Real Estate Broker/Associate (941) 232-2216
Posts tagged Holmes Beach
February 2010 Real Estate Newsletter Anna Maria Island FL Realtor Alan Galletto
Mar 17th
February 2010 Newsletter
Well we just got the numbers for sales in January and 2010 looks to be starting off about even with 2009 with 14 properties sold in January (SF-8, Con-5, Dup-0 & Lot-1) compared to 15 (SF-9, Con-4, Dup-2 & Lot-0) last year. Of course one month’s data doesn’t tell us much but there are some other indicators that point to a strong 2010. First, pending properties continue to be strong with 62 (SF-33, Con-18, Dup-6 & Lot-5) properties under contract. For the last 6 months pended properties have been in the 30’s and 40’s with the last three months being in the 50’s and 60’s. Another healthy indicator is the number of properties Island Real Estate has put under contract the last several months (Nov-9, Dec-9, Jan-12) and we have 9 already for February. To put that in prospective last year 224 properties were sold on the island (just under 19 per month on average) and we account for 20-25% of the island sales. You can see that bodes well for stronger sales in 2010 than 2009.
Inventory for this month has bumped up a little to 532 (SF-264, Con-188, Dup-39 & Lot-41) from 498 last month but last year at this time the inventory was at 616. Last year we had a similar bump up in inventory in February and then it continued down over the rest of the year so we will see how the next couple months will go. Of the properties on the market the distressed (short sales, foreclosures or bank owned) properties are still running consistently below 8% yet as you can see from the tables below, of the number of properties sold over the last year about 20% have been distressed properties. That says that buyers are grabbing up the best deals first. Another interesting number is that even thought the number of sales on the island for the last year has been in the normal range, 98% of the properties bought have been below $700,000. For the State of Florida as a whole, 50% of the properties sold in the last 12 months have been distressed. The Manatee County numbers of the per cent of properties sold in the last 12 months that were distressed properties is 47%.
For those of you who are interested in what the trends are in Manatee County I’ve attached charts that show the inventory, sales, and median & average sales price trends for single family and condos for the last 12 months. The net, for those of you not interested in the detail, is Inventory has been slowly trending down over the last 12 months for both single family and condos. Single family average & median sales prices have trended up slightly while condo average and median sales prices have trended down.
The best condo buy on the island right now is in Palm Isle Village. Since lowering the prices about a month ago we closed unit 3207 in January for $310,000 and Unit 3203 this month for $439,000 and there is a lot of activity on the remaining 7 units. These units come very close to paying for themselves after all expenses and a 75% mortgage. If you pay cash they through off a healthy net positive cash flow. This is the 3rd year we have been renting the PIV units and they are terrific rentals. Give me a call for the details on any specific unit. See the complex at
Rentals are very strong this year with IRE rentals, as of this writing, up 20% in January, 10% in February, 35% in March over last year. The summer rentals are also looking strong with bookings as of this date up 40% to 70% over this time last year. Other new news, Island Real Estate has made a significant investment in a 10’ box truck that we are outfitting with all the normal supplies and tools to fix properties onsite without having to use high cost vendors. It will allow us to respond immediately to minor issues and satisfy the guests problem faster so they can enjoy their stay. We think this is a huge win for our guests, owners and IRE. Another exclusive from IRE.
In summary the island market sales are in the normal range for our market. We are still in the high side of normal for inventory and have to burn off a little more to get to a balanced market. There are still some “deals” on the island from a price stand point but not many left that are good rentals. Sales continue to be strong with pended sales at a two year high. Interest rates are expected to rise over the next six months so it looks like rates today are as low as they are going to get.
January 2010 Real Estate Newsletter Anna Maria Island FL Realtor Alan Galletto
Feb 5th
Another year comes to a close and the Anna Maria Island market continues to show stabilization and improvement. Sales for December 2009 were again over 200% (SF-12, Con-14, Dup-2 = 28) of December 2008 (SF-9, Con-3, Dup-1 = 13). Sales in the first half of 2009 started slower then 2008 (30% lower) but sales for the last 6 months of 2009 where 73% higher than the last 6 months of 2008 ending the year 224 vs 211 in 2008. The momentum continues in the right direction with pended sales continuing to be strong at 46 (SF-22, Con-16, Dup-4 & Lot-4).
Distressed properties (short sales, foreclosed & bank owned) continue to be low on the island at 39 (SF-13, Con-22, Dup-3 & Lot-1). As you can see, over half of them are condos and condos have taken the biggest hit as far as values are concerned but distressed properties continue to remain below 8% of the inventory. Inventory has dropped below 500 to 498 (SF-242, Con-181, Dup-37 & Lot-38) for the first time since 2005. That’s a very good sign for the market. The inventory continues to trend down while the sales trend continues up.
On the financing side, interest rates have remained at all time lows well under 6% and now is the time to take advantage of this phenomenon. Condos are still the hardest to finance but with good credit and 25% down on a permanent residence and 30% down for a 2nd home you can still get financing. Single family and multi-family properties can still be financed with as little as 10% down. Some advice for those of you who are seriously planning to buy something and finance it, get to a banker or mortgage broker early even before you start looking for a property. The banks have more rules and regulations to adhere to then before. It’s not that there are more rules and regulations it’s just that before they could be by-passed but now they can’t. If you talk to the bankers before you make an offer they can advise you how to prepare so that the financing process will go much smoother, and, in many cases, even mean the difference between getting the loan or not. For those of you who are over 62, have sold a permanent residence, are looking to buy a new permanent residence on the island and don’t want to put all of their equity into the new home there is a produce called Reverse Mortgage for Home Purchase. This allows you to buy a new permanent residence on the island and not have any mortgage payments as long as you live there. If anyone wants more information contact me and I’ll direct you to a banker who specializes in this product. By law a banker who sells this product can’t sell the regular residential mortgages and vice versa. The conventional wisdom in the financial community is that by summer rates are going to go up to 6.5 or even 7% so now is the time to buy while rates are low and prices are at their lowest.
Check out Frank and Al’s Great Buys his month. If you’re looking for a direct Gulf Front condo that has fantastic views of the gulf, has exquisite interior finishes and is a great buy take a look at 108 36th St. in Palm Gables. The unit next door, which is not as well done, just sold for $1,700,000 and 108 36th St is listed at $1,490,000….a great value. For those of you looking for an entry level single family home on the island we have 204 Archer Way ( 2BR/2Bath) listed at $349,000 and 2305 Avenue B ( 3BR/1,5Bath) listed at $339,000. Just to put the pricing in perspective, the lowest priced single family homes sold over the last 12 months were sold in the mid $200,000’s (there were only 5 of them out of the 119 sold) and were fixer uppers. Remember low prices + low interest rates = more property for the dollar.
For those of you who are looking for a place to live where you will be happy The Centers for Disease Control and prevention did a survey measuring happiness. The survey used data collected over 4 years that included a question asking people how satisfied they are with their lives. The top 5 happiest states are Louisiana, Hawaii, Florida, Tennessee and Arizona. The bottom 5 states were New York, Connecticut, New Jersey, Michigan and Indiana…….surprise, surprise….think it has anything to do with the sun and weather?
To summarize, 2009 has closed strong with 224 properties sold on the island very much in the historical normal range. Inventory has reached the historical level of below 500 ending the year at 498 and continuing to inch down. Pending properties (properties under contract) are strong at 46 carrying strong sales into 2010.
Corner Lakefront Conforming Duplex Lot real estate in Holmes Beach on anna Maria Island FL, SOLD by Realtor Alan Galletto
Jan 15th
$375,000.00 :: 308 68th Street, Holmes Beach, FL
SOLD for $345,000.00 -FEB. 2010 Ask Alan -THE Realtor for other great vacant lots on Anna Maria…
Corner Lakefront Lot
Large conforming corner DUPLEX lot with Lake frontage.
Just 3 short blocks to the sugar sand beaches of Holmes Beach on beautiful Anna Maria Island.
Call Realtor ALAN GALLETTO – 941-232-2216 of Island Real Estate.
December 2009 Real Estate Newsletter Anna Maria Island FL Realtor Alan Galletto
Dec 26th
Merry Christmas and Happy New Year to all of you and we hope your Holidays are full of happiness and joy.
As we approach the end of another year the Anna Maria Island Real Estate Market continues to improve for 2009. Sales for November 2009 were up again a healthy 30% (SF-9, Con-8, Dup-1 & Lot-1 = 19) over November 2008 sales (SF-8, Con-4, Dup-1 & Lot-2 = 15). Sales have been consistently strong the past seven months and for the first time this year sales for 2009 (205) are ahead of 2008 (202). Pended properties (properties currently under contract) also continue to be very strong at 61 (SF-34, Con-22, Dup-4 & Lot-1). Of those 61 pended properties 39 of them are scheduled to close in December. If only half of them close by year end we will definitely beat 2008 sales by a healthy number.
Distressed properties (short sales, foreclosed & bank owned) continue to be below 10% at 40 (SF-13, Con-25, Dup-1 & Lot-1) the majority of them condo’s and most of them short sales and most of them less than $500K. The inventory remains about the same from last month with it currently at 502 (SF-242,Con-186, Dup-40 & Lot-34). It broke 500 earlier this month and got down to 498. The good news is that the inventory trend is down and the sales trend id upwards.
Financing for single family and multifamily properties is relatively easy with 20% down and good credit and the rates are still at an all time low. I’m seeing current 30 year conforming fixed rates at around $5.37%. Appraisers doing appraisals for banks, until recently, stated the island market as a declining market,- that has changed. The island market isn’t designated in appraisals as a declining market anymore. This, along with the numbers we are seeing, points to a rising market. For those of you currently looking for financing HUD is requiring all financial institutions to provide a new Good Faith Estimate (GFE). The new GFE is 3 pages long instead of the old one page GFE. It will include the loan origination charges (the charge for getting the loan), all other settlement services (appraisal, credit report, home inspection…etc) and all the other things you are used to seeing on a GFE such as loan amount, interest rate & monthly principal & interest. What’s new about this new GFE is not only the form but that the HUD-1 (settlement statement) at closing must match the original GFE within the allowed tolerances (some charges can’t change and others can vary by 10%). If there is a change or variance above the tolerance allowed then the lender must reimburse the buyer/borrower for the excess at closing or within 30 days. These new rules will apply to all mortgages beginning in January1, 2010 but some banks are already beginning to use them. Ask your lender to explain them in detail.
Some newsletter readers are paying attention to Frank and Al’s Great Buys. Since last month’s newsletter a client made a cash offer on 211 69th St (a duplex) and closed on it a few days ago. This great duplex, remodeled, close to the beach with two garages sold for $445,000. The new property in this month’s great buys is a single family charming bungalow in the north end of Bradenton Beach. It’s a ground level, cutely remodeled, 3 bedroom 1.5 bath which is currently being used as a rental. It’s one block to Bay sunrises and three very short blocks to the beach and listed at a great price. Check out the virtual tour.
Rentals is closing the year very strong. Island Real Estate rentals are up about 20% for 2009 and there are strong bookings into 2010. Since we have implemented a quality assurance program the ratings we are getting from our guests satisfaction surveys have improved dramatically. Happy guests mean return guests and return guests mean higher occupancy for our owners.
To summarize, the island market sales continue to build and we will close 2009 with about a 10% increase in sales over 2008. Sales are trending up and inventory is in the normal range and trending down and I think the island market is on a solid base to show some appreciation by the end of 2010.
November 2009 Real Estate Newsletter ALAN Galletto, Realtor Anna Maria Island, FL.
Nov 27th
The Anna Maria Island Real Estate Market continues to show strong and consistent improvement for 2009. Sales for October were again over 200% ( SF-10, Con-8, Dup-1 & Lot-0 = 19) of October 2008 sales ( SF-7, Con-0, Dup-1 & Lot-0 = 8). October Y-T-D sales for 2009 are now equal to sales for the same period in 2008 (186 vs. 187). The consistently strong monthly sales for the second half of 2009 have brought us from 32% behind 2008 sales at mid-year to even with 2008 sales through October 2009. With pended sales (properties under contract) still strong at 57 (SF-32, Con-19, Dup-4 & Lot-2) 2009 is still on track to exceed 2008 sales on the island.
Distressed properties (short sales, foreclosed & bank owned) have bumped up a little to 35 (SF-12, Con-18, Dup-3 & Lot-2). Of the 12 single family distressed properties 11 are short sales and 9 of them are listed between $199K and $599K. Of the 18 distressed condos 17 are short sales and 15 are listed between $99K and $415K. Additional good news is that the inventory on the island continues to decrease with it currently at 500 (SF-244, Con-180, Dup-43 & Lot-33). As I mentioned in past newsletters the normal balance of inventory for the island is between 450 and 500 properties for sale. An inventory below 400 begins to turn into a sellers market because the demand begins to outstrip the supply.
Taxes came down in 2008 for most properties and based on this years Trim notices, it looks like they will come down again for 2009. Assessed values for the three cities on the island are down from 2008. Bradenton Beach assessed value for properties for 2009 is down 16.63% from last year, the highest of the three cities. The City of Anna Maria is down 9.08% and the City of Holmes Beach is down 8.66%. Manatee County (the majority of the tax) plans to use reserves to make up most of the short fall for the county. The three cities on the island plan to keep their millage rates at or near where they are currently. Since the assessed values are down the taxes should go down again for 2009 on most properties.
Frank and Al’s Great Buy’s this month has only one change from last month. The addition for this month is 211 69th St a duplex that is very close to the beach listed at $499,000. It has a 2/3 bedroom and 2 bath updated seasonal unit on one side and a 2 bedroom 1 bath with an annual renter on the other side. The annual unit has been just upgraded with new tile throughout. For those who are looking for an entry level property on the island 312 64th St (one unit of a 2 unit condo’ed duplex with a common pool) has large square footage (2010) with 4 bedrooms and 2 baths, a large 2 car garage and it’s a short sale at $329,000.
Rental income is up significantly over last year due mostly to all the continued good press Anna Maria Island is getting around the country and around the world. The latest was an article in Islands Magazine that picked islands around the world by category such as Best unplugged Experience (Kauai), Best for History Lessons (Capri), Best for Family Reunions (Virgin Gorda)….etc. and the winner for Best Quaint Island (Anna Maria Island)…..we knew that. Also, the Washington Post travel section has been running a series on Florida west coast beaches and Anna Maria Island got a lot of great press. Speaking of rentals, the City of Holmes Beach commission squeaked through (in the dead of night) a change in the comp plan about 6 months ago of the rental policy in the residential (R-1 zoned) low density part of the city. This change in the comp plan changes the minimum rental policy for the residential low density zoned area (see attached chart) from 1 week to 1 month. That will significantly affect the rental capability of any property owned in that part of Holmes Beach. Don’t hesitate to contact me for more information.
To summarize the island market, sales have surged the second half of this year to make up a 35% deficit we had in June to match 2008 sales through October Y-T-D. I expect a continued strong performance for the last two months of the year so that 2009 sales will exceed 2008 by at least 10%. Inventories have been continuing down to their lowest level since the 4th quarter of 2005. The island market is on a solid base to show some appreciation by the end of 2010.
PLease sign up for more statistics, graphs and info for the monthly newsletter in full at AlanGalletto.com; Your Condo, Multifamily, Single Family, Vacant Lot, Commercial and Specialist in Luxury Gulf Front Properties Realtor for Anna Maria Island, FL.
PALM ISLE VILLAGE-7 SOLD,ONLY 4 available – ANNA MARIA ISLAND, FL Real Estate, Alan Galletto THE Realtor
Nov 13th
From $279,000 for 1BR/ 1BA to $459,000 for 2BR/2BA.
INCREDIBLE SUNRISE, BREATH TAKING SUNSETS… AND WHITE SUGAR SANDY OPEN BEACHES.
Casual Island elegance can be found in these darling cottages reminiscent of Old Florida with touches of Victorian embellishment and seaside colors on the outside. On the inside is warmth and comfort highlighted with bead board, ceramic, crown moldings, space saving built-ins and tile flooring. Designer furnished with decorator touches throughout this home is in move-in condition. Each unit offers lushly planted private paved gardens and a widows watch to view the amazing Gulf sunsets. All on one level with no maintenance with a successful rental program in place makes these excellent buys.
These units are some of most COST effective buys on the island. Ask Alan Galletto, the ReaLTOR.
ROOF TOP VIEWS OF THE GULF OF MEXICO
11 UNITS IN THIS QUAINT VILLAGE ACROSS THE STREET 7 MILES OF BEACH
4-Plex Canal front w/dock – Anna Maria Island FL Real Estate, Alan Galletto, Realtor
Oct 24th
$649,000 REDUCED to $599,000:: 200 South Harbor Drive, Holmes Beach, FL. Anna Maria Island
Canal Views
Canal Front + Dock
Anna Maria Island 4-Plex Canal Front
Canal front 4-plex with larger unit (Could be Owner’s quarters) facing the bay. Have the best of all worlds on Anna Maria Island with boating water, closeness to the beach and steady income. This piece of real estate is close to the beach, the stores, the free trolley, even the Anna Maria Island elementary school! Come join our beautiful Island community. A great opportunity, ask your Realtor – Alan Galletto at 941-232-2216!
October 2009 Real Estate Newsletter ALAN Galletto, Realtor Anna Maria Island, FL.
Oct 13th
Consistently good is how I would characterize the Anna Maria Island Real Estate market for 2009. Sales for the month of September were over 250% (SF-9, Con-11, Dup-0 & Lot-2 = 22) of 2008 sales (SF-3, Con-1, Dup-3 & Lot-1 = 8). Sep. Y-T-D sales for 2009 are now only 9% behind 2008 (167 vs. 182). Where as for 2008, sales per month fluctuated from 8 to 41, sales in 2009 have been more consistently steady ranging from 15 to 23 per month and in line with the traditional number of sales per month on the island. In the first 6 months of the year, sales for 2009 were 32% below 2008. Through September we are only 9% behind 2008 because of the fact that sales in the third quarter of 2009 were much stronger then 2008. Based on the continued strong pending (properties under contract) sales numbers, 52 (SF-31, Con-18, Dup-3 & Lot-0) I expect we will close the last 3 months with strong enough sales numbers to exceed last years sales.
Distressed Properties (short sales, pre-foreclosures, in-foreclosures & bank owned) are still very low on the island (19) and are expected to continue to stay very low. The inventory continues to decline slowly as we approach the normal inventory level for the island. Currently the inventory is at 514 (SF-251, Con-184, Dup-40 & Lot-39) which is unchanged from last month. Again, we’re looking to get the inventory under 500 which is the norm for the island market.
Sellers, I’ve said this before and it continues to be true….If you want to sell your property you have to list it as close to the market as possible. A property that just sold for $495,000 is a good example of chasing the market down. It was a townhouse, 3BR/2Bath, west of gulf drive a block to the beach which was on the market two years starting at a list price of $995,000. The price was slowly reduced over time until it finally sold last week. If the seller had listed it at $699,000 originally it would probably have sold in the $600,000’s (based on similar properties sold 2 years ago) and the seller would have saved a year and a half of carrying costs.
Buyers, there aren’t many distressed properties on the island and most of them aren’t necessarily the best buys. If you’re planning on offsetting some of your operating cost with renting your property, then you have to look at your total cost of ownership, that is, what rental revenue the property can generate minus all the operating expenses and the debt service. At the price that property is selling for today on the island, a property that is a normal “arms length transaction” in a good location will have a lower cost of ownership then most distressed properties. I can help you with this analysis on any properties you’re considering.
Frank and Al’s Great Buy’s this month has something for everyone. The property at 204 Archer Way listed at $349,000 that was under contract is back on the market. There was no problem with the property, the buyer couldn’t get her financing together. This is a great starter single family home only a block to the beach. The “early bird special” direct bay front Condo I included last month has already gone under contract within 2 weeks of being listed. Another great buy on the list is the 3 bedroom/3.5 bath, 2400 sq ft condo with Gulf Views at $775,000. This property currently does $50,000 a year in rental income. The short sale 4bedroom, 2 baths, 2,040 sq ft at 312 64th St listed at $329,000 is a great buy. It’s a short sale…..make an offer at $200,000, you never know what the bank will take. I closed two short sales this month that were a couple hundred thousand dollars under the mortgage.
To summarize the island market, we’re very close to traditional inventory levels and at the lowest inventory level since the end of 2005. Due to strong sales the last few months, year-to-date sales are down only 9% from 2008 and it looks like we will exceed 2008 sales (212) by the end of the year because pending sales continue to be strong. Average and median sales price’s for all types of properties continue to stay level and distressed properties continue to remain low (19). Please don’t hesitate to call for more specific information. Be sure to visit your realtor website at www.alangalletto.com for listings and more info.
3 Bedrooms / 3 Bathrooms – Luxury GULF Front Real Estate on Anna MAria FL SOLD by Realtor Alan Galletto
Oct 7th
$1,799,000 – 5622 GULF DRIVE VISTA GRANDE #2, HOLMES BEACH ask Alan THE realtor for other GULF FRONT Condos available on Anna Maria Island. SOLD $1,677,000 March 2010
Pool/Outdoor Kitchen Area
Spectacular, Fantastic, Exquisitely Furnished, Gulf front home.
Just one of four in brand new Vista Grande. Anna Maria; Island REAL ESTATE . It’s hard for words to describe this Mediterranean / Tuscan condo whose interior and exterior are designed to look like a large exclusive mansion on the beach. Your front yard is the beach and pristine Gulf waters. Call for an expanded brochure with features. Owner is a Licensed Realtor.
Call our Realtor; ALAN GALLETTO on Anna Maria Island!
3 Bedroom +Den, 2 Bath, Canal front – Anna Maria Real Estate, SOLD by Alan Galletto, Realtor
Oct 1st
$549,000.00 Real Estate at 521 69th Street
REDUCED TO $495,000.00 SOLD at $477,500.00
Canal View
Anna Maria Island Canal front home totally updated in 2001 – 3 bedroom/2 bath Plus an office – 1698 sq ft, 2 car attached garage, all new mechanicals, wiring, tile throughout the living area, new kitchen and bathrooms with Corian counters. Large wooden deck, Dock with sitting area and 2 Jet Ski lift. Ready for you to move in after annual lease ends.
Call THE realtor; Alan Galletto 941-232-2216.
Alan Galletto
6101 Marina Drive
