May continues the strong sales performance we have been seeing since mid 2009. There were 28 properties sold in May (SF-20, Con- 6, Dup- 1 & Lot- 1) compared to 23 (SF- 11, Con- 10, Dup- 2 & Lot- 0) in 2009. Island Real Estate sales continue to be strong in May with 12 properties put under contract and 12 closings in May (10 of them on the island 36% of the island sales for May). As you can see from the charts below Y-T-D through May 31, 2010 sales are up 64% over the same period in 2009. Average and median sales prices are still trending up for single family and multi-family properties and condos are still down due mostly to the skew of sales so far this year to the low end. The number of properties sold in the last 12 months is up again to 282 which reflects the strong sales in the second half of 2009 and continuing into the first half of 2010. If this continues we will do well over the average of 250 sales per year on the island. Pending sales (properties under contract) continue to be strong with 66 properties ( SF-38, Con- 20, Dup- 4 & Lot- 4) currently pended.

Inventory which was at 543 last month has stayed flat at 549 (SF- 261, Con- 192, Dup- 44 & Lot- 52). Over the past 10 months it has fluctuated between 498 and 575. The continued strong pended sales will put downward pressure on the inventory. Distressed properties (short sales and bank owned) are currently at 47, about the same as this time last month. Distressed sales continue to be about 8% of the inventory and 20% of the sales.

There continues to be some great opportunities out there for some great buys. The special email that I sent out a few weeks ago on a short sale at Starfish Beach condo (a 4 unit condo complex like Palm Isle Village) we have already put under contract this week. Those good buys go fast. There are some great opportunities on Frank & Al’s Great Buys this month. For those looking to build a new canal home 718 Key Royale Dr. is a terrific buy at $399,000. This is the lowest price water front lot for sale on the island. There is also a set of plans for a 3,300 sq ft home that goes along with it. With building cost down to $100-$125/sq ft (compared to $300/sq ft at the peak) now is the time to build that custom canal home. For those of you looking for a 2bedroom/2 bath condo close to the beach, 3702 6th Ave unit 4 is a great buy at $259,000. It’s a block to the beach and with a new kitchen, two large porches you can’t buy anything this close to the beach at this price. On the luxury end 108 36th St the new condo unit at Palm Gables listed at $1,490,000 was custom built for this owner and has never been rented. This unit has great panoramic gulf views and would be a terrific rental. Last but not least 200 & 202 38th St., which is a short sale, is a good buy at the list price but who knows what the bank will accept. I think a good offer to the bank for both units would be $1.2million to 1.3million which at $1.3 million would be a steal ($650K a unit) for these 3,100 & 2,500 square foot units. They currently do $55K and $65K in rentals and with a little “fluffing” and “buffing” (spending under $10K) they could easily do $70K and $80K. Palm Isle Village is still the best buy on the island for one and two bedroom condos close to the beach. With 25% down, they just about break even after tax, and there is nothing else on the island that matches this investment.

As I stated last month, the number of sales transactions are significantly up but the distribution of sales are skewed to the low end with 90% of the sales under $700K. In spite of this the average and median sales prices are trending up. The sales by quarter chart will not be updated until the end of June but with 56 properties sold in April and May, the Q2-2010 trend will be significantly up. In summary the number of sales on the island is significantly up while sales prices are down about 35% from the peak in 2006. Inventory is settling down to historical norms and distressed properties are stable and low. Sales for May were up 22% from last year and Y-T-D sales through May of this year were up 55% over last year.

April sales continues the strong sales performance for 2010 and the sales activity remains very strong here on Anna MAria Island, FL.  There were 28 properties sold in April (SF-16, Con-11, Dup-1 & Lots-0) compared to 21 (SF-10,Con-9,Dup-1 & Lot-1) in 2009. Island Real Estate sales continue to be strong with 10 properties put under contract and 9 closings in April (32% of the closing on the island). Since January 1st I, Alan Galletto, have personally closed over $6,000,000 worth of property. From the charts below Y-T-D through April 30, 2010 sales are up 66% over the same period in 2009. If you look at the Year end 2009 average & median sales prices and compare them to the previous 12 months and April 30, 2010 average & median sales prices you can see that single family homes, duplex’s & lots are trending up and condos have leveled off. If this trend continues we will see some appreciation in properties by the end of the year. Again, this month the properties sold in the last 12 months are up to 275 compared to the previous 12 months of 267. This is also a very good trend and shows sales on Anna Maria Island, FL. continuing to increase. Another good sign in the market is pending sales (properties under contract) is very strong at 71 (SF-46, Con-18, Dup-3 & Lot-4).  Last month at this time there were 63 properties pended. Inventory, which last month had bumped up to 567, has dropped down to 543. Over the last 9 months it has been fluctuating between 498 and 575.  As I said above, sales look to continue to be strong over the next several months which will continue to pull the inventory down. Distressed properties (short sales & bank owned) last month dropped to 33 and this month bumped up to 43. Distressed properties on Anna Maria Island, FL continue to be low at 6%-8% of the inventory compared to 26% on the mainland.

For another consecutive month one of Frank Davis & Alan Galletto’s Great Buys has gone under contract.  The canal home at 521 69th St. Holmes Beach on Anna MAria FL. went under contract and is due to close the end of June.  This month we still have 5806 Imperiore, Holmes BEach on Anna Maria, FL. listed at $389,000 a 2 bedroom/2 bath totally remodeled and turnkey furnished. For those of you looking for an entry level condo 100 yards to the beach check out 3702 6th Ave. #4 Holmeas Beach, Anna Maria FL. now listed at $259,000.  You can’t get this close to the beach for this price.  We still have our luxury picks 108 36th St. Holmes Beach on Anna Maria Island, FL. a beautifully appointed condo in Palm Gables listed at $1,490,000. You have to see this property to appreciate it. Also please check out 200/202 38th St. Holmes BEach on Anna Maria Island, FL. ($895K & $775K) a two unit gulf view condo well under market for units with Gulf Views.

Check my web site www.AlanGalletto.com  to look at the average and median sales prices at the end of 2009 and compare them to the last 12– 75% of the total sales were months sales and the 2010 year-to-date sales you can see that all four types of properties average & median sales prices are trending up.  That, along with a continued increase in sales volume, are all good signs for the island market.  What is also interesting is that the average & median sales prices as well as sales volume are up and at the same time high end sales are only a small fraction of the total sales. In 2006 – 56% of the total sales were under $700K.  In 2007- 78% of the total sales were under $700K. In 2008 under $700K.  In 2009 – 90% of the total sales were under $700K.  In 2010 Y-T-D through April – 92% of the total sales were under $700K.  You can see that although the number of sales are up, a smaller proportion of the total sales are over $700K than in previous years.  That would understate the increase in average and median sales prices.  The sales by quarter chart shows just the first quarter of 2010 until we get the full 2nd quarter numbers but based on Aprils sales and the strong pended contracts I would expect the sales to continue trending up.

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

Ask Alan -THE Realtor for other great real estate on Anna Maria Island, FL.

Call Realtor ALAN GALLETTO 941.232.2216 of Island Real Estate.

www.Alangalletto.com

Sales continue to boom on Anna Maria Island with 34 properties sold in March (SF-21, Con-5, Dup-5 & Lot-3) versus 17 (SF-10, Con-5, Dup-1 & Lot-1) in 2009. After lower than normal sales (less than 20 per month) in the first half of 2009, sales went to higher than normal (over 20 per month) in the last half of 2009 and continued right into the first quarter of 2010. As you can see from the charts below sales for the first quarter of 2010 were 74 properties versus 41 for the first quarter of 2009, an 80% increase. Sales continue to look strong over the next couple months as well with pending sales at 63 (SF-33, Con-23, Dup-4 & Lot-3). Island Real Estate continues to show strong sales with 14 new contracts and 14 closings in March. I have sold 12 properties in the last six months totaling $10,391,000 in sales. As you can see from the historical graphs, single family and multi-Family transactions are trending significantly up. Average sale prices for single family, Multi-family & condos also are trending up. In the last 12 months there were 267 properties sold as compared to the previous 12 months of 250 which again reflects very positive sales growth. Based on these trends I feel we will see sales for 2010 of over 250 properties on the island.

Inventory has bumped up about 5% this month to 567 (SF-277, Con-200, Dup-45 & Lot-45). The increase was primarily in single family homes and because of the strong sales over the last 9 months I think the inventory will flatten out to below 500 in the next few months. Still the inventory is at a two year low. Distressed (short sales, foreclosures & bank owned) properties have dropped from 45 last month to 33 this month or 6% of the inventory. Of the 267 properties sold in the last 12 months about 20% of them were distressed properties 56 (SF-22, Con-25, Dup-7 & Lot-2) versus 50% of the sales on the mainland in Manatee County.

Another one of Frank & Al’s Great buy’s from last month went under contract. A cute little island cottage, 2305 Ave B listed at $339,000, is under contract and is due to close by the end of April. For those of you who feel they missed out and are looking for something similar, check out this month’s recommended entry level single family home 5806 Imperiore listed at $389,000 a 2 bedroom/2bath totally remodeled island cottage 2 blocks from the beach. For a great condo buy don’t forget Palm Isle Village, the 11 unit 1 and 2 bedroom condos across the street from the beach. There are 7 units left for sale and the Cost of Ownership on these are the lowest on the island. You can own one of these units for $57/month to $343 per month. The single family home at 4002 6th Ave. listed at $400K that I said was the best buy for single family homes last month went under contract….you have to move fast. The best new condo buy, by far, on the island is 108 36th St Palm Gables listed at $1,490,000. This 3 bedroom/2.5 bath unit is exquisitely decorated and furnished. The quality of this direct gulf front unit is surpassed only by Vista Grande who’s only two units that were for sale closed last month.

If you look at the sales by quarter chart you can see that from the peak (Q2-2005) quarterly sales on the island has only popped up above the average for two quarters until Q2-2009. Since Q2-2009 it has been consistently above the average quarterly sales. This is consistent with the fact that we have had strong sales from mid 2009 right into the first quarter of 2010. I personally have sold 12 properties in the last six months which adds up to $10,391,000 so you can see things are very healthy. The good deals on the island for people willing to do major renovation are becoming fewer and fewer but there are still great buys across the board because of the current market pricing. Of the 267 properties sold in the last 12 months Island Real Estate sold over 20% of them and half of those we had both sides of the sale. Another mile stone was that our website had over 100,000 hits per month in February and March. That means somewhere around 75-80% of the people searching the island are hitting our website. The market is good in Paradise….hurray and get a piece.

Keep in touch, we love to hear from you……….Alan & Frank