Posts tagged Single family homes
Sales for February 2015 were a little above last year at 26 (SF-15, Con-9, Dup-1 & Lot-1) compared to February 2014 at 24 ( SF-14, Con-7, Dup-2 & Lot-1) . Sales for the last 12 months were 376 (SF-213, Con-107, Dup-33 & Lot-23) down 12% over the previous 12 months at 427 (SF-253, Con-117, Dup-32 & Lot-25). Of the sales for the last 12 months distressed properties were only 6% of the sales at 24 ( SF-11, Con-5, Dup-8 & Lot-0) compared to the previous 12 months where 6% or 25 ( SF-6, Con-10, Dup- 8 & Lot-1) were distressed. Currently there are only 2 distressed properties or 1% of the inventory of 279 (SF-151, Con-78, Dup-18 & Lot-32). They are comprised of one single family property, which is bank owned and one condo which is bank owned. Pended properties (properties under contract) continue to be strong at 53 (SF-35, Con-12, Dup-3 & Lot-3) up from 42 last month and well above the average. Inventory on the island continues to remain below 300 at 279 (SF-151, Con-78, Dup-18 & Lot-32) from 296 last month and below 300 for the last nine months.
Of Frank, Scott & Al’s Great Buy’s that went under contract last month, the elegantly stunning home at 114 Beach listed at $2,499,900 closed March 9th for $2,200,000. The single family beach cottage at 121 49th St listed at $899,900 fell through because an investor couldn’t get financing based on his credit so it is back on the market. This single family on a conforming duplex lot, seven houses to the beach, is a great property in a great location. Also since last month another one of our great buy’s 120 50th St listed at $1,290,000 went under contract and is scheduled to close on May1, 2015. The property at 3603 4 th Ave continues to be a strong investment buy. This 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 and a 10 ratio (purchase price/gross annual rental income). This property is ideal for someone who wants a property in a great location (three houses to the beach) and in move-in condition. Check out the rest of the Great Buy’s in the Newsletter on my website www.AlanGalletto.com.
To summarize the island market, although we only have sales for two months of 2015, it looks like the strong sales activity we have had over the last couple years will continue and we are so far on track to end up the year with sales in the high 300’s or low 400’s. The fact that we had a low inventory (below 300) for most of 2014 is the reason we ended up with sales for 2014 at 381 instead of the 408 and 431 of the previous two years and that low inventory continues into the first two months of 2015. As I said last month, I think sales in the high 300’s is very healthy and keeps the market from getting too overheated but is still well above the sales for the average year in this market of 250. The amount of people who are looking at property continues to be strong. That’s the prime reason that the inventory has been at the low levels they have been over the past year.
If you look at February 28, 2014 Y-T-D sales at 56 compared to February 28, 2015 Y-T-D sales of 61 we got another great start for the year. If you look at February 28 Y-T-D sales over the last eleven years (2005- 2015), sales for those two months have only been higher in 2014 at 61. Single family sales continue to be well above the peak year of 2005. Single family and condo sales historically make up 80% of the total sales on the island and duplex’s and lots make up the other 20%. 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 28% of the total. As far as sales prices go in the last 12 months, 23% of the total single family sales were under $500K, 63% were under $750K, 22% were between $750K and $1 million and 15% were over 1 Million. Of condo sales on the island in the last 12 months, 79% were under 500K, 95% were under 750K, 2% were between $750K and $1 million, and 3% were over $1 Million dollars. This shows single family sales continue to be the strongest part of the market on the island.
For detailed charts see the entire newsletter on our website; www.Alangalletto.com
This will be an abbreviated newsletter since it’s so close to May and I want to get out the first quarter sales for 2014 as compared to 2013.
Sales for March 2014 continue its pace at 36 ( SF-22, Con-9, Dup-3 & Lot-2) compared to March 2013 at 29 ( SF-21, Con-3, Dup-2 & Lot-3). Sales for March 31, 2014 Y-T-D were 97 (SF-58, Con-26, Dup-8 & Lot-5) versus March 31, 2013 Y-T-D at 72 (SF-41, Con-23, Dup-2 & Lot-6). Sales for the last 12 months were 434 ( SF-254, Con-123, Dup-33 & Lot-24) up 6% over the previous 12 months at 407( SF-231, Con-117, Dup-25 & Lot-34). Of the sales for the last 12 months distressed properties were only 9% of the sales at 39 ( SF-18, Con-10, Dup-10 & Lot-1) compared to the previous 12 months where 10% or 41 ( SF-19, Con-19, Dup-3 & Lot-0) were distressed. Currently there are only 2 distressed properties or .5% of the inventory of 314 (SF-182, Con-85, Dup-21 & Lot-26). They are comprised of 1 condo which is a short sales and 1 duplex which is a short sale. Pended properties (properties under contract) continue to be strong at 49 (SF-30, Con-10, Dup-5 & Lot-4) down from 52 last month and well above the average. Inventory on the island has dropped this month to 314 from 342 last month and 327 the previous month.
Another one of Frank, Larry & Al’s Great Buy’s closed since the last newsletter. The best buy on the island (2916 Ave E.) which was under contract but fell through because the buyer didn’t have good enough credit to get financing, went right back under contract and closed this month for $605,000. There are still a couple very strong investment buys. 3603 4th Ave 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 ideal for someone who wants a property in a great location (three houses to the beach) and in move-in condition. 117 Peppertree Lane is another property in a great location (west of Gulf Drive), 4 bedroom/2 bath, 2-car garage, pool and lushly landscaped grounds, very good rental. Check out the rest of the Great Buy’s attached.
To summarize the island market, if you remember this time last year sales started off at a much slower pace than 2012 but it picked up in mid year and ended up just about equaling at 428 the 2012 sales which were 430 for the year. This year’s sales pace for the first 3 months of 2014 are more like the 2012 sales for the same period. If you look at March 31, 2014 Y-T-D sales at 97 compared to March 31, 2013 Y-T-D sales at 72 we got a great jump on the year. If you look at March 31, Y-T-D sales over the last ten years (2005-2014) only 2005 (438 properties sold) and 2012 (430 properties sold) had higher March 31, Y-T-D sales. Again, single family sales remain extremely strong with a record 58 sold in Jan, Feb & Mar of 2014 compared to the next highest year 2012 with 55 and the next highest year the peak year of 2005 at 48. Over the past two years single family sales have been higher than any time in the last 30 years with 247 in 2012 and 257 in 2013 compared to the peak year of 2005 with 182.
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
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
JUNE NEWSLETTER 2012
May 2012 brought us another month of booming sales at 52 (SF-31, Con-15, Dup-3 & Lot-3) up 49% over May 2011 at 35 (SF-15, Con-16, Dup-1 & Lot-3). We haven’t had monthly sales in the 50’s since 2004 & 2005 which were years that annual sales were over 400 properties. May 31, Year-to-Date Sales for 2012 were 191 (SF-110, Con-57, Dup-12 & Lot-12) up 18% over May 31 2011 Y-T-D sales at 162 (SF-75, Con-70, Dup-7 & Lot-10). Of the May 31, 2012 Y-T-D sales 12% were distressed (short sales or bank owned) (SF-10, Con-10, Dup-2 & Lot-0) versus 15% of the May 31, 2011 Y-T-D sales were distressed (SF-9, Con-11, Dup-3 & Lot-1). Sales for the last 12 months were 369 (SF-209, Con-113, Dup-21 & Lot-26) compared to the previous 12 months of 348 (SF-182, Con-127, Dup-20 & Lot-19). Pended properties (properties under contract) remain at all time high levels at 84 (SF-42, Con-26, Dup-9 & Lot-7) which means future months sales are going to remain strong. Inventory is up a little from last month at 334 (SF-153, Con-121, Dup-19 & Lot-41) compared to 319 last month but still remains at historical lows. The inventory at this time last year was at 452 properties for sale. In April of this year it was 369, March 2012 – 403, February 2012 – 412 and January 2012 – 427.
Two more of Frank, Larry’s & Al’s Great Buys were put under contract since the last news letter. A west of gulf drive property at 109 75th St listed at $569,900 and last month’s best buy on the island at 319 64th St listed at $454,000 a townhouse condo at Island Walk. Replacing them this month are two equally great properties, 115 36th St and 5704 Holmes Blvd. 115 36th St is a 4 bedroom/3 bath remodeled home 4 houses from the gulf. This property with a pool, lush landscaping and a little fluffing & buffing inside could be a 10 ratio property because of its great location. The property at 5704 Holmes Blvd has so many possibilities I think it confuses people. This property was a duplex converted to a single family on a conforming duplex lot. One, it could be converted back to a duplex (it still has two electric meters and two AC’s) with a bigger foot print; Two, it could be torn down and two new land condos could be built on it; Three, it could be expanded on the ground into a bigger single family home with a pool which would make it a fantastic rental. One property that Larry & I can’t believe hasn’t been snapped up by someone is 2916 Avenue E. This property was recently reduced to $629,000 which makes it a 9 ratio rental property. It’s four houses from the beach and is currently doing about $67,000 per year in rental income. Check out the other great properties on the list.
So to summarize, how is the island market doing? It’s performing at the peak year’s level as far as sales are concerned. If in the last seven months of this year we do sales just equal to 2011 the sales for 2012 will be 367 or 8% over last year. If we keep the current 18% pace above last year we’ll end up with sales of 398. I think at a minimum we will be somewhere between those two numbers. To put that in perspective, sales for 2011 were 340 and that was the best year since 2005. The distribution of sales for the last 12 months sales of 209 single families was; 44% (94) were below $500K, 68% (145) were below $600K and 78% (167) were below $700K. The distribution for sales of the last 12 months sales of 113 condos was; 81% (92) were below $400K, 92% (104) were below $500K and 97% (110) were below 97%. The number of distressed properties on the island are almost non-existent with 10 distressed properties (SF-5 & Con-5) or 3% of the inventory of 334. As I mentioned last month because of the low inventory the number of great rental properties close to the beach are very few. There are only 10 single family properties for sale west of gulf drive under $1 million dollars and there are only 3 lots for sale west of gulf drive under $1 million dollars. As you can see from the charts, average and median sales prices have been rising since 2010 and they look to continue in that direction. Interest rates are in the 3.5% range. Since 1810 they have been lower only from 1900-1910 and 1932-1955. On a $500,000 property, for every 5% increase in the price of the property and every 1% increase in interest rates your principle and interest payment goes up $421 per month. Good reason to buy sooner rather than later.
Ask Alan Galletto-THE Realtor for real estate on Anna Maria Island, FL. 941.232.2216
NOVEMBER 2011 NewsLetter
Sales for October 2011 were 21 (SF-14, Con-3, Dup-3 & Lot-1) equal to October 2010 at 21 (SF-10, Con-8, Dup-1 & Lot-2). Sales for October 31, 2011 Y-T-D were 299 (SF-151, Con-113, Dup-12 & Lot-23) up 17% over October 31, 2010 Y-T-D at 256 (SF-151, Con-73, Dup-20 & Lot-12). Of the October 2011 Y-T-D sales 15% were distressed (Bank owned or short sales) compared to October 2010 Y-T-D sales in which 30% were distressed. Pended properties (properties under contract) are currently at 44 (SF-23, Con-17, Dup-2 & Lot-2) five lower than last month but still above average. Inventory on the island bumped up 24 over last month but is still below average (450-500) at 440 (SF-200, Con-156, Dup-32 & Lot-52) which is 81 below the same time last year. Of the 440 properties currently for sale on the island only 5% or 22 (SF-10, Con-10, Dup-2 & Lot-0) are distressed the same percentage of the inventory as last month. Of the 10 single family distressed properties 8 are short sales, 2 are bank owned and 3 of the 10 are in Bradenton Beach. Of the 10 distressed condos 6 are short sales, 4 are bank owned and 8 of the 10 are in Bradenton Beach.
Another one of Frank, Larry and Al’s Great Buy’s has gone under contract this month. The property at 116 52nd St went under contract two weeks ago and should be a great rental for the buyer. But don’t worry there are still some good opportunities left. One, a nonconforming duplex at 5505 Gulf Drive is a little sleeper. It’s a 2/2 & 1/1 duplex that is bank owned, it’s listed at $414,900 and very close to the beach. This is a potential remodel into a 3 bedroom/3 bath single family with a pool. Also this month I’ve included three new listings in three different price categories. First 126 Hammock Road, listed at $749,000, a 3 bedroom/3 bath, 2399 sq ft canal home in the north end of Ann Maria. With plenty of room for a pool it’s close enough to the beach to be a very good rental while at the same time you can keep your boat docked behind your house. The second one is a cute bright beach cottage at 5704 Holmes Blvd, listed at $459,000 NOW $419,000, this 2 bedroom/2 bath with a den, 1.5 blocks to the beach has plenty of room for a pool. Third is a condo at Sunbow Bay 3705 East Bay, listed at $234,900 it’s a recently remodeled 2 bedroom/2 bath very nice unit. This would be a great starter unit for someone looking to buy a second home on the island. Last but not least don’t forget the units at Island Garden Villas 5607 Gulf Drive. These one and two bedroom units ranging in price from $299,000 to $479,000 already have a great rental track record.
To summarize, sales continue to be strong for the 2011 with sales up 17% over last year and with only two months left in the year it looks like we will beat 2010. Inventory, although it bumped up a little this month, still is below average at 440. Pended properties (properties under contract) continue to remain above average at 44 continuing a healthy pipeline for the next couple month’s sales. The number of distressed properties (short sales & bank owned) at 22 are the lowest they have been since the market started dropping in 2006 and remain at 5% of the inventory. Looking at the chart on average and median sales price by property type from 2005 to 2011, you can see that single family, condo and land prices are moving upward while duplex prices have stayed relatively flat since the peak of 2006.
Rentals continue to be very good on the island, so good that it has caused some problems for some of the neighborhoods in Holmes Beach. You may have seen mention of it in the local newspapers. The major source of the problem is the large 6-8 bedroom land condo’s recently built as rental machines. This has caused parking problems and excessive noise issues in the neighborhoods that they are in. Island Real Estate has a few of these and we have been at the forefront of putting in place practices that minimize the effects of these rentals on the surrounding properties. The island has always had a good relationship between tourists and locals and we want to make sure that doesn’t change. If you have any questions regarding this issue please don’t hesitate to call Larry Chatt or myself.
Call Realtor ALAN GALLETTO 941.232.2216 of Island Real Estate.
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.
MARCH NEWSLETTER 2011
Sales for February were a little behind last year at 22 (SF-10, Con-11, Dup-0 & Lot-1) versus 2010 which were 27 (SF-14, Con-9, Dup-3 & Lot-1) but still a respectable number of sales. Of the 22 properties sold in February only 4 were distressed properties (SF-3, Con-1) versus 2010 where 10 of the 27 sold were distressed (SF-5, Con-4, Dup-1). Year-to-Date Sales through Feb 28, 2011 are at 38 (SF-18, Con-17, Dup-1 & Lot-2) compared to the same period in 2010 at 41 (SF-22, Con-14, Dup-3 & Lot-2). Sales continue to look strong with pended properties (properties under contract) at 60 (SF-28, Con-25, Dup-4 & Lot-3). Pended properties have been in the 50-65 range for the past nine months which is why we’re seeing such strong sales. The inventory has been lingering at just over 500 with current inventory at 518 (SF-258, Con-182, Dup-31 & Lot-47). Of the current inventory 33 are distressed properties (SF-16, Con-25, Dup-4 & Lot-3) or about 6% of the inventory. If you look at sales for the last 12 months at 319 versus the previous 12 months at 251 it demonstrates how strong the sales have been in the past year compared to past years (2010-317, 2009-233, 2008-211, 2007-199, 2006-138 and the peak year 2005-438). You can see how the number of sales has been building since 2005. As I mentioned in past newsletters the average number of yearly sales on the island is about 250.
It was another good month for Frank and Al’s Great Buy’s. From last month’s list I put two properties under contract 787 Jacaranda and 2915 Avenue E, both great buys and both great rentals. Also a short sale, 100-A 52nd St was on last month’s list and although it did not go under contract I did put 100-B 52nd St. under contract. If you want another chance than 100-A 52nd St. is still available. This month’s list has some excellent buys. 3103 Avenue E, listed at $669K, is a new land condo with gulf views and five houses from the beach and is an excellent buy and would be an excellent rental. If you’re looking for west of gulf drive in the city of Anna Maria, 111 Oak listed at $699K is a circa 1926 classic historical cottage with a lot of charm and by adding a pool and some cosmetic updates would also be a great rental. With building costs still at historical lows (you can build for $150/sq ft what cost at peak $350/sq ft) the two lots at Banyan Tree Estates, three properties from the beach listed at $699K, allows you to build your dream home in a great location. Now is the time to build if you are considering it because it looks like material costs are going to rise in the future. Email or call me for more information on these or any other properties.
Any of you who have been on the island in the last couple months know firsthand that this year has been a great year for rentals. We were up about 6% in the winter months, mainly due to increased rental rates because demand is always high, but the summer months are up 50%. That increase is due primarily to increased demand and that demand caused many renters not to get there first choices last summer and are booking earlier this year. The standardized linen service is off and running and is going relatively well. Most of the initial comments have been positive and we’re working out the few glitches we have stumbled upon. One thing it has done is move some responsibility regarding linens from the owners to Island Real Estate which should make it much easier on the owners.
To summarize, sales into February continue to be strong and with inventory at traditional levels and pended properties strong, it seems that it will continue into the near future. Island Real Estate sales have been strong as well with 5 closings in February and 22 properties put under contract. Since we are only two months into the year there is not enough data to change the trend charts. Most of the graphs use quarterly or yearly data so by next month when we have a full quarter of data then we can get a better picture of the current trends.
Ask Alan -THE Realtor for other great real estate on Anna Maria Island, FL.
Call Realtor ALAN GALLETTO 941.232.2216 of Island Real Estate.
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.