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into the 70's by Sun & warm weather predicted all next week. Get out the bathing! Annual Shell Fair & Show continues thru tomorrow at Community House across from our office. This is its 73rd year. Admission free. Randy Wayne White begins his book signing tour for his latest & 17th Doc Ford thriller "Deep Shadow" this weekend. He’ll be at Doc Ford’s Sanibel 3/7 & 3/8.  Great opportunity to get books signed & meet him. (This is the 1st time one of his book tours has begun on the island, where the books began!) Good sales activity announced at Realtor Caravan & our "Island Sun" ad reports that the # of Sanibel sales Jan/Feb doubled the number during the same time last year. While the rest of the nation reports a drop in existing home sales, as stormy weather prevailed north & west, that was not the case here. Though our weather also was chilly, it probably helped sales. Mortgage Rates are again under 5%. According to Freddie Mac, the average 30-yr fixed rate was 4.97% this week, down from last week. The central bank's $1.25 trillion program to buy up mortgage securities expires Mar 31, but the Fed may extend if the economy weakens more. Either way, it’s a terrific time to buy & we are hopeful that we will see more sales in the next few weeks before the snowbirds fly out.

2/26/2010

The islands remain busy. Sometimes, we are not sure if showings are weather related, but we are thankful for them just the same.  Happily, we had another listing go under contract this week (another non-US-resident buyer—we are seeing lots more of that this year). Susan sold a commercial property too (process began in 2007). Jan/Feb 2010 Compared to 2009 Last yr by now, 7 condos, 9 homes, & 2 lots had closed. This yr more have closed: 11 condos, 18 homes, & 4 lots. Great improvement. Interestingly, 30% of this yr’s condo sales were in the $300-400K range. Homes had 30% under $500K. High Season Ends Early Sellers continue to reduce prices. With Easter, only a few wks of high season left. Inventory remains high: 264 condos, 275 homes, & 122 lots. That's almost a 4-yr supply even at the improved rate of sale. Farmers Market is moving to City Hall. This Sun event (8 a.m.-1 p.m.) has been so successful that it's created a Periwinkle Way traffic jam. At its new site, there’s plenty of parking at City Hall plus next door at BIG ARTS & the library. Check if out. It's well worth the trip.

2/19/2010

Island should be nearly full thru Easter. Increased showing activity this wk & 60-degree weather today, back to 70’s tomorrow. Realtor Monthly Membership Meeting discussed low offers & difficulties presenting them. Sale prices hovering at 2000/2001 values. Only a few sales announced, but Realtors busy showing & many have offers in works or recently written offers that didn't make it. Sanibel Lighthouse For $447.50 City can purchase the 44.7-acre 102’ property & 2 light-keepers cottages. Sound like a deal? Downside is the 136-yr-old iron structure has lead paint requiring removal/repainting. Estimates ~$300K. Buying process took 6 yrs, but City given just 30 days to pay up. We also like quick closings. LCEC Good news here. Our county electric co-op advises that by strict budgeting, customers will not see a base rate increase this year. If you'd like to further reduce your electric costs, there are energy tools & green energy tips at www.lcec.net. Mortgages Good news. Rcvd an e-mail from Dan Krispinsky, Sanibel SunTrust mortgage banker, that both Loggerhead Cay & Pointe Santo complexes have passed Fannie Mae/Freddie Mac tests for govt-backed financing. Similarly, Dan Cronin, Asst VP & loan officer with San-Cap Bank, reports that they had their 1st closings under the new Jan 1 RESPA rules. Hopefully with rates low, this activity will get non-cash buyers into the buying.

2/12/2010

Several sales announced yesterday & many Realtors out showing, pleased "things are picking up". Offers in the works with hopefully good news soon. Weather Up-north storms keep bringing rain & chilly temps.  Another front passed thru with cold nights (40's) & cooler days (60's) expected, has turned into longest stretch of cold weather remembered. Keeps phones ringing though. Looking at real estate on bad weather days keeps tourists busy. Open House at SCCF The conservation foundation will have their annual Open House on President's Day. For 1st time will be offering bus tours of the preserves.

 

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3/12/2010 (Cont’d)

Condo Financing is challenging. Though no Sanibel condos officially are on the Fannie Mae/Freddie Mac-backed loans list, some units have been financed without big downs & high interest rates. These often require the bank approving the complex, by1) obtaining satisfactory appraisal on unit being purchased; 2) review of condo covenants & restrictions, mainly to ensure no "first right of refusal"; 3) review of calendar year budget to ensure assoc funds for budget items & satisfactory reserves; 4) assoc-completed Condo Questionnaire, to ensure fewer than 15% delinquent units, that assoc has no litigation, no short-term rentals (or not a condotel), no on-site rental desk, etc.; copies of assoc insurance policies to ensure adequate fidelity, hazard, HO-6, & flood insurance is carried.

3/5/2010

A wonderful sunny Sanibel day.  We are tired of talking about chilly weather. Good news in the forecast! At last, temps expected to be back

SanibelSusan Realty Associates

2242 Periwinkle Way, Suite 3 at Sanibel Square, Sanibel Island, FL  33957

Phone: 239-472-HOME (4663)

Fax: 239-472-4673

Toll Free:  888-603-0603

E-mail: Susan@SanibelSusan.com

SanibelSusan’s Weekly Blog