It is SusanSusan reporting that it is pretty quiet on the island again this week. Here are a few news items followed by the activity posted over the last seven days in the Sanibel and Captiva Multiple Listing Service.
Southwest Florida Weather
Island weather sure has been mixed. After a cloudy and sometimes soggy weekend (there were no happy super blood moon eclipse watchers here), Monday’s excitement included heavy rains, sometimes torrential.
Patience was required while the island drainage system did its magic on land that was already super saturated. By late Monday afternoon, East Gulf Drive at the lighthouse end of the island was closed briefly when the high moon tide brought waves across the roadway.
(It’s all AOK and open now, here are some pictures taken by my cell phone earlier this afternoon.)
By Wednesday, the islands were back to normal with sunny weather and bright skies, as we tentatively watched the news of Hurricane Joaquin as it developed. With its path paralleling the east coast, just a breezy weekend is expected here.
Closing Process Changes: What To Expect
In an earlier Friday update I described the federally-mandated changes with new mortgage disclosure rules that begin tomorrow, this is just a reminder that they essentially are in effect. This will mean that offers with financing contingencies likely will have the closing date later than the typical 30-45 days. New contracts also may have a contingency about these disclosures.
Since The SanibelSusan Team’s standard procedures from contract-to-closing include plenty of communication and early sharing of contracts and any amendments with lenders, title companies, and closing agents, we do not expect that these changes will impact us much.
With lenders, these changes may just be a temporary bump for the learning curve. Banks will need to provide consumers with more and earlier disclosures regarding their financing.
Sanibel and Captiva Islands Association of Realtors members including mortgage company affiliates were advised of these changes at our August Membership Meeting where the details of the new Truth in Lending Act (TILA) regulation were discussed. Scroll down to my August 28th blog for a refresher.
The Baby Boomers Are Driving Growth
The Sanibel/Captiva real estate market loves baby boomers. Here’s what Monday’s “DAILY REAL ESTATE NEWS” had to say about them too:
“Baby boomers are the “driving force” of household formation, which is critical for real estate demand, according to a new blog post at the National Association of REALTORS® Economists’ Outlook blog.
“The highest gains in household formation have been by 65- to 74-year-olds, who accounted for 860,000 new households alone from the first half of 2014 to first half of 2015, according to Census Bureau data. The 55 to 64 age group comprised the second highest at 391,000, followed by people over 75 years of age who formed 264,000 new households during that time period.
(According to a Kansas City Federal Reserve Census Bureau federal study: “Downsizing Boomers to Fuel Apartment Market – The number of Americans aged 70 and older will increase by more than 20 million in the next 15 years, according to Census Bureau estimates. Downsizing activity usually occurs around the age of 70 and becoming increasingly prominent by age 75.)
“Meanwhile, younger age groups had less. The 20 to 24 age group had negative net household formation numbers of 85,000. The 25- to 34-year-old age group, however, had 159,000 new households during that time.
Young professionals have been slow to form their own households. The share of the population living with parents has risen dramatically over the last few years. For the 25- to 29-year-old age group, the percentage has risen from 10% in 1980 to 25% by 2013. Also, the share of 25-to 29-year-olds who have never been married has dropped from 70% in 1980 to less than 40% in 2013.
“While young adults have been the main drivers of multifamily construction, the baby boom generation will lead the long-term demand for multifamily construction, according to Jordan Rappaport of the Federal Reserve Bank of Kansas City, who recently spoke in a presentation at the REALTOR® University Speaker Series.”
“Ding” Darling Wildlife Society Newsletter
Here are a couple of tidbits from the October 1 issue of ““Ding” on the Wing” which is the “Ding” Darling Wildlife Society Newsletter.
“Ding” Darling 2016 Free Film Series includes eight films. Each film is free, but is limited to the first 100 guests in Auditorium A at the “Ding” Darling Visitor & Education Center. See more details on the “Upcoming Events” tab on my web site, www.SanibelSusan.com.
Woodring Demolition – “Work began last week on restoring habitat to its natural state at the Refuge’s new Woodring Point property, purchased last year through funds raised by the DDWS Preservation Campaign. Crews took down one of the property’s derelict outbuildings and will continue work removing exotics later this year.”
Definition of a Bedroom
It was so quiet Wednesday that SanibelSusan used some of the downtime to clean out office files. One old stash is a folder of info and clippings that I thought might be good for future newsletters. Here is an interesting one that was posted in “The News-Press” Real Estate Section on November 28, 2008. It is from a “question and answer” column by Barry Stone who is a home inspector and nationally-syndicated columnist, known as the House Detective (www.housedetective.com).
In this business, Realtors® often encounter rooms that are described as bedrooms, but are not. Sometimes when showing property a prospective buyer will say “this cannot be called a bedroom.” Here is Barry Stone’s official definition:
“A bedroom must be at least 70 square feet in area, with neither dimension less than 7 feet in length. The minimum required ceiling height is 7 feet. When the ceiling is sloped, 50% of the ceiling can be less than 7 feet, as long as no portion of it is less than 5 feet.
“A bedroom must also have an openable window for light, ventilation, and fire escape. For light, the window size must be at least 8% of the floor area. For ventilation, the openable portion of the window must be at least 4% of the floor area. For fire escape, the window must be at least 5.7 sq ft. in area. The opening must have a minimum height of 24”, a minimum width of 20”, & a maximum sill height of 44”.
“And contrary to popular belief, no closet is required for a bedroom.”
Sanibel Farmers Market Opens Sunday
It will be like old home week when locals gather at the Farmers’ Market on the grounds of City Hall on Sunday morning. The market will be every Sunday from October 4 to April 24, 2015 from 8 a.m. to 1 p.m. Parking is available in lots at Sanibel City Hall, the Sanibel Library, BIG Arts, and Herb Strauss Theater. Bicycles can be parked at a designated area at City Hall. Handicap parking is located there too. The market also is pet friendly, for the well-mannered.
The market is my stop en route to the office on Sundays. If you are looking for local produce, seafood, and more, it is the place to get it. See you there!
Sanibel & Captiva Multiple Listing Service Activity September 25-October 2
Sanibel
CONDOS
5 new listings: Sand Pointe #113 2/2 $789K, Sanddollar #A104 2/2 $795K, Sand Pointe #137 2/2 $1.095M, Kings Crown #317 2/2 $1.295M, Gulfside Place #115 2/2 $1.895M.
No price changes.
2 new sale: Ibis at The Sanctuary #A301 2/2 listed at $463K, Signal Inn #14 2/2 listed at $739K.
4 closed sales: Sanibel Arms #B7 1/1 $300K, Sundial West #B408 1/1 $440K, Mariner Pointe #1092 2/2 $499K, Loggerhead Cay #103 2/2 $760K.
HOMES
3 new listings: 3335 Twin Lakes Ln 3/2 $874.9K, 580 Lake Murex Cir 3/2 $1.599M, 5615 Baltusrol Ct 4/4/3 $3,999,999.
No price changes or new sales.
5 closed sales: 3965 Coquina Dr 2/2 $300K, 3716 Coquina Dr 3/2 $436K, 580 Chert Ct 2/2 $550K, 1388 Tahiti Dr 3/2 $605K, 987 Sand Castle Rd 4/3.5 $650K.
LOTS
1 new listing: 1820 Ardsley Way $175K.
1 price change: 6411 Pine Ave now $375.5K.
1 new sale: 1304 Eagle Run Dr listed at $219K.
1 closed sale: 971 Main St $180K.
Captiva
CONDOS
No new listings.
1 price change: Gulf Beach Villas #2031 2/2 $629K.
1 new sale: Bayside Villas #5310 3/3 listed at $580K.
1 closed sale: Tennis Villas #3115 1/1 $265K.
HOMES
No new listings.
1 price change: 15133 Captiva Dr 3/3 now $3.645M.
No new or closed sales.
LOTS
No new listings.
1 price change: 15295 Captiva Dr now $950K.
No new or closed sales
(This representation is based, in whole, or in part, on data supplied by the Sanibel & Captiva Islands Association of Realtors® or its Multiple Listing Service. Neither the association nor its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the association or its MLS may not reflect all real estate activity in the market. The information provided represents general real estate activity in the community and does not imply that SanibelSusan Realty Associates is participating or participated in these transactions.)
Until next Friday, here’s wishing you good weather with Joaquin far out to sea…
Here the shelling should continue to be fabulous! Here are some recent finds posted by local sheller Pam Rambo on iLoveShelling.com (which has great info on island shelling).
Susan Andrews, aka SanibelSusan