Anna Maria Luxury Real Estate November 2016 Newsletter
Sales on Anna Maria Island for 2016 looks to be on pace to end the year in the mid to high 300’s. October 31, 2016 Y-T-D AMI sales were 303(SF-179, Con-89, Dup-20, & Lot-15) still down 14% from October 31, 2015 Y-T-D at 350 (SF-206, Con-105, Dup-18 & Lot-21).
Sales in October 2016 for Anna Maria City, Holmes Beach and Bradenton Beach were 21 (SF-9, Con- 10, Dup-0 & Lot-2) down 22% from October 2015 at 27 (SF-13, Con-10, Dup-3 & Lot-1). The last 12 months sales (Nov 1, 2015 to Oct 31, 2016) were 360 (SF-203, Con-112, Dup-27, Lot-18) down 13% from the previous 12 months (Nov 1, 2014 to Oct 31, 2015) at 406 (SF-236, Con-128, Dup-19 & Lot-23). Of the last 12 months sales only 1.7% or 5 (SF-3, Con-1, Dup-1 & Lot-0) were distressed properties (bank owned or short sales) compared to 5% or 21 (SF-13, Con-7, Dup-1 & Lot-0) in the previous 12 months (Nov 1, 2014 to Oct 31, 2015). Although we’re running 14% behind last year in sales, we are still going to have a very good year. I still believe the low inventory is the primary reason we are running behind 2015 in sales. Inventory is currently at 301 (SF-164, Con-89, Dup-20 & Lot-28). Inventory for the previous five months were 290, 298, 314, 303, 308.
The inventory on Anna Maria Island hasn’t been below 300 since 2005.
Two properties on Frank, Scott & Al’s Great Buy’s list which were under contract in last month’s
newsletter have closed. The property at 307 Clark in Holmes Beach closed at $675,000 and 308 2nd St N #202 closed at $229,000. The property at 3603 4th Ave, Holmes Beach, a 3BR/3bath single family, three houses to the beach listed at $999,900 is still a great rental and it does $75,000 in gross annual rental income. If you don’t mind being just off Anna Maria Island; 9931 Manatee Ave. in Bradenton listed at $524,900 is a 2,376 square foot, 3 bedroom 3 bath condo with boat dock and lift and a great Palma Sola Bay View . Call me for more information on these or other real
To summarize the Anna Maria Island market for the first ten months of 2016, we continue to run behind 2015 but it looks like we will end the year at about 350 sales + or – which will be one of the top 5 years in sales in the last
ten. Pended properties continue to be strong and still above the average. Pended properties (properties under contract) are at 38 (SF-26, Con-12, Dup-0 & Lot-0). Distressed properties continue to be almost non-existent with two distressed properties for sale on the island, one single family property and one multi-family property.
The distribution of the single family sales on Anna Maria Island 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 84% <$500K, 13% $500K-$750K, 3% $750K – $1 million and 0% >$1 million. These percentages have been pretty consistent over the last year. Of the single family properties sold the first ten months of 2016, the average sale has been $926,712 and the median sale $765,000. Of the condos sold in the first ten months of 2016 the average sale price was $374,978 and the median sale price was $325,000. In the first ten months of 2015 the average sale for single family homes was $759,954 and the median sale was $627,500. Of the condos sold in the first ten months of 2015 the
average sale price was $394,398 and the median sale price was $359,000. The current inventory of 164 single family homes the average list price is $1,284,733 and the median sale price is $1,060,000. The lowest price single family home on the AMI is currently $324,000 and the highest price $5,995,000. For the 89 condos for sale the average and median list prices respectively are $622,195 & $504,450 with the lowest $189,000 and highest $2,149,000.
Longboat Key current inventory is 389 (SF- 129, Con- 226, Dup- 2 & Lot- 32) up from 304 last month and 314, 336 and 345 the three previous months. Of the current inventory of 129 single family homes the average list price is $2,329,548 and the median list price is $1,395,000. The lowest priced single family home on Longboat Key is $299,500 and the highest is $20,000,000. For the 226 condos for sale the average and median list prices respectively are $838,988 & $625,000 with the lowest $164,900 and highest $5,999,000. Pended properties on Longboat Key are 47 (SF-15, Con-31, 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 5 (SF-2, Con-3, Dup-0 & Lot-0).
We are running about 14% in Anna Maria Island sales behind 2015 which ended with sale of 407 but we are still going to end the year with very strong sales.
Keep those calls and e-mails coming! We love hearing from you……Alan, Frank & Scott
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 Holmes Beach-$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. 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 Bradenton $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. Bradenton $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.
Click on the property address to bring up the information & virtual tour
Call me for more information on these great properties…Alan (941)232-2216
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