I picked up JCrew's Rainy Day Bow Flat in Neon Peach for $29.99 at my local JCrew. They're still priced $58.00 online, but you can contact customer service and ask JCrew to honor the in store price of $19.99 if you're interested.
Uppers are made of PVC, and I took my usual size in these flats. I find JCrew shoe sizing to be a bit odd and fit as if I'm always between sizes. To deal with this, I occasionally use terrycloth inserts to make them fit a bit more comfortably.
The good: These flats come in some super fun colorways including black and blue grotto, which is a rich, vibrant blue. The gold hardware is a cute touch, and overall, they are bright and cheery solution to a dreary and rainy day. No need to worry about these getting wet since they're made of PVC, and can easily be wiped clean.
I think I'll stick with my favorite rainy day shoes, the crocband flat.