Friday posted in the Sanibel & Captiva Multiple Listing Service follows a couple of news items below.
First, another good article by my favorite economist, Lawrence Yun. It came from the Fall 2021 “Realtor®” magazine. What he says is in-line with what I hear from clients across the country where renters now also are in multiple offer situations and bidding wars.
“Serious Squeeze on Renters
“U.S. needs to put attention on rental, first-time buyer markets.
“Just as the for-sale market is starting to moderate, the rental market is heating up, which will put added pressure on people trying to save for their first home. Rental listings are attracting multiple offers, and apartment vacancy rates are approaching record lows. Consequently, rents are set to soar.
“The reason is twofold. First, the jobs market is improving. Despite a disappointing August employment report, 85% of the 21 million jobs slashed during the first month of the pandemic lockdown have been recovered. Job openings have reached an all-time high of 10 million, and those who might have been sleeping in the basement of their parents’ house are emerging in search of housing.
“The second reason for strong rental demand is that many potential first-time buyers are priced out. The median existing-home sales price was up 25% year-over-year in June, though this is partly because high-end sales are up. The S&P CoreLogic Case-Shiller Index, a constant quality home price index, was up 18% over the same period. The gain has been a boon for owners but is causing serious anxiety for nonowners. Even near-record-low interest rates can’t compensate. It’s no surprise, then, that the number of mortgage applications to buy a home has been falling, along with the share of sales to first-time home buyers.
“Mortgage rates may further squeeze renters next year. The Federal Reserve will soon slow the pace of buying mortgage-backed securities and will certainly raise its benchmark interest rate next year, which may drive rates up to near 4% by the end of 2022. One bit of good news: Fannie Mae will soon consider rental payment history in qualifying borrowers. That will enlarge the pool of eligible buyers. But to ensure that housing costs remain manageable, America needs more homes, both for ownership and for rent. New construction alone won’t fill the need. Rehabbing dilapidated homes and repurposing commercial buildings into residential units – is essential. There is a massive housing shortage. All hands must be on deck to get the supply up.”
Veterans Day – Fee-Free on Wildlife Drive
In observance of Veterans Day, “Ding” Darling will waive entrance fees to Wildlife Dr on Thursday, Nov 11. Motorists, cyclists, and pedestrians all enter free-of-charge that day from 7 a.m. to 5:30 p.m.
Check out the new entrance sign to “Ding” Darling too. It features those favored Roseate Spoonbills.
More Restaurant News
As a foodie, it’s always good to get the correct scoop on what’s happening on Sanibel. Here’s the article posted Nov 1 on “Gulfshore Business” by David Dorsey:
“Iconic Sanibel Restaurant, Matzaluna Closing, Rebranding Under New Ownership
“Two restaurant owners who are in different stages of their lives are connected as one expands and the other contracts their offerings on Sanibel Island. Matzaluna, an iconic restaurant on Sanibel Island, will be closing mid-November, ending a 27-year run.
“Local legendary restaurant owner Matt Asen is looking to downsize. And, a younger couple, Jeramie Campana and his wife, Debra Campana, transplanted from Chicago, is looking to boost its offerings of Sanibel restaurants.
”Asen, 69, has been feeding islands and tourists at the Timbers for 43 years. He also owns the Sanibel Grill and the Prawnbroker and the University Grill in Fort Myers. He opened Matzaluna at 1200 Periwinkle Way in 1994.
“Photographs of Asen with hundreds of celebrities adorn the walls at the Timbers. They range from presidents George W. and George H.W. Bush to basketball stars like Larry Bird and Reggie Miller to musicians, like Asen’s look-a-like, former Van Halen singer Sammy Hagar.
“Asen will continue co-owning the Matzaluna building and property with three business partners while leasing it for the new concept.
“Retaining restaurant workers, supply-chain issues and aging and health issues combined for Asen to take a step back.
“Jeramie Campana plans to open an Italian-themed restaurant in the space currently occupied by iconic Sanibel restaurant Matzaluna, which will close after 27 years in mid-November.
““We had 27 years which in dog years is like 249, and restaurant years, it’s like a million,” Asen says. “At 27 years at Matzaluna, it’s successful. We’re going to get out while we’re still making money. And enjoy life a little more. I don’t want to be the richest man in the cemetery.”
Asen had spinal fusion surgery seven months ago. He’s back to walking without a cane. But at age 69, and his three partners ages 69, 76, and 79, Asen said the time was right. “It’s sort of sad,” Asen says. “But it’s time to move on and enjoy more than I do, and I enjoy life very much.”
“Asen said he was happy to lease the building to the Campanas, who grew up visiting Sanibel Island with her parents, who owned a timeshare. In 2017, they sold their catering business in the northern suburbs of Chicago and moved to Sanibel.
“It sort of reminds me when we were younger and full of energy and great hopes,” Asen said.
“The Campanas opened their first Sanibel restaurant, the Paper Fig Kitchen, in 2018 at 2003 Periwinkle Way. Since then, they have added 400 Rabbits, a Mexican-themed restaurant that opened last New Year’s Eve at 975 Rabbit Rd.
“Over the weekend, the Campanas opened Fig East End, a deli and convenience store at 359 Periwinkle Way. It has been an abandoned deli, and it’s the only place near the lighthouse and the east end of the island for beachgoers to buy ice.
“The former East End Deli,” Jeramie Campana says, “it’s been closed for a number of years now. We are revamping it. We opened two days ago. We’re bringing some stuff back to the east end that’s desperately needed.”
“Up next: Bamboo, a Pan-Asian-themed restaurant that will be at the former Il Tesoro location at 751 Tarpon Bay Road. It will be the only Asian-themed restaurant on the island. After that, the Campanas can turn their attention to the reopening Matzaluna under a new name yet to be revealed
“It will stay Italian,” Campana says. “It will stay family friendly, it will be place where locals can come and hang out around the bar, meet new people, meet locals and meet tourists. It really is a great spot continuing on that Matzaluna tradition for great Italian food for the island.”
“Campana has plans to revamp and upgrade the pizza offerings there. He and a business partner traveled to Chicago and met with some Italian pizza gurus. “We learned the proper way to do wood-fired pizzas,” Campana says. “Eventually, we’re going to offer Chicago-style pizzas as well. We’re going to make our own dough.”
“There wasn’t much of a debate in changing the Matzaluna name, Campana said. “Change it,” he says. “We need to make it our own. We’re just taking advantage of those opportunities.”
(Note: I confirmed yesterday with Jeramie Campana that it will be called Tutti Pazzi Italian Kitchen, expected to open sometime in January.)
Sanibel & Captiva Islands Multiple Listing Service Activity October 29 – November 5, 2021
1 new listing: Sanibel Arms West #J1 2/2 $679K.
1 price change: Sanctuary Golf Villages I #5-2 3/3 now $950K.
7 new sales: Captains Walk #B4 2/2 listed at $489.9K, Seashells #43 2/2 listed at $585K, Blind Pass #C207 2/2.5 listed at $618K, Ibis at The Sanctuary #A201 2/2 listed at $625K, Mariner Pointe #1061 2/2 listed at $724K (our listing), Lighthouse Point #325 2/2 listed at $1.1M, Pointe Santo #B46 2/2 listed at $1.395M.
6 closed sales: Blind Pass #C110 2/2 $539K, Blind Pass #A206 2/2 $565K, Lighthouse Point #214 2/2 $786K, Sandpiper Beach #404 2/2 $929K, Sanibel Arms West #F6 2/2 $1.007M, Sand Pointe #111 2/2 $1.121M.
No new listings or price changes.
7 new sales: 696 Sea Oats Dr 3/2 listed at $868K, 4239 Gulf Pines Dr 3/2 listed at $949K, 700 Birdie View Pt 3/2 listed at $985K, 4619 Bowen bayou Rd 3/2 listed at $996K, 5418 Osprey Ct 4/3.5 listed at $1.399M, 966 Whelk Dr 3/2 listed at $1.399M, 927 Kings Crown Dr 3/3.5 listed at $2.295M.
4 closed sales: 535 Birdsong Pl 3/2 $660K, 647 Rabbit Rd 3/2 $701.5K, 1294 Sand Castle Rd 3/2 $1M, 941 Kings Crown Dr 4/3 $1.361M.
1 new listing: 1084 S. Yachtsman Dr $699K.
No price changes.
1 new sale: 4767 Tradewinds Dr listed at $2.295M.
No closed sales.
1 new listing: Lands End Village #1659 2/2 $1.395M.
No price changes.
1 new sale: Lands End Village #1663 2/2listed at $1.395M.
1 closed sale: Beach Homes #17 4/3 $3.45M.
1 new listing: 11529 Andy Rosse Ln 4/4 $2.55M.
No price changes.
1 new sale: 16280 Captive Dr 6/6 listed at $8.9M.
1 closed sale: 11559 Laika Ln 4/3.5 $6,324,500.
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.
Below is our ad from today’s “Island Sun”.
Don’t forget to “fall back” on Sunday!
Susan Andrews, aka SanibelSusan