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Home Buying in Sanibel : Real Estate Advice

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  • Local Info2
  • Home Buying28
  • Home Selling1
  • Market Conditions3

Activity 26
Thu Jan 4, 2018
Rodneylprosper answered:
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Rodney Prosper
Real Estate Sales Liaison
Fort Myers, FL
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Thu Jul 28, 2016
tchrist321 asked:
As a die-hard Trulia fan, I must confess that the new changes to the website, specifically side by side listings next to the map, are absolutely terrible. The site has given up its primary…
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Fri Mar 25, 2016
Fidorocks answered:
Spanish Cay is not worth the money. The building is old built in the 70s with too many rules and taxes and fees and the owners are not very friendly. It was really noisy when I stayed there. I was putting my bicycle in the bike rack and these guys who I guess owned a unit eyeballed me like I didn't belong; I kept my bike in the condo from then on. And when I would go to the pool, the manager would snap at me about my bicycle being right outside the pool area. I'm an old woman, no threat at all. Geez, talk about picky, I'll just stay somewhere else.

Spanish Cay and Sanibel are very anti-dog. Phooey on them. Your pooch deserves better.
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Fri Mar 25, 2016
Fidorocks answered:
Sanibel is not very dogfriendly. Even Periwinkle Park is anti-dog (but not cats even with the fact that some people are allergic.)

It is really infuriating. Times are changing, and millennials are not going to stand for these anti-dog positions that older folks here on the island still maintain. ... more
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Tue Jun 2, 2015
Eric Pfeifer answered:
I've built two different homes on Sanibel with two different builders over the years and their cost per square foot varied greatly due to nature of the homes. One was a "Spec" home in Beachview Estates that did not include any upgrades, while my current canal home on Sanibel's East End was a custom build with selected upgrades. In both cases, I am still friends with each of these builders and would build another home with either one of them. They are excellent and I would be happy to share their information with you.

I've worked with several buyers in your situation. Your best plan of action will be to find a Realtor to represent you that you trust. They in turn will be your best source for reliable builder information. These builders should be the ones to give you accurate estimates for price/square foot. Be sure that your Realtor plans to go to the City of Sanibel's Planning Department on your behalf before you purchase a lot to ensure that what you wish to build can be done.

Wishing you all the best as you consider your options. Feel free to contact me anytime. ~ Eric
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Wed Apr 22, 2015
Diane Christner answered:
On April 1, 2015, changes to the National Flood Insurance Program as required by the Homeowner Flood Insurance Affordability Act of 2014 became effective. This includes rate increases of 18 to 25% for this year. Rates may go up each year until they reach full-risk rates. There are other changes as well.

Before purchasing any home located within a designated flood zone, talk to a local insurance agent about the flood insurance premiums. Even if you are planning to pay cash and therefore not required to carry flood insurance, the flood insurance rates can impact the sale of that home should you decide to move later on.
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Wed Apr 22, 2015
andre arensman answered:
Hello,
I think you already have a good grasp of the carrying cost of a rental condo. Property taxes and condo fees are the 2 biggest expenses, depending on whether the purchase will be financed. If financing is used, mortgage will be right up there as well.

Your rental agency's commission typically runs around 20% on Sanibel, BUT that rate is negotiable! Most owners also maintain a VRBO.com account as well as a Homeaway.com account. Depending on the level of service you desire, this might add $1,500/yr but usually well worth it.

As far as other expenses go, there is electricity, phone, internet and cable. Some of these might be part of the Condo Fees. Water use, sewer usage and trash pick-up are all included in the condo fees and/or property taxes. It might be wise to put aside money each year as a reserve to cover replacing furniture and appliances over time.

Rentals on Sanibel have been stronger than even before. I have customers that are able to consistently rent out their condos around 50 (!!) weeks per year.

For tax purposes you can DEPRECIATE an investment property over 27.5 years. So for a $550,000 condo that would be $20,000/year that you can deduct from your operating income.

I hope this helps.

Andre
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Wed Feb 18, 2015
Monika Wilson answered:
if you are working with a Real Estate Agent, you can ask him/her to set up a listing alert for you for Sanibel Island only thru the MLS (Matrix) system. We can narrow that down pretty exactly. ... more
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Wed Dec 3, 2014
Matt Wilhide answered:
Unfortunately, that home is no longer on the market. The only home in that neighborhood that is presently on the market is 5753 Pine Tree Dr. and it is being offered at a list price of $749,000. If you'd like to take a look at it, the MLS number is 2130655. ... more
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Sat Jul 13, 2013
Stephen McRory answered:
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steve@pro-option.com
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====
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Sat Jun 15, 2013
onlychildintrovert answered:
I don't think it's right to bother people. If they want to sell it, they will put it on the market. Being nosy and intrusive and aggressive is wrong. You're saying to them, Hey, I want you gone. Now they are going to be living a life of stress knowing somebody wants to scoot them out. Wrong wrong wrong. ... more
2 votes 5 answers Share Flag
Tue May 14, 2013
answered:
Good afternoon,

I've been helping First Time Buyers for 23 years as a mortgage professional and I will tell you what I have always told my clients here in New York: If you are a First Time Buyer, steer clear of foreclosures and short sales.

Foreclosures are someone else's headache. The home probably has not been well-maintained and you're a First Time Buyer adjusting to paying a mortgage. Do you really want to walk in the door to someone else's deferred maintenance that YOU will have to pay for? Also, if you're thinking there are deals to be had in terms of lower prices, mostly those "deals" go to professional investors who can pay cash, negotiate hard with a Lender, and close fast.

For Short Sales, my attitude of late is that First Time Buyers should steer clear. Short Sales tend to be a better deal for the homeowner than for the Buyer. You'll wait MONTHS for the homeowner's Lender to approve the short sale; maybe as long as Six or Seven Months. Meanwhile, you're stuck in a contract to buy that home. I closed a short sale recently with a Buyer who, after seven months said this at the closing table, "I don't even want this house anymore."

And he didn't even get the "deal" on price he thought he was getting! The house appraised for only slightly more than he paid for it at the short sale price. He walked into this deal thinking he was buying a home for $100,000 less than it's value. In the end that wasn't the case.

There are plenty of motivated Sellers with their homes listed on your local MLS. Go find a good Local Mortgage Banker, get prequalified, then find a great, experienced Realtor, and buy the home you want at the price you're willing to pay.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks
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1 vote 6 answers Share Flag
Fri Jan 4, 2013
David Schuldenfrei answered:
This link is an updated list for closed sales at Pointe Santo for 2012:
http://www.sancapmls.com/san/maildoc/schd_1357309764-Jan-04-2013-9_29_24am.html

There are currently 13 active listings ranging in price from $459,000 to $982,000. ... more
1 vote 10 answers Share Flag
Wed May 30, 2012
LLoyd Nichols answered:
Hi Dee, It means that all furnishing such as beds and tables, chairs are included in the sale. The seller should provide you with a list. It is important that you know what is included so we don't have any surprises. it shoudl be itemized in writing.

Good luck,

.

LLOYD NICHOLS
Premier Sandals Swfl Realty
cell: (239) 810-2980
work: (239) 463 5217
skype: lloyd . nichols
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Wed Apr 4, 2012
Anna M Brocco answered:
Keep in mind that square footage costs do vary, and doesn't account for exact location and other considerations, such as property size, condition, etc.; therefore, it's really in your best interest to also review comps, recently closed sold similar properties in the immediate area. Consider working with an agent of your own, he/she will be your best guide. ... more
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Tue Mar 27, 2012
glenn carretta answered:
Yes- can show you what we have and explain the process of short sales and foreclosures. Best to start your homework now with reading " Glenn's " guide to buying and selling sanibel and captiva real estate"
If you are going to retire or send kids to school..this is the place..
# 1 school in florida
# 1 destination in the world..
lots of fun here, safe and you obviously know the rest or it wouldnt be your first choice.
If you can make sanibel your home congratulations...worth a bit extra. You wont be sorry.
contact me at glennc@coconet.com 30 years sanibel and captiva island real estate experience.
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Fri Jan 20, 2012
Rich Homer answered:
We advise our buyer clients to avoid short sales (pre-foreclosure), and the lengthy buying process is only one reason. Buyers negotiation leverage is reduced in these transactions and we would rather see our clients look at bank owned properties (post-foreclosure). ... more
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Tue Jun 14, 2011
Marc Comisar answered:
Find a Realtor.....divulge your contact info and get the help you need.



jessemcgreevy@gmail.com
239-898-5329
www.Bonita-Estero-RealEstate.com
0 votes 11 answers Share Flag
Thu Feb 3, 2011
Dallas Texas answered:
Each property stands alone... much false information to home buyer.

Contact your buyers agent who will assist you with making a sales offer

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
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Thu Feb 3, 2011
Phaidra McDermott answered:
Sanibel Island is approx. 12 miles long, 21 miles of bike paths, 60+% of the island is sanctuary land and wildlife refuge, many different subdivisions and neighborhoods, includes a K-8 school, state of the art recreation center, lots of activities including Big Arts, live musical performances, Art shows and galleries, and much more.

Captiva Island is 3 miles long, quite narrow (in parts only a 1/4 mile wide) offering Gulf to Bay residents and Estate zoned properties. There is a small "downtown" or "village" area with quaint little shops and restaurants, and smaller residential land and homes in this area.

Hope this helps! Please feel free to contact me anytime if you have further questions and I'd be happy to help! info@sanibelrealestate.net
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