Monthly News Letter

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

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

Sales for February 2015 were a little above last year at 26 (SF-15, Con-9, Dup-1 & Lot-1) compared to February 2014 at 24 ( SF-14, Con-7, Dup-2 & Lot-1) . Sales for the last 12 months were 376 (SF-213, Con-107, Dup-33 & Lot-23) down 12% over the previous 12 months at 427 (SF-253, Con-117, Dup-32 & Lot-25). Of the sales for the last 12 months distressed properties were only 6% of the sales at 24 ( SF-11, Con-5, Dup-8 & Lot-0) compared to the previous 12 months where 6% or 25 ( SF-6, Con-10, Dup- 8 & Lot-1) were distressed. Currently there are only 2 distressed properties or 1% of the inventory of 279 (SF-151, Con-78, Dup-18 & Lot-32). They are comprised of one single family property, which is bank owned and one condo which is bank owned. Pended properties (properties under contract) continue to be strong at 53 (SF-35, Con-12, Dup-3 & Lot-3) up from 42 last month and well above the average. Inventory on the island continues to remain below 300 at 279 (SF-151, Con-78, Dup-18 & Lot-32) from 296 last month and below 300 for the last nine months.

Of Frank, Scott & Al’s Great Buy’s that went under contract last month, the elegantly stunning home at 114 Beach listed at $2,499,900 closed March 9th for $2,200,000. The single family beach cottage at 121 49th St listed at $899,900 fell through because an investor couldn’t get financing based on his credit so it is back on the market. This single family on a conforming duplex lot, seven houses to the beach, is a great property in a great location. Also since last month another one of our great buy’s 120 50th St listed at $1,290,000 went under contract and is scheduled to close on May1, 2015. The property at 3603 4 th Ave 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). This property is ideal for someone who wants a property in a great location (three houses to the beach) and in move-in condition. Check out the rest of the Great Buy’s in the Newsletter on my website www.AlanGalletto.com.

To summarize the island market, although we only have sales for two months of 2015, it looks like the strong sales activity we have had over the last couple years will continue 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 is the reason we ended up with sales for 2014 at 381 instead of the 408 and 431 of the previous two years and that low inventory continues into the first two months of 2015. As I said last month, I think sales in the high 300’s is very healthy and keeps the market from getting too overheated but is still well above the sales for the average year in this market of 250. The amount of people who are looking at property continues to be strong. That’s the prime reason that the inventory has been at the low levels they have been over the past year.

If you look at February 28, 2014 Y-T-D sales at 56 compared to February 28, 2015 Y-T-D sales of 61 we got another great start for the year. If you look at February 28 Y-T-D sales over the last eleven years (2005- 2015), sales for those two months have only been higher in 2014 at 61. Single family sales continue to be well above the peak year of 2005. Single family and condo sales historically make up 80% of the total sales on the island and duplex’s and lots make up the other 20%. Over the last 12 months single family and condo sales accounted for 85% of the total sales and single families were 57% of the total and condos 28% of the total. As far as sales prices go in the last 12 months, 23% of the total single family sales were under $500K, 63% were under $750K, 22% were between $750K and $1 million and 15% were over 1 Million. Of condo sales on the island in the last 12 months, 79% were under 500K, 95% were under 750K, 2% were between $750K and $1 million, and 3% were over $1 Million dollars. This shows single family sales continue to be the strongest part of the market on the island.

For detailed charts see the entire newsletter on our website; www.Alangalletto.com

941-232-2216 ALAN

941-779-3313 SCOTT

Real Estate Newsletter March 2015 Alan Galletto Anna Maria Island, FL.

411 and 415 62nd St Holmes Beach FL 34217 for sale

4 UNITS UNDER $400k on Anna Maria Island WOW

Sales for February 2015 were a little above last year at 26 (SF-15, Con-9, Dup-1 & Lot-1) compared to February 2014 at 24 ( SF-14, Con-7, Dup-2 & Lot-1) .  Sales for the last 12 months were 376   (SF-213, Con-107, Dup-33 & Lot-23) down 12% over the previous 12 months at 427 (SF-253, Con-117, Dup-32 & Lot-25).  Of the sales for the last 12 months distressed properties were only 6% of the sales at 24 ( SF-11, Con-5, Dup-8 & Lot-0) compared to the previous 12  months where 6% or 25 ( SF-6, Con-10, Dup-8 & Lot-1) were distressed.  Currently there are only 2 distressed properties or 1% of the inventory of 279 (SF-151, Con-78, Dup-18 & Lot-32).  They are comprised of one single family property, which is bank owned and one condo which is bank owned.  Pended properties (properties under contract) continue to be  strong at 53 (SF-35, Con-12, Dup-3 & Lot-3) up from 42 last month and well above the average.  Inventory on the island continues to remain below 300 at 279 (SF-151, Con-78, Dup-18 & Lot-32) from 296 last month and below 300 for the last nine months.

    Of Frank, Scott & Al’s Great Buy’s that went under contract last month, the elegantly stunning home at 114 Beach listed at $2,499,900 closed March 9th for $2,200,000.  The single family beach cottage at 121 49th St listed at $899,900 fell through because an investor couldn’t get financing based on his credit so it is back on the market. This single family on a conforming duplex lot, seven houses to the beach, is a great property in a great locationAlso since last month another one of our great buy’s 120 50th St listed at $1,290,000 went under contract and is scheduled to close on May1, 2015.

The property at 3603 4th Ave 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).  This property is ideal for someone who wants a property in a great location (three houses to the beach) and in move-in condition.  Check out the rest of the Great Buy’s under NEWSLETTER on ALan’s front page of the website.

To summarize the island market, although we only have sales for two months of 2015, it looks like the strong sales activity we have had over the last couple years will continue 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 is the reason we ended up with sales for 2014 at 381 instead of the 408 and 431 of the previous two years and that low inventory continues into the first two months of 2015.  As said last month, I think sales in the high 300’s is very healthy and keeps the market from getting too overheated but is still well above the sales for the average year in this market of 250.  The amount of people who are looking at property continues to be strong.  That’s the prime reason that the inventory has been at the low levels they have been over the past year.  If you look at February 28, 2014 Y-T-D sales at 56 compared to February 28, 2015 Y-T-D sales of 61 we got another great start for the year.   If you look at February 28 Y-T-D sales over the last eleven years (2005-2015), sales for those two months have only been higher in 2014 at 61.  Single family sales continue to be well above the peak year of 2005.  Single family and condo sales historically make up 80% of the total sales on the island and duplex’s and lots make up the other 20%.  Over the last 12 months single family and condo sales accounted for 85% of the total sales and single families were 57% of the total and condos 28% of the totalAs far as sales prices go in the last 12 months, 23% of the total single family sales were under  $500K, 63% were under $750K, 22% were between $750K and $1 million and 15% were over 1 Million.  Of condo sales on the island in the last 12 months, 79% were under 500K, 95% were under 750K, 2% were between $750K and $1 million, and 3% were over $1 Million dollars.  This shows single family sales continue to be the strongest part of the market on the island.

Ask Alan or Scott Galletto-THE Galletto Team Realtors for real estate on Anna Maria Island, FL. 941.232.2216 or 941-779-3313

Alan Galletto Anna Maria Island, FL. Real Estate Newsletter February 2015

 

Tampa Bay Front Home

4 bed, 3 bath, caged pool, Tampa Bay Front Home

 

Sales for January 2015 got off to a little slower start this year at 30 ( SF-15, Con-9, Dup-3 & Lot-3) compared to January 2014 at 37 ( SF-22, Con-10, Dup-3 & Lot-2) . Sales for the last 12 months were 374 ( SF-212, Con-105, Dup-34 & Lot-23) down 13% over the previous 12 months at 428 ( SF-251, Con- 123, Dup-30 & Lot-24). Of the sales for the last 12 months distressed properties were only 6% of the sales at 22 ( SF-10, Con-3, Dup-9 & Lot-0) compared to the previous 12 months where 9% or 39 ( SF-18, Con- 13, Dup-7 & Lot-1) were distressed. Currently there are only 4 distressed properties or 1% of the inventory of 296 (SF-160, Con-84, Dup-21 & Lot-31). They are comprised of two single family properties, one single family is a short sale and one single family is a bank owned. Of the two distressed condos, one condo is a short sale and one condo is bank owned. Pended properties (properties under contract) are strong at 42 (SF-28, Con-10, Dup-3 & Lot-1) up from 25 last month and well above the average. Inventory on the island continues to remain below 300 at 296 (SF-160, Con-84, Dup-21 & Lot-31) from 284 last month and below 300 for the last eight months.

Another two of Frank, Scott & Al’s Great Buy’s went under contract since the last newsletter. The elegantly stunning home at 114 Beach listed at $2,499,900 went under contract and is due to close on March 9, 2015. Also under contract is the single family beach cottage at 121 49th St listed at $899,900 on a conforming duplex lot and is due to close on April 3, 2015. There are still a few 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. 120 50th St is another property in a great location (west of Gulf Drive – 4 houses to the beach), 3 bedroom/3 bath all on one floor up, elevator, 2-car garage, pool and lushly landscaped grounds with large covered area. Check out the rest of the Great Buy’s attached.

To summarize the island market, although we only have sales for one month of 2015, it looks like the strong sales activity we have had over the last couple years will continue and we should 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 is the reason we ended up with sales for 2014 at 381 instead of the 408 and 431 of the previous two years. I think sales in the high 300’s is very healthy and keeps the market from getting too overheated but is still well above the sales for the average year in this market of 250. The amount of people who are looking at property continues to be strong. 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 2014 sales at 37 compared to January 2015 sales of 30 we got another great start for the year. If you look at January sales over the last eleven years (2005-2015) January 2015 sales have only been higher in 2014 at 37. Single family sales continue to be well above the peak year of 2005. Single family and condo sales historically make up 80% of the total sales on the island and duplex’s and lots make up the other 20%. Over the last 12 months single family and condo sales accounted for 85% of the total sales and single families were 57% of the total and condos 28% of the total. As far as sales prices go in the last 12 months, 23% of the total single family sales were under $500K, 59% were under $750K, 27% were between $750K and $1 million and 15% were over 1 Million. Of condo sales on the island in the last 12 months, 80% were under 500K, 95% were under 750K, 2% were between $750K and $1 million, and 3% were over $1 Million dollars. This shows single family sales continue to be the strongest part of the market on the island. If you look at single family and condo sales over the past couple years the under $500K percentage of sales has continued to drop which is another sign of rising prices.

Check the full Newsletter including graphs and BEST BUYS at www.AlanGalletto.com

Call me, Realtor ALAN GALLETTO  941.232.2216  of Island Real Estate, 6101 Marina Drive, Holmes Beach FL 34217.

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

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

 

Anna Maria 4-4 almost beach front home 4 sale

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.

Anna Maria home for sale 4 bed, 4 bath

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

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!

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

 

4 bedroom 4 bath Anna Maria home 4 sale

Great rental or LIVE the Island Life

Great rental or LIVE the Island Life

Sales for June 2014 were 22% below last year at 33 (SF-22, Con-6, Dup-3 & Lot-2) compared to June 2013 at 42 (SF-22, Con-18, Dup-1 & Lot-1).

Sales for June 30, 2014 Y-T-D were 199 (SF-124, Con-54, Dup-12 & Lot-9) up 14% versus June 30, 2013 Y-T-D at 175 (SF-103, Con-55, Dup-7 & Lot-10). Sales for the last 12 months were 387 (SF-237, Con-102, Dup-24 & Lot-24) up 9% over the previous 12 months at 354(SF-202, Con-105, Dup-18 & Lot-29).

 Of the sales for the last 12 months distressed properties were again only 8% of the sales at 32 ( SF-14, Con-9, Dup-8 & Lot-1) compared to the previous 12 months where 12% or 42 ( SF-20, Con-17, Dup-5 & Lot-0) were distressed. Currently there are only 6 distressed properties or 2% of the inventory of 311 (SF-172, Con-85, Dup-25 & Lot-29) for sale on the island.

204 65th St Holmes Beach AMI for sale
204 65th St Holmes Beach AMI for sale

Pended properties (properties under contract) have slipped down to the normal range at 31 (SF-19, Con-8, Dup-1 & Lot-3) down from 41 last month. Inventory on the island has stayed pretty low and steady at 311 from 317 last month and 306 and 314 the previous two months.

Frank, Larry’s & Al’s Great Buy’s for this month have not changed much except for the investment buys. 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. 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. The owner says “MAKE AN OFFER”!!!!   Check out the rest of the Great Buy’s on the web site full version of my newsletter.
To summarize the island market, sales in 2014 continue at record levels. Again if you look at June 30, 2014 Y-T-D sales at 199 compared to June 30, 2013 Y-T-D sales at 175, a 14% increase, we have gotten another great jump on what looks to be another year of 400+ properties sold. Again, single family sales remain strong with 124 sold Y-T-D up 20% over this time last year. The average price of single family sales for 2014 Year-To-Date is up 15% over last year at this time and median single family sales prices are up 20% over last year. Average condo sales prices for Y-T-D 2014 is up 10% over last year and median condo sales prices are up 14% 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 which is in the low 300’s. If the inventory continues to remain low it will continue to put upward pressure on prices.

As I said last month, if you’re contemplating buying a property on Anna Maria Island sometime between now and 2016 it would be smart to buy sooner rather than later.  Although prices are going up at a moderate rate, the increase in prices could mean the difference in what kind of property you want versus what you will have to settle for.

 

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