Posts tagged Luxury Condos

Anna Maria Island, FL; Real Estate Newsletter May 2016 Al & Scott- The GALLETTO TEAM

Commercial property for sale on Anna Maria Island business possibilities

You can own business property in the City of Anna Maria right on GULF DRIVE call Al

Thru the end of April, 2016 Y-T-D AMI real estate sales at 117(SF-67, Con-32, Dup-11, & Lot-7) were down 28% from April, 2015 Y-T-D at 143 (SF-82, Con-44, Dup-6 & Lot-11). This is about where we were at the end of the first quarter, so we haven’t gained and are behind last year at about the same percentage.

Sales in April 2016 were 39 (SF-24, Con-10, Dup-2 & Lot-3) down 5% from April 2015 at 41 (SF- 21, Con-15, Dup-1 & Lot-4). The last 12 months sales (May 1, 2015 to April 30, 2016) were 381 (SF-213, Con-116, Dup-32, Lot-20) equal to the previous 12 months (May 1, 2014 to April 30, 2015) at 381 (SF-217, Con-110, Dup-29 & Lot-25). Of the last 12 months sales only 3% or 12 (SF-7, Con-4, Dup-1 & Lot-0) were distressed properties (bank owned or short sales) compared to 6% or 23 (SF-12, Con-5, Dup-6 & Lot-0) in the previous 12 months (April 1, 2014 to March 31, 2015). Only one month in for the quarter but inventory is down and transactions are up creating a great absorption rate. Inventory is currently at 308 (SF-171, Con-90, Dup-21 & Lot-26). Inventory for the previous four months were 343, 342,328 and 309.

If you’re looking for investment properties to buy with a good return there are still some available. The property at 214 Fir, City of Anna Maria is a 3 BR/2 bath each side duplex, three houses to the beach listed at $1,499,900 is a great rental with a 7% return and does $185,000 in gross annual rentals.

Another great rental with a 6% return is 209 54th St. Holmes Beach FL.  It’s a newly built (2014) 8 bedroom/6 bath, 2,936 sq. ft. home a block to Anna Maria Beaches with peaks of the gulf and it does about $225,000 in gross annual rental and is listed at $2,300,000. Call me for more information on these or other properties.

To summarize the market for the first five months of 2016 has started off a little slower than 2015 which at this point in time in 2014 had about the same number of sales. But if you look at pended properties they are well above the average which could mean a continued strengthening of sales as we continue through the year. Distressed properties continue to be non-existent and will continue to be so. There is currently still only one distressed single family property in the inventory. Pended properties (properties under contract) continue well above average at 79 (SF-55, Con-21, Dup-1 & Lot-2) up from 51 last month. The distribution of the single family sales on AMI over the last 12 months was 20% <$500K, 41% 500K-750K, 16% between $750K and $1 million and 23% over $1 million. The distribution for Condo sales over the last 12 months is 79% <$500K, 17% $5000K-$750K, 3% $750K – $1 million and 1% >$1 million. These percentages have been pretty consistent over the last year or so.

Longboat Key current inventory is 374 (SF- 136, Con- 200, Dup- 3 & Lot- 35) down from 387 last month. Pended properties on Longboat Key is 86 (SF-30, Con-56, Dup-0 & Lot-0) about equal to last months 87, and Distressed properties on Longboat Key are only 4 (SF-0, Con-4, Dup-0 & Lot-0). The distribution for single family home sales on Longboat Key for the last 12 months was 26% <$500K, 26% $500K – $750K, 20% $750 K – $1 million & 28% >$1 million. The distribution for Condo sales on Longboat Key for the last 12 months was 49% <$500K, 22% $500K – $750K, 11% $750K – $1 million & 18% >$1 million. The distribution of sale between single family and condos on Longboat Key have not changed much over the last year.

Again you can see from the charts in the Newsletter on my site that average and median sale prices have both gone up for the last 12 months compared to the previous 12 months. Definitely a healthy market with sales high and inventory low.

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

 

See www.AnnaMariaLuxuryRealEstate.com NEWSLETTER for detailed charts and facts for Anna Maria Island Real Estate for sale.
941-232-2216 ALAN
SCOTT 941.779.3313

Newsletter December 2015 Alan and Scott Galletto * Anna Maria Island, FL; Real Estate

     

Sales for November 2015 were up 15% over last year at 23 (SF-8, Con-9, Dup-4 & Lot-2) compared to November 2014 at 20 (SF-10, Con-8, Dup-1 & Lot-1). Sales for November 30, 2015 Y-T-D were 373 (SF-212, Con-114, Dup-24 & Lot-23) again up 8% again over November 30, 2014 Y-T-D at 345 (SF-199, Con-91, Dup-34 & Lot-21). Sales for the last 12 months were 409 (SF-232, Con-129, Dup-24 & Lot-24) up 8% over the previous 12 months at 379(SF-212, Con-101, Dup-40 & Lot-26). Of the sales for the last 12 months distressed properties were only 5% of the sales at 21 ( SF-13, Con-7, Dup-1 & Lot-0) compared to the previous 12 months where 6% or 23 ( SF-10, Con-4, Dup-8 & Lot-1) were distressed. Currently there is only 1 distressed property on the market or .4% of the inventory of 285 (SF-157, Con-82, Dup-18 & Lot-28) for sale on the island. Pended properties (properties under contract) are 34 (SF-17, Con-12, Dup- 2 & Lot-3) down from 50 last month and 37 the month before. Inventory on the island has continued to be under 300 for the past eighteen months. It currently is at 285 up a little from 273 last month and 237 the month before.

Since last month’s Frank, Scott & Al’s Great Buy’s the most significant change is the condo at 9935 Manatee Ave (the Palms at Palma Sola Bay) which was reduced again to $699,900. Although on the causeway rather than directly on the island (for easy access to and from the island) it is on Palma Sola Bay and is a great boaters paradise with 3+ bedrooms, 3.5 baths 3,908 sq. ft. under A/C, end unit with two docks, one with a lift, you have to get in and see this property to appreciate it. More like a house than a condo.

 

 

To summarize the island market, sales in 2015 continue to run ahead of 2014. Again if you look at November 30, 2015 Y-T-D sales at 373 compared to November 30, 2014 Y-T-D sales at 345 they continue to be up 8%. We continue to match or exceed the great sales years in 2012-2014 which had 431, 409 & 381 properties sold respectively. We are still on track to again in 2015 have sales in the 400 plus or minus range. Single family sales continue at historic highs and for the last three years, continue to be higher than the peak year of 2005. There are currently 157 single family homes for sale on the island with an average and median sale price of $1,272,786 and $1,090,000 respectively. Also there are currently 82 condos for sale on the island with an average and median sale price of $584,312 & $449,000 respectively. The distribution of the Y-T-D sales price of the single family homes sold is 24% <$500K, 43% $500K-$750K, 17% $750K-$1Million and 16% >$1 Million. The distribution of the Y-T-D sales price of Condo’s is 82% <$500K, 13% $500K-$750K, 3% $750K-$1 Million and 2% >$1 Million.

Again I thought you may like to see a comparison to the Longboat Key market. Longboat Key currently has 323 properties for sale (SF-120, Con-173, Dup-3 & Lots-27). There are 30 properties pended (under contract) (SF-13, Con-17, Dup-0 & Lot-0). Of the single families currently for sale the average and median list prices are $2,052,673 and $1,335,000 respectively. Of the Condos currently for sale the average and median list prices are $973,837 and $699,000 respectively. As you can see the single family and Condo average and median sale prices are higher on Longboat Key than Anna Maria. The Condo average and median list prices are higher on Longboat Key because it has more condos with direct Gulf Front views because of the high rises on Longboat. Although Longboat Key has more high-end single family homes for sale than Anna Maria the median list price is pretty close.

For detailed charts see the entire newsletter on our website under NEWSLETTER; www.Alangalletto.com

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

Real Estate Newsletter November 2015 GALLETTO Team Alan and Scott Anna Maria Island, FL.

Canal/Bay front Condo for sale 4000 sq ft Bradenton FL

Live on the water, 2 docks and Lift

Sales for October 2015 were about even with last year at 27 (SF-13, Con-10, Dup-3 & Lot-1) compared to October 2014 at 28 (SF-20, Con-4, Dup-4 & Lot-0).  Sales for October 31, 2015 Y-T-D were 350 (SF-204, Con-105, Dup-20 & Lot-21) again up 8% over October 31, 2014 Y-T-D at 325 (SF-189, Con-83, Dup-33 & Lot-20).  Sales for the last 12 months were 406 (SF-234, Con-128, Dup-21 & Lot-23) up 3% over the previous 12 months at 393(SF-222, Con-103, Dup-41 & Lot-27).  Of the sales for the last 12 months distressed properties were only 5% of the sales at 21 ( SF-13, Con-7, Dup-1 & Lot-0) compared to the previous 12  months where 8% or 30 ( SF-14, Con-7, Dup-8 & Lot-1) were distressed.  Currently there are only 2 distressed properties on the market or .7% of the inventory of 273 (SF-151, Con-75, Dup-21 & Lot-26) for sale on the island.  Pended properties (properties under contract) surged up to 50 (SF-27, Con-17, Dup-3 & Lot-3) up from 37 last month and 29 the month beforeInventory on the island has stayed pretty low and steady at under 300 for the past seventeen months. It currently is at 273 up a little from 237 last month.

Since last month’s Frank, Scott & Al’s Great Buy’s there has been only one significant change, the condo at 9935 Manatee Ave (the Palms at Palma Sola Bay) has been reduced again to $699,900.  Although on the causeway rather than directly on the island it is on Palma Sola Bay and is a great boaters paradise with 3+ bedrooms, 3.5 baths 3,908 sq. ft. under A/C and two docks, one with a lift, you have to get into this property to appreciate it.  More like a house than a condo.

To summarize the island market, sales in 2015 continue to run ahead of 2014.  Again if you look at October 31, 2015 Y-T-D sales at 350 compared to October 31, 2014 Y-T-D sales at 325 they are up 8%.  We continue to match or exceed the great sales years in 2012-2014 which had 431, 409 & 381 properties sold respectively.  We are still on track to again in 2015 have sales in the 400 range.  Single family sales continue at historic highs and for the last three years, continue to be higher than the peak year of 2005.  There are currently 151 single family homes for sale on the island with an average and median sale price of $1,277,568 and $1,122,000 respectively.  Also there are currently 75 condos for sale on the island with an average and median sale price of $590,332 & $449,000 respectively.  The distribution of the list price of the single family homes on the market are 4% <$500K, 39% $500K-$750K, 28% $750K-$1Million and 82% >$1 Million.  The distribution of the list price of Condo’s currently on the market are 63% <$500K, 16% $500K-$750K, 6% $750K-$1 Million and 15% >$1 Million. 

Again I thought you may like to see some comparison to the Longboat Key market as a comparison.  Longboat Key currently has 314 properties for sale (SF-124, Con-157, Dup-3 & Lots-30).  There are 57 properties pended (under contract) (SF-22, Con-32, Dup-0 & Lot-3).  Of the single families currently for sale the average and median list prices are $2,015,901 and $1,257,000 respectively.  Of the Condos currently for sale the average and median list prices are $969,892 and $689,000 respectively.  As you can see the single family and Condo average and median sale prices are higher on Longboat Key than Anna Maria.   The Condo average and median list prices are higher on Longboat Key because it has more condos with direct Gulf Front views because of the high rises on Longboat.  The distribution of the list price of the single family homes on the market on Longboat Key are 6% <$500K, 19% $500K-$750K, 21% $750K-$1Million and 54% >$1 Million.  The distribution of the list price of Condo’s currently on the market in Longboat Key are 31% <$500K, 24% $500K-$750K, 12% $750K-$1 Million and 33% >$1 Million.   You can see the Anna Maria single family home market is skewed to the high end much more than the Longboat Key single family market.  Anna Maria has 82% of its single family market priced above $1 Million whereas Longboat Key has only 54% in that price range. 

 

Real Estate Newsletter July 2015 GALLETTO Team Alan and Scott Anna Maria Island, FL.

Boat Dock and Lift on the Intra-Coastal

206 52nd St Condo

Sales for June 2015 were equal to last year at 36 (SF-20, Con-13, Dup-2 & Lot-1) compared to June 2014 at 36 (SF-22, Con-8, Dup-4 & Lot-2). Sales for June 30, 2015 Y-T-D were 235 (SF-139, Con-71, Dup- 10 & Lot-15) up 14% versus June 30, 2014 Y-T-D at 207 (SF-124, Con-56, Dup-17 & Lot-10). Sales for the last 12 months were 409 (SF-234, Con-121, Dup-27 & Lot-27) down 3% over the previous 12 months at 422(SF-251, Con-113, Dup-33 & Lot-25). Of the sales for the last 12 months distressed properties were only 6% of the sales at 24 ( SF-14, Con-6, Dup-4 & Lot-10) compared to the previous 12 months where 8% or 33 ( SF-14, Con-9, Dup-9 & Lot-1) were distressed. Currently there are only 3 distressed properties or 1% of the inventory of 285 (SF-154, Con-75, Dup-25 & Lot-31) for sale on the island. Pended properties (properties under contract) continue to be strong at 39 (SF-27, Con-7, Dup-3 & Lot-2) down from 42 last month but still well above the average. Inventory on the island has stayed pretty low and steady at under 300 for the past thirteen months.

This month’s Frank, Scott & Al’s Great Buy’s have changed since the last newsletter. There are still a couple very strong investment buys. The property at 3603 4 th Ave (reduced to $899,900) went under contract since the last newsletter but fell through and is back on the market. This 3 bedroom/3 bath townhouse with elevator, pool and a roof top deck with awesome views of the gulf and inter-coastal and is an excellent rental. This property is a 10 ratio (rental income covers all the operating costs and most of the mortgage with 20-30% down) and is ideal for someone who wants a property in a great location (three houses to the beach) and in move-in condition. It is one of the best investment buys on the island right now. The two land condos at 201 & 203 57th St listed at $789,000 each have both gone under contract and are due to close on 8/7/2015. Also the elevated duplex at 103 73rd St listed at $799,000 went under contract and is due to close on 8/19/2015.

Check out two other new properties 206 52nd St Listed at $1,330,000 a condo on the Bay and also close to the beach and 9935 Manatee Ave a Bayfront condo on the causeway Listed at $779,900 with great bay views and a lift and second boat dock.

Condo on Sarasota Bay

9935 Manatee Ave Your OWN lift and 2 docks

To summarize the island market, sales in 2015 continue to be at record levels. Again if you look at June 30, 2015 Y-T-D sales at 235 compared to June 30, 2014 Y-T-D sales at 207, a 14% increase, we are continuing to get another great jump on the great sales years in 2012-2014 which had 431, 409 & 381 properties sold respectively. We continue to be on track to again in 2015 have sales of over 400 properties. Single family sales remain strong with 27 currently under contract. Single family sales, for the last three years, have been higher than the peak year of 2005. There are currently 229 single family homes and condos for sale on the island with a total value of $216,991,514 with an average price of $960,139. I have attached some new charts this month. One shows the historic sales price of residential (single family & condos) median sales price rising continually since 2010. Another is sales price to list price ratios. You can see that for the last years residential property has sold at about 95% of the list price. Another shows the historic count of active residential listings and you can see that since 2010 the inventory has been continually going down to its current low levels. All the trends continue to point to moderately rising prices and lower inventory levels. If you’re contemplating buying a property on Anna Maria Island sometime between now and 2016 it would be smart to buy sooner rather than later. Although prices are going up at a moderate rate, a 5-6% increase in prices could mean the difference in the kind of property you are able to buy.

If you’re not already on a search for the properties you’re looking for just call me, Scott or Lynn; give us the criteria and we will put you on one. You will receive auto emails initially of every property that meets your criteria and then you will continue to get all new properties that come on the market after that the day they hit the market.

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

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

 

4 bedroom 4 bath Anna Maria home 4 sale

Great rental or LIVE the Island Life

Great rental or LIVE the Island Life

Sales for June 2014 were 22% below last year at 33 (SF-22, Con-6, Dup-3 & Lot-2) compared to June 2013 at 42 (SF-22, Con-18, Dup-1 & Lot-1).

Sales for June 30, 2014 Y-T-D were 199 (SF-124, Con-54, Dup-12 & Lot-9) up 14% versus June 30, 2013 Y-T-D at 175 (SF-103, Con-55, Dup-7 & Lot-10). Sales for the last 12 months were 387 (SF-237, Con-102, Dup-24 & Lot-24) up 9% over the previous 12 months at 354(SF-202, Con-105, Dup-18 & Lot-29).

 Of the sales for the last 12 months distressed properties were again only 8% of the sales at 32 ( SF-14, Con-9, Dup-8 & Lot-1) compared to the previous 12 months where 12% or 42 ( SF-20, Con-17, Dup-5 & Lot-0) were distressed. Currently there are only 6 distressed properties or 2% of the inventory of 311 (SF-172, Con-85, Dup-25 & Lot-29) for sale on the island.

204 65th St Holmes Beach AMI for sale
204 65th St Holmes Beach AMI for sale

Pended properties (properties under contract) have slipped down to the normal range at 31 (SF-19, Con-8, Dup-1 & Lot-3) down from 41 last month. Inventory on the island has stayed pretty low and steady at 311 from 317 last month and 306 and 314 the previous two months.

Frank, Larry’s & Al’s Great Buy’s for this month have not changed much except for the investment buys. There are still a couple very strong investment buys on the list. The property at 3603 4th Ave (recently reduced to $959K) is a 3 bedroom/3 bath townhouse with elevator, pool and a roof top deck with awesome views of the gulf and inter-coastal and an excellent rental. This property is a 10 ratio (rental income covers
all the operating costs and most of the mortgage with 20% down) and is ideal for someone who wants a property in a great location (three houses to the beach) and in move-in condition.

Another excellent rental income property is 110 81st St a totally remodeled, rental duplex, 4 lots from the beach. This property, without a pool does over $60K in gross annual rental income. If you added a pool you would get $80K- $90K in gross annual rental income.

If you’re looking for a conforming duplex lot then 306 Clark Drive fits the bill. It has an old duplex on it but tear it down and build two single family land condos…live in one and sell the other. This property is very close to the beach in a quiet part of the island. The owner says “MAKE AN OFFER”!!!!   Check out the rest of the Great Buy’s on the web site full version of my newsletter.
To summarize the island market, sales in 2014 continue at record levels. Again if you look at June 30, 2014 Y-T-D sales at 199 compared to June 30, 2013 Y-T-D sales at 175, a 14% increase, we have gotten another great jump on what looks to be another year of 400+ properties sold. Again, single family sales remain strong with 124 sold Y-T-D up 20% over this time last year. The average price of single family sales for 2014 Year-To-Date is up 15% over last year at this time and median single family sales prices are up 20% over last year. Average condo sales prices for Y-T-D 2014 is up 10% over last year and median condo sales prices are up 14% over last year. Both these sales price increases over the past year bodes
well for the market. Prices of all types of properties continue to rise at a healthy clip. The immediate future looks to continue this trend of rising prices at about an average 7%-10% rate which is very healthy. The inventory continues to be down into the historical low range which is in the low 300’s. If the inventory continues to remain low it will continue to put upward pressure on prices.

As I said last month, if you’re contemplating buying a property on Anna Maria Island sometime between now and 2016 it would be smart to buy sooner rather than later.  Although prices are going up at a moderate rate, the increase in prices could mean the difference in what kind of property you want versus what you will have to settle for.

 

Call me, Realtor ALAN GALLETTO  941.232.2216 of Island Real Estate.

Newsletter January 2014 Alan Galletto * Anna Maria Island, FL; Real Estate

6923 Holmes Blvd ANNA MARIA Island FL for sale

6923 Holmes Blvd ANNA MARIA Island FL for sale

Happy New Year- 2013 turned out to be one of only 4 years in the past 11 years where sales 

exceeded 400 and was just as good a year as 2012 with sales of property on the island at 427 just behind
2012 which were 431.
Sales in 2013 were strong among all property types and showed average and median sales prices
significantly up from 2012. December 2013 sales were 34 (SF-13, Con-10, Dup-6 & Lot-5) down 10%
over December 2012 at 38 (SF-27, Con-9, Dup-1 & Lot-1). December 31, 2013 Y-T-D sales were 427 (SF-
237, Con-138, Dup-27, Lot-25) down 1% over December 31, 2012 at 431 (SF-245, Con-126, Dup-27 &
Lot-33). Of the 2013 sales only 9% or 39 (SF-16, Con-16, Dup-7 & Lot-0) were distressed properties
(bank owned or short sales) compared to 13% or 56 (SF-25, Con-27, Dup-4 & Lot-0) in 2012. Inventory on
the island continues to remain low at 311 (SF-167, Con-95, Dup-26 & Lot-23). The inventory last month
was 321 and for the last six months the inventory has ranged between 263 and 321.

If you’re looking for some very good properties to buy check out Frank, Larry’s & Al’s Great Buys
this month.

2916 Ave E Renovated and Redecorated Close to Anna Maria beach

2916 Ave E Renovated and Redecorated Close to Anna Maria beach

Again the best investment buy in the whole inventory is still 2916 Avenue E. It has averaged 
$60K in gross annual rental income for the past five years and did $66,778 in 2012 which makes it a 9.4 ratio (purchase price/Gross annual rental income) at list price. No other  property has that low a ratio which is why it’s the best investment property currently for sale on the island. Check out the Cost of Ownership Analysis attached.

 

Another property close to the beach (2 blocks to the beach) is 6923 Holmes Blvd priced at $369K (Click on first picture of the blog for details). There is plenty of room for a pool which would make it a great 2nd home or a very good investment property. One of the nicest new Gulf front condos currently for sale on the island is 108 36th St (Palm Gables).  This unit was custom built, has been impeccably decorated with Robb & Stucki furniture and hand painted island murals and has never been a rental although it can be rented weekly. Check out the other great buys this month.
The strong Canadian dollar and the attractive real estate prices in south Florida have pushed Canadian snowbirds to south Florida in large numbers because of a perfect storm. Canadian baby boomers can find great real estate deals in Florida and the strong dollar buys more in the U.S. then it could in recent years (Source: Ft. Lauderdale Sun Sentinel). We have been seeing more Canadians come into the Island market in the last year than any time since most Canadians who owned property here sold out in the 1990’s when the U.S. dollar was very strong against the Canadian dollar. Keep on coming….Ah.
To summarize the market, 2013 was as great a year for sales on the island as 2012. Both years were the
first time, since the MLS has been recording sales except for 2005 & 2004, where sales were over 400
properties ( 2013-427, 2012-431, 2004-435 and 2005-438). The one number that really jumps out at you is the number of single family homes sold in 2012 (244) and 2013 (237). If you look at the Marketing Stats graph you can see that there were more single family sales in 2012 & 2013 than any other year ever. In the peak year of 2005 only 182 , 2006 – 74, 2007 – 111, 2008 – 121, 2009 – 118, 2010 – 187, 2011 – 175, 2012 – 245 and 2013 – 237. Distressed properties remain low and will continue to do so into the future. They are currently at 5 (SF-1, Con-3, Dup-1 & Lot-0) 2% of the inventory. Pended properties (properties under contract) are above average at 41 (SF-18, Con-11, Dup-8 & Lot-4). The distribution of the sales in 2013 is also very healthy with 52% <$500K, 80% <750K, 10% between $750K and $1 million and 10% over $1 million. In
2010-2012 the sales over $1 million were only 2%-3% of the market. The average is 6%-7%, so the high end
has really ramped up in 2013 which is very good for the whole market. Looking at the charts you can see that
single family and condo average & median sales prices for 2013 are up significantly over 2012. The bottom
line is that the current market is as good as the island market has ever been.

January 1 – December 31 ’2013 Real Estate SALES ON ANNA MARIA ISLAND FL

Ask Alan Galletto-THE Realtor for real estate on Anna Maria Island, FL. 941.232.2216

Real Estate Newsletter November 2013 ALan Galletto Anna Maria Island, FL.

3603 4th Ave Holmes Beach FL 34217 FOR SALE

3603 4th Ave Holmes Beach FL 34217 FOR SALE

            Sales for October 2013 were 32 (SF-17, Con-11, Dup-2 & Lot-2) about even with October of 2012 at 33 (SF-18, Con-8, Dup-2 & Lot-5).  Sales for October 31, 2013 Y-T-D were 341 (SF-204, Con-100, Dup-19 & Lot-18) compared to October 31, 2012 Y-T-D at 362 (SF-196, Con-113, Dup-22 & Lot-31) still down only 6% from a banner sales year.  Based on where we are in the year and the healthy pending sales activity it looks like we will again go over 400 sales for 2013.  Sales for the last 12 months were 410 (SF-253, Con-113, Dup-24 & Lot-20) which included 35 distressed properties (SF-14, Con-14, Dup-7 & Lot-0) still only 8% of the sales.  Inventory on the island continues to be at an historic low due to the strong sales activity and is currently at 279 (SF-137, Con-95, Dup-27 & Lot-20).  Pended properties (properties under contract) continue to remain strong at 62 (SF-28, Con-12, Dup-12 & Lot-10) which continues to bode well for strong sales over the next few months.  Distressed properties (short sales & bank owned) remain at 2% of the inventory at 7 (SF-2, Con-3, Dup-2 & Lot-0). 

            For the tenth month in a row, sales for 2013 continue to show an increase in average and median prices in all types of properties as well as increased activity in the higher price ranges.  Of the sales for 2013 Y-T-D 50% of the sales were under $500K compared to 52% last month, 30% were between $500K and $750K compared to 31% last month, 11% were between $750K and $1 million compared to 10% last month and 9% were over $1 million compared to 7% last month.  As I mentioned in last month’s newsletter, in the last couple years although sales activity was at record levels only 2%-3% were over $1 million.  You can see that this year the number of sales over $1 million has more than tripled to 9%.  That percentage is going to go up by the end of the year with quite a few high end properties closing in December.  The three Gulf Front lots in Banyan Tree Estates listed at $2,690,000 are under contract and will close in December.  The condo at 3716 Gulf Drive Unit A listed at $2,999,900 is under contract and will close in December and 95 52nd St listed at $3,250,000 is under contract and due to close in December.  There are also three other pended properties over one Million due to close in December.  These sales will drive the percent of over $1 million properties sold to over 10%.

This month Frank, Larry & Al’s Great Buys remain the same from last month.  Although none of the West of Gulf Drive properties has sold since last month they have gotten quite a few showings.  Both 3603 4thAve and 117 Peppertree Ave 

117 Peppertree Lane Anna MAria FL For SALE

117 Peppertree Lane Anna MAria FL For SALE

are due for offers.  The Palm Gable gulf fronts have also been getting more showing over the last month.  The property at 2916 Ave E continues to get a large number of showings and is just waiting for an investor to scoop it up.  These are all properties with great locations.

Distressed properties on the island continue to be almost nonexistent standing currently at 7 (2 single families, 3 condos and 2 duplexes).  Even on the mainland in Bradenton the number of distressed properties is fairly small.  At its peak, the number of distressed properties in Bradenton were 60%-70% of the property for sale.  Currently they stand at 20% of the properties for sale in Bradenton ( 276 out of 1,363 for sale).  When dealing with Bank Owned properties I always recommend that my buyer be represented by an attorney because the banks make no warranty’s and in many cases require you to use their contracts and forms.  At the end of this newsletter is a list of 15 issues to consider when buying Bank Owned property which was published by the Berlin-Patten, PLLC Law Firm.  If you are looking at Bank Owned property these will be helpful.

In summary, last year at this time I was saying sales for 2012 would be over 400 for the first time since 2005 and we ended the year at 430.  Here we are again with only two months left in the year and we again are poised to record sales for 2013 over 400.  If we only match sales for November and December last year at 68 we will end 2013 with sales at 409.   

 

 

For detailed charts see the entire newsletter on my web site; www.Alangalletto.com

Real Estate for sale * Newsletter * September 2013 Anna Maria Island FL.

EXQUISITELY remodeled  FULL Bay View

A must see to believe, imported tile, sinks SO much to see

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.

Almost pays for itself with 20% down...

Water Fall at 2916 Ave E for sale Anna Maria island

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.

ALAN GALLETTO, Anna Maria Island FL. Realtor; Real Estate Newsletter February 2013

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

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

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