Gulf beach at Sundial Beach & Golf Resort

We got a nice price reduction this week on our club suite listing at Sundial. If you are an investor looking for a like-new easy-living end-unit on the first floor and just steps to the above beach, this condo is now priced at $349,900. It grossed nearly $40K last year in the on-site resort rental program which offers full amenities and is completely vacation-ready! Single photo below and a full-page of info with stream video through the above tab, Listing at Sundial Resort.

Looking back into living room from lanai at Sundial I-101

Sanibel & Captiva Real Estate Update

Our Realtor® Monthly Membership Meeting yesterday again had plenty of price reductions announced and several new sales reported too. Some were the result of recent price adjustments. That is a good testament to what happens when the price is right. Generally correct positioning brings “near perfect” offers too. (Most sellers consider “perfect” to be full price, cash, closing tomorrow.)

Insurance Update

Also at our Monthly Membership Meeting yesterday, we had a panel of affiliate members in the insurance industry give us an update on recent changes affecting island property. You may have heard that Citizens (Florida’s insurance provider of last resort for wind insurance) is no longer insuring homes where the replacement cost is estimated to be over $1M. That is a change from their previous threshold of $2M. Replacement cost is not determined by an appraisal or estimate from a general contractor or builder, but rather calculated through a specialized program that is used by the insurance industry. Pool cages and other auxiliary structures like gazebos, tiki huts, also are no longer being covered by Citizens. Being an election year, the consensus was that some of these changes have political implications, but it probably is not good that a state is in the insurance business anyway.

February 1 also brought a new revision to the Wind Mitigation Report that is prepared to document a property’s storm protection and which can bring insurance credits. Do not be surprised if you receive a request for an updated report. If you currently have your wind insurance with Citizens and receive a change or cancellation notice, there are other options. I would be happy to provide you with contact information for our Association’s affiliate contacts in the insurance business.

Mobilizing for Housing

Our National Association of Realtors® President and Florida colleague, Moe Veissi, posted the following message to our organization last week. “Congress is considering raising the costs of mortgage loans issued by Fannie Mae, Freddie Mac, and FHA to pay for extending the payroll tax break. REALTORS® have to mobilize and tell Congress to reject measures that hurt housing. We want to populate Washington, D.C. like never before, at our Midyear Legislative Meetings in May. We want to tell lawmakers that we’re concerned not just about us, but about America’s home owners, 75 million strong. We want a recovery that’s durable and a healthy economy.”

Homestead Exemption Reminder

If you purchased a Florida property in 2011 as your owner-occupied primary residence, you are eligible for the homestead exemption as long as that property is your permanent home as of January 1st. The homestead exemption and other exemptions lower a property’s taxable value and, ultimately, the taxes due on that property (as determined by the County Property Appraiser). You have until March 1, 2012 to file with your County Property Appraiser’s Office so please do not forget. Answers to your questions and a form for filing can be found on the Lee County Property Appraiser’s website by clicking this link: www.leepa.org

Florida Tops U.S. Market for Interest From Foreign Buyers

SanibelSusan Realty posts their listings on a variety of web sites. One is called Point2 which is a real estate marketing solutions provider with listing data aggregation and syndication to multiple listing services and real estate associations across the U.S. and Canada. Point2 posted an interesting article this week about Florida buyers.

“If online searches for homes are any indication of buyer interest, the state of Florida is the most attractive U.S. destination for international buyers, according to residential property syndication service, Point2. The company posted its first U.S. International Real Estate Traffic report a few months ago. The latest report shows that Florida, Arizona and Nevada were once again top traffic destinations for international buyers. Florida attracted 31.04% of all international traffic to the U.S. while Arizona increased its share to 19.44%. Nevada held the 3rd place spot with an 8.61% share of traffic. “Those who are searching are also buying,” says John Sebree, Senior Vice President of Public Policy for the Florida Association of Realtors®. “As many as 25% of all home sales in Florida are to an international buyer.  Florida has been ‘on sale’ for several years and the word has spread.”

“According to Teresa Kinney, CEO of the MIAMI Association of Realtors®, Miami set an all-time new record for number of sales in 2011 and leads the state of Florida in terms of the number of international buyers. “Sixty percent of all buyers in Miami last year for resale homes were international buyers, and as much as 90% of new construction buyers,” says Kinney.

“Canada was the source of the greatest number of online visits to all top 10 states, followed by the UK and Mexico. Sebree notes that in addition to Canadians and British buyers, the state sees large numbers of buyers from Brazil, Germany and Venezuela, among others.” The full report is available.

Shellabration 2012

Shellabration 2012 is well underway as are many other “high season” entertainment events and fundraisers. Be sure and check our blog and web site, if you are here and want a quick list of what is happening on a particular day, check out the events tab above at  http://sanibelsusan.wordpress.com/island-events-calendar/

If you are at the Shellabration Fashion Show on Monday at The Sanctuary, you will catch SanibelSusan there in the alto section of The BIG ARTS Community Chorus.

Sanibel & Captiva Multiple Listing Service Activity February 17-24

Sanibel
CONDOS
6 new listings: Coquina Beach #4G 2/2 $405K, Blind Pass #E208 3/2 $499K, Loggerhead Cay #152 2/2 $690K, Yacht Haven #2 3/2 $845K, Sundial #E305 2/2 $879K, High Tide #A301 2/2 $1.775M.
12 price changes: Lake Palms #9 2/2.5 now $225K (short sale), Sanibel Shores #E 2/2 now $279K, Seashells #6 2/2 now $345K, Sundial #I-101 1/1 now $345K (our listing), Loggerhead Cay #481 2/2 now $422K, Mariner Pointe #142 2/2 now $439K, Seawind #A103 2/2.5 now $460K, Sanctuary Golf Villages I #3-3 2/2 now $540K, Sand Pointe #211 2/2 now $599K, Sand Pointe #212 2/2 now $629K, Junonia #301 3/2 now $1.599M, Seascape #105 3/3 now $2.195M.
5 new sales: Island Beach Club #320F 2/2 listed for $429K, White Caps South #2 1/1 listed for $474.9K, Sealoft Village #108 2/2 listed for $549.5K, Sundial #S301 3/2 listed for $629.9K (our buyer), Pointe Santo #C25 3/2 listed for $799K.
3 closed sales: Donax Village #18 2/2 $330K, Loggerhead Cay #513 2/2 $835K, Wedgewood #102 3/3.5 $1.87M.
 
HOMES
8 new listings: 1657 Sand Castle Rd 2/2 half-duplex $349K, 918/920 Main St 5/5 multi-family $549.9K, 1271 Sand Castle Rd 3/2.5 $649K, 982 Whelk Dr 3/2 $749K, 440 East Gulf Dr 3/2 $879K, 999 East Gulf Dr #103 4/3 $1.29M, 985 Oyster Ct 4/4 $1.395M, 4577 Waters Edge Ln 2/3 $3.15M.
11 price changes: 966 Fitzhugh St 2/1 now $349K, 476 Las Tiendas Ln 3/2 now $599K, 560 Boulder Dr 3/2 now $625K, 317 Palm Lake Dr 3/3 now $650K, 5885 Pine Tree Dr 3/2 now $689K, 1339 Par View Dr 3/2 now $690K, 5742 Pine Tree Dr 4/2 now $849K, 2294 Wulfert Rd 4/4 now $1.037M, 2749 Wulfert Rd 3/3.5 now $1.045M, 1743 Venus Dr 4/3.5  now $1.259M, 1102 Harbour Cottage Ct 3/2 now $1.4M.
4 new sales: 565 East Rocks Dr 3/2 listed for $448K, 6101 Castaways Ln 4/2 listed for $545K (short sale), 2624 Coconut Dr 2/1 listed for $660K, 836 Sand Dollar Dr 3/2/2 listed for $1.199M.
4 closed sales: 1214 Par View Dr 2/2 $465K (our listing), 935 Lindgren Blvd 3/2 $554K, 1290 Par View Dr 4/2 $580K, 3746 West Gulf Dr 4/4.5 $1.2M.
 
LOTS
2 new listings: 1815 Ardsley Way $212,555; 5290 Punta Caloosa Ct $349K.
3 price changes: 1657 Sabal Sands Rd $279K, 1304 Eagle Run Dr now $279K, 1344 Eagle Run Dr now $299K.
1 new sale: 335 East Gulf Dr listed for $299.9K.
1 closed sale: 513 Sea Walk Ct $296K.
 
Captiva
CONDOS
1 new listing: Bayside Villas #5208 1/2 $278.5K.
3 price changes: Tennis Villas #3219 1/1 now $219K, Tennis Villas #3229 1/1 now $235K, Captiva Shores #6B 2/2 now $735.4K.
No new sales.
2 closed sales: Captiva Shores #3A 3/2.5 $550K, Beach Villas #2628 2/2 $580K.
 
HOMES
1 new listing: 15361 Captiva Dr 5/4 $2.3M.
4 price changes: 56 Sandpiper Ct 2/2.5 now $675K, 28 Urchin Ct 2/2 now $789K, 16849 Captiva Dr 6/6/2 now $2.495M, 16310 Captiva Dr 4/5.5 now $4.5M.
2 new sales: 14981 Captiva Dr 3/3 listed for $849K, 15158 Wiles Dr 5/4 listed for $1.995M.
1 closed sale: 16205 Captiva Dr 4/4 $1.9M (foreclosure).
 
LOTS
Nothing to report.

Next week, I bet you will see more island sales reported!

Business is brisk at SanibelSusan Realty & we love it :-)

View from our new listing at Pointe Santo de Sanibel

We also received three new listings this week, which in itself is rather unusual for this time of the year. Thanks to a realistic seller, one of those new listings already is under contract. We also have an offer working on another property where we are representing a new buyer.

With the Presidents’ Week visitors arriving tomorrow, rumor has it that island accommodations are near-capacity next week. Hopefully that means even more real estate action in the days to come.

Check out the activity in our islands Multiple Listing Service this week below.  

New Island Eatery

As a fan of Pinocchio’s Ice Cream in the heart of olde Sanibel on the island east-end, I chuckled when I saw the name of their new sister establishment that just opened next door. It is called Geppetto’s Beach Foodies, a market with “grab ‘n go beach cuisine”. Baked fresh daily in their store, Gepetto’s sells croissants, baguettes, soufflés, pastry, and artisan bread, as well as French-pressed coffee, pasta, soups, salads, cheeses, antipasto, and NYC Italian-bakery-style pizza and panini. Yum!

Interest Rates Remain Low

Local banks are producing rate sheets again. When customers ask about financing, I offer several recommendations and call them “the three Dans”. They include Dan Cronin, Vice President and Loan Officer with Sanibel-Captiva Community Bank at 239-210-7100; Dan Krispinsky, Senior Loan Officer with Mutual of Omaha Bank at 239-850-9232; and Dan Royal, Vice President with FineMark National Bank & Trust at 239-461-5961. With interest low, even our typical cash island buyers are considering financing alternatives. Convention and conforming loans for both condos and single-family homes remain under 4%, with ARMs as low as 2.5%. Non-conforming jumbo loans or those greater than $417,000 are low too, with a 30-year fixed with no points at 4.25%.

Rotary Club of Sanibel-Captiva “Arts & Crafts Fair”

Set-ups are on-going this afternoon for the 29th annual Arts & Crafts Fair that is the happening place to be tomorrow and Sunday right across the street from SanibelSusan Realty. We are a long-time advertiser in their program, so generally will get a walk-in or two from folks visiting the fair. Look for more info at www.sanibelartfair.com.

Shellabration 2012

As advertisers in the commemorative edition program for the 75th Anniversary Sanibel Shell Fair & Show, we received a stack of copies yesterday. If you would like one, just stop into the office anytime. The Shellabration 2012 island-wide celebration began today and runs through March 3. Watch the national news tonight for the results of the huge Sanibel Stoop event this morning.

Sanibel & Captiva Multiple Listing Service Activity February 10-17

 
Sanibel
CONDOS
6 new listings: Mariner Pointe #1043 2/2 $299.9K (our listing), Sandpebble #4E 2/2 $369K, Island Beach Club #310A 2/2 $519K, Mariner Pointe #112 2/2 $599K, Pointe Santo #C23 3/2 $649K (our listing), Sundial #T404 2/2 $675K.
12 price changes: Captains Walk #F7 2/1.5 now $227K, Sanibel Arms #C1 2/2 now $408K, Seawind #104 2/2.5 now $488K, Snug Harbor #311 2/2 now $499K, Sunset South #9A 2/2 now $499K, Island Beach Club #P1E 2/2 now $649K, Sundial #T404 2/2 now $669K, Shell Island Beach Club #5B 2/2 now $764K, Pointe Santo #C25 3/2 now $799K, Lantana #202 4/3.5 now $1.798M, Sedgemoor #206 3/3.5 now $2.999.9M.
1 new sale: Pointe Santo #C23 3/2 listed for $649K (our listing).
3 closed sales: Colonnades #C43 1/1 $155K, Sanbel Moorings #321 2/2 $400K, Loggerhead Cay #422 2/2 $380K.
 
HOMES
10 new listings: 555 Leather Fern 2/2 $295K, 966 Greenwood Ct S 3/2.5 half-duplex $324.9K (our listing), 1086 Sand Castle Rd 3/2 $544K, 207 Daniel Dr 3/2 $569K, 1477 Albatross Rd 4/3 $648K, 1309 Par View Dr 3/3 $895K, 862 Beach Rd 3/2 $999K, 2665 West Gulf Dr 3/3 $1.295M, 1249 Par View Dr 4/4.5 $1.595M, 1266 Isabel Dr 3/3 $2.495M.
8 price changes: 2210 Camino Del Mar 3/2 now $539K, 1750 Dixie Beach Blvd 3/2.5 now $549K (short sale), 215 Robinwood Cir 3/2 now $639K, 927 Limpet Dr 3/3 now $674.9K (foreclosure), 1339 Par View Dr 3/2 now $694.5K, 228 Hurricane Ln 3/2.5 now $739K, 2729 Wulfert Rd 4/4.5 now $1.395M, 4949 Joewood Dr 5/5 now $2.775M.
5 new sales: 5745 Pine Tree Dr 2/1 listed for $435K, 1430 Sandpiper Cir 3/3 half-duplex listed for $446,255; 293 Palm Lake 3/2 listed for $479K; 525 Lake Murex Cir 3/2.5 listed for $499K; 1735 Jewel Box Dr 3/2 listed for $800K. 
4 closed sales: 555 Rabbit Rd 3/2 $395K, 913 Kings Crown Dr 4/3 $970K, 6004 White Heron Ln 4/4/2 $1.725M, 5029 Joewood Dr 3/2 $1.824M.
 
LOTS
No new listings.
1 price change: 1326 Junonia St now $279K.
1 new sale: 761 Donax St listed for $189K.
No closed sales.
 
Captiva
CONDOS
1 new listing: Bayside Villas #5132 1/2 $275K.
1 price change: Sunset Beach Villas #2336 2/2 now $749.9K.
No new or closed sales.
 
HOMES
1 new listing: 14981 Binder Dr 2/2 $849K.
1 price change: 28 Urchin Ct 2/2 now $789K.
1 new sale: 15867 Captiva Dr 4/4.5 listed for $3.498M.
No closed sales.
 
LOTS
Nothing to report.

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

Until next week, here’s to happy shelling and selling, SanibelSusan

Sanibel and Captiva Islands have experienced a very mild winter. Our daily temperatures for several weeks have been in the 70s/80s with cooling breezes off the gulf and bay waters.

Shellabration 2012 Begins

For those wanting to partake in the events honoring the 75th Anniversary of the Sanibel Shell Fair and Show, they are right around the corner.

• Next Friday, February 17, at 10 a.m. sharp is Sanibel’s effort to set an official Guiness World Record. The goal is to have at least 500 people come to Bowman’s Beach to perform the “Sanibel Stoop” and in the process break the record for the world’s largest treasure hunt. Pre-registration and transportation arrangements begin today at the Sanibel Community House. Pre-registration is necessary to be counted! Official T-shirts will be distributed free to those attending.
• Also on the 17th, in the evening, the Community House is hosting a “Shellegant” opening gala dinner and dance at the Sanctuary Golf Club.
• On Monday, February 27, tickets are available for the Shell Couture Fashion Show and Lunch, also at the Sanctuary Golf Club. The BIG ARTS Community Chorus is providing entertainment. (Bet you know who will be singing in that).
• The fair itself, runs daily from March 1-3 at The Community House. SanibelSusan Realty this year again is a trophy sponsor. For more details on these events, either call the Sanibel Community Association at 472-2155 or go to their website at http://SanibelCommunityHouse.net.

With our office being in close proximity to The Community House, we often get walks-ins during their scheduled events.

More Deals Falling Through

An article posted this week in Florida Realtors® caught my eye. The article was sourced from “Real Estate: A Buy or Bust This Spring Selling Season?” Investor’s Business Daily (February 2, 2012) and Realtor Magazine Daily News. Here in Southwest Florida and even on Sanibel and Captiva Islands, the same problem exists. The article said:

“Appraisals coming in lower than the agreed-upon sales price continue to cause more real estate deals to be cancelled, recent surveys show. In December, a third of real estate professionals reported they had a real estate contract fall through, up from 9% a year earlier. The National Association of Realtors®, along with other housing industry groups, point to low appraisals and rejected mortgage applications from a stringent lending environment as the main forces behind the high number of transaction cancellations in recent months. Too often, foreclosure sales – which tend to be sold at big discounts – are being weighted into valuations of non-foreclosure homes, experts argue.
“The National Association of Home Builders’ chairman Bob Nielsen has called the use of distressed and foreclosure sales in comparables in appraisals “inappropriate” and “needlessly driving down home prices.” Sixty percent of builders say they’re seeing problems from appraisals coming in below their contract sales price. “This is not only unfair and unreasonable, but it perpetuates the cycle of declining home values, drives more homeowners underwater, harms local economic activity and acts as an obstacle to the recovery of the housing market,” Nielsen said in a statement in December about appraisals.
“But the lending environment also needs to change for the housing market to recover and for fewer deals to stop falling through, housing experts say. “If we simply return to the normal credit standards, verifying income and looking at the creditworthiness of an individual to stay in a property long term, we think sales will be 15% to 20% above where they are,” NAR spokesman Walt Molony told Investor’s Business Daily. “There are more people trying to buy homes than are succeeding today.”

Sanibel & Captiva Island Real Estate Activity This Week

Our Sanibel and Captiva Islands Association of Realtor® Caravan meeting yesterday was held at The Sanctuary Golf Club where Ken Kouril, the Club General Manager, updated us on memberships. It has already been a busy “season” at The Sanctuary, as he reported that they have only five social and five golf memberships left. Once those are gone, memberships will be wait-listed.

Lots of new real estate sales were announced during the meeting. Our listings had good showing activity too, plus we held several open houses which brought in some lookers (probably helped that we had a couple of cloudy afternoons). Lisa and I were out showing property on Tuesday. Now we have an offer in the works. I also am negotiating an offer that came in on one of our listings. All-in-all, this is more positive news than we have had in a long time. “Season is here”, with another good eight weeks of action expected.

Multiple Listing Service Activity February 3-10

 Sanibel
CONDOS
3 new listings: Sundial #C110 1/1 $329K, Breakers West #B1 2/2 $399K, Sanddollar #C101 2/2 $899K.
10 price changes: Coquina Beach #1D 2/2 now $379K, Sanibel Arms #2 1/1 now $395K, Blind Pass #B103 3/2 now $499K, Mariner Pointe #1052 2/2 now $499K, Pelicans Roost #104 2/2 now $650K, Pointe Santo #C25 3/2 now $799K, Sanibel Surfside #125 2/2 now $849K, Sundial #A301 2/2 now $875K, Sundial #T306 3/2 now $995K, Beachcomber #A101 2/2 now $1.549M.
6 new sales: Tennisplace #C23 2/1.5 listed for $269.9K, Mariner Pointe #1082 2/2 listed for $298.5K, Sundial #B301 1/1 listed for $315K, Kings Crown #104 2/2 listed for $629K, Signal Inn #18 2/2 listed for $889K, Sunward #203 3/2 listed for $1.195M.                           2 closed sales:  Seawind II #5 2/2.5 $539K, Sedgemoor #203 3/3.5 $2.082.5M.
 
HOMES
12 new listings: 565 East Rocks Dr 3/2 $448K, 750 Nerita St 3/2 $509K, 236 Hurricane Ln 3/2 $549K, 3868 West Gulf Dr 3/2 $599K, 1366 Sand Castle Rd 3/2.5 $725K, 4518 Bowen Bayou Rd 4/4 $779K, 963 Kings Crown Dr 3/3 $795K, 4996 Joewood Dr 3/3 $799K, 2479 Harbour Ln 3/2 $850K, 6433 Pine Ave 4/3 $989K, 836 Sand Dollar Dr 3/2/2 $1.199M, 4215 West Gulf Dr 4/5.5 $4.999.9M.
17 price changes: 984 Sand Castle Rd 4/3.5 now $353K, 761 Nerita St 3/2 now $465K, 1610 Sabal Sands Rd 3/2 now $499K, 2560 Coconut Dr 3/3 now $515K, 5841 Pine Tree Dr 3/2 now $519.9K, 1245 Anhinga Ln 3/2 now $569K, 220 Palm Lake Dr 3/3 now $574K, 1705 Serenity Ln 3/2.5 now $584.5K, 955 S Yachtsman Dr 3/2 now $595K, 1390 Middle Gulf Dr 3/3 half-duplex now $599K, 9470 Balsa Ct 3/2 now $749K, 5864 Pine Tree Dr 3/3.5 now $899K, 569 Lighthouse Way 3/3 now $950K, 2367 Wulfert Rd 4/3.5 now $1.098M, 1743 Venus Dr 4/3.5 now $1.279M, 1470 Middle Gulf Dr 4/5.5 now $2.095M, 568 Lighthouse Way 4/4.5 now $2.5M.
5 new sales: 1001 East Gulf Dr 2/2 listed for $399K, 761 Nerita St 3/2 listed for $465K, 237 Daniel Dr 3/2 listed for $550K, 4775 Rue Helene 4/3 listed for $729.9K, 1331 Sand Castle Rd 3/2.5 listed for $749K. 
5 closed sales: 5657 SanCap Rd 3/2 $400K, 1345 Junonia St 2/2 $530K, 1242 Middle Gulf Dr 3/2 $730.75K, 4405 West Gulf Dr 2/1.5 $1.65M, 5045 Joewood Dr 3/3.5 $1.8M.
 
LOTS
1 new listing: 861 Birdie View Pt $374.9K.
1 price change: 1657 Sabal Sands Rd now $279,999.
1 new sale: 604 Boulder Dr listed for $270K.
2 closed sales:  4407 West Gulf Dr $1.65M, 3935 West Gulf Dr $2.15M.
 
Captiva
CONDOS
3 new listings: Bayside Villas #4302 3/3 $635K, Bayside Villas #5338 3/3 $635K, Bayside Villas #5343 3/3 $699K.
3 price changes: Bayside Villas #5308 3/3 now $599K, Seabreeze #1251 3/3 now $1.649M, Beach Homes #2 3/2 now $1.749M.
1 new sale: Sunset Beach Villas #2323 1/1 listed for $475K.
No closed sales.
 
HOMES
2 new listings: 11522 Andy Rosse Ln 4/4.5 $2.375M, 11530 Paige Ct 4/4.5 $3.995M.
No price changes or new sales.
1 closed sale: 11522 Andy Rosse Ln 4/4.5 $1.96M (foreclosure).
 
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.

If you are on the island this weekend, be sure to stop in,

I’ll be in the office both days,

SanibelSusan

 Below is one taken this afternoon when I returned to the office and found someone else parked in my usual parking spot. Wonder what their feathered friend is up to? Maybe just as well that I found another spot.

And here is yet another photo, taken overlooking Pine Island Sound & San Carlos Bay on February 1st at sunset. It was about 80 degrees at the time. The weather sure doesn’t get much better than this!

Sanibel sunset "sailors' delight", 2/1/2012

Sanibel School #1 in State

A Fort Myers “News-Press” article this week announced that “The Sanibel School is the best place to get an elementary/middle school education in the state according to Florida’s first-ever school rankings released Monday. The state Department of Education posted its best-to-worst ranking of Florida’s 3,078 public schools, and the Sanibel Island school was the only Lee and Collier County institution to get a top-10 ranking. Sanibel was the top-ranked combination school for elementary and middle school students. The state ranked the schools based on the number of school grade points they received for the 2010-11 school year as part of the state’s school grading formula. For elementary, middle and combination schools, points are earned based solely on the Florida Comprehensive Assessment Test, with points given for the percentages of students scoring at grade level or better on the FCAT or making learning gains…The state is touting the new rankings as an easy-to-read list that lets parents, taxpayers and others know how well their school or district is performing. Last week, the state released a similar ranking for school districts: Lee placed 22nd of the 67 school districts; Collier 33rd….The Sanibel School, which has been an A school for 11 consecutive years, has a 16% free and reduced price lunch rate and a 10% minority rate. Sanibel, which has 375 students, earned high ranking thanks in large part to its sterling FCAT scores and its work with its lowest 25% of learners in reading and math…At the high school level, Fort Myers High was Southwest Florida’s top school….”

Sanibel Brazilian Pepper, Final Zone Pick-Up Scheduled

The following announcement is posted on http://www.mySanibel.com As background, Zone 6 is the last area of the island to be completed in the City’s Brazilian Pepper Eradication Program. Through the program, island property owners are first given an opportunity to remove their pepper voluntarily.

“In coordination with the City of Sanibel’s island-wide Brazilian Pepper Eradication Program and the City’s waste hauler, Veolia, a free curbside pickup for Brazilian pepper debris is scheduled for February 16 and 17 for all properties in Zone 6. Zone 6 includes all properties between Rabbit Road and Jamaica Drive from the gulf to the bay and was designated by City Council as a voluntary removal zone in July 2010. All property owners within Zone 6 wishing to take advantage of this service should plan to have their pepper debris curbside the evening of February 15th prior to pick-up. Unbundled debris (i.e. no bags, string, etc.) should be cut to a reasonable size (less than 6 feet) and placed in organized piles at the curb. Debris should not be located directly under overhead utility lines. Remember, this service is for Brazilian pepper debris only. If other vegetative debris is mixed with pepper, waste management crews will not pick up the pile. This will not change your regularly scheduled pick-up of vegetative waste. This will be the FINAL free Brazilian pepper curbside pickup for Zone 6. Shortly thereafter, Natural Resources will be seeking City Council’s authorization to designate Brazilian pepper removal in Zone 6 as mandatory and will begin Code Enforcement action on all properties with Brazilian pepper remaining. We encourage all Zone 6 residents to act now to take immediate advantage of this cost saving incentive. To learn more about the City’s Brazilian Pepper Eradication Program or to obtain a list of licensed Brazilian pepper removal contractors, please click here or contact Holly Downing in the Natural Resources Department at (239) 472-3700.”

NAR’s Confidence Index Shows Upswing

Here is a positive article that was posted on Florida Realtors® this week. “The National Association of Realtors® conducts a monthly study on Realtors outlooks about the housing market, and the Realtors Confidence Index for single-family home sales in December increased to 31.6 from November’s 30.4. However, it increased 7.1 points in one year – since December 2010 – when it was 24.5. Overall, the Index has shown a slowly improving market outlook.

“The index for townhouses was 18.5 in December down slightly from November’s 18.7. A year earlier, however, it was 12.6. The index for condos also decreased to 14.3 from November’s 15.3, but one year earlier it was only 10.3.

“The index also measured Realtors’ outlooks by region. Overall, the West had the highest outlook at 35.0, but the South – which includes Florida – came in second at 33.3. One year earlier, the South’s index stood at 25.1.

“Overall, 55% of Realtors surveyed expect prices to rise over the next year, an increase from 50% only one month earlier; and 7% of Realtors expect prices to rise 5% or more compared to November’s 6%. On the flip side, 38% of Realtors expect prices to fall, but that’s less than the 43% who said the same thing one month earlier.

“In an analysis, NAR Chief Economist Lawrence Yun said 2012 kicks off with “a significant amount of good news. … Existing home sales in December were up from a year ago. Pending sales – that is, contract signings – were 5% ahead of a year ago. Housing inventory – the number of homes available for sale – has declined (both for existing and newly built homes). Housing affordability continues at record high levels.” Yun says that one major problem still hangs over the housing market, however: Many middle-class buyers have been shut out of the market because they cannot obtain a mortgage. “Loan qualifications have become so strict since 2009 that only borrowers with super-high credit scores and spotless credit history are able to obtain mortgages,” Yun says. According to one-third of the Realtors surveyed, access to credit was the most important factor limiting clients’ ability to buy a home.”

The Minimum Credit Score

In keeping with the above article, a local lender recently sent an e-mail to Realtors clarifying what their bank requires for a credit score for a home loan. It said: “The minimum credit score we require is a 640 for most of our programs where the loan amounts are under $417,000. Each applicant has 3 scores:  Equifax, Experian, and Trans Union. We take the middle credit score of each borrower. Then borrower’s lower middle score is the score an underwriter uses to both underwrite and price a loan.”

Baby Boomers Geared Up To Move

Interesting statistics were posted in the below article that I read this morning on Florida Realtors®. I hope this means “Sanibel, here they come”.

 ”Where will baby boomers go to retire? A new survey conducted by Mason-Dixon Polling & Research for the Consumer Federation of the Southeast finds one in three could move out of their home state in search of low taxes, low housing costs, pleasant climates and quality health care. They also want diverse recreational activities, supportive senior services, arts and cultural opportunities, nearby beaches and access to education.

“The baby boom generation has 78 million members, and the first wave – those born in 1946 – reach the full age for Social Security retirement benefits this year. According to the survey, a full third of baby boomers are open to moving across state lines to find the assets they are looking for, including a mid-size town that welcomes a diverse population. “According to this survey, substantial numbers (of baby boomers) are interested in relocating in retirement,” says Walter Dartland, president of the Consumer Federation of the Southeast. “The decisions they make about where they will retire will have a huge impact not only on their families’ finances but on the communities to which they move.”

“Attracting even a small percentage of boomers can significantly impact a community. If just 0.3% move to a single area, it adds an estimated 1 billion per year in new economic income through jobs and new business. “This important survey, one of the most extensive of its kind in a decade, underscores the tremendous contribution that Americans aged 50 and older can offer to communities wherever they choose to live,” says Jeff Johnson, AARP Florida’s interim state director. “AARP Florida believes this research will help inform the efforts of many communities to better equip themselves to address issues important to a 50-plus population.””

Sanibel Real Estate Activity This Week

Our SanibelSusan listings had reasonable showing activity this week. We had a nice condo listing go under contract last weekend too. That makes five sales so far in 2012 for SanibelSusan. Not bad for five weeks into the year.

In the general condo market, Sanibel is not gaining much ground. There are 260 units for sale. This week, there were 5 new listings posted, 5 price reductions, 5 new sales, and 3 closed sales. At the current sale rate, that equates to nearly two years of inventory.

Sanibel homes continue to move a little better. With 7 new listings, 14 price reductions, 5 new sales, and 5 closed sales this week, inventory is dwindling a tad. About 15 months of inventory remain.

It was good to see some Sanibel lot activity this week too. There were 2 new sales and a price reduction this week. 103 lots remain on the market which is from two to five years work of inventory depending on how you look at it. That’s a tough market to predict.

Sanibel & Captiva Multiple Listing Service Activity January 27 – February 3

Sanibel
CONDOS
5 new listings: White Caps South #2 1/1 $474.9K, Sunset South #6B 2/2 $499K, Tarpon Beach #308 2/2 $635K, Sundial #A408 2/2 $749K, Bougainvillea #4 3/3 $1.295M (house on condo grounds).
5 price changes: Blind Pass #E102 2/2 now $419.9K, Sunset South #9D 2/2 now $489K, Sandalfoot #3C3 2/2 now $519K, Snug Harbor #311 2/2 now $569K, Kimball Lodge #304 2/2 now $629K.
5 new sales: Seashells #20 2/2 listed for $349K (our listing), Donax Village #18 2/2 listed for $369K, Sanibel Moorings #321 2/2 listed for $415K, Loggerhead Cay #481 2/2 listed for $425K, Gulfside Place #116 3/3 listed for $1.895M.
3 closed sales: Sanibel Moorings #1512 2/2 $392.5K, Clam Shell #C 2/2 $685K, Gulfside Place #318 2/2 $892.5K.
 
HOMES
7 new listings: 1120 Junonia St 3/2 $629K, 4775 Rue Helene 4/3 $729.9K, 5427 Osprey Ct 3/3.5 $1.272M, 1102 Harbour Cottage Ct 3/2 $1.429M, 2429 Wulfert Rd 4/4.5 $1.495M, 1290 Bay Dr 3/2 $1.595M, 842 Limpet Dr 3/3.5 $1.795M.
14 price changes: 984 Sand Castle Rd 4/3.5 now $353K, 458 Lake Murex Cir 3/2 now $419K, 6467 Pine Ave 3/3 now $495K, 5740 SanCap Rd 2/2 now $499K, 731 Nerita St 3/2 now $519K, 9440 Begonia Ct 3/2 now $530K, 955 S Yachtsman Dr 3/2 now $595K, 1750 Dixie Beach Blvd 3/2.5 now $599K (short sale), 1233 Middle Gulf Dr 3/2 now $679.9K, 542 N Yachtsman Dr 2/2 now $749K (our listing), 9470 Balsa Ct 3/2 now $794K, 4041 Coquina Dr 3/3 now $949K, 228 Violet Dr 4/2/2 now $1.395M, 2118 Starfish Ln 4/5 now $1.994.9M.
5 new sales: 848 Rabbit Rd 3/2 listed for $295K (short sale), 1427 Sandpiper Cir 2/2 half-duplex listed for $339K, 994 Whelk Dr 2/2 listed for $589K, 1290 Par View Dr 4/2 listed for $649K, 244 Daniel Dr 3/3 listed for $799K.
6 closed sales: 766 Donax St 2/2 duplex $275K, 1800 Ardsley Way 3/2 $534.5K, 244 Christofer Ct 3/3 $575K, 450 Sea Walk Ct 4/3 $600K, 1538 Royal Poinciana Cir 3/3 $600K (short sale), 411 Lighthouse Way 4/3 $1.25M.
 
LOTS
No new listings.
1 price change: 2988/2993 Wulfert Rd now $949K.
2 new sales: 847 Casa Ybel Rd listed for $164,555, 513 Sea Walk Ct listed for $325K.
No closed sales.
 
Captiva
CONDOS
1 new listing: Bayside Villas #5210 1/2 $299K.
1 price change: Marina Villas #603 2/2 now $525K.
No new sales.
1 closed sale: Lands End Village #1651 2/2 $881.5K.
 
HOMES
1 new listing: 11530 Paige Ct 4/4.5 $3.995M.
2 price changes: 14980 Binder Dr 3/3 now $1.465M, 1 Sunset Captiva 2/2.5 now $1.595M.
1 new sale: 941 South Seas Plantation Rd 3/3.5 listed for $4.995M.
2 closed sales: 11531 Andy Rosse Ln 4/4 $1.3M, 11522 Andy Rosse Ln 4/4.5 (foreclosure) $1.96M.
 
LOTS
No new listings.
2 price changes: 11535 Murmond Ln now $649K, 15295 Captiva Dr now $649K.
No new or closed sales.

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

Sending good Super Bowl wishes your way, SanibelSusan

Today, it has been a little overcast with a slight drizzle, so the phones, shopping centers, and roadways have been busy. Always happens on a non-beach day – or maybe it came from the announcement last week that Frommer rated the islands as his favorite 2012 vacation destination for 2012.

Nice to have some rain though, the local weatherman reported last night, that southwest Florida has only had 1/100th of an inch all year. We need more!

Resort and Second Home Real Estate Market

As follow-up to SanibelSusan’s attendance earlier this month at the Florida Realtors® Mid-Year Business Meetings, I read an interesting article posted by a colleague also involved in the resort and second home market. It was written last fall by George R. Harvey, Jr., 2011 Vice Chair of the National Association of Realtors® Resort and Second Home Real Estate Committee and owner of The Harvey Team brokerage in Telluride, CO. It is amazing how many similarities our vacation market businesses have. Titled “I Don’t Have to Sell“, it says:

“Quite often when I go on a listing presentation, the seller tells me at the end of the presentation, “Well, I really don’t have to sell”.  This is after giving them a thorough market analysis, showing them how many properties compete with their property and how many sales have happened in the last 12 to 15 months in their category.  Sometimes I’ll take them out to look at several of the most similar properties to their property in order to give them an idea of what their competition is.  Many times, of course, they say, “My property is better.”  As you might guess, most sellers take that position.  When I give the seller the market analysis, the same exact analysis that every buyer/broker is going to give their buyers and that seller says, “I really don’t have to sell,” the first question that enters my mind is, “So why are you putting your property on the market?”  It takes a terrific amount of effort on the listing broker’s part for showing appointments, marketing materials, and advertising expense to have a successful sale.  And then the seller is going to say, “If I can get my price I might sell my house.”  Let me translate what that means.  If we get a really wealthy person that will pay cash, close quickly, doesn’t do any market research, and is really stupid, and will just pay whatever the asking price is, I’ll sell my house.  What an incredible burden this creates for the listing agent and a setup for disappointment for all parties engaged. 

“One of the biggest problems that we have in the Telluride market as well as other markets in the resort and second home niche is sellers still pricing to the peak of 2006, ’07, and ‘08 markets. 

“Buyers in general are well informed and have done their homework on the internet and always ask for all the market comps.  Sellers often ​say, “Well my property is special or unique or here’s why I bought it”.  All those wonderful things are good points for potential buyers in the future, but every buyer has their own list of dreams and desires and they’re all watching Bloomberg. 

​”Not only does a property in this market have to be priced competitively, but it needs to be one or two best values in its market category to even get on the show list.  It also has to be in great condition, because buyers are now looking for every flaw possible and are making objections for the smallest of items.  The end result for sellers that don’t price to the market is following the market all the way down and always being just behind the selling price range rather than just in front of it where they should be.  If you are a property owner in a resort or second home market and truly want to sell, ask your listing broker to do a very thorough market analysis and what it will take to be the first one or two properties shown in that market niche.  It will greatly improve your odds of making a sale and won’t waste your time and your listing agent’s.”

Selling a Rented Property Can Pose Challenges

SanibelSusan Realty recently listed and successfully quickly sold a home that had a long-time annual tenant. More often than not this scenario comes with some objections from the renter, so I was intrigued to read an article posted this week on Florida Realtors® about the subject:

“Some homeowners turned into reluctant landlords and rented out their homes to earn extra income while the housing market was sluggish. But now some of these homeowners are ready to sell. However, real estate agents often caution clients that are trying to sell a home when a tenant still lives there can be tricky since many renters – who have no financial stake in the matter – aren’t always so eager to help market a home and keep it tidy and neat on their landlord’s behalf.

“Landlords should make a point to clearly communicate their intentions to sell, and not “sneak” the house on the market without telling the tenants first, real estate professionals say. Landlords might want to offer a concession on the rent to tenants in exchange for them keeping the home in clean, good condition while it’s on the market – such as 10% off each month’s rent while it’s on the market. But be sure to communicate expectations for cleanliness, such as keeping the dishes out of the sink and making the bed. Experts also suggest setting established hours for showing the property to make it easier on the tenant.”

Our recent island sale included first having the seller advise the tenant that the property was going to be sold. Then, I met with the renter to go through the property to find out any kinks, non-working items, and to inquire about their favorite points about the property. I also asked about them purchasing it. Then I worked out a cooperative agreement for when the property could be photographed for posting on the internet to ensure that prospective buyers and their Realtors® would “see” the inside before making showing appointments. The seller agreed to a small rent reduction during the period that the property would be on the market, while I offered to only make showing requests only for pre-qualified buyers and with 24 hours notice. It worked out well.

With seasonal rental property, particularly those with tenants here for only their short week-long annual vacation, the process is not always so smooth. Many rental organizations only permit showings during tenant-turnovers which sometimes can get tricky since that also may be the day that the prospective buyer is leaving town. Other organizations do not want showings when a unit is being cleaned. In “season” that can be that short window on a Saturday between a late morning check-out and a mid-afternoon check-in. Makes an island Realtor®’s job interesting.

With our listings, we always try to determine if a buyer is serious before even considering bothering a tenant. We query the requesting Realtor® with such questions as: Could they instead look on the next turn-over day? Have they seen the interior photos and streaming video? Have they been to the complex? Walked the grounds? Do they realize that it has (special or limiting features)? Do they need rental income? Then once we have determined that the request is valid, we do our darndest to get them in.

It may involve coordinating with a rental office if they require that they make all tenant contacts – or sweet-talking a tenant – and sometimes offering an incentive like a free meal so that they are compensated for their inconvenience. It too often is a delicate conversation to convince an otherwise uncooperative renter that they are helping you by allowing a viewing during their Sanibel vacation.

After 20 years of it, The SanibelSusan Team usually gets the AOK. Elise, our Listing Coordinator, is a pro at it. She is honest, gives the tenant the option of being there but suggests that they are not, asks showing agents to always leave their business card so the tenant knows the showing is over, and profusely thanks renters for their consideration. We know that happy tenants can bring us business!

Real Estate Activity This Week

Not much was announced yesterday at our Sanibel & Captiva Islands Realtor Caravan Meeting, mostly more price reductions. Not so surprising with all the activity reported the week before. One of the island rental managers told me today that their bookings for February and March are now up 40% where they were last year at this time. It sounds like we will have a busy couple of months coming up. The SanibelSusan Team is ready.

Sanibel & Captiva Multiple Listing Service Activity January 20-27

Sanibel
CONDOS
4 new listings: Blind Pass #A105 2/2 $420K, Kimball Lodge #263 1/1.5 $547K, Pelican’s Roost 2/2 $699.8K, Compass Point #181 2/2 $1.187M.
3 price changes: Captains Walk #F7 2/1.5 now $228K, Sanibel Moorings #142 1/1 now $419K, Nutmeg Village #211 2/2 now $539K.
3 new sales: Ibis at The Sanctuary #301 2/2 listed for $399.9K, Nutmeg Village #310 2/2 listed for $549.9K, Wedgewood #102 3/3.5 listed for $2.295M.
2 closed sales: Spanish Cay #D6 2/2 $315K, Sanibel Arms West #I8 2/2 $427K.
 
HOMES
4 new listings: 9106 Mockingbird Ln 2/2 $499K, 775 Limpet Dr 4/3 $1.849M, 505 Kinzie Island Ct 5/4.5 $2.295M, 5063 Joewood Dr 4/4.5 $3.395M.
3 price changes: 2130 Sunset Cir 3/2 now $539K, 237 Daniel Dr 3/2 now $550K, 1755 Jewel Box Dr 3/2 now $599K.
3 new sales: 555 Rabbit Rd 3/2 listed for $415K, 3940 Coquina Dr 3/2 listed for $475K, 731 Nerita St 3/2 listed for $529K.
4 closed sales: 9248 Belding Dr 3/2 $235K, 1133 Sand Castle Rd 3/2 $442.5K, 947 Lindgren Blvd 3/2 $665K, 411 Lighthouse Way 4/3 $1.25M.
 
LOTS
No new listings.
1 price change:  4077 Coquina Dr now $209K.
1 new sale: 4407 West Gulf Dr listed for $1.85M.
No closed sales.
 
Captiva
CONDOS
No new listings.
2 price changes: Captiva Shores #6B 2/2 now $739.9K, Beach Homes #32 3/2.5 now $1.795M.
No new sales.
1 closed sale: Sunset Beach Villas #2224 2/2 $550K.
 
HOMES
1 new listing: 11551 Paige 5/6.5 $4.998M.
1 price change: 15009 Binder Dr 4/5.5 now $3.749M.
1 new sale: 11522 Andy Rosse Ln 4/4 listed for $2.275M.
No closed sales.
 
LOTS
1 new listing: 11517 Wightman Ln $719K.
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.

Happy weekend wishes from SanibelSusan

Photo courtesy of Jim Anderson, JMA Photography

Good news with several gulf-front high-end Sanibel sales announced at our Sanibel and Captiva Islands Association of Realtors Caravan meeting yesterday. We finally are “in season” with a noticeable increase in real estate activity. Now we begin dealing with the obstacles of selling real estate when the islands are busy: i.e. making appointments and convincing renters to allow showings when properties are occupied, competing with the weather when it is a beautiful day (and prospective buyers are out having fun rather than looking at real estate), jockeying for keys with other Realtors®, and the like. Makes the job fun! Today, we have bright blue sunny skies with temps expected to reach 79 degrees, followed by the low 80′s every day right into next week. Truly a terrific time to be here, looking at property, and usually when properties show best!

Florida Realtors® Posts Housing Market Indicators

As someone who reads nearly every real estate article that I can get my hands on, I have found it especially useful to watch the statistics that Florida Realtors® posts on line every week. These are not specific to the islands but the overall trend has been good. 

Florida existing home sales: (month-to-previous-year comparison) +11%

Florida existing condo sales: (month-to-previous-year comparison) +2%

Florida existing home median price: $130,100

Florida existing condo median price: $86,700

National existing home sales: (month-to-previous-month comparison; all housing types) +4%

National existing home median price: $164,200

National (Freddie Mac) mortgage rate: (all housing types) 3.89%

The SCCF Signs Are Clean

Here are a couple of photos taken yesterday of Dave and Lisa when they represented The SanibelSusan Team in helping perform a community service chore. Thanks to our islands Realtor® Association, all of the Sanibel-Captiva Conservation Foundation (SCCF) signs, which designate the many island conservation areas, are now spiffed up.

Dave and Lisa were tasked to cleaned both the main SCCF entrance sign on Sanibel-Captiva Road and the nearby Habitat Management sign. Nice job!

The plan is for specific Realtors to adopt individual signs so that they will attend to their clearing year-round so that they will always be sparkling. Yet another good cooperative effort that makes island ambience so special. Sanibel and Captiva residents, visitors, and business folks are known for being down-to-earth and helping-each-other. Love that community spirit!

If You Are Lucky Enough to Be Here

Be sure to click the “upcoming events” tab above for the schedule of island happenings. There are many new events this year. SCCF, BIG ARTS, CROW, and others have expanded their programs. Almost makes a girl wish that she wasn’t working; but there are plenty of evening events too.  Community chorus is back in full swing and practicing hard for our upcoming spring concert March 22. There already is talk that it will be a sell-out so a second performance is being considered. Tickets go on sale soon.

Sanibel & Captiva Multiple Listing Service Activity January 6-13

Sanibel
CONDOS
5 new listings: Sundial #D305 1/1 $269K (short sale), Heron at The Sanctuary II #3B 2/2.5 $609K, Pine Cove #102 3/2 $879K, Sanctuary Golf Villages #4 3/3 $948K, Pine Cove #104 3/2 $1.35M.
8 price changes: Seashells #26 2/2 now $274K, Beach Road Villa #106 2/2 now $295K, Sanibel Arms West #K3 2/2 now $399K, Sanctuary Golf Villages #3-2 3/3 now $499K, Sand Pointe #211 2/2 now $619K, Pointe Santo #A21 2/2 now $769K, Signal Inn #18 2/2 now $889K, Gulfside Place #319 2/2 now $974K (our listing).
6 new sales: Sanibel Moorings #1512 2/2 listed for $429K, Sanibel Arms West #I8 2/2 listed for $449K, Seawind II #5 2/2.5 listed for $599K, Gulf Beach #207 2/2 listed for $719K, Gulfside Place #318 2/2 listed for $1.1M, Wedgewood #203 3/3.5 listed for $1.95M. 
3 closed sales: Sundial #G206 1/1 $260K; Sand Pointe #133 2/2 $534,285 (short sale); Gulfside Place #104 3/2 $1.129.5M.
 
HOMES
8 new listings: 1430 Sandpiper Cir 2/3 half-duplex $446,225; 1750 Dixie Beach Blvd 3/2.5 $629K (short sale); 1308 Tahiti Dr 3/3 $789K; 667 Anchor Dr 4/3.5 $995K; 960 Victoria Way 3/3 $1.095M; 2279 Troon Ct 3/4 $1.495M; 547 Kinzie Island Ct 5/5.5 $1.775M; 4203 Dingman Dr 4/3 $2.595M.
7 price changes:  293 Palm Lake 3/2 now $479K, 220 Southwinds Dr 2/2 now $499K (our listing), 569 Lighthouse Way 3/3 now $1.05M, 1765 Venus Dr 3/3 now $1.199M, 568 Lighthouse Way 2/2 now $1.4M, 4781 Tradewinds Dr 3/2 now $1.839M, 1918 Woodring Rd 4/4 now $2.799M.
12 new sales: 1133 Sand Castle Rd 3/2 listed for $499K, 5657 SanCap Rd 3/2 listed for $545K, 480 Peachtree Rd 3/3 listed for $549K, 210 Daniel Dr 3/3 listed for $549K (our listing), 947 Lindgren Blvd 3/2 listed for $749K, 1537 Sand Castle Rd 4/3 listed for $774K, 1360 Eagle Run Dr 5/3.5 listed for $900K (short sale), 913 Kings Crown Dr 4/3 listed for $995K, 730 Birdie View Pt 3/2.5 listed for $1.35M, 5029 Joewood Dr 3/2 listed for $1.985M, 5045 Joewood Dr 3/3.5 listed for $2.295M, 3805 West Gulf Dr 4/4.5 listed for $4.495M.
4 closed sales: 683 Emeril Ct 2/2 $440K, 3145 Twin Lakes Ln 3/3 $444K, 1057 Sand Castle Rd 3/2 $625K, 784 Birdie View Pt 4/4 $1.5M.
 
LOTS
No new listings.
1 price change: 1114 Seagrape Ln now $475K.
1 new sale: 2285 Wulfert Rd listed for $139K (short sale).
1 closed sale: 1912 Ibis Ln $225K.
 
Captiva
CONDOS
1 new listing: Lands End Village #1664 3/3 $1.597.9M.
No price changes.
1 new sale: Lands End Village #1651 2/2 listed for $975K.
No closed sales.
 
HOMES
2 new listings: 15879 Captiva Dr 3/3 $2.498M, 15867 Captiva Dr 4/4.5 $3.498M.
1 price change: 16730 Captiva Dr 5/4.5 now $4.95M.
1 new sale: 16205 Captiva Dr 4/4 listed for $1.975M (foreclosure).
2 closed sales:  51 Oster Ct 2/2.4 $685K, 16891 Captiva Dr 3/2 $1.3M.
 
LOTS
No new listings.
2 price changes: 1114 Schefflera Ct now $498K, 13470 Palmflower Ln now $869K.
No new or closed sales.

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

Until next Friday, here’s hoping your days are as bright as our forecast on sunny Sanibel Island, :-) SanibelSusan

Frommer’s Favorite 10 Destinations

This week, I came across an interesting article on-line posted by Arthur Frommer, founder of Frommer’s Travel Guides. As one who as found his guides to be “spot on”, it was great to see that when he wrote about his favorite vacations destinations, Sanibel was on the list. His article said: “To me, the leisure enjoyed during the holiday season is a perfect time in which to plan future vacations. And so I’ve compiled a list of my own favorite destinations, of which there are 10:

1. Sanibel Island, Florida

2. The Island of Bali, in Indonesia.

3. Paris, France

4. St. Johns in the U.S. Virgin Islands

5. Cairo, Egypt

6. Bonaire, one of the “ABC” islands of the southern Caribbean

7. Yachats, the Oregon Coast

8. Chiang Rai, Thailand

9. New York City’s Greenwich Village (& its Off-Broadway theaters)

10. Kenya

Runners-up to my 10 best: Copenhagen, St. Lucia in the Caribbean, Oxford, Mexico’s San Miguel del Allende, and Rio.”

Local Installation & Awards Banquet

Last Saturday, our Sanibel & Captiva Islands Association of Realtors® had their Installation and Awards Banquet. Lisa, David, and I represented SanibelSusan Realty. I picked up an Honor Society award for the 19th year (wow, how time flies).

As part of our contributions to the community, local association members recently volunteered to keep Sanibel-Captiva Conservation Foundation (SCCF) signs clean. SanibelSusan adopted the SCCF entrance sign and the Habitat Management sign on San-Cap Road, so if you have noticed that they are looking a little shabby, they should be sparkling in another week.

Fishermen Mark Your Calendars

Dave with tarpon that he caught & released in 2007

Local fishermen, members of the Fort Myers Beach Tarpon Hunters Club, and professional fishing guides along with J.N. “Ding” Darling National Wildlife Refuge and Doc Ford’s restaurants staffs, including award-winning Doc Ford novelist Randy Wayne White, just announced a “Ding” Darling & Doc Ford’s Tarpon Tournament. Slated for May 5, 2012, the event will have cable network coverage and a 100% purse. Expect to hear more about it in the weeks to come.

Free Refuge Days

By Presidential decree, “Ding” Darling’s Wildlife Drive will be open free of charge tomorrow, January 14, through Monday, January 16. The Refuge Education Center – which is always open free to the public – also will be open all three days, including the Martin Luther King Jr. holiday.

‘Strategic Default’ Poses Ethical Question

A thought-provoking article was posted in Florida Realtors this week. The source is “As Home Prices Fall, More Borrowers Walk Away,” MSNBC.com (Jan 9, 2012): “Some homeowners who owe more on the mortgage than a home is currently worth are turning over the keys and walking away – a move known as “strategic default.” The growing number of strategic defaults across the country is alarming, particularly since many of homeowners can still afford their mortgage payments but choose to walk away anyway.
“In 2010, about 30% of mortgage defaults were from homeowners who could afford to make their payments – that’s up from 22% in 2009, according to a 2011 survey conducted by finance professors Paola Sapienza at Northwestern University and Luigi Zingales at the University of Chicago.
“A recent study commissioned by the Mortgage Bankers Association likens the rise in strategic defaults to the spread of a disease. The longer the housing crisis goes on, the more other homeowners will be tempted to walk away, the study concludes. “As fundamentally social animals, humans consciously (and subconsciously) look to their peers when forming opinions, habits and behaviors,” according to the report.
“Strategic default has come down to an ethical question for some homeowners. “Guilt and morality are one side, and objective financial analysis are on the other side,” said David Martin, 68, who has considered walking away from a Seattle condo he owns with his wife because the condo is worth about $60,000 less than the balance on their mortgage. “They’re coming to two opposite conclusions. I wonder how many other people are struggling with the same question.” Martin and his wife have decided to stick it out, however, hoping for a rebound in housing prices in 2013 as they continue paying their mortgage.
“But other homeowners weighing the question are not always reaching the same conclusion. “It’s a looming problem that’s in the shadows,” Jason Kopcak, a mortgage trader at Cantor Fitzgerald, told MSNBC.com. “It’s very worrisome to mortgage lenders.”
“Strategic defaulters who walk away from their property, however, may have more to worry about than the morality and ethics of their action. They’ll face a blemish to their credit score; and in some states, lenders may still be able to pursue them in court in what’s known as a “deficiency judgment” seeking a full repayment of the mortgage balance.”

Real Estate Activity This Week

New listing at 210 Daniel Dr in Seagull Estates

We saw a reduction in the number of showings this week which is typical after New Year’s week visitors go home, still had fairly good action though. I showed entry-level condos one day and finally got a condo sale together after a few weeks of negotiation. Lisa and David also had an excellent turn-out at our Caravan Open House in Seagull Estates yesterday.

This observation may be premature, but I am thinking that in certain areas/property types, we are beginning to see fewer new listings and more sales. Wouldn’t it be great for demand to finally eat up some of the abundant supply?

Sanibel & Captiva Multiple Listing Service Activity January 6-13

Sanibel
CONDOS
4 new listings: Sanibel Arms #D2 1/1 $229.5K, Sanibel Moorings #1512 2/2 $429K, Sea Pines #D 3/3 $499K, Loggerhead Cay #583 2/2 $569K.
5 price changes: Sundial #H108 1/1 now $249K, Lake Palms #7 2/2.5 now $299K, Loggerhead Cay #432 2/2 now $459K, Compass Point #213 2/2 now $579K, Sanctuary Heron #2B 3/3.5 now $610K, Surfside 12 #C4 3/2 now $825K.
5 new sales: Sundial #G206 1/1 listed for $279.9K, Blind Pass #G102 2/2 listed for $389K, Loggerhead Cay #422 2/2 listed for $422.5K, Loggerhead Cay #513 2/2 listed for $899K, Plantation Village #B122 3/3 listed for $1.895M.
2 closed sales: Colonnades #10 1/1 $160K, Loggerhead Cay #422 2/2 $422.5K, Tarpon Beach #201 2/2 $572.5K.
 
HOMES
3 new listings: 1610 Sabal Sands Rd 3/2 $534.9K, 1170 Sandcastle Rd 3/2 $619K, 5820 Pine Tree Dr 2/2 $695K.
8 price changes: 2130 Sunset Cir 3/2 now $569K, 9454 Calla Ct 3/2 now $618,816, 557 N Yachtsman Dr 4/3 now $729K, 4960 Joewood Dr 4/3 now $799K, 1111 Schooner Dr 3/3 now $899.9K, 919 Almas Ct 3/2.5 now $1.225M, 4630 Rue Bayou 4/4 now $1.285M, 760 Periwinkle Way 3/2.5 now $1.499M, 1310 Seaspray Ln 5/4.5 now $3.695M.
9 new sales: 9003 Mockingbird Dr 5/4 listed for $499.9K (short sale), 1773 Bunting Ln 3/2 listed for 579K, 935 Lindgren Rd 3/2 listed for $599K, 244 Christopher Ct 3/2 listed for 599.9K, 450 Sea Walk Ct 4/3 listed for $624.9K, 1019 Lindgren Rd 3/2 listed for $739K, 970 East Gulf Dr 3/4.5 listed for $763K (short sale), 3746 West Gulf Dr 4/4.5 listed for 1.249M, 598 Kinzie Island Ct 3/3.5 listed for $1.595M.
3 closed sales: 1797 Serenity Ln 2/2 $285K (our listing), 1436 Sandpiper Cir 2/2 half-duplex $300K, 1123 Sandcastle Rd 3/2 $500K.
 
LOTS
1 new listing:  1226 Isabel Dr 1.8M.
No price changes.
No new or closed sales.
 
Captiva
CONDOS
1 new listing:  Tennis Villas #3121 1/1 $225K.
No price changes.
1 new sale:  Sunset Beach Villas #2224 2/2 listed for 635K

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.

Whether you are off to enjoy a 3-day weekend or not, here’s hoping it’s a good one. SanibelSusan will be open to help you with your island real estate needs every day!

SanibelSusan

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

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

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

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

What’s On Sanibel’s Agenda for 2012

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

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

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

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

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

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

Sanibel & Captiva MLS Activity December 30-January 6

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.

With a cooler weather (down into the 60′s) both yesterday and today, the restaurants and shops too are busier, though our Realtor® colleagues report very few visitors during their Christmas week open houses. We also held listings open two afternoons and likewise had few inquiries. Once again this year, this holiday week has been more a family time for island fun. 

High Season Indicators

Reports are that Sundial Beach and Golf Resort was booked at only 60% over the Christmas holiday, with other rental organizations indicating similar occupancy. Even fewer arrivals are expected for the New Year when the Christmas visitors check-out tomorrow. After that, we expect our standard lull until about mid-January, when the snow really begins to fall up north and things will pick up here again. Good solid bookings already are indicated for both February and March.

We also always know that “high season” is upon us when we get a flurry of calls to list property. As much as we prefer getting new listings in the fall, many prospective sellers wait until December and January to contact us, when “season” is essentially here. We had three such calls yesterday and once again had to advise the owners that to position their properties to sell in today’s market, they need to be priced at considerably less than their expectations. Those conversations are definitely not the fun part of our job.

Status of Offers

Sanibel Lighthouse

I worked negotiating a couple of offers over the Christmas holiday. No good news to report on those yet. Just to illustrate the frustrations in today’s market, one is a situation where a prospective buyer offered 25% less than the asking price on one of our best-priced listings. The other is where I wrote a clean offer on another company’s listing at only 8% less that the asking price. That property has been on the market for several years and the sellers refuse to respond. We are persistent, however, so I anticipate that “season” will be a good one for the “reasonable” buyers and sellers.

Year-End Sanibel Update on Inventory and Sales

These probably are not the final numbers as there are a few island closings occurring this afternoon, but the summary below shows that Sanibel inventory is back up as we go into “season”.

• 265 condos are for sale, 9 are under contract, & 142 have sold/closed this year, which is more than the 120 sales in 2010. Average sale price is $591,672 which is 3% less than last year & 32% less than the heyday of 2006.
• 231 homes are for sale, 28 are under contract, & 177 have sold/closed this year, which is more than the 124 sales in 2010. Average sale price is $819,080 which is 6% more than last year & 28% less than the heyday of 2006.
• 112 lots are for sale, 2 are under contract, & 18 have sold/closed this year. Average sale price is $378,381, which is higher than last year, but 21 lots sold in 2010, so the number of lot sales is down & the average sale price is 56% less than the heyday.

Filing for Florida Homestead & Property Tax Exemptions

The official filing period for the 2012 homestead exemption and property tax exemptions opens Sunday and ends on March 1. Applications filed after March 1 are considered late. If you believe you qualify as a Florida resident and reside in your home as a permanent resident as of January 1, you should apply right away, according to the Lee County Property Appraiser. Visit the property appraiser website – leepa.org for contact information, exemption qualifications and filing information. The office is at 2480 Thompson St., Fort Myers, corner of Fowler Street and Martin Luther King Jr. Boulevard.

Sanibel & Captiva Multiple Listing Service Activity December 23-30

Until next Friday, Happy New Year & best wishes for a healthy 2012 from SanibelSusan

It has been pretty quiet today at SanibelSusan Realty. Elise, Lisa, and Dave are enjoying a long weekend (Monday is a holiday for them too), while I am here hoping for some showing inquiries. We have a couple of offers in the works. Those are always fun for me and hopefully productive.

My yard, taken December 22, 2011

The December island weather continues to be delightful. Bright blue sky and temps in the high 70′s low 80′s expected right into next week. The bike paths, beaches, restaurants, shops, and roadways are busy busy. I think it is safe to say that the holiday visitors are arriving.

Here are a couple of news items about island animals. They are from a January Sanibel-Captiva Conservation Foundation newsletter article called “Living With New Island Wildlife” by Dee Serage, SCCF Living with Wildlife Educator. Following those is a good summary posted today by Florida Realtor of their top ten stories in 2011.

“Coyotes and a Florida Black Bear

“Eagles at Gulf Pines

“As many residents have noted, the Gulf Pines eagle nest is gone. The nest was on SCCF land in a snag (a dead tree) that snapped in half and fell over sometime in the early hours of October 18. Since that time, SCCF staffers and many others have been watching the eagle pair closely to see how they cope. Within a week, both eagles were seen flying with nesting materials in their talons and began working on at least two nests, which is not unusual. Field studies have shown that bald eagles often build multiple nests within their territory, with an average of 1.5 nests per territory, and ranging from one nest to five nests. Usually only one next will be used for nesting in any given nesting season. During the Thanksgiving holiday, the new nest at the original site also came down, but as of press time, the pair is on the remaining nest. Eggs were not found at either downed nest.

Florida Realtors Top 10 Stories in 2011

This is the Sanibel & Captiva MLS Activity Posted from Dec 16-23:

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.

Best wishes from Susan & the entire SanibelSusan Team for a very Merry Christmas & Happy New Year!