Spring Things on Sanibel & Captiva Islands

Posted on March 23, 2012 by SanibelSusan

It is the end of yet another fun-filled seven days at SanibelSusan Realty.

Island Real Estate Happenings

We had good showing activity at our listings again this week, though no offers. I wrote one, but it is a work in progress. You will notice from the Sanibel & Captiva Islands Multiple Listing Service report below that the island price war continues. Over the past seven days, there were 27 Sanibel price reductions, nine new Sanibel listings, and 13 new Sanibel sales, so that, to a degree, is progress.

March Realtor® Membership Meeting

At our monthly Realtor® Meeting yesterday, Steve Greenstein, Executive Director of CROW (Clinic for the Rehabilitation of Wildlife), updated members on happenings at the clinic. Since CROW began here 44 years ago when a local resident rescued an injured royal tern found on a roadway, it has evolved into the premier facility that it is today.

With the mission to “save wildlife through compassion, care and education”, CROW operates on a 12.5-acre campus at 3883 Sanibel Captiva Road. Guided by a volunteer board of directors and full- and part-time staff members, more than 250 volunteers support CROW programming, participating in everything from rescue, animal transportation and patient care to visitor education, facilities maintenance, event coordination and administrative duties.

Each year, CROW cares for nearly 5,000 sick, injured and orphaned wildlife patients in its veterinary hospital, which is one of the nations leading rehabilitation facilities for native and migratory animals. The hospital director, Dr. Heather Barron, is one of fewer than 200 nationally-boarded specialists in avian medicine. Her background also includes work as Medical Director for The Cayman Turtle Farm (which has more than 4,000 turtles). What a perfect match she is for our wildlife here.

In addition to treating some 200 different species of birds, mammals, and reptiles annually, CROW operates educational externship and fellowship programs for undergraduate natural sciences and veterinary medicine students. For post-graduate students, their annual internship program offers hands-on experience in clinical care and rehabilitation, as well as rescue and release.

For the public, CROW hosts a diverse array of wildlife presentations, special events and interactive activities on a year-round basis. The 4,800-sq. ft. Healing Winds Visitor Education Center opened in 2009 with interactive educational displays and live webcams that immerse visitors in the patient rehab process and spotlight animals treated by CROW staff, students and volunteers. Here’s a link to their website: www.crowclinic.org

Sanibel Fish House

On the local restaurant scene, the new “Sanibel Fish House” opened this week. It is in the previous location of McT’s which closed some time ago. The building has been renovated top-to-bottom and remodeled in bright tropical Key West-style decor – definitely island casual. Dave and I have had lunch there and can attest that the salads are affordable and good. The dinner menu looks yummy too. The new owners have similar Fish Houses on both Fort Myers Beach and Bonita Beach, so are well versed in seafood. Here’s a link to their website www.thefishhouserestaurants.com.

For Sanibel Bikers

The new pavilion on Periwinkle Way, between Huxter’s Market and She Sells Sea Shells, is nearly complete. The Sanibel Island Bike Club is in the process of creating what will be a Bicycle Visitors Welcome and Information Center there. When complete, the 15′ x 12′ pavilion will have a map showing Sanibel’s bike paths, info on natural areas (courtesy of the Sanibel Captiva Conservation Foundation), details on the site’s history as well as other island locations (courtesy of the Sanibel Museum & Historic Village), a bike rack for parking (donated by Billy’s Bike Rentals), benches (donated by the Lion’s Club); and a water fountain. In addition to these cooperative efforts, the project is being funded by donated materials to support the project.

The idea reportedly originated with local resident, Dick Muench, who owns the land. Some years ago, he offered to donate the site for the building of a gazebo or similar structure, and that bit of generosity eventually prompted the Bike Club to tackle the project, which was significantly bolstered by Sanibel’s former Beautification Committee which closed operations last year, but made a major contribution to Sanibel Bike Club’s “Trails in Motion” fund.

Sanibel was one of the first cities in America to incorporate municipal bike paths within its infrastructure, and it is expected that these will only increase in popularity as new generations of bike riders emerge in the community. The Sanibel Bike Club has been a long advocate for use of those paths – with each bicycle meaning one less car to slow the flow of traffic on Periwinkle.

Martha Stewart Talks About the Sanibel Shell Fair

Sailor's Valentine by Sandy Moran
Note the Nantucket basket

Several days ago on the Martha Stewart TV Show, Martha and Hannah Milman, her Holidays and Crafts Editor, created a beach-inspired paperweight using shells. Hannah attends the Sanibel Shell Show and Fair each year. During the segment, she talked about our island friend and client, Sandy Moran, who creates many of her world-famous sailors’ valentines in the property we sold her here on the island.

This TV segment highlighted some of Sandy’s work as well as other winners from the Artistic Division of the juried 75th Shell Show, as well as other Sanibel shell crafters. The Shell Fair and Show begins the first Wednesday each March. We are already looking forward to the 76th event on March 7, 8, and 9, 2013 at The Sanibel Community House. The video can be found at: www.marthastewart.com/898281/shell-paperweight-craft, while detailed instructions for making the paperweight are at www.marthastewart.com/898099/shell-paperweight

Here’s a link to Sandy’s web site too - with more photos of her sailors’ valentines.

Home Improvement Trends

The following article posted on Florida Realtors® this week is particularly timely for the beginning of spring.

“Continuing uncertainty in the real estate market has homeowners asking a major question as the market warms this spring: Is it smarter to move or to improve?

“Cost is the driving factor behind home improvement projects again this year, and many owners want to choose projects that provide the biggest return on investment. Power Home Remodeling Group, one of the nation’s largest home remodeling companies, empowers homeowners to get the biggest bang for their home-improvement buck this spring, whether updating a home to increase its resale value or infusing the place with some personality to create your dream home.

““Giving your home some added curb appeal with an exterior makeover will automatically boost the resale value of your property,” says Jeff Kaliner of Power Home Remodeling Group, “If you plan to stay put, focus on cost-effective renovations that make your home more comfortable, functional and low maintenance for your family.”

“Cost-effective home improvements
• Energize the exterior. Exterior home improvements are still king when it comes to return on investment this year. Projects like updating siding, window replacement and refreshing entry doors have a dramatic effect on a home’s curb appeal for a relatively low-cost. Seven of the top 10 home improvement projects for 2012 are exterior projects garnering anywhere from 69 to 78% return on investment – the highest of any other projects this year.
• Choose bold and bright finishes. Fiberglass entry and garage doors are a popular alternative to their pricey wooden counterparts in 2012. A fiberglass door is weather resistant, durable and, above all, maintenance free. The material allows owners to achieve the stylish look of an elegant craftsman or rustic design with decorative glass at a fraction of the price. Bright, bold exterior colors are also popular this year. Make curb appeal pop by choosing a shade of tangerine, yellow or deep purple for an entry door.
• Energy efficiency is still supreme. The top green home trend for 2012 is renovating to reduce a home’s heating and cooling costs. Making the most of empty attic space by adding a bedroom, or at least finishing it with insulation, is a way to keep conditioned air from escaping through the roof. Updating the attic is this year’s third most cost-effective home improvement, garnering a 72% return on investment.”

U.S. Makes $25 Billion Profit on Mortgage Securities

An article posted earlier this week on Florida Realtors®, came from washingtonpost.com, Zachary A. Goldfarb:

“The Obama administration announced Monday that taxpayers made $25 billion in profit on a program to keep mortgage interest rates down in the wake of the 2008 meltdown in financial markets.
“Building on efforts that began under President George W. Bush, the Obama administration took a number of steps to keep the mortgage market operating after the real estate market crashed, including providing unlimited financial support to mortgage-finance giants Fannie Mae and Freddie Mac and buying $225 billion in securities backed by mortgage loans.

“The $25 billion profit came from the sale of these mortgage-backed securities and underscores the administration’s success in winding down some of the emergency programs undertaken during the financial crisis. The vast majority of banks that received aid from taxpayers, for instance, have paid back the investments with interest, and the auto industry is continuing to show strength after it was bailed out.

“Although government efforts helped make sure borrowers could continue to get affordable financing to buy homes during the recession, other elements of the administration’s response to the housing crisis have proved less favorable for taxpayers and existing homeowners.

“Fannie and Freddie, for example, are expected to cost taxpayers more than $100 billion in the end, with little hope of that money being paid back. And the administration’s efforts to help homeowners have fallen far short of its expectations. Only $3.44 billion of the $50 billion the administration pledged to spend to help homeowners has been disbursed over the past three years.

“In supporting the housing market, the Treasury Department bought $225 billion of mortgage-backed securities in 2008 and 2009. The purchases channeled money into the mortgage markets, helping to reduce the interest rates of home loans.

“The program came after interest rates on home loans spiked in the wake of the 2008 crisis and doubts arose over whether investors around the world would continue to invest in U.S. mortgages.

“The Federal Reserve launched a much larger and significant program, and now owns about $846 billion in mortgage-backed securities.

“Treasury began to wind down its portfolio in March 2011 after concluding its mortgage purchase program was no long necessary.

““The successful sale of these securities marks another important milestone in the wind down of the government’s emergency financial crisis response efforts,” said Mary Miller, assistant Treasury secretary for financial markets. “This program helped support the housing market during a critical moment for our nation’s economy and delivered a substantial profit for taxpayers,” she said.”

Sanibel & Captiva Multiple Listing Service Activity March 16-23

Sanibel
CONDOS
4 new listings: Colonnades #12 1/1 $169K, Sandpiper Beach #205 2/2 $599K, Sundial #E208 2/2 $849K, Snug Harbor #121 2/2 $1.195M.
9 price changes: Sundial #G107 1/1 now $239.9K, Blind Pass #D205 2/2 now $305.6K (short sale), Mariner Pointe #1092 2/2 now $349.9K, Sanctuary Golf Villages I #3-2 3/3 now $450K, Mariner Pointe #842 2/2 now $485K, Loggerhead Cay #583 2/2 now $549K, Sundial #Q301 2/2 now $595K, Loggerhead Cay #521 2/2 now $595K, Pointe Santo #C32 2/2 now $695K.
10 new sales: Lake Palms #9 2/2.5 listed for $217K (short sale), Coquina Beach #5A 2/2 listed for $304K, Coquina Beach #4G 2/2 listed for $405K, Sundial #H402 2/2 listed for $449K, Sandalfoot #3D1 2/2 listed for $449.9K, Sandalfoot #3C3 2/2 listed for $519K, Mariner Pointe #131 3/2 listed for $549K, Sanibel Surfside #234 2/2 listed for $649K, Atrium #105 2/2 listed for $990K, Sundial #T306 3/2 listed for $995K.
5 closed sales: Sundial #H108 1/1 $235K, Tennisplace #C23 2/1.5 $255K, Nutmeg Village #211 2/2 $503K, Nutmeg Village #310 2/2 $521K, Wedgewood #203 3/3.5 $1.825M.

HOMES
5 new listings: 2066 Wild Lime Dr 2/1 $379K; 1125 Captains Walk St 2/2 $539K; 564 Hideaway Ct 3/2 $649,555; 1731 Venus Dr 3/2 $949K; 2735 Wulfert Rd 4/5 $1.249M.
16 price changes: 458 Lake Murex Cir 3/2 now $409K; 3812 Coquina Dr 3/2 now $425K; 731 Nerita St 3/2 now $499K; 1400 Albatross Rd 3/3 now $525K; 967 Beach Rd 2/2 half-duplex now $555K; 4210 Old Banyan Way 3/2 now $595K; 707 Cardium St 4/3.5 now $599K; 1339 Par View Dr 3/2 now $676.5K; 542 N Yachtsman Dr 2/2 now $699K (our listing); 1308 Tahiti Dr 3/3 now $699K; 1433 Sanderling Cir 4/3 now $799,999; 1244 Par View Dr 4/3 now $888.9K; 1570 Sand Castle Rd 4/3.5 now $899K (short sale); 5427 Osprey Ct 3/3.5 now $1.195M; 1743 Venus Dr 4/3.5 now $1.199M; 1878 Woodring Rd 3/2.5 now $2.39M.
2 new sales: 1755 Jewel Box Dr 3/2 listed for $599K, 4949 Joewood Dr 5/5 listed for $2.775M.
1 closed sale: 598 Kinzie Island Ct 3/3.5 $1.475M.

LOTS
No new listings.
2 price changes: 1450 Tahiti Dr now $249,555; Lot 7 West Gulf Dr now $1.45M.
1 new sale: 2251 Starfish Ln listed for $339K.
1 closed sale: 335 East Gulf Dr $237K.

Captiva
CONDOS
No new listings or price changes.
3 new sales: Bayside Villas #4319 3/3 listed for $559K, Seabreeze #1251 3/3 listed for $1.649M, Beach Homes #15 4/3 listed for $1.995M.
No closed sales.

HOMES
No new listings.
2 price changes: 11516 Andy Rosse Ln 6/6 now $2.295M, 16838 Captiva Dr 6/7.5 now $6.25M.
No new sales.
1 closed sale: 15351 Captiva Dr 5/4 $2.4M.

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.

It’s Always “Green” on Sanibel & Captiva Islands

Posted on March 16, 2012 by SanibelSusan

All is well here on the islands with high season just flying by. It has been especially busy this week with the Lee County Schools on spring break, which added more day-trippers to the beaches, roadways and bike paths, and filled most of the remaining vacation rentals.

In addition to our continual green foliage from our tropical year-’round weather, we have floral evidence of “spring” too. The photo below was taken as I was coming out of The Bistro at Beachview after lunch on Wednesday. Bet it’s in full yellow bloom by tomorrow!

I was out showing condos this morning. Though 24 units matched the criteria of these prospective buyers, I was only able to show them four units – a definite indication that occupancy is up. Just two of the 24 had short vacancies. Listing agents were able to gain access to the other two by sweet-talking cooperative tenants.

Selling becomes difficult when you can only view a small sampling, and the buyers are leaving the next day. One of our toughest Realtor® tasks is convincing buyers to look early-on during their vacation or on tenant turn-over days. When that does not work out, we also recommend that investment-property buyers come back to view during the off-season when accessibility is easier. We even have been known to suggest making an offer conditional on a viewing. Some buyers think we are crazy when we give that advice, but most buyers do want to “see” what they are purchasing.

Thursday Realtor® Caravan Meeting

We had a little Realtor® kibitzing going on at our weekly meeting yesterday. It all began when only one sale was announced. That is not a good sign for mid-March. The consensus between companies was that although both January and February had good sales activity, so far this month is dragging. Comments ranged from “it’s already spring up north” to “it’s an election year” to “though lots of property is being shown and viewed, buyers remain tentative; most are going home without purchasing.” We hope that this just means that more sales will occur in the off-season.

Typically, we start to see the island thinning out April 1st. The early departures often are those who want to get back to their up north home in time to finish their income taxes. By April 15, or just after Easter, the islands usually are back to off-season activity.

What’s Happening at SanibelSusan Realty

It was a two-closing week for us. We like those, but interesting that our closing at Seashells was the only Sanibel condo sale reported. Five home sales closed, one being our listing at Seagull Estates.

This week, I also listed a wonderful 2-bedroom plus den (or 3-bedroom) condo, right on the beach at Compass Point. It was completely remodeled and professionally decorated in 2009 and is grossing nearly $60K annually as a weekly rental. The slide show photos below are courtesy of Island Vacations of Sanibel & Captiva Inc. who handles the rentals.

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Though we did not get any of our listings sold this week, we did put a near-beach lot under contract that was not listed for sale. First time that has happened. As the result of an Open House at one of our home listings, Lisa met folks who then considered other homes, but decided that building a new one is a better option for them. Though we then tried hard to get them interested in one of our lot listings, they ultimately decided that they want a parcel that was not on the market. So I tracked down and contacted the owners, and we were able to negotiate a sale. For statistic purposes, we will post it in our Multiple Listing Service when it closes in a couple of weeks.

Statistics on Sanibel & Captiva Sales as of March 16

Here’s an update of the current island inventory – condos, homes, and lots, and their sales this year. Historical info from 2011 and 2010 is also provided for reference. The amount of inventory remaining substantiates the number of price reductions that continue to be posted week-after-week. The report of the detailed activity in our Sanibel & Captiva Islands Multiple Listing System below shows 23 price reductions, compared to 11 new sales, over the past week.

Number Average Price $ Average Days on Market

Sanibel Condos:For Sale 253 636,827 399

Under Contract 31 651,177 455

Sold & Closed in:

2012 thru 3/16 26 652,680 278

2011 142 591,681 325

2010 120 608,545 381

Sanibel Homes:

For Sale 230 1,305,598 368

Under Contract 39 951,347 309

Sold & Closed in:

2012 thru 3/16 45 767,461 289

2011 179 826,130 369

2010 124 775,805 320

Sanibel Lots:

For Sale 104 543,024 816

Under Contract 3 299,933 415

Sold & Closed in:

2012 thru 3/16 6 762,167 208

2011 19 363,729 491

2010 21 336,905 484

Captiva Condos:

For Sale 67 774,308 389

Under Contract 4 1,072,250 738

Sold & Closed in:

2012 thru 3/16 4 640,375 543

2011 24 737,754 494

2010 25 696,159 312

Captiva Homes:

For Sale 57 3,428,474 596

Under Contract 7 2,331,429 482

Sold & Closed in:

2012 thru 3/16 8 1,413,125 613

2011 22 1,782,059 360

2010 10 2,258,250 357

Captiva Lots:

For Sale 10 1,810,800 1,074

Under Contract 0 N/A N/A

Sold & Closed in:

2012 thru 3/16 1 515,000 95

2011 1 485,000 580

2010 2 2,850,000 284

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.

Fed Notes Better Economy, Takes No Policy Action

Here are some excerpts from an article posted mid-week by “The Associated Press”:

“The Federal Reserve sketched a more upbeat view of the economy Tuesday after a burst of hiring since its last meeting in January. It took no further steps to aid the recovery and repeated its plan to keep short-term interest rates near zero through 2014. After a one-day policy meeting, the Fed said unemployment should continue to decline gradually as the economy expands moderately. It also noted that consumer spending and business investment have picked up. And the Fed took a more hopeful view of Europe’s debt crisis. Though the crisis still threatens the global economy, the danger has eased, the Fed said.

“The policymakers cautioned that rising oil and gas prices will raise inflation temporarily. But they said longer-term inflation should remain stable – repeating a view expressed by Fed Chairman Ben Bernanke earlier this month….Since the Fed’s last meeting in late January, a stream of positive economic reports has suggested the economy is faring better than the Fed had expected.

“Employers added 734,000 jobs from December through February, the best three months of hiring in two years. The unemployment rate has declined to 8.3 percent. Consumers are more confident and have stepped up spending. Auto sales are rising. And the stock market keeps climbing.

“Despite the brightening prospects, unemployment remains historically high — something Bernanke mentioned in testimony to Congress last month, when he said, “The job market remains far from normal.”
Bernanke also said consumer spending and confidence remain less than healthy, inflation-adjusted pay gains are low and credit is still tight for many. As long as they are, Bernanke suggested, unemployment might not fall much further.

“Bernanke’s comments and remarks from other Fed officials suggest that the Fed plans to maintain its efforts to keep rates low to fuel growth. Low rates are intended to encourage consumers and businesses to borrow and spend more. Lower yields also lead some investors to shift money out of bonds and into stocks.

“Most economists don’t think the Fed will retreat anytime this year from its late-2014 target for any rate increase. Some note that threats to the economy remain from Europe’s debt crisis and the run-up in gasoline prices. Eventually, the Fed will feel compelled to raise rates to curb inflation as the economy heats up. But some analysts think the Fed is reluctant to signal an eventual shift toward higher rates before it’s close to a change. Signaling a change too soon might cause investors to push interest rates up before the Fed is sure the economic recovery will last.”

Sanibel & Captiva MLS Activity March 9-16

Sanibel
CONDOS
5 new listings: Sundial #B207 1/1 $299K, Signal Inn #2 1/1 $379K, Pointe Santo #C4 1/1 $497.9K, Compass Point #141 3/2 $999K (our listing), Compass Point #143 3/2 $1.095M.
6 price changes: Coquina Beach #5A 2/2 now $304K, Seawind #104 2/2.5 now $479K, Blind Pass #C203 3/2.5 now $499K, Loggerhead Cay #232 2/2 now $559K, Tarpon Beach #308 2/2 now $625K, Gulfside Place #117 2/2 now $970K.
4 new sales: Sandalfoot #4A3 2/2 listed for $529K, Sand Pointe #211 2/2 listed for $599K, Pointe Santo #C35 3/2 listed for $879K, Atrium #105 2/2 listed for $990K.
1 closed sale: Seashells #20 2/2 $325K (our listing)

HOMES
4 new listings: 1621 Sand Castle Rd 3/2 $446K; 4791 Rue Helene 3/2 $599,995; 4570 Bowen Bayou Rd 2/2 $699K, 926 Whelk Dr 4/3 $1.295M.
11 price changes: 531 Piedmont Rd 2/2 now $319K; 1433 Jamaica Dr 5/4 duplex now $439K; 533 Rabbit Rd 3/2 now $499.5K; 1400 Albatross Rd 3/3 now $535K; 1245 Anhinga Ln 3/2 now $549K; 1339 Par View Dr 3/2 now $681K; 4041 Coquina Dr 3/3 now $899K; 2308 Troon Ct 4/4 now $1.5M; 5427 Osprey Ct 3/3.5 now $1.272M; 2284 Troon Ct 4/4.5 now $1,999,999; 4717 Rue Belle Mer 3/3 now $2.195M.
5 new sales: 215 Robinwood Cir 3/2 listed for $639K, 9020 Mockingbird Dr 3/2 listed for $725K, 3861 Coquina Dr 3/3 listed for $729K, 440 East Gulf Dr 3/2 listed for $879K, 654 Kinzie Island Ct 6/4/2 listed for $2.295M.5 closed sales: 5745 Pine Tree Dr 2/1 $375K, 210 Daniel Dr 3/3 $549K (our listing), 1773 Bunting Ln 3/2 $520K, 1351 Middle Gulf Dr (Moonshadows) 3/3 half-duplex $635K, 881 Lindgren Blvd 3/2 $640K.

LOTS
2 new listings: 5170 Sea Bell Rd $179K, 201 Robinwood Cir $699K.
1 price change: 2494 Blind Pass Ct now $649K.
1 new sale: 2423 Blue Crab Ct listed for $329.9K.
1 closed sale: 761 Donax St $140K.

Captiva
CONDOS
No new listings.
2 price changes: Gulf Beach Villas #2111 2/2 now $595K, Beach Homes #32 3/2.5 now $1.695M.
1 new sale: Tennis Villas #3219 1/1 listed for $219K.
No closed sales.

HOMES
1 new listing: 59 Sandpiper Ct 3/2 $825K.
2 price changes: 16849 Captiva Dr 6/2/2 now $2.195M, 15631 Captiva Dr 5/4.5 now $2.85M.
No new or closed sales.

LOTS
No new listings.
1 price change: 11516 Wightman Ln now $699K.
No new sales.
1 closed sale: 11515 Gore Ln $515K.

Happy Saint Patrick’s Day tomorrow to all of our Irish friends, SanibelSusan

What’s Cookin’ This Week at SanibelSusan Realty

Posted on March 9, 2012 by SanibelSusan

Wow, dare I even say that it is yet another busy week on Sanibel and Captiva Islands. Though most island worker bees will be counting down the next four weeks and are looking forward to a breather after Easter, it sure is terrific when business is booming.

I ran out for lunch today and snagged the very last table at West Wind’s Inn’s Normandy Pub which is a local favorite since it always has a table (and quick service).

Someone must have put the word out on that place too. Wonder if Arthur Frommer is up to his tricks again and touting Sanibel to the world?

Dave, Lisa, and I were out showing several days this week, dealing with inspections, finishing up loose ends for closings, and writing offers, while Elise has been keeping the office on an even keel. We always like it when we have a closing and a new sale in the same week. Kudos to Lisa for bringing in the “big Sanibel sale” of the week. We have a couple of other things in the works too.

Realtor Caravan Meeting

Good sales activity during the last seven-day period was announced at our Realtor Meeting yesterday: On Sanibel, seven new condo sales and five homes. On Captiva, two homes. The 28 price reductions posted this week, however, indicate that the market continues to adjust.

For those wondering what kind of listings we have these days, the below slide show is a sampling. For more details, please click on the tabs above for a link to a page with more details about the individual listings.

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Sanibel Public Library Earns Top Honors in National Study

The local library’s Winter Newsletter just arrived and announced that again the Sanibel Public Library has earned recognition by being named by The “Library Journal” as a 5-Star Library in its annual America’s Star Libraries 2011 survey. According to the article, the “Library Journal” Index of Public Library Service measures the service levels of 7,153 public libraries in the U.S. based on circulation, visits, internet use, and program attendance. This is the second year Sanibel’s library has been honored as a Star Library, and the first year as a 5-Star Library – the highest rating. In 2010, the Sanibel Public Library received a 3-Star rating. It is the only Florida library to be named a Star Library! The full report of star libraries is available.

Upcoming Events

There are so many special events coming up in the next few weeks that it is almost hard to keep track. It is easy to check the blog events calendar above if you will be here and are looking for things to do.

BIG ARTS Community Chorus reported Tuesday that our spring concert on March 27 already is sold out. There usually are a few no-shows on performance night, however, so those without tickets are advised to arrive early and get in line. It is going to be our best concert ever, with many special solos and instrumentalists, including guest horn players from the Big Apple who will be playing with us on a Manhattan Transfer medley. Every year this concert sells our earlier and earlier. Rumor has it that next year, we may have two performances.

If you like a more casual-style concert, be sure and catch our chorus when we join Island Jazz performing outside in the Boler Garden at BIG ARTS on Sunday, March 18, at 3 p.m. Just bring your lawn chair or blanket. I borrowed the photo to the left from the Island Jazz Facebook page. Check it out!

Sanibel & Captiva Multiple Listing Service Activity March 2 – 9

HOMES
1 new listing: 5296 Umbrella Pool Rd 4/2 $599K.
10 price changes: 2560 Coconut Dr 3/3 now $495K, 5841 Pine Tree Dr 3/2 now $495K, 1400 Albatross Rd 3/3 now $542K, 955 S Yachtsman Dr 3/2 now $559K, 4210 Old Banyan Way 3/2 now $637K, 561 Lake Murex Cir 3/2.5 now $649K, 960 S Yachtsman Dr 3/3 now $999K, 2981 Wulfert Rd 4/4.5 now $1.95M, 6211 Starling Way 4/4.5 now $1.995M, 1314 Isabel Dr 4/3.5 now $2.194M.
5 new sales: 661 Cardium St 2/1.5 listed for $364K; 927 Limpet Dr 3/3 listed for $674.9K (foreclosure); 231 Daniel Dr 3/2.5 listed for $789,987; 4809 Tradewinds Dr 3/3.5 listed for $1.495M, 1918 Woodring Rd 4/4 listed for $2.799M (our Buyer).
7 closed sales: 474 Surf Sound Ct 3/2 $425K (short sale), 3822 Coquina Dr 3/2 $420K, 1929 Sanibel Bayous Rd 4/3 $395K, 2555 Coconut Dr 3/2 $550K, 4775 Rue Helene 4/3 $687K, 244 Daniel Dr 3/3 $720K, 730 Birdie View Pt 3/2.5 $1.225M.

LOTS
1 new listing: 5044 Joewood Dr $499K.
1 price change: 1048 Fish Crow now $429K.
No new or closed sales.

Captiva
CONDOS
No new listings.
2 price changes: Tennis Villas #3120 1/1 now $215K, Captiva Shores #6B 2/2 now $699.9K.
No new or closed sales.

HOMES
No new listings.
2 price changes: 1 Sunset Captiva Ln 2/2.5 now $1.495M, 15891 Captiva Dr 5/4 now $3.149M.
2 new sales: 16185 Captiva Dr 4/4 listed for $1.299M, 15351 Captiva Dr listed for $2.895M.
1 closed sale: 15161 Wiles Dr 5/5.5 $2M.

LOTS
No new listings.
1 price change: 11517 Wightman Ln now $695K.
No new or closed sales.

Until next Friday, here’s to enjoying your March weather wherever you are.

On Sanibel & Captiva Islands, it came in like a lamb. TGIF SanibelSusan

It’s Shellabration 2012 on Sanibel & Captiva Islands

Posted on March 2, 2012 by SanibelSusan

It has been another busy week on Sanibel and Captiva Islands. With the Shell Fair in full swing today and again tomorrow, the islands are hopping.

How about this big junonia shell that is welcoming visitors to Sanibel’s Community House for the big event? It was made for the Guinness World-Record Sanibel Stoop which kicked off the multi-day festivities.

Being the 75th year of the Shell Fair and Show has brought many first time visitors to the islands. SanibelSusan Realty gladly again this year is one of the prize sponsors.

During the Shellebration 2012 Fashion Show at The Sanctuary on Monday, this hand-sewn wedding gown embellished with shells was the featured attraction and it won first prize too. Other fashions, all in shell motif, were on the runway during this first-time luncheon event. Even the bride’s flower girls had shells adorning them from their headpieces to their flip-flops.

With the extra traffic, we even saw a “long wait” for lunch yesterday at Doc Ford’s. That had not happened yet this year, but could be the norm from now until the end of high season in five weeks.

Speaking of Doc Ford’s, if you are on the island on Sunday or Monday, you can meet best-selling author Randy Wayne White who wrote the books about Doc Ford. He will be autographing copies of his latest book “Chasing Midnight!” at the Sanibel restaurant on March 4 and 5 and at Doc Ford’s Fort Myers Beach on March 22, from 12-2 p.m. and 4-6 p.m. on all three dates.

Sanibel and Captiva Real Estate Summary

On the real estate front, son David took the above photo during a home inspection on the bay on Wednesday. Sometimes the benefits of living and working on Sanibel are in the little events like this.

The good news about island real estate is that we finally are seeing more sales than new listings. As of today, there are 255 Sanibel condos for sale, with 22 sold/closed this year, and another 26 condos under contract awaiting closing. Average time on market is still well over a year. Average condo sale price to-date is $667,690 compared to last year at $591,861. Don’t read too much into that increase though, as the units currently under contract are priced significantly less. It takes about six months before the averages have much meaning.

Homes continue to move a tad better, with 236 Sanibel homes for sale, 33 sold/closed homes this year, and another 42 under contract. Of the homes sold and under contract, the average time on the market is around nine months, significantly less than condos. Average Sanibel home price to-date is $830,144, compared to last year at $826,130. The prices of the homes under contract are less too, so like condos, these averages will make more sense in another couple of months.

There are 103 Sanibel lots for sale, 5 sold/closed this year, another 3 are under contract. Those that sold were relatively new to the market. The existing inventory averages over two years for sale.

On Captiva, sales have not been as brisk and prices are just beginning to get down to where they should be to get the inventory moving. With 67 condos, 60 homes, and 10 lots for sale on that island, the 4 condos and 7 homes that have sold are just a drop in the bucket.

Buffett: ‘I’d Buy Up a Couple Hundred Thousand’ Homes

Here is an upbeat article that was posted on Florida Realtors® yesterday.

“Warren Buffett, the billionaire investor and Berkshire Hathaway CEO, said on CNBC’s “Squawk Box” recently that he’d “buy up a couple hundred thousand” single-family homes if it was practical. Buffett said that’s because he believes purchasing a home with ultra-low mortgage rates and holding it for the long-term has become a better investment than stocks right now. “Housing will come back, you can be sure of that,” Buffett wrote in his annual letter to shareholders recently.
“Buffett forecasts an increase in household formations, as more people who moved in with their parents or family members during the recession look to move out and get their own home soon. “People may postpone hitching up during uncertain times, but eventually hormones take over. And while ‘doubling-up” may be the initial reaction of some during a recession, living with in-laws can quickly lose its allure.” Buffett said the recovery in the housing market could vary quite a bit among local housing markets, however. He did not provide a timeline of when he expected a full housing recovery, admitting that his prediction last year that a housing recovery will take shape within the year turned out to be “dead wrong.”

Florida Real Estate Loses Its Thumbs-up in Fed’s Beige Book

The Miami Herald posted the following article yesterday. It is not quite as upbeat, but probably an accurate reflection of the state overall.

“Florida’s real estate recovery no longer gets rave reviews from the Federal Reserve.
The latest Fed Beige Book, which analyzes regional economies across the country, suggested Florida was missing out on some of the momentum behind the nation’s real estate market at the start of 2012.
Writing about the Southeast, Fed authors wrote the majority of “residential brokers reported that home sales accelerated in January and early February and stand above levels from the same time period last year. However, reports from Florida brokers were more mixed.” The Florida mention stands out, since past Beige Books have described Florida as an improving real estate market while other states in the Southeast were languishing. Fed analysts compile the Beige Book through anecdotal reports gathered from their regional offices, including one in Miami. The language always requires a bit of deciphering, but the overall tone can convey optimism or worry. The latest Beige Book maintained the cautiously upbeat vibe of past reports, with hiring up modestly, and residential real estate improving “somewhat.”
“For the Atlanta region, which covers the Southeast, analysts described the economy as “expanding at a somewhat stronger pace.” That appears to be the most optimistic phrase used for the District in at least two years, replacing “expanding at a modest pace,” expanding at a “very subdued pace”, “little-changed,” “moderated,” “advancing modestly,” “improved,” “mixed picture,” “slowed somewhat,” and “remained slow.” Of interest in South Florida, the Atlanta report noted higher convention attendance, lower cruise bookings thanks to the Costa shipwreck in Italy, and “modest growth” in trade with Latin America.”

Sanibel & Captiva MLS Activity February 24 – March 2

Sanibel
CONDOS
6 new listings: Sundial #F407 1/1 $297.5K, Sanibel Arms West #J1 2/2 $439K, Loggerhead Cay #121 2/2 $750K, Sundial #E108 2/2 $875K, Sundial #E305 2/2 $879K, St. Croix 2/2.5 $895K.
10 price changes: Captains Walk #D3 1/1 now $150K, Lake Palms #9 2/2.5 now $217K (short sale), Lake Palms #7 2/2.5 now $269K, Sunset South #1B 2/2 now $564K, Compass Point #213 2/2 now $569K, Sanddollar #B104 2/2 now $955K, Snug Harbor #113 2/2 now $985K, Compass Point #181 2/3 now $1.099M, Seascape #105 3/3 now $2.195M, Sedgemoor #101 3/3.5 now $2.399M.
4 new sales: Sanibel Arms #G2 gulf-front 1/1 listed for $395K, Sanibel Inn #3534 2/2 listed for $495K, Nutmeg Village #211 2/2 listed for $539K, Sundial #T403 2/2 listed for 598K.
3 closed sales: Sundial #S301 3/2 $619.9K (our sale), Gulf Beach #207 2/2 $665K, Signal Inn #18 2/2 $844.5K.

HOMES
1 new listing: 9020 Mockingbird Dr 3/2 $725K.
12 price changes: 2621 SanCap Rd 3/2 now $275K; 585 Lake Murex Cir 3/2 now $599K; 1001 Lindgren Blvd 3/2 now $654K; 5820 Pine Tree Dr 2/2 now $674.9K; 1339 Par View Dr 3/2 now $685.5K; 1511 Angel Dr 2/2 now $724K; 3861 Coquina Dr 3/3 now $729K; 919 Almas Ct 3/2.5 now $1,199,999; 760 Periwinkle Way 3/2.5 now $1.449M; 4809 Tradewinds Dr 3/3.5 now $1.495M; 3864 West Gulf Dr 4/5.5 now $2.188M; 3441 West Gulf Dr 5/4/2 now $5.75M.
8 new sales: 535 Piedmont Rd 3/2 listed for $387.5K, 555 Chert Ct 3/2 listed for $379K, 761 Nerita St 3/2 listed for $465K, 1284 Par View Dr 2/2 listed for $549K, 207 Daniel Dr 3/2 listed for $569K, 3061 Poinciana Cir 3/2 listed for $698K, 836 Sand Dollar Dr 3/2/2 listed for $1.199M, 1191 Bird Ln 4/3 listed for $2.195M (short sale). 3 closed sales: 4291 Gulf Pines Dr 3/2.5 $510K, 994 Whelk Dr 2/2 $550K, 1019 Lindgren Blvd 3/2 $690K.

LOTS
No new listings.
2 price changes: 2423 Blue Crab Ct now $329.9K, 4771 Rue Helene now $496K.
No new sales.
1 closed sale: 847 Casa Ybel Rd $112K.

Captiva
CONDOS
1 new listing: Sunset Beach Villas #2318 2/2 $599.9K.
1 price change: Bayside Villas #4322 3/3 now $520K (short sale).
1 new sale: Captiva Hide-A-Way #1D 2/2 listed for $600K.
No closed sales.

HOMES
2 new listings: 11531 Paige Ct 3/3.5 $3.75M, 16221-17 Captiva Dr 5/5 $4.945M.
No price changes, new or closed sales.

LOTS
Nothing to report.

Until next week, here’s hoping that you Shellabrate your weekend! See you next Friday, SanibelSusan

Sanibel Island Real Estate Is Selling

Posted on February 24, 2012 by SanibelSusan

It has been another busy week for The Sanibel Susan Team. Lisa and Dave were both out showing property again yesterday, while I (Susan) have been working on contract negotiations with a new island buyer. Just got it done too! Perfect ending to a Friday!

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 :-)

Sanibel & Captiva Islands Real Estate Update

Posted on February 17, 2012 by SanibelSusan

We are in the throes of “high season”. The traffic on Periwinkle Way in front of the office has been “all stop” most afternoons as workers head home off-island and as visitors/snowbirds venture out for early dinners. Lisa, Dave, and I were out showing property several times during the week. We need be sure to plan extra time for island-style traffic jams. Our trick is to take the back roads “West Gulf to Middle Gulf to East Gulf” and hope that Sanibel’s “finest” out directing traffic are moving the vehicles in our favor.

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.

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

Turtles, Tortoises, Ospreys, Flowering Trees, & “The Sanibel Stoop”

Posted on February 10, 2012 by SanibelSusan

This slideshow requires JavaScript.

It’s another happy Friday at SanibelSusan Realty Associates. Just our escapades on a single day again showed us why we love working on this wonderful paradise island. The slide show above includes a variety of photos that Dave, Lisa, and I took on Tuesday (February 7, 2012) while out both showing property and scoping out some listings. Local meteorologists had forecast a rainy day, but these pictures go to show that if there is one thing that changes frequently here, it’s the weather. We had an overcast couple of hours early day, but by 10 a.m. the islands were again sunny and bright.

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.

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

I’ll be in the office both days,

SanibelSusan

Sanibel Achieves Another #1

Posted on February 3, 2012 by SanibelSusan

I don’t know about you, but it sure is hard to believe that it is already another Friday. Time sure flies here on sunny Sanibel. We are just finishing up another week of wonderful 80-degree weather, with more of the same expected next week. That Gulf Stream sure is contributing to us having a near-perfect winter so far. Above is a photo that I snapped earlier in the week of Gramma Dot’s Restaurant at the Sanibel Marina. Love the colors!

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.

Sending good Super Bowl wishes your way, SanibelSusan

Resort & 2nd Home Real Estate

Posted on January 27, 2012 by SanibelSusan

Busy Friday on Sanibel Island

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.

Happy weekend wishes from SanibelSusan

Plenty of Real Estate Action This Week on Sanibel Island

Posted on January 20, 2012 by 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.

Island Real Estate Happenings

March Realtor® Membership Meeting

Sanibel Fish House

For Sanibel Bikers

Martha Stewart Talks About the Sanibel Shell Fair

Home Improvement Trends

U.S. Makes $25 Billion Profit on Mortgage Securities

Sanibel & Captiva Multiple Listing Service Activity March 16-23

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Thursday Realtor® Caravan Meeting

What’s Happening at SanibelSusan Realty

Statistics on Sanibel & Captiva Sales as of March 16

Fed Notes Better Economy, Takes No Policy Action

Sanibel & Captiva MLS Activity March 9-16

Happy Saint Patrick’s Day tomorrow to all of our Irish friends, SanibelSusan

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Realtor Caravan Meeting

Sanibel Public Library Earns Top Honors in National Study

Upcoming Events

Sanibel & Captiva Multiple Listing Service Activity March 2 – 9

Until next Friday, here’s to enjoying your March weather wherever you are.

On Sanibel & Captiva Islands, it came in like a lamb. TGIF SanibelSusan

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Sanibel and Captiva Real Estate Summary

Buffett: ‘I’d Buy Up a Couple Hundred Thousand’ Homes

Florida Real Estate Loses Its Thumbs-up in Fed’s Beige Book

Sanibel & Captiva MLS Activity February 24 – March 2

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

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

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New Island Eatery

Interest Rates Remain Low

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

Shellabration 2012

Sanibel & Captiva Multiple Listing Service Activity February 10-17

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

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Shellabration 2012 Begins

More Deals Falling Through

Sanibel & Captiva Island Real Estate Activity This Week

Multiple Listing Service Activity February 3-10

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

I’ll be in the office both days,

SanibelSusan

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Sanibel School #1 in State

Sanibel Brazilian Pepper, Final Zone Pick-Up Scheduled

NAR’s Confidence Index Shows Upswing

The Minimum Credit Score

Baby Boomers Geared Up To Move

Sanibel Real Estate Activity This Week

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

Sending good Super Bowl wishes your way, SanibelSusan

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Busy Friday on Sanibel Island

Resort and Second Home Real Estate Market

Selling a Rented Property Can Pose Challenges

Real Estate Activity This Week

Sanibel & Captiva Multiple Listing Service Activity January 20-27

Happy weekend wishes from SanibelSusan

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Florida Realtors® Posts Housing Market Indicators

The SCCF Signs Are Clean

If You Are Lucky Enough to Be Here

Sanibel & Captiva Multiple Listing Service Activity January 6-13

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

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