Real Estate Broker/Associate (941) 232-2216
Posts tagged Luxury Condos
Condo 2 BR/2BA :: $239,900 :: 892 Waterside Lane, Perico Bay Club, Bradenton, FL
Sep 13th
- Front View
Wonderful upgraded Perico Bay Club 2BD/2BA condominimium. Renovations include all new and upgraded appliances; Italian tile throughout; light fixtures, ceiling fans, upgraded energy efficient glass, pleasing decorations, plus more. Extra-Large walk-in closets two with storage systems. Easy to use electric shutters contribute to energy efficiency and environmental protection. Private front entrance and fantastic patio courtyard surrounded by a lush and tropical landscape setting. Florida room and sundeck overlook a peaceful lake and its wildlife. Minutes to shopping and the beautiful white sands of Anna Maria Island, stunningly beautiful with manicured common grounds nature trails, with lovely lakes teaming with wildlife and fishing; secure and safe 24 hr Perico Bay guard and gated entry; a central clubhouse with heated pools, restrooms; spa; tennis courts and shuffleboard courts. All this wrapped up in a friendly and active community – Perico Bay Club. See small list of items that do not convey.
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APRIL 2011 -Real Estate Newsletter ALAN GALLETTO, Anna Maria Island, FL Realtor
May 12th
Sales for March 2011 exceeded last year with 40 properties sold (SF-15, Con-17, Dup-4 & Lot-4) compared to March 2010 at (SF-22, Con-5, Dup-5 & Lot-3) considering 2010 was the best year in sales on the island since 2005 the peak year for sales. Sales for the first quarter 2011 were 78 (SF-33, Con-34, Dup-5 & Lot-6) versus first quarter 2010 at 76 (SF-44, Con-19, Dup-8 & Lot-5) again exceeding the pace of sale for 2010. Of the 40 sales in March 2011 15% (6) were distressed properties versus March 2010 29% (10) were distressed properties. As you can see below of the 78 sales for March 31, 2011 Y-T-D 14% (11) were distressed compared to the 76 sales for March 31, 2010 Y-T-D 29% (22) were distressed. Sales continue to look strong into the future with pended sales at 80 (SF-45, Con-32, Dup-1 & Lot-2) which is almost double the normal number of pended sales at any point in time. Of the pended sales 29% are distressed properties (23). We have reached another milestone with inventory for the first time in over 6 years falling below 500. Current inventory is at 496 (SF-245, Con-167, Dup-35 & Lot-49) and of that 7% is distressed inventory (SF-12, Con-16, Dup-4 & Lot-1). If you look at sales over the last 12 months at 322 and compare it to sale for the same 12 months a year ago which were 269 it demonstrates the strong sales we have been seeing. It looks like the strong sales will continue for 2011, well above the average of 250. The other thing we’re seeing is because of the strong sales the number of exceptional properties for sale are much smaller than in the past year. Properties that are in good locations and therefore great rentals are much smaller in number.
From last month’s Frank and Al’s Great Buy’s three more properties went under contract. The short sale, 100-B 52nd St, a two unit condo with gulf views ( 100-A 52nd St is still available), 3103 Avenue E a new construction land condo with gulf views and 111 Oak Avenue, the classic beach cottage circa 1926 west of gulf drive. All three went under contract within 5% of the asking price. We have two new listings on the list for this month, 458 63rd St. a 2bedroom 2 bath on Watson’s bayou with great open water views and 4001 5th Avenue a new Tuscan style home with 3 bedrooms 3 baths and very close to the beach with peaks of the gulf. The sleeper no one has figured out yet is 2916 Avenue E a 4 bedroom, 2 bath, totally remodeled with a pool, 4 houses to the beach that has a purchase price to yearly gross rental revenue (PP/YGRR) ratio of 10. Most properties on the island have a ratio of 14-16 (lower is better in this ratio) and there aren’t many properties that have a 10 ratio (10 years of gross rental revenue equals the purchase price). Another good buy are the 3 land condo’s left next to 3103 Avenue E that just went under contract. They are close to the beach with some gulf views and have the potential to have a purchase price to gross yearly rental revenue ratio of 10 because of their location. Also you should be looking at 100-A 52nd St next to the B unit that just went under contract. This is also a great rental with a current PP/YGRR of 11.5 and with cosmetic changes could be a 10 easily. Those of you seriously looking for a property should make a move now.
There was a very good article in the Herald Tribune Business Weekly ( Anna Maria Island has Antidote to Recession) about tourism and the economy on the barrier islands which points out how much better Anna Maria Island is doing than all the other barrier islands on the west coast. It describes how tourism is critical to the region’s economic recovery and how Anna Maria “gets it” and the rest of the region has been slow to catch on. Read the full article at: www.heraldtribune.com/article/20110418/article/110419652/2413/business
T summarize sales in March were strong as were sales for March, 31 2011 Y-T-D. Te inventory has dropped to the lowest level in 6 years at 496 into the normal range of 450-500 properties for sale. Pended properties are at a 6 year high of 80 which supports a continued record pace of sales for 2011. Prices seem to be down to a level that is spurring record demand and that is good for the island market.
Gulf View -2 unit condo :: $695,000 & $795,000 :: 100 52 ST, HOLMES BEACH, FL Realtor Alan Galletto– ANNA MARIA ISLAND
Dec 23rd
Georgeous Gulf Views
Gulf Views and Steps to the Beach. New condos in a two unit complex with all the amenities and sq.footage of a home. This 3BR/3.5BA or 2BR/2.5BA residences have individual foyers, elevators & pools, unique floor plans to enhance the views, privacy fences, hurricane pkg beyond code, tropical landscaping, sprinklers, distinctive finishes, fully furnished. Priced Below Owners Costs.
SEPTEMBER 2010 Real Estate Newsletter ALAN GALLETTO, Realtor; Anna Maria Island, FL.
Sep 18th
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.
August 2010 Real Estate Newsletter ALAN GALLETTO, Realtor; Anna Maria Island, FL.
Sep 8th
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.
Gulf Front Condo 2 BR/2BA :: $699,900 :: Anna Maria Island Club 2600 Gulf Dr #17, BRADENTON BEACH, FL. Real Estate, Alan Galletto Realtor
Sep 1st
ANNA MARIA ISLAND CLUB #17
This Gulf front condo is totally remodeled; Kitchen and Baths have Granite Counters and Wood Cabinets, Crown Molding throughout and much, much more! Luxurious and highly sought after Anna Maria Island Club two bedroom, two bath gulf front condo in one of Anna Maria Island’s premier Gulf front complexes. The view from this Anna Maria Island Gulf front condo is breathtaking and spectacular to say the least. Stroll for miles in either direction, or relax by large heated pool, hot tub and sauna directly on the pristine beaches of Anna Maria Island. The open-air balcony looks over the pool and miles of white sandy beach where you could sit and watch dolphins, manatees or some of the best sunsets you’ll ever see! The Home is Turnkey Furnished. The development has secured access via an elevator.
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.
May 2010 Real Estate Newsletter ALAN GALLETTO, Realtor Anna Maria Island, FL.
May 19th
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.
April 2010 Real Estate Newsletter ALAN GALLETTO, Realtor Anna Maria Island, FL.
Apr 13th
Sales continue to boom on Anna Maria Island with 34 properties sold in March (SF-21, Con-5, Dup-5 & Lot-3) versus 17 (SF-10, Con-5, Dup-1 & Lot-1) in 2009. After lower than normal sales (less than 20 per month) in the first half of 2009, sales went to higher than normal (over 20 per month) in the last half of 2009 and continued right into the first quarter of 2010. As you can see from the charts below sales for the first quarter of 2010 were 74 properties versus 41 for the first quarter of 2009, an 80% increase. Sales continue to look strong over the next couple months as well with pending sales at 63 (SF-33, Con-23, Dup-4 & Lot-3). Island Real Estate continues to show strong sales with 14 new contracts and 14 closings in March. I have sold 12 properties in the last six months totaling $10,391,000 in sales. As you can see from the historical graphs, single family and multi-Family transactions are trending significantly up. Average sale prices for single family, Multi-family & condos also are trending up. In the last 12 months there were 267 properties sold as compared to the previous 12 months of 250 which again reflects very positive sales growth. Based on these trends I feel we will see sales for 2010 of over 250 properties on the island.
Inventory has bumped up about 5% this month to 567 (SF-277, Con-200, Dup-45 & Lot-45). The increase was primarily in single family homes and because of the strong sales over the last 9 months I think the inventory will flatten out to below 500 in the next few months. Still the inventory is at a two year low. Distressed (short sales, foreclosures & bank owned) properties have dropped from 45 last month to 33 this month or 6% of the inventory. Of the 267 properties sold in the last 12 months about 20% of them were distressed properties 56 (SF-22, Con-25, Dup-7 & Lot-2) versus 50% of the sales on the mainland in Manatee County.
Another one of Frank & Al’s Great buy’s from last month went under contract. A cute little island cottage, 2305 Ave B listed at $339,000, is under contract and is due to close by the end of April. For those of you who feel they missed out and are looking for something similar, check out this month’s recommended entry level single family home 5806 Imperiore listed at $389,000 a 2 bedroom/2bath totally remodeled island cottage 2 blocks from the beach. For a great condo buy don’t forget Palm Isle Village, the 11 unit 1 and 2 bedroom condos across the street from the beach. There are 7 units left for sale and the Cost of Ownership on these are the lowest on the island. You can own one of these units for $57/month to $343 per month. The single family home at 4002 6th Ave. listed at $400K that I said was the best buy for single family homes last month went under contract….you have to move fast. The best new condo buy, by far, on the island is 108 36th St Palm Gables listed at $1,490,000. This 3 bedroom/2.5 bath unit is exquisitely decorated and furnished. The quality of this direct gulf front unit is surpassed only by Vista Grande who’s only two units that were for sale closed last month.
If you look at the sales by quarter chart you can see that from the peak (Q2-2005) quarterly sales on the island has only popped up above the average for two quarters until Q2-2009. Since Q2-2009 it has been consistently above the average quarterly sales. This is consistent with the fact that we have had strong sales from mid 2009 right into the first quarter of 2010. I personally have sold 12 properties in the last six months which adds up to $10,391,000 so you can see things are very healthy. The good deals on the island for people willing to do major renovation are becoming fewer and fewer but there are still great buys across the board because of the current market pricing. Of the 267 properties sold in the last 12 months Island Real Estate sold over 20% of them and half of those we had both sides of the sale. Another mile stone was that our website had over 100,000 hits per month in February and March. That means somewhere around 75-80% of the people searching the island are hitting our website. The market is good in Paradise….hurray and get a piece.
Keep in touch, we love to hear from you……….Alan & Frank
MARCH 2010 Real Estate Newsletter ALAN Galletto, Realtor Anna Maria Island, FL.
Apr 1st
Sales for February were much stronger than last year with 26 properties sold on the island (SF-13,Con-9, Dup-3 & Lot-1) versus 9 (SF-5, Con-3, Dup-0 & Lot-1) in 2009. February sales of 26 are the highest in the last 20 months except for December which were 28. As you can see from the charts below, property sales on the island thru February this year are 40 versus 24 in 2009. As I said in last months newsletter, pending sales continue to be strong (in the 50‘s and 60’s) which bodes well for continued strong sales numbers. Current pending sales are 57 (SF-33, Con-18, Dup-2 & Lot-4). Island Real Estate continues to show a strong number of contracts (Nov-9, Dec-9, Jan-12 & Feb-12). If you look at the last 12 months sales in the chart below, both the average sale price and the median sale price are trending up as is the total number of sales in the last 12 months. We ended 2009 with 224 properties sold for that 12 month period and you can see that in the last 12 months there were 250 properties sold.
Inventory has bumped up about 10% over the last 2 months and is currently at 541 (SF-261, Con-193, Dup-43 & Lot-44). The Inventory hit a five year low in January at 498 and two thirds of the increase since then has been in single family homes and the other third in condos. The number of Distressed (short sales, foreclosures & bank owned) properties continue to remain at 8% of the inventory and about 18% of the sold properties over the last 12 months. This again shows that buyers are still grabbing the best deals first. Compared to distressed sales in Manatee County, which are 50% of the sales, the numbers on the island are in line with the percent of the inventory that is distressed.
Frank and Al’s Great Buy’s are going like hot cakes. Last month’s luxury pick 5622 Gulf Drive condo (Vista Grande #2) went under contract for very close to the list price of $1,799,000 and will close by the end of March. Vista #1 closed in February for $1,650,000 and that makes all four of the units in Vista Grande sold. Palm island Village condo’s are still the best buys on the island with the ratio of list price to rental income in the 8,9 & 10 range (lower is better on this ratio) which is much lower than anything on the island. These units will just about break even with a 30% down payment. Last month we closed another unit at Palm Isle Village unit 3203 Gulf Dr. (2bedroom/2bath) for $439,000. If you want a new ground level condo, in a great location that will cover all operating expenses and a 70% mortgage, Palm Isle Village is the place to buy. The next best buy on the island is 4002 6th Avenue a 1,500 sq ft home built in 2000 3 bedrooms/3 baths a block to the beach listed at $400,000. It was just reduced to $400,000 so I don’t think it will last long (see Frank & Al’s Best Buys). If you’re looking for a canal home the two best buys are first 610 Hampshire Lane which fronts on the golf course and has the big canal in the back. It’s 1,911 sq ft 3 bedroom/2.5 baths and needs to be updated but it has great bones and in a great location and listed at $559,000. If you want to be in Key Royale and have a view of the canal but not be on it then 678 Key Royale Drive is a great buy. It has been updated with new tile, new kitchen, new A/C and new windows and has 3 bedrooms/ 2 baths and is 2,160 sq ft with a large back yard with plenty of room for a pool. It is listed at $355,000. Call me for more information on these properties.
This month we have a new graph, for those of you interested, of the quarterly sales of all types of property on the island from the first quarter of 2005 to the current quarter. Since the peak in Q2-2005 and the precipitous drop in transactions in 2006 you can see the steady trend up in transactions as the prices came down compared to the historical average of 60 properties sold per quarter.
Tourism on the island continues to remain strong. Island Real Estate continues to lead with marketing efforts on the World Wide Web for both real estate sales and vacation rental searches. It is Island’s strong marketing campaigns that generate above average income levels for our rental owners. Driving around Anna Maria Island I saw a lot of competitor vacation homes empty in the month of February. If your investment rental is not with Island Real Estate and you think we might be able to help please give me a call. I can help get the right personnel to answer any questions you may have about our property management services.
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.
Alan Galletto
6101 Marina Drive
