Posts tagged City of Anna Maria Realtor

Anna Maria Island, FL; Real Estate Newsletter September 2015 Alan & Scott- The GALLETTO TEAM

BIMINI BAY front almost 4000 square foot home for sale

8317 Marina Ct 4 bed 4 bath PLUS Anna Maria Island

Sales for August 2015 on Anna Maria Island were down 12% over last year at 28 (SF-16, Con-9, Dup-1 & Lot-2) compared to August 2014 at 32 (SF-17, Con-9, Dup-4 & Lot-2). Sales for August 31, 2015 Y-T-D were 293 (SF-176, Con-84, Dup-14 & Lot-19) up 10% over August 31, 2014 Y-T-D at 266 (SF-162, Con-70, Dup-21 & Lot-13). Sales for the last 12 months were 408 (SF-233, Con-120, Dup-27 & Lot-28) up 1% over the previous 12 months at 405(SF-236, Con-109, Dup-34 & Lot-26). Of the sales for the last 12 months distressed properties were only 6% of the sales at 25 ( SF-16, Con-6, Dup-3 & 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 246 (SF-131, Con-62, Dup-26 & Lot-27) for sale on the island. Pended properties (properties under contract) continue to remain strong at 29 (SF-16, Con-8, Dup-3 & Lot-2) down from 33 last month but still above the average. Inventory on the island has stayed pretty low and steady at under 300 for the past fifteen months. It currently is at 246.

Since last month’s “Frank, Scott & Al’s Great Buys” the property at 103 73rd St, a duplex one house from the gulf, closed on 9/24/15 for $730,000. The property at 3603 4th Ave (reduced to $899,900) is waiting for a smart investor to buy it. This 3 bedroom/3 bath townhouse with elevator, pool and a rooftop deck with awesome views of the gulf and intercoastal 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 rental property in a great location (three houses to the beach). A new property on the market, 8317 Marina Ct., a Direct Bimini Bayfront Home Listed at $1,899,900 is a stunning waterfront property. This 4+ bedroom/3.5 bath with 3,676 square feet of A/C living has great Bimini Bay views, an elevated pool off the living area and great for the avid boater.

8317 Marina CT Bimini Bay front ANNA MARIA ISLAND

4 bed 4 bath 5 car garage Waterfront home for sale

 

As you know the island market continues to be very hot but the Manatee & Sarasota County mainland market has also been performing very well. The active inventory of properties for sale continue to drop and median sales prices have skyrocketed over last year. According to the Realtor Association of Sarasota & Manatee, the inventory of single family homes and condos have fell to a combined 3,303 and 2,534 respectively in August. This compares to 3,745 last August in Sarasota County and 2,724 in Manatee County or declines of 11.8% & 7% respectively. The lower inventory continues to propel median sales prices in both counties. In Sarasota County, the single family median price climbed 21.1%, from $195,750 last August to $237,000 this year. In Manatee County the increase was 18.8%, from $223,000 last August to $265,000 this year. Condo prices were also up substantially, from $177,000 to $220,000 in Sarasota County (24.3%) and from $122,000 to $155,000 in Manatee County(27%). This gives you a perspective on what’s happening with real estate off the island as well.

 

To summarize the island market, sales in 2015 continue to outpace 2014. Again if you look at August 31, 2015 Y-T-D sales at 293 compared to August 31, 2014 Y-T-D sales at 266, a 10% 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 continue at historic highs and for the last three years, have been higher than the peak year of 2005. There are currently 135 single family homes for sale on the island with an average and median sale price of $1,318,159 and $1,200,000 respectively. Also there are currently 68 condos for sale on the island with an average and median sale price of $655,757 & $435,000 respectively. I have again attached the new charts this month. They show the sales price rising continually since 2010 which supports the 5-6% increase in prices per year. All the trends continue to point to moderately rising prices and lower inventory levels.

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

Go to the website to read the entire Newsletter and see graphs reflecting the facts and figures… Www.AlanGalletto.com

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.

Anna Maria Island, FL; Real Estate Newsletter May 2015 Alan GALLETTO TEAM

Fabulous rental 2/1 each side w/ 2 private pools!

1 1/2 blocks to beautiful AMI Beaches

Sales for April 2015 were down 9% over last year at 41 (SF-21, Con-15, Dup-1 & Lot-4) compared to April 2014 at 45 (SF-26, Con-14, Dup-3 & Lot-2). Sales for the last 12 months were 381 (SF- 217, Con-110, Dup-29 & Lot-25) down 13% over the previous 12 months at 436 (SF-257, Con-122, Dup- 32 & Lot-25).  Of the sales for the last 12 months distressed properties were 6% of the sales at 23 ( SF-12, Con-5, Dup-6 & Lot-0) compared to the previous 12 months where 8% or 37 ( SF-17, Con-11, Dup-8 & Lot-1) were distressed. Currently there are only 3 distressed properties or .1% of the inventory of 273 (SF- 144, Con-79, Dup-20 & Lot-30). They are comprised of one single family property, which is bank owned and two condos which are bank owned. Pended properties (properties under contract) continue to remain strong at 37 (SF-17, Con-13, Dup-2 & Lot-5) down from 43 last month and 53 the previous month but well above the average. Inventory on the island continues to remain below 300 at 273 (SF-144, Con-79, Dup-20 & Lot-30) from 270 last month, 279 the previous month and below 300 for the last twelve months.

Of Frank, Scott & Al’s Great Buy’s the duplex at 770 Jacaranda in Anna Maria listed at $499,000 that fell through last month is back under contract for cash no contingencies and will close June 26th . Again this month the property at 3603 4th Ave which was recently reduced to $919,900 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). With the inventory continuing to be down to all-time lows there are not many of these exceptional investment buys. Check out the rest of the Great Buy’s attached.

A look at the Vacation – Second Home Market at the macro level, as again reported by The Wall Street Journal, notes that sales were at the highest level on record last year above its prerecession peak. Vacation home sales last year accounted for one-fifth of all homes sales and they said that should more or less rise over the next five to ten years as the income and number of vacation home buyers increase. The Real Estate association’s survey found that buyers last year had median household income of $94,380 up from $85,600 in 2013. The number of buyers is likely to grow in the years ahead as 76 million-plus baby boomers advance in age and buy vacation homes that eventually will become retirement homes. Meanwhile, the prospect of rising prices has spurred buyers to act sooner rather than later. Rates on 30 year, fixed-rate mortgages, which have hovered below 4% since November, are poised to rise latter this year as the Federal Reserve increases short term rates, according to the Wall Street Journal. In addition, tax deductions for vacation homes can vary greatly depending on how much you use it and whether you rent it out. Check with your accountant for your personal situation. The macro trend is up and so is the Anna Maria Market.

To summarize the island market, it looks like the strong sales activity we have had since 2012 is continuing 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 and is continuing into 2015 bodes well for continuing the historical 5-6% equity increase in property. If you look at April 30, 2014 Y-T-D sales at 143 compared to April 30, 2015 Y-T-D sales of 143 we got another great start for the year. If you look at April 30 Y-T-D at sales over the last eleven years (2005-2015), sales for the first four months of 2015 at 143 have only been higher in 2005 at 160. As far as single family sales prices in the last 12 months, 23% of the total single family sales were under $500K, 65% were under $750K, 22% were between $750K and $1 million and 13% were over 1 Million. Of condo sales on the island in the last 12 months, 81% were under 500K, 96% were under 750K, 1% were between $750K and $1 million, and 3% were over $1 Million dollars. This continues to show single family sales to be the strongest part of the market on the island.

Call Realtors ALAN and Scott GALLETTO 941.232.2216 and 941-779-3313

Alan Galletto Anna Maria Island, FL. Real Estate Newsletter February 2015

 

Tampa Bay Front Home

4 bed, 3 bath, caged pool, Tampa Bay Front Home

 

Sales for January 2015 got off to a little slower start this year at 30 ( SF-15, Con-9, Dup-3 & Lot-3) compared to January 2014 at 37 ( SF-22, Con-10, Dup-3 & Lot-2) . Sales for the last 12 months were 374 ( SF-212, Con-105, Dup-34 & Lot-23) down 13% over the previous 12 months at 428 ( SF-251, Con- 123, Dup-30 & Lot-24). Of the sales for the last 12 months distressed properties were only 6% of the sales at 22 ( SF-10, Con-3, Dup-9 & Lot-0) compared to the previous 12 months where 9% or 39 ( SF-18, Con- 13, Dup-7 & Lot-1) were distressed. Currently there are only 4 distressed properties or 1% of the inventory of 296 (SF-160, Con-84, Dup-21 & Lot-31). They are comprised of two single family properties, one single family is a short sale and one single family is a bank owned. Of the two distressed condos, one condo is a short sale and one condo is bank owned. Pended properties (properties under contract) are strong at 42 (SF-28, Con-10, Dup-3 & Lot-1) up from 25 last month and well above the average. Inventory on the island continues to remain below 300 at 296 (SF-160, Con-84, Dup-21 & Lot-31) from 284 last month and below 300 for the last eight months.

Another two of Frank, Scott & Al’s Great Buy’s went under contract since the last newsletter. The elegantly stunning home at 114 Beach listed at $2,499,900 went under contract and is due to close on March 9, 2015. Also under contract is the single family beach cottage at 121 49th St listed at $899,900 on a conforming duplex lot and is due to close on April 3, 2015. There are still a few 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. 120 50th St is another property in a great location (west of Gulf Drive – 4 houses to the beach), 3 bedroom/3 bath all on one floor up, elevator, 2-car garage, pool and lushly landscaped grounds with large covered area. Check out the rest of the Great Buy’s attached.

To summarize the island market, although we only have sales for one month of 2015, it looks like the strong sales activity we have had over the last couple years will continue and we should 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. 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. 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 2014 sales at 37 compared to January 2015 sales of 30 we got another great start for the year. If you look at January sales over the last eleven years (2005-2015) January 2015 sales have only been higher in 2014 at 37. 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, 59% were under $750K, 27% were between $750K and $1 million and 15% were over 1 Million. Of condo sales on the island in the last 12 months, 80% 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. If you look at single family and condo sales over the past couple years the under $500K percentage of sales has continued to drop which is another sign of rising prices.

Check the full Newsletter including graphs and BEST BUYS at www.AlanGalletto.com

Call me, Realtor ALAN GALLETTO  941.232.2216  of Island Real Estate, 6101 Marina Drive, Holmes Beach FL 34217.

Alan Galletto Anna Maria Island, FL. Real Estate Newsletter June 2014

 

Elegant living, 2 houses to the beach at 4906 4th Ave on Anna Maria Island in FL

        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.

 

For detailed charts see the entire newsletter under the Monthly News Letter on the front page of my  web site; www.Alangalletto.com

Alan Galletto Anna Maria Island, FL. Real Estate Newsletter February 2014

117 Peppertree. This larger than appears cottage sits West of Gulf Drive! 4br/2ba

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 totalAs 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.

Anna Maria Island, FL; Real Estate Newsletter December 2013 Alan Galletto

ALL 3 GULF FRONT LOTS * SOLD DEC 2013 * Anna Maria FL

ALL 3 GULF FRONT LOTS * SOLD DEC 2013

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

Anna Maria Island, FL; Real Estate Newsletter October 2013 Alan Galletto

Anna Maria Gulf Drive Commercial Lots

Commercial opportunity in Anna Maria City

           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

Anna Maria Island, FL ALAN GALLETTO, Realtor; Real Estate Newsletter September 2012

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

                           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