Posts tagged Luxury Condos
Sales for August 2013 at 31 (SF-21, Con-7, Dup-2 & Lot-1) was just below the same month last year of August 2012 at 37 (SF-19, Con-11, Dup-3 & Lot-4) up 20%. As I mentioned in the July Newsletter I felt, although sales for last year were one of the highest in the last 30 years, that even though we were lagging behind we would begin to catch up and that is the case. Sales for August 31, 2013 Y-T-D were 270 (SF-163, Con-81, Dup-14 & Lot-12) compared to August 31, 2012 at 295 (SF-165, Con-92, Dup-19 & Lot-19) only 9% below last year’s record pace. Sales for the last 12 months at 406 (SF-243, Con-115, Dup-22 & Lot-26) were 5% above the previous 12 months at 389 (SF-220, Con-118, Dup-27 & Lot-24). Of the sales for the last 12 months the distressed properties (bank owned or short sales) were 34 (SF-15, Con-14, Dup-5 & Lot-0) only 8% of sales compared to the previous 12 month at 56 (SF-22, Con-26, Dup-6 & Lot-2) or 14% of the sales. Inventory on the island continues to remain low at 270 (SF-132, Con-89, Dup-25 & Lot-24) down from July at 283 and from 289 in June, 321 in May, 344 in April and 351 in March. Currently there are only 6 (SF-3, Con-3, Dup-0 & Lot-0) distressed properties or 2% of the current inventory. Pended properties (properties under contract) remain strong at 61 (SF-33, Con-10, Dup-10 & Lot-8) compared to 69 in July and 64 in June.
This month’s Frank, Larry & Al’s Great Buy’s has some changes from July. The Gulf front lot in Banyan Tree Estates listed at $2,650,000 was put under contract along with the two other Gulf front lots. Yes, all three Direct Gulf Front lots listed at $2,650,000 were put under contract in August! Another good buy just came on the market this month. 117 Peppertree Ave is a 4 bedroom/2 bath beach cottage with a pool and waterfall west of gulf drive just steps to the beach. It’s listed at $899,000 and is an excellent rental. If you’re looking for a lot to build your beach home there are 2 great lots left in Banyan Tree Estates, 106 Park Ave listed at $599,000 and 106 Beach Ave listed at $649,000. They are both three houses to the beach and are in one of the best locations on the island. Again, this month don’t forget the best investment buy on the island at 2916 Ave E listed at $629,000. Put 20% down and with a 30 year mortgage at 5% the rental income pays all the operating costs and just about all the mortgage. Check out the detail and give me a call with questions. BUT it will be updated painted and refreshed this week so look again, for the first time beginning of October!Sales for August 2013 at 31 (SF-21, Con-7, Dup-2 & Lot-1) was just below the same month last year of August 2012 at 37 (SF-19, Con-11, Dup-3 & Lot-4) up 20%. As I mentioned in the July Newsletter I felt, although sales for last year were one of the highest in the last 30 years, that even though we were lagging behind we would begin to catch up and that is the case. Sales for August 31, 2013 Y-T-D were 270 (SF-163, Con-81, Dup-14 & Lot-12) compared to August 31, 2012 at 295 (SF-165, Con-92, Dup-19 & Lot-19) only 9% below last year’s record pace. Sales for the last 12 months at 406 (SF-243, Con-115, Dup-22 & Lot-26) were 5% above the previous 12 months at 389 (SF-220, Con-118, Dup-27 & Lot-24). Of the sales for the last 12 months the distressed properties (bank owned or short sales) were 34 (SF-15, Con-14, Dup-5 & Lot-0) only 8% of sales compared to the previous 12 month at 56 (SF-22, Con-26, Dup-6 & Lot-2) or 14% of the sales. Inventory on the island continues to remain low at 270 (SF-132, Con-89, Dup-25 & Lot-24) down from July at 283 and from 289 in June, 321 in May, 344 in April and 351 in March. Currently there are only 6 (SF-3, Con-3, Dup-0 & Lot-0) distressed properties or 2% of the current inventory. Pended properties (properties under contract) remain strong at 61 (SF-33, Con-10, Dup-10 & Lot-8) compared to 69 in July and 64 in June.
In summary August 31, Year to Date sales are only 9% behind 2012 which was the second highest year of sales in the last 30 years and which says the market is still very hot. Inventory on the island remains at historic lows and as you can see from the inventory absorption chart continues to be at 2005 levels with only 7 months of inventory available. Again, the market stats chart shows there were more single family homes sold in 2012 and 2013 then in the peak year of 2005. Distressed properties on the island remain few and far between continually remaining below 10. As a reference to the island market, this month I’ve included some stats from Manatee County. As you can see from the Manatee County Single family Stats the number of single family sales are up 20% from 2012 along with average and median sale prices. Foreclosures and short sales are down from a year ago and traditional sales are up which is a good sign for the Manatee County market. Also, single family inventory is down 18% from this time in 2012. Manatee County Condo sales show similar results with condo sales up 40% and average and median condo sales prices up from the same time in 2012 while condo inventory down 35% from a year ago. The bottom line is that the island market is as hot as it’s ever been in the last 30 years and it looks like the Manatee County market is slowly coming back as well which bodes well for the area. Interest rates are starting to creep up and I believe will continue in that direction slowly which means interest rates are not going to be lower any time in our life time so now is the time to buy.
See www.AlanGalletto.com NEWSLETTER for detailed charts and facts.
Call me, Realtor ALAN GALLETTO 941.232.2216 of Island Real Estate.
February NEWSLETTER 2013
Sales for January 2013 got off to a slower start at 18 ( SF-8, Con-7, Dup-0 & Lot-3) compared to January 2012 at 28 ( SF-13, Con-11, Dup-2 & Lot-2) . Sales for the last 12 months were 420 ( SF-239, Con-122, Dup-25 & Lot-34) up 19% over the previous 12 months at 352 ( SF-179, Con-131, Dup-17 & Lot-25). Of the sales for the last 12 months distressed properties were only 11% of the sales at 46 ( SF-23, Con-19, Dup-4 & Lot-0) compared to the previous 12 months where 17% or 60 ( SF-19, Con-32, Dup-6 & Lot-3) were distressed. Currently there are only 9 distressed properties or 2% of the inventory of 366 (SF-177, Con-108, Dup-35 & Lot-46). Pended properties (properties under contract) continue to be strong at 51 (SF-28, Con-13, Dup-9 & Lot-1) up from 38 last month and well above the average. Inventory on the island has ticked up a little this month to 366 ( SF-177, Con-108, Dup-35 & Lot-46) but for the last six months has been in the mid to low 300’s.
Another one of Frank, Larry & Al’s Great Buy’s went under contract since the last newsletter. The single family property at 309 64th St. listed at $699,900 went under contract and is scheduled to close on March 26, 2013. There are again a couple very strong investment buys with 2916 Avenue E leading the pack. This property is ideal for someone who wants a property in a great location (four houses to the beach) and that pays for itself with 30% down and wants to hold it for 5-10 years and then move down here permanently. At that point there are a set of plans available by Emily Smith to tear down the house and build a new home there. Check out the rest of the Great Buy’s attached.
To summarize the island market, although we only have sales for one month of 2013, it looks like the strong sales activity we have had over the last couple years will continue. The amount of people who are looking at property is as strong as I’ve seen it in the last 20 years. That’s the prime reason that the inventory has been at the low levels they have been this year. Another reason is, for example, in 2012 there were 381 condos and single families sold while there were only 300 new single family and condo properties listed on the market. January sales tend to start off slow. If you look at January 2013 sales at 18 compared to January 2012 sales of 28 it looks like a slow start but if you look at January sales over the last nine years (2005-2013) there are only two January’s where sales have been higher than the January 2013 number of 18. Single family sales continue to remain the highest in the last 30 years with 239 single families sold in the last 12 months compared to 179 for the previous 12 months. Single family and condo sales historically make up 2/3rds of the total sales on the island with sales of each being about even and duplex’s and lots make up the other third. Over the last 12 months single family and condo sales accounted for 85% of the total sales and single families were 57% of the total and condos 29% of the total. As far as sales prices go in the last 12 months, 80% of single family sales were under $700K, 93% were under $1 Million and 7% were over 1 Million. Of condo sales on the island in the last 12 months, 77% were under 400K, 93% were under 500K and there was only one sale over a Million dollars. This gives you an idea of where the sweet spot of the market is on the island.
I’ve added a new chart this month which shows what’s happening in the National Housing Market which comes from Standard & Poors. It shows the National home prices, 10-City Composite and 20 City Composite from 1988 to 2012. You can see that home prices nationally are starting to rise and approaching 2003 prices. This again confirms that prices are starting to approach the pre-bubble level and with interest rates at over a 100 year low now is the time to buy.
Call me, Realtor ALAN GALLETTO 941.232.2216 of Island Real Estate. www.Alangalletto.com
December Newsletter 2012
Sales on the island continue at a record pace in November with 30 properties sold (SF-21, Con-4, Dup-4 & Lot-1) a 25% increase over November 20011 at 17 (SF-10, Con-5, Dup-1 & Lot-1). November 30, 2012 Y-T-D sales were 392 (SF-217, Con-117, Dup-26 & Lot-32) up 25% over November 30, 2011 Y-T-D sales at 314 (SF-160, Con-117, Dup-13 & Lot-24). Of the November 30, 2012 Y-T-D sales of 392 only 11% or 44 properties (SF-23, Con-17, Dup-4 & Lot-0) were distressed (bank owned or short sales) compared to November 30, 2011 in which 17% or 53 (SF-17, Con-28, Dup-5 & Lot-3) were distressed. Sales for the last 12 months were 418 (SF-231, Con-126, Dup-29 & Lot-32) with 47 properties distressed (SF-23, Con-19, Dup-5 & Lot-0) or 11% of the sales. Pended properties (properties under contract) although down from last month at 62, are still strong at 47 (SF-30, Con-10, Dup-4 & Lot-3). Inventory on the island continues to remain historically low at 319 (SF-156, Con-100, Dup-34 & Lot-29). For the past six months inventory has ranged between 295 and 320.
Again since last month two of Frank, Larry & Al’s Great Buy’s have gone under contract. First 5802 DePalmas listed at $499,000 went under contract and closed for $485,000. Also 142 Crescent, a single family home listed at $499,000, built over two platted lots went under contract and is due to close the end of January. The best investment buy on the island is still 2916 Avenue E listed at $629,000. This property is a 9 ratio and it has consistently done about $65,000 in gross annual rentals which means with 30% down it will pay all operating expenses and the mortgage. Another good investment buy is 115 36th St just reduced to $599,000. If you put a pool in this property it would be a 10 ratio and be a fantastic rental. I just listed a great island home, 309 64th St, at $699,000 built in 2006. It’s well built (concrete block all the way up) It’s 3 bedrooms/2.5 baths, a den, has a great salt water pool & waterfall, elevator, built in outdoor kitchen, high ceilings and 3 blocks to the beach. This one won’t last long.
To summarize the current market, with only two weeks to go we are definitely going to hit over 400 properties for sale on the island in 2012. We were at 392 at the end of November and there have been 15 sales already in December. As I mentioned last month, we have never had over 400 properties sold on the island in the last thirty years except for 2005 (the peak year) when we had 425 sold. As you saw below sales on the island are still going strong in the 4th quarter with November 2012 sales 76% ahead of November 2011 sales and November 30, 2012 Y-T-D sales 25% ahead of November 30, 2011 Y-T-D sales. The distribution of Single Family sales over the last 12 months was 52% < $500K, 71% <$600K, 82% <$700K and 7% >$1 Million. The distribution of Condo sales over the last 12 months was 79% <$400K, 91% <$500K, 97% <$700K and 2% >$1 Million. As you can see from the distribution of sales although sales are at record highs, the high end sales (over $1 Million) for both single families and condo’s are a very small part of the market. With sales so strong properties are not staying on the market very long and a majority of them are selling within 5% of the list price and some at list price.
You probably have heard or read about the controversy of the “big box” land condos (5 bedrooms or more) that were built in Holmes Beach over the last 4 years which have created complaints about parking and noise. This controversy has resulted in a new mayor, city council members and building officials. This new regime is looking at how to stop this trend from continuing and they are proposing a moratorium on R2 construction for 6 months until they decide on how they may want to change the code. The majority of conforming duplex’s on the ground have already been either remodeled and condo ‘ed or torn down and new single family land condo’s have been built. I don’t think there are more than a dozen or so conforming land condo’s left that haven’t been converted so I don’t think we’ll see much of this continuing in the future. As I mention in last month’s newsletter the island market looks to continue to be strong and we should see modest appreciation in 2012.
Call me, Realtor ALAN GALLETTO 941.232.2216 of Island Real Estate. www.AlanGalletto.com
NOVEMBER NEWSLETTER 2012
Sales continue at a record pace in October with 33 properties sold (SF-18, Con-8, Dup-2 & Lot-5) a 57% increase over October 2011 at 21 (SF-14, Con-3, Dup-3 & Lot-1). October 31, 2012 Y-T-D sales were 362 (SF-196, Con-113, Dup-22 & Lot-31) up 22% over October 31, 2011 at 297 (SF-150, Con-112, Dup-12 & Lot-23). Of the October 31, 2012 Y-T-D sales of 362 only 11% or 42 properties (SF-21, Con-17, Dup-4 & Lot-0) were distressed (bank owned or short sales) compared to October 31, 2011 Y-T-D in which 16% or 47 (SF-15, Con-25, Dup-12 & Lot-23) were distressed. Sales for the last 12 months were 405 (SF-220, Con-127, Dup-26 & Lot-32) with 51 properties (SF-23, Con-22, Dup-5 & Lot-1) or 13% distressed. Pended properties (properties under contract) continue to be very strong at 62 (SF-37, Con-14, Dup-7 & Lot-4) which bodes well for continued high sales for the next several months. Due to the strong sales volume Inventory on the island continues to remain at historical lows at 302 (SF-148, Con-97, Dup-28 & Lot-29) up a tick from 298 last month but down from 315 in September.
Another two of Frank, Larry & Al’s Great Buy’s went under contract since the last newsletter. The single family home with a pool west of Gulf Drive at 113 75th St listed at $629,000 and 5802 Imperiore, a single family 3BR/2bath with a pool listed at $449,000. Both of these properties went close to their list price. The best investment buy on the island out of the 149 single family properties for sale is still 2916 Avenue E listed at $629,000. For someone looking for a great location (four houses to the gulf) to build a home but isn’t ready to build for a few years, this is the property to buy. It does about $65,000 in gross annual rental income and with 30% down it pays all operating cost and the mortgage. Just rent it for 4-5 years then tear it down and build a new elevated home which would have peaks of the gulf (Emily Smith, the local architect, has already done plans for this location). Another sleeper is 108 36th St, a 3bedroom/2.5bath direct Gulf Front condo in Palm Gables, a seven unit condo association. This owner bought it new and has never rented it but it would be a very good rental.
To summarize the current market, with only a month and a half left to go, 2012 is shaping up to be as good a year as 2005 which was the best year for sales in the last 30 years on record. We have been running about 20% ahead of last year in sales all year and if we only match 2011’s November and December sales we will end up over 400 for the year. It will be the only year that sales were over 400 within the last 30 years except for 2005. Another interesting fact is although sales for 2012 will come in just a little under the peak year of 2005, single family sales for 2012 will be higher than 2005 or any other year in the last 30 years. Looking at the distribution of sales, with the end of the year close by, they are running at about what they have been running all year long. The distribution of single family sales over the last 12 months were 49% <$500K, 69% <$600K, 80% <$700K and only 7% over 1 million. The distribution of condo sales over the last 12 months were 80% <$400K, 90% <$500K, 96% <$700K and only 2% over 1 million. The number of Distressed Properties (bank owned or short sales) continues to be extremely low as they have been all year at 5 (SF-3, Con-2, Dup-0 & Lot-0). Of the sales over the last 12 months (405) only 13% (51) were distressed. Of the October 31, 2012 Y-T-D sales (362) only 11% were distressed compared to October 31, 2011 sales (297) which had 16% (47) distressed properties. As we have seen since the 2006 peak of almost 1,000 properties for sale the inventory has continued to come down to the normal of 450-500 properties for sale and now currently at the lowest it’s been since the peak years of 2003-2005. The inventory on the island this month is at 302compared to 304 the previous month, 315 the month before that and 434 in October of 2011. Pended properties (properties under contract) are currently at 62 (SF-37, Con-14, Dup-7 & Lot-4) which means sales will continue strong over the next couple months. Currently the majority of properties are selling within 5% of list price with some selling at list. The island market is strong and we should see modest appreciation again this year.
Call me, Realtor: ALAN GALLETTO
941.232.2216 of Island Real Estate. www.AlanGalletto.com
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.
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.
SOLD 5/13/11 $640k and 11/1/11 $670k Gulf View -2 unit condo :: $695,000 & $795,000 :: 100 52 ST, HOLMES BEACH, FL Realtor Alan Galletto– ANNA MARIA ISLAND
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.
Sales for the month of August continue to be strong up 26% from last year with 29 (SF-16, Con-10, Dup-2 & Lot-1) properties sold compared to 23 (SF-15, Con-6, Dup-0 & Lot-2) in 2009. Year-to-date sales through August 31, 2010 also continue to be strong up 36% at 198 (SF-119, Con-56, Dup-15 & Lot-8) compared to August 31, 2009 Year-to date at 146 (SF-78, Con-53, Dup-6 & Lot-9). As you can see from the numbers, sales of single family homes and duplex’s are up significantly over last year where as condos and lots are about the same. Sales this year have significantly exceeded 2009 almost every month. If we only matched 2009 sales for the remaining months of the year, total sales for 2010 would come in at 286 well above the average total sales on the island of 250. Based on where we are and the continued strong number of pended sales of 66 (SF-33, Con-21, Dup-8 & Lot-4), I believe total sales for 2010 will come in very close to 300. If that’s the case it will be a very strong sales year with the most sales since 2005. Remembering that 2003 to 2005 were the peak sales years on the island, total sales from 2003 to 2009 were 2003-325, 2004-378, 2005-438, 2006-138, 2007-199, 2008-211, & 2009-234. In August Island Real Estate put 8 properties under contract and closed 5 properties.
Inventory dropped a little from last month’s 544 to 540 (SF-262, Con-186, Dup-36, Lot-56). Again, when the inventory level gets below 500 then we should see a significant rise in average and median property values. Distressed properties (bank owned & short sales) have dropped down from July’s 53 to 44 in August (SF-19, Con-18, Dup-4 & Lot-3). Distressed property sales year-to-date has been about 25% (SF-28, Con-15, Dup-7 & Lot-1 = 51) of the total sales year-to-date (198) on the island.
Two of Frank & Al’s Great Buy’s have been reduced from last month which make them even better buy’s. 787 Jacaranda a 3 bedroom/2 bath elevated, totally remodeled home only steps to the beach has been reduced to $599,000. The North Point Harbor canal lot at 718 Key Royale Drive has been reduced to $379,000. A great buy that just came on the market is 3302 6th Ave, a 4-plex with four 2 bedroom/2 bath units’ only steps to the beach. This property has plenty of room for a pool and with a pool and 30% down the revenue it could produce would cover all operating expenses and debt service and produce positive cash flow. This would be a great investment property for someone. There are not many 4-plex’s on the island and even less that are close enough to the beach to cash flow.
Interest rates are at their lowest in 40 years with rates as low as 4.4% for a 30 year fixed for a first or second home mortgage up to $417,000. Financing for condos in stable associations, which include most of the condo associations on the island, is available with 25% down. Jumbo mortgages ( above $417,000) are readily available at 1.5– 2 points above the regular first or second home rate. If your planning on buying, now’s the time.
For those of you who have a rental property or are considering buying one, this year has again been very good for rentals. By this time of year 80%-90% of the rental income is in and the last quarter is pretty quite except for the holiday weekends. This is the time of the year that the locals enjoy because it is a little quieter. If you plan to visit the island this fall the rental rates this time of the year are the lowest so call my rental girls to book.
Projected assessments for 2010 came out last month and it looks like in general taxes will come down a just a little more this year. Assessments now are currently pretty close to market value and unless budgets increase will stay pretty close to market value going forward.
In summary, sales on the island continue to be strong and still on track to be significantly higher than last year. Sales continue to be skewed to the low end with 90% less than $700K which is underestimating a little the average and median sales price compared to past years.
Call Realtor ALAN GALLETTO 941.232.2216 of Island Real Estate.
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.
SOLD… Gulf Front Condo 2 BR/2BA :: $625,000 :: Anna Maria Island Club 2600 Gulf Dr #17, BRADENTON BEACH, FL. Real Estate, Alan Galletto Realtor
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.