Anna Maria Island News

Anna Maria Island Real Estate Newsletter – May 2016

Commercial property for sale on Anna Maria Island business possibilities

You can own business property in the City of Anna Maria right on GULF DRIVE call Al

Thru the end of April, 2016 Y-T-D AMI real estate sales at 117 (SF-67, Con-32, Dup-11, & Lot-7) were down 28% from April, 2015 Y-T-D at 143 (SF-82, Con-44, Dup-6 & Lot-11). This is about where we were at the end of the first quarter, so we haven’t gained and are behind last year at about the same percentage.

Sales in April 2016 were 39 (SF-24, Con-10, Dup-2 & Lot-3) down 5% from April 2015 at 41 (SF- 21, Con-15, Dup-1 & Lot-4). The last 12 months sales (May 1, 2015 to April 30, 2016) were 381 (SF-213, Con-116, Dup-32, Lot-20) equal to the previous 12 months (May 1, 2014 to April 30, 2015) at 381 (SF-217, Con-110, Dup-29 & Lot-25). Of the last 12 months sales only 3% or 12 (SF-7, Con-4, Dup-1 & Lot-0) were distressed properties (bank owned or short sales) compared to 6% or 23 (SF-12, Con-5, Dup-6 & Lot-0) in the previous 12 months (April 1, 2014 to March 31, 2015). Only one month in for the quarter but inventory is down and transactions are up creating a great absorption rate. Inventory is currently at 308 (SF-171, Con-90, Dup-21 & Lot-26). Inventory for the previous four months were 343, 342,328 and 309.

If you’re looking for investment properties to buy with a good return there are still some available. The property at 214 Fir, City of Anna Maria is a 3 BR/2 bath each side duplex, three houses to the beach listed at $1,499,900 is a great rental with a 7% return and does $185,000 in gross annual rentals.

Another great rental with a 6% return is 209 54th St. Holmes Beach FL.  It’s a newly built (2014) 8 bedroom/6 bath, 2,936 sq. ft. home a block to Anna Maria Beaches with peaks of the gulf and it does about $225,000 in gross annual rental and is listed at $2,300,000. Call me for more information on these or other properties.

Anna Maria Island Real Estate Summary

To summarize the market for the first five months of 2016 has started off a little slower than 2015 which at this point in time in 2014 had about the same number of sales. But if you look at pended properties they are well above the average which could mean a continued strengthening of sales as we continue through the year. Distressed properties continue to be non-existent and will continue to be so. There is currently still only one distressed single family property in the inventory. Pended properties (properties under contract) continue well above average at 79 (SF-55, Con-21, Dup-1 & Lot-2) up from 51 last month. The distribution of the single family sales on AMI over the last 12 months was 20% <$500K, 41% 500K-750K, 16% between $750K and $1 million and 23% over $1 million. The distribution for Condo sales over the last 12 months is 79% <$500K, 17% $5000K-$750K, 3% $750K – $1 million and 1% >$1 million. These percentages have been pretty consistent over the last year or so.

Longboat Key current inventory is 374 (SF- 136, Con- 200, Dup- 3 & Lot- 35) down from 387 last month. Pended properties on Longboat Key is 86 (SF-30, Con-56, Dup-0 & Lot-0) about equal to last months 87, and Distressed properties on Longboat Key are only 4 (SF-0, Con-4, Dup-0 & Lot-0). The distribution for single family home sales on Longboat Key for the last 12 months was 26% <$500K, 26% $500K – $750K, 20% $750 K – $1 million & 28% >$1 million. The distribution for Condo sales on Longboat Key for the last 12 months was 49% <$500K, 22% $500K – $750K, 11% $750K – $1 million & 18% >$1 million. The distribution of sale between single family and condos on Longboat Key have not changed much over the last year.

Again you can see from the charts in the full newsletter that average and median sale prices have both gone up for the last 12 months compared to the previous 12 months. Definitely a healthy market with sales high and inventory low.

Keep those calls and e-mails coming! We love hearing from you……Alan, Frank & Scott

For detailed charts and additional information about Anna Maria Island real estate for sale, view our full newsletter.

941-232-2216 ALAN
SCOTT 941.779.3313

Newsletter April 2016 Al and Scott Galletto * Anna Maria Island, FL; Real Estate

 

beach house on anna maria for sale call Galletto team 941-232-2216

Sweet beach house for sale on north end AMI

Thru the end of the first quarter of 2016 sales at 78(SF-43, Con-22, Dup-9, & Lot-4) were down 24% from the first quarter of 2015 at 102 (SF-61, Con-29, Dup-5 & Lot-7). Again it’s still very early in the year and by mid-year we will know more. To put it in perspective, sales for the first quarter have only been higher in 3 out of the past 10 years and there is no trend to it.

Sales in March 2016 were 31 (SF-20, Con-7, Dup-3 & Lot-1) down 33% from March 2015 at 46 (SF-31, Con-11, Dup-1 & Lot-3). The last 12 months sales (April 1, 2015 to March 31, 2016) were 383 (SF-210, Con-121, Dup-31, Lot-21) about equal to the previous 12 months (April 1, 2014 to March 31, 2015) at 385 (SF-222, Con-109, Dup-31 & Lot-23). Of the last 12 months sales only 3% or 11 (SF-6, Con- 4, Dup-1 & Lot-0) were distressed properties (bank owned or short sales) compared to 5% or 19 (SF-11, Con-2, Dup-6 & Lot-0) in the previous 12 months (April 1, 2014 to March 31, 2015). Inventory on the island continues to be low and has remained level from last month at 343 (SF-195, Con-96, Dup-20 & Lot-32). The inventory last month was 342 and in January 328.

If you’re looking for some very good properties to buy check out Frank, Al & Scott’s Great Buys this month. There is something for everyone from entry level properties for those who have a limited budget to high end waterfront properties for those with no budget. For those who have a limited budget and want to get into the market before it prices them out small condos are the best buys. You can get into a one or two bedroom condo in a good location that would have decent rental potential for between $250K & $350K. A good example of that is 2418 Gulf Drive Units A,B & C or 308 2nd St N. a four unit condo Units 202 and 102 (units 101 & 201 have already been sold). If you’re looking for a totally remodeled Beach Cottage with private pool in the city of Anna Maria steps to the beach than 770 North Shore Drive is for you (check out the virtual tour). The best buy, from the numbers standpoint is still 3603 4th Ave two houses from the beach with partial views of the beach and intercoastal. Check out the other great buys.

To summarize the market for the beginning of 2016, it’s starting off a little slower than 2015 but I expect it to pick up by mid-year and end the year strong. Distressed properties are pretty much non-existent and will continue to be so. There is currently still only one distressed single family property in the inventory. Pended properties (properties under contract) continue above average at 51 (SF-36, Con-12, Dup-2 & Lot-1). The distribution of the single family sales on the island over the last 12 months was 20% <$500K, 42% 500K-750K, 17% between $750K and $1 million and 21% over $1 million. The distribution for Condo sales over the last 12 months is 81% <$500K, 15% $5000K-$750K, 2% $750K – $1 million and 2% >$1 million. These percentages have been pretty consistent over the last year or so.

Longboat Key current inventory is 387 (SF- 147, Con- 206, Dup- 0 & Lot- 34). Pended properties on Longboat Key is 87 (SF-26, Con-59, Dup-0 & Lot-2) and Distressed properties on Longboat Key are only 4 (SF-1, Con-3, Dup-0 & Lot-0). The distribution for single family home sales on Longboat Key for the last 12 months was 26% <$500K, 26% $500K – $750K, 18% $750K – $1 million & 30% >$1 million. The distribution for Condo sales on Longboat Key for the last 12 months was 51% <$500K, 24% $500K – $750K, 11% $750K – $1 million & 14% >$1 million. The percentages for Longboat Key have not changed much over the last year.

You can see from the charts in the newsletter that average and median sale prices have both gone up for the last 12 months compared to the previous 12 months. Definitely a healthy market.  See www.AlanGalletto.com NEWSLETTER for detailed charts and facts.

941-232-2216 AL
SCOTT 941.779.3313

Real Estate Newsletter March 2016 GALLETTO Team Al and Scott Anna Maria Island, FL.

Sunsets on Anna Maria a way of LIFE

Sunsets on Anna Maria a way of LIFE

Two months into 2016 shows sales down about 22% from the same time last year which accounts for the inventory spiking up a little. Of course it’s still very early in the year and this could turn around very easily as we get into the middle of the year. To put it in perspective, sales for January and February have only been higher in 4 out of the past 11 years and there is no trend to it. Sales in February 2016 were 21 (SF-8, Con-8, Dup-3 & Lot-2) down 23% from February 2015 at 26 (SF-15, Con-9, Dup-1 & Lot-1). The last 12 months sales (March 1, 2015 to February 29, 2016) were 398 (SF-221, Con-125, Dup-29, Lot-23) up 6% over the previous 12 months (March 1, 2014 to February 28, 2015) at 376 (SF-213, Con-107, Dup-33 & Lot-23). Of the last 12 months sales only 4% or 15 (SF-8, Con-6, Dup-1 & Lot-0) were distressed properties (bank owned or short sales) compared to 6% or 24 (SF- 11, Con-5, Dup-8 & Lot-0) in the previous 12 months (March 1, 2014 to February 28, 2015). Inventory on the island continues to remain low but is up again this month at 342 (SF-190, Con-101, Dup-20 & Lot-31). The inventory last month was 328 and in January 309.

If you’re looking for some very good properties to buy check out Frank, Al & Scott’s Great Buys this month. Since last month’s newsletter 9935 Manatee Ave. a 3-bedroom 4-bath 3,908 sq. ft. condo listed at $699,900 has gone under contract, buyers continue to be active. Again the best investment buy in the whole inventory is still 3603 4 th Avenue. It has averaged $85-90K in gross annual rental income which makes it cover all the operating cost and most of the mortgage at list price. If you’re looking for an entry level 2 bedroom condo check out 2814 Gulf Drive a 3 unit condo with the 2 bedroom units listed at $379,900 and a 1 bedroom unit at $319,900. If you’re only looking for a 1 bedroom unit also check out 308 2 nd St N. Two of the units are already under contract. This 4 unit condo that has been totally remodeled has only 2 units left at $274K & $249K. If you’re looking for a Bay Front Family Compound check out 2201 Avenue A – a 5 bedroom/3.5 bath bay front home with panoramic Inter-coastal views, a manicured pool area, boat lift and even a putting green listed at $1,999,900. A unique property that just came on the market is 105 White Ave. A 2 acre gulf front property with 200 feet of frontage that has been owned by the Norfolk Southern Railroad since 1931 (see the aerial attached). Check out the other great buys.

To summarize the market for the beginning of 2016, it’s starting off where the record year of 2015 left off. Distressed properties are pretty much non-existent and will continue to be so into the future. There is currently still only one distressed single family property in the inventory. Pended properties (properties under contract) are above average at 60 (SF-40, Con-14, Dup-2 & Lot-4). The distribution of the single family sales on the island over the last 12 months was 22% <$500K, 42% 500K-750K, 17% between $750K and $1 million and 19% over $1 million. The distribution for Condo sales over the last 12 months is 82% <$500K, 14% $5000K-$750K, 2% $750K – $1 million and 2% >$1 million. Longboat Key current inventory is 406 (SF- 154, Con- 216, Dup- 2 & Lot- 34). Pended properties on Longboat Key is 82 (SF-16, Con-66, Dup-0 & Lot-0) and Distressed properties on Longboat Key are only 1 (SF-0, Con-1, Dup-0 & Lot-0). The distribution for single family home sales on Longboat Key for the last 12 months was 24% <$500K, 28% $500K – $750K, 18% $750K – $1 million & 30% >$1 million. The distribution for Condo sales on Longboat Key for the last 12 months was 52% <$500K, 24% $500K – $750K, 11% $750K – $1 million & 13% >$1 million. This year looks to be starting out at a little slower pace than last year but I expect the market to continue at the same pace that we’ve seen for the past five years that is ending the year at about 400 properties sold.

Ask Al or Scott Galletto-THE Realtors to ask about real estate on Anna Maria Island, FL. 941.232.2216    941.779.3313

Alan & Scott- The GALLETTO Team Anna Maria Island, FL. Real Estate Newsletter February, 2016

          Yes, 2016 is continuing on where 2015 left off.  Three of the last four years sales have been over 400 and we haven’t seen that since 2004 & 2005.  We’ve also seen continuous appreciation in prices at an average of 6% since 2010.

Luxury Gulf Front Condo

Luxury Gulf Front Condo Anna MAria Island for sale

Sales in January 2016 started the year off strong again among all property types and showed average and median sales prices up again from 2015.  January 2016 sales were 27 (SF-15, Con-8, Dup-3 & Lot-1) down slightly from January 2015 at 30 (SF-15, Con-9, Dup-3 & Lot-3) but still the third best January sales since 2006.  The last 12 months sales (Feb1, 2015 to Jan 31, 2016) were 404 (SF-228, Con-127, Dup-27, Lot-22) up 8% over the previous 12 months (Feb 1, 2014 to Jan 31, 2015) at 374 (SF-212, Con-105, Dup-34 & Lot-23).  Of the last 12 months sales only 4% or 18 (SF-9, Con-8, Dup-1 & Lot-0) were distressed properties (bank owned or short sales) compared to 6% or 22 (SF-10, Con-3, Dup-9 & Lot-0) in the previous 12 months (Feb 1, 2014 to Jan 31, 2015).  Inventory on the island continues to remain low but is slightly up again this month at 330 (SF-187, Con-97, Dup-17 & Lot-29).  The inventory last month was 309 and for over the last year the inventory has been running slightly below 300.

If you’re looking for some very good properties to buy check out Frank, Al & Scott’s Great Buys this month. Since last month’s newsletter 727 Jacaranda listed at $1,149,000 has gone under contract, so buyers are active.  The best investment buy in the whole inventory is still 3603 4th Avenue.  If someone doesn’t buy it soon I’m going to buy it myself.  It has averaged $90K in gross annual rental income which makes it a 10 ratio (purchase price/Gross annual rental income) at list price.  Ask for a Cost of Ownership Analysis on 3603 4th Ave. to see the numbers.  If you’re looking for an entry level condo check out 2814 Gulf Drive a 3 unit condo with 2 bedroom units listed at $379,900 and a 1 bedroom unit at $319,900.  If you’re only looking for a 1 bedroom unit also check out 308 2nd St N.  Two of the units are already under contract.  This 4 unit condo that has been totally remodeled has only 2 units left at $274K & $249K.  If you’re looking for a Bay Front Family Compound check out 2201 Avenue A – a 5 bedroom/3.5 bath bay front home with panoramic Bay views, a manicured pool area and boat lift listed at $1,999,900.  Check out the other great buys this month.

Bradenton Beach FL BAY FRONT Home for sale

Location Location 34217 % bed 3.5 ba Waterfront Home for sale

To summarize the market for the beginning of 2016, it’s starting off where the record year of 2015 left off.  Distressed properties are pretty much non-existent and will continue to be so into the future.  There is currently only one distressed single family property in the inventory.  Pended properties (properties under contract) are about average at 25 (SF-10, Con-11, Dup-3 & Lot-1).  The distribution of the single family sales on the island over the last 12 months was 22% <$500K, 43% 500K-750K, 17% between $750K and $1 million and 18% over $1 million.  The distribution for Condo sales over the last 12 months is 83% <$500K, 13% $5000K-$750K, 2% $750K – $1 million and 2% >$1 million. 

            Longboat Key current inventory is 483 (SF- 148, Con- 207, Dup- 96 & Lot- 32).  Pended properties on Longboat Key is 65 (SF-14, Con-31, Dup-20 & Lot-0) and Distressed properties on Longboat Key are only 3 (SF-0, Con-1, Dup-2 & Lot-0).  The distribution for single family home sales on Longboat Key for the last 12 months was 23% <$500K, 29% $500K – $750K, 18% $750K – $1 million & 30% >$1 million.  The distribution for Condo sales on Longboat Key for the last 12 months was 51% <$500K, 26% $500K – $750K, 10% $750K – $1 million & 13% >$1 million. 

            This year is starting out at about the same pace as last year and I expect the market to continue at the same pace that we’ve seen for the past five years that is at a 5%-6% equity increase.

THE GALLETTO TEAM of Island Real Estate, 6101 Marina Drive, Holmes Beach FL 34217.

For detailed charts see the entire newsletter on our website; www.AlanGalletto.com
Call Realtors ALAN and Scott GALLETTO 941.232.2216 and 941-779-3313

Anna Maria Island, FL; Real Estate Newsletter January 2016 Alan & Scott- The GALLETTO TEAM

3 bedroom 2.5+ bath Close to beaches

   Happy New Year 2015 turned out to be another strong year. Three of the last four years sales have been over 400 and we’ve seen continuous appreciation in prices at an average of 6% since 2010.

 Sales in 2015 again were strong among all property types and showed average and median sales prices up again from 2014. December 2015 sales were 32 (SF-15, Con-13, Dup-3 & Lot-1) down slightly from December 2014 at 36 (SF-20, Con-15, Dup-0 & Lot-1). December 31, 2015 Y-T-D sales were 407 (SF-228, Con-128, Dup-27, Lot-24) up 7% over December 31, 2014 at 381 (SF-219, Con-106, Dup-34 & Lot-22). Of the 2015 sales only 5% or 22 (SF-12, Con-8, Dup-2 & Lot-0) were distressed properties (bank owned or short sales) compared to 6% or 22 (SF-10, Con-3, Dup-8 & Lot-1) in 2014. Inventory on the island continues to remain low but is slightly up at 309 (SF-179, Con-84, Dup-16 & Lot-30). The inventory last month was 289 and for over the last year the inventory has been below 300.
If you’re looking for some very good properties to buy check out Frank, Al & Scott’s Great Buys this month. The best investment buy in the whole inventory is still 3603 4th Avenue. It has averaged $90K in gross annual rental income which makes it a 10 ratio (purchase price/Gross annual rental income) at list price. Check out the Cost of Ownership Analysis attached to Newsletter for 3603 4th Ave. If you’re looking for an entry level condo check out 2814 Gulf Drive a 3 unit condo with 2 bedroom units listed at $379,900 or if you only need 1 bedroom look at 308 2nd St N. a 4 unit condo with units listed from $234,000. If you’re looking for a beach cottage close to the beach in Anna Maria check out 727 Jacaranda a 3 bedroom/2.5 bath beach home steps to the beach on a 12,600 sq. ft. lot with a very large well landscaped pool area listed at $1,149,900.Check out the other great buys this month.

Beach home for sale

 To summarize the market, 2015 was one of the best five years for sales on the island (all over 400 sales) since 2002. Distressed properties remain low and will continue to do so into the future. There are currently no distressed properties in the inventory. Pended properties (properties under contract) are above average at 34 (SF-21, Con-7, Dup-3 & Lot-3). The distribution of the single family sales on the island in 2015 was 24% <$500K, 43% 500K-750K, 17% between $750K and $1 million and 16% over $1 million. The distribution for Condo sales in 2015 is 83% <$500K, 13% $5000K-$750K, 2% $750K – $1 million and 2% >$1 million. Looking at the charts on the website withinour newsletter you can see that single family and condo average & median sales prices for 2015 are up significantly over 2014 with single family average & median sales price up 5%, condo average & median sales prices are up 6% & 9% respectively. The bottom line is that the current market is as good as the island market has ever been.
Longboat Key current inventory is 374 (137-SF, 208-Con, 3-Dup & 26-Lot). Pended properties on Longboat Key is 43 (SF-16, Con-25, Dup-0 & Lot-2) and Distressed properties on Longboat Key are only 2 (SF-1, Con-1, Dup-0 & Lot-0). The distribution for single family home sales on Longboat Key for 2015 was 23% <$500K, 28% $500K – $750K, 17% $750K – $1 million & 32% >$1 million. The distribution for Condo sales on Longboat Key for 2015 was 51% <$500K, 26% $500K – $750K, 11% $750K – $1 million & 12% >$1 million.
 The year 2015 was one for the record books in real estate sales for both Manatee and Sarasota counties, closing out the year with an all-time record of 20,691 in combined closed transactions, 1,302 sales above last year’s numbers. You can see that the market is not only very good on the island but also doing great on the mainland as well.

Alan & Scott – The GALLETTO Team Anna Maria Island, FL. Real Estate Newsletter October 2015

One 1 BR and Two 2 BR units for sale Bradenton Beach FL

West of Gulf Drive steps to Gulf of Mexico

Sales for September 2015 were up 11% over last year at 30 (SF-15, Con-11, Dup-3 & Lot-1) compared to September 2014 at 27 (SF-7, Con-9, Dup-8 & Lot-3). Sales for September 30, 2015 Y-T-D were 323 (SF-191, Con-95, Dup-17 & Lot-20) again up 10% over September 30, 2014 Y-T-D at 293 (SF-169, Con-79, Dup-29 & Lot-16). Sales for the last 12 months were 411 (SF-241, Con-122, Dup-22 & Lot-26) up 5% over the previous 12 months at 393(SF-219, Con-110, Dup-39 & Lot-25).  Of the sales for the last 12 months distressed properties were only 6% of the sales at 23 ( SF-14, Con-7, Dup-2 & Lot-0) compared to the previous 12 months where 8% or 33 ( SF-14, Con-9, Dup-9 & Lot-1) were distressed. Currently there are only 2 distressed properties on the market or .7% of the inventory of 257 (SF-132, Con-77, Dup-22 & Lot-26) for sale on the island.  Pended properties (properties under contract) continue to remain strong at 37 (SF-21, Con-10, Dup-4 & Lot-2) up from 29 last month. Inventory on the island has stayed pretty low and steady at under 300 for the past sixteen months. It currently is at 257 up a little from 242 last month.

Since last month’s Frank, Scott & Al’s Great Buy’s we have added a few new properties for you to review.  The property at 2814 Gulf Dr. is a 3 unit condo with two 2 bedroom/1 baths units and one 1 bedroom/1 bath unit.  There is a good size common pool and a backyard access to 29th St and one house to the beach. We are also previewing another 4 unit condo with a cocktail pool which will be listed within the next couple weeks.  These are all 1 bedroom/1 bath units in the low to mid $200K’s.  There have been two reduction in prices since last month.  103 75th St, a 4 bedroom/4 bath one house from the beach, was reduced from $1,659,000 to $1,499,900 and 9935 Manatee Ave. (Palms at Palma Sola Condo) a 3,908 sq. ft. unit with two boat docks and one lift, was reduced from $779,900 to $729,900.  Another property that was reduced this week was 629 Key Royale Drive, a direct bay front which was at $1,499,000 and just reduced to $1,399,000.  The lot there is worth $1.2 million.

To summarize the island market, sales in 2015 continue to run ahead of 2014.  Again if you look at September 30, 2015 Y-T-D sales at 323 (SF-191, Con-95, Dup-17 & Lot-20) they are up 10% compared to September 30, 2014 Y-T-D sales at 293 (SF-169, Con-79, Dup-29, Lot-16).  We continue to match or exceed the great sales years in 2012-2014 which had 431, 409 & 381 properties sold respectively. We are still on track to again in 2015 have sales in the 400 range.  Single family sales continue at historic highs and for the last three years, continue to be higher than the peak year of 2005.  There are currently 132 single family homes for sale on the island with an average and median sale price of $1,315,143 and $1,199,000 respectively.  Also there are currently 77 condos for sale on the island with an average and median sale price of $655,716 & $495,000 respectively.  The distribution of sales of single family homes Y-T-D were 23% <$500K, 45% $500K-$750K, 18% $750K-$1Million and 14% >$1 Million.  The distribution of sales of Condo’s Y-T-D were 80% <$500K, 15% $500K-$750K, 2% $750K-$1 Million and 3% >$1 Million. All the trends still continue to point to moderately rising prices and lower inventory levels.

I thought you may like to see some comparison to the Longboat Key market since it’s so close. Longboat Key currently has 277 properties for sale (SF-108, Con-133, Dup-3 & Lots-33).  There are 57 properties pended (under contract) (SF-22, Con-32, Dup-0 & Lot-3). Of the single families currently for sale the average and median sale prices are $1,938,150 and $1,069,500 respectively. Of the Condos currently for sale the average and median sale prices are $1,029,311 and $699,000 respectively.  As you can see the single family average and median sale prices are higher on Anna Maria than Longboat Key and the Condo average and median sale prices are higher on Longboat Key than Anna Maria. Longboat Key has more condos with a bigger price spread due to the high rises on Longboat.

Click back on the NEWSLETTER  www.Alangalletto.com to see all charts comparing Real Estate Sales on Anna Maria Island, including Bradenton Beach and Holmes Beach FL.

Call Realtors ALAN and Scott GALLETTO 941.232.2216 and 941-779-3313

Anna Maria Island, FL; Real Estate Newsletter September 2015 Alan & Scott- The GALLETTO TEAM

BIMINI BAY front almost 4000 square foot home for sale

8317 Marina Ct 4 bed 4 bath PLUS Anna Maria Island

Sales for August 2015 on Anna Maria Island were down 12% over last year at 28 (SF-16, Con-9, Dup-1 & Lot-2) compared to August 2014 at 32 (SF-17, Con-9, Dup-4 & Lot-2). Sales for August 31, 2015 Y-T-D were 293 (SF-176, Con-84, Dup-14 & Lot-19) up 10% over August 31, 2014 Y-T-D at 266 (SF-162, Con-70, Dup-21 & Lot-13). Sales for the last 12 months were 408 (SF-233, Con-120, Dup-27 & Lot-28) up 1% over the previous 12 months at 405(SF-236, Con-109, Dup-34 & Lot-26). Of the sales for the last 12 months distressed properties were only 6% of the sales at 25 ( SF-16, Con-6, Dup-3 & Lot-0) compared to the previous 12 months where 8% or 31 ( SF-13, Con-9, Dup-8 & Lot-1) were distressed. Currently there are only 3 distressed properties or 1% of the inventory of 246 (SF-131, Con-62, Dup-26 & Lot-27) for sale on the island. Pended properties (properties under contract) continue to remain strong at 29 (SF-16, Con-8, Dup-3 & Lot-2) down from 33 last month but still above the average. Inventory on the island has stayed pretty low and steady at under 300 for the past fifteen months. It currently is at 246.

Since last month’s “Frank, Scott & Al’s Great Buys” the property at 103 73rd St, a duplex one house from the gulf, closed on 9/24/15 for $730,000. The property at 3603 4th Ave (reduced to $899,900) is waiting for a smart investor to buy it. This 3 bedroom/3 bath townhouse with elevator, pool and a rooftop deck with awesome views of the gulf and intercoastal and is an excellent rental. This property is a 10 ratio (rental income covers all the operating costs and most of the mortgage with 20-30% down) and is ideal for someone who wants a rental property in a great location (three houses to the beach). A new property on the market, 8317 Marina Ct., a Direct Bimini Bayfront Home Listed at $1,899,900 is a stunning waterfront property. This 4+ bedroom/3.5 bath with 3,676 square feet of A/C living has great Bimini Bay views, an elevated pool off the living area and great for the avid boater.

8317 Marina CT Bimini Bay front ANNA MARIA ISLAND

4 bed 4 bath 5 car garage Waterfront home for sale

 

As you know the island market continues to be very hot but the Manatee & Sarasota County mainland market has also been performing very well. The active inventory of properties for sale continue to drop and median sales prices have skyrocketed over last year. According to the Realtor Association of Sarasota & Manatee, the inventory of single family homes and condos have fell to a combined 3,303 and 2,534 respectively in August. This compares to 3,745 last August in Sarasota County and 2,724 in Manatee County or declines of 11.8% & 7% respectively. The lower inventory continues to propel median sales prices in both counties. In Sarasota County, the single family median price climbed 21.1%, from $195,750 last August to $237,000 this year. In Manatee County the increase was 18.8%, from $223,000 last August to $265,000 this year. Condo prices were also up substantially, from $177,000 to $220,000 in Sarasota County (24.3%) and from $122,000 to $155,000 in Manatee County(27%). This gives you a perspective on what’s happening with real estate off the island as well.

 

To summarize the island market, sales in 2015 continue to outpace 2014. Again if you look at August 31, 2015 Y-T-D sales at 293 compared to August 31, 2014 Y-T-D sales at 266, a 10% increase, we continue to match or exceed the great sales years in 2012-2014 which had 431, 409 & 381 properties sold respectively. We continue to be on track to again in 2015 have sales in the 400 range. Single family sales continue at historic highs and for the last three years, have been higher than the peak year of 2005. There are currently 135 single family homes for sale on the island with an average and median sale price of $1,318,159 and $1,200,000 respectively. Also there are currently 68 condos for sale on the island with an average and median sale price of $655,757 & $435,000 respectively. I have again attached the new charts this month. They show the sales price rising continually since 2010 which supports the 5-6% increase in prices per year. All the trends continue to point to moderately rising prices and lower inventory levels.

Ask Alan or Scott Galletto-THE Realtors to ask about real estate on Anna Maria Island, FL. 941.232.2216 941.779.3313

Go to the website to read the entire Newsletter and see graphs reflecting the facts and figures… Www.AlanGalletto.com

Newsletter August 2015 Alan and Scott Galletto * Anna Maria Island, FL; Real Estate

9935 Manatee Ave just as you get onto Causeway

9935 Manatee Ave 2 docks and lift too 4000 sq ft

Sales for July 2015 were up 11% over last year at 30 (SF-21, Con-4, Dup-3 & Lot-2) compared to July 2014 at 27 (SF-21, Con-5, Dup-0 & Lot-1).  Sales for July 31, 2015 Y-T-D were 265 (SF-160, Con-75, Dup-13 & Lot-17) up 13% over July 31, 2014 Y-T-D at 234 (SF-145, Con-61, Dup-17 & Lot-11).  Sales for the last 12 months were 412 (SF-234, Con-120, Dup-30 & Lot-28) up 2% over the previous 12 months at 404(SF-240, Con-107, Dup-32 & Lot-25).  Of the sales for the last 12 months distressed properties were only 6% of the sales at 27 ( SF-16, Con-7, Dup-4 & Lot-0) compared to the previous 12  months where 8% or 31 ( SF-13, Con-9, Dup-8 & Lot-1) were distressed.  Currently there are only 3 distressed properties or 1% of the inventory of 258 (SF-134, Con-63, Dup-31 & Lot-30) for sale on the island.  Pended properties (properties under contract) continue to remain strong at 33 (SF-18, Con-10, Dup-3 & Lot-2) down from 39 last month but still well above the average.  Inventory on the island has stayed pretty low and steady at under 300 for the past fourteen months.

Since last month’s Frank, Scott & Al’s Great Buy’s the property at 207 75th St went under contract and is due to close on 8/31/15.  Also the 201 & 203 57th St land condos which went under contract last month closed on 8/19/15 for $1,400,000.  There are still a couple very strong investment buys.  The property at 3603 4th Ave (reduced to $899,900) is a great investment buy.  This 3 bedroom/3 bath townhouse with elevator, pool and a roof top deck with awesome views of the gulf and inter-coastal and is an excellent rental.  This property is a 10 ratio (rental income covers all the operating costs and most of the mortgage with 20-30% down) and is ideal for someone who wants a property in a great location (three houses to the beach).  A new property on the market, 9935 Manatee Ave, a Bayfront condo on Palma Sola Bay Listed at $779,900 is a great water front property.  This 3 bedroom/3.5 bath with 3,908 square feet of A/C living has great bay views and a lift and second boat dock for the avid boater. 

3603 4th Ave 3 bed 2.5 bath with Elevator

3603 4th Ave. 3 bed 3 bath home with Elevator

To summarize the island market, sales in 2015 continue at record levels.  Again if you look at July 31, 2015 Y-T-D sales at 265 compared to July 31, 2014 Y-T-D sales at 234, a 13% increase, we continue to match or exceed the great sales years in 2012-2014 which had 431, 409 & 381 properties sold respectively.  We continue to be on track to again in 2015 have sales in the 400 range.  Single family sales remain strong with 27 currently under contract.  Single family sales, for the last three years, have been higher than the peak year of 2005.  There are currently 204 single family homes and condos for sale on the island with a total value of $217,837,648 with an average price of $1,067,832.  I have again attached some new charts this month.  One shows the historic sales price of residential (single family & condos) median sales price rising continually since 2010 which supports the 5-6% increase in prices per year.  Another is sales price to list price ratios.  You can see since 2010 residential property has been continually selling closer to the list price and  is currently at about 96% of the list price on average.  Another shows the historic count of active residential listings and you can see that since 2010 the inventory has been continually going down to its current low levels of under 300 properties.  All the trends continue to point to moderately rising prices and lower inventory levels.

I have also included in this month’s newsletter an article that advised buyers who are buying vacation home investment properties not to make these 5 mistakes.  One, not checking the local regulations on renting.  Two, not being picky about your management company.  Three, being thrown off by a furnished home.  Four, buying to please yourself.  Five, viewing it as a hobby.  I cover these points with buyers and especially buyers that are new to this kind of purchase.
THE GALLETTO TEAM of Island Real Estate, 6101 Marina Drive, Holmes Beach FL 34217.

Anna Maria Island, FL; Real Estate Newsletter May 2015 Alan GALLETTO TEAM

Fabulous rental 2/1 each side w/ 2 private pools!

1 1/2 blocks to beautiful AMI Beaches

Sales for April 2015 were down 9% over last year at 41 (SF-21, Con-15, Dup-1 & Lot-4) compared to April 2014 at 45 (SF-26, Con-14, Dup-3 & Lot-2). Sales for the last 12 months were 381 (SF- 217, Con-110, Dup-29 & Lot-25) down 13% over the previous 12 months at 436 (SF-257, Con-122, Dup- 32 & Lot-25).  Of the sales for the last 12 months distressed properties were 6% of the sales at 23 ( SF-12, Con-5, Dup-6 & Lot-0) compared to the previous 12 months where 8% or 37 ( SF-17, Con-11, Dup-8 & Lot-1) were distressed. Currently there are only 3 distressed properties or .1% of the inventory of 273 (SF- 144, Con-79, Dup-20 & Lot-30). They are comprised of one single family property, which is bank owned and two condos which are bank owned. Pended properties (properties under contract) continue to remain strong at 37 (SF-17, Con-13, Dup-2 & Lot-5) down from 43 last month and 53 the previous month but well above the average. Inventory on the island continues to remain below 300 at 273 (SF-144, Con-79, Dup-20 & Lot-30) from 270 last month, 279 the previous month and below 300 for the last twelve months.

Of Frank, Scott & Al’s Great Buy’s the duplex at 770 Jacaranda in Anna Maria listed at $499,000 that fell through last month is back under contract for cash no contingencies and will close June 26th . Again this month the property at 3603 4th Ave which was recently reduced to $919,900 continues to be a strong investment buy. This 3 bedroom/3 bath townhouse with elevator, pool and a roof top deck with awesome views of the gulf and inter-coastal and an excellent rental and a 10 ratio (purchase price/gross annual rental income). With the inventory continuing to be down to all-time lows there are not many of these exceptional investment buys. Check out the rest of the Great Buy’s attached.

A look at the Vacation – Second Home Market at the macro level, as again reported by The Wall Street Journal, notes that sales were at the highest level on record last year above its prerecession peak. Vacation home sales last year accounted for one-fifth of all homes sales and they said that should more or less rise over the next five to ten years as the income and number of vacation home buyers increase. The Real Estate association’s survey found that buyers last year had median household income of $94,380 up from $85,600 in 2013. The number of buyers is likely to grow in the years ahead as 76 million-plus baby boomers advance in age and buy vacation homes that eventually will become retirement homes. Meanwhile, the prospect of rising prices has spurred buyers to act sooner rather than later. Rates on 30 year, fixed-rate mortgages, which have hovered below 4% since November, are poised to rise latter this year as the Federal Reserve increases short term rates, according to the Wall Street Journal. In addition, tax deductions for vacation homes can vary greatly depending on how much you use it and whether you rent it out. Check with your accountant for your personal situation. The macro trend is up and so is the Anna Maria Market.

To summarize the island market, it looks like the strong sales activity we have had since 2012 is continuing and we are so far on track to end up the year with sales in the high 300’s or low 400’s. The fact that we had a low inventory (below 300) for most of 2014 and is continuing into 2015 bodes well for continuing the historical 5-6% equity increase in property. If you look at April 30, 2014 Y-T-D sales at 143 compared to April 30, 2015 Y-T-D sales of 143 we got another great start for the year. If you look at April 30 Y-T-D at sales over the last eleven years (2005-2015), sales for the first four months of 2015 at 143 have only been higher in 2005 at 160. As far as single family sales prices in the last 12 months, 23% of the total single family sales were under $500K, 65% were under $750K, 22% were between $750K and $1 million and 13% were over 1 Million. Of condo sales on the island in the last 12 months, 81% were under 500K, 96% were under 750K, 1% were between $750K and $1 million, and 3% were over $1 Million dollars. This continues to show single family sales to be the strongest part of the market on the island.

Call Realtors ALAN and Scott GALLETTO 941.232.2216 and 941-779-3313

Anna Maria Island, FL; Real Estate Newsletter January 2015 Alan Galletto

110 81 ST Ground Level Duplex on Anna Maria Island

West of Gulf Drive; 110 81 ST Ground Level Duplex on Anna Maria Island

Happy New Year– 2014 turned out to be another strong year. The last three years sales have been in the high 300’s and the low 400’s with appreciation in prices since 2010.

Sales in 2014 again were strong among all property types and showed average and median sales prices up again from 2013. December 2014 sales were 36 (SF-20, Con-15, Dup-0 & Lot-1) up 6% over December 2013 at 34 (SF-13, Con-10, Dup-6 & Lot-5). December 31, 2014 Y-T-D sales were 381 (SF-219, Con-106, Dup-34, Lot-22) down 7% over December 31, 2013 at 408 (SF-237, Con-120, Dup-26 & Lot-25). Of the 2014 sales only 6% or 22 (SF-10, Con-3, Dup-8 & Lot-1) were distressed properties (bank owned or short sales) compared to 9% or 38 (SF-16, Con-15, Dup-7 & Lot-0) in 2013. Inventory on the island continues to remain low at 284 (SF-152, Con-83, Dup-19 & Lot-30). The inventory last month was also 284 and for the last seven months the inventory has ranged between 263 and 321.

If you’re looking for some very good properties to buy check out Frank, Al & Scott’s Great Buys this month. The best investment buy in the whole inventory is still 3603 4 th Avenue. It has averaged $90K in gross annual rental income which makes it a 10.6 ratio (purchase price/Gross annual rental income) at list price. Check out the Cost of Ownership Analysis attached on 3603 4th Ave. in the full Newsletter on my web page.

Another property close to the beach (5 houses to the beach) is 110 81st St priced at $879K. It’s a duplex (3/2 & 2/1) which as is does about $60K in gross annual rentals. There is plenty of room for a pool in the front (with a pool it would do about $90K annually) which would make it a great 2nd home or a very good investment property.

One of the nicest new Gulf front condos currently for sale on the island is 108 36th St (Palm Gables). This unit was custom built, has been impeccably decorated with Robb & Stucki furniture and hand painted island murals and has never been a rental, although it can be rented weekly.

Check out the other great buys this month. To summarize the market, 2014 was as great a year for sales on the island as 2013. Even though sales for 2014 were a little below 2013 they still were at the highest levels since 2005. The one number that really jumps out at you is the number of single family homes sold in 2012 (245), 2013 (237) and 2014 (219). If you look at the Marketing Stats graph you can see that there were more single family sales in 2012, 2013 & 2014 than any other year ever. In the peak year of 2005 only (182), 2006 (74), 2007 (111), 2008 (121), 2009 (118), 2010 (187), 2011 (174), 2012 (245), 2013 (237) and 2014 (219). Distressed properties remain low and will continue to do so into the future. They are currently at 8 (SF-2, Con-6, Dup-0 & Lot-0) or 3% of the inventory. Pended properties (properties under contract) are about average at 25 (SF-15, Con-8, Dup-2 & Lot-0). The distribution of the sales in 2014 is also very healthy with 42% <$500K, 72% <750K, 17% between $750K and $1 million and 11% over $1 million. In 2010-2012 the sales over $1 million were only 2%-3% of the market. The average is 6%-7%, so the high end has really ramped up again in 2014 which is very good for the whole market. Looking at the charts you can see that single family and condo average & median sales prices for 2014 are up significantly over 2013 with single family average & median sales price up 5% & 12% respectively, condo average & median sales prices up 3% & 8% respectively and duplex average & median sales prices up 7% & 6% respectively over 2013. The bottom line is that the current market is as good as the island market has ever been.

Some local island news, Mary Ann Brockman as President of the Anna Maria Island Chamber of Commerce after 21 years. Frank hired her as the first employee for the chamber when there were only 50 members (now there are over 500) and I worked with her when I was President of the chamber for 4 years. She did a great job and we wish her a well-deserved retirement.

See www.AlanGalletto.com  NEWSLETTER for detailed charts and facts.