A few steps down to the white sugar sand beach of Anna Maria Island. WOW

          Real estate sales on Anna Maria Island continue to outpace 2020 which was a historically high sales year.  Sales for the month of February 2021 were about equal to sales for February 2020 and  Inventory at 76 is lower than the pended properties at 95.  Sales for February 2021 for Anna Maria City, Holmes Beach and Bradenton Beach were 35 (SF-22, Con-12, Dup-0 & Lot-1) about equal to  February 2020 at 36 (SF-17, Con-14, Dup-3 & Lot-2) after being up 79% and 99% over the previous two months.  Sales are tapering off not because there is no demand but because there is no inventory. The inventory continues to be the lowest it’s been in 30 years and continues to be below 300 for thirty of the last thirty-eight months and seventeen of the last twenty months.  Inventory is currently at only 76 (SF-43, Con-19, Dup-7 & Lot-7).  Inventory for the previous thirty-eight months were 100,135, 145, 155, 162, 175, 196, 230, 261, 253, 274, 308, 314, 312, 289, 279, 282, 292, 296, 293, 305, 334, 338, 319, 291, 257, 249, 231, 214, 223, 240, 254, 267, 297, 297, 310, 290, 298, and again has hit a new low for this market.  Looking at the whole county single family sales for Manatee County January 31, 2021 Y-T-D were up again 26% above January 31, 2020 Y-T-D and the current inventory is down 64% from 2020 at this time.  The average sale price of a single-family home in Manatee County is $510,940 up 21% over a year ago. Again, this month….I CAN NOT say this strongly enough;  for those of you thinking of selling within the next year or two now would be a good time to put your property on the market while it still is a sellers’ market.  Historically this market has come about every 7-10 years.  As far as you buyers…buying sooner is better than later.  Call (941) 232-2216 or email me at alan@alangalletto.com  for an opinion of value or to start a search to find a property today.

           Since last month’s newsletter there continues to be a lot of activity.  543 67^th St. HB closed for $1,802,395. Palm Isle Village 3206 6^th Ave. HB at $525,000. 600 Manatee Ave. West Bay Cove #214 HB closed for $362,000.  3601 East Bay Drive Sandy Pt #207 HB closed at 321,500.  West Cove N 600 Manatee Ave HB closed at $362,000.  6814 Gulf West Winds HB at $560k.The following properties went under contract since last month’s newsletter: 3707 Gulf Dr. HB listed at $1,949,000; and 6500 Flotilla #157, HB listed at $459,000.  If you are looking for a great rental there again is not much to choose from.  Of the 43 single family properties currently for sale there are only 4 single family properties under $1.1 million and only 14 between 1 Million and 2 million.   If you want to be directly on the Gulf then check out this New Four unit direct gulf front condo complex The units are 4BR/3.5 Bath between 2495-2635 sq. ft. with amazing views of the Gulf from each one.   Call me to get the details…hurry one is already sold.    If you want to see these or any other properties just call Lynn or I.  We can also put you on your own automatic search for properties with your specific criteria, let us know what that is- today! To summarize the Anna Maria Island Real Estate Market beginning 2021, sales for February were about equal to February 2020.  The inventory continues to drop and continues to be the lowest I’ve seen it in 30 years, at 76 (SF-43, Con-19, Dup-7, Lot-7) down from 100, 135, 145, 155, 162 & 175 the last six months.  Pended properties (properties under contract) continue to remain strong at 95 (SF-53, Con-35, Dup-4 & Lot-3) above all but two of the previous nine months at 101, 87, 86, 90, 94, 112, 92, 71 & 42.  There are more pended properties than there is inventory. Distressed properties continue to be non-existent as they have been for the last couple of years with again none in the current inventory and only two in the last thirty-one months. The distribution of the single-family properties currently for sale on AMI continues to skew to the high end with only 2% or (1) <$750K, 7% or (3) between $750K and $1 million, 43% or (19) between $1 million and $2 million and 23% or (10) between 2-3 Million and 25% or (11) over $3 million.  The distribution for Condos currently for sale on AMI is 16% or (3) <$500K, 42% or (8) $500K-$750K, 21% or (4) $750K – $1 million and 21% or (4) >$1 million.  You can see that 98% of the single-family prices are over $750K and 91% are over $1 million while 58% of the condos were below $750K and only 21% over $1 million.  As you can see again single family prices continue to go up much faster than condo prices.  Of the current inventory of 43  “single family homes” the lowest priced property is $725,000 (a 2br/1bath) home at 203 Haverkos Ct. HB and the highest is $6,750,000 a .87 acre gulf front elevated home built in 2014 at 807 N Shore Dr. AM  Of the current inventory of 19 condos the lowest priced unit again this month is a 1br/1bath  condo at 1325 Gulf Dr. #220 BB at Tortuga listed at $349,000 and the highest $3,750,000 a 4br/3.5 bath direct gulf front Buena Vista,101 67^th St. Unit 1, HB.  The prices for single family homes continue to move up rapidly while condos continue to creep up.  Of the single-family properties currently for sale on AMI, the average list price is $2,449,545 and the median list price is $1,935,000 and for condos, the average list price is $917,142 and the median list price is $684,900.

           Longboat Key current inventory has for the ninth month in a row dropped down again significantly to 75 (SF- 16, Con- 50, Dup- 2 & Lot- 7) the lowest it’s been in the last twenty months at 127, 129, 156, 172, 178, 199, 218, 275, 295, 337, 388, 386, 378, 364, 354, 309, 309, 274, 289,359 and significantly lower than the previous seven months at 388, 386, 404, 442, 461, 455, 452. Of the current inventory of 16 single family homes, the average price is $2,642,688 and the median list price is $1,993,000.  For the 50 condos for sale, the average and median list prices respectively are $1,122,004 & $672,000.

Hope you are all staying safe& enjoying the spring weather. Keep those calls and e-mails coming.   We love hearing from you and look forward to seeing you on the island…Alan, Frank & Lynn

Click HERE for FULL NEWSLETTER and detailed charts and facts for Anna Maria Island Real Estate for sale.

941-232-2216 ALAN@AlanGalletto.com

#AnnaMariaLuxuryRealEstate #HouseHunting #BuyAHomeOnAnIsland #luxuryrealestate

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103 73rd Holmes Beach LOT VALUE w DUPLEX

Sales for May 2015 were twice as high as last year at 56 (SF-37, Con-14, Dup-2 & Lot-3) compared to May 2014 at 28 (SF-18, Con-8, Dup-2 & Lot-0). Sales for May 31, 2015 Y-T-D were 199 (SF-119, Con- 58, Dup-8 & Lot-14) up 16% versus May 31, 2014 Y-T-D at 171 (SF-102, Con-48, Dup-13 & Lot-8). Sales for the last 12 months were 409 (SF-236, Con-116, Dup-29 & Lot-28) down 5% over the previous 12 months at 429(SF-251, Con-123, Dup-31 & Lot-24). Of the sales for the last 12 months distressed properties were only 5% of the sales at 24 ( SF-14, Con-5, Dup-5 & Lot-0) compared to the previous 12 months where 8% or 36 ( SF-17, Con-10, Dup-8 & Lot-1) were distressed. Currently there are only 3 distressed properties or 1% of the inventory of 269 (SF-142, Con-77, Dup-24 & Lot-26) for sale on the island. Pended properties (properties under contract) continue to be strong at 42 (SF-26, Con-8, Dup-5 & Lot-3) up from 37 last month and still above the average. Inventory on the island has stayed pretty low and steady at under 300 for the past twelve months.

This month’s Al, Frank & Scott’s Great Buy’s have not changed since the last newsletter. There are still a couple very strong investment buys. The property at 3603 4th Ave (reduced to $899,900) is a 3 bedroom/3 bath townhouse with elevator, pool and a rooftop deck with awesome views of the gulf and intercoastal with an excellent rental history. This property is a 10 ratio (rental income covers all the operating costs and most of the mortgage with 20-30% down) and is ideal for someone who wants a property in a great location (three houses to the beach) and in move-in condition. It is one of the best investment buys on the island right now.

For someone who wants to totally remodel or tear down and build new 103 73rd St ($799,000) is currently a duplex that is being sold at the value of the lot. Check out the rest of the Great Buy’s attached.

To summarize the island market, sales in 2015 continue to be at record levels. Again if you look at May 31, 2015 Y-T-D sales at 199 compared to May 31, 2014 Y-T-D sales at 171, a 16% increase, we have gotten another great jump on the great sales years in 2012-2014 which had 431, 409 & 381 properties sold respectively. We are on track to again in 2015 have sales over 400 properties. Again, single family sales remain strong with 26 currently under contract. Single family sales, for the last three years, continue to be higher than the peak year of 2005. There are currently 226 single family homes and condos for sale on the island with a total value of $216,991,514 with an average price of $960,139. I have attached some new charts this month. One shows the historic sales price of residential (single family & condos) median sales price rising continually since 2010. Another is sales price to list price ratios. You can see that for the last year or so residential property has sold at about 95% of the list price. Another shows the historic count of active residential listings and you can see that since 2010 the inventory has been continually going down to its current low levels. You can see that all the trends are for moderately rising prices and lower inventory levels.

If you’re contemplating buying a property on Anna Maria Island sometime between now and 2016 it would be smart to buy sooner rather than later. Although prices are going up at a moderate rate, a 5-6% increase in prices could mean the difference in the kind of property you are able to buy. If you’re not already on a search for the properties you’re looking for just call me or Scott and give us the criteria and we will put you on one. You will receive auto emails initially of every property that meets your criteria and then you will continue to get all new properties that come on the market after that the day they hit the market.

See www.AlanGalletto.com NEWSLETTER for detailed charts and facts.

941-232-2216 ALAN
SCOTT 941.779.3313

The post Alan & Scott- The GALLETTO Team Anna Maria Island, FL. Real Estate Newsletter June 2015 appeared first on Galletto Team - Anna Maria Island Luxury Real Estate.

211 65th 3br/2.5ba 3 blocks to beach GREAT rental or HOME

 This will be an abbreviated newsletter since it’s so close to May and I want to get out the first quarter sales for 2014 as compared to 2013.

          Sales for March 2014 continue its pace at 36 ( SF-22, Con-9, Dup-3 & Lot-2) compared to March  2013 at 29 ( SF-21, Con-3, Dup-2 & Lot-3).  Sales for March 31, 2014 Y-T-D were 97 (SF-58, Con-26, Dup-8 & Lot-5) versus March 31, 2013 Y-T-D at 72 (SF-41, Con-23, Dup-2 & Lot-6).  Sales for the last 12 months were 434 ( SF-254, Con-123, Dup-33 & Lot-24) up 6% over the previous 12 months at 407( SF-231, Con-117, Dup-25 & Lot-34).  Of the sales for the last 12 months distressed properties were only 9% of the sales at 39 ( SF-18, Con-10, Dup-10 & Lot-1) compared to the previous 12  months where 10% or 41 ( SF-19, Con-19, Dup-3 & Lot-0) were distressed.  Currently there are only 2 distressed properties or .5% of the inventory of 314 (SF-182, Con-85, Dup-21 & Lot-26).  They are comprised of  1 condo which is a short sales and 1 duplex which is a short sale.  Pended properties (properties under contract) continue to be strong at 49 (SF-30, Con-10, Dup-5 & Lot-4) down from 52 last month and well above the average.  Inventory on the island has dropped this month to 314 from 342 last month and 327 the previous month.

Another one of Frank, Larry & Al’s Great Buy’s closed since the last newsletter.  The best buy on the island (2916 Ave E.) which was under contract but fell through because the buyer didn’t have good enough credit to get financing, went right back under contract and closed this month for $605,000.  There are still a couple very strong investment buys.  3603 4^th Ave 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.  This property is ideal for someone who wants a property in a great location (three houses to the beach) and in move-in condition.  117 Peppertree Lane is another property in a great location (west of Gulf Drive), 4 bedroom/2 bath, 2-car garage, pool and lushly landscaped grounds, very good rental.  Check out the rest of the Great Buy’s attached.

To summarize the island market, if you remember this time last year sales started off at a much slower pace than 2012 but it picked up in mid year and ended up just about equaling at 428 the 2012 sales which were 430 for the year.  This year’s sales pace for the first 3 months of 2014 are more like the 2012 sales for the same period.  If you look at March 31, 2014 Y-T-D sales at 97 compared to March 31, 2013 Y-T-D sales at 72 we got a great jump on the year.  If you look at March 31, Y-T-D sales over the last ten years (2005-2014) only 2005 (438 properties sold) and 2012 (430 properties sold) had higher March 31, Y-T-D sales.  Again, single family sales remain extremely strong with a record 58 sold in Jan, Feb & Mar of 2014 compared to the next highest year 2012 with 55 and the next highest year the peak year of 2005 at 48.  Over the past two years single family sales have been higher than any time in the last 30 years with 247 in 2012 and 257 in 2013 compared to the peak year of 2005 with 182.

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6923 Holmes Blvd ANNA MARIA Island FL for sale

Happy New Year– 2013 turned out to be one of only 4 years in the past 11 years where sales 

exceeded 400 and was just as good a year as 2012 with sales of property on the island at 427 just behind
2012 which were 431.
Sales in 2013 were strong among all property types and showed average and median sales prices
significantly up from 2012. December 2013 sales were 34 (SF-13, Con-10, Dup-6 & Lot-5) down 10%
over December 2012 at 38 (SF-27, Con-9, Dup-1 & Lot-1). December 31, 2013 Y-T-D sales were 427 (SF-
237, Con-138, Dup-27, Lot-25) down 1% over December 31, 2012 at 431 (SF-245, Con-126, Dup-27 &
Lot-33). Of the 2013 sales only 9% or 39 (SF-16, Con-16, Dup-7 & Lot-0) were distressed properties
(bank owned or short sales) compared to 13% or 56 (SF-25, Con-27, Dup-4 & Lot-0) in 2012. Inventory on
the island continues to remain low at 311 (SF-167, Con-95, Dup-26 & Lot-23). The inventory last month
was 321 and for the last six months the inventory has ranged between 263 and 321.

If you’re looking for some very good properties to buy check out Frank, Larry’s & Al’s Great Buys
this month.

2916 Ave E Renovated and Redecorated Close to Anna Maria beach

Again the best investment buy in the whole inventory is still 2916 Avenue E. It has averaged 
$60K in gross annual rental income for the past five years and did $66,778 in 2012 which makes it a 9.4 ratio (purchase price/Gross annual rental income) at list price. No other  property has that low a ratio which is why it’s the best investment property currently for sale on the island. Check out the Cost of Ownership Analysis attached.

Another property close to the beach (2 blocks to the beach) is 6923 Holmes Blvd priced at $369K (Click on first picture of the blog for details). There is plenty of room for a pool which would make it a great 2nd home or a very good investment property. One of the nicest new Gulf front condos currently for sale on the island is 108 36th St (Palm Gables).  This unit was custom built, has been impeccably decorated with Robb & Stucki furniture and hand painted island murals and has never been a rental although it can be rented weekly. Check out the other great buys this month.
The strong Canadian dollar and the attractive real estate prices in south Florida have pushed Canadian snowbirds to south Florida in large numbers because of a perfect storm. Canadian baby boomers can find great real estate deals in Florida and the strong dollar buys more in the U.S. then it could in recent years (Source: Ft. Lauderdale Sun Sentinel). We have been seeing more Canadians come into the Island market in the last year than any time since most Canadians who owned property here sold out in the 1990’s when the U.S. dollar was very strong against the Canadian dollar. Keep on coming….Ah.
To summarize the market, 2013 was as great a year for sales on the island as 2012. Both years were the
first time, since the MLS has been recording sales except for 2005 & 2004, where sales were over 400
properties ( 2013-427, 2012-431, 2004-435 and 2005-438). The one number that really jumps out at you is the number of single family homes sold in 2012 (244) and 2013 (237). If you look at the Marketing Stats graph you can see that there were more single family sales in 2012 & 2013 than any other year ever. In the peak year of 2005 only 182 , 2006 – 74, 2007 – 111, 2008 – 121, 2009 – 118, 2010 – 187, 2011 – 175, 2012 – 245 and 2013 – 237. Distressed properties remain low and will continue to do so into the future. They are currently at 5 (SF-1, Con-3, Dup-1 & Lot-0) 2% of the inventory. Pended properties (properties under contract) are above average at 41 (SF-18, Con-11, Dup-8 & Lot-4). The distribution of the sales in 2013 is also very healthy with 52% <$500K, 80% <750K, 10% between $750K and $1 million and 10% over $1 million. In
2010-2012 the sales over $1 million were only 2%-3% of the market. The average is 6%-7%, so the high end
has really ramped up in 2013 which is very good for the whole market. Looking at the charts you can see that
single family and condo average & median sales prices for 2013 are up significantly over 2012. The bottom
line is that the current market is as good as the island market has ever been.

January 1 – December 31 ’2013 Real Estate SALES ON ANNA MARIA ISLAND FL

Ask Alan Galletto-THE Realtor for real estate on Anna Maria Island, FL. 941.232.2216

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Sales for February 2013 at 25 (SF-12, Con-13, Dup-0 & Lot-0) got back to par with February 2012 at 27 (SF-16, Con-8, Dup-2 & Lot-1). Sales for the first two months of 2013 were 43 (SF-20, Con-20, Dup-0 & lot-3) down 27% from 2012 at 55 (SF-29, Con-19, Dup-4 & Lot-3). Although we’re off to a slower start than 2012 it’s not significant if you look at sales activity, inventory and momentum I believe we will see as strong a 2013 as was 2012 as we get into the middle of the year. Sales for the last 12 months were 419 (SF-236, Con-127, Dup-23 & Lot-33) up 17% over the previous 12 months at 357 (SF-185, Con-128, Dup-19 & Lot-25). Of the sales for the last 12 months distressed properties were only 10% at 44 (SF-20, Con-21, Dup-3 & Lot-0) compared to the previous 12 months where 17% or 61 (SF-19, Con-32, Dup-7 & Lot-3) were distressed. Currently there are only 7 distressed properties in the inventory or .02% with all 7 being short sales. Pended properties (properties under contract) continue to be strong at 61 (SF-33, Con-11, Dup-12 & Lot-5) up from last month at 51 and the previous month at 38. Inventory on the island is 351 (SF-165, Con-109, Dup-32 & Lot-45) down from the previous months 366.
This month’s Frank, Larry and Al’s Great Buys have not changed from last month’s newsletter. The best properties from a rental standpoint are the ones closest to the beach preferably west of gulf drive. Currently there are only 19 properties for sale west of gulf drive and of those 19 only 8 are under $1 million. Of those 8 only 4 would be great rental properties. By great I mean cover all the operating costs plus all or most of the mortgage. The best of these 4 is still 2916 Avenue E at $629K which with 30% down covers all the operating cost and the mortgage. This property doesn’t require anything done to it to continue getting the $65K in annual rental income (I’ve attached the “Cost of Ownership” analysis in the back of this newsletter). The next best property from an investment point of view is 115 36th St listed at $599K. This property would need a pool and landscaping ($45K) but would generate in the neighborhood of $60K in gross annual rentals. The 3rd Property is 109 Cedar Ave. listed at $879K. It’s a 4 bedroom/2 bath, 1,412 sqft, with a pool very close to the beach. The fourth property is 3603 4th Ave listed at $959K with a pool a roof top deck and views of the gulf and inter-coastal (even the skyway bridge). Check out the virtual tours 3 of the 4 are on this month’s Frank, Larry and Al’s Great buys.
To summarize the island market sales since the beginning of 2011 have continued to build to a 30 year peak in 2012 to numbers that were only seen in 2004 and 2005. Single family sales were at an all time high in 2012 and we continue to see this trend. Single family sales in 2012 were 56% of the total sale compared to 51% in 2011. The distribution of single family sales for the last 12 months continues to hold at 80% <$700K, 94% <$ 1million and 6% over $1 million. We are starting to see more single family sales over $1 million and that’s a good sign for the high end market. Condo sales for the last 12 months were 79% <$400K, 91% <$500K and only 1 sale over $1 million. Single family sales over the last 12 months accounted for 56% of the total sales while condo’s accounted for 30% of the total sales or together for 86% of the total sales.
In the broader market, according to the National Association of Realtors, the median list price nationally is slightly down but is up 3.73% for the Sarasota-Bradenton market. Inventories in the Sarasota-Bradenton market, like the island, continue to shrink with 6,640 listings a 20.25% decline over a year ago. Interest rates continue to be at all time lows with 30 year fixed at 3.5%, 15 year fixed at 2.75% and 30 year fixed jumbo loans at 3.875%. No one knows when the FED will start raising interest rates but as soon as they see signs of inflation it won’t be long after that. Buy now if you’re going to buy mortgage money is not going to get any cheaper.

Read the entire newsletter at www.AlanGalletto.com

Ask Alan Galletto-THE Realtor for real estate on Anna Maria Island, FL. 941.232.2216

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Front View

East side is 2BR/2BA; west side is 2BR/1BA, in this OOH so close to the Beach Duplex in Holmes Beach Florida on beautiful Anna Maria Island.  Seasonally rented on East side and annually rented on the other.  The seasonal side is available turnkey furnished.  Live in one half and rent out the other. Private patios, separate laundry area and outside showers.   Duplex in great location to enjoy island living and only steps to the beach.  Click here for another great Holmes Beach investment property.

The post SOLD 10/31/11 for $375K Duplex 2 BR/2BA & 2 BR/1BA :: $479,000 :: 203 67th Street, HOLMES BEACH, Anna Maria Island, FL Real Estate, Alan Galletto Realtor appeared first on Galletto Team - Anna Maria Island Luxury Real Estate.

  The number of sales on the island continue to be strong with sales up 42% for November 2010 at 27 (SF-16, Con-7, Dup-2 & Lot-2) compared to sales in November 2009 at 19 (SF-9, Con-8, Dup-1 & Lot-1).  Year-to-date sales through November 30, 2010 continues to stay well ahead of last year, up 36% at 281 (SF-165, Con-80, Dup-22 & Lot-14) compared to November 30, 2009 Y-T-D at 206 (SF-106, Con-80, Dup-8 & Lot-12).  Pended sales (properties under contract) continue to be strong at 57 (SF-32, Con-19, Dup-3 & Lot-3) equaling last month’s 57 which continues to bode well for sales in the next couple months.  The normal distribution of sales in the past has been 75% under $800K and 25% over $800K.  Over the last two years the distribution has been more skewed to the low end with 94% of sales under $800K and 6% over $800K.  This distribution tends to understate the average and median home sales when comparing to previous years.  Island Real Estate also continued its strong performance in November with 7 contracts closed and 12 new contracts.
Inventory continues to slowly move down to the normal range (450-500) with it currently at 516 (SF-256, Con-174, Dup-34 & Lot-52) compared to 521 last month.  Distressed properties (short sales & bank owned) continue to decline and are currently at 30 (SF-13, Con-12, Dup-4 & Lot-1) down from 37 in September and 43 in August.  Distressed properties on the island are currently running at about 5% of the inventory which is extremely low compared to other markets.  As this number moves to zero we will be positioned to see an uptick in average and median sale prices.
Two more units at Palm Isle Village have closed, 3215 Gulf Dr at $331,000 and 3209 Gulf Dr at $475,000, that is 7 sold and only 4 left.  This month in Frank & Al’s Great Buy’s I have highlighted properties that are not only great buy’s but either have a great rental history or with a little modification would be very good rentals.  Since most buyer’s of property on the island are buying second homes, if the property can rent well it can pay the operating expenses and leave some left over to help pay the mortgage.  Most properties, because of location and the type of property it is, have trouble paying the operating expenses let alone covering any of the mortgage.  So, you not only need a good buy, but a property that is located and has the amenities to maximize rentals.  This month we have recommended five properties that meet those criteria.  Palm Isle Village unit 8 (3204 6th Ave) has a three and a half year rental record of doing $29,000 + in gross revenue.  Starfish Beach unit 1 (2915 Ave E) has a four year history of rentals in the $33,000 range.  The other three properties (787 Jacaranda, 704 Rose and 612 N Bay Blvd) are great buy’s in great rental locations and with minor improvements would be very good rentals.  If you’re looking for a lot, the lowest priced canal lot on the island is still 718 Key Royale Drive.
Since last month interest rates have been slowly creeping up.  Currently conforming (up to $417,000) 30 year fixed loans are at about 5% with conforming 15 year fixed at 4.6%.  Six weeks ago 30 year conforming loans were under 4%.  Even though we’re seeing rates creep up they are still at all time lows and no one’s predicting that they will be going up significantly any time soon.  If you are shopping around for financing in the area I would recommend you talk to Wayne Gunter at BB&T Bank (941-720-6820), Russ Dozeman at Regions Bank (941-726-1319 or Susan Tyson at Wells Fargo (941-809-3802).  They have all worked with some of my clients this year.
To summarize, since the prices have adjusted down to the current market from the peak at the end of 2005, all the indicators show a very healthy island market.  The inventory is just about down to normal levels, the number of distressed properties is at an all time low and sales on the island are the highest since the peak year of 2005.  Although there aren’t many steals left on the island there are many very good values at market price with great rental capability.

The post December 2010 Real Estate Newsletter ALAN GALLETTO, Realtor; Anna Maria Island, FL. appeared first on Galletto Team - Anna Maria Island Luxury Real Estate.

Sales for the month of August continue to be strong up 26% from last year with 29 (SF-16, Con-10, Dup-2 & Lot-1) properties sold compared to 23 (SF-15, Con-6, Dup-0 & Lot-2) in 2009. Year-to-date sales through August 31, 2010 also continue to be strong up 36% at 198 (SF-119, Con-56, Dup-15 & Lot-8) compared to August 31, 2009 Year-to date at 146 (SF-78, Con-53, Dup-6 & Lot-9). As you can see from the numbers, sales of single family homes and duplex’s are up significantly over last year where as condos and lots are about the same. Sales this year have significantly exceeded 2009 almost every month. If we only matched 2009 sales for the remaining months of the year, total sales for 2010 would come in at 286 well above the average total sales on the island of 250. Based on where we are and the continued strong number of pended sales of 66 (SF-33, Con-21, Dup-8 & Lot-4), I believe total sales for 2010 will come in very close to 300. If that’s the case it will be a very strong sales year with the most sales since 2005. Remembering that 2003 to 2005 were the peak sales years on the island, total sales from 2003 to 2009 were 2003-325, 2004-378, 2005-438, 2006-138, 2007-199, 2008-211, & 2009-234. In August Island Real Estate put 8 properties under contract and closed 5 properties.

Inventory dropped a little from last month’s 544 to 540 (SF-262, Con-186, Dup-36, Lot-56). Again, when the inventory level gets below 500 then we should see a significant rise in average and median property values. Distressed properties (bank owned & short sales) have dropped down from July’s 53 to 44 in August (SF-19, Con-18, Dup-4 & Lot-3). Distressed property sales year-to-date has been about 25% (SF-28, Con-15, Dup-7 & Lot-1 = 51) of the total sales year-to-date (198) on the island.

Two of Frank & Al’s Great Buy’s have been reduced from last month which make them even better buy’s. 787 Jacaranda a 3 bedroom/2 bath elevated, totally remodeled home only steps to the beach has been reduced to $599,000. The North Point Harbor canal lot at 718 Key Royale Drive has been reduced to $379,000. A great buy that just came on the market is 3302 6th Ave, a 4-plex with four 2 bedroom/2 bath units’ only steps to the beach. This property has plenty of room for a pool and with a pool and 30% down the revenue it could produce would cover all operating expenses and debt service and produce positive cash flow. This would be a great investment property for someone. There are not many 4-plex’s on the island and even less that are close enough to the beach to cash flow.

Interest rates are at their lowest in 40 years with rates as low as 4.4% for a 30 year fixed for a first or second home mortgage up to $417,000. Financing for condos in stable associations, which include most of the condo associations on the island, is available with 25% down. Jumbo mortgages ( above $417,000) are readily available at 1.5– 2 points above the regular first or second home rate.  If your planning on buying, now’s the time.

For those of you who have a rental property or are considering buying one, this year has again been very good for rentals. By this time of year 80%-90% of the rental income is in and the last quarter is pretty quite except for the holiday weekends. This is the time of the year that the locals enjoy because it is a little quieter. If you plan to visit the island this fall the rental rates this time of the year are the lowest so call my rental girls to book.

Projected assessments for 2010 came out last month and it looks like in general taxes will come down a just a little more this year. Assessments now are currently pretty close to market value and unless budgets increase will stay pretty close to market value going forward.

In summary, sales on the island continue to be strong and still on track to be significantly higher than last year. Sales continue to be skewed to the low end with 90% less than $700K which is underestimating a little the average and median sales price compared to past years.

Call Realtor ALAN GALLETTO 941.232.2216 of Island Real Estate.

www.Alangalletto.com

The post SEPTEMBER 2010 Real Estate Newsletter ALAN GALLETTO, Realtor; Anna Maria Island, FL. appeared first on Galletto Team - Anna Maria Island Luxury Real Estate.

Sales continue to run above average with sales for July at 18 (SF-11, Con-4, Dup-2 & Lot-1) up from last year’s 16 (SF-9, Con-6, Dup-0 & Lot-1). July 2010 Y-T-D sales are up 39% at 169 (SF-103, Con-46, Dup-13 & Lot-7) over July 2009 Y-T-D at 123 (SF-63, Con-47, Dup-6 & Lot-7). As you can see from the numbers the main reason for the big increase in sales this year is the increase in single family sales. The other three types of properties sales are running about even with last year. The sales numbers are still on track to exceed the average of 250 this year as demonstrated by the sales for the last 12 months at 280 and the continued strong pending sales (properties under contract) at 63 (SF-33, Con-20, Dup-7 & Lot-3). In July Island Real Estate put 4 properties under contract and closed 5 properties.

Inventory has remained stable, in the mid 500’s, since the first of the year and is currently at 544 (SF-266, Con-189, Dup-38 & Lot-51). Again the normal inventory level on the island is between 450 and 500 properties for sale so we continue to hover just above the norm. When the inventory drops below 500 and stays in that range or lower than I believe we will begin to see a significant increase in average and median sales prices on the island. Distressed properties (bank owned & short sales) have bumped up a little over last month and are currently at 53 (SF-19, Con-25, Dup-5 & Lot-4). The increase was due primarily to the increase in condos from 17 to 25. The mainland, in comparison, is still in the 30% plus range of inventory of distressed properties. The number of sales on the mainland are up about 13% over the same period last year but median sale prices are continuing to drop, down 12% over last year.

Well two more of Frank & Al

The Gulf oil spill seems to be plugged so that’s good news for the whole Gulf region. We here in southwest Florida have not seen any oil and don’t expect to see any. The beaches are still there normal white sugar sand texture and the waters blue/green clear.

In summary, the number of sales on the island continue to be strong up significantly over last year and look to continue in that direction based on the continued strong number of pended sales. The distribution of sales continues to be skewed to the low end with 90% of sales less than $700,000 and 5% over $1 million. Average and median sales prices have not increased significantly and probably won’t until the inventory drops below 500. There are still some very good deals out there on properties in good locations that would be great rentals for second home buyers but they are becoming less every day. With 30 year fixed interest rates at 4.74% down from 5.42% last year the numbers aren’t going to work any better than right now. If you’re planning on buying a property in the next year now is the time to buy something while there still are good buys in great locations.

The post August 2010 Real Estate Newsletter ALAN GALLETTO, Realtor; Anna Maria Island, FL. appeared first on Galletto Team - Anna Maria Island Luxury Real Estate.

Anna Maria Island Canal front lot

One of the few vacant Canal Front lots available in Key Royale located within the North Point Harbor Community.  Community Pool, Tennis Court and Club House available to owners and their guests.  Dock is already in place.  Plans are available for this site or bring your plans and build your dream house, plenty of room for a private pool too!

Dock View

Ask Alan -THE Realtor for other great real estate on Anna Maria Island, FL.

Call Realtor ALAN GALLETTO 941.232.2216 of Island Real Estate.

The post SOLD 5/5/11 $275K Canal Front Lot :: $379,000 was $399K:: 718 Key Royale in North Point Harbor, HOLMES BEACH, FL – ANNA MARIA ISLAND appeared first on Galletto Team - Anna Maria Island Luxury Real Estate.