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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
Anna Maria Island, FL ALAN GALLETTO, Realtor; Real Estate Newsletter March 2013
May 2nd
March NEWSLETTER 2013
Sales for February 2013 at 25 (SF-12, Con-13, Dup-0 & Lot-0) got back to par with February 2012 at 27 (SF-16, Con-8, Dup-2 & Lot-1). Sales for the first two months of 2013 were 43 (SF-20, Con-20, Dup-0 & lot-3) down 27% from 2012 at 55 (SF-29, Con-19, Dup-4 & Lot-3). Although we’re off to a slower start than 2012 it’s not significant if you look at sales activity, inventory and momentum I believe we will see as strong a 2013 as was 2012 as we get into the middle of the year. Sales for the last 12 months were 419 (SF-236, Con-127, Dup-23 & Lot-33) up 17% over the previous 12 months at 357 (SF-185, Con-128, Dup-19 & Lot-25). Of the sales for the last 12 months distressed properties were only 10% at 44 (SF-20, Con-21, Dup-3 & Lot-0) compared to the previous 12 months where 17% or 61 (SF-19, Con-32, Dup-7 & Lot-3) were distressed. Currently there are only 7 distressed properties in the inventory or .02% with all 7 being short sales. Pended properties (properties under contract) continue to be strong at 61 (SF-33, Con-11, Dup-12 & Lot-5) up from last month at 51 and the previous month at 38. Inventory on the island is 351 (SF-165, Con-109, Dup-32 & Lot-45) down from the previous months 366.
This month’s Frank, Larry and Al’s Great Buys have not changed from last month’s newsletter. The best properties from a rental standpoint are the ones closest to the beach preferably west of gulf drive. Currently there are only 19 properties for sale west of gulf drive and of those 19 only 8 are under $1 million. Of those 8 only 4 would be great rental properties. By great I mean cover all the operating costs plus all or most of the mortgage. The best of these 4 is still 2916 Avenue E at $629K which with 30% down covers all the operating cost and the mortgage. This property doesn’t require anything done to it to continue getting the $65K in annual rental income (I’ve attached the “Cost of Ownership” analysis in the back of this newsletter). The next best property from an investment point of view is 115 36th St listed at $599K. This property would need a pool and landscaping ($45K) but would generate in the neighborhood of $60K in gross annual rentals. The 3rd Property is 109 Cedar Ave. listed at $879K. It’s a 4 bedroom/2 bath, 1,412 sqft, with a pool very close to the beach. The fourth property is 3603 4th Ave listed at $959K with a pool a roof top deck and views of the gulf and inter-coastal (even the skyway bridge). Check out the virtual tours 3 of the 4 are on this month’s Frank, Larry and Al’s Great buys.
To summarize the island market sales since the beginning of 2011 have continued to build to a 30 year peak in 2012 to numbers that were only seen in 2004 and 2005. Single family sales were at an all time high in 2012 and we continue to see this trend. Single family sales in 2012 were 56% of the total sale compared to 51% in 2011. The distribution of single family sales for the last 12 months continues to hold at 80% <$700K, 94% <$ 1million and 6% over $1 million. We are starting to see more single family sales over $1 million and that’s a good sign for the high end market. Condo sales for the last 12 months were 79% <$400K, 91% <$500K and only 1 sale over $1 million. Single family sales over the last 12 months accounted for 56% of the total sales while condo’s accounted for 30% of the total sales or together for 86% of the total sales.
In the broader market, according to the National Association of Realtors, the median list price nationally is slightly down but is up 3.73% for the Sarasota-Bradenton market. Inventories in the Sarasota-Bradenton market, like the island, continue to shrink with 6,640 listings a 20.25% decline over a year ago. Interest rates continue to be at all time lows with 30 year fixed at 3.5%, 15 year fixed at 2.75% and 30 year fixed jumbo loans at 3.875%. No one knows when the FED will start raising interest rates but as soon as they see signs of inflation it won’t be long after that. Buy now if you’re going to buy mortgage money is not going to get any cheaper.
Read the entire newsletter at www.AlanGalletto.com
Ask Alan Galletto-THE Realtor for real estate on Anna Maria Island, FL. 941.232.2216
Anna Maria Island, FL ALAN GALLETTO, Realtor; Real Estate Newsletter January 2013
Jan 15th
JANUARY NEWSLETTER 2013
Happy New Year- Last January I started the Newsletter by saying “With 2009 the year of stabilization and improvement, 2010 was the year of the market poised to turn up, 2011 will be the year of a modest increase in prices” which it was and predicted 2012 would continue with modest increase in values which it did.
Sales in 2012 were the highest in the last 30 years except for 2005 & 2004. It was a record breaking year on Anna Maria. December 2012 sales were 38 (SF-27, Con-9, Dup-1 & Lot-1) up 46% over December 2011 at 26 (SF-14, Con-9, Dup-3 & Lot-0). December 31, 2012 Y-T-D sales were 430 (SF-244, Con-126, Dup-27, Lot-33) up 26% over December 31, 2011 at 340 (SF-174, Con-126, Dup-16 & Lot-24). Of the 2012 sales only 11% were distressed properties (bank owned or short sales) compared to 16% or 56 (SF-17, Con-30, Dup-6 & Lot-3) in 2011. Inventory on the island continues to remain low at 321 (SF-155, Con-106, Dup-32 & Lot-28). The inventory last month was 319 and for the last six months the inventory has ranged between 295 and 321.
If you’re looking for some very good properties to buy check out Frank, Larry’s & Al’s Great Buys this month. The best investment buy in the whole inventory is still 2916 Avenue E. It has averaged $65K 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 (3 houses to the beach) is 115 36th St which has been recently reduced to $599K. 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.
To summarize the market, 2012 was a banner year with the first time since the MLS has been recording sales, except for 2005 & 2004, sales were over 400 properties (2012-430, 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). If you look at the Marketing Stats graph you can see that there were more single family sales in 2012 than any other year ever. In 2005 only 182 , 2006 – 74, 2007 – 111, 2008 – 121, 2009 – 118, 2010 – 187 and 2011 – 175. Single family sales in 2012 were 30% higher than the next highest year which was 2011. Distressed properties remain low and will continue to do so into the future. They are currently at 6 (SF-4, Con-1, Dup-1 & Lot-0) 2% of the inventory. Pended properties ( properties under contract) have dropped down to the average range at 38 (SF-20, Con-9, Dup-5 & Lot-4).
An update on the Holmes Beach building moratorium on R2 lots which went into place Dec, 25th 2012, anyone looking to build new on an R2 lot in Holmes Beach is pretty much in limbo until the city lifts the moratorium. It will be lifted when they pass a floor to area ration on R2 lots. They have been discussing a LAR of .31 which means on a 5000 sq ft lot your maximum footprint would be 1,550 sq ft so the maximum 2 level up home would be 3,100 sq ft…..More to come.
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 December 2012
Dec 18th
December Newsletter 2012
Sales on the island continue at a record pace in November with 30 properties sold (SF-21, Con-4, Dup-4 & Lot-1) a 25% increase over November 20011 at 17 (SF-10, Con-5, Dup-1 & Lot-1). November 30, 2012 Y-T-D sales were 392 (SF-217, Con-117, Dup-26 & Lot-32) up 25% over November 30, 2011 Y-T-D sales at 314 (SF-160, Con-117, Dup-13 & Lot-24). Of the November 30, 2012 Y-T-D sales of 392 only 11% or 44 properties (SF-23, Con-17, Dup-4 & Lot-0) were distressed (bank owned or short sales) compared to November 30, 2011 in which 17% or 53 (SF-17, Con-28, Dup-5 & Lot-3) were distressed. Sales for the last 12 months were 418 (SF-231, Con-126, Dup-29 & Lot-32) with 47 properties distressed (SF-23, Con-19, Dup-5 & Lot-0) or 11% of the sales. Pended properties (properties under contract) although down from last month at 62, are still strong at 47 (SF-30, Con-10, Dup-4 & Lot-3). Inventory on the island continues to remain historically low at 319 (SF-156, Con-100, Dup-34 & Lot-29). For the past six months inventory has ranged between 295 and 320.
Again since last month two of Frank, Larry & Al’s Great Buy’s have gone under contract. First 5802 DePalmas listed at $499,000 went under contract and closed for $485,000. Also 142 Crescent, a single family home listed at $499,000, built over two platted lots went under contract and is due to close the end of January. The best investment buy on the island is still 2916 Avenue E listed at $629,000. This property is a 9 ratio and it has consistently done about $65,000 in gross annual rentals which means with 30% down it will pay all operating expenses and the mortgage. Another good investment buy is 115 36th St just reduced to $599,000. If you put a pool in this property it would be a 10 ratio and be a fantastic rental. I just listed a great island home, 309 64th St, at $699,000 built in 2006. It’s well built (concrete block all the way up) It’s 3 bedrooms/2.5 baths, a den, has a great salt water pool & waterfall, elevator, built in outdoor kitchen, high ceilings and 3 blocks to the beach. This one won’t last long.
To summarize the current market, with only two weeks to go we are definitely going to hit over 400 properties for sale on the island in 2012. We were at 392 at the end of November and there have been 15 sales already in December. As I mentioned last month, we have never had over 400 properties sold on the island in the last thirty years except for 2005 (the peak year) when we had 425 sold. As you saw below sales on the island are still going strong in the 4th quarter with November 2012 sales 76% ahead of November 2011 sales and November 30, 2012 Y-T-D sales 25% ahead of November 30, 2011 Y-T-D sales. The distribution of Single Family sales over the last 12 months was 52% < $500K, 71% <$600K, 82% <$700K and 7% >$1 Million. The distribution of Condo sales over the last 12 months was 79% <$400K, 91% <$500K, 97% <$700K and 2% >$1 Million. As you can see from the distribution of sales although sales are at record highs, the high end sales (over $1 Million) for both single families and condo’s are a very small part of the market. With sales so strong properties are not staying on the market very long and a majority of them are selling within 5% of the list price and some at list price.
You probably have heard or read about the controversy of the “big box” land condos (5 bedrooms or more) that were built in Holmes Beach over the last 4 years which have created complaints about parking and noise. This controversy has resulted in a new mayor, city council members and building officials. This new regime is looking at how to stop this trend from continuing and they are proposing a moratorium on R2 construction for 6 months until they decide on how they may want to change the code. The majority of conforming duplex’s on the ground have already been either remodeled and condo ‘ed or torn down and new single family land condo’s have been built. I don’t think there are more than a dozen or so conforming land condo’s left that haven’t been converted so I don’t think we’ll see much of this continuing in the future. As I mention in last month’s newsletter the island market looks to continue to be strong and we should see modest appreciation in 2012.
Call me, Realtor ALAN GALLETTO 941.232.2216 of Island Real Estate. www.AlanGalletto.com
Anna Maria Island, FL ALAN GALLETTO, Realtor; Real Estate Newsletter September 2012
Sep 27th
SEPTEMBER NEWSLETTER 2012
Sales continue at a record pace in August with 37 properties sold (SF-19, Con-11, Dup-3 & Lot-4) a 48% increase over August 2011 at 25 (SF-14, Con-8, Dup-0 & Lot-3). August 31, 2012 Y-T-D sales were 295 (SF-165, Con-92, Dup-19 & Lot-19) up 20% over August 31, 2011 Y-T-D at 246 (SF-119, Con-100, Dup-8 & Lot-19). Of the August 31, 2012 Y-T-D sales of 295 only 12% or 37 properties (SF-18, Con-15, Dup-4 & Lot-0) were distressed (bank owned or short sales) compared to August 31, 2011 Y-T-D sales in which 15% or 37 (SF-13, Con-19, Dup-4 & Lot-1) were distressed. Sales for the last 12 months were 389 (SF-220, Con-118, Dup-27 & Lot-24) with 56 (SF-22, Con-26, Dup-6 & Lot-2) or 14% distressed. Pended properties (properties under contract) are down from last month but still exceptionally strong at 55 (SF-32, Con-17, Dup-4 & Lot-2). The high number of pended properties continues to drive high sales. Inventory on the island continues to move down at 304 (SF-148, Con-99, Dup-24, Lot-33) the lowest it’s been since 2005 and down again from last month’s 315.
Two more of Frank, Larry & Al’s Great Buy’s went under contract since the last newsletter. The single family lot on 306 Spring Ave and 5704 Holmes Blvd the single family home on a conforming duplex lot. For those of you still looking for a lot the one at 106 Beach Ave (3 houses from the beach) is still available listed at $649,000. I’ve also just listed an older home at 142 Crescent Dr. which sits across two platted lots for $499,000. You can improve the house that’s there or tear the house down and build on one lot and sell the other. Another new listing you should look at is a totally remodeled 3 bedroom/2 bath single family home close to the beach at 5802 Imperiore. It has high ceilings in the living area and a grotto pool which would make it a very good rental. Check out the detail on these in Frank, Larry & Al’s Great Buy’s.
You may have read in the local paper the controversy around rental of some of the 5,6 & 8 bedroom homes being built. Most of the issues revolve around the number of cars parked around the property and late night noise around the pools. We do not have any of these “Motel Homes” in our rental program but Larry has met with some of the other large rental agencies to develop a “Best Practices” approach to head off these kinds of problems and he has implemented a “test drive” of them over the last 6-7 months. It includes giving renters when they check in a written list of do’s and don’ts, and giving the police a list of our rental properties so they can call us right away if there is a noise issue. Island Real Estate has only had about 15 issues over that period of time and under our program we are proud to communicate there were no second complaints on any guests that were visited due to late noise issues. We attribute this to an IRE on call person visiting the property when there is noise disturbance at a vacation rental. We take the quite enjoyment of our community seriously and hope other companies will follow our lead to cease late night noise immediately by visiting the property regardless of the time of day… OR night.
To summarize the current state of the market the trends we have seen all year continue to hold. Sales at 30 year peak level highs and inventory at historic lows. The number of sales Year-To-Date for 2012 are 20% above 2011 and continue to be on track to end the year around 400 properties sold. The distribution of sales for the year continue unchanged. The distribution of single family sales over the last 12 months were 50% <$500K, 71% <$600K, 81% <$700K and only 7% over $1 Million. The distribution of condo sales over the last 12 months were 82% <$400K, 91% <$500K, 96% <$700K and only 3% over $1 Million. The number of Distressed Properties (bank owned or short sales) continue to be extremely low at 10 (SF-5, Con-5, Dup-0 & Lot-0) or 3% of the inventory. Of the sales over the last 12 months (389) only 14% (56) were distressed. Of the August 31, 2012 Y-T-D sales (295) only 12% (37) were distressed properties compared to August 31, 2011 Y-T-D sales (246) which had 15% (37) distressed properties. As we have seen for the past year the inventory on the island has continued to decline. Inventory this month has hit another historic low at 304 compared to 315 last month and 332 in July and 434 in September of 2011. The outlook for the island market continues to be strong with sales at historic highs and inventory at historic lows. In 2011 we began to see a balance of the negotiating position of buyer and seller compared to the buyer’s market prior to 2011. In 2012 we are now seeing the market change to a seller’s market as evidenced by properties selling close to or at list price.
Go to my website to search the MLS for properties www.Alangalletto.com or Call me, Realtor ALAN GALLETTO 941.232.2216 of Island Real Estate, and I’ll send them right to you!
Alan Galletto
Real Estate Broker/Associate
6101 Marina Drive
Holmes Beach, FL 34217
