Posts tagged City of Anna Maria Realtor
Sales for May 2014 were a little below last year at 27 (SF-18, Con-8, Dup-1 & Lot-0) compared to May 2013 at 32 (SF-23, Con-6, Dup-2 & Lot-1). Sales for May 31, 2014 Y-T-D were 171 (SF-102, Con-48, Dup-13 & Lot-8) up 13% versus May 31, 2013 Y-T-D at 151 (SF-88, Con-45, Dup-9 & Lot-9). Sales for the last 12 months were 429 (SF-251, Con-123, Dup-31 & Lot-24) up 10% over the previous 12 months at 390(SF-223, Con-113, Dup-24 & Lot-30). Of the sales for the last 12 months distressed properties were only 8% of the sales at 36 ( SF-17, Con-10, Dup-8 & Lot-1) compared to the previous 12 months where 11% or 41 ( SF-19, Con-17, Dup-5 & Lot-0) were distressed. Currently there are only 5 distressed properties or 1% of the inventory of 317 (SF-175, Con-88, Dup-28 & Lot-26) for sale on the island. Pended properties (properties under contract) continue to be strong at 41 (SF-27, Con-10, Dup-1 & Lot-3) down from 61 last month but still above the average. Inventory on the island has stayed pretty low and steady at 317 from 306 last month and 314 the previous month.
Another one of Frank, Larry & Al’s Great Buy’s went under contract since the last newsletter. One of the last two, off water, Banyan Tree Estate lots went under contract (106 Beach listed at $599K) and 106 Beach which went under contract last month closed this month for $575K. That leaves only one lot left in Banyan Tree Estates. There are still a couple very strong investment buys. The property at 3603 4th Ave (just reduced to $959K) 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.
Don’t forget the very special property for a 1st or 2nd home. This 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.
Another good buy for someone looking for a conforming duplex lot is 306 Clark Drive. 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. Check out the rest of the Great Buy’s attached.
To summarize the island market, sales in 2014 continue to be at record levels. Again if you look at May 31, 2014 Y-T-D sales at 171 compared to May 31, 2013 Y-T-D sales at 151, a 13% increase, we have gotten another great jump on the great sales year in 2013 which had 428 properties sold. We are on track to again in 2014 have sales over 400 properties. Again, single family sales remain strong with 27 currently under contract. The average price of single family sales for 2014 Year-To-Date is up 12% over last year at this time and median single family sales prices are up 15% over last year. Average condo sales prices for Y-T-D 2014 is up 5% over last year and median condo sales prices are up 2% over last year. Duplex average sales prices are up 22% over last year and duplex median sales prices are up 11% over last year. This continues to drive up prices of all types of properties at a healthy clip. The immediate future looks to continue this trend of prices rising at about an average 7% rate which is very healthy. The inventory continues to be down into the historical low range which is in the low 300’s. If the inventory continues to remain low it will continue to put upward pressure on prices.
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 5-10% increase in prices could mean the difference in what kind of property you want versus what you will have to settle for.
Sales for January 2014 got off to a fast start at 35 ( SF-22, Con-10, Dup-3 & Lot-0) compared to January 2013 at 18 ( SF-8, Con-8, Dup-0 & Lot-2) . Sales for the last 12 months were 417 ( SF-251, Con-123, Dup-30 & Lot-13) up 2% over the previous 12 months at 408 ( SF-240, Con-122, Dup-25 & Lot-21). Of the sales for the last 12 months distressed properties were only 9% of the sales at 39 ( SF-18, Con-13, Dup-7 & Lot-1) compared to the previous 12 months where 11% or 46 ( SF-23, Con-19, Dup-4 & Lot-0) were distressed. Currently there are only 5 distressed properties or 2% of the inventory of 327 (SF-177, Con-97, Dup-26 & Lot-27). They comprise one single family is a short sale, 3 condos are short sales and 1 duplex is bank owned. Pended properties (properties under contract) continue to be strong at 49 (SF-23, Con-10, Dup-11 & Lot-5) up from 41 last month and well above the average. Inventory on the island has ticked up a little this month to 327 from 311 last month but for the last six months has ranged between 262 and 327.
Another one of Frank, Larry & Al’s Great Buy’s went under contract since the last newsletter. The single family property(best investment buy) at 2916 Ave E listed at $629,000 went under contract and is scheduled to close on May 1, 2014. There are still a couple very strong investment buys. 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 ideal for someone who wants a property in a great location (three houses to the beach) and in move-in condition. 117 Peppertree Lane is another property in a great location (west of Gulf Drive), 4 bedroom/2 bath, 2-car garage, pool and lushly landscaped grounds, very good rental. Check out the rest of the Great Buy’s attached.
To summarize the island market, although we only have sales for one month of 2014, it looks like the strong sales activity we have had over the last couple years will continue. The amount of people who are looking at property is as strong as I’ve seen it in the last 20 years. That’s the prime reason that the inventory has been at the low levels they have been over the past year. Another reason is, outside of the stock market, there isn’t anywhere else to put your money that’s relatively safe other than real estate. If you look at January 2013 sales at 18 compared to January 2014 sales of 35 we got a great start for the year. If you look at January sales over the last ten years (2005-2014) January sales have never been higher. Single family sales over the last two years continue to remain the highest in the last 30 years with 251 single families sold in the last 12 months and 240 for the previous 12 months. Single family and condo sales historically make up 2/3rds of the total sales on the island with sales of each being about even and duplex’s and lots make up the other third. Over the last 12 months single family and condo sales accounted for 90% of the total sales and single families were 60% of the total and condos 30% of the total. As far as sales prices go in the last 12 months, 33% of the total single family sales were under $500K, 70% were under $750K, 16% were between $750K and $1 million and 14% were over 1 Million. Of condo sales on the island in the last 12 months, 85% were under 500K, 95% were under 750K, 3% were between $750K and $1 million, and 2% were over $1 Million dollars. This shows single family sales continue to be the strongest part of the market on the island.
At the beginning of every year I analyze where the previous year’s sales have come from. In 2013 I sold over $30 Million in Real Estate and the breakdown of where the buyers and listers came from didn’t surprise me. The internet accounted for 36% of them, 32% came from previous customers (repeat customers), 12% came from referrals from previous customers and 8% came from rental customers. So 44% came from previous customers or referrals from previous customers, 36% from the internet and 8% from our rental customers. Thank you all for your help and keep those referrals coming.
Sales for November 2013 were 34 (SF-20, Con-10, Dup-2 & Lot-2) 9% above October of 2012 at 31 (SF-22, Con-4, Dup-4 & Lot-1). Sales for November 31, 2013 Y-T-D were 375 (SF-224, Con-110, Dup-21 & Lot-20) compared to October 31, 2012 Y-T-D at 393 (SF-218, Con-117, Dup-26 & Lot-32) down only 4% from a banner sales year in 2012. Based on where we are in the year and the healthy pending sales activity it looks like we will again go over 400 sales for 2013. Sales for the last 12 months were 413 (SF-251, Con-119, Dup-22 & Lot-21) which included 40 distressed properties (SF-16, Con-17, Dup-7 & Lot-0) still only 10% of the sales. Inventory on the island continues to be at an historic lows due to the strong sales activity but has popped up just above 300 for the first time in 6 months and is currently at 305 (SF-160, Con-93, Dup-30 & Lot-22). Pended properties (properties under contract) continue to remain strong at 55 (SF-25, Con-10, Dup-10 & Lot-10) which continues to bode well for strong sales over the next few months. Distressed properties (short sales & bank owned) remain low at 1% of the inventory at 4 (SF-1, Con-2, Dup-1 & Lot-0).
For the eleventh month in a row, sales for 2013 continue to show an increase in average and median prices in all types of properties as well as increased activity in the higher price ranges. By the end of December there are going to be a bunch of sales over $1 million and I have six sales in December ranging from $1,000,000 to $3,100,000. Of the sales for 2013 Y-T-D 51% of the sales were under $500K compared to 66% 2012 Y-T-D, 79% were under $750K compared to 89% in 2012 Y-T-D, 13% were between $750K and $1 million compared to 6% in 2012 Y-T-D and 8% were over $1 million compared to 5% in 2012 Y-T-D. As I mentioned in last month’s newsletter, in the last couple years although sales activity was at record levels only 2%-3% were over $1 million. You can see that this year the number of sales over $1 million has more than tripled to 8%. That percentage is going to go up by the end of the year with the closing of the high end properties mentioned above closing in December. The three Gulf Front lots in Banyan Tree Estates listed at $2,690,000 are under contract and will close in December. The condo at 3716 Gulf Drive Unit A listed at $2,999,900 is under contract and will close in December and 95 52nd St listed at $3,250,000 is under contract and due to close in December. There are also three other pended properties over one Million due to close in December. These sales will drive the percent of over $1 million properties sold to about 10%.
This month Frank, Larry & Al’s Great Buys remain the same from last month. Although none of the properties have sold the West of Gulf Drive properties have gotten quite a few showings. Both 3603 4th Ave and 117 Peppertree Ave are due for offers. The Palm Gable gulf fronts have also been getting more showing over the last month. The property at 2916 Ave E continues to get a large number of showings and is just waiting for an investor to scoop it up. These are all properties with great locations.
Distressed properties on the island continue to be almost nonexistent standing currently at 4 (1 single family, 2 condos and 1 duplex). Even on the mainland in Bradenton the number of distressed properties is fairly small. At its peak the number of distressed properties in Bradenton were 60%-70% of the properties for sale. Again this month they stand at 20% of the properties for sale in Bradenton ( 279 out of 1,413 for sale).
In summary, last year at this time I was saying sales for 2012 would be over 400 for the first time since 2005 and we ended the year at 430. Here we are again with only one month left in the year and we again are poised to record sales for 2013 over 400. If we only match sales for December last year at 38 we will end 2013 with sales at 413.
Ask Alan Galletto-THE Realtor for real estate on Anna Maria Island, FL. 941.232.2216
Sales for September 2013 were 39 (SF-24, Con-8, Dup-3 & Lot-4) up 15% over September of 2012 at 34 (SF-13, Con-13, Dup-1 & Lot-7). Sales for September 30, 2013 Y-T-D were 309 (SF-187, Con-89, Dup-17 & Lot-16) compared to September 30, 2012 Y-T-D at 328 (SF-178, Con-105, Dup-19 & Lot-26) down only 6% from a banner sales year. Based on where we are in the year and the healthy sales activity I think we will again go over 400 sales for 2013. Sales for the last 12 months were 411 (SF-254, Con-110, Dup-24 & Lot-23) which included 33 distressed properties (SF-14, Con-12, Dup-6 & Lot-0) only 8% of the sales. Inventory on the island continues to shrink due to the strong sales activity and is currently at 263 (SF-131, Con-90, Dup-22 & Lot-20). Pended properties (properties under contract) remain strong at 56 (SF-27, Con-13, Dup-7 & Lot-9) which bodes well for strong sales over the next few months. Distressed properties (short sales & bank owned) are 2% of the inventory at 6 (SF-2, Con-4, Dup-0 & Lot-0).
The sales for 2013 continue to show an increase in average and median prices in all types of properties as well as more activity in the higher price ranges. Of the sales for 2013 Y-T-D 52% of the sales were under $500K, 31% were between $500K and $750K, 10% were between $750K and $1 million and 7% were over $1 million. In the last couple years although sales activity was at record levels only 2%-3% were over $1 million. You can see that this year the number of sales over $1 million has more than doubled to $7%. Another interesting figure is the number of showings per price range and I’ve attached a chart which shows the number of showings for Island Real Estate listings this year by price range. It shows, by price range, the total number of showings, the percentage of the total showings and the weekly and monthly average. Since Island Real Estate has about 25% of the listings on the island it’s a good reflection of the market. You can see the percentage of showings per price range follow pretty closely the sales by price range noted above. So far in 2013 Y-T-D, under $500K had 49% of the showings and 52% of the sales, $500K-$750K had 29% of the showings and 31% of the sales, $750K-$1 million had 13% of the showings and 10% of the sales and over $1 million had 9% of the showings and 7% of the sales.
This month, Frank, Larry & Al’s Great Buys haven’t changed from the September Newsletter. Check them out again. There are some great direct gulf front condos, a couple building lots close to the beach and the best investment buy on the island, 2916 Avenue E which just had a makeover, still available. The three direct gulf front lots in Banyan Tree Estates listed at $2,650,000 each are under contract and will close by the end of the year.
In summary September 30, 2013 Year–to-Date sales has closed the gap to within 6% of the 2012 sales for the same period. As mentioned last month 2012 sales of 430 was the only year sales were above 400 since MLS records have been kept except for 2004 at 434 and 2005 at 438. As you can see, sales for 2013 are very healthy as compared to the peak years. The inventory absorption chart reflects the continued low inventory of properties for sale on the island and we continue to have only about 7 months of inventory based on current sales rates. Single family sales also continue to be at their highest levels ever even compared to the peak years of 2003-2005. Distressed properties also remain almost non-existent currently at 6 properties. Distressed properties sold so far in 2013 were only 7% of sales compared to the same period in 2012 when they were 13% of sales. The days of picking up distressed properties on the island are long gone. The good buys now are value buys, that is property in good locations that if already not remodeled have the capability to be remodel and still be sold for a profit. The good locations continue to be direct gulf front, west of gulf drive and on water in that order. The bottom line is the island market is as good as it has ever been and continues to trend in that direction.
For detailed charts see the entire newsletter on my web site; www.Alangalletto.com
SEPTEMBER NEWSLETTER 2012
Sales continue at a record pace in August with 37 properties sold (SF-19, Con-11, Dup-3 & Lot-4) a 48% increase over August 2011 at 25 (SF-14, Con-8, Dup-0 & Lot-3). August 31, 2012 Y-T-D sales were 295 (SF-165, Con-92, Dup-19 & Lot-19) up 20% over August 31, 2011 Y-T-D at 246 (SF-119, Con-100, Dup-8 & Lot-19). Of the August 31, 2012 Y-T-D sales of 295 only 12% or 37 properties (SF-18, Con-15, Dup-4 & Lot-0) were distressed (bank owned or short sales) compared to August 31, 2011 Y-T-D sales in which 15% or 37 (SF-13, Con-19, Dup-4 & Lot-1) were distressed. Sales for the last 12 months were 389 (SF-220, Con-118, Dup-27 & Lot-24) with 56 (SF-22, Con-26, Dup-6 & Lot-2) or 14% distressed. Pended properties (properties under contract) are down from last month but still exceptionally strong at 55 (SF-32, Con-17, Dup-4 & Lot-2). The high number of pended properties continues to drive high sales. Inventory on the island continues to move down at 304 (SF-148, Con-99, Dup-24, Lot-33) the lowest it’s been since 2005 and down again from last month’s 315.
Two more of Frank, Larry & Al’s Great Buy’s went under contract since the last newsletter. The single family lot on 306 Spring Ave and 5704 Holmes Blvd the single family home on a conforming duplex lot. For those of you still looking for a lot the one at 106 Beach Ave (3 houses from the beach) is still available listed at $649,000. I’ve also just listed an older home at 142 Crescent Dr. which sits across two platted lots for $499,000. You can improve the house that’s there or tear the house down and build on one lot and sell the other. Another new listing you should look at is a totally remodeled 3 bedroom/2 bath single family home close to the beach at 5802 Imperiore. It has high ceilings in the living area and a grotto pool which would make it a very good rental. Check out the detail on these in Frank, Larry & Al’s Great Buy’s.
You may have read in the local paper the controversy around rental of some of the 5,6 & 8 bedroom homes being built. Most of the issues revolve around the number of cars parked around the property and late night noise around the pools. We do not have any of these “Motel Homes” in our rental program but Larry has met with some of the other large rental agencies to develop a “Best Practices” approach to head off these kinds of problems and he has implemented a “test drive” of them over the last 6-7 months. It includes giving renters when they check in a written list of do’s and don’ts, and giving the police a list of our rental properties so they can call us right away if there is a noise issue. Island Real Estate has only had about 15 issues over that period of time and under our program we are proud to communicate there were no second complaints on any guests that were visited due to late noise issues. We attribute this to an IRE on call person visiting the property when there is noise disturbance at a vacation rental. We take the quite enjoyment of our community seriously and hope other companies will follow our lead to cease late night noise immediately by visiting the property regardless of the time of day… OR night.
To summarize the current state of the market the trends we have seen all year continue to hold. Sales at 30 year peak level highs and inventory at historic lows. The number of sales Year-To-Date for 2012 are 20% above 2011 and continue to be on track to end the year around 400 properties sold. The distribution of sales for the year continue unchanged. The distribution of single family sales over the last 12 months were 50% <$500K, 71% <$600K, 81% <$700K and only 7% over $1 Million. The distribution of condo sales over the last 12 months were 82% <$400K, 91% <$500K, 96% <$700K and only 3% over $1 Million. The number of Distressed Properties (bank owned or short sales) continue to be extremely low at 10 (SF-5, Con-5, Dup-0 & Lot-0) or 3% of the inventory. Of the sales over the last 12 months (389) only 14% (56) were distressed. Of the August 31, 2012 Y-T-D sales (295) only 12% (37) were distressed properties compared to August 31, 2011 Y-T-D sales (246) which had 15% (37) distressed properties. As we have seen for the past year the inventory on the island has continued to decline. Inventory this month has hit another historic low at 304 compared to 315 last month and 332 in July and 434 in September of 2011. The outlook for the island market continues to be strong with sales at historic highs and inventory at historic lows. In 2011 we began to see a balance of the negotiating position of buyer and seller compared to the buyer’s market prior to 2011. In 2012 we are now seeing the market change to a seller’s market as evidenced by properties selling close to or at list price.
Go to my website to search the MLS for properties www.Alangalletto.com or Call me, Realtor ALAN GALLETTO 941.232.2216 of Island Real Estate, and I’ll send them right to you!
JUNE NEWSLETTER 2012
May 2012 brought us another month of booming sales at 52 (SF-31, Con-15, Dup-3 & Lot-3) up 49% over May 2011 at 35 (SF-15, Con-16, Dup-1 & Lot-3). We haven’t had monthly sales in the 50’s since 2004 & 2005 which were years that annual sales were over 400 properties. May 31, Year-to-Date Sales for 2012 were 191 (SF-110, Con-57, Dup-12 & Lot-12) up 18% over May 31 2011 Y-T-D sales at 162 (SF-75, Con-70, Dup-7 & Lot-10). Of the May 31, 2012 Y-T-D sales 12% were distressed (short sales or bank owned) (SF-10, Con-10, Dup-2 & Lot-0) versus 15% of the May 31, 2011 Y-T-D sales were distressed (SF-9, Con-11, Dup-3 & Lot-1). Sales for the last 12 months were 369 (SF-209, Con-113, Dup-21 & Lot-26) compared to the previous 12 months of 348 (SF-182, Con-127, Dup-20 & Lot-19). Pended properties (properties under contract) remain at all time high levels at 84 (SF-42, Con-26, Dup-9 & Lot-7) which means future months sales are going to remain strong. Inventory is up a little from last month at 334 (SF-153, Con-121, Dup-19 & Lot-41) compared to 319 last month but still remains at historical lows. The inventory at this time last year was at 452 properties for sale. In April of this year it was 369, March 2012 – 403, February 2012 – 412 and January 2012 – 427.
Two more of Frank, Larry’s & Al’s Great Buys were put under contract since the last news letter. A west of gulf drive property at 109 75th St listed at $569,900 and last month’s best buy on the island at 319 64th St listed at $454,000 a townhouse condo at Island Walk. Replacing them this month are two equally great properties, 115 36th St and 5704 Holmes Blvd. 115 36th St is a 4 bedroom/3 bath remodeled home 4 houses from the gulf. This property with a pool, lush landscaping and a little fluffing & buffing inside could be a 10 ratio property because of its great location. The property at 5704 Holmes Blvd has so many possibilities I think it confuses people. This property was a duplex converted to a single family on a conforming duplex lot. One, it could be converted back to a duplex (it still has two electric meters and two AC’s) with a bigger foot print; Two, it could be torn down and two new land condos could be built on it; Three, it could be expanded on the ground into a bigger single family home with a pool which would make it a fantastic rental. One property that Larry & I can’t believe hasn’t been snapped up by someone is 2916 Avenue E. This property was recently reduced to $629,000 which makes it a 9 ratio rental property. It’s four houses from the beach and is currently doing about $67,000 per year in rental income. Check out the other great properties on the list.
So to summarize, how is the island market doing? It’s performing at the peak year’s level as far as sales are concerned. If in the last seven months of this year we do sales just equal to 2011 the sales for 2012 will be 367 or 8% over last year. If we keep the current 18% pace above last year we’ll end up with sales of 398. I think at a minimum we will be somewhere between those two numbers. To put that in perspective, sales for 2011 were 340 and that was the best year since 2005. The distribution of sales for the last 12 months sales of 209 single families was; 44% (94) were below $500K, 68% (145) were below $600K and 78% (167) were below $700K. The distribution for sales of the last 12 months sales of 113 condos was; 81% (92) were below $400K, 92% (104) were below $500K and 97% (110) were below 97%. The number of distressed properties on the island are almost non-existent with 10 distressed properties (SF-5 & Con-5) or 3% of the inventory of 334. As I mentioned last month because of the low inventory the number of great rental properties close to the beach are very few. There are only 10 single family properties for sale west of gulf drive under $1 million dollars and there are only 3 lots for sale west of gulf drive under $1 million dollars. As you can see from the charts, average and median sales prices have been rising since 2010 and they look to continue in that direction. Interest rates are in the 3.5% range. Since 1810 they have been lower only from 1900-1910 and 1932-1955. On a $500,000 property, for every 5% increase in the price of the property and every 1% increase in interest rates your principle and interest payment goes up $421 per month. Good reason to buy sooner rather than later.
Ask Alan Galletto-THE Realtor for real estate on Anna Maria Island, FL. 941.232.2216
Sales on the island continue at a strong pace in July with 27 properties sold (SF-16, Con-7, Dup-0 & Lot-4) a 50% increase over July 2010 at 18(SF-11, Con-4, Dup-2 & Lot-1). July 31, 2011 Y-T-D sales were 223 (SF-106, Con-93, Dup-8 & Lot-16) up 32% compared to July31, 2010 Y-T-D at 169(SF-103, Con-46, Dup-13 & Lot-7). Of the July31, 2011 Y-T-D sale of 223, 15% (34) were distressed properties compared to July31, 2010 Y-T-D sales of 169 in which 25% (43) were distressed properties. Pended properties (properties under contract) remain strong at 60 (SF-33, Con-22, Dup-4 & Lot-1) which means sales look to be strong at least into the next couple months. Inventory on the island continues to be below the average (450-500) and continues to move downward. It is currently at 429 (SF-208, Con-138, Dup-31 & Lot-52). Of the 429 properties currently for sale only 5% (21) are distressed properties (SF-9, Con-9, Dup-3 & Lot-0). In July Island Real Estate put 6 properties under contract (IRE having both sides of 2 of them), Listed 8 properties and closed 11 properties (IRE having both sides of 7 of them).
This month we have Frank, Larry & Al’s Best Buy’s. None of last month’s have gone under contract yet but looking at the low inventory there are very few properties currently for sale that are as good a buy. The two short sale properties 605 Baronet and 100-A 52nd street have been getting a lot of showings over the last month. The canal home is done very beachy and has a very nice floor plan. The gulf view property on 52nd St has a very good rental history that can be built on with very cosmetic changes to increase the rental. 100-A 52nd St. was just reduced by the owner to $695,000 and that would be the number the owner would accept to bring to the bank for a short sale. The great income/potential properties are ones that have a 10 or less ratio of price to gross rental income. The property at 100-A 52nd St is a 10 ratio and there are no properties that can beat that in that price range. The property at 2916 Avenue E is also a 10 ratio and is another great investment buy. For those of you who want to put some sweat equity into a property there are two properties that have the potential to show a good return after doing some major construction. Both are duplex’s and both would need to be gutted and then condo’d. Both are in great locations close to the beach and I think the numbers would work very well. If you have an interest give me a call and we can discuss the details. Also for you investors, I’ll be listing a 6 condo complex close to the beach in the $300K-$480K price range that do $30K-$40K gross rentals. They are similar to Palm Isle Village and very nicely done. Call me if you want one because I think they will go fast.
Since it’s the middle of hurricane season I thought it was time to publish my yearly map of Hurricane Landfalls on the coast of the US from 1950-2010. Most buyers come around to the question of whether the Sarasota/Bradenton area get many hurricanes. The answer is no: Only rarely has the Sarasota/Bradenton area been directly hit by a hurricane. The last one was in 1944 when one hit Northport (south of Sarasota) with 100mph winds. There have only been 9 hurricanes to make landfall on the west coast of Florida since 1899 (when the government started keeping records). As you can see from the NOAA chart the west coast of Florida is no more vulnerable than the NY/New England area of the country to get a direct hit and most of the coast of the US is far more vulnerable.
To summarize the island market, the number of sales are up 30% over 2010 which was a very good year and 2011 is shaping up to be the second best year for sales in the last 30 years. The inventory has been falling to historically low levels and if it continues downward will put upward pressure on prices (in August of 2010 the inventory was at 544). The distressed properties have remained at 5% of the inventory but the absolute number of distressed properties have fallen as the inventory has fallen. As you can see from the median & average sold chart, 2005-2011, single family homes and lot prices are trending up, condos have bottomed and duplex’s haven’t quite bottomed yet. In 2010 90% of the sales were under $700,000 and 10% over $700,000. This year to date those percentages are still holding true. The island market is very good compared to most other real estate markets in the US.
2010 – 12 MONTH YEAR END PRICES
Number Sold Average Sales Price 2010 Median Sales Price 2010
HOMES 185 $512,596 $465,000
CONDOS 94 $292,077 $239,450
MULTI-FAMILY 23 $392,326 $357,500
_____ $406,727 $345,000
Last 12 months – August 1 ‘2010 – July 31 ’2011 SALES ON ANNA MARIA ISLAND
# Sold Lowest Highest Avg. Price Sold Median Price Sold
HOMES 190 $65,000 $2,650,000 $536,575 $445,750
CONDOS 142 $ 22,500 $1,060,000 $281,024 $250,000
DUPLEXES 18 $170,000 $ 480,000 $342,911 $357,500
_____ $127,000 $1,000,050 $416,377 $400,000
JAN 1 – JULY 31 ’2011 SALES ON ANNA MARIA ISLAND
# Sold Lowest Highest Avg. Price Sold Median Price Sold
HOMES 106 $65,000 $2,650,000 $553,373 $470,000
CONDOS 93 $ 22,500 $1,060,000 $293,215 $255,000
DUPLEXES 8 $237,000 $ 429,000 $338,550 $332,500
____ $127,000 $1,000,050 $415,691 $405,000
JAN 1 – JULY 31 ’2010 SALES ON ANNA MARIA ISLAND
# Sold Lowest Highest Avg. Price Sold Median Price Sold
HOMES 103 $154,000 $1,475,000 $508,138 $480,000
CONDOS 46 $80,000 $1,667,000 $324,324 $234,950
DUPLEXES 13 $202,500 $1,360,000 $427,654 $310,000
____ $200,000 $ 850,000 $394,129 $320,000
Keep those calls and e-mails coming! We love hearing from you……
Alan, Frank & Larry
Call your Realtor; ALAN GALLETTO on Anna Maria Island! 941.232.2216
MARCH NEWSLETTER 2011
Sales for February were a little behind last year at 22 (SF-10, Con-11, Dup-0 & Lot-1) versus 2010 which were 27 (SF-14, Con-9, Dup-3 & Lot-1) but still a respectable number of sales. Of the 22 properties sold in February only 4 were distressed properties (SF-3, Con-1) versus 2010 where 10 of the 27 sold were distressed (SF-5, Con-4, Dup-1). Year-to-Date Sales through Feb 28, 2011 are at 38 (SF-18, Con-17, Dup-1 & Lot-2) compared to the same period in 2010 at 41 (SF-22, Con-14, Dup-3 & Lot-2). Sales continue to look strong with pended properties (properties under contract) at 60 (SF-28, Con-25, Dup-4 & Lot-3). Pended properties have been in the 50-65 range for the past nine months which is why we’re seeing such strong sales. The inventory has been lingering at just over 500 with current inventory at 518 (SF-258, Con-182, Dup-31 & Lot-47). Of the current inventory 33 are distressed properties (SF-16, Con-25, Dup-4 & Lot-3) or about 6% of the inventory. If you look at sales for the last 12 months at 319 versus the previous 12 months at 251 it demonstrates how strong the sales have been in the past year compared to past years (2010-317, 2009-233, 2008-211, 2007-199, 2006-138 and the peak year 2005-438). You can see how the number of sales has been building since 2005. As I mentioned in past newsletters the average number of yearly sales on the island is about 250.
It was another good month for Frank and Al’s Great Buy’s. From last month’s list I put two properties under contract 787 Jacaranda and 2915 Avenue E, both great buys and both great rentals. Also a short sale, 100-A 52nd St was on last month’s list and although it did not go under contract I did put 100-B 52nd St. under contract. If you want another chance than 100-A 52nd St. is still available. This month’s list has some excellent buys. 3103 Avenue E, listed at $669K, is a new land condo with gulf views and five houses from the beach and is an excellent buy and would be an excellent rental. If you’re looking for west of gulf drive in the city of Anna Maria, 111 Oak listed at $699K is a circa 1926 classic historical cottage with a lot of charm and by adding a pool and some cosmetic updates would also be a great rental. With building costs still at historical lows (you can build for $150/sq ft what cost at peak $350/sq ft) the two lots at Banyan Tree Estates, three properties from the beach listed at $699K, allows you to build your dream home in a great location. Now is the time to build if you are considering it because it looks like material costs are going to rise in the future. Email or call me for more information on these or any other properties.
Any of you who have been on the island in the last couple months know firsthand that this year has been a great year for rentals. We were up about 6% in the winter months, mainly due to increased rental rates because demand is always high, but the summer months are up 50%. That increase is due primarily to increased demand and that demand caused many renters not to get there first choices last summer and are booking earlier this year. The standardized linen service is off and running and is going relatively well. Most of the initial comments have been positive and we’re working out the few glitches we have stumbled upon. One thing it has done is move some responsibility regarding linens from the owners to Island Real Estate which should make it much easier on the owners.
To summarize, sales into February continue to be strong and with inventory at traditional levels and pended properties strong, it seems that it will continue into the near future. Island Real Estate sales have been strong as well with 5 closings in February and 22 properties put under contract. Since we are only two months into the year there is not enough data to change the trend charts. Most of the graphs use quarterly or yearly data so by next month when we have a full quarter of data then we can get a better picture of the current trends.
Ask Alan -THE Realtor for other great real estate on Anna Maria Island, FL.
Call Realtor ALAN GALLETTO 941.232.2216 of Island Real Estate.
Happy New Year – 2010 turned out to be a banner sales year on the island. With 2009 the year of stabilization and improvement, 2010 was the year of the market poised to turn up, 2011 will be the year of a modest increase in prices. December 2010 sales were 36( SF-20, Con-14, Dup-1 & Lot-0) up 29% over December 2009 at 28 ( SF-12, Con-14, Dup-2, & Lot-0). Sales for 2010 were 317 (SF-185, Con-94, Dup-23 & Lot-15) up 35% over 2009 at 234 (SF-118, Con-94, Dup-10 & Lot-12). Sales for 2010 were the highest since 2005, the peak year on the island, with sales of 478. To put that in perspective, sales for 2006 were 166, 2007, 184, 2008 were 211 and of course 2009 were 234. Of the 317 properties sold in 2010, 91(SF-46, Con-32, Dup-11 & Lot-2) have been Distressed (short sales or bank owned) properties or 28% of the sales. Compared to 2009 when of the 234 sales, 43 (SF-15, Con-22, Dup-4 & Lot-2) were Distressed properties or 18% of the sales. Distressed properties are currently at 36 (SF-16, Con-14, Dup-5 & Lot-1) which is about 6% of the inventory. Pending sales (properties under contract) are down a little from previous months to 38 (SF-19, Con-15, Dup-1 & Lot-3) but still healthy. Island Real Estate had another strong month in December with 10 properties closed and 6 new contracts. Inventory on the island is currently at 518 (SF-256, Con-178, Dup-35 & Lot-49). The island inventory has been holding at around the very low 500’s for the past five months.
As you have seen, sales were very good last year in our island vacation market but that has been true across the country in vacation home markets. I’ve included an article from the Wall Street Journal on January 10, 2011 “Market for Vacation Homes On the Rise”. The article states that “Sales in many vacation communities across the U.S. soared last year to levels not seen since the boom times, driven by deep discounts, cash purchases and buyers rising stock portfolios.” Examples are Hilton Head Island S.C. rose 14% and Palm Beach, FL. Experienced a 40% annual increase in sales. They go on to say “The question now is whether the momentum will last. The strength of second-home sales paints a stark contrast to the overall housing market, which is expected to worsen in 2011”. “The proverbial train has left the station,” said Ned Monell, an agent with Sotheby’s International Realty in Palm Beach. “We haven’t felt energy like this in a long time. Buyers sense that they’ve been on the sidelines long enough.” Read the full article at the end of the newsletter.
Two more properties from Frank & Al’s Great Buy’s were put under contract since the last newsletter, 612 N Bay Blvd. and 3210 6th Ave (Palm Isle Village). At Palm Isle Village that leaves only three units left (3205, 3204 & 3201) and these units have the lowest cost of ownership of anything on the island especially in the $300K – $500K price range. If you check out the Great Buy’s sheet I’ve listed several that have either great rental income or have the potential, with minor improvements, to have great rental income. If you’re looking for an investment home or a second home that will pay the operating expenses and a large part of the mortgage than check out the last four properties on the list. A great canal buy is 618 Hampshire Lane listed at $695,000. It fronts on the golf course and backs up to the large canal off Bimini Bay which feeds most of the canals in Key Royale. The only downside is it’s next to our house (only kidding, just wanted to see if you were awake).
In summary, sales of property on the island have continued to increase from 2006 at 160 properties to 2010 with 317 properties sold, well above the average of 250 and the highest level since 2005 (478) and almost equal to 2003 (325). The average sale price of single family homes and multi-family homes look poised to start trending up while condos still have a way to go. The inventory is very close to normal levels. The next thing to look for is a drop below 500 and at that point it should start to drive up sales prices.
JANUARY 1, 2010 – DECEMBER 31, 2010 SALES ON ANNA MARIA ISLAND
# Sold Lowest Highest Avg. Price Sold Median Price Sold
HOMES 185 $154,000 $2,350,000 $512,596 $465,000
CONDOS 94 $29,000 $1,667,000 $292,077 $239,450
DUPLEXES 23 $170,000 $1,360,000 $392,326 $357,500
LOTS 15 $200,000 $850,000 $406,727 $345,000
JANUARY 1, 2009 – DECEMBER 31, 2009 SALES ON ANNA MARIA ISLAND
# Sold Lowest Highest Avg. Price Sold Median Price Sold
HOMES 118 $160,000 $950,000 $518,276 $452,500
CONDOS 94 $109,900 $1,700,000 $353,806 $282,250
DUPLEXES 10 $181,000 $505,000 $399,083 $379,829
LOTS 12 $287,000 $850,000 $414,350 $355,000
Keep those calls and e-mails coming! We love hearing from you……Alan & Frank
Sales for the month of August continue to be strong up 26% from last year with 29 (SF-16, Con-10, Dup-2 & Lot-1) properties sold compared to 23 (SF-15, Con-6, Dup-0 & Lot-2) in 2009. Year-to-date sales through August 31, 2010 also continue to be strong up 36% at 198 (SF-119, Con-56, Dup-15 & Lot-8) compared to August 31, 2009 Year-to date at 146 (SF-78, Con-53, Dup-6 & Lot-9). As you can see from the numbers, sales of single family homes and duplex’s are up significantly over last year where as condos and lots are about the same. Sales this year have significantly exceeded 2009 almost every month. If we only matched 2009 sales for the remaining months of the year, total sales for 2010 would come in at 286 well above the average total sales on the island of 250. Based on where we are and the continued strong number of pended sales of 66 (SF-33, Con-21, Dup-8 & Lot-4), I believe total sales for 2010 will come in very close to 300. If that’s the case it will be a very strong sales year with the most sales since 2005. Remembering that 2003 to 2005 were the peak sales years on the island, total sales from 2003 to 2009 were 2003-325, 2004-378, 2005-438, 2006-138, 2007-199, 2008-211, & 2009-234. In August Island Real Estate put 8 properties under contract and closed 5 properties.
Inventory dropped a little from last month’s 544 to 540 (SF-262, Con-186, Dup-36, Lot-56). Again, when the inventory level gets below 500 then we should see a significant rise in average and median property values. Distressed properties (bank owned & short sales) have dropped down from July’s 53 to 44 in August (SF-19, Con-18, Dup-4 & Lot-3). Distressed property sales year-to-date has been about 25% (SF-28, Con-15, Dup-7 & Lot-1 = 51) of the total sales year-to-date (198) on the island.
Two of Frank & Al’s Great Buy’s have been reduced from last month which make them even better buy’s. 787 Jacaranda a 3 bedroom/2 bath elevated, totally remodeled home only steps to the beach has been reduced to $599,000. The North Point Harbor canal lot at 718 Key Royale Drive has been reduced to $379,000. A great buy that just came on the market is 3302 6th Ave, a 4-plex with four 2 bedroom/2 bath units’ only steps to the beach. This property has plenty of room for a pool and with a pool and 30% down the revenue it could produce would cover all operating expenses and debt service and produce positive cash flow. This would be a great investment property for someone. There are not many 4-plex’s on the island and even less that are close enough to the beach to cash flow.
Interest rates are at their lowest in 40 years with rates as low as 4.4% for a 30 year fixed for a first or second home mortgage up to $417,000. Financing for condos in stable associations, which include most of the condo associations on the island, is available with 25% down. Jumbo mortgages ( above $417,000) are readily available at 1.5– 2 points above the regular first or second home rate. If your planning on buying, now’s the time.
For those of you who have a rental property or are considering buying one, this year has again been very good for rentals. By this time of year 80%-90% of the rental income is in and the last quarter is pretty quite except for the holiday weekends. This is the time of the year that the locals enjoy because it is a little quieter. If you plan to visit the island this fall the rental rates this time of the year are the lowest so call my rental girls to book.
Projected assessments for 2010 came out last month and it looks like in general taxes will come down a just a little more this year. Assessments now are currently pretty close to market value and unless budgets increase will stay pretty close to market value going forward.
In summary, sales on the island continue to be strong and still on track to be significantly higher than last year. Sales continue to be skewed to the low end with 90% less than $700K which is underestimating a little the average and median sales price compared to past years.
Call Realtor ALAN GALLETTO 941.232.2216 of Island Real Estate.