Anna Maria Island News

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.

Newsletter December 2014 Alan Galletto * Anna Maria Island, FL; Real Estate

 

Sales for November 2014 were below last year at 20 (SF-10, Con-8, Dup-1 & Lot-1) compared to November 2013 at 34 (SF-20, Con-10, Dup-2 & Lot-2).  Sales for November 30, 2014 Y-T-D were 343 (SF-199, Con-91, Dup-32 & Lot-21) down about 9% from November 30, 2013 Y-T-D at 374 (SF-224, Con-110, Dup-20 & Lot-20).  Sales for the last 12 months were 376 (SF-212, Con-101, Dup-37 & Lot-26) down 9% from sales for the previous 12 months at 412(SF-251, Con-119, Dup-21 & Lot-21).  Of the sales for the last 12 months distressed properties were only 5% of the sales at 22 ( SF-10, Con-4, Dup-7 & Lot-1) compared to the previous 12  months were 8% or 33 ( SF-16, Con-9, Dup-7 & Lot-0) were distressed.  Currently there are only 6 distressed properties (2 single family, 1 short sale & 1 bank owned and 4 condos, 1 short sale & 3 bank owned) or 2% of the inventory of only 284 (SF-153, Con-82, Dup-16 & Lot-33) for sale on the island.  Pended properties (properties under contract) are in the normal range at 31 (SF-21, Con-7, Dup-2 & Lot-1)Inventory on the island continues to stay pretty low and steady in the low 300’s over the last 10 months but this is the fourth month in a row that we have been under 300 properties for sale on the island  since 2005.

 

Frank, Larry’s & Al’s Great Buy’s for this month have not changed much from last month. Again I’d like to point out a couple very strong investment buys on the list.  The property at 3603 4th Ave (recently reduced to $959K) is a 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 history.  It does over $90K in gross annual rental income which makes it a 10 ratio (rental income covers all the operating costs and most of the mortgage with 20% down) and is ideal for someone who wants a property in a great location (three houses to the beach) and in move-in condition.  Another excellent rental income property is 103 75th Street a totally remodeled 4 bedroom/4 bath beach house one house to the beach with a pool.  This property has never been rented but would do around $100K in annual rental.  I have another fantastic new listing that just went into MLS.  It’s an elegantly stunning single family beach house 3,639 sq. ft. under A/C and 5,582 sq. ft. under roof only 4 houses from the beach on 3 platted lots.  The amenities are too numerous to list you must see it.  Call or email me if you want more information.  Check out the rest of the Great Buy’s.

 

To summarize the island market, again sales in 2014 looks like they will end up at record levels although just short of the 400 mark.  Again, single family sales remain strong with 199 sold Y-T-D a little under last year at this time.  The average price of single family sales for 2014 Year-To-Date is up 8% over last year at this time and median single family sales prices are up 17 % over last year.  Average condo sales prices for Y-T-D 2014 is up 9% over last year and median condo sales prices are up 8% over last year.  Average duplex sales are up 13% over last year and median duplex sales are up7% over last year.  The immediate future looks to continue this trend of rising prices at about the average 30 year rate of 7%-10% which is very healthy and sustainable.  The inventory continues to be down into the historical low range hitting below 300 at 284 for the fourth month in a row since 2005.  The inventory seems to be ticking up a little and that’s probably because the sales have ticked down a little.  We’ll see if this trend is going to continue or if sales will tick up from here.  In either case it doesn’t seem to be affecting average and median sales prices as of yet.  Single family homes continue to sell in record numbers well above the 2005 peak while condos sales are still well below the 2005 peak.  One reason for that is many duplexes have been torn down over the last six years and were converted to single family land condos which show up as single family sales.

Ask Alan Galletto-THE Realtor for real estate on Anna Maria Island, FL. 941.232.2216

Alan Galletto Anna Maria Island, FL. Real Estate Newsletter October 2014

2/2 listed at $659,000

616 Dundee Key Royale Canal front home

Sales for September 2014 were down 28% from last year at 27 (SF-7, Con-9, Dup-8 & Lot-3) compared to September 2013 at 37 (SF-22, Con-8, Dup-3 & Lot-4). Sales for September 30, 2014 Y-T-D were 293 (SF-169, Con-79, Dup-29 & Lot-16) down slightly from September 30, 2013 Y-T-D at 308 (SF-187, Con-89, Dup-16 & Lot-16). Sales for the last 12 months were 393 (SF-219, Con-110, Dup-39 & Lot-25) a little under sales for the previous 12 months at 410(SF-254, Con-110, Dup-23 & Lot-23). Of the sales for the last 12 months distressed properties were again only 8% of the sales at 33 ( SF-14, Con-9, Dup-9 & Lot-1) compared to the previous 12 months were also 8% or 32 ( SF-14, Con-12, Dup-6 & Lot-0) were distressed. Currently there are only 2 distressed properties (both condos 1 short sale & 1 bank owned) or .7% of the inventory of only 273 (SF-156, Con-69, Dup-15 & Lot-33) for sale on the island. Pended properties (properties under contract) are a little under the normal range at 29 (SF-17, Con-6, Dup-3 & Lot-3). Inventory on  island has stayed pretty low and steady at the low 300’s over the last 9 months but this is the second month in a row since 2003 that we have been under 300 properties for sale on  island.

Frank, Larry’s & Al’s Great Buy’s for this month have not changed much except the last Banyan Tree Estates lot at 108 Park Ave, with the large Banyan Tree on it, closed this month for $450,000. So the Banyan Tree Estates subdivision lots are all sold out. Again there are still a couple very strong investment buys on the list.

The property at 3603 4th Ave (recently reduced to $959K) is a 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 history. This property is a 10 ratio (rental income covers all the operating costs and most of the mortgage with 20% down) and is ideal for someone who wants a property in a great location (three houses to the beach) and in move-in condition.

Another excellent rental income property is 103 75th Street a totally remodeled,beach house one house to the beach. This property has never been rented but would do around $100K in annual rental.

If you’re looking for a conforming duplex lot then 306 Clark Drive fits the bill. It has an old duplex on it but tear it down and build two single family land condos…live in one and sell the other…sell them both….rent them both….many possibilities $474,900.  This property is very close to the beach in a quiet part of the island. Another duplex in a great location which was under contract and it fell through because the buyer could not get financing then it went back on the market and quickly went under contract again that’s 8106 Gulf Drive listed at $495,000.

I have two fantastic listings that will be in MLS within the next couple weeks so you’re the first to know about them. The first one is a single family 1,618 sq. ft. under A/C, 3,238 sq. ft. under roof beach cottage 5 houses from the beach on a 10,000 sq. ft. lot which will be listed at $979,000. 121 49th Street

The other is a duplex 1 house from the beach with 1,938 sq. ft. under A/C and 3,876 under roof with a 2BR/2bath on one side and a 1BR/2 bath on the other which will be listed at $799,000. Call or email me if you want more information before they are listed. Check out the rest of the Great Buy’s attached in the full version of the newsletter on my website.

To summarize the island market, again sales in 2014 continue at record levels and looks like they will hit over the 400 level again for only the 4th time. Again, single family sales remain strong with 162 sold Y-TD about equal with last year at this time. The average price of single family sales for 2014 Year-To-Date is up 10% over last year at this time and median single family sales prices are up 18 % over last year. Average condo sales prices for Y-T-D 2014 is up 14% over last year and median condo sales prices are up 10% over last year. The immediate future looks to continue this trend of rising prices at about an average 7%-10% rate which is very healthy. The inventory continues to be down into the historical low range hitting below 300 at 275 for the second time since 2003. If the inventory continues to remain low it will continue to put upward pressure on prices.

 

Call me, Realtor ALAN GALLETTO 941.232.2216 of Island Real Estate.

Newsletter September 2014 Alan Galletto * Anna Maria Island, FL; Real Estate

Conforming Duplex - Lot for sale Anna Maria Island

Conforming Duplex - Lot for sale Anna Maria Island

Sales for August 2014 were 6% ahead of last year at 32 (SF-17, Con-9, Dup-4 & Lot-2) compared to August 2013 at 30 (SF-21, Con-7, Dup-2 & Lot-0). Sales for August 31, 2014 Y-T-D were 266 (SF-162, Con-70, Dup-21 & Lot-13) about even with August 31, 2013 Y-T-D at 270 (SF-163, Con-81, Dup-14 & Lot-12). Sales for the last 12 months were 405 (SF-236, Con-109, Dup-34 & Lot-26) about even with the previous 12 months at 406(SF-243, Con-115, Dup-22 & Lot-26). Of the sales for the last 12 months distressed properties were again only 8% of the sales at 31 ( SF-13, Con-9, Dup-8 & Lot-1) compared to the previous 12 months were also 8% or 34 ( SF-15, Con-14, Dup-5 & Lot-0) were distressed. Currently there are only 6 distressed properties or 2% of the inventory of only 275 (SF-155, Con-71, Dup-18 & Lot-31) for sale on the island. Pended properties (properties under contract) are still down at the normal range of 32 (SF-13, Con-7, Dup-7 & Lot-5) even with 31 last month. Inventory on the island has stayed pretty low and steady at the low 300’s over the last 9 months but this is the first time since 2003 – 2005 that we have been under 300 properties for sale.

3603 4th Ave roof top view of the Gulf Anna Maria Island

3603 4th Ave roof top view of the Gulf Anna Maria Island

Frank, Larry’s & Al’s Great Buy’s for this month have not changed much except the last Banyan Tree Estates lot went under contract last month, 108 Park Ave. This is the lot with the large Banyan Tree on it. The lot at 106 Beach closed today at $625,000 so Banyan Tree Estates are all sold out. There are still
a couple very strong investment buys on the list. The property at 3603 4th Ave (recently reduced to $949 K) is a 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. This property is a 10 ratio (rental income covers all the operating costs and most of the mortgage with 20% down) and is ideal for someone who wants a property in a great location (three houses to the beach) and in move-in condition. Another excellent rental income property is 110 81st St a totally remodeled, rental duplex, 4 lots from the beach. This property, without a pool does over $60K in gross annual rental income. If you added a pool you would get $80K-$90K in gross annual rental income. If you’re looking for a conforming duplex lot then 306 Clark Drive fits the bill. It has an old duplex on it but tear it down and build two single family land condos…live in one and sell the other. This property is very close to the beach in a quiet part of the island. Another duplex in a great location which was
under contract is now back on the market because the buyer could not get financing he wanted and that’s 8106 Gulf Drive on the market for $495,000. Check out the rest of the Great Buy’s attached.

To summarize the island market, again sales in 2014 continue at record levels and looks like they will hit over the 400 level again for only the 4th time. Again if you look at August 31, 2014 Y-T-D sales at 266 compared to August 31, 2013 Y-T-D sales at 270, we have gotten another great jump on what looks to be another year of 400+ properties sold. Again, single family sales remain strong with 162 sold Y-T-D about equal with last year at this time. The average price of single family sales for 2014 Year-To-Date is up 19% over last year at this time and median single family sales prices are up 17% over last year. Average condo sales prices for Y-T-D 2014 is up 7% over last year and median condo sales prices are up 20% over last year. Both these sales price increases over the past year bodes well for the market. Prices of all types of properties continue to rise at a healthy clip. The immediate future looks to continue this trend of rising prices at about an average 7%-10% rate which is very healthy. The inventory continues to be down into the historical low range hitting below 300 at 275 for the first time since 2005. If the inventory continues to remain low it will continue to put upward pressure on prices.

Ask Alan Galletto-THE Realtor for real estate on Anna Maria Island, FL. 941.232.2216

Happy Fall everyone!

Newsletter January 2014 Alan Galletto * Anna Maria Island, FL; Real Estate

6923 Holmes Blvd ANNA MARIA Island FL for sale

6923 Holmes Blvd ANNA MARIA Island FL for sale

Happy New Year- 2013 turned out to be one of only 4 years in the past 11 years where sales 

exceeded 400 and was just as good a year as 2012 with sales of property on the island at 427 just behind
2012 which were 431.
Sales in 2013 were strong among all property types and showed average and median sales prices
significantly up from 2012. December 2013 sales were 34 (SF-13, Con-10, Dup-6 & Lot-5) down 10%
over December 2012 at 38 (SF-27, Con-9, Dup-1 & Lot-1). December 31, 2013 Y-T-D sales were 427 (SF-
237, Con-138, Dup-27, Lot-25) down 1% over December 31, 2012 at 431 (SF-245, Con-126, Dup-27 &
Lot-33). Of the 2013 sales only 9% or 39 (SF-16, Con-16, Dup-7 & Lot-0) were distressed properties
(bank owned or short sales) compared to 13% or 56 (SF-25, Con-27, Dup-4 & Lot-0) in 2012. Inventory on
the island continues to remain low at 311 (SF-167, Con-95, Dup-26 & Lot-23). The inventory last month
was 321 and for the last six months the inventory has ranged between 263 and 321.

If you’re looking for some very good properties to buy check out Frank, Larry’s & Al’s Great Buys
this month.

2916 Ave E Renovated and Redecorated Close to Anna Maria beach

2916 Ave E Renovated and Redecorated Close to Anna Maria beach

Again the best investment buy in the whole inventory is still 2916 Avenue E. It has averaged 
$60K in gross annual rental income for the past five years and did $66,778 in 2012 which makes it a 9.4 ratio (purchase price/Gross annual rental income) at list price. No other  property has that low a ratio which is why it’s the best investment property currently for sale on the island. Check out the Cost of Ownership Analysis attached.

 

Another property close to the beach (2 blocks to the beach) is 6923 Holmes Blvd priced at $369K (Click on first picture of the blog for details). There is plenty of room for a pool 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.
The strong Canadian dollar and the attractive real estate prices in south Florida have pushed Canadian snowbirds to south Florida in large numbers because of a perfect storm. Canadian baby boomers can find great real estate deals in Florida and the strong dollar buys more in the U.S. then it could in recent years (Source: Ft. Lauderdale Sun Sentinel). We have been seeing more Canadians come into the Island market in the last year than any time since most Canadians who owned property here sold out in the 1990’s when the U.S. dollar was very strong against the Canadian dollar. Keep on coming….Ah.
To summarize the market, 2013 was as great a year for sales on the island as 2012. Both years were the
first time, since the MLS has been recording sales except for 2005 & 2004, where sales were over 400
properties ( 2013-427, 2012-431, 2004-435 and 2005-438). The one number that really jumps out at you is the number of single family homes sold in 2012 (244) and 2013 (237). If you look at the Marketing Stats graph you can see that there were more single family sales in 2012 & 2013 than any other year ever. In the peak year of 2005 only 182 , 2006 – 74, 2007 – 111, 2008 – 121, 2009 – 118, 2010 – 187, 2011 – 175, 2012 – 245 and 2013 – 237. Distressed properties remain low and will continue to do so into the future. They are currently at 5 (SF-1, Con-3, Dup-1 & Lot-0) 2% of the inventory. Pended properties (properties under contract) are above average at 41 (SF-18, Con-11, Dup-8 & Lot-4). The distribution of the sales in 2013 is also very healthy with 52% <$500K, 80% <750K, 10% between $750K and $1 million and 10% 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 in 2013 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 2013 are up significantly over 2012. The bottom
line is that the current market is as good as the island market has ever been.

January 1 – December 31 ’2013 Real Estate SALES ON ANNA MARIA ISLAND FL

Ask Alan Galletto-THE Realtor for real estate on Anna Maria Island, FL. 941.232.2216

Real Estate Newsletter November 2013 ALan Galletto Anna Maria Island, FL.

3603 4th Ave Holmes Beach FL 34217 FOR SALE

3603 4th Ave Holmes Beach FL 34217 FOR SALE

            Sales for October 2013 were 32 (SF-17, Con-11, Dup-2 & Lot-2) about even with October of 2012 at 33 (SF-18, Con-8, Dup-2 & Lot-5).  Sales for October 31, 2013 Y-T-D were 341 (SF-204, Con-100, Dup-19 & Lot-18) compared to October 31, 2012 Y-T-D at 362 (SF-196, Con-113, Dup-22 & Lot-31) still down only 6% from a banner sales year.  Based on where we are in the year and the healthy pending sales activity it looks like we will again go over 400 sales for 2013.  Sales for the last 12 months were 410 (SF-253, Con-113, Dup-24 & Lot-20) which included 35 distressed properties (SF-14, Con-14, Dup-7 & Lot-0) still only 8% of the sales.  Inventory on the island continues to be at an historic low due to the strong sales activity and is currently at 279 (SF-137, Con-95, Dup-27 & Lot-20).  Pended properties (properties under contract) continue to remain strong at 62 (SF-28, Con-12, Dup-12 & Lot-10) which continues to bode well for strong sales over the next few months.  Distressed properties (short sales & bank owned) remain at 2% of the inventory at 7 (SF-2, Con-3, Dup-2 & Lot-0). 

            For the tenth month in a row, sales for 2013 continue to show an increase in average and median prices in all types of properties as well as increased activity in the higher price ranges.  Of the sales for 2013 Y-T-D 50% of the sales were under $500K compared to 52% last month, 30% were between $500K and $750K compared to 31% last month, 11% were between $750K and $1 million compared to 10% last month and 9% were over $1 million compared to 7% last month.  As I mentioned in last month’s newsletter, in the last couple years although sales activity was at record levels only 2%-3% were over $1 million.  You can see that this year the number of sales over $1 million has more than tripled to 9%.  That percentage is going to go up by the end of the year with quite a few high end properties closing in December.  The three Gulf Front lots in Banyan Tree Estates listed at $2,690,000 are under contract and will close in December.  The condo at 3716 Gulf Drive Unit A listed at $2,999,900 is under contract and will close in December and 95 52nd St listed at $3,250,000 is under contract and due to close in December.  There are also three other pended properties over one Million due to close in December.  These sales will drive the percent of over $1 million properties sold to over 10%.

This month Frank, Larry & Al’s Great Buys remain the same from last month.  Although none of the West of Gulf Drive properties has sold since last month they have gotten quite a few showings.  Both 3603 4thAve and 117 Peppertree Ave 

117 Peppertree Lane Anna MAria FL For SALE

117 Peppertree Lane Anna MAria FL For SALE

are due for offers.  The Palm Gable gulf fronts have also been getting more showing over the last month.  The property at 2916 Ave E continues to get a large number of showings and is just waiting for an investor to scoop it up.  These are all properties with great locations.

Distressed properties on the island continue to be almost nonexistent standing currently at 7 (2 single families, 3 condos and 2 duplexes).  Even on the mainland in Bradenton the number of distressed properties is fairly small.  At its peak, the number of distressed properties in Bradenton were 60%-70% of the property for sale.  Currently they stand at 20% of the properties for sale in Bradenton ( 276 out of 1,363 for sale).  When dealing with Bank Owned properties I always recommend that my buyer be represented by an attorney because the banks make no warranty’s and in many cases require you to use their contracts and forms.  At the end of this newsletter is a list of 15 issues to consider when buying Bank Owned property which was published by the Berlin-Patten, PLLC Law Firm.  If you are looking at Bank Owned property these will be helpful.

In summary, last year at this time I was saying sales for 2012 would be over 400 for the first time since 2005 and we ended the year at 430.  Here we are again with only two months left in the year and we again are poised to record sales for 2013 over 400.  If we only match sales for November and December last year at 68 we will end 2013 with sales at 409.   

 

 

For detailed charts see the entire newsletter on my web site; www.Alangalletto.com

Anna Maria Island, FL; Real Estate Newsletter October 2013 Alan Galletto

Anna Maria Gulf Drive Commercial Lots

Commercial opportunity in Anna Maria City

           Sales for September 2013 were 39 (SF-24, Con-8, Dup-3 & Lot-4) up 15% over September of 2012 at 34 (SF-13, Con-13, Dup-1 & Lot-7).  Sales for September 30, 2013 Y-T-D were 309 (SF-187, Con-89, Dup-17 & Lot-16) compared to September 30, 2012 Y-T-D at 328 (SF-178, Con-105, Dup-19 & Lot-26) down only 6% from a banner sales year.  Based on where we are in the year and the healthy sales activity I think we will again go over 400 sales for 2013.  Sales for the last 12 months were 411 (SF-254, Con-110, Dup-24 & Lot-23) which included 33 distressed properties (SF-14, Con-12, Dup-6 & Lot-0) only 8% of the sales.  Inventory on the island continues to shrink due to the strong sales activity and is currently at 263 (SF-131, Con-90, Dup-22 & Lot-20).  Pended properties (properties under contract) remain strong at 56 (SF-27, Con-13, Dup-7 & Lot-9) which bodes well for strong sales over the next few months.  Distressed properties (short sales & bank owned) are 2% of the inventory at 6 (SF-2, Con-4, Dup-0 & Lot-0).  

        The sales for 2013 continue to show an increase in average and median prices in all types of properties as well as more activity in the higher price ranges.  Of the sales for 2013 Y-T-D 52% of the sales were under $500K, 31% were between $500K and $750K, 10% were between $750K and $1 million and 7% were over $1 million.  In the last couple years although sales activity was at record levels only 2%-3% were over $1 million.  You can see that this year the number of sales over $1 million has more than doubled to $7%.  Another interesting figure is the number of showings per price range and I’ve attached a chart which shows the number of showings for Island Real Estate listings this year by price range.  It shows, by price range, the total number of showings, the percentage of the total showings and the weekly and monthly average.  Since Island Real Estate has about 25% of the listings on the island it’s a good reflection of the market.  You can see the percentage of showings per price range follow pretty closely the sales by price range noted above.  So far in 2013 Y-T-D, under $500K had 49% of the showings and 52% of the sales, $500K-$750K had 29% of the showings and 31% of the sales, $750K-$1 million had 13% of the showings and 10% of the sales and over $1 million had 9% of the showings and 7% of the sales. 

            This month, Frank, Larry & Al’s Great Buys haven’t changed from the September Newsletter.  Check them out again.  There are some great direct gulf front condos, a couple building lots close to the beach and the best investment buy on the island, 2916 Avenue E which just had a makeover, still available.  The three direct gulf front lots in Banyan Tree Estates listed at $2,650,000 each are under contract and will close by the end of the year.

In summary September 30, 2013 Year–to-Date sales has closed the gap to within 6% of the 2012 sales for the same period.  As mentioned last month 2012 sales of 430 was the only year sales were above 400 since MLS records have been kept except for 2004 at 434 and 2005 at 438.  As you can see, sales for 2013 are very healthy as compared to the peak years.  The inventory absorption chart reflects the continued low inventory of properties for sale on the island and we continue to have only about 7 months of inventory based on current sales rates.  Single family sales also continue to be at their highest levels ever even compared to the peak years of 2003-2005.  Distressed properties also remain almost non-existent currently at 6 properties.  Distressed properties sold so far in 2013 were only 7% of sales compared to the same period in 2012 when they were 13% of sales.  The days of picking up distressed properties on the island are long gone.  The good buys now are value buys, that is property in good locations that if already not remodeled have the capability to be remodel and still be sold for a profit.  The good locations continue to be direct gulf front, west of gulf drive and on water in that order.  The bottom line is the island market is as good as it has ever been and continues to trend in that direction.

For detailed charts see the entire newsletter on my web site; www.Alangalletto.com

Anna Maria Island homes for sale; July 2013 newsletter

308 55th St  Love this Master Bath!

Love this Master Bath! Anna Maria Island

                           JULY NEWSLETTER 2013 

            Sales for June 2013 at 43 (SF-22, Con-18, Dup-2 & Lot-1) was the first month this year we were above the same month last year of June 2012 at 36 (SF-23, Con-9, Dup-2 & Lot-2) up 20%.  As I mentioned last month I felt, although sales for last year were one of the highest in the last 30 years, that even though we were lagging behind we would begin to catch up and that is the case. Sales for June 30, 2013 Y-T-D were 194 (SF-110, Con-63, Dup-11 & Lot-10) compared to June 30, 2012 at 228 (SF-133, Con-67, Dup-14 & Lot-14) only 15% below last year’s record pace.  Sales for the last 12 months at 397 (SF-222, Con-122, Dup-24 & Lot-29) were 11% above the previous 12 months at 374 (SF-218, Con-108, Dup-22 & Lot-26).  Of the sales for the last 12 months the distressed properties (bank owned or short sales) were 42 (SF-20, Con-17, Dup-5 & Lot-0) only 11% of sales compared to the previous 12 month at 50 (SF-18, Con-26, Dup-4 & Lot-2) or 13% of the sales.  Inventory on the island continues to remain low at 291 (SF-131, Con-94, Dup-22 & Lot-44) about the same as June at 287 and down from 321 in May, 344 in April, 351 in March and 366 in February.  Currently there are only 8 (SF-1, Con-6, Dup-1 & Lot-0) distressed properties or 2% of the current inventory.  Pended properties (properties under contract) remain strong at 64 (SF-44, Con-9, Dup-9 & Lot-2) compared to 84 in June, 73 in May and 67 in April. 

            This month’s Frank, Larry & Al’s Great Buy’s haven’t changed much from last month except that 109 Cedar went under contract on 7-15-2013 with an expected closing on 8-30-2013.  Replacing it this month is 771 Jacaranda Rd listed at $745,900 it’s a 3 bedroom/2bath elevated pool home within steps to the beach.  This would be a very good investment property or a great second home.  At the expense of being redundant 2916 Avenue E is still the best investment buy on the island.  Listed at $629,000 and four houses to the beach this property has consistently brought in $65,000 a year and with 20% down and a 30 year mortgage at 5% it pays all the operating cost and just about all the mortgage.  This is ideal for an investor who wants to have an investment property for 8-10 years in a great location and then tear it down or remodel it to live in.  Check out all of the great properties on the list.

In summary June 30, 2013 Y-T-D sales are still behind last year, which was a peak year, but by only 15% compared to last month where we were lagging 2012 Y-T-D by 22%.  June 2013 sales, which were up 20% over 2012, allowed us to close that gap.  Inventory on the island remains at historic lows and as you can see from the inventory absorption chart it is at 2005 levels with only 7 months of inventory available.  If you look at the Market Stats chart you can see that single family home transactions in 2012 and 2013 are higher than they have ever been including the peak year of 2005.  Some of that has to do with conforming duplex’s being torn down and new single family home land condos built in their place.  That is also reflected in the low duplex inventory with only 22 currently for sale or 8% of the current inventory.  You can see from the charts that average and median single family sales prices are the highest they have been since 2008 and duplex average and median sales prices are the highest they have been since 2007.  While pended properties are still high at 64, there are quite a few distressed properties (13) in that number which is 20% of the current pended properties.  Of the 13 distressed pended properties 8 are short sales and 5 are bank owned.  That takes quite a few distressed properties out of the market which is why there are only 8 or 2% in the current inventory.  In the macro market median prices on single family homes in Manatee County are up 11% from a year ago and median prices on condos in Manatee County are up 19% from a year ago.  Increase in prices on the mainland continues to bode well for the island market since the island market prices tends to increase at a much higher rate.

Alan Galletto 941-232-2216

Alan@AlanGalletto.com

ALAN GALLETTO, Anna Maria Island FL. Realtor; Real Estate Newsletter June 2013

95 52nd Yellow house On the beach in Holmes Beach

Anna Maria House for sale ON the beach

JUNE NEWSLETTER 2013

            Sales for May 2013 at 35 (SF-24, Con-7, Dup-3 & Lot-1) were well under May 2012 at 53 (SF-31, Con-16, Dup-3 & Lot-3).  Of course, sales in May 2012 were the highest sales in any month since 2004.  Sales for May 31, Y-T-D were 151 (SF-88, Con-45, Dup-9 & Lot-9) compared to May 31, Y-T-D at 192 (SF-110, Con-58, Dup-12 & Lot-12).  Sales for the last 12 months at 390 (SF-223, Con-113, Dup-24 & Lot-30) were up 10% over sales for the previous 12 months at 370 (SF-209, Con-114, Dup-21 & Lot-26).  Of the sales for the last 12 months the distressed properties (bank owned or short sales) were 41 (SF-19, Con-17, Dup-5 & Lot-0) only 10% of sales compared to the previous 12 months at 54 (SF-18, Con-29, Dup-5 & Lot-2) or 15% of the sales.  Currently there are only 6 (SF-1, Con-4, Dup-1 & Lot-0) distressed properties or 2% of the inventory.  Pended properties, (properties under contract) continue to grow each month and is currently at 84 (SF-39, Con-18, Dup-11 & Lot-16) up from 73 in April, 67 in March and 51 in February.  This continues to bode well for future sales this year.  Inventory on the island is at its lowest level since 2003, 2004 & 2005.  It currently is at 287 (SF-138, Con-90, Dup-25 & Lot-34) down from 321 in May, 344 in April, 351 in March and 366 in February. 

            This month’s Frank, Larry & Al’s Great Buy’s haven’t changed from last month.  I mentioned last month that 7314 Gulf Drive (LCC #7) went under contract and it closed at the end of the month for $982,000 (it was listed at $999,900).  The best investment buy on the whole island continues to be 2916 Avenue E at $629,000.  It has consistently done about $65K in gross annual rentals and pays all operating cost and just about all the mortgage with 20% down.  There is not another property for sale on the island that can do the same.  Frank and I have always advised buyers to buy the best location for the amount of money they want to spend because you can always improve the improvement but you can’t improve the location.  It’s the location (or dirt) that increases in value but the improvement goes down in value unless you put more money into it.  The good news is the land is 2/3rds to 3/4rs of your investment on the island or any waterfront property.  With the inventory the lowest it’s been since 2003-2005 the good properties are few and we’re seeing a lot of multiple offers on those properties.  Other than direct gulf front the best locations for investment property are west of gulf drive.  Currently there are only 17 properties west of gulf drive.  Eleven of them are greater than $ 1 million, three are $800K – $1 million and only three are less than $800K.  You can see there are not very many great locations currently for sale.

In summary May 31, 2013 Y-T-D is still lagging behind the 2012 banner year but pended properties remain very high and that tells me demand is still very high.  The fact that the inventory is at historic lows could slow sales volume because there won’t be enough on the market to satisfy demand.  If you look at the inventory absorption chart you can see that in 2005 the inventory level dropped to 6-7 months of inventory based on the demand.  You can see that we are currently at 7 months of inventory based on current demand which is the lowest it’s been since 2005.  To give you an idea of the demand in this market a week ago a 2 bedroom, 1,100 sq ft, 1980’s interior, one level up home went on the market for $450K in the city of Anna Maria 5 blocks from the beach.  In 5 days it had 6 offers and went under contract.  As I mentioned in last month’s newsletter, the market has swung to a seller’s market.  Sales in single family homes in 2012 were the highest ever recorded in MLS in the last 30 years and they continue to be robust in 2013.  The macro market (Manatee and Sarasota Counties) has begun to turn around as well according to the Herald-Tribune “Taxable values also increased in every local city except Palmetto.  The largest increase was 9% in Anna Maria, followed by 6% in Holmes Beach, 5% in North Port and 4% in the city of Sarasota”.  Because the island is always well ahead of values on the mainland market the increase in mainland market values bodes well for the future values on the island.

See www.Alangalletto.com for detailed charts and facts.

Call me, Realtor ALAN GALLETTO 941.232.2216 of Island Real Estate.