2011 DECEMBER NEWSLETTER
Sales for November 2011 were 17 (SF-10, Con-5, Dup-1 & Lot-1) down from November 2010 sales of 27 (SF-16, Con-7, Dup-2 & Lot2). Sales for November 30, 2011 Y-T-D were 316 (SF-161, Con-118, Dup-13 & Lot-24) up 12% over November 30, 2010 Y-T-D at 283 (SF-167, Con-80, Dup-22 & Lot-14). Only 16% of the November 30, 2011 Y-T-D sales were distressed (Bank Owned or Short Sales) compared to 30% distressed for November 30, 2010 Y-T-D. Pended properties (properties under contract) have jumped up from 44 last month to 56 (SF-30, Con-19, Dup-5 & Lot-2) currently and well above the average. Inventory has bumped up a little more from last month to 456 (SF-206, Con-160, Dup-33 & Lot-57) but still in the low end of the average range (450-500). Of the 456 properties currently for sale 94 are in Anna Maria City (SF-55, Con-5, Dup-3 & Lot-31) and of the 456 properties currently for sale the distressed properties are still at 5% of the inventory at 26 (SF-11, Con-12, Dup-3 & Lot-0). Of the 11 single family distressed properties 9 are short sales and 2 are bank owned and 7 are in Holmes Beach and 2 in Bradenton Beach. Of the 12 condo distressed properties 6 are bank owned and 6 are short sales with 2 of the 12 in Holmes Beach and 10 in Bradenton Beach. Of the 26 distressed properties on the island 17 are short sales, 9 are bank owned, 17 are in Bradenton Beach and 9 are in Holmes Beach.
For those of you who are looking to buy property check out Frank, Larry & Al’s Great Buy’s this month. The property at 5505 Gulf Drive is still on the market. It’s a bank owned non-conforming duplex (2BR/2Bath & 1BR/1Bath) very close to the beach and reduced from $414,900 last month to $399,900 now. Its highest and best use would be a remodel to a 3 bedroom/3 bath with a pool and it would be a great rental. For those of you who are looking for an entry level condo with great rental income close to the beach than Island Garden Villas is the place to look. If you wanted Palm Isle Village before they sold out than these are very comparable. They run from $299,000 to $479,000…take a look at the virtual tours. Another great second home or investment property and just reduced to $675,000 is 2916 Avenue E. This is a 10 ratio (gross rental income to purchase price) which is about as good as you get on the island and means that with 20%-30% down the rental income pays the operating expense and most of the mortgage. A new listing this month, a one of a kind condo, is 3716 Gulf Drive listed at $2,999,900. This is in a three unit condominium and with 3,248 sq ft, a long list of amenities, a private garage and workshop along with 2 parking spaces in the common garage and two votes out of the four in the association this 3/4bedroom/3.5 bath condo is unique on the island. There is nothing else like it so check out the virtual tour.
To summarize the market to date, sales continue to be strong up 16% over last November 30 Y-T-D and with one month left to go in the year it looks like we will have a healthy increase in the number of sales on the island over 2010 which was (excluding the three crazy years of 2003, 2004 & 2005) the best year in sales in the last 20 Years. If you look at the average and median sales charts by property you can see that they are up over last year for single family homes, condos and lots. Next month, when the numbers are all in, I will be able to tell you by how much. Inventory did bump up a little as it did last month but is still in the low end of the average range (450-500). The numbers of distressed properties (short sales & bank owned) continue to be low at 26.
Some new news for those of you who haven’t heard on December 9, 2011 Island Real Estate purchased the real estate and business of Betsy Hills Real Estate on Pine Avenue. Our new second location in Anna Maria is at 419 Pine Avenue. Both Betsy Hills and we are very happy with the sale. Betsy will be joining Island Real Estate as a Broker Sales Person along with the realtors that worked for her. We welcome the synergy and energy that it will bring to Island Real Estate and it will also allow us to be closer to all our customers on the island. Stop in to say hello when you’re in Anna Maria City.
Call Realtor ALAN GALLETTO 941.232.2216 of Island Real Estate.
For the full Newsletter with statistics and graphs go to Al’s website at; www.Alangalletto.com