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Island Update

Acclaimed Pianist Launches Season

Pianist John Nakamatsu launches the 35th anniversary season of the Sanibel Music Festival on Saturday, March 5th at 7:30 pm. Gold medal winner of the 1977 Van Cliburn International Piano Competition, Mr. Nakamatsu has toured with many leading conductors and orchestras. In addition, he is an artist in residence at the highly selective Chautauqua Piano Program.

Tickets are on Sale at www.sanibelmusicfestival.org; at Bank of The Island on Sanibel, 1699 Periwinkle Way; by mail to Sanibel Music Festival, P.O. 1623, Sanibel, FL 33957, or by phone at 239.344.7025. Nakamatsu will perform at Sanibel Congregational United Church of Christ.

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Real Estate News

ECJONOMICJA.ND MORTGAGE NEWS FEB 15th

INFLATION/ FED SPEAK/ GEO POLITICS

Higher inflation has been the main topic for several months and mortage interest rate market has been volatile.

Last week the markets were stunned by the high 6% CPI year-over-year increase and fun her stunned when Fed President from St Louis (Bullard) declared he wanted to see a 1% increase in the Fed Funds rate by July I, 2022. With only 3 meetings scheduled between now and July I, using Bullard’s math one of the meetings (March, May, or June) would need to see a .50 basis point increase and the financial markets have been more in line with pricing for a .25 increase. As a result, mortgage rates climbed to the highest levels in over two years.

So as we move into a new business week there are 2 items that we will are keeping our eye on;

Even though the CPI report is in the rear-view mirror and we rum our anent ion to tomorrow’s Producer Price Index. The Producer Price Index is a measure of wholesale inflation and much of this gets passed on to the consumer.

Russia/Ukraine border situation- there has been a lot of news regarding a Russian invasion, but it has not materialized yet. Headline news/geopolitical news in recent months has not had an impact on the bond market but in this instance, the Russia/Ukraine border issue is moving markets.

Looking at the week ahead, investors will focus on tomorrow’s Producer Price Index which measures wholesale inflation. The Federal Reserve notes are due out this Wednesday and are likely to get attention as they may speak to the view of future Fed activity. Retail Sales and Existing Home Sales information are also coming out this week.

Sources: Bloomberg, CNBC, XIN IX, Inc., Business Insider, Mortgage Bankers Association, Mortgage Daily News, Investing.com

2022 Single Family Mortgage Loan Limit

  • Conventional Loan Limit $647,200
  • FHA – Collier County – $552,000 or FHA – Lee County is $420,680
  • (Duplex, Triplex and Quad Loan Limits are Higher)

FREDDIE MAC’s WEEKLY PRIMARY MORTGAGE MARKET SURVEY® From January 27, 2022

  • 30 Year Fixed= 3.69% + .8 discount point/ IS Year Fixed= 2.93% + .8 discount point
  • The 30 Year fixed mortgage rate is approx. 1 year ago – February 4th, 2021 was 2.73 +.7 discount. A discount point of .7 means an additional charge to the buyer of $2870.00 based on the average mortgage loan of $410,000 (MBA). A discount point of .7 means an additional charge to the buyer of$2870.00 based on the average mortgage loan of$410,000 (MBA)

LEADING INDICATORS TODAY

  • 10 Year Treasury-Opened Today 1.9630 the 52 week low is 1.1280 and the 52 week high is 2.0630
  • WTI Crude Oil (CLl}-Opened Today $93.93 the 52 week low is $57.25 and the 52 weeks high is $95.82
Categories
Island Update

CCA to host reception for season’s next art exhibit

The Captiva Civic Association will continue with its 2021-22 art exhibition season next week with an opening reception for the fourth of five exhibits scheduled at the gallery over the coming months.

“Shorelines: Paintings and Stories of Captiva and Her Island Neighbors” will be a solo exhibition of paintings of places and landmarks in and around Captiva, Sanibel and the Pine Island region by Florida artist Paul Arsenault. It is a deliberate play on words as a title as he believes his creations inspired by the island “shore” locales capture the history, or the “lines” of the story, of the places. Mostly acrylic on canvas, Arsenault’s work captures the feeling and vibrance of the tropical atmosphere and the uniqueness of the island communities: colorful and exotic, while also being familiar and nostalgic.

“Paintings in this exhibition include the early days of South Seas, a unique perspective of the Lady Chadwick’s berth, Kite Day on Sanibel, circa 1984, Katy Gardenia’s shop, the colorful Pirate Playhouse when it was on Periwinkle and several depictions of Blind Pass over the years,” he said.

The opening reception is set for Feb. 17 from 5:30 to 7 p.m. at the Captiva Civic Center.

Open to the community, it will feature a bar, light refreshments and live music. Reservations are required to attend; visit the Eventbrite link at www.ccacaptiva.org/events-classes-meetings/.

In addition, Arsenault will give a presentation called “Stories” on March 3 at 4 p.m. at the center. He will talk about the “Shorelines” exhibition and share the stories behind his featured paintings.

The presentation is also free and open to the community, but reservations are required to attend. To register, visit the Eventbrite link at www.ccacaptiva.org/events-classes-meetings/.

“We had planned to have this exhibition last year but had to postpone it,” CCA Executive Director Emily Ankerson said. “Paul’s work is really amazing — breathtaking — and he is a wonderful storyteller. I think people in the community are really going to enjoy his beautiful paintings and the stories behind them.”

“Shorelines” will be on display from Feb. 17 through April 18.

The gallery is open for viewing Monday through Friday from 10 a.m. to 1 p.m. Click here for more info

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Island Update

Celebrate Thomas Edison’s 175th Birthday, Ft Myers

The public is invited to celebrate Thomas Edison’s 175th birthday at 10 a.m. Feb. 11 at the Edison and Ford Winter Estates. The party is a free public event and includes a birthday cake which is sponsored in part by the Edison Pageant of Light, the organization founded in 1938 to memorialize Thomas Edison and honor his achievements and contributions in Fort Myers. Click here for more info

 

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Island Update

Explore Manatee Park

Visitors are invited to a free tour of the Manatee Park butterfly garden and habitats at 9 a.m. Sundays through March 27. Visitors will enjoy walking the ADA accessible paths through the restored native plant habitats and butterfly gardens. A volunteer naturalist will lead the tour. Manatee Park is a non-captive refuge for the threatened Florida manatee. Optimum viewing is now through March. Free tour with paid parking. Click here to learn more

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Island Update

The 23rd Annual Southwest Florida Reading Festival

The 23rd Annual Southwest Florida Reading Festival will feature more than 20 acclaimed and bestselling authors from 10 a.m. to 4 p.m. March 5. The festival will be hosted on the downtown Fort Myers Regional Library campus located at 2450 First St., Fort Myers.

SWFL Reading Festival

Free and for all-ages, this popular annual outdoor event gives fans the opportunity to meet a diverse lineup of bestselling authors, participate in contests, activities and discover the latest in books and technology. In addition to author appearances and autograph sessions, there will be food truck vendors, storytelling programs, arts and crafts, youth writing contests and a free book for every child and teenager.

The complete list of authors can be found on the festival’s new mobile app “SWFL ReadFest” at the App Store, Google Play or by visiting the festival website at ReadFest.org

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Island Update

RSW Airport News Feb 2022

New air service at Southwest Florida International Airport (RSW) Air

Transat: Montreal (YUL), weekly, seasonal service
Eurowings Discover: Frankfurt, Germany (FRA), weekly, year-round service starts March 28

New flights at RSW
Sun Country: Duluth, Minn. (DLH), weekly; Green Bay, Wis. (GRB), weekly; Milwaukee (MKE), weekly; Rochester, Minn. (RST), weekly starts Feb. 3
United Airlines: Los Angeles (LAX), daily; San Francisco (SFO), daily
News from Punta Gorda Airport (PGD) Allegiant service from Akron, Ohio (CAK), begins March 2

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Island Update

ISLAND HOPPER SONGWRITER FEST 2022

Plan ahead and mark your calendar for Island Hopper 2022, returning for its eighth year.

A 10-day music festival featuring performances by some of the country’s greatest singer-songwriters, the festival takes place in three areas, with the first weekend kicking off on Captiva Island, Sept. 16-18, then moving to downtown Fort Myers, Sept. 19- 22, and ending with a weekend on Fort Myers Beach, Sept. 23-25. Most shows are free with the exception of a few ticketed experiences, like our headliner shows.

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Real Estate News

December 2021 Southwest Florida Real Estate Marker Report

Closed Sales
Closed sales for the 12-month period ending December 31 were up 23% from the preceding 12-months, from 31,834 to 39,179. Sales for the month of December, although down 20% from the unprecedented surge we experienced in 2020, were up 34% when compared to pre-pandemic levels of the three preceding years.

Listing Inventory / New Listings
With 2,108 properties on the market as of December 31, listing inventory remains low. This is less due to a lack of listings entering the market than it is to the rate at which listings are selling. New listings for the 12-month period ending December 31 were down 4% from the preceding 12 months, from 37,855 to 36,282.

Average Selling Price
The average selling price for the 12-months through December 31 was $641,354, up 24% from the preceding 12-month period when the average selling price was $518,791.

Summary
Despite historically low standing inventory throughout the year, with nearly 40,000 properties sold, 2021 broke all past annual closed sales records. New listings, although down somewhat from 2020, still came in at a steady pace but most were spoken for by buyers right away, sometimes even prior to the listings making it to the Multiple Listing System and thereby never being counted in the standing inventory. 2021 also realized a notable increase in the average sales price with a 24% gain over the preceding year. By comparison, 2020 posted a 17% increase. Notably, prior to these considerable increases, the average price only rose an average of 2% per year from 2016 through 2019. The average sales price in Southwest Florida has risen an average of 11% per year over the past five years.
For 2021, John R. Wood Properties surpassed all other brokerages in total closed transactions, total closed sales volume, and total listings sold in Southwest Florida!

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Island Update

Pine Island Sounds to feature Ryan Scott

In partnership with Captiva Cruises and Todd and Leanne Marcum, the Sanibel-Captiva Conservation Foundation’s next  Pine Island Sounds cruise will feature Ryan Scott on Jan. 16 from 4 to 6 p.m.; it will depart from McCarthy’s Marina, at 11401 Andy Rosse Lane, Captiva. Scott is a Brooklyn-based guitarist and soul singer whose music embodies rock ‘n’ roll and soul in its purest form, influenced by the blues-rock guitar lineage, New York’s jazz tradition, New Orleans R&B, Brazilian psychedelia and more. Tickets are $100 and include first drinks provided by Janie Howland and Jack Thomas and snack box from Catering by Leslie Adams. A cash bar will also be available. Proceeds will benefit the SCCF’s water quality efforts including research, policy and educational outreach. For more information or tickets, visit https://pineislandsounds.eventbrite.com.