Posts tagged Anna Maria Commercial building
AUGUST NEWSLETTER 2012
The pace of sales continues to be strong in July with 30 properties sold (SF-13, Con-14, Dup-2 & Lot-1) an 11% increase over July 2011 at 27 (SF-16, Con-7, Dup-0 & Lot-4). July 31, 2012 Y-T-D sales were 264 (SF-146, Con-81, Dup-22 & Lot-15) up 19% over July 31, 2011 Y-T-D at 221 (SF-105, Con-92, Dup-8 & Lot-16). Of the July 31, 2012 Y-T-D sales of 264 only 11% or 31 (SF-15, Con-14, Dup-2 & Lot-0) were distressed (bank owned or short sales) compared to July 31, 2011 Y-T-D sales in which 15% or 34 (SF-13, Con-16, Dup-4 & Lot-1) were distressed. Sales for the last 12 months were 383 (SF-215, Con-115, Dup-30 & Lot-23) with 53 (SF-19, Con-28, Dup-4 & Lot-2) or 14% of them distressed. Pended properties (properties under contract) are again exceptionally strong at 72 (SF-41, Con-21, Dup-5 & Lot-5) which means a continuation of strong sales in the next 2-3 months. Inventory on the island is the lowest it’s been since the 3rd quarter of 2005 at 315 (SF-151, Con-109, Dup-19 & Lot-36). It has continued to drop from August of 2011 when it was at 429.
For those of you who may want to build the house of your dreams I’ve added a couple lots in great locations to Frank, Larry & Al’s Great Buys this month. 306 Spring Avenue in the city of Anna Maria is only two blocks to the beach and plenty of room for a custom house with a pool on its 52×145 lot and in that location it would be a very good rental. If you want to be even closer to the beach 106 Beach Avenue also in the city of Anna Maria is three houses to the Gulf of Mexico. It’s the last non-gulf front lot left in Banyan Tree Estates and you can build up to a 5,600 sq ft home with a pool on this 90×106 lot. If you want something already built and ready to go check out the other 9 and 10 ratio (purchase price/Gross annual rental income) properties in our Great Buys.
Since we’re still in hurricane season I’ve published the map showing the Continental United States Hurricane landfalls from 1950-2011 published by NOAA. The 2012 season so far has been pretty mild with no significant hurricanes landing or coming close to the west coast of Florida and as you can see from the map, that is not unusual. If you want to live on the coast of the U.S. the west coast of Florida is about as safe as anywhere. NOAA also has a map of the major hurricane (category 3,4 & 5) landfalls form 1899-1996. As you can see the closest landfall to Anna Maria Island area was just north of Tampa in 1921.
To summarize the market as of August 2012, it continues to perform as it has all year at 30 year peak levels but at a steady healthy pace. The number of sales so far Year to Date in 2012 is running 19% above 2011 at this time and we are on a track to end the year at around 400 properties sold. That would make it the only year we it 400 in sales except for 2005, the peak year in sales on the island when we had sales of 425. The distribution of single family sales over the last 12 months were 50% (107) <$500K, 70% (152) <$600K, 80% (173) <$700K, 93% (199) <$1 Million and 7% (16) >$1 Million. The distribution of condo sales over the last 12 months were 83% (95) <$400K, 90% (104) <$500K, 96% (110) <$700K, 97% (112) <$1 Million and 3% (3) >$1 Million. These percentages for the previous 12 months haven’t changed since the beginning of 2012. The number of distressed properties (bank owned or short sales) for sale continues to be extremely low at 8 (SF-5 & Con-3) or 3% of the inventory. Of the sales over the last 12 months only 14% were distressed. Of the July 31, 2012 Y-T-D sales of 264 only 11% (31) were distressed properties compared to July 31, 2011 sales of 221 which had 15% (34) distressed properties. As I mentioned in last month’s newsletter the normal average inventory (properties for sale) on Anna Maria Island are 450-500. The current inventory is 315 which is the lowest it’s been since 2005. The outlook for the island market for the rest of the year continues to be very positive with inventory at historical lows and sales at historical highs. With interest rates at historical lows (see the 200 year interest rate chart) there will never be a better time to buy especially if you plan on financing.
Thanks for checking in. Be sure to LIKE my Facebook Page
Ask Alan -THE Realtor for other great real estate on Anna Maria Island, FL.
ALAN GALLETTO 941.232.2216 of Island Real Estate. www.Alangalletto.com
APRIL NEWSLETTER 2012
Sales for March 2012 were 39 (SF-26, Con-11, Dup-0 & Lot-2) about equal to March 2011 at 40 (SF-14, Con-18, Dup-4 & Lot-4) but sales for the first quarter continue to be very strong. Sales for January 1, 2012 through March 31, 2012 were 93 (SF-55, Con-29, Dup-4 & Lot-5) up 20% compared to January 1, 2011 through March 31, 2011 at 78 (SF-32, Con-35, Dup-5 & Lot-6). Sales for the last 12 months were 355 (SF-197, Con-120, Dup-15 & Lot-23) compared to the previous 12 months at 322 (SF-175, Con-110, Dup-20 & Lot-16). Again single family average and median sales prices are significantly up over the previous 12 months. Condo average and median sales prices are also up over the previous 12 months but not as much as single family. Currently there are 16 distressed Properties (SF-9, Con-6, Dup-1 & Lot-0). Of the 16 distressed properties 5 are bank owned and 11 are short sales. Pended properties (properties under contract) are again very strong at 76 (SF-49, Con-18, Dup-4 & Lot-5) compared to 60 last month which again bodes well for future sales. The inventory continues to drop to historic lows. It currently is at 369 (SF-166, Con-132, Dup-26 & Lot-45) down again from last month at 403 and last year at this time at 496.
With the inventory falling to historic lows the number of properties in good rentable locations are becoming scarce. By good rentable locations I mean properties that either as is or with some modification can provide a 10 ratio (purchase price/gross annual income) or less. Properties in this category have rental income that can pay all operating expenses plus most of the mortgage with a 30% down payment. This month’s Frank, Larry’s & Al’s great Buys have eight properties that meet that criteria. The six condos in Island Garden Villas complex are great buys in the under $400K price range. See the complex and virtual tours at www.gardenvillasales.com . If you have a little more to invest 2916 Avenue E is a fantastic rental grossing $65K-$70K annually. It’s a totally remodeled pool home 4 houses to the beach. Currently the best buy on the island is 321 64th St. listed at $399,000. It’s a townhouse type condo in a 12 unit complex with only two units to a building. Each unit has its own private back yard and pool which makes them feel more like a single family home than a condo yet you get all the benefits of condo living. It’s 3 bedrooms/2.5 baths and 2,001 sq ft and its rental potential is about $40K gross annual income. There is nothing like it at that price.
To summarize the island market sales continue to be very strong while the inventory continues to shrink. High demand and low supply continue to push prices of single family homes and condos up. Also because of the high demand and low supply we are seeing multiple offers again as well as property selling over the list price. We recently had a direct bay front lot listed at $2.9 million receive two offers and finally sell over the list price. I recently had three offers on a conforming duplex which bid the price up. Duplexes are only 5% of the property sales as are lots so there are not enough transactions to see a trend in the prices of these types of properties. Over the last 3 years many conforming duplex’s were torn down to build new land condos which has depleted the inventory of duplex’s on the island especially conforming duplex’s. You can see from the inventory absorption chart that based on current sales levels there are under 12 months of inventory available. Of the single family homes sold in the last 12 months the prices ranged from $160,000 to $2,650,000 and 79% were below $700K and 21% above $700K and 8% were above $1,000,000. Of the condos sold in the last 12 months the prices ranged from $87,000 to $2,075,000 and 97% were below $700K and 3% above $700K and 2.5% above $1,000,000. Of the sales over the last 12 months only 17% were distressed properties versus the sales over the previous 12 months where the distressed properties were 27% of the sales. I’ve included again this month the demographics of the island from the 2010 census which several of you have asked to see again. Hope you enjoy April’s newsletter.
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
_____ $406,727 $345,000
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
_____ $127,000 $1,000,050 $416,377 $400,000
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
____ $127,000 $1,000,050 $415,691 $405,000
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
____ $200,000 $ 850,000 $394,129 $320,000
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
OFFICE/RETAIL COMMERCIAL SPACE 5 ROOMS :: $299,999:: 300 BAY DRIVE SOUTH, BRADENTON BEACH, Anna Maria Island, FL Real Estate, Alan Galletto Realtor
Truly one of a kind Commercial Space w/ FULL, unparalleled water views of Sarasota Bay and Intracoastal Waterway. Ideally located one block south of historic Bridge Street, Municipal Pier and the famous Icon Clock Tower on Sarasota Bay. Within 1 or 2 short blocks of many eateries, lounges and shops. All Ground level, handicap accessible space with your own Kitchenette and Bath. Lush landscaping, 4 parking spots at door and 2 covered spaces as well as public parking ½ block away. Take a break at the pool/spa or private dock associated with Old Bridge Village. New Concrete construction in 2004, Impact Glass windows and doors. Beautifully finished base, casings, crown moldings, 6 panel doors and exquisite lever hardware, paddle fans in all offices. “Everclean Green” self cleaning filter system, UV destroys 98% germs, toxins & dust in 2009.
**Some C-1 Zoning permitted uses: **See zoning codes for other uses**
PROFFESIONAL OFFICES; Accountant, Architect, Attorney, Dentist, Doctor/Allied healing Professional.
SALES OFFICES; Brokerage, Insurance, Real Estate, Travel.
SERVICE ESTABLISHMENTS; Financial, Stenographer, Animal Grooming, Barber/Beauty Shop,
RETAIL STORES; Appliance, Gifts, Pharmacy, Bakery, Books, Camera, Florist, Clothing, Hobby, Crafts or similar retail uses.
This property is w/in the HISTORIC OLD TOWN overlay district.