Posts tagged Anna Maria Island

Anna Maria Island, FL; Real Estate Newsletter May 2016 Al & Scott- The GALLETTO TEAM

Commercial property for sale on Anna Maria Island business possibilities

You can own business property in the City of Anna Maria right on GULF DRIVE call Al

Thru the end of April, 2016 Y-T-D AMI real estate sales at 117(SF-67, Con-32, Dup-11, & Lot-7) were down 28% from April, 2015 Y-T-D at 143 (SF-82, Con-44, Dup-6 & Lot-11). This is about where we were at the end of the first quarter, so we haven’t gained and are behind last year at about the same percentage.

Sales in April 2016 were 39 (SF-24, Con-10, Dup-2 & Lot-3) down 5% from April 2015 at 41 (SF- 21, Con-15, Dup-1 & Lot-4). The last 12 months sales (May 1, 2015 to April 30, 2016) were 381 (SF-213, Con-116, Dup-32, Lot-20) equal to the previous 12 months (May 1, 2014 to April 30, 2015) at 381 (SF-217, Con-110, Dup-29 & Lot-25). Of the last 12 months sales only 3% or 12 (SF-7, Con-4, Dup-1 & Lot-0) were distressed properties (bank owned or short sales) compared to 6% or 23 (SF-12, Con-5, Dup-6 & Lot-0) in the previous 12 months (April 1, 2014 to March 31, 2015). Only one month in for the quarter but inventory is down and transactions are up creating a great absorption rate. Inventory is currently at 308 (SF-171, Con-90, Dup-21 & Lot-26). Inventory for the previous four months were 343, 342,328 and 309.

If you’re looking for investment properties to buy with a good return there are still some available. The property at 214 Fir, City of Anna Maria is a 3 BR/2 bath each side duplex, three houses to the beach listed at $1,499,900 is a great rental with a 7% return and does $185,000 in gross annual rentals.

Another great rental with a 6% return is 209 54th St. Holmes Beach FL.  It’s a newly built (2014) 8 bedroom/6 bath, 2,936 sq. ft. home a block to Anna Maria Beaches with peaks of the gulf and it does about $225,000 in gross annual rental and is listed at $2,300,000. Call me for more information on these or other properties.

To summarize the market for the first five months of 2016 has started off a little slower than 2015 which at this point in time in 2014 had about the same number of sales. But if you look at pended properties they are well above the average which could mean a continued strengthening of sales as we continue through the year. Distressed properties continue to be non-existent and will continue to be so. There is currently still only one distressed single family property in the inventory. Pended properties (properties under contract) continue well above average at 79 (SF-55, Con-21, Dup-1 & Lot-2) up from 51 last month. The distribution of the single family sales on AMI over the last 12 months was 20% <$500K, 41% 500K-750K, 16% between $750K and $1 million and 23% over $1 million. The distribution for Condo sales over the last 12 months is 79% <$500K, 17% $5000K-$750K, 3% $750K – $1 million and 1% >$1 million. These percentages have been pretty consistent over the last year or so.

Longboat Key current inventory is 374 (SF- 136, Con- 200, Dup- 3 & Lot- 35) down from 387 last month. Pended properties on Longboat Key is 86 (SF-30, Con-56, Dup-0 & Lot-0) about equal to last months 87, and Distressed properties on Longboat Key are only 4 (SF-0, Con-4, Dup-0 & Lot-0). The distribution for single family home sales on Longboat Key for the last 12 months was 26% <$500K, 26% $500K – $750K, 20% $750 K – $1 million & 28% >$1 million. The distribution for Condo sales on Longboat Key for the last 12 months was 49% <$500K, 22% $500K – $750K, 11% $750K – $1 million & 18% >$1 million. The distribution of sale between single family and condos on Longboat Key have not changed much over the last year.

Again you can see from the charts in the Newsletter on my site that average and median sale prices have both gone up for the last 12 months compared to the previous 12 months. Definitely a healthy market with sales high and inventory low.

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

 

See www.AnnaMariaLuxuryRealEstate.com NEWSLETTER for detailed charts and facts for Anna Maria Island Real Estate for sale.
941-232-2216 ALAN
SCOTT 941.779.3313

Newsletter April 2016 Al and Scott Galletto * Anna Maria Island, FL; Real Estate

 

beach house on anna maria for sale call Galletto team 941-232-2216

Sweet beach house for sale on north end AMI

Thru the end of the first quarter of 2016 sales at 78(SF-43, Con-22, Dup-9, & Lot-4) were down 24% from the first quarter of 2015 at 102 (SF-61, Con-29, Dup-5 & Lot-7). Again it’s still very early in the year and by mid-year we will know more. To put it in perspective, sales for the first quarter have only been higher in 3 out of the past 10 years and there is no trend to it.

Sales in March 2016 were 31 (SF-20, Con-7, Dup-3 & Lot-1) down 33% from March 2015 at 46 (SF-31, Con-11, Dup-1 & Lot-3). The last 12 months sales (April 1, 2015 to March 31, 2016) were 383 (SF-210, Con-121, Dup-31, Lot-21) about equal to the previous 12 months (April 1, 2014 to March 31, 2015) at 385 (SF-222, Con-109, Dup-31 & Lot-23). Of the last 12 months sales only 3% or 11 (SF-6, Con- 4, Dup-1 & Lot-0) were distressed properties (bank owned or short sales) compared to 5% or 19 (SF-11, Con-2, Dup-6 & Lot-0) in the previous 12 months (April 1, 2014 to March 31, 2015). Inventory on the island continues to be low and has remained level from last month at 343 (SF-195, Con-96, Dup-20 & Lot-32). The inventory last month was 342 and in January 328.

If you’re looking for some very good properties to buy check out Frank, Al & Scott’s Great Buys this month. There is something for everyone from entry level properties for those who have a limited budget to high end waterfront properties for those with no budget. For those who have a limited budget and want to get into the market before it prices them out small condos are the best buys. You can get into a one or two bedroom condo in a good location that would have decent rental potential for between $250K & $350K. A good example of that is 2418 Gulf Drive Units A,B & C or 308 2nd St N. a four unit condo Units 202 and 102 (units 101 & 201 have already been sold). If you’re looking for a totally remodeled Beach Cottage with private pool in the city of Anna Maria steps to the beach than 770 North Shore Drive is for you (check out the virtual tour). The best buy, from the numbers standpoint is still 3603 4th Ave two houses from the beach with partial views of the beach and intercoastal. Check out the other great buys.

To summarize the market for the beginning of 2016, it’s starting off a little slower than 2015 but I expect it to pick up by mid-year and end the year strong. Distressed properties are pretty much non-existent and will continue to be so. There is currently still only one distressed single family property in the inventory. Pended properties (properties under contract) continue above average at 51 (SF-36, Con-12, Dup-2 & Lot-1). The distribution of the single family sales on the island over the last 12 months was 20% <$500K, 42% 500K-750K, 17% between $750K and $1 million and 21% over $1 million. The distribution for Condo sales over the last 12 months is 81% <$500K, 15% $5000K-$750K, 2% $750K – $1 million and 2% >$1 million. These percentages have been pretty consistent over the last year or so.

Longboat Key current inventory is 387 (SF- 147, Con- 206, Dup- 0 & Lot- 34). Pended properties on Longboat Key is 87 (SF-26, Con-59, Dup-0 & Lot-2) and Distressed properties on Longboat Key are only 4 (SF-1, Con-3, Dup-0 & Lot-0). The distribution for single family home sales on Longboat Key for the last 12 months was 26% <$500K, 26% $500K – $750K, 18% $750K – $1 million & 30% >$1 million. The distribution for Condo sales on Longboat Key for the last 12 months was 51% <$500K, 24% $500K – $750K, 11% $750K – $1 million & 14% >$1 million. The percentages for Longboat Key have not changed much over the last year.

You can see from the charts in the newsletter that average and median sale prices have both gone up for the last 12 months compared to the previous 12 months. Definitely a healthy market.  See www.AlanGalletto.com NEWSLETTER for detailed charts and facts.

941-232-2216 AL
SCOTT 941.779.3313

Newsletter August 2015 Alan and Scott Galletto * Anna Maria Island, FL; Real Estate

9935 Manatee Ave just as you get onto Causeway

9935 Manatee Ave 2 docks and lift too 4000 sq ft

Sales for July 2015 were up 11% over last year at 30 (SF-21, Con-4, Dup-3 & Lot-2) compared to July 2014 at 27 (SF-21, Con-5, Dup-0 & Lot-1).  Sales for July 31, 2015 Y-T-D were 265 (SF-160, Con-75, Dup-13 & Lot-17) up 13% over July 31, 2014 Y-T-D at 234 (SF-145, Con-61, Dup-17 & Lot-11).  Sales for the last 12 months were 412 (SF-234, Con-120, Dup-30 & Lot-28) up 2% over the previous 12 months at 404(SF-240, Con-107, Dup-32 & Lot-25).  Of the sales for the last 12 months distressed properties were only 6% of the sales at 27 ( SF-16, Con-7, Dup-4 & Lot-0) compared to the previous 12  months where 8% or 31 ( SF-13, Con-9, Dup-8 & Lot-1) were distressed.  Currently there are only 3 distressed properties or 1% of the inventory of 258 (SF-134, Con-63, Dup-31 & Lot-30) for sale on the island.  Pended properties (properties under contract) continue to remain strong at 33 (SF-18, Con-10, Dup-3 & Lot-2) down from 39 last month but still well above the average.  Inventory on the island has stayed pretty low and steady at under 300 for the past fourteen months.

Since last month’s Frank, Scott & Al’s Great Buy’s the property at 207 75th St went under contract and is due to close on 8/31/15.  Also the 201 & 203 57th St land condos which went under contract last month closed on 8/19/15 for $1,400,000.  There are still a couple very strong investment buys.  The property at 3603 4th Ave (reduced to $899,900) is a great investment buy.  This 3 bedroom/3 bath townhouse with elevator, pool and a roof top deck with awesome views of the gulf and inter-coastal and is an excellent rental.  This property is a 10 ratio (rental income covers all the operating costs and most of the mortgage with 20-30% down) and is ideal for someone who wants a property in a great location (three houses to the beach).  A new property on the market, 9935 Manatee Ave, a Bayfront condo on Palma Sola Bay Listed at $779,900 is a great water front property.  This 3 bedroom/3.5 bath with 3,908 square feet of A/C living has great bay views and a lift and second boat dock for the avid boater. 

3603 4th Ave 3 bed 2.5 bath with Elevator

3603 4th Ave. 3 bed 3 bath home with Elevator

To summarize the island market, sales in 2015 continue at record levels.  Again if you look at July 31, 2015 Y-T-D sales at 265 compared to July 31, 2014 Y-T-D sales at 234, a 13% increase, we continue to match or exceed the great sales years in 2012-2014 which had 431, 409 & 381 properties sold respectively.  We continue to be on track to again in 2015 have sales in the 400 range.  Single family sales remain strong with 27 currently under contract.  Single family sales, for the last three years, have been higher than the peak year of 2005.  There are currently 204 single family homes and condos for sale on the island with a total value of $217,837,648 with an average price of $1,067,832.  I have again attached some new charts this month.  One shows the historic sales price of residential (single family & condos) median sales price rising continually since 2010 which supports the 5-6% increase in prices per year.  Another is sales price to list price ratios.  You can see since 2010 residential property has been continually selling closer to the list price and  is currently at about 96% of the list price on average.  Another shows the historic count of active residential listings and you can see that since 2010 the inventory has been continually going down to its current low levels of under 300 properties.  All the trends continue to point to moderately rising prices and lower inventory levels.

I have also included in this month’s newsletter an article that advised buyers who are buying vacation home investment properties not to make these 5 mistakes.  One, not checking the local regulations on renting.  Two, not being picky about your management company.  Three, being thrown off by a furnished home.  Four, buying to please yourself.  Five, viewing it as a hobby.  I cover these points with buyers and especially buyers that are new to this kind of purchase.
THE GALLETTO TEAM of Island Real Estate, 6101 Marina Drive, Holmes Beach FL 34217.

Real Estate Newsletter July 2015 GALLETTO Team Alan and Scott Anna Maria Island, FL.

Boat Dock and Lift on the Intra-Coastal

206 52nd St Condo

Sales for June 2015 were equal to last year at 36 (SF-20, Con-13, Dup-2 & Lot-1) compared to June 2014 at 36 (SF-22, Con-8, Dup-4 & Lot-2). Sales for June 30, 2015 Y-T-D were 235 (SF-139, Con-71, Dup- 10 & Lot-15) up 14% versus June 30, 2014 Y-T-D at 207 (SF-124, Con-56, Dup-17 & Lot-10). Sales for the last 12 months were 409 (SF-234, Con-121, Dup-27 & Lot-27) down 3% over the previous 12 months at 422(SF-251, Con-113, Dup-33 & Lot-25). Of the sales for the last 12 months distressed properties were only 6% of the sales at 24 ( SF-14, Con-6, Dup-4 & Lot-10) compared to the previous 12 months where 8% or 33 ( SF-14, Con-9, Dup-9 & Lot-1) were distressed. Currently there are only 3 distressed properties or 1% of the inventory of 285 (SF-154, Con-75, Dup-25 & Lot-31) for sale on the island. Pended properties (properties under contract) continue to be strong at 39 (SF-27, Con-7, Dup-3 & Lot-2) down from 42 last month but still well above the average. Inventory on the island has stayed pretty low and steady at under 300 for the past thirteen months.

This month’s Frank, Scott & Al’s Great Buy’s have changed since the last newsletter. There are still a couple very strong investment buys. The property at 3603 4 th Ave (reduced to $899,900) went under contract since the last newsletter but fell through and is back on the market. This 3 bedroom/3 bath townhouse with elevator, pool and a roof top deck with awesome views of the gulf and inter-coastal and is an excellent rental. This property is a 10 ratio (rental income covers all the operating costs and most of the mortgage with 20-30% down) and is ideal for someone who wants a property in a great location (three houses to the beach) and in move-in condition. It is one of the best investment buys on the island right now. The two land condos at 201 & 203 57th St listed at $789,000 each have both gone under contract and are due to close on 8/7/2015. Also the elevated duplex at 103 73rd St listed at $799,000 went under contract and is due to close on 8/19/2015.

Check out two other new properties 206 52nd St Listed at $1,330,000 a condo on the Bay and also close to the beach and 9935 Manatee Ave a Bayfront condo on the causeway Listed at $779,900 with great bay views and a lift and second boat dock.

Condo on Sarasota Bay

9935 Manatee Ave Your OWN lift and 2 docks

To summarize the island market, sales in 2015 continue to be at record levels. Again if you look at June 30, 2015 Y-T-D sales at 235 compared to June 30, 2014 Y-T-D sales at 207, a 14% increase, we are continuing to get another great jump on the great sales years in 2012-2014 which had 431, 409 & 381 properties sold respectively. We continue to be on track to again in 2015 have sales of over 400 properties. Single family sales remain strong with 27 currently under contract. Single family sales, for the last three years, have been higher than the peak year of 2005. There are currently 229 single family homes and condos for sale on the island with a total value of $216,991,514 with an average price of $960,139. I have attached some new charts this month. One shows the historic sales price of residential (single family & condos) median sales price rising continually since 2010. Another is sales price to list price ratios. You can see that for the last years residential property has sold at about 95% of the list price. Another shows the historic count of active residential listings and you can see that since 2010 the inventory has been continually going down to its current low levels. All the trends continue to point to moderately rising prices and lower inventory levels. If you’re contemplating buying a property on Anna Maria Island sometime between now and 2016 it would be smart to buy sooner rather than later. Although prices are going up at a moderate rate, a 5-6% increase in prices could mean the difference in the kind of property you are able to buy.

If you’re not already on a search for the properties you’re looking for just call me, Scott or Lynn; give us the criteria and we will put you on one. You will receive auto emails initially of every property that meets your criteria and then you will continue to get all new properties that come on the market after that the day they hit the market.

Ask Alan or Scott Galletto-THE Realtors to ask about real estate on Anna Maria Island, FL. 941.232.2216    941.779.3313

Alan & Scott- The GALLETTO Team Anna Maria Island, FL. Real Estate Newsletter June 2015

103 73rd Holmes Beach  LOT VALUE w DUPLEX

103 73rd Holmes Beach LOT VALUE w DUPLEX

Sales for May 2015 were twice as high as last year at 56 (SF-37, Con-14, Dup-2 & Lot-3) compared to May 2014 at 28 (SF-18, Con-8, Dup-2 & Lot-0). Sales for May 31, 2015 Y-T-D were 199 (SF-119, Con- 58, Dup-8 & Lot-14) up 16% versus May 31, 2014 Y-T-D at 171 (SF-102, Con-48, Dup-13 & Lot-8). Sales for the last 12 months were 409 (SF-236, Con-116, Dup-29 & Lot-28) down 5% over the previous 12 months at 429(SF-251, Con-123, Dup-31 & Lot-24). Of the sales for the last 12 months distressed properties were only 5% of the sales at 24 ( SF-14, Con-5, Dup-5 & Lot-0) compared to the previous 12 months where 8% or 36 ( SF-17, Con-10, Dup-8 & Lot-1) were distressed. Currently there are only 3 distressed properties or 1% of the inventory of 269 (SF-142, Con-77, Dup-24 & Lot-26) for sale on the island. Pended properties (properties under contract) continue to be strong at 42 (SF-26, Con-8, Dup-5 & Lot-3) up from 37 last month and still above the average. Inventory on the island has stayed pretty low and steady at under 300 for the past twelve months.

This month’s Al, Frank & Scott’s Great Buy’s have not changed since the last newsletter. There are still a couple very strong investment buys. The property at 3603 4th Ave (reduced to $899,900) is a 3 bedroom/3 bath townhouse with elevator, pool and a rooftop deck with awesome views of the gulf and intercoastal with an excellent rental history. This property is a 10 ratio (rental income covers all the operating costs and most of the mortgage with 20-30% down) and is ideal for someone who wants a property in a great location (three houses to the beach) and in move-in condition. It is one of the best investment buys on the island right now.

For someone who wants to totally remodel or tear down and build new 103 73rd St ($799,000) is currently a duplex that is being sold at the value of the lot. Check out the rest of the Great Buy’s attached.

To summarize the island market, sales in 2015 continue to be at record levels. Again if you look at May 31, 2015 Y-T-D sales at 199 compared to May 31, 2014 Y-T-D sales at 171, a 16% increase, we have gotten another great jump on the great sales years in 2012-2014 which had 431, 409 & 381 properties sold respectively. We are on track to again in 2015 have sales over 400 properties. Again, single family sales remain strong with 26 currently under contract. Single family sales, for the last three years, continue to be higher than the peak year of 2005. There are currently 226 single family homes and condos for sale on the island with a total value of $216,991,514 with an average price of $960,139. I have attached some new charts this month. One shows the historic sales price of residential (single family & condos) median sales price rising continually since 2010. Another is sales price to list price ratios. You can see that for the last year or so residential property has sold at about 95% of the list price. Another shows the historic count of active residential listings and you can see that since 2010 the inventory has been continually going down to its current low levels. You can see that all the trends are for moderately rising prices and lower inventory levels.

If you’re contemplating buying a property on Anna Maria Island sometime between now and 2016 it would be smart to buy sooner rather than later. Although prices are going up at a moderate rate, a 5-6% increase in prices could mean the difference in the kind of property you are able to buy. If you’re not already on a search for the properties you’re looking for just call me or Scott and give us the criteria and we will put you on one. You will receive auto emails initially of every property that meets your criteria and then you will continue to get all new properties that come on the market after that the day they hit the market.

See www.AlanGalletto.com NEWSLETTER for detailed charts and facts.

 

941-232-2216 ALAN
SCOTT 941.779.3313

Newsletter April 2015 Alan Galletto * Anna Maria Island, FL; Real Estate

Sales for February 2015 were a little above last year at 26 (SF-15, Con-9, Dup-1 & Lot-1) compared to February 2014 at 24 ( SF-14, Con-7, Dup-2 & Lot-1) . Sales for the last 12 months were 376 (SF-213, Con-107, Dup-33 & Lot-23) down 12% over the previous 12 months at 427 (SF-253, Con-117, Dup-32 & Lot-25). Of the sales for the last 12 months distressed properties were only 6% of the sales at 24 ( SF-11, Con-5, Dup-8 & Lot-0) compared to the previous 12 months where 6% or 25 ( SF-6, Con-10, Dup- 8 & Lot-1) were distressed. Currently there are only 2 distressed properties or 1% of the inventory of 279 (SF-151, Con-78, Dup-18 & Lot-32). They are comprised of one single family property, which is bank owned and one condo which is bank owned. Pended properties (properties under contract) continue to be strong at 53 (SF-35, Con-12, Dup-3 & Lot-3) up from 42 last month and well above the average. Inventory on the island continues to remain below 300 at 279 (SF-151, Con-78, Dup-18 & Lot-32) from 296 last month and below 300 for the last nine months.

Of Frank, Scott & Al’s Great Buy’s that went under contract last month, the elegantly stunning home at 114 Beach listed at $2,499,900 closed March 9th for $2,200,000. The single family beach cottage at 121 49th St listed at $899,900 fell through because an investor couldn’t get financing based on his credit so it is back on the market. This single family on a conforming duplex lot, seven houses to the beach, is a great property in a great location. Also since last month another one of our great buy’s 120 50th St listed at $1,290,000 went under contract and is scheduled to close on May1, 2015. The property at 3603 4 th Ave continues to be a strong investment buy. This 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 and a 10 ratio (purchase price/gross annual rental income). This property is ideal for someone who wants a property in a great location (three houses to the beach) and in move-in condition. Check out the rest of the Great Buy’s in the Newsletter on my website www.AlanGalletto.com.

To summarize the island market, although we only have sales for two months of 2015, it looks like the strong sales activity we have had over the last couple years will continue and we are so far on track to end up the year with sales in the high 300’s or low 400’s. The fact that we had a low inventory (below 300) for most of 2014 is the reason we ended up with sales for 2014 at 381 instead of the 408 and 431 of the previous two years and that low inventory continues into the first two months of 2015. As I said last month, I think sales in the high 300’s is very healthy and keeps the market from getting too overheated but is still well above the sales for the average year in this market of 250. The amount of people who are looking at property continues to be strong. That’s the prime reason that the inventory has been at the low levels they have been over the past year.

If you look at February 28, 2014 Y-T-D sales at 56 compared to February 28, 2015 Y-T-D sales of 61 we got another great start for the year. If you look at February 28 Y-T-D sales over the last eleven years (2005- 2015), sales for those two months have only been higher in 2014 at 61. Single family sales continue to be well above the peak year of 2005. Single family and condo sales historically make up 80% of the total sales on the island and duplex’s and lots make up the other 20%. Over the last 12 months single family and condo sales accounted for 85% of the total sales and single families were 57% of the total and condos 28% of the total. As far as sales prices go in the last 12 months, 23% of the total single family sales were under $500K, 63% were under $750K, 22% were between $750K and $1 million and 15% were over 1 Million. Of condo sales on the island in the last 12 months, 79% were under 500K, 95% were under 750K, 2% were between $750K and $1 million, and 3% were over $1 Million dollars. This shows single family sales continue to be the strongest part of the market on the island.

For detailed charts see the entire newsletter on our website; www.Alangalletto.com

941-232-2216 ALAN

941-779-3313 SCOTT

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

Conforming Duplex - Lot for sale Anna Maria Island

Conforming Duplex - Lot for sale Anna Maria Island

Sales for August 2014 were 6% ahead of last year at 32 (SF-17, Con-9, Dup-4 & Lot-2) compared to August 2013 at 30 (SF-21, Con-7, Dup-2 & Lot-0). Sales for August 31, 2014 Y-T-D were 266 (SF-162, Con-70, Dup-21 & Lot-13) about even with August 31, 2013 Y-T-D at 270 (SF-163, Con-81, Dup-14 & Lot-12). Sales for the last 12 months were 405 (SF-236, Con-109, Dup-34 & Lot-26) about even with the previous 12 months at 406(SF-243, Con-115, Dup-22 & Lot-26). Of the sales for the last 12 months distressed properties were again only 8% of the sales at 31 ( SF-13, Con-9, Dup-8 & Lot-1) compared to the previous 12 months were also 8% or 34 ( SF-15, Con-14, Dup-5 & Lot-0) were distressed. Currently there are only 6 distressed properties or 2% of the inventory of only 275 (SF-155, Con-71, Dup-18 & Lot-31) for sale on the island. Pended properties (properties under contract) are still down at the normal range of 32 (SF-13, Con-7, Dup-7 & Lot-5) even with 31 last month. Inventory on the island has stayed pretty low and steady at the low 300’s over the last 9 months but this is the first time since 2003 – 2005 that we have been under 300 properties for sale.

3603 4th Ave roof top view of the Gulf Anna Maria Island

3603 4th Ave roof top view of the Gulf Anna Maria Island

Frank, Larry’s & Al’s Great Buy’s for this month have not changed much except the last Banyan Tree Estates lot went under contract last month, 108 Park Ave. This is the lot with the large Banyan Tree on it. The lot at 106 Beach closed today at $625,000 so Banyan Tree Estates are all sold out. There are still
a couple very strong investment buys on the list. The property at 3603 4th Ave (recently reduced to $949 K) 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. Another excellent rental income property is 110 81st St a totally remodeled, rental duplex, 4 lots from the beach. This property, without a pool does over $60K in gross annual rental income. If you added a pool you would get $80K-$90K in gross annual rental income. If you’re looking for a conforming duplex lot then 306 Clark Drive fits the bill. It has an old duplex on it but tear it down and build two single family land condos…live in one and sell the other. This property is very close to the beach in a quiet part of the island. Another duplex in a great location which was
under contract is now back on the market because the buyer could not get financing he wanted and that’s 8106 Gulf Drive on the market for $495,000. Check out the rest of the Great Buy’s attached.

To summarize the island market, again sales in 2014 continue at record levels and looks like they will hit over the 400 level again for only the 4th time. Again if you look at August 31, 2014 Y-T-D sales at 266 compared to August 31, 2013 Y-T-D sales at 270, we have gotten another great jump on what looks to be another year of 400+ properties sold. Again, single family sales remain strong with 162 sold Y-T-D about equal with last year at this time. The average price of single family sales for 2014 Year-To-Date is up 19% over last year at this time and median single family sales prices are up 17% over last year. Average condo sales prices for Y-T-D 2014 is up 7% over last year and median condo sales prices are up 20% over last year. Both these sales price increases over the past year bodes well for the market. Prices of all types of properties continue to rise at a healthy clip. The immediate future looks to continue this trend of rising prices at about an average 7%-10% rate which is very healthy. The inventory continues to be down into the historical low range hitting below 300 at 275 for the first time since 2005. If the inventory continues to remain low it will continue to put upward pressure on prices.

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

Happy Fall everyone!

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