Sales for September 2014 were down 28% from last year at 27 (SF-7, Con-9, Dup-8 & Lot-3) compared to September 2013 at 37 (SF-22, Con-8, Dup-3 & Lot-4). Sales for September 30, 2014 Y-T-D were 293 (SF-169, Con-79, Dup-29 & Lot-16) down slightly from September 30, 2013 Y-T-D at 308 (SF-187, Con-89, Dup-16 & Lot-16). Sales for the last 12 months were 393 (SF-219, Con-110, Dup-39 & Lot-25) a little under sales for the previous 12 months at 410(SF-254, Con-110, Dup-23 & Lot-23). Of the sales for the last 12 months distressed properties were again only 8% of the sales at 33 ( SF-14, Con-9, Dup-9 & Lot-1) compared to the previous 12 months were also 8% or 32 ( SF-14, Con-12, Dup-6 & Lot-0) were distressed. Currently there are only 2 distressed properties (both condos 1 short sale & 1 bank owned) or .7% of the inventory of only 273 (SF-156, Con-69, Dup-15 & Lot-33) for sale on the island. Pended properties (properties under contract) are a little under the normal range at 29 (SF-17, Con-6, Dup-3 & Lot-3). Inventory on island has stayed pretty low and steady at the low 300’s over the last 9 months but this is the second month in a row since 2003 that we have been under 300 properties for sale on island.
Frank, Larry’s & Al’s Great Buy’s for this month have not changed much except the last Banyan Tree Estates lot at 108 Park Ave, with the large Banyan Tree on it, closed this month for $450,000. So the Banyan Tree Estates subdivision lots are all sold out. Again 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 history. 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 103 75th Street a totally remodeled,beach house one house to the beach. This property has never been rented but would do around $100K in annual rental.
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…sell them both….rent them both….many possibilities $474,900. This property is very close to the beach in a quiet part of the island. Another duplex in a great location which was under contract and it fell through because the buyer could not get financing then it went back on the market and quickly went under contract again that’s 8106 Gulf Drive listed at $495,000.
I have two fantastic listings that will be in MLS within the next couple weeks so you’re the first to know about them. The first one is a single family 1,618 sq. ft. under A/C, 3,238 sq. ft. under roof beach cottage 5 houses from the beach on a 10,000 sq. ft. lot which will be listed at $979,000. 121 49th Street
The other is a duplex 1 house from the beach with 1,938 sq. ft. under A/C and 3,876 under roof with a 2BR/2bath on one side and a 1BR/2 bath on the other which will be listed at $799,000. Call or email me if you want more information before they are listed. Check out the rest of the Great Buy’s attached in the full version of the newsletter on my website.
To summarize the island market, again sales in 2014 continue at record levels and looks like they will hit over the 400 level again for only the 4th time. Again, single family sales remain strong with 162 sold Y-TD about equal with last year at this time. The average price of single family sales for 2014 Year-To-Date is up 10% over last year at this time and median single family sales prices are up 18 % over last year. Average condo sales prices for Y-T-D 2014 is up 14% over last year and median condo sales prices are up 10% over last year. 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 hitting below 300 at 275 for the second time since 2003. If the inventory continues to remain low it will continue to put upward pressure on prices.
Call me, Realtor ALAN GALLETTO 941.232.2216 of Island Real Estate.