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Real Estate Newsletter November 2014 Alan Galletto Anna Maria Island, FL.
Dec 5th
103 75th St 4 bed 4 bath home for sale 34217
Sales for October 2014 were even with last year at 32 (SF-20, Con-4, Dup-4 & Lot-4) compared to September 2013 at 32 (SF-17, Con-11, Dup-2 & Lot-2). Sales for October 31, 2014 Y-T-D were 325 (SF-189, Con-83, Dup-33 & Lot-20) down slightly from October 31, 2013 Y-T-D at 341 (SF-204, Con-100, Dup-19 & Lot-18). Sales for the last 12 months were 393 (SF-222, Con-103, Dup-41 & Lot-27) a little under sales for the previous 12 months at 410(SF-253, Con-113, Dup-24 & Lot-20). Of the sales for the last 12 months distressed properties were only 7.6% of the sales at 30 ( SF-14, Con-7, Dup-8 & Lot-1) compared to the previous 12 months were 8.5% or 35 ( SF-14, Con-14, Dup-7 & Lot-0) were distressed. Currently there are only 8 distressed properties (3 single family, 1 short sale & 2 bank owned and 5 condos, 1 short sale & 4 bank owned) or 2% of the inventory of only 276 (SF-150, Con-75, Dup-18 & Lot-33) for sale on the island. Pended properties (properties under contract) are in the normal range at 32 (SF-18, Con-11, Dup-1 & Lot-2). Inventory on the island has stayed pretty low and steady at the low 300’s over the last 9 months but this is the third month in a row since 2003 that we have been under 300 properties for sale on the island.
Frank, Larry’s & Al’s Great Buy’s for this month have not changed much except another property from last month went under contract. The property at 306 Clark on a conforming duplex lot went under contract and is due to close on 12/30/14. Also 8106 Gulf Dr. a duplex that quickly went under contract last month closed this month for the list price of $495,000. 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. 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.
103 75th St
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 two fantastic new listings that just went into MLS. The first one is a single family 2,080 sq. ft. under A/C and 3,238 sq. ft. under roof beach cottage at 121 49th St. 5 houses from the beach on a 10,000 sq. ft. conforming duplex lot which is listed at $979,000. The other is a duplex at 110 81st St. 5 houses from the beach with 2,365 sq. ft. under A/C and 3,077 under roof with a 3BR/2bath on one side and a 2BR/1 bath on the other which will be listed at $879,900. It doesn’t have a pool but it does about $60K in gross annual income and with a pool would do about $90K. 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 continue at record levels and it continues to look like they will hit over the 400 level again for only the 3rd time since 2004 & 2005. Again, single family sales remain strong with 189 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 9% 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 12% over last year and median condo sales prices are up 8% 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. The inventory continues to be down into the historical low range hitting below 300 at 276 for the second time since 2003. If the inventory continues to remain low it will continue to put upward pressure on prices.
For detailed charts see the entire newsletter on my web site; www.Alangalletto.com
Anna Maria Island, FL; Real Estate Newsletter April 2014 Alan Galletto
May 9th
211 65th 3br/2.5ba 3 blocks to beach GREAT rental or HOME
This will be an abbreviated newsletter since it’s so close to May and I want to get out the first quarter sales for 2014 as compared to 2013.
Sales for March 2014 continue its pace at 36 ( SF-22, Con-9, Dup-3 & Lot-2) compared to March 2013 at 29 ( SF-21, Con-3, Dup-2 & Lot-3). Sales for March 31, 2014 Y-T-D were 97 (SF-58, Con-26, Dup-8 & Lot-5) versus March 31, 2013 Y-T-D at 72 (SF-41, Con-23, Dup-2 & Lot-6). Sales for the last 12 months were 434 ( SF-254, Con-123, Dup-33 & Lot-24) up 6% over the previous 12 months at 407( SF-231, Con-117, Dup-25 & Lot-34). Of the sales for the last 12 months distressed properties were only 9% of the sales at 39 ( SF-18, Con-10, Dup-10 & Lot-1) compared to the previous 12 months where 10% or 41 ( SF-19, Con-19, Dup-3 & Lot-0) were distressed. Currently there are only 2 distressed properties or .5% of the inventory of 314 (SF-182, Con-85, Dup-21 & Lot-26). They are comprised of 1 condo which is a short sales and 1 duplex which is a short sale. Pended properties (properties under contract) continue to be strong at 49 (SF-30, Con-10, Dup-5 & Lot-4) down from 52 last month and well above the average. Inventory on the island has dropped this month to 314 from 342 last month and 327 the previous month.
Another one of Frank, Larry & Al’s Great Buy’s closed since the last newsletter. The best buy on the island (2916 Ave E.) which was under contract but fell through because the buyer didn’t have good enough credit to get financing, went right back under contract and closed this month for $605,000. There are still a couple very strong investment buys. 3603 4th Ave 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 ideal for someone who wants a property in a great location (three houses to the beach) and in move-in condition. 117 Peppertree Lane is another property in a great location (west of Gulf Drive), 4 bedroom/2 bath, 2-car garage, pool and lushly landscaped grounds, very good rental. Check out the rest of the Great Buy’s attached.
To summarize the island market, if you remember this time last year sales started off at a much slower pace than 2012 but it picked up in mid year and ended up just about equaling at 428 the 2012 sales which were 430 for the year. This year’s sales pace for the first 3 months of 2014 are more like the 2012 sales for the same period. If you look at March 31, 2014 Y-T-D sales at 97 compared to March 31, 2013 Y-T-D sales at 72 we got a great jump on the year. If you look at March 31, Y-T-D sales over the last ten years (2005-2014) only 2005 (438 properties sold) and 2012 (430 properties sold) had higher March 31, Y-T-D sales. Again, single family sales remain extremely strong with a record 58 sold in Jan, Feb & Mar of 2014 compared to the next highest year 2012 with 55 and the next highest year the peak year of 2005 at 48. Over the past two years single family sales have been higher than any time in the last 30 years with 247 in 2012 and 257 in 2013 compared to the peak year of 2005 with 182.
Alan Galletto Anna Maria Island, FL. Real Estate Newsletter February 2014
Mar 9th
117 Peppertree. This larger than appears cottage sits West of Gulf Drive! 4br/2ba
Sales for January 2014 got off to a fast start at 35 ( SF-22, Con-10, Dup-3 & Lot-0) compared to January 2013 at 18 ( SF-8, Con-8, Dup-0 & Lot-2) . Sales for the last 12 months were 417 ( SF-251, Con-123, Dup-30 & Lot-13) up 2% over the previous 12 months at 408 ( SF-240, Con-122, Dup-25 & Lot-21). Of the sales for the last 12 months distressed properties were only 9% of the sales at 39 ( SF-18, Con-13, Dup-7 & Lot-1) compared to the previous 12 months where 11% or 46 ( SF-23, Con-19, Dup-4 & Lot-0) were distressed. Currently there are only 5 distressed properties or 2% of the inventory of 327 (SF-177, Con-97, Dup-26 & Lot-27). They comprise one single family is a short sale, 3 condos are short sales and 1 duplex is bank owned. Pended properties (properties under contract) continue to be strong at 49 (SF-23, Con-10, Dup-11 & Lot-5) up from 41 last month and well above the average. Inventory on the island has ticked up a little this month to 327 from 311 last month but for the last six months has ranged between 262 and 327.
Another one of Frank, Larry & Al’s Great Buy’s went under contract since the last newsletter. The single family property(best investment buy) at 2916 Ave E listed at $629,000 went under contract and is scheduled to close on May 1, 2014. There are still a couple very strong investment buys. 3603 4th Ave 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 ideal for someone who wants a property in a great location (three houses to the beach) and in move-in condition. 117 Peppertree Lane is another property in a great location (west of Gulf Drive), 4 bedroom/2 bath, 2-car garage, pool and lushly landscaped grounds, very good rental. Check out the rest of the Great Buy’s attached.
To summarize the island market, although we only have sales for one month of 2014, it looks like the strong sales activity we have had over the last couple years will continue. The amount of people who are looking at property is as strong as I’ve seen it in the last 20 years. That’s the prime reason that the inventory has been at the low levels they have been over the past year. Another reason is, outside of the stock market, there isn’t anywhere else to put your money that’s relatively safe other than real estate. If you look at January 2013 sales at 18 compared to January 2014 sales of 35 we got a great start for the year. If you look at January sales over the last ten years (2005-2014) January sales have never been higher. Single family sales over the last two years continue to remain the highest in the last 30 years with 251 single families sold in the last 12 months and 240 for the previous 12 months. Single family and condo sales historically make up 2/3rds of the total sales on the island with sales of each being about even and duplex’s and lots make up the other third. Over the last 12 months single family and condo sales accounted for 90% of the total sales and single families were 60% of the total and condos 30% of the total. As far as sales prices go in the last 12 months, 33% of the total single family sales were under $500K, 70% were under $750K, 16% were between $750K and $1 million and 14% were over 1 Million. Of condo sales on the island in the last 12 months, 85% were under 500K, 95% were under 750K, 3% were between $750K and $1 million, and 2% were over $1 Million dollars. This shows single family sales continue to be the strongest part of the market on the island.
At the beginning of every year I analyze where the previous year’s sales have come from. In 2013 I sold over $30 Million in Real Estate and the breakdown of where the buyers and listers came from didn’t surprise me. The internet accounted for 36% of them, 32% came from previous customers (repeat customers), 12% came from referrals from previous customers and 8% came from rental customers. So 44% came from previous customers or referrals from previous customers, 36% from the internet and 8% from our rental customers. Thank you all for your help and keep those referrals coming.
Newsletter January 2014 Alan Galletto * Anna Maria Island, FL; Real Estate
Feb 5th
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
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 for sale * Newsletter * September 2013 Anna Maria Island FL.
Sep 19th
A must see to believe, imported tile, sinks SO much to see
Sales for August 2013 at 31 (SF-21, Con-7, Dup-2 & Lot-1) was just below the same month last year of August 2012 at 37 (SF-19, Con-11, Dup-3 & Lot-4) up 20%. As I mentioned in the July Newsletter 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 August 31, 2013 Y-T-D were 270 (SF-163, Con-81, Dup-14 & Lot-12) compared to August 31, 2012 at 295 (SF-165, Con-92, Dup-19 & Lot-19) only 9% below last year’s record pace. Sales for the last 12 months at 406 (SF-243, Con-115, Dup-22 & Lot-26) were 5% above the previous 12 months at 389 (SF-220, Con-118, Dup-27 & Lot-24). Of the sales for the last 12 months the distressed properties (bank owned or short sales) were 34 (SF-15, Con-14, Dup-5 & Lot-0) only 8% of sales compared to the previous 12 month at 56 (SF-22, Con-26, Dup-6 & Lot-2) or 14% of the sales. Inventory on the island continues to remain low at 270 (SF-132, Con-89, Dup-25 & Lot-24) down from July at 283 and from 289 in June, 321 in May, 344 in April and 351 in March. Currently there are only 6 (SF-3, Con-3, Dup-0 & Lot-0) distressed properties or 2% of the current inventory. Pended properties (properties under contract) remain strong at 61 (SF-33, Con-10, Dup-10 & Lot-8) compared to 69 in July and 64 in June.
This month’s Frank, Larry & Al’s Great Buy’s has some changes from July. The Gulf front lot in Banyan Tree Estates listed at $2,650,000 was put under contract along with the two other Gulf front lots. Yes, all three Direct Gulf Front lots listed at $2,650,000 were put under contract in August! Another good buy just came on the market this month. 117 Peppertree Ave is a 4 bedroom/2 bath beach cottage with a pool and waterfall west of gulf drive just steps to the beach. It’s listed at $899,000 and is an excellent rental. If you’re looking for a lot to build your beach home there are 2 great lots left in Banyan Tree Estates, 106 Park Ave listed at $599,000 and 106 Beach Ave listed at $649,000. They are both three houses to the beach and are in one of the best locations on the island. Again, this month don’t forget the best investment buy on the island at 2916 Ave E listed at $629,000. Put 20% down and with a 30 year mortgage at 5% the rental income pays all the operating costs and just about all the mortgage. Check out the detail and give me a call with questions. BUT it will be updated painted and refreshed this week so look again, for the first time beginning of October!Sales for August 2013 at 31 (SF-21, Con-7, Dup-2 & Lot-1) was just below the same month last year of August 2012 at 37 (SF-19, Con-11, Dup-3 & Lot-4) up 20%. As I mentioned in the July Newsletter 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 August 31, 2013 Y-T-D were 270 (SF-163, Con-81, Dup-14 & Lot-12) compared to August 31, 2012 at 295 (SF-165, Con-92, Dup-19 & Lot-19) only 9% below last year’s record pace. Sales for the last 12 months at 406 (SF-243, Con-115, Dup-22 & Lot-26) were 5% above the previous 12 months at 389 (SF-220, Con-118, Dup-27 & Lot-24). Of the sales for the last 12 months the distressed properties (bank owned or short sales) were 34 (SF-15, Con-14, Dup-5 & Lot-0) only 8% of sales compared to the previous 12 month at 56 (SF-22, Con-26, Dup-6 & Lot-2) or 14% of the sales. Inventory on the island continues to remain low at 270 (SF-132, Con-89, Dup-25 & Lot-24) down from July at 283 and from 289 in June, 321 in May, 344 in April and 351 in March. Currently there are only 6 (SF-3, Con-3, Dup-0 & Lot-0) distressed properties or 2% of the current inventory. Pended properties (properties under contract) remain strong at 61 (SF-33, Con-10, Dup-10 & Lot-8) compared to 69 in July and 64 in June.
Water Fall at 2916 Ave E for sale Anna Maria island
In summary August 31, Year to Date sales are only 9% behind 2012 which was the second highest year of sales in the last 30 years and which says the market is still very hot. Inventory on the island remains at historic lows and as you can see from the inventory absorption chart continues to be at 2005 levels with only 7 months of inventory available. Again, the market stats chart shows there were more single family homes sold in 2012 and 2013 then in the peak year of 2005. Distressed properties on the island remain few and far between continually remaining below 10. As a reference to the island market, this month I’ve included some stats from Manatee County. As you can see from the Manatee County Single family Stats the number of single family sales are up 20% from 2012 along with average and median sale prices. Foreclosures and short sales are down from a year ago and traditional sales are up which is a good sign for the Manatee County market. Also, single family inventory is down 18% from this time in 2012. Manatee County Condo sales show similar results with condo sales up 40% and average and median condo sales prices up from the same time in 2012 while condo inventory down 35% from a year ago. The bottom line is that the island market is as hot as it’s ever been in the last 30 years and it looks like the Manatee County market is slowly coming back as well which bodes well for the area. Interest rates are starting to creep up and I believe will continue in that direction slowly which means interest rates are not going to be lower any time in our life time so now is the time to buy.
See www.AlanGalletto.com NEWSLETTER for detailed charts and facts.
Call me, Realtor ALAN GALLETTO 941.232.2216 of Island Real Estate.
Anna Maria Island Gulf front Yellow house is for sale!
Aug 2nd
Anna Maria Yellow House on the beach for sale
This IS the Gulf front Yellow house on the beach of Anna Maria
When you walk the beach on Anna Maria Island people always ask; “Is that yellow house for sale right on the beach”?
It is listed and for sale! Call Alan Galletto 941-232-2216 for details. www.AlanGalletto.com
101 Park Ave Anna Maria Island FL 1 acre Gulf front lot for sale
Jul 11th
Call Al Galletto 941-232-2216
www.AlanGalletto.comthere are 3 Gulf front lots that are already permitted for up to a 15,000 square foot house and a pool Gulf side with the DEP! Beach on the Gulf of Mexico is at your front door
Banyan Tree Estates (www.BanyanTreeEstates.com)
Call Alan Galletto 941-232-2216 for information
ALAN GALLETTO, Anna Maria Island FL. Realtor; Real Estate Newsletter June 2013
Jun 20th
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.
Anna Maria Island, FL. ALAN GALLETTO, Realtor; Real Estate Newsletter May 2013
Jun 5th
MAY NEWSLETTER 2013
Sales for April 2013 at 44 (SF-23, Con-15, Dup-4 & Lot-2) just beat April 2012 at 43 (SF-24, Con-10, Dup-5 & Lot-4). Sales for April 30, 2013 Y-T-D were 116 (SF-64, Con-38, Dup-6 & Lot-8) compared to April 30, 2012 Y-T-D at 139 (SF-79, Con-42, Dup-9 & Lot-9). Although still down 17% from 2012 sales, 2013 Y-T-D sales are catching up to last year’s banner year of 430 properties sold. Sales for the last 12 months at 408 (SF-230, Con-122, Dup-24 & Lot-32) were up 16% over sales for the previous 12 months at 352 (SF-193, Con-114, Dup-19 & Lot-26). Of 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 the sales compared to the previous 12 months at 61 (SF-20, Con-33, Dup-5 & Lot-3) or 17% of the sales. Currently there are only 12 (SF-5, Con-5, Dup-2 & Lot-0) or 3% distressed properties in the inventory. Pended properties (properties under contract) continue to grow each month and is currently at 73 (SF-40, Con-20, Dup-10 & Lot-3) up from 67 in April, 61 in March and 51 in February. This continues to bode very well for sales to continue at a record pace. Inventory on the island continues to shrink and is currently at 321 (SF-157, Con-90, Dup-23 & Lot-51) down from 344 in April, 351 in March and 366 in February.
Another one of Frank, Larry & Al’s Great Buys has gone under contract since my last newsletter. The property at 7314 Gulf Drive (La Casa Costiera Unit 7) went under contract April 24th and is due to close May 31st. Currently there are 15 single family homes for sale west of gulf drive and 6 of them are direct gulf front homes and of the 9 homes left only 6 are under $1 Million. West of gulf drive is the best location to maximize rentals and is the location that appreciates the most. There has been a lot of showings and interest in 2916 Avenue E which continues to be the best investment, buy by the numbers, on the island. This property is 4 houses from the gulf and does $65K in annual rentals year after year. For you investors out there you won’t find a better investment property on the island currently for sale. It pays all operating cost and the mortgage with 20% down. The second best buy close to the beach under $1 Million is 109 Cedar Ave at $879,000 (3 houses from the beach) a 4 bedroom/2 bath home that could do $65K-$75K in gross annual income. Third again is 3603 4th Ave listed at $959,000 is 2,376 sq ft, 3 bedroom/3 bath townhouse style home with pool and roof top deck with views of the gulf, inter-coastal and skyway bridge. Check out the virtual tours on these and other properties.
To summarize the island market, although 2013 started off slower than 2012, we are starting to catch up and build steam for another banner year of sales. The year with the highest number of sales in the last 30 years was 2005 with 438 properties sold, then 2004 with 434 properties sold and then, last year, 2012 with 430 properties sold. To put that in perspective, the average number of properties sold in a year is 250. You can see that although were a little behind 2012 sales we’re still having another great year. At the same time the island inventory is at the lowest level since 2005 and sales continue to outpace listings each month which continues to drive the inventory lower. Distressed properties continue to remain very low and are almost non-existent and I expect this to continue since prices are rising. I’ve seen a bump up in sales prices since last month and that trend will continue as long as sales remain high and inventory low. Single family 2013 Y-T-D average and median sale prices were $643,154 & $535,000 compared to 2012 Y-T-D at $580,047 & $515,000 up 11% & 4% in 2013. Average and median condo sales for 2013 Y-T-D were $317,543 & $315,500 compared to 2012 Y-T-D at $275,752 & $285,000 up 15% & 11% in 2013. In April there were 44 properties sold on the island and that is 88 sides (buyer’s side and listing side). Island Real Estate had 27 sides of the sales in April or 31% of the sales, well above out average share of 25%. We were involved in 24 of the 44 properties sold or 55% of the sales for April. Island Real Estate listed 11 properties in April and put 19 properties under contract. Island Real Estate currently has about 20% of the listings on the island and I have 55% of the IRE listings. As you can see the market is good and we are getting more than our fair share of the market.
For detailed charts see the entire newsletter on my web site; www.Alangalletto.com
Ask Alan Galletto-THE Realtor for real estate on Anna Maria Island, FL. 941.232.2216
ALAN GALLETTO, Anna Maria Island FL. Realtor; Real Estate Newsletter April 2013
Jun 5th
April NEWSLETTER 2013
Sales for April 2013 at 29 (SF-21, Con-3, Dup-2 & Lot-3) were only 29% of April 2012 at 41 (SF-26, Con-13, Dup-0 & Lot-2). Sales for the first Quarter of 2013 were 72 (SF-41, Con-23, Dup-2 & Lot-6) down 25% from the first Quarter of 2012 at 96 (SF-55, Con-32, Dup-4 & Lot-5). The first quarter of 2013 was a much slower start then 2012. Sales for the last 12 months at 407 (SF-231, Con-117, Dup-25 & Lot-34) were up 14% over the previous 12 months at 358 (SF-197, Con-123, Dup-15 & Lot-23). Of the sales for the last 12 months, the distressed properties were 10% or 41 (SF-19, Con-19, Dup-3 & Lot-0) compared to the distressed properties for the previous 12 months at 17% or 61 (SF-21, Con-32, Dup-5 & Lot-3). Currently there are only 14 distressed properties in the inventory or 4% of the inventory. Five are single families with 2 being bank owned and 3 being short sales; 6 are condos with 2 being bank owned and 4 being short sales; 3 are duplex’s with 2 being bank owned and 1 a short sale. Pended properties (properties under contract) continue to be strong at 67 (SF-35, Con-18, Dup-11 & Lot-3) up from last month’s 61 and the previous months 51. Inventory on the island continues to shrink at 344 (SF-160, Con-103, Dup-32 & Lot-49) down from 351 last month and 366 the previous month.
Two of the properties in last month’s Frank, Larry and Al’s Great Buys have gone under contract. The property at 115 36th Street (west of gulf drive) just went under contract and is due to close in May. The property at 313 64th St (a townhouse condo with private pool) also went under contract and just closed for $515,000. Currently there are only 8 properties for sale west of Gulf Drive under $1 million and we have seen a spike up in the sale prices of these properties. West of Gulf drive is the prime location for renting. A pool home with at least 3 bedrooms will do between $60K and $100K depending on the location, amenities and number of bedrooms. Again the best investment buy on the island is 2916 Avenue E (4 houses from the beach) listed at $629,000 and does gross annual rental of $67,000. Number two again this month is 109 Cedar Ave (3 houses from the beach) which could do $65K-$75K in rental income. The third investment buy is 3603 4th Ave listed at $959,000 a great 3bedroom 3 bath townhouse style home with pool and roof top deck with views of the Gulf and inter-coastal waterway. Check out the virtual tours on these 3 properties.
To summarize the Island market the year has started off about 25% below the first quarter of 2012 and 2012 was the third highest year of sales in the last 30 years. Based on the activity we are seeing and the strong enthusiasm in the market place I expect that gap to narrow as we continue through the year. For example in March there were 29 properties sold on the island or 58 sides (buyer side and seller’s side). In March, Island Real Estate sold 19 properties and 12 of them were on the island and on 2 of them we had both sides so we sold 14 sides in March. In March we sold 24% of the properties sold on the island, just about our normal share of the market. Also in March Island Real Estate put 20 properties under contract, 14 of them on the island. You can see the sales are still coming strong.
In the broader regional market while the national market is slightly down, the median list price of homes for sale is up 3.73% in Sarasota-Bradenton and 11.17% in the Punta Gorda-Charlotte County markets from a year ago, according to the National Association of Realtors. In Sarasota, the median home price is $250,000. The national median is $187,900, down 0.05% from a year ago. Meanwhile, inventories of homes in the Sarasota-Bradenton market, listed for sale by Realtors continue to shrink. Sarasota-Bradenton’s 6,640 listings represent a 20.25% year-over-year decline but is 1.44% more than the previous month. Days-on- market, the time it takes listings to sell is down 22% in both local markets and 9% nationally. That can be borne out by many mainland Real Estate customers I’ve talk to have been in multiple offer situations. In short the Island and regional markets are continuing to heat up.
Call me, Realtor ALAN GALLETTO 941.232.2216 of Island Real Estate. www.Alangalletto.com
Alan Galletto
Real Estate Broker/Associate
6101 Marina Drive
Holmes Beach, FL 34217
