Anna Maria Luxury Real Estate
October 2016 Newsletter
Sales on Anna Maria Island for 2016 continues at a healthy pace. September 30, 2016 Y-T-D AMI sales were 282 (SF-170, Con-79, Dup-20, & Lot-13) still down 13% from September 30, 2015 Y-T-D at 323 (SF-193, Con-95, Dup-15 & Lot-20).
Sales in September 2016 for Anna Maria City, Holmes Beach and Bradenton Beach were 28 (SF-18, Con-8, Dup-2 & Lot-0) about even with September 2015 at 29 (SF-17, Con-11, Dup-0 & Lot-1). The last 12 months sales (Oct 1, 2015 to Sep 30, 2016) were 366 (SF-207, Con-112, Dup-30, Lot-17) still down 11% from the previous 12 months (Oct 1, 2014 to Sep 30, 2015) at 411 (SF-243, Con-122, Dup-20 & Lot-26). Of the last 12 months sales only 1% or 5 (SF-3, Con-1, Dup-1 & Lot-0) were distressed properties (bank owned or short sales) compared to 5% or 22 (SF-14, Con-7, Dup-1 & Lot-0) in the previous 12 months (Sep 1, 2014 to Aug 31, 2015). Although we’re running 13% behind last year in sales, which had 407 properties sold and was one of 3 years in the last 6 with sales over 400. Again, the low inventory is the primary reason we are running behind 2015 in sales. Inventory is currently at 287 (SF-158, Con-80, Dup- 19 & Lot-30). Inventory for the previous five months were 290, 298, 314, 303, 308. The inventory hasn’t been below 300 since 2005.
As I mentioned last month, two properties on Frank, Scott & Al’s Great Buy’s have gone under contract. See below for this months BEST BUYS. The property at 307 Clark listed at $749,000 is due to close on 11/21/16 and 503 59th St listed at $560,000 closed on 9/28/16 for $549,500. Also since last month the two real estate only restaurant properties went under contract. The property at 1701 Gulf Dr. listed at $485,000 is due to close on 11/2/16 and the property at 9705-9707 Gulf Dr. listed at $1,100,000 is due to close at 11/15/16. Both contracts are cash and no inspection. Call me for more information on these or other real estate opportunities.
To summarize the Island market for the first nine months of 2016, we continue to run behind 2015 but we will end the year with another strong sales year. Pended properties continue to be strong and still well above the average. Pended properties (properties under contract) are at 46 (SF-28, Con-15, Dup-2 & Lot-1). Distressed properties continue to be non-existent with one single family that is a short sale and one bank owned multi-family property. The distribution of the single family sales on AMI over the last 12 months still hasn’t changed much with 18% <$500K, 32% 500K-750K, 16% between $750K and $1 million and 34% over $1 million. The distribution for Condo sales over the last 12 months also hasn’t changed much and was 83% <$500K, 14% $500K-$750K, 3% $750K – $1 million and 0% >$1 million.
These percentages have been pretty consistent over the last several years. Of the single family properties sold the first eight months of 2016, the average sale has been $933,505 and the median sale $772,750. In the first eight months of 2015 the average sale for single family homes was $739,941 and the median sale was $630,000. The current inventory of 158 single family homes the average sale price is $1,334,221 and the median sale price is $1,100,000. The lowest price single family home on the island is currently $324,000 and the highest price $5,995,000. For the 80 condos for sale the average and median prices respectively are $635,081 & $515,000 with the lowest $189,000 and highest $2,149,000.
Longboat Key current inventory is 358 (SF- 119, Con- 207, Dup- 2 & Lot- 30) up from 304 last month and 314,336 and 345 the three previous months. Of the current inventory of 119 single family homes the average sales price is $2,068,938 and the median sale price is $1,394,500. The lowest priced single family home on the island is $224,900 and the highest is $19,900,000. For the 207 condos for sale the average and median prices respectively are $835,184 & $629,000 with the lowest $164,900 and highest $5,999,000. Pended properties on Longboat Key are 33 (SF-7, Con-25, Dup-0 & Lot-1) down last month from 48 and 54, 49 and 62 the previous three months. Distressed properties on Longboat Key are only 3 (SF-1, Con-2, Dup-0 & Lot-0).
Frank, Scott & Al’s GREAT BUYS
GREAT ENTRY LEVEL ISLAND PROPERTIES:
1. Four unit condo totally remodeled (308 2nd St N – Unit #201 closed for $230K) There are two units (102 & 202) under contract & one ground floor unit (101) available listed at $239K. All were recently remodeled with a new cocktail pool. Great entry level units.
GREAT LOCATION & POTENTIAL RENTAL:
1. 3603 4th Ave -$999,900 (back on the market) Great location, 2 houses to the beach, this 3 bedroom/3 bath, 2376 sq. ft. totally remodeled home has an elevator, roof top deck with panoramic views of the Gulf, intercostal and Skyway Bridge with a very open floor plan. Private backyard and pool with lush landscaping. It does about $75K a year in Gross annual rental.
2. Elevated Duplex Close to the Beach – 119 52nd St A&B (REDUCED) $899,900 This 3BR/2.5bath and 2BR/2bath duplex has a combined 3,444 sq. ft. and is one half block to the beach without crossing any streets. Great rental or permanent or 2nd home.
3. City of Anna Maria Beach Home – 770 N Shore Dr. $1,159,000 This 3 bedroom/2 bath, 1,512 square foot beach cottage is steps to the beach with the beach access just across the street. Totally remodeled with a private cocktail pool and high end finishes. Would make a great rental or 2nd home.
JUST OFF ISLAND HOMES:
1. Bay Front Condo – 9931 Manatee Ave $524,900 Beautiful Palma Sola Bay Front Condo, 3 bedrooms/3 baths, 2,376 square feet, 2 car garage, private elevator with boat dock and lift. Community pool and great bay views.
2. Bay Front Home – 3304 Palma Sola Blvd $1,299,000 Exclusive 4,000 square foot, 4 bedroom/3.5 bath, home has 180-degree view of Palma Sola Bay. Designed with maximum water views, privacy and outdoor access in mind. 4 car garage and Elevator shaft in place.
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Keep those calls and e-mails coming!
We love hearing from you……Alan, Frank & Scott
THE GALLETTO TEAM of Island Real Estate, 6101 Marina Drive, Holmes Beach FL 34217.
For detailed charts see the entire newsletter on our website; http://www.AnnaMariaLuxuryRealEstate.com