Sales continued strong through February.   Sales for February 2012 were 26 (SF-16, Con-7, Dup-2 & Lot-1) up 20% over February 2011 which were 22 (SF-10, Con-11, Dup-0 & Lot-1).  Sales through February 29, 2012 Y-T-D were 54 (SF-29, Con-18, Dup-4 & Lot-3) up 42% over February 28, 2011 at 38 (SF-18, Con-17, Dup-1 & Lot-2).  Sales for the last 12 months were 356 (SF-185, Con-127, Dup-19 & Lot-25) up 13% compared to the previous 12 months which had sales of 316 (SF-183, Con-97, Dup-21 & Lot-15).  You can see from the charts below that average and median sales prices for the last 12 months are up for single families and condos over the previous 12 months.  Currently there are 12 distressed properties (SF-6, Con-5, Dup-1 & Lot-0) in the inventory of 403 (SF-191, Con-137, Dup-26 & Lot-49).    Of the 12 distressed properties 5 are in Bradenton Beach (1 single family & 4 condos) and 7 are in Holmes Beach (5 single families, 1 condo & 1 duplex).  Of the 5 in Bradenton Beach 3 are short sales and 2 are bank owned.  Of the 7 in Holmes Beach 6 are short sales and 1 is bank owned.  Pended properties (properties under contract) continue to be strong at 60 (SF-36, Con-17, Dup-4 & Lot-3) which is a good sign for continued strong sales.  Inventory on the island has dropped down to 403 down from 412 last month and 427 & 456 the previous two months.  With about 7500 properties on the island that’s only 5.5% of the total inventory for sale.

Another one of Frank, Larry & Al’s Great Buys went under contract since the last newsletter.  The property at 302 67th St listed at $435,000, a single family home on a conforming duplex lot, went under contract.  Don’t worry there are still two more properties like it still available 7001 Holmes Blvd – $427,900 and 5704 Holmes Blvd.- $419,000, each are on a conforming duplex lot.  This leaves many possibilities; live in the home as is, remodel the home, or tear down the home and build two single family land condos. As I mentioned last month, with the inventory so low the number of “good” properties (close to the beach with high rental income potential) are becoming very slim. 

Again for those of you who may have missed out on Palm Isle Village and Starfish Beach Cottages the units at Island Garden Villa’s are a great buy as well as great rentals.  These one and two bedroom units start at $289,000 and are totally remodeled, in excellent condition and have an excellent rental history.  We also have bank financing for these units even though they are a newly formed condo which says a lot for the complex.  Go to the website for more information   http://www.gardenvillasales.com/site-plan/ . 

To summarize, the island market continues to perform at well above  the average for this market.  To put it in perspective,  February 29, 2012 Y-T-D sales at 54 was the highest sales for those two months since February 28, 2005 at 55 (the year of the highest number of properties sold in the last 30 years).  For the same two months for the years in between sales were 2006-25, 2007-21, 2008-26, 2009-24, 2010-41 & 2011-38.  As you can see from the current inventory level of properties for sale on the island we are continuing down to historic lows and the number of sales transactions are at historic highs. It’s that old “supply & demand” thing, low supply and high demand will push prices up and that’s what we see happening.  You can see from the charts below that single family homes and condo average and median sales prices are up and looks to continue that way for the immediate future.  From a pricing standpoint single family homes on the island range from $199,000 to $4,995,000 but 65% are priced below $700K.  Condo prices range from $96,000 to $2,999,900 but 90% are below $700K. As far as sales are concerned 78% of single family home sales are below $700K and 97% of condo sales are below $700K.  I’ve included again the chart that graphs the 200 year history of interest rates.  Remember with prices rising and interest rates at all time lows if you’re going to buy now is the time.
Check out Alan’s newsletter in full on his website http://www.alangalletto.com

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” and that is how 2011 has shaped up.
Sales for December 2011were 26(SF-14, Con-9, Dup-3 & Lot-0) compared to Dec 2010 which were 37(SF-20, Con-15, Dup-1 & Lot-1).  Sales for all of 2011 were 340 (SF-174, Con-126, Dup-16 & Lot-24) compared to 2010 which had sales of 319 (SF-187, Con-94, Dup-23 & Lot-15).  In 2010 30% of the sales were distressed properties (short sale or bank owned) compared to only 16% of the 2011 sales.  Currently there are 17 distressed properties (SF-7, Con-7, Dup-3 & Lot-0) in the inventory of 427 (SF-198, Con-145, Dup-31 & Lot-53).  Of the 17 distressed properties 11 are in Bradenton Beach and 6 are in Holmes Beach.  Of the 11 in Bradenton Beach 7 are short sales and 4 are bank owned.  Of the 6 in Holmes Beach 5 are short sales and 1 is bank owned.  Pended properties (properties under contract) continue to be strong at 45(SF-19, Con-19, Dup-4 & Lot-3) which is a good sign for continued strong sales.  Inventory on the island has dropped down to 427 down from 456 last month.
This month’s Frank, Larry & Al’s Great Buy’s hasn’t changed from last month except that they have become much more attractive from a price stand point.  If you’re looking for a condo under $400K that generates enough gross revenue to equal the purchase price in 10 years then Island Garden Villa’s are for you.  We also have bank financing available these units with 30% down as a second home.  The bank owned property at 5505 Gulf Drive has just been reduced for a second time to $324,900.  This property is within 2 blocks of the beach and would be an excellent rental after a remodel and pool addition.  Another property that is steps to the beach and is a proven great rental is 2916 Avenue E a pool home that has just been reduced for the second time to $649,000.  For those of you who want the most luxurious condo on the island then view the virtual tour of 3716 Gulf Drive listed at $2,999,000 you won’t be disappointed.
To summarize the market for 2011, sales for the fourth quarter were above average and lower than 2010’s fourth quarter sales but total sales for 2011 ended up 6% over 2010 at 340.  This made total sales for 2011 the best year since the peak year of 2005.  In addition, single family average sale prices were up 15% over 2010 and single family median sales prices were up 5% over 2010.  Condo average sales prices were up 6% over 2010 and condo median sales prices were up 7% over 2010.  Lot average sales prices were up 7% over 2010 and lot median sales prices were up 15% over 2010.  Duplex sales prices were flat with duplex average sales prices down 3% over 2010 and duplex median sales prices up 5% over 2010.  Distressed properties continue to shrink to only 4% of the inventory or 17 properties.  Distressed properties on the island were never higher than 10% since the market started dropping in 2006.  The island market looks very stable with prices rising, sales transactions rising, distressed properties very low, inventory below average norms and the number of high value properties to choose from shrinking.  If you look at the chart at the bottom of the next page, sales from 2002 -2011, it gives you a good perspective on the island market since 2000.  The years 2003-2005 were the years that the real estate market got very over heated which drove prices up about 25% per year which in turn drove transactions up.   Prior to 2000 real estate sales on the island ranged between 200-250 per year and the 30 year average of increase in values was about 5% a year.  If we get back to a 5%-7% increase in values, that would give us a healthy sustainable market.  Based on where we are it looks like we’re on track to continue in that direction.
JAN 1 – December 31 ’2011  SALES ON ANNA MARIA ISLAND
# Sold Lowest  Highest Avg. Sale Price Median Sale Price
HOMES 174 $150,000 $2,650,000 $591,456 $490,000
CONDOS 126 $ 65,000 $2,075,000 $311,234 $255,783
DUPLEXE 16 $237,000 $  590,000 $382,181 $375,000
LOTS 24 $127,000 $1,350,000 $433,794 $400,000
TOTAL 340

JAN 1 – December 31 ’2010  SALES ON ANNA MARIA ISLAND
# Sold Lowest   Highest Avg. Sale Price Median Sale Price
HOMES 187 $154,000 $2,350,000 $511,391 $465,000
CONDOS 94 $70,000  $1,667,000 $292,832 $239,450
DUPLEXE 23 $170,000 $1,360,000 $392,326 $357,500
LOTS 15 $200,000 $  850,000 $406,727 $345,000
TOTAL 319
SALES 2002-2011
2011   2010  2009  2008  2007   2006   2005   2004  2003   2002

HOMES   174      187      118      121      111        74        182     243     198       145
CONDOS  126       94       84       57       71        45        186     101     118        82
DUPLX      16       23       10       26       10        15         53      70      31        33
LOTS         24       15       12        7        7         4         17      21       7        12
___      ____     ____    ____     ____       ____       ____    ____    ____     ____
TOTAL  340       319      224      211      199       138        438     435      354      272

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

Go to  http://AlanGalletto.com for complete charts and figures.  HAPPY NEW YEAR!

Sales for November 2011 were 17 (SF-10, Con-5, Dup-1 & Lot-1) down from November 2010 sales of 27 (SF-16, Con-7, Dup-2 & Lot2).  Sales for November 30, 2011 Y-T-D were 316 (SF-161, Con-118, Dup-13 & Lot-24) up 12% over November 30, 2010 Y-T-D at 283 (SF-167, Con-80, Dup-22 & Lot-14).  Only 16% of the November 30, 2011 Y-T-D sales were distressed (Bank Owned or Short Sales) compared to 30% distressed for November 30, 2010 Y-T-D.  Pended properties (properties under contract) have jumped up from 44 last month to 56 (SF-30, Con-19, Dup-5 & Lot-2) currently and well above the average.  Inventory has bumped up a little more from last month to 456 (SF-206, Con-160, Dup-33 & Lot-57) but still in the low end of the average range (450-500).  Of the 456 properties currently for sale 94 are in Anna Maria City (SF-55, Con-5, Dup-3 & Lot-31)  and of the 456 properties currently for sale the distressed properties are still at 5% of the inventory at 26 (SF-11, Con-12, Dup-3 & Lot-0).  Of the 11 single family distressed properties 9 are short sales and 2 are bank owned and 7 are in Holmes Beach and 2 in Bradenton Beach.  Of the 12 condo distressed properties 6 are bank owned and 6 are short sales with 2 of the 12 in Holmes Beach and 10 in Bradenton Beach.  Of the 26 distressed properties on the island 17 are short sales, 9 are bank owned, 17 are in Bradenton Beach and 9 are in Holmes Beach.
For those of you who are looking to buy property check out Frank, Larry & Al’s Great Buy’s this month.  The property at 5505 Gulf Drive is still on the market.  It’s a bank owned non-conforming duplex (2BR/2Bath & 1BR/1Bath) very close to the beach and reduced from $414,900 last month to $399,900 now.  Its highest and best use would be a remodel to a 3 bedroom/3 bath with a pool and it would be a great rental.  For those of you who are looking for an entry level condo with great rental income close to the beach than Island Garden Villas is the place to look.  If you wanted Palm Isle Village before they sold out than these are very comparable.  They run from $299,000 to $479,000…take a look at the virtual tours.  Another great second home or investment property and just reduced to $675,000 is 2916 Avenue E.  This is a 10 ratio (gross rental income to purchase price) which is about as good as you get on the island and means that with 20%-30% down the rental income pays the operating expense and most of the mortgage.  A new listing this month, a one of a kind condo, is 3716 Gulf Drive listed at $2,999,900.  This is in a three unit condominium and with 3,248 sq ft, a long list of amenities, a private garage and workshop along with 2 parking spaces in the common garage and two votes out of the four in the association this 3/4bedroom/3.5 bath condo is unique on the island.  There is nothing else like it so check out the virtual tour.
To summarize the market to date, sales continue to be strong up 16% over last November 30 Y-T-D and with one month left to go in the year it looks like we will have a healthy increase in the number of sales on the island over 2010 which was (excluding the three crazy years of 2003, 2004 & 2005) the best year in sales in the last 20 Years.  If you look at the average and median sales charts by property you can see that they are up over last year for single family homes, condos and lots.  Next month, when the numbers are all in, I will be able to tell you by how much.  Inventory did bump up a little as it did last month but is still in the low end of the average range (450-500).  The numbers of distressed properties (short sales & bank owned) continue to be low at 26.
Some new news for those of you who haven’t heard on December 9, 2011 Island Real Estate purchased the real estate and business of Betsy Hills Real Estate on Pine Avenue.  Our new second location in Anna Maria is at 419 Pine Avenue.  Both Betsy Hills and we are very happy with the sale.  Betsy will be joining Island Real Estate as a Broker Sales Person along with the realtors that worked for her.  We welcome the synergy and energy that it will bring to Island Real Estate and it will also allow us to be closer to all our customers on the island. Stop in to say hello when you’re in Anna Maria City.
Call  Realtor ALAN GALLETTO  941.232.2216 of Island Real Estate.

For the full Newsletter with statistics and graphs go to Al’s website at; www.Alangalletto.com

Sales for October 2011 were 21 (SF-14, Con-3, Dup-3 & Lot-1) equal to October 2010 at 21 (SF-10, Con-8, Dup-1 & Lot-2).  Sales for October 31, 2011 Y-T-D were 299 (SF-151, Con-113, Dup-12 & Lot-23) up 17% over October 31, 2010 Y-T-D at 256 (SF-151, Con-73, Dup-20 & Lot-12).  Of the October 2011   Y-T-D sales 15% were distressed (Bank owned or short sales) compared to October 2010 Y-T-D sales in which 30% were distressed.  Pended properties (properties under contract) are currently at 44 (SF-23, Con-17, Dup-2 & Lot-2) five lower than last month but still above average.  Inventory on the island bumped up 24 over last month but is still below average (450-500) at 440 (SF-200, Con-156, Dup-32 & Lot-52) which is 81 below the same time last year.  Of the 440 properties currently for sale on the island only 5% or 22 (SF-10, Con-10, Dup-2 & Lot-0) are distressed the same percentage of the inventory as last month.  Of the 10 single family distressed properties 8 are short sales, 2 are bank owned and 3 of the 10 are in Bradenton Beach.  Of the 10 distressed condos 6 are short sales, 4 are bank owned and 8 of the 10 are in Bradenton Beach.
Another one of Frank, Larry and Al’s Great Buy’s has gone under contract this month.  The property at 116 52nd St went under contract two weeks ago and should be a great rental for the buyer.  But don’t worry there are still some good opportunities left.  One, a nonconforming duplex at 5505 Gulf Drive is a little sleeper.  It’s a 2/2 & 1/1 duplex that is bank owned, it’s listed at $414,900 and very close to the beach.  This is a potential remodel into a 3 bedroom/3 bath single family with a pool.  Also this month I’ve included three new listings in three different price categories.  First 126 Hammock Road, listed at $749,000, a 3 bedroom/3 bath, 2399 sq ft canal home in the north end of Ann Maria.  With plenty of room for a pool it’s close enough to the beach to be a very good rental while at the same time you can keep your boat docked behind your house.  The second one is a cute bright beach cottage at 5704 Holmes Blvd, listed at $459,000 NOW $419,000, this 2 bedroom/2 bath with a den, 1.5 blocks to the beach has plenty of room for a pool.  Third is a condo at Sunbow Bay 3705 East Bay, listed at $234,900 it’s a recently remodeled 2 bedroom/2 bath very nice unit.  This would be a great starter unit for someone looking to buy a second home on the island.  Last but not least don’t forget the units at Island Garden Villas 5607 Gulf Drive.  These one and two bedroom units ranging in price from $299,000 to $479,000 already have a great rental track record.
To summarize, sales continue to be strong for the 2011 with sales up 17% over last year and with only two months left in the year it looks like we will beat 2010.  Inventory, although it bumped up a little this month, still is below average at 440.  Pended properties (properties under contract) continue to remain above average at 44 continuing a healthy pipeline for the next couple month’s sales.  The number of distressed properties (short sales & bank owned) at 22 are the lowest they have been since the market started dropping in 2006 and remain at 5% of the inventory.  Looking at the chart on average and median sales price by property type from 2005 to 2011, you can see that single family, condo and land prices are moving upward while duplex prices have stayed relatively flat since the peak of 2006.
Rentals continue to be very good on the island, so good that it has caused some problems for some of the neighborhoods in Holmes Beach.  You may have seen mention of it in the local newspapers.  The major source of the problem is the large 6-8 bedroom land condo’s recently built as rental machines.  This has caused parking problems and excessive noise issues in the neighborhoods that they are in.  Island Real Estate has a few of these and we have been at the forefront of putting in place practices that minimize the effects of these rentals on the surrounding properties.  The island has always had a good relationship between tourists and locals and we want to make sure that doesn’t change.  If you have any questions regarding this issue please don’t hesitate to call Larry Chatt or myself.

Call  Realtor ALAN GALLETTO  941.232.2216 of Island Real Estate.

www.Alangalletto.com

 Sales for September 2011 were 30 (SF-17, Con-9, Dup-1 & Lot-3) down 16% from September 2010 at 35 (SF-20, Con-9, Dup-4 & Lot-2).  August and September are the first two months this year that sales have not exceeded last year.  September 30, 2011 Y-T-D were 278 (SF-137, Con-110, Dup-9 & Lot-22) up 18% over September 30, 2010 Y-T-D at 235 (SF-141, Con-65, Dup-19 & Lot-10).  Of the September 2011 Y-T-D sales only 15% were distressed (Bank owned or short sales) compared to September 2010 Y-T-D sales in which 29% were distressed.  Pended properties (properties under contract) are currently at 49 (SF-33, Con-13, Dup-2 & Lot-1) eleven lower than last month but still above average.  Inventory on the island continues to drop and is well below average (450-500) at 417 (SF-190, Con-147, Dup-31 & Lot-49) which is 17 below last month and 105 below the same time last year.  Of the 417 properties currently for sale on the island only 5% or 26 (SF-9, Con-11, Dup-4 & Lot-0) are distressed.
Check out this month’s Frank, Larry & Al’s Great buys, there are investment opportunities from good to great.  One investment opportunity that I identified a few months ago just recently sold.  It was a 4-plex (four 2BR/1Bath units) four houses to the beach that was listed for $599K and it just sold for $500K ($125K per unit).  I felt you could put about $150K into it for a pool and some cosmetic upgrades to the units and it would gross about $100K in rentals easily (that’s a 6.5 purchase price to gross annual rental ratio).  Two new ones this month are 116 52nd St priced at $315K which is a 2BR/1.5Bath townhouse 100 yards to the beach with room for a pool.  The other is a home built in 2000, 109 75th St priced at $599K, west of Gulf Drive, four houses to the beach, 3BR/2.5 Bath with peeks of the gulf.  Both of these are currently very good rentals and have potential to improve the rental revenue.  Those of you who may have missed out on Palm Isle Village should look at Island Garden Villas which are in the same price range ($299K to $479K).  This six unit complex of 1 & 2 bedroom units are currently doing from $30K-$40K in rentals and are in “like new” condition.  For a cost of ownership analysis on any of  these properties just call or email me.
To summarize the island market, sales in September 2011 were below 2010 for only the second month this year but sale through September year-to-date are still up 18% over 2010 which was the highest sales year since 2005.  Inventory remains at historical lows at 417, down from 434 last month and 522 in September 2010.  Pending properties (properties under contract), although down a little from last month, are still strong at 49 and expected to remain in that range.  Distressed properties also remain low at 5% of the inventory.  Distressed properties have stayed in the 4%-8% range over the last year but the inventory has been declining significantly over the last year which has brought the number of properties also down significantly.  Last year at this time there were 43 distressed properties for sale compared to 24 currently.  Of the 30 properties sold in September, 17% were distressed compared to the 35 properties sold in September 2010, 43% were distressed.  Last year-to-date of the 235 properties that were sold 29% were distressed.  This year-to-date of the 278 properties sold only 15%  were distressed.  If you look on the charts on the next page you can see that the average and median sales prices for single family homes and condo’s continue to trend upward while duplexes are still flat.  Also duplex sales are down but that’s primarily because over the last two years most of the conforming duplex properties were bought and torn down by the group building 2 land condos on them.  Now there are fewer of them available so that accounts for the lower number of duplex sales and the fact that there are few number of duplex’s for sale on the island.   As a matter of fact there are less duplex’s for sale (31) than lots (49).
Last month I provided some demographic information on Anna Maria Island and Longboat Key.  I thought you would like to look at this a little further so I have added the chart to this month’s newsletter.

2010 – 12 MONTH YEAR END PRICES

Number Sold /Average Sales Price /2010 Median Sales Price 2010
HOMES 185 $512,596 $465,000
CONDOS 94 $292,077 $239,450
MULTI-FAMILY 23 $392,326 $357,500
LOTS 15             $406,727 $345,000
TOTAL 317

Last 12 months – October 1 ‘2010 – September 30 ’2011

SALES ON ANNA MARIA ISLAND
# Sold/ Lowest / Highest/ Avg. Price/ Sold Median Price Sold
HOMES 183 $65,000 $2,650,000 $567,100 $465,000
CONDOS 140 $  22,500 $2,075,000 $299,406 $252,750
DUPLEXES 13 $170,000 $   429,000 $345,185 $375,000
LOTS 27  $127,000 $1,350,000 $432,335 $400,000
TOTAL 363

JAN 1 – September 30 ’2011  SALES ON ANNA MARIA ISLAND
# Sold/ Lowest / Highest/ Avg. Price/ Sold Median Price Sold
HOMES 137 $65,000 $2,650,000 $579,394 $475,000
CONDOS 110 $  22,500 $2,075,000 $303,141 $254,500
DUPLEXES         9 $237,000 $   429,000 $345,378 $345,000
LOTS 22   $127,000 $1,350,000 $448,002 $400,000
TOTAL 278

JAN 1 – September 30 ’2010  SALES ON ANNA MARIA ISLAND
# Sold/ Lowest / Highest/ Avg. Price/ Sold Median Price Sold
HOMES 141 $154,000 $1,475,000 $505,162 $475,000
CONDOS 65 $29,000 $1,667,000 $292,060 $227,000
DUPLEXES 19 $202,500 $1,360,000 $402,342 $357,500
LOTS 10     $200,000 $   850,000 $428,390 $372,500
TOTAL 235
Keep those calls and e-mails coming!  We love hearing from you……Alan, Larry & Frank

Sales for the month of August 2011 were 25 (SF-14, Con-8, Dup-0 & Lot-3) down 20% compared to August 2010 at 31(SF-18, Con-10, Dup-2 & Lot-1).  This is the first month this year we haven’t beat 2010.  August 31, 2011 Y-T-D sales were 248(SF-120, Con-101, Dup-8 & Lot-19) up 24% over August 31, 2010 Y-T-D sales of 200(SF-121, Con-56, Dup-15 & Lot-8).  Of the August 31, 2011 Y-T-D sales only 15% were distressed (bank owned or sort sales) compared to August 31, 2010 Y-T-D sales in which 27% were distressed.  Pended properties (properties under contract) remain strong at 60(SF-36, Con-17, Dup-4 & Lot-3) which continues to project strong sales.  Inventory on the island continue to be below historic levels at 434(SF-208, Con-149, Dup-27 & Lot-50) and 106 properties less than the same time last year when it was at 540.  Of the 434 properties currently for sale on the island only 6% (26) are distressed (SF-10, Con-13, Dup-3 & Lot-0).  In August Island Real Estate put 7 properties under contract (IRE having both sides of 4 of them), listed 11 properties and closed 4 properties (IRE having both sides of 1 of them).
Another of Frank, Larry & Al’s Great Buy’s went under contract since last month.  The short sale at 100-A 52nd St went under contract and is scheduled to close mid October and was a great buy.  The other short sale at 605 Baronet Lane is still available but it is getting a lot of showings and I don’t think it will last long.  I just listed a six unit complex, Island Garden Village Condo, that are great second homes as well as great investment buy’s.  This complex is right across the street from the beach (128 steps to the beach) just south of the Harrington House.  They range in price from $299,000 to $479,000.  Those of you who missed out on Palm Isle Village have a second chance to buy a comparable property.   Go to  www.gardenvillasales.com   to check out all the units and see for your selves.  For those of you who are looking for a beach cottage with a pool, close to the beach, in a quite part of Holmes Beach, 2916 Avenue E is still available. Also on the list is 4001 5th Avenue a newly built Tuscan home across from the beach, lushly landscaped and tiki pool that has a great rental history.  The house across the street from it just sold for $950,000.  All these properties are 10 ratio properties (purchase price/gross annual rental) which make them some of the best rentals on the island.  Give me a call for pro-forma’s on any of these properties.
To summarize the island market although sales slowed in August they are still up 24% over 2010 which was a very good year.  As you can see from the sales by year chart starting in 1993 to 2011 (projected) this year should be the best year in sales except for the peak year of 2005.  The inventory remains at historical low levels at 434 compared to this time last year when it was at 540.  Pending properties (properties under contract), which have been strong all year, also remain strong and that bodes well for continued strong sales into the end of the year.  As you can see from the numbers and the charts, average and median sales prices for single family homes, condos and lots have strong upward trends.  Only duplex’s seem to be still bumping along the bottom.  Distressed properties also remain low currently at 6% of a low inventory that has continued to decline.  The distribution of the sales this year-to date has skewed a little further to the high end with 88% of the sales under $700K and 12% over $700K up about 2% from 2010.  To give you a little perspective Longboat Key had 319 property sales through August 31, 2011 and 77% were under $700K and 23% were over $700K.  The 2010 sales on Longboat Key were 76% of the peak year of 2005 and sales on AMI in 2010 were 72% of 2005.  While we are on the subject of Longboat Key here are some interesting comparisons with Anna Maria Island.  Longboat Key has 8834 housing units vs AMI 7502 (AM-1538, HB-4202 & BB-1762).  Longboat Key has a population of 7603 vs AMI 8248 (AM-1800, HB-4966 & BB-1482).  Of LBK’s 8834 units 3928 are owner occupied, 352 rented and 4554 vacant.  Of AMI’s 7502 units 2909 are occupied, 1329 rented and 3264 vacant.  The average age on LBK is 68 on AMCity-55, HB-54 and BB-50 (all these figures are from the 2010 census).

For charts and statistics go to Al’s website http://AlanGalletto.com for the full newsletter.  Ask Alan Galletto-THE Realtor for real estate on Anna Maria Island, FL. 941.232.2216

Front View

East side is 2BR/2BA; west side is 2BR/1BA, in this OOH so close to the Beach Duplex in Holmes Beach Florida on beautiful Anna Maria Island.  Seasonally rented on East side and annually rented on the other.  The seasonal side is available turnkey furnished.  Live in one half and rent out the other. Private patios, separate laundry area and outside showers.   Duplex in great location to enjoy island living and only steps to the beach.  Click here for another great Holmes Beach investment property.

 Sales on the island continue at a strong pace in July with 27 properties sold (SF-16, Con-7, Dup-0 & Lot-4) a 50% increase over July 2010 at 18(SF-11, Con-4, Dup-2 & Lot-1).  July 31, 2011 Y-T-D sales were 223 (SF-106, Con-93, Dup-8 & Lot-16) up 32% compared to July31, 2010 Y-T-D at 169(SF-103, Con-46, Dup-13 & Lot-7).  Of the July31, 2011 Y-T-D sale of 223, 15% (34) were distressed properties compared to July31, 2010 Y-T-D sales of 169 in which 25% (43) were distressed properties.  Pended properties (properties under contract) remain strong at 60 (SF-33, Con-22, Dup-4 & Lot-1) which means sales look to be strong at least into the next couple months.  Inventory on the island continues to be below the average (450-500) and continues to move downward.  It is currently at 429 (SF-208, Con-138, Dup-31 & Lot-52).  Of the 429 properties currently for sale only 5% (21) are distressed properties (SF-9, Con-9, Dup-3 & Lot-0).  In July Island Real Estate put 6 properties under contract (IRE having both sides of 2 of them), Listed 8 properties and closed 11 properties (IRE having both sides of 7 of them).
 This month we have Frank, Larry & Al’s Best Buy’s.  None of last month’s have gone under contract yet but looking at the low inventory there are very few properties currently for sale that are as good a buy.  The two short sale properties 605 Baronet and 100-A 52nd street have been getting a lot of showings over the last month.  The canal home is done very beachy and has a very nice floor plan.  The gulf view property on 52nd St has a very good rental history that can be built on with very cosmetic changes to increase the rental.  100-A 52nd St. was just reduced by the owner to $695,000 and that would be the number the owner would accept to bring to the bank for a short sale.  The great income/potential properties are ones that have a 10 or less ratio of price to gross rental income.  The property at 100-A 52nd St is a 10 ratio and there are no properties that can beat that in that price range.  The property at 2916 Avenue E is also a 10 ratio and is another great investment buy.  For those of you who want to put some sweat equity into a property there are two properties that have the potential to show a good return after doing some major construction.  Both are duplex’s and both would need to be gutted and then condo’d.  Both are in great locations close to the beach and I think the numbers would work very well.  If you have an interest give me a call and we can discuss the details.  Also for you investors, I’ll be listing a 6 condo complex close to the beach in the $300K-$480K price range that do $30K-$40K gross rentals.  They are similar to Palm Isle Village and very nicely done.  Call me if you want one because I think they will go fast.
 Since it’s the middle of hurricane season I thought it was time to publish my yearly map of Hurricane Landfalls on the coast of the US from 1950-2010.  Most buyers come around to the question of whether the Sarasota/Bradenton area get many hurricanes.  The answer is no: Only rarely has the Sarasota/Bradenton area been directly hit by a hurricane.  The last one was in 1944 when one hit Northport (south of Sarasota) with 100mph winds.  There have only been 9 hurricanes to make landfall on the west coast of Florida since 1899 (when the government started keeping records).  As you can see from the NOAA chart the west coast of Florida is no more vulnerable than the NY/New England area of the country to get a direct hit and most of the coast of the US is far more vulnerable.
 To summarize the island market, the number of sales are up 30% over 2010 which was a very good year and 2011 is shaping up to be the second best year for sales in the last 30 years.  The inventory has been falling to historically low levels and if it continues downward will put upward pressure on prices (in August of 2010 the inventory was at 544).  The distressed properties have remained at 5% of the inventory but the absolute number of distressed properties have fallen as the inventory has fallen.  As you can see from the median & average sold chart, 2005-2011,  single family homes and lot prices are trending up, condos have bottomed and duplex’s haven’t quite bottomed yet.  In 2010 90% of the sales were under $700,000 and 10% over $700,000.  This year to date those percentages are still holding true.  The island market is very good compared to most other real estate markets in the US.

2010 – 12 MONTH YEAR END PRICES

 Number Sold Average Sales Price  2010 Median Sales Price 2010
HOMES 185 $512,596 $465,000
CONDOS 94 $292,077 $239,450
MULTI-FAMILY 23 $392,326 $357,500
 LOTS 15
             _____ $406,727 $345,000
TOTAL 317  

Last 12 months – August 1 ‘2010 – July 31 ’2011  SALES ON ANNA MARIA ISLAND
 # Sold Lowest  Highest Avg. Price Sold Median Price Sold
HOMES 190 $65,000 $2,650,000 $536,575 $445,750
CONDOS 142 $  22,500 $1,060,000 $281,024 $250,000
DUPLEXES 18 $170,000 $   480,000 $342,911 $357,500
LOTS 24
    _____ $127,000 $1,000,050 $416,377 $400,000
TOTAL 374    

JAN 1 – JULY 31 ’2011  SALES ON ANNA MARIA ISLAND
 # Sold Lowest  Highest Avg. Price Sold Median Price Sold
HOMES 106 $65,000 $2,650,000 $553,373 $470,000
CONDOS 93 $  22,500 $1,060,000 $293,215 $255,000
DUPLEXES         8 $237,000 $   429,000 $338,550 $332,500
LOTS 16
     ____ $127,000 $1,000,050 $415,691 $405,000
TOTAL 223    

JAN 1 – JULY 31 ’2010  SALES ON ANNA MARIA ISLAND
 # Sold Lowest  Highest Avg. Price Sold Median Price Sold
HOMES 103 $154,000 $1,475,000 $508,138 $480,000
CONDOS 46 $80,000 $1,667,000 $324,324 $234,950
DUPLEXES 13 $202,500 $1,360,000 $427,654 $310,000
LOTS 7
     ____ $200,000 $   850,000 $394,129 $320,000
TOTAL 169    
   Keep those calls and e-mails coming!  We love hearing from you……

Alan, Frank & Larry

Call your Realtor; ALAN GALLETTO on Anna Maria Island! 941.232.2216