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Posts tagged Anna Maria Island Realtor
January 2012 Real Estate Newsletter Anna Maria Island, FL -ALAN GALLETTO, Realtor
Jan 21st
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
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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!
OCTOBER 2011 Real Estate Newsletter ALAN GALLETTO, Realtor; Anna Maria Island, FL.
Dec 7th
October 2011 NEWSLETTER
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
Condo 2 BR/2BA :: $239,900 :: 892 Waterside Lane, Perico Bay Club, Bradenton, FL
Sep 13th
- Front View
Wonderful upgraded Perico Bay Club 2BD/2BA condominimium. Renovations include all new and upgraded appliances; Italian tile throughout; light fixtures, ceiling fans, upgraded energy efficient glass, pleasing decorations, plus more. Extra-Large walk-in closets two with storage systems. Easy to use electric shutters contribute to energy efficiency and environmental protection. Private front entrance and fantastic patio courtyard surrounded by a lush and tropical landscape setting. Florida room and sundeck overlook a peaceful lake and its wildlife. Minutes to shopping and the beautiful white sands of Anna Maria Island, stunningly beautiful with manicured common grounds nature trails, with lovely lakes teaming with wildlife and fishing; secure and safe 24 hr Perico Bay guard and gated entry; a central clubhouse with heated pools, restrooms; spa; tennis courts and shuffleboard courts. All this wrapped up in a friendly and active community – Perico Bay Club. See small list of items that do not convey.
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- Front View
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- Patio Courtyard
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- Kitchen
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- Dining Area
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- Guest Bathroom
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- Living Room
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- Master Bedroom
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- Master Bathroom
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- Sundeck View
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- Lake View
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- Pool
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- Tennis Courts
JULY 2011 Real Estate Newsletter ALAN GALLETTO, Realtor; Anna Maria Island, FL.
Jul 29th
JULY Newsletter 2011
Sales for June continue to remain strong at 30 (SF-13, Con-14, Dup-1 & Lot-2) a 40% increase over June of 2010 at 18(SF-12, Con-5, Dup-1 & Lot-0). June 30, 2011 Y-T-D sales were 194(SF-89, Con-85, Dup-8 & Lot-12) up 28% over the same period last year. Of the 194 sales 15% (30) were distressed compared to June 30, 2010 Y-T-D sales of 151 (SF-92, Con-42, Dup-11 & Lot-6) 25% (38) were distressed. Pended properties (properties under contract) continue to remain strong at 55 (SF-33, Con-21, Dup-1 & Lot-0). Inventory continues to move downward and is below the average for the island of 450-500 and currently at 442 (SF-219, Con-139, Dup-35 & Lot-49) and the distressed inventory remains at 5% (24) (SF-7, Con-12, Dup-5 & Lot-0). Island Real Estate put six properties under contract in June and closed eight properties, four of them Island Real Estate had both sides of the transaction.
This month’s Frank & Al’s Great Buys has two short sales at the top of the list. The gulf view two unit condo at 100-A 52nd St is pre-approved at $795,000 and is a very good rental doing about $70K of gross rental income. The other at 605 Baronet Lane at $549,000 is a nicely remodeled open floor plan canal home ideal for Florida living. If you want open water views for under one million dollars then 525 Key Royale Drive at $769,000 is a great buy. The Lot is worth $700,000 and you also get a 3 bedroom/3 bath pool home thrown in. If it’s rental income you want than check out 2916 Avenue E, 159 Crescent Dr and 4001 5th Avenue. These three properties all have a ratio of 10 or lower of purchase price/gross rental income which only the best investment properties on the island can do. Good rental properties are getting scarcer every month.
In summary, the island market continues to perform at record levels of sales transactions. As I mentioned before about 250 is the average sales for a year on the island. If you look at the sales from the peak years to the present (2003 – 325, 2004 – 378, 2005 – 438, 2006 – 138, 2007 – 199, 2008 – 211, 2009 – 233, 2010 – 316) it gives you a perspective on the healthy sales we are now enjoying. Sales for the 2nd quarter of 2011 hit 110 which is the first time since Q3 of 2005 that we had over 100 sales in a quarter and only the 4th time in twenty years. Inventory on the island dropped again to a six year low (442) and below the historic average inventory levels of 450-500. If it goes below 400 we will see a seller’s market again. The low inventory is reflected in the few properties that are available to buy in great locations. There are only 23 properties currently for sale west of gulf drive or in an equivalent location. At the same time distressed properties have remained at 5% of the inventory which means the absolute number of distressed properties has fallen significantly as the inventory has fallen. Of the 49 lots currently for sale on the island only 6 of them are non-gulf front and west of gulf drive and they range from $375K to $699K. As you can see from the graphs average and median sales prices continue to trend up which is also a byproduct of the low inventory. I’ve added a new chart this month which shows average and median sales prices for all four types of properties from 2005 through 2010. You can see that if you compare the end of 2010 with where we are six months into the year that the numbers are positive. As I mentioned last month when the economy shows some growth, the interest rates are going to shoot up quickly and at that point the combination of higher prices and higher interest rates are going to add hundreds of dollars to the mortgage of a property. I expect the inventory will continue to decline based on the rate at which properties are selling on the island. Looking at where we are in the number of sales year-to-date I estimate we will close the year very close to 400 properties sold in 2011. If that is the case than it will be only the second year that we saw 400 properties sold in a year in the history of the island market. The only other year was 2005 with 438 sold, the peak year for Real Estate on the island.
Ask Alan Galletto-THE Realtor for real estate on Anna Maria Island, FL. 941.232.2216
MARCH 2011 Real Estate Newsletter ALAN GALLETTO, Realtor; Anna Maria Island, FL.
Mar 26th
MARCH NEWSLETTER 2011
Sales for February were a little behind last year at 22 (SF-10, Con-11, Dup-0 & Lot-1) versus 2010 which were 27 (SF-14, Con-9, Dup-3 & Lot-1) but still a respectable number of sales. Of the 22 properties sold in February only 4 were distressed properties (SF-3, Con-1) versus 2010 where 10 of the 27 sold were distressed (SF-5, Con-4, Dup-1). Year-to-Date Sales through Feb 28, 2011 are at 38 (SF-18, Con-17, Dup-1 & Lot-2) compared to the same period in 2010 at 41 (SF-22, Con-14, Dup-3 & Lot-2). Sales continue to look strong with pended properties (properties under contract) at 60 (SF-28, Con-25, Dup-4 & Lot-3). Pended properties have been in the 50-65 range for the past nine months which is why we’re seeing such strong sales. The inventory has been lingering at just over 500 with current inventory at 518 (SF-258, Con-182, Dup-31 & Lot-47). Of the current inventory 33 are distressed properties (SF-16, Con-25, Dup-4 & Lot-3) or about 6% of the inventory. If you look at sales for the last 12 months at 319 versus the previous 12 months at 251 it demonstrates how strong the sales have been in the past year compared to past years (2010-317, 2009-233, 2008-211, 2007-199, 2006-138 and the peak year 2005-438). You can see how the number of sales has been building since 2005. As I mentioned in past newsletters the average number of yearly sales on the island is about 250.
It was another good month for Frank and Al’s Great Buy’s. From last month’s list I put two properties under contract 787 Jacaranda and 2915 Avenue E, both great buys and both great rentals. Also a short sale, 100-A 52nd St was on last month’s list and although it did not go under contract I did put 100-B 52nd St. under contract. If you want another chance than 100-A 52nd St. is still available. This month’s list has some excellent buys. 3103 Avenue E, listed at $669K, is a new land condo with gulf views and five houses from the beach and is an excellent buy and would be an excellent rental. If you’re looking for west of gulf drive in the city of Anna Maria, 111 Oak listed at $699K is a circa 1926 classic historical cottage with a lot of charm and by adding a pool and some cosmetic updates would also be a great rental. With building costs still at historical lows (you can build for $150/sq ft what cost at peak $350/sq ft) the two lots at Banyan Tree Estates, three properties from the beach listed at $699K, allows you to build your dream home in a great location. Now is the time to build if you are considering it because it looks like material costs are going to rise in the future. Email or call me for more information on these or any other properties.
Any of you who have been on the island in the last couple months know firsthand that this year has been a great year for rentals. We were up about 6% in the winter months, mainly due to increased rental rates because demand is always high, but the summer months are up 50%. That increase is due primarily to increased demand and that demand caused many renters not to get there first choices last summer and are booking earlier this year. The standardized linen service is off and running and is going relatively well. Most of the initial comments have been positive and we’re working out the few glitches we have stumbled upon. One thing it has done is move some responsibility regarding linens from the owners to Island Real Estate which should make it much easier on the owners.
To summarize, sales into February continue to be strong and with inventory at traditional levels and pended properties strong, it seems that it will continue into the near future. Island Real Estate sales have been strong as well with 5 closings in February and 22 properties put under contract. Since we are only two months into the year there is not enough data to change the trend charts. Most of the graphs use quarterly or yearly data so by next month when we have a full quarter of data then we can get a better picture of the current trends.
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.
February 2011 Real Estate Newsletter ALAN GALLETTO, Realtor; Anna Maria Island, FL.
Mar 2nd
FEBRUARY NEWSLETTER 2011
Rolling into 2011 sales continued at the record pace of 2010. January sales were 16 (SF-8, Con-6, Dup-1 & Lot-1) compared to January of 2010 with sales of 14 (SF-8, Con-5, Dup-0 & Lot-1). Of the 16 sales in January 2011, one was a distressed property compared to 2 of 14 in January of 2010. Sales looking forward are strong with Pending sales (properties under contract) at 62 (SF-31, Con-20, Dup-4 & Lot-7) compared to last month which was at 38. With 16 properties closed last month that means 40 more properties were put under contract over the last month. The current inventory is at 517 (SF-257, Con-186, Dup-29 & Lot-45) of which 37 (SF-14, Con-19, Dup-4 & Lot-0) are distressed properties or 7% of the inventory. The inventory has been holding at around the 517 mark for the past several months after coming down from a high of almost 1,000 in 2006 to in the 500’s in 2010. If you look below at the number of sales in the last 12 months (322) compared to the previous 12 months (233) it shows you how sales have picked up for 2010 and continues very strong into 2011.
Thank you for responding to my recommendations in Frank & Al’s Great Buy’s. I put the last three Palm Isle Village units (3204, 3201 & 3205) under contract since the last newsletter. They were all my buyers and will all close by March 3rd. They were such good buy’s that two of my previous customers in Palm Isle Village bought their second unit. In this month’s Frank & Al’s Great Buy’s there are some very good properties and several very close to the beach with great rental income. If you feel like you got left out at Palm Isle Village there is a unit at Starfish Beach, 2915 Ave E (Unit 1) 2BR/2bath at $359K. Starfish Beach was built by the same developer who developed Palm Isle Village. They look the same on the outside and inside except that there are only four units with a common pool. If you are looking for a lot close to the beach to build your dream home then take a look at Banyan Tree Estates. There are two lots that are two houses from the beach in this deed restricted subdivision Listed at $699K each. I sold the two lots one house from the beach the end of last year for $750K and $725K. Both of these lots are larger than conforming and have very large building footprints. If you’re thinking of buying in the next couple of years now is the time.
Island Real Estate is excited to be sending Sybille Petereit to the ITB Berlin show located in Berlin, Germany in early March. The week long trade conference is one of the largest tourism shows in the world and Island Real Estate will have a chance to connect with leisure tour operators, consumers, future travel groups, etc. Sybille has done fantastic job marketing to Germans to visit Anna Maria Island and stay in our vacation rentals. We have already seen several of those visitors show interest in purchasing real estate on Anna Maria Island. We expect Sybille’s attendance to the ITB Berlin show to further enhance our already extensive direct marketing campaign to Germans. Great stuff for you current and future property owners.
Also, for you property owners, Island Real Estate vacation rentals has just implemented standardized linens. This past year Larry Chatt has focused on the satisfaction of our vacation rental guests. Larry hired a consultant that has supported hundreds of vacation rental companies and standard linens were identified as a huge win for guest and owner satisfaction. The operations team has been busy the last several months planning for the implementation of standard linens. Island has rented a new location to store the more than 5 pallets of linens. Operations tells me they are cautiously optimistic and we know there will be a few stumbles and falls but in a few months they hope to begin to recruit the remainder of our owners by communicating actual benefits seen by guests and current owners.
To summarize, sales into January 2011 continue to build on the great year we had in 2010 of 317 properties sold. The inventory has stayed down and is hovering just above normal levels. Pended properties (properties under contract) are at seasonal highs, which bodes well for continued sales growth. Demand, as demonstrated by the strong sales numbers, is at all time high’s and with inventories at normal levels we are seeing multiple offers again. Especially on properties with a gross rental income to price ratio of twelve or lower. The Anna Maria market is looking very healthy.
Gulf View -2 unit condo :: $695,000 & $795,000 :: 100 52 ST, HOLMES BEACH, FL Realtor Alan Galletto– ANNA MARIA ISLAND
Dec 23rd
Georgeous Gulf Views
Gulf Views and Steps to the Beach. New condos in a two unit complex with all the amenities and sq.footage of a home. This 3BR/3.5BA or 2BR/2.5BA residences have individual foyers, elevators & pools, unique floor plans to enhance the views, privacy fences, hurricane pkg beyond code, tropical landscaping, sprinklers, distinctive finishes, fully furnished. Priced Below Owners Costs.
OCTOBER 2010 Real Estate NEWSLETTER -Alan Galletto, Realtor; Anna Maria Island, FL
Oct 9th
Sales on the island continue to be very strong with September sales up 55% at 34 (SF-20, Con-8, Dup-4 & Lot-2) over September 2009 at 22 (SF-9, Con-11, Dup-0 & Lot-2). Year-to-date sales through September 30, 2010 continue to stay well ahead of last year up 38% at 232 (SF-139, Con-64, Dup-19 & Lot-10) compared to September 30,2009 Y-T-D at 168 (SF-87, Con-64, Dup-6 & Lot-11). The increased sales continue to be related to the increase in single family and duplex sales this year versus last year. Even if we just match 2009 fourth quarter sales, we will end up the year at 298 properties sold. Pended sales are at 50 (SF-22, Con-23, Dup-3 & Lot-2), although down from last month’s 66, they are still well above average and my best guess is that sales for 2010 will be above 300 for the year. Island Real Estate sales continue to be strong with 10 properties put under contract and 11 properties closed in September.
Inventory on the island continues to drop with it currently at 522 (SF-254, Con-180, Dup-37 & Lot-51) compared to 540 last month and 544 in August. We’re getting close to the magical number of 500 under which supply and demand are in relative balance and inventory is at about 18 months supply at the average sales volume. Distressed properties (short sales & bank owned) are down to 43 currently (SF-18, Con-17, Dup-5 & Lot-3) compared to 44 last month and 53 in August. Distressed properties are running 28% (SF-34, Con-20, Dup-10 & Lot-1 = 65) of the September 30, 2010 Year-to-Date sales (232) on the island. Nationally 40% of the sales are distressed sales, in Manatee/Sarasota 50% of the sales are distressed and on the island 28% this year’s sales have been distressed.
Another one of Frank & Al’s Great Buy’s went under contract (606 Key Royale Drive listed at $319,000), a definite fixer upper on the canal. Just about all of the other properties are great buys for their location, rental capability and price. A couple that stand out are, 3302 6th Avenue, a four-plex listed at $599,000 three houses from the beach with plenty of room for a pool which would make this a dynamite seasonal rental. Another is 704 Rose St., listed at $429,000 a 2bedroom/2 bath in the north end of the island, one and a half blocks to the beach and with a pool, it would be a great rental property. If you want to be west of gulf drive then 115 Palm Ave. listed at $499,000 is for you. There are currently 10 properties for sale west of Gulf Drive that are not direct gulf fronts and 115 Palm is the lowest priced one. In the last 12 months 8 properties have sold west of Gulf Drive and all between $500K and $800K. The Gulf View Short Sale Townhouse (3603 4th Ave) is another great buy. Listed at $799,000 it’s a lot of house in a great location with partial Gulf Views, Pool, elevator and 2,376 sq ft of living area. Being a short sale who knows what the bank will take….make an offer.
Interest rates, although at all time low’s, continue to creep even lower with 30 year fixed rate mortgages up to $417,000 for first and second homes at 4.21%. To put in perspective how that stacks up to historical rates take a look at the historical mortgage rate graphs at the end of this newsletter which shows rates back to 1963. Based on the WSJ, it looks like the Fed is going to allow some inflation to try to spur economic growth. If they do, interest rates are going to jump up. With property prices as low as they are going to go and the mortgage rates at the lowest you are going to see in our lifetime this is the time for you buyer’s to pull the trigger.
Speaking of good deals, the current news on bank foreclosures is that three large banks, Bank of America included, has stopped foreclosures in 23 States because they might not have followed lawful procedures. The Federal Government is seriously considering stopping all foreclosures in the US due to questions on ownership of some of these properties because the mortgages have been sold so many times. If that happens, the banks will have to sit on their foreclosed properties for some indefinite period of time. A consequence of that may be banks moving much quicker and aggressively on short sales since foreclosing will only increase their inventory of properties that they can’t sell.
Many clients have asked about the demographics of the Manatee County area so I have included them at the end of the newsletter. It includes population, age and wage information on the cities in Manatee County including the three cities on Anna Maria Island. Hope you enjoy the newsletter.
Condo 2 BR/2BA :: $215,000-SOLD;601 Gulf Dr. #206 Gulf Watch, Anna Maria Island, FL
Sep 29th
View from front entrance
View from front entrance
Enjoy being steps away from the beautiful Gulf of Mexico or Sarasota Bay/Intracoastal waterways. This spacious, end unit, second story Island Condo has views of both gulf & bay, 2 bedrooms – 2 baths, 1282 square ft. turnkey furnished, intimate breakfast nook, separate dining area and washer dryer in the unit. Well maintained complex with heated pool and steps to the beach. The beach is private and land on gulf side of Gulf Dr is deeded to condos.
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.
Porch View
SEPTEMBER 2010 Real Estate Newsletter ALAN GALLETTO, Realtor; Anna Maria Island, FL.
Sep 18th
SEPTEMBER NEWSLETTER 2010
Sales for the month of August continue to be strong up 26% from last year with 29 (SF-16, Con-10, Dup-2 & Lot-1) properties sold compared to 23 (SF-15, Con-6, Dup-0 & Lot-2) in 2009. Year-to-date sales through August 31, 2010 also continue to be strong up 36% at 198 (SF-119, Con-56, Dup-15 & Lot-8) compared to August 31, 2009 Year-to date at 146 (SF-78, Con-53, Dup-6 & Lot-9). As you can see from the numbers, sales of single family homes and duplex’s are up significantly over last year where as condos and lots are about the same. Sales this year have significantly exceeded 2009 almost every month. If we only matched 2009 sales for the remaining months of the year, total sales for 2010 would come in at 286 well above the average total sales on the island of 250. Based on where we are and the continued strong number of pended sales of 66 (SF-33, Con-21, Dup-8 & Lot-4), I believe total sales for 2010 will come in very close to 300. If that’s the case it will be a very strong sales year with the most sales since 2005. Remembering that 2003 to 2005 were the peak sales years on the island, total sales from 2003 to 2009 were 2003-325, 2004-378, 2005-438, 2006-138, 2007-199, 2008-211, & 2009-234. In August Island Real Estate put 8 properties under contract and closed 5 properties.
Inventory dropped a little from last month’s 544 to 540 (SF-262, Con-186, Dup-36, Lot-56). Again, when the inventory level gets below 500 then we should see a significant rise in average and median property values. Distressed properties (bank owned & short sales) have dropped down from July’s 53 to 44 in August (SF-19, Con-18, Dup-4 & Lot-3). Distressed property sales year-to-date has been about 25% (SF-28, Con-15, Dup-7 & Lot-1 = 51) of the total sales year-to-date (198) on the island.
Two of Frank & Al’s Great Buy’s have been reduced from last month which make them even better buy’s. 787 Jacaranda a 3 bedroom/2 bath elevated, totally remodeled home only steps to the beach has been reduced to $599,000. The North Point Harbor canal lot at 718 Key Royale Drive has been reduced to $379,000. A great buy that just came on the market is 3302 6th Ave, a 4-plex with four 2 bedroom/2 bath units’ only steps to the beach. This property has plenty of room for a pool and with a pool and 30% down the revenue it could produce would cover all operating expenses and debt service and produce positive cash flow. This would be a great investment property for someone. There are not many 4-plex’s on the island and even less that are close enough to the beach to cash flow.
Interest rates are at their lowest in 40 years with rates as low as 4.4% for a 30 year fixed for a first or second home mortgage up to $417,000. Financing for condos in stable associations, which include most of the condo associations on the island, is available with 25% down. Jumbo mortgages ( above $417,000) are readily available at 1.5– 2 points above the regular first or second home rate. If your planning on buying, now’s the time.
For those of you who have a rental property or are considering buying one, this year has again been very good for rentals. By this time of year 80%-90% of the rental income is in and the last quarter is pretty quite except for the holiday weekends. This is the time of the year that the locals enjoy because it is a little quieter. If you plan to visit the island this fall the rental rates this time of the year are the lowest so call my rental girls to book.
Projected assessments for 2010 came out last month and it looks like in general taxes will come down a just a little more this year. Assessments now are currently pretty close to market value and unless budgets increase will stay pretty close to market value going forward.
In summary, sales on the island continue to be strong and still on track to be significantly higher than last year. Sales continue to be skewed to the low end with 90% less than $700K which is underestimating a little the average and median sales price compared to past years.
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.
Alan Galletto
6101 Marina Drive
