SEPTEMBER 2011 NEWSLETTER

Sales for the month of August 2011 were 25 (SF-14, Con-8, Dup-0 & Lot-3) down 20% compared to August 2010 at 31(SF-18, Con-10, Dup-2 & Lot-1).  This is the first month this year we haven’t beat 2010.  August 31, 2011 Y-T-D sales were 248(SF-120, Con-101, Dup-8 & Lot-19) up 24% over August 31, 2010 Y-T-D sales of 200(SF-121, Con-56, Dup-15 & Lot-8).  Of the August 31, 2011 Y-T-D sales only 15% were distressed (bank owned or sort sales) compared to August 31, 2010 Y-T-D sales in which 27% were distressed.  Pended properties (properties under contract) remain strong at 60(SF-36, Con-17, Dup-4 & Lot-3) which continues to project strong sales.  Inventory on the island continue to be below historic levels at 434(SF-208, Con-149, Dup-27 & Lot-50) and 106 properties less than the same time last year when it was at 540.  Of the 434 properties currently for sale on the island only 6% (26) are distressed (SF-10, Con-13, Dup-3 & Lot-0).  In August Island Real Estate put 7 properties under contract (IRE having both sides of 4 of them), listed 11 properties and closed 4 properties (IRE having both sides of 1 of them).
Another of Frank, Larry & Al’s Great Buy’s went under contract since last month.  The short sale at 100-A 52nd St went under contract and is scheduled to close mid October and was a great buy.  The other short sale at 605 Baronet Lane is still available but it is getting a lot of showings and I don’t think it will last long.  I just listed a six unit complex, Island Garden Village Condo, that are great second homes as well as great investment buy’s.  This complex is right across the street from the beach (128 steps to the beach) just south of the Harrington House.  They range in price from $299,000 to $479,000.  Those of you who missed out on Palm Isle Village have a second chance to buy a comparable property.   Go to  www.gardenvillasales.com   to check out all the units and see for your selves.  For those of you who are looking for a beach cottage with a pool, close to the beach, in a quite part of Holmes Beach, 2916 Avenue E is still available. Also on the list is 4001 5th Avenue a newly built Tuscan home across from the beach, lushly landscaped and tiki pool that has a great rental history.  The house across the street from it just sold for $950,000.  All these properties are 10 ratio properties (purchase price/gross annual rental) which make them some of the best rentals on the island.  Give me a call for pro-forma’s on any of these properties.
To summarize the island market although sales slowed in August they are still up 24% over 2010 which was a very good year.  As you can see from the sales by year chart starting in 1993 to 2011 (projected) this year should be the best year in sales except for the peak year of 2005.  The inventory remains at historical low levels at 434 compared to this time last year when it was at 540.  Pending properties (properties under contract), which have been strong all year, also remain strong and that bodes well for continued strong sales into the end of the year.  As you can see from the numbers and the charts, average and median sales prices for single family homes, condos and lots have strong upward trends.  Only duplex’s seem to be still bumping along the bottom.  Distressed properties also remain low currently at 6% of a low inventory that has continued to decline.  The distribution of the sales this year-to date has skewed a little further to the high end with 88% of the sales under $700K and 12% over $700K up about 2% from 2010.  To give you a little perspective Longboat Key had 319 property sales through August 31, 2011 and 77% were under $700K and 23% were over $700K.  The 2010 sales on Longboat Key were 76% of the peak year of 2005 and sales on AMI in 2010 were 72% of 2005.  While we are on the subject of Longboat Key here are some interesting comparisons with Anna Maria Island.  Longboat Key has 8834 housing units vs AMI 7502 (AM-1538, HB-4202 & BB-1762).  Longboat Key has a population of 7603 vs AMI 8248 (AM-1800, HB-4966 & BB-1482).  Of LBK’s 8834 units 3928 are owner occupied, 352 rented and 4554 vacant.  Of AMI’s 7502 units 2909 are occupied, 1329 rented and 3264 vacant.  The average age on LBK is 68 on AMCity-55, HB-54 and BB-50 (all these figures are from the 2010 census).

For charts and statistics go to Al’s website http://AlanGalletto.com for the full newsletter.  Ask Alan Galletto-THE Realtor for real estate on Anna Maria Island, FL. 941.232.2216