Posts tagged City of Anna Maria Realtor

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

August 2011 Real Estate Newsletter Anna Maria Island, FL -ALAN GALLETTO, Realtor

August 2011

 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
 LOTS 15
             _____ $406,727 $345,000
TOTAL 317  

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
LOTS 24
    _____ $127,000 $1,000,050 $416,377 $400,000
TOTAL 374    

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
LOTS 16
     ____ $127,000 $1,000,050 $415,691 $405,000
TOTAL 223    

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
LOTS 7
     ____ $200,000 $   850,000 $394,129 $320,000
TOTAL 169    
   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 2011 Real Estate Newsletter ALAN GALLETTO, Realtor; Anna Maria Island, FL.

                                         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’sFrom 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.

www.Alangalletto.com

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

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
TOTAL 317

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
TOTAL 234
Keep those calls and e-mails coming!  We love hearing from you……Alan & Frank

SEPTEMBER 2010 Real Estate Newsletter ALAN GALLETTO, Realtor; Anna Maria Island, FL.

SEPTEMBER NEWSLETTER 2010 

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.

 


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.



www.Alangalletto.com


August 2010 Real Estate Newsletter ALAN GALLETTO, Realtor; Anna Maria Island, FL.

 

Sales continue to run above average with sales for July at 18 (SF-11, Con-4, Dup-2 & Lot-1) up from last year’s 16 (SF-9, Con-6, Dup-0 & Lot-1). July 2010 Y-T-D sales are up 39% at 169 (SF-103, Con-46, Dup-13 & Lot-7) over July 2009 Y-T-D at 123 (SF-63, Con-47, Dup-6 & Lot-7). As you can see from the numbers the main reason for the big increase in sales this year is the increase in single family sales. The other three types of properties sales are running about even with last year. The sales numbers are still on track to exceed the average of 250 this year as demonstrated by the sales for the last 12 months at 280 and the continued strong pending sales (properties under contract) at 63 (SF-33, Con-20, Dup-7 & Lot-3). In July Island Real Estate put 4 properties under contract and closed 5 properties.

Inventory has remained stable, in the mid 500’s, since the first of the year and is currently at 544 (SF-266, Con-189, Dup-38 & Lot-51). Again the normal inventory level on the island is between 450 and 500 properties for sale so we continue to hover just above the norm. When the inventory drops below 500 and stays in that range or lower than I believe we will begin to see a significant increase in average and median sales prices on the island. Distressed properties (bank owned & short sales) have bumped up a little over last month and are currently at 53 (SF-19, Con-25, Dup-5 & Lot-4). The increase was due primarily to the increase in condos from 17 to 25. The mainland, in comparison, is still in the 30% plus range of inventory of distressed properties. The number of sales on the mainland are up about 13% over the same period last year but median sale prices are continuing to drop, down 12% over last year.

Well two more of Frank & Al

The Gulf oil spill seems to be plugged so that’s good news for the whole Gulf region. We here in southwest Florida have not seen any oil and don’t expect to see any. The beaches are still there normal white sugar sand texture and the waters blue/green clear.

In summary, the number of sales on the island continue to be strong up significantly over last year and look to continue in that direction based on the continued strong number of pended sales. The distribution of sales continues to be skewed to the low end with 90% of sales less than $700,000 and 5% over $1 million. Average and median sales prices have not increased significantly and probably won’t until the inventory drops below 500. There are still some very good deals out there on properties in good locations that would be great rentals for second home buyers but they are becoming less every day. With 30 year fixed interest rates at 4.74% down from 5.42% last year the numbers aren’t going to work any better than right now. If you’re planning on buying a property in the next year now is the time to buy something while there still are good buys in great locations.

 


JUNE 2010 Real Estate Newsletter ALAN GALLETTO, Realtor; Anna Maria Island, FL.

May continues the strong sales performance we have been seeing since mid 2009. There were 28 properties sold in May (SF-20, Con- 6, Dup- 1 & Lot- 1) compared to 23 (SF- 11, Con- 10, Dup- 2 & Lot- 0) in 2009. Island Real Estate sales continue to be strong in May with 12 properties put under contract and 12 closings in May (10 of them on the island 36% of the island sales for May). As you can see from the charts below Y-T-D through May 31, 2010 sales are up 64% over the same period in 2009. Average and median sales prices are still trending up for single family and multi-family properties and condos are still down due mostly to the skew of sales so far this year to the low end. The number of properties sold in the last 12 months is up again to 282 which reflects the strong sales in the second half of 2009 and continuing into the first half of 2010. If this continues we will do well over the average of 250 sales per year on the island. Pending sales (properties under contract) continue to be strong with 66 properties ( SF-38, Con- 20, Dup- 4 & Lot- 4) currently pended.

Inventory which was at 543 last month has stayed flat at 549 (SF- 261, Con- 192, Dup- 44 & Lot- 52). Over the past 10 months it has fluctuated between 498 and 575. The continued strong pended sales will put downward pressure on the inventory. Distressed properties (short sales and bank owned) are currently at 47, about the same as this time last month. Distressed sales continue to be about 8% of the inventory and 20% of the sales.

There continues to be some great opportunities out there for some great buys. The special email that I sent out a few weeks ago on a short sale at Starfish Beach condo (a 4 unit condo complex like Palm Isle Village) we have already put under contract this week. Those good buys go fast. There are some great opportunities on Frank & Al’s Great Buys this month. For those looking to build a new canal home 718 Key Royale Dr. is a terrific buy at $399,000. This is the lowest price water front lot for sale on the island. There is also a set of plans for a 3,300 sq ft home that goes along with it. With building cost down to $100-$125/sq ft (compared to $300/sq ft at the peak) now is the time to build that custom canal home. For those of you looking for a 2bedroom/2 bath condo close to the beach, 3702 6th Ave unit 4 is a great buy at $259,000. It’s a block to the beach and with a new kitchen, two large porches you can’t buy anything this close to the beach at this price. On the luxury end 108 36th St the new condo unit at Palm Gables listed at $1,490,000 was custom built for this owner and has never been rented. This unit has great panoramic gulf views and would be a terrific rental. Last but not least 200 & 202 38th St., which is a short sale, is a good buy at the list price but who knows what the bank will accept. I think a good offer to the bank for both units would be $1.2million to 1.3million which at $1.3 million would be a steal ($650K a unit) for these 3,100 & 2,500 square foot units. They currently do $55K and $65K in rentals and with a little “fluffing” and “buffing” (spending under $10K) they could easily do $70K and $80K. Palm Isle Village is still the best buy on the island for one and two bedroom condos close to the beach. With 25% down, they just about break even after tax, and there is nothing else on the island that matches this investment.

As I stated last month, the number of sales transactions are significantly up but the distribution of sales are skewed to the low end with 90% of the sales under $700K. In spite of this the average and median sales prices are trending up. The sales by quarter chart will not be updated until the end of June but with 56 properties sold in April and May, the Q2-2010 trend will be significantly up. In summary the number of sales on the island is significantly up while sales prices are down about 35% from the peak in 2006. Inventory is settling down to historical norms and distressed properties are stable and low. Sales for May were up 22% from last year and Y-T-D sales through May of this year were up 55% over last year.

May 2010 Real Estate Newsletter ALAN GALLETTO, Realtor Anna Maria Island, FL.

April sales continues the strong sales performance for 2010 and the sales activity remains very strong here on Anna MAria Island, FL.  There were 28 properties sold in April (SF-16, Con-11, Dup-1 & Lots-0) compared to 21 (SF-10,Con-9,Dup-1 & Lot-1) in 2009. Island Real Estate sales continue to be strong with 10 properties put under contract and 9 closings in April (32% of the closing on the island). Since January 1st I, Alan Galletto, have personally closed over $6,000,000 worth of property. From the charts below Y-T-D through April 30, 2010 sales are up 66% over the same period in 2009. If you look at the Year end 2009 average & median sales prices and compare them to the previous 12 months and April 30, 2010 average & median sales prices you can see that single family homes, duplex’s & lots are trending up and condos have leveled off. If this trend continues we will see some appreciation in properties by the end of the year. Again, this month the properties sold in the last 12 months are up to 275 compared to the previous 12 months of 267. This is also a very good trend and shows sales on Anna Maria Island, FL. continuing to increase. Another good sign in the market is pending sales (properties under contract) is very strong at 71 (SF-46, Con-18, Dup-3 & Lot-4).  Last month at this time there were 63 properties pended. Inventory, which last month had bumped up to 567, has dropped down to 543. Over the last 9 months it has been fluctuating between 498 and 575.  As I said above, sales look to continue to be strong over the next several months which will continue to pull the inventory down. Distressed properties (short sales & bank owned) last month dropped to 33 and this month bumped up to 43. Distressed properties on Anna Maria Island, FL continue to be low at 6%-8% of the inventory compared to 26% on the mainland.

For another consecutive month one of Frank Davis & Alan Galletto’s Great Buys has gone under contract.  The canal home at 521 69th St. Holmes Beach on Anna MAria FL. went under contract and is due to close the end of June.  This month we still have 5806 Imperiore, Holmes BEach on Anna Maria, FL. listed at $389,000 a 2 bedroom/2 bath totally remodeled and turnkey furnished. For those of you looking for an entry level condo 100 yards to the beach check out 3702 6th Ave. #4 Holmeas Beach, Anna Maria FL. now listed at $259,000.  You can’t get this close to the beach for this price.  We still have our luxury picks 108 36th St. Holmes Beach on Anna Maria Island, FL. a beautifully appointed condo in Palm Gables listed at $1,490,000. You have to see this property to appreciate it. Also please check out 200/202 38th St. Holmes BEach on Anna Maria Island, FL. ($895K & $775K) a two unit gulf view condo well under market for units with Gulf Views.

Check my web site www.AlanGalletto.com  to look at the average and median sales prices at the end of 2009 and compare them to the last 12– 75% of the total sales were months sales and the 2010 year-to-date sales you can see that all four types of properties average & median sales prices are trending up.  That, along with a continued increase in sales volume, are all good signs for the island market.  What is also interesting is that the average & median sales prices as well as sales volume are up and at the same time high end sales are only a small fraction of the total sales. In 2006 – 56% of the total sales were under $700K.  In 2007- 78% of the total sales were under $700K. In 2008 under $700K.  In 2009 – 90% of the total sales were under $700K.  In 2010 Y-T-D through April – 92% of the total sales were under $700K.  You can see that although the number of sales are up, a smaller proportion of the total sales are over $700K than in previous years.  That would understate the increase in average and median sales prices.  The sales by quarter chart shows just the first quarter of 2010 until we get the full 2nd quarter numbers but based on Aprils sales and the strong pended contracts I would expect the sales to continue trending up.

Next month begins hurricane season (June 1 – November 30) so I’ve included an updated map of all the US hurricane landfalls from 1950 – 2009 which shows that the Florida west coast is less vulnerable than most of the US coastline.


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

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.

www.Alangalletto.com