Tag Archives: Sundial

There’s Still Time to Buy Sanibel & Captiva Island Real Estate for Your Valentine

Posted on by
Reply

valentine-clipartcom-free-valentine-clip-artIt’s another beautiful Friday on Sanibel Island – yet another one of those days where we watch the weather in other parts of the country and remain thankful that we are here in sunny Florida where the forecast for the next seven days remains in the low 80’s.

We have a buyers arriving this week in time to buy their sweethearts a vacation retreat in paradise. What a great Valentine’s Day gift that will be!

Last weekend was a busy one with showings to three sets of buyers and we were smiling on Monday after two contracts presented, were accepted as written on Sunday (early Valentines for those folks).

A few other sales were announced at our Realtor® Caravan meeting yesterday. A report of the weekly Sanibel and Captiva Islands Multiple Listing Service activity is posted after a few news items below.

Dave brought his new camera along when we viewed a property overlooking Roosevelt Channel yesterday. Here are a few shots taken there and during his island other rounds.

View toward Blind Pass & Roosevelt Channel

View toward Blind Pass & Roosevelt Channel (where Teddy Roosevelt used to fish).

Just a few sea oats along the Gulf of Mexico beach

Just a few sea oats along the Gulf of Mexico beach

One of the mangrove-fringed waterways behind Periwinkle Park

One of the mangrove-fringed waterways behind Periwinkle Park

Bougainvillea are still blooming here everywhere...

Bougainvillea are still blooming here everywhere…

Sundial Resort’s Upgrades on Fast Track

Sundial gallery-th-03Yesterday’s “Fort Myers News-Press” posted an update on the ongoing improvement project at Sundial Beach Resort and Spa. (New name & new amenities.)

“The Sundial Beach & Golf Resort had seen better days when it was purchased in July by an investor group – now it’s renovating at lightning speed and expects to have its $5-7 million facelift complete by March 1. That would have been a daunting task a few years ago but thanks to new streamlining of the permitting process by Sanibel officials, the city’s aging resorts are finding it’s feasible to make major renovations without spending prohibitive amounts of time and money, said Ric Base, president of the Sanibel and Captiva Islands Chamber of Commerce. In the case of Sundial, the renovations will make striking differences in how the resort operates and in what it offers to the community.

Waterview is expected to open March 31, 2013.

Waterview restaurant is expected to open March 31, 2013.

“For example, it will have a restaurant and spa with views of the Gulf of Mexico and a lighter, more contemporary look overall,” said Brett Lindsay, director of sales and marketing at Sundial.

Sea Breeze Cafe also expected to open March 31.

Sea Breeze Cafe also expected to open March 31.

He added that the spa and restaurant will be open to the public for the first time in years since Blackstone cut off public access after it took over in 2006.

Turtles Cafe to open March 31, too.

Turtles Cafe to open March 31, too.

The new Sundial also will be able to go after conventions, corporate retreats and weddings, which Lindsay expects to be major sources of income that will also stimulate the local economy with spillover spending by the guests. Weddings were once a mainstay of the resort, he said. “In 2006 they did 200 weddings then it slowly declined.”

“Last week the resort, which was developed in 1972, was a beehive of activity, with construction crews ripping up old tile floors and reconfiguring the inside to take advantage of Gulf views….Sanibel Mayor Kevin Ruane said the new approach started after Hurricane Charley clobbered the island in 2004 and city officials realized that if a major storm destroyed a resort built years ago, it might not be possible to restore it to the same size under modern rules and regulations. The city enacted a build-back ordinance allowing the resorts to come back intact. “We wanted to be fair and to give somebody exactly what he had in the past.” But mainly, Ruane said, the change has come in how the city treats permits: for example, offering informal pre-application meetings where the applicant can discuss the project with all the city officials who have to sign off on it.

“City Manager Judie Zimomra said it’s important now to make renovations more practical because most of Sanibel’s resorts are decades old and ready to be modernized. “Our big growth period was after the causeway was built (in 1963),” she said. “In the ’70s and ’80s Sanibel was essentially built out.”

“The Sundial renovations are the first major test of the city’s changed procedures, but Chris Davison, general manager of the Island Inn on Sanibel, said that over the past two years he’s done $2.5 million in rehabilitation of aging accommodations and expects to do another $4-5 million. “Right now we’re in the process of preparing and getting ready to submit a complete redevelopment of our site, a complete master plan,” he said. It’s not just his resort that needs updating, Davison said. “Sanibel has become a spot where, yes, it’s pristine, yes, there are no buildings over three stories, but your TV and facilities and rooms are from the 1980s. People want their wi-fi to work. They want granite tops.”

This charming corner resort suite is available for just $349,900. It gets terrific rental income too!

This charming corner resort Club Suite is available for just $349,900. It gets terrific rental income too!

Best Places to Buy a Foreclosure in 2013

cnnmoney-logoAn on-line article posted this week at “Daily Real Estate News” sourced a “CNNMoney” article from Jan 31, it said:

“If you’re looking for big foreclosure deals, Florida may offer the most, according to a new study by RealtyTrac. Palm Bay, Florida, topped its list of the best places to buy a foreclosure in 2013. Foreclosures accounted for nearly 24% of all sales in Palm Bay last year, and buyers tended to pay 28% less for a home in foreclosure than other homes. The following are the markets with the high number of foreclosures available and some of the largest price discounts for foreclosures, according to RealtyTrac.

“Palm Bay, FL – Average foreclosure discount: 28%

Rochester, NY – Average foreclosure discount: 26%

Albany, NY – Average foreclosure discount: 35%

New York City – Average foreclosure discount: 40%

Lakeland, FL – Average foreclosure discount: 15%

Tampa, FL – Average foreclosure discount: 27%

Jacksonville, FL – Average foreclosure discount: 32%

Poughkeepsie, NY – Average foreclosure discount: 28%

Orlando, FL – Average foreclosure discount: 19%

Chicago – Average foreclosure discount: 46%.”

What About The Sanibel & Captiva Islands Real Estate Market?

SANSLogoClients know that SanibelSusan Realty produces weekly lists of the island real estate for sale. These lists are broken down by island (Sanibel or Captiva), property type (condos, homes, or lots), and subdivided by complex or subdivision. For comparison, they also include recent sales. (These are easy to e-mail, if anyone out there is blog land wants copies.)

With Sanibel and Captiva being a relatively small market area, compared to the major cities discussed in the article above, sometimes it takes a keen eye to observe when the trends change here. Here are my latest observations. 

Was it good news when last year on Sanibel, 367 properties sold compared to 340 in 2011? You bet. It looks even better compared to 2010 when only 265 Sanibel properties sold.

On Captiva, was there a similar trend? Yes, in 2012, 64 properties sold; in 2011 only 47; and in 2010 just 37.

What about this year, 2013? Some may say that it is too early to tell. But I think we are seeing some momentum. Here it is just the first week in February and already 74 Sanibel properties are sold or under contract (28 condos, 43 homes, & 3 lots); while on Captiva, 12 properties have closed or are under contract (5 condos, 6 homes, & 1 lot). (These amounts are 20% and 19%, respectively, of what sold last year!) Usually our busiest sale months are February and March, but it appears that activity started sooner this year.

Do we have short sales and foreclosures on these two little islands? Sure, but we do not have many. Today, on Sanibel, there are three homes and one condo available in the Multiple Listing Service as “short sales” and one home in foreclosure. On Captiva, two homes (no condos) are in “short sales”, none are in foreclosure.

With limited alternate investment opportunities, Sanibel and Captiva’s niche market has become attractive to not just those that love their environmental offerings, ambience and life-style. Investors and builders recognizing the unique opportunity for appreciation again are buying. I think we are going to have a busy few weeks, probably a better winter selling season than we have seen in a long time.

Lee Memorial Hospital

Lee Memorial logoThough I have always known that we have terrific medical facilities in Southwest Florida, it has always amazed me how many snowbirds get all of their health care here. Maybe this recent on-line posting by Lee Memorial has something to do with it. Local hospitals are always getting kudos: “Lee Memorial Hospital is a #Healthgrades Five-Star recipient for back and neck surgery (spinal fusion), seven years in a row (2007-2013)!”

Are Home Prices Rising Too Fast?

FLRealtors_newlogoFlorida Realtors® posted this article yesterday. Who thought we would be hearing this and so soon?

“In a historical context, home prices typically increase about 3 to 4% a year. But in the years preceding the housing crash, prices in 2002 started soaring 7% a year, then 8% in 2004, and 12% by 2005, CNBC.com reports.

“A “new bubble” may be forming, CNBC columnist Diana Olick writes. CoreLogic’s latest housing data shows home prices rose 8% in December year-over-year, the largest gain in more than six years. In some places, home prices are up by double digits from a year earlier; in Phoenix, prices are up 26% year-over-year.

“Inventories of for-sale homes are very tight, and experts point to the tight inventories as a cause of rapidly rising home prices. Inventories of for-sale homes are at their lowest supply since May 2005, according to the National Association of Realtors®. “The greatest concern in the market is the inventory situation,” says Lawrence Yun, NAR chief economist. “Even if we see an increase in the spring and summer, if home sales hold at the [current] level or even a five- to six-month supply, price increases are guaranteed. We don’t want to see rapid appreciation in prices faster than income.”

““Healthy housing market gains are historically driven by increasing employment and income, not by lack of supply,” reports CNBC reporter Diana Olick. “The latter leads to price bubbles.” But low inventory is not the only cause of rising prices. In many markets, a flood of investor demand has also caused a shortage of listings. Investors are cashing in on once hard-hit markets by the foreclosure crisis. Many investors are hedge funds turning single-family homes into rentals.

“However, quickly rising prices could cause these investors to take profits quicker than they originally planned by selling the rental homes now. That would add inventory to the market and slow price increases, Olick says. “What we had thought were safer, long-term buys, may now turn into flips of the last decade,” Olick says. “The question will be if there are enough non-investor buyers out there to support those sales?”

“But the home price gains may be sustainable, others say. Consumer confidence is increasing, employment is improving, and price gains may soon allow more homeowners who are seeing equity to once again trade-up.”

Source: “Housing Market Already Shows Signs of New Bubble,” CNBC.com (Feb. 5, 2013) and “New Housing Fears: Home Prices Are Rising Too Fast,” CNBC.com (Jan. 22, 2013)

Sanibel Library – What It Has To Offer

Sanibel library signThis afternoon, I received a nice email from an island owner and fellow blogger who also reads these Friday real estate blogs. She offered her recent blog about the Sanibel Library. Here is a link. I enjoyed it and I bet you will too. There are some great tips here that could apply to any library. (Thank you, Helen; we love sharing too!) http://boomersmarkets.com/2013/01/27/save-money-and-enrich-your-life-at-the-library/

Sanibel & Captiva Multiple Listing Service Activity February 1-8

Sanibel
CONDOS
3 new listings: Sundial #D408 1/1 $359K, Blind Pass #E207 2/2.5 $399K, Sanibel Arms West #I1 2/2 $435K.
10 price changes: Sundial #I104 1/1 now $369K, Loggerhead Cay #411 2/2 now $542.5K, Loggerhead Cay #521 2/2 now $559K, Heron at The Sanctuary II-2A 2/2.5 now $609K, Shorewood #1D 3/2 now $795K, Surfside 12 #B4 3/2 now $869K, Sanddollar #B104 2/2 now $897K, Compass Point #181 2/3 now $899K, Junonia #203 3/2 now $974K, Seascape #302 3/3.5 now $1.344M.
7 new sales: Colonnades #12 1/1 listed for $129K, Tennisplace #C33 2/1.5 listed for $260K, Blind Pass #D205 2/2 listed for $291K (short sale), Sanibel Moorings #1042 2/2 listed for $419K, Heron at The Sanctuary #1-1A 2/2.5 listed for $489K, Sunset South #6B 2/2 listed for $499K, Pointe Santo #B44 2/2 listed for $699K.
2 closed sale: Blind Pass #A105 2/2 $380K, St.Croix #3 2/2.5 $800K.

HOMES
7 new listings: 567 Rabbit Rd 2/2 $485K; 9418 Moonlight Dr 3/2 $499,994; 1319 Tahiti Dr 3/2 $549K; 1342 Sand Castle Rd 3/2 $589K; 1662 Dixie Beach Blvd 3/2 $839K; 6433 Pine Ave 4/3 $1.495M; 5721 SanCap Rd 3/3/2 $1.595M.
6 price changes: 1610 Sabal Sands Rd 3/2 now $459K, 6138 Castaways Ln 3/2.5 now $654.9K, 1130 Seagrape Ln 4/3 now $1.049M, 2367 Wulfert Rd 4/3.5 now $1.188M, 1826 Woodring Rd 3/2 now $1.549M (foreclosure), 4215 West Gulf Dr 4/4/2 now $4.749M.
10 new sales: 2985 Island Inn Rd 3/2 listed for $399K (our listing), 754 Donax St 4/2 duplex listed for $399K, 2560 Coconut Dr 3/3 listed for $495K, 1045 Blue Heron Dr 3/3 listed for $599K, 1031 Sand Castle Rd 3/3 listed for $690K, 765 Conch Ct 5/4 listed for $750K, 4996 Joewood Dr 3/3 listed for $760K, 569 Lighthouse Way 3/3 listed for $795K (our buyer), 1660 Bunting Ln 4/3.5 listed for $945K (our buyer), 780 Birdie View Pt 5/4.5 listed for $1.749M.
3 closed sales: 750 Nerita St 3/2 $420K, 1350 Tahiti Dr 3/2 $540K, 6190 Henderson Rd 3/2 $1.25M.

LOTS
1 new listing: 4318 West Gulf Dr $1.25M.
1 price change: 1637 Sabal Sands Rd now $295K.
No new sales.
2 closed sales: 6006 White Heron Ln $650K, 1028 Bayview Dr $1.6M.

Captiva
CONDOS
1 new listing: Tennis Villas #3138 1/1 $425K.
No price changes, new or closed sales.

HOMES
2 new listings: 11525 Chapin Ln 4/4 $1.589M, 16897 Captiva Dr 5/5.5 $3.59M.
2 price changes: 17201 Captiva Dr 4/5.5 now $3.698M, 16428 Captiva Dr 7/8/2 now $12.35M.
No new or closed sales.

LOTS
1 new listing: 16915 Captiva Dr $1.59M.
No price changes, new or closed sales.

This representation is based in whole or in part on data supplied by the Sanibel & Captiva Islands Association of Realtors or its Multiple Listing Service.  Neither the association nor its MLS guarantees or is in any way responsible for its accuracy.  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.

Nemo I'm comingUntil next Friday, sending warm wishes and happy thoughts to our friends and family dealing with Nemo and snow!

Here’s hoping you can come to Sanibel and Captiva soon!

Today’s Sanibel & Captiva Island Blog Comes to You From Orlando!

Posted on by
Reply

SanibelSusan is in Orlando at the Florida Realtors® 2012 Annual Convention and Trade Expo. Thanks to modern technology, my SanibelSusan teammates, Elise, Dave, and Lisa are keeping things running smoothly at home, including getting our new lot listing posted and a condo closing finalized today. Here are a few real estate news items followed by the Sanibel & Captiva Island Multiple Listing Service action over the past week.

Florida Realtors® 2012 Convention & Trade Expo

Jeanne Robertson

After attending classes and meetings for the last two days, it was a nice reprieve to hear keynote speaker Jeanne Robertson at the Awards Luncheon yesterday. Jeanne was Miss North Carolina in 1963 and the tallest contestant ever to be in the Miss America pageant. How does she relate to the real estate business, you may ask. Her presentation, titled “Humor: A Strategy for Success” can be applied to any business and boy is she funny – truly is a master story-teller. Check her out daily on Sirius/XM Radio’s Family Comedy channels or find her clips on YouTube. Here’s a particularly hysterical one, this skit was part of her presentation yesterday. http://www.youtube.com/watch?v=-YFRUSTiFUs I’m still laughing, just thinking about her.

During the awards portion of yesterday’s event, Todd Dantzler was recognized as the 2012 Florida Realtors® “Realtor of the Year”. Todd was our state President in 2000 and came to Sanibel for my installation as President of the Sanibel & Captiva Islands Association in 1998. In addition to his many years of work in the real estate community both locally, state, and nationally, Todd is currently a Polk County Commissioner. It was great to see such a fine Realtor® recognized for his efforts.

Barbara Corcoran

Today our noontime speaker at the General Session was Barbara Corcoran familiar to many for her role as one of the sharks on the TV show “Shark Tank”. She parlayed a $1,000 loan from a boyfriend into a NY real estate business that she sold for $66 million, and that into the $5 billion Corcoran Group. She also is an amazing speaker. Being in the 2nd row in a room of 2500 fellow Realtors® gave me a great vantage point to see her up close. We all learned good tips from her, particularly in dealing with real estate times like those today.

This afternoon was our Legislative and Political Forum. That group often springs a few unannounced politicians on us, so I was anxious to see if we would have surprise visitors. In past years, before their elections I got to rub shoulders with Governor Rick Scott, and former Governors Charlie Crist, and Jeb Bush. Those politicians always want to get Realtor® support. We are a huge PAC.

Sure enough, today’s event included presentations by Congressman Rick Lazio (R) NY for Governor Romney and Florida Senator Bill Nelson (D). I collected an armload of material to remind my fellow Floridians to vote “Yes” on Amendment 4. More info on that at www.TaxYourAssetsOFF.com.

Tomorrow morning, I get my turn to be part of the event in “Got Ethics” being presented by the Professional Standards Forum. Based on the popular 60’s-70’s TV game show, the Match Game, it will offer hypothetical situations depicting questionable conduct in real estate transactions as contestants try to match their answers with a panel of four real estate stars in the game. I’m one of the four. (Sure hope I know the correct answers!)

Later tomorrow is the annual meeting of the Resort & Second Home Specialists Forum. As the only island Realtor® selected for this state group, it is a great networking opportunity and I always come back armed with good info to share with my colleagues. Hopefully, I will gain some news to include in the Resort & Second Home Specialist Class that I am teaching in October as part of our Sanibel & Captiva Islands Specialist designation.

I will be back on the island on Sunday and am always thankful that I can attend these events with the office in good hands. Thanks Dave, Elise, & Lisa.

Sanibel Island in the “NY Times”

Here is a link to the article posted on NYTimes.com on Wednesday, titled “A Florida Island Draws an Array of Seashells and Hunters to Gather Them”.

This was yet another example of the excellent press, the islands have received this year!

Sundial Beach & Golf Resort on Sanibel Purchased for $2.3 Million

For those looking for a little more scoop about what is happening at Sundial, here is the article from the Fort Myers “News Press”:

“The Sundial Beach & Golf Resort on Sanibel has been purchased for $2.3 million by a private equity group with ambitious plans to rejuvenate the 407-unit project. For the first time in decades, the resort will be managed as an individual property rather than as part of a large company’s portfolio, the Sundial’s new manager said.

“An affiliate of Newtown, Pa.-based CoreStates Capital Advisors LLC bought the Sundial from The Blackstone Group on July 16. Sundial “is a landmark. … We’re excited new blood is coming in,” said Ric Base, president of the Sanibel and Captiva Islands Chamber of Commerce. The new owners “are going to put money back into the place, and fix it up. They’re going to open the restaurant and the pool tiki bar back up to the public,” Base said. “All of those things are good for the community.”

“CoreStates hired Pittsburgh-based CAM Hospitality Advisors & Management to develop a multimillion-dollar refurbishment of the Sundial”, said CAM’s Christopher Mannino. Right now, Mannino said, “we’re in the early stages of understanding what’s most important for the guests who stay there and the owners” of the condominiums. There’s no formal plan yet, but some ideas being considered are a full-service spa, a marketplace/general store/cafe in addition to a new fitness center plus new banquet and catering space, Mannino said. CAM’s focus will be on creating an individual identity for the Sundial, which has long been managed and marketed as part of Blackstone’s inventory of resorts. Before that, it was owned by Meristar, also a major owner of resorts. “It has a long history of being styled together with other resorts like the Sanibel Inn and South Seas Resort,” Mannino said. “This will be the first time in 20 years, maybe more, that it will be freestanding, an individual business not tied to other businesses. When you see the new website it’ll be strictly the Sundial resort.”

“Blackstone bought Sundial and nine other properties in Florida from MeriStar Hospitality Corp. in 2006 for $367 million. Meristar had owned the resort since 1998, when it purchased the Sundial as part of its acquisition of South Seas Property Co. LP, which owned South Seas Plantation on Captiva as well as Sundial and five other properties on Sanibel plus the Radisson Suite Beach Resort on Marco Island. South Seas Property had bought the Sundial in 1994 as part of a $9 million acquisition from Marquis Hotels and Resorts Co.

“Sundial was built starting in 1972, when it was known simply as “Sundial condominium.””

Island BBQ Company

We love new island eateries and have already tried the Island BBQ Company which opened late June in the former Island Pizza location on Palm Ridge Road. Their menu includes pulled pork and chicken, smoked chicken, baby back ribs, beef brisket, and BBQ pizzas. The fun part is their five sauces: 1) Island Sauce – sweet tomato-based sauce spiked with rum and pineapple, 2) Smokey Sauce – smokey tomato-based sauce (good on ribs), 3) Sweet Vinegar Sauce – Carolina-style with a little bite, 4) Mustard Sauce – sweet honey-mustard sauce (good on pulled chicken); and 5) Spicy Orange – intense orange with a bit of spice.

The chef uses a 3-day smoking process on the meats and most menu items, from pies to pasta, are made fresh daily. Beach boxes are available and include a choice of meats and two sides: mac and cheese, baked beans, mashed potatoes, cole slaw, mixed vegetables, corn on the cob, cornbread, Texas toast, or a kaiser roll.

Island BBQ also offers gluten-free options and has no fried foods. In its banquet hall at Beachview Golf Club, Island BBQ can cater a party for up to 184 people. They also have “take and bake” meals. Island BBQ Company is open from 10:30 a.m. to 5 p.m. Monday through Saturday and closed on Sundays during the summer. It’s take-out or delivery only.

Rosie’s Deli to Return in New Location

Here is a little more news on the food front (The SanibelSusan Team likes to eat!) Many already know that Gepetto’s Beach Foodies opened earlier this year (an expansion of Pinocchio’s Ice Cream Shop) in the former Rosie’s Deli location on the east end of Periwinkle Way in the area known as Olde Sanibel.

Now it has been announced that Rosie’s Deli will be reborn in early October in the space previously occupied by The Hungry Heron on Palm Ridge Road, which closed in July. The new Rosie’s Cafe and Grill will combine both sit-down and take-out food for breakfast, lunch, and dinner. Rosie’s homemade chicken salad and seafood salad, Cuban, Reuben and Philly steak sandwiches and Pelican

Poop chocolate candies will be back – while The Heron’s popular steam pots, as well as other family favorites, also will be available. Remodeling work is under way to give the interior a new color scheme and fresh décor.

If You Can Pull It Off, A House is a Smart Investment

Today there is an excellent article in “USA Today” by their Friday investment columnist, John Waggoner. I almost missed it, but have wonderful clients keeping me on my toes. (Thanks again, Scott.)

To read the article, go to  http://usa.ly/P351CD

Sanibel & Captiva Multiple Listing Service Activity August 3-10
 

View from our new near-beach single-family home lot listing at 437 Lake Murex Circle.

 
Sanibel
CONDOS
2 new listings: Coquina Beach #3C 2/2 $448K, Loggerhead Cay #581 2/2 $545K.
5 price changes: Sanibel Arms West #H2 2/2 now $469K, White Caps South #5 1/1 now $490K, Loggerhead Cay #462 2/2 now $525K, Sanddollar #C101 2/2 now $860K, Bougainvillea #4 3/3 now $1.2M.
1 new sale: Sundial #G107 1/1 listed for $229.9K.
5 closed sales: Lake Palms #9 2/2.5 $225K, Loggerhead Cay #481 2/2 $400K, Kings Crown #212 2/2 $525K (our listing), Shorewood #2C 3/2 $782.5K, High Tide #B202 2/2 $1.3M.
 
HOMES
4 new listings: 4629 Brainard Bayou Rd 3/2 $549K, Moonshadows #1E 3/3 half-duplex $689K, 3507 West Gulf Dr 3/2 $3.395M, 3517 West Gulf Dr 4/5.5 $5.495M.
11 price changes: 9298 Kincaid Ct 3/2 now $495K; 1809 Bowmans Beach Rd 3/2 now $550K; 660/664 Periwinkle Way 4/2/2 duplex now $575,999; 5742 Pine Tree Dr 4/2 now $798.9K; 2498 Harbour Ln 4/3 now $949K; 862 Beach Rd 3/2 now $989K; 985 Oyster Ct 4/4 now $1.295M; 660 Anchor Dr 4/4 now $1.799M; 2118 Starfish Ln 4/5 now $1.95M; 4717 Rue Belle Mer 3/3 now $1.975M; 3441 West Gulf Dr 5/4/2 now $5.349M. 
2 new sales: 476 Las Tiendas Ln 3/2 listed for $599K (short sale), 4996 Joewood Dr 3/3 listed for $760K.
1 closed sale:  955 S Yachtsman Dr 3/2 $518K. 
 
LOTS
3 new listings: 437 Lake Murex Cir $249K (our listing); 6141 Starling Way $499,555; 2510 Coconut Dr $579K.
No price changes.
1 new sale: Gulf Pines Dr listed for $319K.
No closed sales.
 
Captiva
CONDOS
1 new listing: Sunset Beach Villas #2313 1/1 $519K.
No price changes, new or 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.

Sanibel & Captiva July Real Estate Action & Local Scuttlebutt

Posted on by
Reply

As another Friday rolls around, The SanibelSusan Team has been checking off items on our off-season “to do” list, wishing we had more buyers in town, marketing for more listings, and enjoying the fine things that a quiet island summer offers. Here is cactus blooming on my street this week, fun to view on the way into work.  

Sharing a Kudo

After a sale, The SanibelSusan Teams sends a feedback form to the buyer or seller we represented hoping to find out why they worked with us, what we did that they liked, and what they wished we had done to provide even better service. SanibelSusan got a chuckle out of one that was returned this week. It was from a condo seller that we have never met, but who listed with us because of our mailings. He said “Good work on selling my property! You listened & communicated. At one point, I asked Susan if we needed to lower the price and she said “no” – very rare for a Realtor®. I was impressed.”

Island Weather

The islands have had no rain since Tuesday, with reports of some African dust in the atmosphere now. It purportedly has no negative effects, but has resulted in some terrific “pink” sunsets the last few nights.

Teammate Lisa was at Sunset Grill on Monday morning when a waterspout was spotted off the beach in the gulf. Here are a couple of pictures she shared. She said it lasted about 15 minutes.

Sanibel Osprey

Most islanders are huge osprey fans, so we were happy this week to receive an email with this up-close photo taken by a new island owner enjoying his first July on Sanibel. Their new family vacation home offers many fabulous photo opportunities. 

The same day as I was driving to meet a pal for lunch at Beachview, I spotted this tree just off Middle Gulf Drive. I originally though it was a group of eagles since they have been known to like the same area, but here is a group of osprey. It’s not often that we see four at once on the same perch.

July Realtor® Membership Meeting

At our monthly Sanibel & Captiva Islands Association of Realtors® membership meeting yesterday, Lee County Commissioner Frank Mann addressed us with an update on the county’s finances. Here is a brief summary of his comments. Overall, county tax values have gone down 45% since their peak in 2007. As a result of this decline in property values, the County ad valor em tax revenues are similarly down or approximately $100M less a year than what they were five years ago. Even with county millage rates held essentially the same since then and with budget cuts, the county has been running upside down to the tune of $30M-$50M/year. This difference has been funded with money invested during the “good years.” Unfortunately, that investment fund is within two years of being depleted ($70M remaining). Property values are expected to increase 2% this year, but obviously, it will take many years to gain back the 45% lost. Though there have been no layoffs, pay for County employees has flat-lined and the number of employees reduced by 150 through attrition. More trimming is needed.

Interestingly, Frank noted that Lee County remains the fastest growing community in Florida and one of the fastest growing in the U.S. He also said that he is often questioned about funds that are spent on the Red Sox and Minnesota Twins stadiums. He clarified that this money comes from tourism dollars (not ad valorem taxes) and that money is required by the state to be spent on things that promote tourism. There has been talk of another professional baseball team moving their spring training here.

Blackstone Group Sells Sundial

An announcement also was made at our meeting yesterday by the manager of John Naumann & Associates, regarding the sale on Monday at Sundial Beach Resort. The general amenities at Sundial previously owned by The Blackstone Group were purchased by CoreState Affiliates who have been offering investor shares. Sundial was purchased by Blackstone some years ago as part of a package deal that included The Dunes Golf and Tennis Club, as well as South Seas Plantation on Captiva. This sale did not include Sundial individual condominium units and included only Blackstone’s holdings at Sundial Resort. Viewed as a positive change for the facility, plans for improvement include over $2M in upgrades to the central amenity area and new rental programs, as well as assistance in unit refurbishment. Best of all, it sounds like the resort again will be open to the public! If you remember earlier days when Sundial had a top-notch restaurant overlooking the gulf and a fun poolside tiki bar that visitors could enjoy just by walking in from the beach, it sounds like those days are coming back!

(P.S. From a Realtor®’s perspective, now is a great time to buy a condo at Sundial. It’s gonna get popular again, Sundial’s conference business will re-blossom, and you know what will happen to prices then.)

Good News For Builders

An article posted earlier this week on Florida Realtors® advises that “builder confidence” is up six points. “Builder confidence in the market for newly built, single-family homes rose six points to 35 on the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) for July – the largest one-month gain recorded by the index in nearly a decade. The HMI is now at its highest point since March 2007….“This report adds to the growing acknowledgement that housing – though still in a fragile stage of recovery – is returning to its more traditional role of leading the economy out of recession,” adds NAHB Chief Economist David Crowe. “This is particularly encouraging at a time when other parts of the economy have begun to show softness and all the more reason that the challenges constraining housing’s recovery – namely overly tight lending conditions, poor appraisals and the flow of distressed properties onto the market – need to be resolved.”

“…Derived from a monthly survey that NAHB has been conducting for the past 25 years, the NAHB/Wells Fargo Housing Market Index gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores from each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.”

GFCI Locations

When buyers or sellers have property inspected, a common defect found is that one or more GFCI’s are either not installed or not operating. Sometimes they even say what is a GFCI? From the “National Electrical Code” here is a quick definition and the requirements. These electrical devices save lives – so it is always smart to get yours checked periodically, even if you are not selling your property.

In simple terms, a GFCI (Ground Fault Circuit Interrupter) receptacle is a device that limits the duration of electrical shocks. As an example, if you were using a metal knife or fork to pull your muffin from a toaster which still is turned on, by touching the toaster inside electrical components, the electrical current now has an extended path to you. If the toaster is plugged into a functioning properly-installed GFCI plug or GFCI breaker-protected receptacle, the GFCI will detect the “leaking” current and disconnect the power as fast as 1/40th of a second. This is less time than it takes for current to damage your body. Without GFCI protection, current is capable of causing heart arrhythmia, eventual stopping of our heart and blood circulation within seconds.

In the U.S., GFCI electrical outlets were first introduced in the early 70’s. They have advanced and became safer through the years. The table below shows various home locations and when the electrical code changed, adding GFCI requirements.

                        1971     1973     1975     1978     1987     1990     1993
Swimming Pool    X          X          X          X          X          X          X         

Exterior                           X          X          X          X          X          X         

Bathroom                                    X          X          X          X          X         

Garage                                                    X          X          X          X         

Basement                                                           X          X          X

Kitchen                                                               X          X          X

Crawl Space                                                                    X         X

Wet Bar                                                                                      X

The 3.8% Tax May Mean You Should Sell in 2012 

Beginning January 1, 2013, a new 3.8% tax on some investment income will take effect. Since this new tax will affect some real estate transactions, it is important to clearly understand the tax and how it could impact you. It is a complicated tax and difficult to predict how it will affect all buyers/sellers, so the National Association of Realtors® (NAR) has developed an informational brochure to help bring Realtors® up to speed on this new tax legislation. It was passed by Congress in 2010 with the intent of generating an estimated $210 billion to help fund President Obama’s health care and Medicare overhaul plans. Understand that this tax WILL NOT be imposed on all real estate transactions, a common misconception. Rather, when the legislation becomes effective in 2013, it may impose a 3.8% tax on some (but not all) income from interest, dividends, rents (less expenses) and capital gains (less capital losses). The tax will fall only on individuals with an adjusted gross income (AGI) above $200K and couples filing a joint return with more than $250K AGI. If you have an interest in how this tax could affect you specifically, be sure to consult your accountant or tax expert. In the meantime, you can view some real estate scenarios and examples in the NAR brochure.

Sanibel & Captiva Islands Multiple Listing Service Activity July 13-20

Sanibel
CONDOS
1 new sale: Sandpiper Beach #105 2/2 listed for $640K.
1 closed sale: Oceans Reach #2D2 2/2 $725K.
 
HOMES
No new listings. 
1 price change: 919 Almas Ct 3/2.5 now $1.1M.
2 new sales: 1702 Sand Pebble Way 3/2.5 listed for $399K, 940 S Yachtsman Dr 3/2.5 listed for $499K.
4 closed sales: 1621 Sand Castle Rd 3/2 $389K, 585 Lake Murex Cir 3/2 $540K, 561 Lake Murex Cir 3/2.5 $560K, 1274 Par View Dr 3/3 $590K.
 
LOTS
1 new listing: 3792 Coquina Dr $399K.
No price changes.
No new or closed sales.

Captiva
CONDOS
Nothing to report.
 
HOMES

No new listings, price reductions, or new sales.
1 closed sale: 11512 Andy Rosse Ln 2/2 $850K.

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 weekend!