Posts tagged Anna Maria Island

Newsletter May 2014 Alan Galletto * Anna Maria Island, FL; Real Estate

This property is a 10 ratio (rental income covers all the operating costs and most of the mortgage with 20% down)

          Sales for April 2014 continues strong at 45 (SF-26, Con-14, Dup-3 & Lot-2) compared to April 2013 at 44 (SF-23, Con-15, Dup-4 & Lot-2).  Sales for April 30, 2014 Y-T-D were 143 (SF-84, Con-40, Dup-11 & Lot-8) up 23% versus April 30, 2013 Y-T-D at 116 (SF-64, Con-38, Dup-6 & Lot-8).  Sales for the last 12 months were 436 (SF-257, Con-122, Dup-32 & Lot-25) up 7% over the previous 12 months at 408(SF-230, Con-122, Dup-24 & Lot-32).  Of the sales for the last 12 months distressed properties were only 8% of the sales at 35 ( SF-17, Con-11, Dup-6 & Lot-1) compared to the previous 12  months where 10% or 41       ( SF-19, Con-17, Dup-5 & Lot-0) were distressed.  Currently there are only 6 distressed properties or 10% of the inventory of 306 (SF-171, Con-86, Dup-25 & Lot-24).  Pended properties (properties under contract) continue to be strong at 63 (SF-43, Con-12, Dup-4 & Lot-4) up from 49 last month and well above the average.  Inventory on the island has dropped this month to 306 from 314 last month and 342 the previous month.

 

Another one of Frank, Larry & Al’s Great Buy’s went under contract since the last newsletter.  One of the last three, off water, Banyan Tree Estate lots went under contract and looks like it’s solid to close in June.  There are still a couple very strong investment buys.  The one at 3603 4th Ave is a 3 bedroom/3 bath townhouse with elevator, pool and a roof top deck with awesome views of the gulf and inter-coastal and an excellent rental.  This property is a 10 ratio (rental income covers all the operating costs and most of the mortgage with 20% down) and is ideal for someone who wants a property in a great location (three houses to the beach) and in move-in condition.  A very special property for a 2nd home is a newly listed Frank Lloyd Wright inspired custom home at 4906 4th Ave.  Everything is very high end custom including the wood finishes, flooring, cabinets and infinity lap pool.  This is a must-see to appreciate.  Check out the rest of the Great Buy’s attached.

 

To summarize the island market, sales so far in 2014 have been at record levels again.  If you look at April 30, 2014 Y-T-D sales at 143 compared to April 30, 2013 Y-T-D sales at 116 we got a great jump on the year.  If you look at April 30, Y-T-D sales (143) over the last ten years (2005-2014) only 2005 (438 properties sold that year) had higher April 30, Y-T-D sales (160).  Again, single family sales remain extremely strong with 43 currently under contract.  If you look at the average and median sales prices for single family homes you can see that they are up significantly over last year.  As a matter of fact condos, duplexes and lots are all up over the previous year.  This continues to drive up prices at a healthy clip.  The immediate future looks to continue this trend of prices rising at about a 7% rate which is very healthy.  The inventory is getting down into the historical low range which is under 300.  If we do get down that low it will put upward pressure on prices.

 

The 2014 winter tourist season also broke all records for seasonal tourists.  Tourism tax collections where the highest they have ever been, and the summer season is expected to continue that trend.  The islands tax collections were up almost 12% over last year.  Property on the island continues to be upgraded and remodeled which helps to drive rental income up to record levels.  What’s interesting is if you look at AMI homesteaded properties from 1998 to 2013, they have stayed relatively constant even though the visitors to the island have increased sharply over that period of time.

Real Estate for sale * Newsletter * September 2013 Anna Maria Island FL.

EXQUISITELY remodeled  FULL Bay View

A must see to believe, imported tile, sinks SO much to see

Sales for August 2013 at 31 (SF-21, Con-7, Dup-2 & Lot-1) was just below the same month last year of August 2012 at 37 (SF-19, Con-11, Dup-3 & Lot-4) up 20%.  As I mentioned in the July Newsletter I felt, although sales for last year were one of the highest in the last 30 years, that even though we were lagging behind we would begin to catch up and that is the case. Sales for August 31, 2013 Y-T-D were 270 (SF-163, Con-81, Dup-14 & Lot-12) compared to August 31, 2012 at 295 (SF-165, Con-92, Dup-19 & Lot-19) only 9% below last year’s record pace.  Sales for the last 12 months at 406 (SF-243, Con-115, Dup-22 & Lot-26) were 5% above the previous 12 months at 389 (SF-220, Con-118, Dup-27 & Lot-24).  Of the sales for the last 12 months the distressed properties (bank owned or short sales) were 34 (SF-15, Con-14, Dup-5 & Lot-0) only 8% of sales compared to the previous 12 month at 56 (SF-22, Con-26, Dup-6 & Lot-2) or 14% of the sales.  Inventory on the island continues to remain low at 270 (SF-132, Con-89, Dup-25 & Lot-24) down from July at 283 and from 289 in June, 321 in May, 344 in April and 351 in March.  Currently there are only 6 (SF-3, Con-3, Dup-0 & Lot-0) distressed properties or 2% of the current inventory.  Pended properties (properties under contract) remain strong at 61 (SF-33, Con-10, Dup-10 & Lot-8) compared to 69 in July and 64 in June.

This month’s Frank, Larry & Al’s Great Buy’s has some changes from July. The Gulf front lot in Banyan Tree Estates listed at $2,650,000 was put under contract along with the two other Gulf front lots. Yes, all three Direct Gulf Front lots listed at $2,650,000 were put under contract in August! Another good buy just came on the market this month. 117 Peppertree Ave is a 4 bedroom/2 bath beach cottage with a pool and waterfall west of gulf drive just steps to the beach. It’s listed at $899,000 and is an excellent rental. If you’re looking for a lot to build your beach home there are 2 great lots left in Banyan Tree Estates, 106 Park Ave listed at $599,000 and 106 Beach Ave listed at $649,000. They are both three houses to the beach and are in one of the best locations on the island. Again, this month don’t forget the best investment buy on the island at 2916 Ave E listed at $629,000. Put 20% down and with a 30 year mortgage at 5% the rental income pays all the operating costs and just about all the mortgage. Check out the detail and give me a call with questions.   BUT it will be updated painted and refreshed this week so look again, for the first time beginning of October!Sales for August 2013 at 31 (SF-21, Con-7, Dup-2 & Lot-1) was just below the same month last year of August 2012 at 37 (SF-19, Con-11, Dup-3 & Lot-4) up 20%. As I mentioned in the July Newsletter I felt, although sales for last year were one of the highest in the last 30 years, that even though we were lagging behind we would begin to catch up and that is the case. Sales for August 31, 2013 Y-T-D were 270 (SF-163, Con-81, Dup-14 & Lot-12) compared to August 31, 2012 at 295 (SF-165, Con-92, Dup-19 & Lot-19) only 9% below last year’s record pace. Sales for the last 12 months at 406 (SF-243, Con-115, Dup-22 & Lot-26) were 5% above the previous 12 months at 389 (SF-220, Con-118, Dup-27 & Lot-24). Of the sales for the last 12 months the distressed properties (bank owned or short sales) were 34 (SF-15, Con-14, Dup-5 & Lot-0) only 8% of sales compared to the previous 12 month at 56 (SF-22, Con-26, Dup-6 & Lot-2) or 14% of the sales. Inventory on the island continues to remain low at 270 (SF-132, Con-89, Dup-25 & Lot-24) down from July at 283 and from 289 in June, 321 in May, 344 in April and 351 in March. Currently there are only 6 (SF-3, Con-3, Dup-0 & Lot-0) distressed properties or 2% of the current inventory. Pended properties (properties under contract) remain strong at 61 (SF-33, Con-10, Dup-10 & Lot-8) compared to 69 in July and 64 in June.

Almost pays for itself with 20% down...

Water Fall at 2916 Ave E for sale Anna Maria island

In summary August 31, Year to Date sales are only 9% behind 2012 which was the second highest year of sales in the last 30 years and which says the market is still very hot. Inventory on the island remains at historic lows and as you can see from the inventory absorption chart continues to be at 2005 levels with only 7 months of inventory available. Again, the market stats chart shows there were more single family homes sold in 2012 and 2013 then in the peak year of 2005. Distressed properties on the island remain few and far between continually remaining below 10. As a reference to the island market, this month I’ve included some stats from Manatee County. As you can see from the Manatee County Single family Stats the number of single family sales are up 20% from 2012 along with average and median sale prices. Foreclosures and short sales are down from a year ago and traditional sales are up which is a good sign for the Manatee County market. Also, single family inventory is down 18% from this time in 2012. Manatee County Condo sales show similar results with condo sales up 40% and average and median condo sales prices up from the same time in 2012 while condo inventory down 35% from a year ago. The bottom line is that the island market is as hot as it’s ever been in the last 30 years and it looks like the Manatee County market is slowly coming back as well which bodes well for the area. Interest rates are starting to creep up and I believe will continue in that direction slowly which means interest rates are not going to be lower any time in our life time so now is the time to buy.

See www.AlanGalletto.com NEWSLETTER for detailed charts and facts.
Call me, Realtor ALAN GALLETTO 941.232.2216 of Island Real Estate.

Anna Maria Island, FL. ALAN GALLETTO, Realtor; Real Estate Newsletter May 2013

                           MAY  NEWSLETTER  2013 

            Sales for April 2013 at 44 (SF-23, Con-15, Dup-4 & Lot-2) just beat April 2012 at 43 (SF-24, Con-10, Dup-5 & Lot-4).  Sales for April 30, 2013 Y-T-D were 116 (SF-64, Con-38, Dup-6 & Lot-8) compared to April 30, 2012 Y-T-D at 139 (SF-79, Con-42, Dup-9 & Lot-9).  Although still down 17% from 2012 sales, 2013 Y-T-D sales are catching up to last year’s banner year of 430 properties sold.  Sales for the last 12 months at 408 (SF-230, Con-122, Dup-24 & Lot-32) were up 16% over sales for the previous 12 months at 352 (SF-193, Con-114, Dup-19 & Lot-26).  Of sales for the last 12 months the distressed properties (bank owned or short sales) were 41 (SF-19, Con-17, Dup-5 & Lot-0) only 10% of the sales compared to the previous 12 months at 61 (SF-20, Con-33, Dup-5 & Lot-3) or 17% of the sales.  Currently there are only 12 (SF-5, Con-5, Dup-2 & Lot-0) or 3% distressed properties in the inventory.  Pended properties (properties under contract) continue to grow each month and is currently at 73 (SF-40, Con-20, Dup-10 & Lot-3) up from 67 in April, 61 in March and 51 in February.  This continues to bode very well for sales to continue at a record pace.  Inventory on the island continues to shrink and is currently at 321 (SF-157, Con-90, Dup-23 & Lot-51) down from 344 in April, 351 in March and 366 in February. 

             Another one of Frank, Larry & Al’s Great Buys has gone under contract since my last newsletter.  The property at 7314 Gulf Drive (La Casa Costiera Unit 7) went under contract April 24th and is due to close May 31st.  Currently there are 15 single family homes for sale west of gulf drive and 6 of them are direct gulf front homes and of the 9 homes left only 6 are under $1 Million.  West of gulf drive is the best location to maximize rentals and is the location that appreciates the most.  There has been a lot of showings and interest in 2916 Avenue E which continues to be the best investment, buy by the numbers, on the island.  This property is 4 houses from the gulf and does $65K in annual rentals year after year.  For you investors out there you won’t find a better investment property on the island currently for sale.  It pays all operating cost and the mortgage with 20% down.  The second best buy close to the beach under $1 Million is 109 Cedar Ave at $879,000 (3 houses from the beach) a 4 bedroom/2 bath home that could do $65K-$75K in gross annual income.  Third again is 3603 4th Ave listed at $959,000 is 2,376 sq ft, 3 bedroom/3 bath townhouse style home with pool and roof top deck with views of the gulf, inter-coastal and skyway bridge.  Check out the virtual tours on these and other properties.

          To summarize the island market, although 2013 started off slower than 2012, we are starting to catch up and build steam for another banner year of sales.  The year with the highest number of sales in the last 30 years was 2005 with 438 properties sold, then 2004 with 434 properties sold and then, last year, 2012 with 430 properties sold.  To put that in perspective, the average number of properties sold in a year is 250.  You can see that although were a little behind 2012 sales we’re still having another great year.  At the same time the island inventory is at the lowest level since 2005 and sales continue to outpace listings each month which continues to drive the inventory lower.  Distressed properties continue to remain very low and are almost non-existent and I expect this to continue since prices are rising.  I’ve seen a bump up in sales prices since last month and that trend will continue as long as sales remain high and inventory low.  Single family 2013 Y-T-D average and median sale prices were $643,154 & $535,000 compared to 2012 Y-T-D at $580,047 & $515,000 up 11% & 4% in 2013. Average and median condo sales for 2013 Y-T-D were $317,543 & $315,500 compared to 2012 Y-T-D at $275,752 & $285,000 up 15% & 11% in 2013.  In April there were 44 properties sold on the island and that is 88 sides (buyer’s side and listing side).  Island Real Estate had 27 sides of the sales in April or 31% of the sales, well above out average share of 25%.  We were involved in 24 of the 44 properties sold or 55% of the sales for April.  Island Real Estate listed 11 properties in April and put 19 properties under contract.  Island Real Estate currently has about 20% of the listings on the island and I have 55% of the IRE listings.  As you can see the market is good and we are getting more than our fair share of the market.

For detailed charts see the entire newsletter on my web site; www.Alangalletto.com
Ask Alan Galletto-THE Realtor for real estate on Anna Maria Island, FL. 941.232.2216

ALAN GALLETTO, Anna Maria Island FL. Realtor; Real Estate Newsletter April 2013

April  NEWSLETTER  2013 

            Sales for April 2013 at 29 (SF-21, Con-3, Dup-2 & Lot-3) were only 29% of April 2012 at 41 (SF-26, Con-13, Dup-0 & Lot-2).  Sales for the first Quarter of 2013 were 72 (SF-41, Con-23, Dup-2 & Lot-6) down 25% from the first Quarter of 2012 at 96 (SF-55, Con-32, Dup-4 & Lot-5).  The first quarter of 2013 was a much slower start then 2012Sales for the last 12 months at 407 (SF-231, Con-117, Dup-25 & Lot-34) were up 14% over the previous 12 months at 358 (SF-197, Con-123, Dup-15 & Lot-23).  Of the sales for the last 12 months, the distressed properties were 10% or 41 (SF-19, Con-19, Dup-3 & Lot-0) compared to the distressed properties for the previous 12 months at 17% or 61 (SF-21, Con-32, Dup-5 & Lot-3).  Currently there are only 14 distressed properties in the inventory or 4% of the inventory.  Five are single families with 2 being bank owned and 3 being short sales; 6 are condos with 2 being bank owned and 4 being short sales; 3 are duplex’s with 2 being bank owned and 1 a short sale.  Pended properties (properties under contract) continue to be strong at 67 (SF-35, Con-18, Dup-11 & Lot-3) up from last month’s 61 and the previous months 51.  Inventory on the island continues to shrink at 344 (SF-160, Con-103, Dup-32 & Lot-49) down from 351 last month and 366 the previous month.

            Two of the properties in last month’s Frank, Larry and Al’s Great Buys have gone under contract.  The property at 115 36th Street (west of gulf drive) just went under contract and is due to close in May.  The property at 313 64th St (a townhouse condo with private pool) also went under contract and just closed for $515,000.  Currently there are only 8 properties for sale west of Gulf Drive under $1 million and we have seen a spike up in the sale prices of these properties.  West of Gulf drive is the prime location for renting.  A pool home with at least 3 bedrooms will do between $60K and $100K depending on the location, amenities and number of bedrooms.  Again the best investment buy on the island is 2916 Avenue E (4 houses from the beach) listed at $629,000 and does gross annual rental of $67,000.  Number two again this month is 109 Cedar Ave (3 houses from the beach) which could do $65K-$75K in rental income.  The third investment buy is 3603 4th Ave listed at $959,000 a great 3bedroom 3 bath townhouse style home with pool and roof top deck with views of the Gulf and inter-coastal waterway.  Check out the virtual tours on these 3 properties.

            To summarize the Island market the year has started off about 25% below the first quarter of 2012 and 2012 was the third highest year of sales in the last 30 years.  Based on the activity we are seeing and the strong enthusiasm in the market place I expect that gap to narrow as we continue through the year.  For example in March there were 29 properties sold on the island or 58 sides (buyer side and seller’s side).  In March, Island Real Estate sold 19 properties and 12 of them were on the island and on 2 of them we had both sides so we sold 14 sides in March.  In March we sold 24% of the properties sold on the island, just about our normal share of the market.  Also in March Island Real Estate put 20 properties under contract, 14 of them on the island.  You can see the sales are still coming strong.

In the broader regional market while the national market is slightly down, the median list price of homes for sale is up 3.73% in Sarasota-Bradenton and 11.17% in the Punta Gorda-Charlotte County markets from a year ago, according to the National Association of Realtors.  In Sarasota, the median home price is $250,000.  The national median is $187,900, down 0.05% from a year ago.  Meanwhile, inventories of homes in the Sarasota-Bradenton market, listed for sale by Realtors continue to shrink.  Sarasota-Bradenton’s 6,640 listings represent a 20.25% year-over-year decline but is 1.44% more than the previous month.  Days-on- market, the time it takes listings to sell is down 22% in both local markets and 9% nationally.  That can be borne out by many mainland Real Estate customers I’ve talk to have been in multiple offer situations.  In short the Island and regional markets are continuing to heat up.

Call me, Realtor ALAN GALLETTO  941.232.2216 of Island Real Estate. www.Alangalletto.com

Anna Maria Island, FL ALAN GALLETTO, Realtor; Real Estate Newsletter March 2013

 March NEWSLETTER 2013

Sales for February 2013 at 25 (SF-12, Con-13, Dup-0 & Lot-0) got back to par with February 2012 at 27 (SF-16, Con-8, Dup-2 & Lot-1). Sales for the first two months of 2013 were 43 (SF-20, Con-20, Dup-0 & lot-3) down 27% from 2012 at 55 (SF-29, Con-19, Dup-4 & Lot-3). Although we’re off to a slower start than 2012 it’s not significant if you look at sales activity, inventory and momentum I believe we will see as strong a 2013 as was 2012 as we get into the middle of the year. Sales for the last 12 months were 419 (SF-236, Con-127, Dup-23 & Lot-33) up 17% over the previous 12 months at 357 (SF-185, Con-128, Dup-19 & Lot-25). Of the sales for the last 12 months distressed properties were only 10% at 44 (SF-20, Con-21, Dup-3 & Lot-0) compared to the previous 12 months where 17% or 61 (SF-19, Con-32, Dup-7 & Lot-3) were distressed. Currently there are only 7 distressed properties in the inventory or .02% with all 7 being short sales. Pended properties (properties under contract) continue to be strong at 61 (SF-33, Con-11, Dup-12 & Lot-5) up from last month at 51 and the previous month at 38. Inventory on the island is 351 (SF-165, Con-109, Dup-32 & Lot-45) down from the previous months 366.
This month’s Frank, Larry and Al’s Great Buys have not changed from last month’s newsletter. The best properties from a rental standpoint are the ones closest to the beach preferably west of gulf drive. Currently there are only 19 properties for sale west of gulf drive and of those 19 only 8 are under $1 million. Of those 8 only 4 would be great rental properties. By great I mean cover all the operating costs plus all or most of the mortgage. The best of these 4 is still 2916 Avenue E at $629K which with 30% down covers all the operating cost and the mortgage. This property doesn’t require anything done to it to continue getting the $65K in annual rental income (I’ve attached the “Cost of Ownership” analysis in the back of this newsletter). The next best property from an investment point of view is 115 36th St listed at $599K. This property would need a pool and landscaping ($45K) but would generate in the neighborhood of $60K in gross annual rentals. The 3rd Property is 109 Cedar Ave. listed at $879K. It’s a 4 bedroom/2 bath, 1,412 sqft, with a pool very close to the beach. The fourth property is 3603 4th Ave listed at $959K with a pool a roof top deck and views of the gulf and inter-coastal (even the skyway bridge). Check out the virtual tours 3 of the 4 are on this month’s Frank, Larry and Al’s Great buys.
To summarize the island market sales since the beginning of 2011 have continued to build to a 30 year peak in 2012 to numbers that were only seen in 2004 and 2005. Single family sales were at an all time high in 2012 and we continue to see this trend. Single family sales in 2012 were 56% of the total sale compared to 51% in 2011. The distribution of single family sales for the last 12 months continues to hold at 80% <$700K, 94% <$ 1million and 6% over $1 million. We are starting to see more single family sales over $1 million and that’s a good sign for the high end market. Condo sales for the last 12 months were 79% <$400K, 91% <$500K and only 1 sale over $1 million. Single family sales over the last 12 months accounted for 56% of the total sales while condo’s accounted for 30% of the total sales or together for 86% of the total sales.
In the broader market, according to the National Association of Realtors, the median list price nationally is slightly down but is up 3.73% for the Sarasota-Bradenton market. Inventories in the Sarasota-Bradenton market, like the island, continue to shrink with 6,640 listings a 20.25% decline over a year ago. Interest rates continue to be at all time lows with 30 year fixed at 3.5%, 15 year fixed at 2.75% and 30 year fixed jumbo loans at 3.875%. No one knows when the FED will start raising interest rates but as soon as they see signs of inflation it won’t be long after that. Buy now if you’re going to buy mortgage money is not going to get any cheaper.

Read the entire newsletter at www.AlanGalletto.com

Ask Alan Galletto-THE Realtor for real estate on Anna Maria Island, FL. 941.232.2216

Anna Maria Island, FL. ALAN GALLETTO – Realtor; Real Estate Newsletter November 2012

                             NOVEMBER  NEWSLETTER  2012

           Sales continue at a record pace in October with 33 properties sold (SF-18, Con-8, Dup-2 & Lot-5) a 57% increase over October 2011 at 21 (SF-14, Con-3, Dup-3 & Lot-1).  October 31, 2012 Y-T-D sales were 362 (SF-196, Con-113, Dup-22 & Lot-31) up 22% over October 31, 2011 at 297 (SF-150, Con-112, Dup-12 & Lot-23).  Of the October 31, 2012 Y-T-D sales of 362 only 11% or 42 properties (SF-21, Con-17, Dup-4 & Lot-0) were distressed (bank owned or short sales) compared to October 31, 2011 Y-T-D in which 16% or 47 (SF-15, Con-25, Dup-12 & Lot-23) were distressed.  Sales for the last 12 months were 405 (SF-220, Con-127, Dup-26 & Lot-32) with 51 properties (SF-23, Con-22, Dup-5 & Lot-1) or 13% distressed.  Pended properties (properties under contract) continue to be very strong at 62 (SF-37, Con-14, Dup-7 & Lot-4) which bodes well for continued high sales for the next several months.  Due to the strong sales volume Inventory on the island continues to remain at historical lows at 302 (SF-148, Con-97, Dup-28 & Lot-29) up a tick from 298 last month but down from 315 in September. 

            Another two of Frank, Larry & Al’s Great Buy’s went under contract since the last newsletter.  The single family home with a pool west of Gulf Drive at 113 75th St listed at $629,000 and 5802 Imperiore, a single family 3BR/2bath with a pool listed at $449,000.  Both of these properties went close to their list price.  The best investment buy on the island out of the 149 single family properties for sale is still 2916 Avenue E listed at $629,000.  For someone looking for a great location (four houses to the gulf) to build a home but isn’t ready to build for a few years, this is the property to buy.  It does about $65,000 in gross annual rental income and with 30% down it pays all operating cost and the mortgage.  Just rent it for 4-5 years then tear it down and build a new elevated home which would have peaks of the gulf (Emily Smith, the local architect, has already done plans for this location).  Another sleeper is 108 36th St, a 3bedroom/2.5bath direct Gulf Front condo in Palm Gables, a seven unit condo association.  This owner bought it new and has never rented it but it would be a very good rental.

            To summarize the current market, with only a month and a half left to go, 2012 is shaping up to be as good a year as 2005 which was the best year for sales in the last 30 years on record.   We have been running about 20% ahead of last year in sales all year and if we only match 2011’s November and December sales we will end up over 400 for the year.  It will be the only year that sales were over 400 within the last 30 years except for 2005.  Another interesting fact is although sales for 2012 will come in just a little under the peak year of 2005, single family sales for 2012 will be higher than 2005 or any other year in the last 30 years.  Looking at the distribution of sales, with the end of the year close by, they are running at about what they have been running all year long.  The distribution of single family sales over the last 12 months were 49% <$500K, 69% <$600K, 80% <$700K and only 7% over 1 million.  The distribution of condo sales over the last 12 months were 80% <$400K, 90% <$500K, 96% <$700K and only 2% over 1 million.  The number of Distressed Properties (bank owned or short sales) continues to be extremely low as they have been all year at 5 (SF-3, Con-2, Dup-0 & Lot-0).  Of the sales over the last 12 months (405) only 13% (51) were distressed.  Of the October 31, 2012 Y-T-D sales (362) only 11% were distressed compared to October 31, 2011 sales (297) which had 16% (47) distressed properties.  As we have seen since the 2006 peak of almost 1,000 properties for sale the inventory has continued to come down to the normal of 450-500 properties for sale and now currently at the lowest it’s been since the peak years of 2003-2005.  The inventory on the island this month is at 302compared to 304 the previous month, 315 the month before that and 434 in October of 2011.  Pended properties (properties under contract) are currently at 62 (SF-37, Con-14, Dup-7 & Lot-4) which means sales will continue strong over the next couple months.  Currently the majority of properties are selling within 5% of list price with some selling at list.  The island market is strong and we should see modest appreciation again this year.

Call me, Realtor: ALAN GALLETTO

941.232.2216 of Island Real Estate.  www.AlanGalletto.com

March 2012 Real Estate Newsletter Anna Maria Island, FL -ALAN GALLETTO, Realtor

MARCH NEWSLETTER 2012 

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

 

 

DECEMBER 2011 Real Estate Newsletter ALAN GALLETTO, Realtor; Anna Maria Island, FL.

2011 DECEMBER  NEWSLETTER

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

 

SOLD 10/31/11 for $375K Duplex 2 BR/2BA & 2 BR/1BA :: $479,000 :: 203 67th Street, HOLMES BEACH, Anna Maria Island, FL Real Estate, Alan Galletto Realtor

 

203 67th St Holmes Beach Front View

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.


Call or email Realtor ALAN GALLETTO - 941.232.2216 – of Island Real Estate. Visit Alan’s website.

February 2011 Real Estate Newsletter ALAN GALLETTO, Realtor; Anna Maria Island, FL.

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.