JANUARY  NEWSLETTER  2012

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!

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