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Florida Average Mortgage Rates Falling 2.93%
Inflation hasn’t pushed mortgage rates higher because the market believes it’s only temporary, says Freddie Mac chief economist.
This week’s average mortgage rates fell a bit more, to 2.93% from last week’s 2.96% for a 30-year, fixed-rate loan, according to Freddie Mac’s weekly update. In times of rising inflation, mortgage rates begin to rise. However, that hasn’t happened this time, at least so far.
Mortgage rates for the week of June 17, 2021
- The 30-year fixed-rate mortgage averaged 2.93% with an average 0.7 point for the week, down from last week’s 2.96%. A year ago, the 30-year FRM averaged 3.13%.
- The 15-year fixed-rate mortgage averaged 2.24% with an average 0.6 point, up slightly from last week’s 2.23%. A year ago, the 15-year FRM averaged 2.58%.
- The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.52% with an average 0.3 point, down from last week’s 2.55%. A year ago, it averaged 3.09%
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This week, the Sanibel-Captiva Conservation Foundation will begin the preliminary steps of a multi-phase restoration project on the newly acquired Periwinkle Wetlands Preserve, officials reported.
LAND CLEARING PHASE
Over the next several months, contractors will conduct the land clearing phase, which will include the removal and eradication of dense stands of large, invasive exotic trees. The work will be overseen by SCCF Habitat Management staff and vegetation debris will be mulched onsite. In addition to the tree removal, staff will conduct selective herbicide treatments to manage invasive exotic vines, groundcovers and grasses. Habitat Management also will begin to revegetate many areas throughout the property and construct hiking trails.
Removing exotic plants — which lack any native predators or pests to keep them in check — is key to successful restoration. The timing of the restoration was planned around nature, and a firm completion date has not been established.
Following the initial restoration, improvements will be added to the approximately two acres fronting Periwinkle Way between Purdy and Martha’s lanes. The improvements will be open to the public, while the majority of the preserve acreage will be dedicated for exclusive use as wildlife habitat.
The community space will be replanted with native landscaping. It will feature a 1,100-foot loop walking-biking trail connected to the shared use path. The trail will take bikers and walkers through a welcome plaza with a water bottle-filling station and interpretive panels. A demonstration marsh with wetlands features will include water-quality education panels, and there will be interpretative gardens with seasonal blooms and a sculpture garden.
Throughout the restoration process, SCCF Habitat Management staff will routinely conduct inspections for the reintroduction of invasive, exotic species to ensure it is a diverse healthy ecosystem.
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June is peak nesting season for sea turtles, so it is an exciting month for the Sanibel-Captiva Conservation Foundation as it monitors nests and addresses a few on-the-ground projects.
SCCF Sea Turtle Program staff are relocating nests on Captiva in preparation for the upcoming beach re-nourishment project by the Captiva Erosion Prevention District, officials reported. Existing nests within the project area will have hatched prior to mobilization at the end of July. The SCCF is operating under a permit issued by the Florida Fish and Wildlife Conservation Commission to do the work.
Although nesting activity is rarely reported on the Sanibel Causeway Islands, the SCCF has been contracted to monitor Island B daily to document and relocate nests before construction begins on the island on Aug. 1. Additionally, the SCCF is launching a research project to study the impacts of sand quality on nest temperature, moisture and how the water moves through the sand surrounding the nest.
Three new interns joined the team to help with monitoring, relocation and research efforts. Emily Skinner, Taylor Lawrence, and Malina Baker arrived two weeks ago.
SCCF’s team had recorded 228 loggerhead nests and three green sea turtle nests as of June 2. There appears to be a high proportion of returning turtles nesting on Sanibel. Sixty-three percent of the turtles have been previously tagged by the team.
Those who come upon a female during nesting season are asked to keep their distance, be quiet, do not use a flashlight or white light, and enjoy the moment. For information, visit SanCapLifeSavers.org
The 2021 hurricane season is here. Readiness implies something beyond making a fiasco pack and evaluating your family’s disater plan, albeit these are basic initial steps.
There’s significantly more you can do to secure your home and family before a hurricane hits. You can limit expected damage from flooding and high breezes by being ready.
Plan in advance
- Document items and contents in your home in photos.
- Put together your disaster kit. This includes, but is not limited to: shelf stable foods, water, flashlights, battery-powered radios, batteries, medical, accessibility and pet supplies, cash, and first-aid supplies. If you wait until the last minute, you may encounter diminished or depleted supplies, crowds, and increased traffic on our roads.
- Buy a National Flood Insurance Policy from your insurance company. Standard homeowner’s insurance policies do not cover flood damage. See msc.fema.gov/portal to know the flood risk in your area and see floodsmart.gov for information about risk and rates.
- Download the FEMA app at fema.gov/mobile-app. The app provides disaster resources, safety tips, maps of open shelters, and weather alerts from the National Weather Service. Go to Ready.gov for more details.
Trees with trunks larger than six inches in diameter should be far enough away from your house that they cannot fall on it. Remove branches that loom over utility wires. Professional regular pruning done can create a sturdy, well-spaced framework of tree branches with an open canopy that allows wind to flow freely through.
During a hurricane watch
Obtain severe weather information from NOAA website www.noaa.gov it provides real time data.
- Keep an eye on phone alerts, stay tuned to TV or radio weather reports
- Activate your disaster plan, go through your disaster kit. Make sure you have enough stock of essential items such as food/water, flashlights, battery-powered radios, batteries, medical, accessibility and pet supplies, cash and first-aid supplies.
- Place your important documents such as as driver’s licenses, social security cards, passports, birth certificates, vehicle registration cards and insurance policies in a waterproof, portable container.
- Know what you and your family will do if there is an evacuation order.
During a hurricane warning
- Keep an eye on phone alerts and regular weather reports
- Fill vehicle with gas
- Keep your mobile devises fully charged
- Disconnect electrical appliances
- Bring your pets inside
- Bring any loose items such as trash cans, yard furniture, bbq grills, items on your docks etc inside.
- If you evacuate, turn off gas and electricity at the main switch or valve.
For additional information on hurricanes, visit ready.gov/hurricanes; for details on floods, visit ready.gov/floods. For more information on recovery, visit FEMA.gov, or follow @FEMARegion4 on Twitter and FEMA’s Facebook page.
Captiva ISLAND Beach Brief
Great Lakes Dredge and Dock (GLDD) has provided CEPD with both a best-case, and a worst case scenario for the Captiva Beach-Nourishment Project Timeline. The worst-case scenario accounts for unplanned delays such as storms or other inclement weather, equipment issues, or other unforeseen challenges. Below are two timelines for the project, which have been provided to CEPD by the contractor. CEPD anticipates hosting a Town Hall via zoom and in person for late July with the Project Manager from GLDD. This meeting will allow residents and members of the public to ask questions prior to the start of the project.
Best case scenario
- Dredging and Beachfill South ½ of Island – August 5th to 18th August
- Dredging and Beachfill North ½ of Island – August 18th to 6th September
- Demobilization – September 6th to 18th September
Worst case scenario
- Dredging and Beachfill South ½ of Island – August 5th to August 30th
- Dredging and Beachfill North ½ of Island – August 30th to September 24th
- Demobilization – September 24th to October 6th
During the Captiva Erosion Prevention District board meeting on June 7th, 2021, staff received direction from commissioners to prepare the Benefits Based Model of the beach nourishment apportionment and set the public hearing date for tentative apportionment as June 28th, 2021, at 5:01PM. The Benefits Based Model has a section for storm protection benefits applied to all gulf front properties as derived from the analysis performed by the coastal engineers at APTIM. It also separates the recreational benefits associated to each of the properties on Captiva Island into commercial, residential, and homesteaded residential properties based upon the study done by economist Dr. Stronge, commissioned by the CEPD.
This model attributes the highest millage rate to the commercial properties, followed by the residential non-homesteaded properties, and offers a 42.1% discount to the homesteaded properties. CEPD will be sending out letters to property owners explaining the apportionment by June 17th and will be placing an advertisement in the paper for the Tentative Apportionment Hearing on June 28 at 5:01 p.m. where all residents and property owners will have the opportunity for their concerns to be heard.
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Great Lakes Dredge & Dock Corp. announced the receipt of several major dredging awards totaling $112.8 million including the $15.6 million Captiva Island Beach Renourishment Project. The Captiva Island Beach Renourishment Project involves placement of sand to improve and support five miles of sea shore along Captiva Island. This project will help protect and reinforce the island’s shoreline. Great Lakes worked on renourishment of the beach in 2013. the Captiva Erosion Prevention District and is privately funded for this project. Work is likely to commence in the third quarter with anticipated completion in October of 2021.
Below is the list of all Captiva Island active listing for sale.
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HomeLook Magazine June 2021 Edition
Browse through our collection of feature Sanibe, Captiva, & SWFL properties for sale. Featured Residential, Condo and Vacant lot listed for sale. Homelook Magazine demonstrate our portfolio of active MLS listing.
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The recent Beach Renourishment Bid Selection means Captiva renourishment will commence July 2021 and likely go through October 2021.
During the May Board Meeting of the Captiva Erosion Prevention District (CEPD), Commissioners accepted the engineering and CEPD staff recommendations on the selection of the dredging contractor. Great Lakes Dredge and Dock Company (GLDD) was awarded the contract with a low bid of $15,625,485.
The bids were submitted with the condition that the Commissioners may decide to adjust the amount of sand placed on the project by as much as 25%. The low bid unit price per cubic yard for sand came in only marginally greater than the last project by $0.05 per cubic yard. This attractive and highly competitive bid provides an opportunity for the CEPD to increase the volume of the project as appropriate. The CEPD has authority to elicit a change work order to increase the project sand volume even higher should our sand needs extend beyond the +25% threshold. Total project costs are still being estimated.
The CEPD is planning a public Town Hall meeting once the timeline for the project has been finalized, tentatively in late June or middle July. This meeting will provide Captiva residents, property owners and businesses an opportunity to meet with the contractors, Commissioners, CEPD staff and SCCF for questions surrounding the project.
In 2019, Captiva residents voted with a significant majority in favor of a referendum to borrow an amount not to exceed $18,000,000. This authorizes the CEPD to finance the cost of the beach nourishment project until all costs are known and the apportionment of the costs can be appropriately assessed to property owners. At the May Board meeting, the CEPD Board also voted to finalize negotiations for a municipal bond loan with Synovus Bank; Mr. Mark E. Raymond, Esq., was approved by the board to serve as the district’s bond counsel and has worked on the CEPD loans for past projects.
Turn off your lights!
We are currently up to 36 nests since the May 1st start date of turtle season. Sea turtle hatchlings emerging from the nests can be found heading in the wrong direction when artificial lighting emanating from nearby beachfront properties. Instead of finding their way toward the Gulf of Mexico, the disorientated hatchlings will head into the dune vegetation and towards the artificial light.
Unshielded interior lighting, even from just a single beachfront condominium, resort unit, or residence is enough to disrupt the normal sea-finding behavior of sea turtle hatchlings. Hatchlings are guided to the ocean by an instinct to travel away from the dark silhouettes of the dune vegetation and toward the brightest horizon – light from the sky reflecting off the ocean. Artificial lights near the beach can deter females from nesting and disorient hatchlings. Most hatchlings that wander inland will die of exhaustion, dehydration or predation. Please protect the sea turtles by and remember to turn off lights, close curtains and blinds after dark. This simple practice is a true life-saver for sea turtles. Sea turtle hatchling disorientations are 100% preventable and it is our responsibility to ensure that these amazing creatures survive for future generations to enjoy.
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The arrival of the first named storm of the Atlantic hurricane season – Ana, which formed Saturday – is a reminder that the official start of the storm season is June 1.
If you missed the hurricane preparation discussion by Chief Jeff Pawul and Lt. Mike Sawicki at the last Community Panel meeting, Chief Pawul has put together a summary f what you’ll need to know in advance of any storm. Click here to download a copy.