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Posts tagged Anna Maria Island
Anna Maria Island, FL ALAN GALLETTO, Realtor; Real Estate Newsletter March 2013
May 2nd
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
Nov 21st
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
Apr 19th
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.
Dec 26th
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
Sep 16th
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.
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- Front View
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- Steps to the Beaches
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- Street View
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- Side Yard
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- Living Room
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- Guest Bedroom
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- Guest Bathroom
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- Nearby Beach
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.
December 2010 Real Estate Newsletter ALAN GALLETTO, Realtor; Anna Maria Island, FL.
Dec 27th
December NEWSLETTER 2010
The number of sales on the island continue to be strong with sales up 42% for November 2010 at 27 (SF-16, Con-7, Dup-2 & Lot-2) compared to sales in November 2009 at 19 (SF-9, Con-8, Dup-1 & Lot-1). Year-to-date sales through November 30, 2010 continues to stay well ahead of last year, up 36% at 281 (SF-165, Con-80, Dup-22 & Lot-14) compared to November 30, 2009 Y-T-D at 206 (SF-106, Con-80, Dup-8 & Lot-12). Pended sales (properties under contract) continue to be strong at 57 (SF-32, Con-19, Dup-3 & Lot-3) equaling last month’s 57 which continues to bode well for sales in the next couple months. The normal distribution of sales in the past has been 75% under $800K and 25% over $800K. Over the last two years the distribution has been more skewed to the low end with 94% of sales under $800K and 6% over $800K. This distribution tends to understate the average and median home sales when comparing to previous years. Island Real Estate also continued its strong performance in November with 7 contracts closed and 12 new contracts.
Inventory continues to slowly move down to the normal range (450-500) with it currently at 516 (SF-256, Con-174, Dup-34 & Lot-52) compared to 521 last month. Distressed properties (short sales & bank owned) continue to decline and are currently at 30 (SF-13, Con-12, Dup-4 & Lot-1) down from 37 in September and 43 in August. Distressed properties on the island are currently running at about 5% of the inventory which is extremely low compared to other markets. As this number moves to zero we will be positioned to see an uptick in average and median sale prices.
Two more units at Palm Isle Village have closed, 3215 Gulf Dr at $331,000 and 3209 Gulf Dr at $475,000, that is 7 sold and only 4 left. This month in Frank & Al’s Great Buy’s I have highlighted properties that are not only great buy’s but either have a great rental history or with a little modification would be very good rentals. Since most buyer’s of property on the island are buying second homes, if the property can rent well it can pay the operating expenses and leave some left over to help pay the mortgage. Most properties, because of location and the type of property it is, have trouble paying the operating expenses let alone covering any of the mortgage. So, you not only need a good buy, but a property that is located and has the amenities to maximize rentals. This month we have recommended five properties that meet those criteria. Palm Isle Village unit 8 (3204 6th Ave) has a three and a half year rental record of doing $29,000 + in gross revenue. Starfish Beach unit 1 (2915 Ave E) has a four year history of rentals in the $33,000 range. The other three properties (787 Jacaranda, 704 Rose and 612 N Bay Blvd) are great buy’s in great rental locations and with minor improvements would be very good rentals. If you’re looking for a lot, the lowest priced canal lot on the island is still 718 Key Royale Drive.
Since last month interest rates have been slowly creeping up. Currently conforming (up to $417,000) 30 year fixed loans are at about 5% with conforming 15 year fixed at 4.6%. Six weeks ago 30 year conforming loans were under 4%. Even though we’re seeing rates creep up they are still at all time lows and no one’s predicting that they will be going up significantly any time soon. If you are shopping around for financing in the area I would recommend you talk to Wayne Gunter at BB&T Bank (941-720-6820), Russ Dozeman at Regions Bank (941-726-1319 or Susan Tyson at Wells Fargo (941-809-3802). They have all worked with some of my clients this year.
To summarize, since the prices have adjusted down to the current market from the peak at the end of 2005, all the indicators show a very healthy island market. The inventory is just about down to normal levels, the number of distressed properties is at an all time low and sales on the island are the highest since the peak year of 2005. Although there aren’t many steals left on the island there are many very good values at market price with great rental capability.
November 2010 Real Estate Newsletter ALAN GALLETTO, Realtor; Anna Maria Island, FL.
Dec 14th
NOVEMBER NEWSLETTER 2010
The numbers for October reinforces the fact that sales on the island continue to be very strong. Sales for October 2010 were 21 (SF-10, Con-8, Dup-1 & Lot-2) up 7% compared to October 2009 at 19 (SF-10, Con-8, Dup-1 & Lot-0). Year-to-date sales through October 31, 2010 continues to stay well ahead of last year up 36% at 254 (SF-149, Con-73, Dup-20 & Lot-12) compared to October 31, 2009 Y-T-D at 187 (SF-97, Con-72, Dup-7 & Lot-11). Single family and duplex sales continue to account for the increase in sales over last year and at the pace we’re going we should hit sales in 2010 on the island of over 300 properties. Of the year-to-date sales this year, 29% of the sales were distressed properties (short sales or bank owned). Pended sales also continue to be strong at 57 (SF-28, Con-21, Dup-4 & Lot-4) up from last month’s 50 which bodes well for continued strong sales volume. Island Real Estate also had strong numbers with 7 new contracts in October and 7 closings 3 of them in-house (no other broker involved).
Inventory on the island has leveled off just above 500 with it currently at 521 (SF-258, Con-178, Dup-34 & Lot-51) compared to 522 last month. The inventory is sitting just above the normal range of 450-500 properties for sale at any one time. Distressed properties (short sales and bank owned) also continue to decline and are currently at 37 (SF-18, Con-13, Dup-4 & Lot-2) down from 43 last month, 44 in September and 53 in August. Distressed properties on the island are currently 7% of the inventory and about 20% of the sales. To put that in perspective distressed properties in Bradenton are 51% of the sales Year-to-Date and 66% of the single family homes. You can see that the island market is in very good shape compared to the mainland market.
We have highlighted the Palm Isle Village units ( www.palmislevillage.com ) as great buys over the last few months with a price to rental ratio of 8, 9 and 10 (lower is better in this ratio most properties that are good rentals on the island are in the 12-16 ratio). Within the last two weeks I put two more units under contract at PIV, 3215 Gulf Drive (1 bedroom/1.5 baths, 730 sq ft) listed at $349K and 3209 Gulf Drive (2Bedroom/2 bath 1,480 sq ft) listed at $499K. They are cash deals closing in early December and that will be 7 out of the 11 units sold. If you have any interest in a great second home rental property there are 4 units left. Frank & Al’s Great Buy’s are as follows:; if you’re looking for a single family second home which would rent well then 115 Palm which is west of gulf drive is a great deal at $499,000. The lot is worth $400,000 and the carport could be easily made into another bedroom & bath to make a 3 bedroom/2 bath west of gulf drive. If you put in a pool this property could gross around $50,000 in rentals per year. If you want to be in the City of Anna Maria 787 Jacaranda listed at $599,000 is a great buy. It’s a 3BR/2bath with an elevator and room for a pool and being actually 3 houses from the Gulf it would be a great rental. Check out the rest of the great deals below, if you don’t see something you like call me and tell me what you want.
Interest rates continue to be at all time lows with 30 year conforming loans up to $417,000 at 4.3% and 15 year fixed conforming loans at 3.9%. I think that interest rates are poised to starting moving up so if you want to buy property and are going to use financing than now is the time to buy to minimize your cost of owning a property.
To summarize, the Anna Maria Island market looks pretty healthy especially as compared to other markets in Florida. Property values are down from the peak about 35%-40% but that adjustment had to happen in order for the market to stabilize. Sales have increased steadily every year since the end of 2005 when the market hit the wall and this year we will see 300 plus properties sold which is well above the normal sales of 250 and the most properties sold on the island since the peak in 2005. Single family average and median home sales are trending up while condos are down from last year but stabilizing, taking the biggest hit as far as values are concerned. Inventory has stabilized and with the record number of transactions the island market is very healthy and poised to begin increasing in value. We look forward to helping you with your Real Estate needs.
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.
SOLD 12/21/10 $215K Condo 2 BR/2BA :: $215,000-SOLD;601 Gulf Dr. #206 Gulf Watch, Anna Maria Island, FL
Sep 29th
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
- Eat in Kitchen
Alan Galletto
Real Estate Broker/Associate
6101 Marina Drive
Holmes Beach, FL 34217
