This property is a 10 ratio (rental income covers all the operating costs and most of the mortgage with 20% down)

          Sales for April 2014 continues strong at 45 (SF-26, Con-14, Dup-3 & Lot-2) compared to April 2013 at 44 (SF-23, Con-15, Dup-4 & Lot-2).  Sales for April 30, 2014 Y-T-D were 143 (SF-84, Con-40, Dup-11 & Lot-8) up 23% versus April 30, 2013 Y-T-D at 116 (SF-64, Con-38, Dup-6 & Lot-8).  Sales for the last 12 months were 436 (SF-257, Con-122, Dup-32 & Lot-25) up 7% over the previous 12 months at 408(SF-230, Con-122, Dup-24 & Lot-32).  Of the sales for the last 12 months distressed properties were only 8% of the sales at 35 ( SF-17, Con-11, Dup-6 & Lot-1) compared to the previous 12  months where 10% or 41       ( SF-19, Con-17, Dup-5 & Lot-0) were distressed.  Currently there are only 6 distressed properties or 10% of the inventory of 306 (SF-171, Con-86, Dup-25 & Lot-24).  Pended properties (properties under contract) continue to be strong at 63 (SF-43, Con-12, Dup-4 & Lot-4) up from 49 last month and well above the average.  Inventory on the island has dropped this month to 306 from 314 last month and 342 the previous month.

Another one of Frank, Larry & Al’s Great Buy’s went under contract since the last newsletter.  One of the last three, off water, Banyan Tree Estate lots went under contract and looks like it’s solid to close in June.  There are still a couple very strong investment buys.  The one at 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 a 10 ratio (rental income covers all the operating costs and most of the mortgage with 20% down) and is ideal for someone who wants a property in a great location (three houses to the beach) and in move-in condition.  A very special property for a 2^nd home is a newly listed Frank Lloyd Wright inspired custom home at 4906 4^th Ave.  Everything is very high end custom including the wood finishes, flooring, cabinets and infinity lap pool.  This is a must-see to appreciate.  Check out the rest of the Great Buy’s attached.

To summarize the island market, sales so far in 2014 have been at record levels again.  If you look at April 30, 2014 Y-T-D sales at 143 compared to April 30, 2013 Y-T-D sales at 116 we got a great jump on the year.  If you look at April 30, Y-T-D sales (143) over the last ten years (2005-2014) only 2005 (438 properties sold that year) had higher April 30, Y-T-D sales (160).  Again, single family sales remain extremely strong with 43 currently under contract.  If you look at the average and median sales prices for single family homes you can see that they are up significantly over last year.  As a matter of fact condos, duplexes and lots are all up over the previous year.  This continues to drive up prices at a healthy clip.  The immediate future looks to continue this trend of prices rising at about a 7% rate which is very healthy.  The inventory is getting down into the historical low range which is under 300.  If we do get down that low it will put upward pressure on prices.

The 2014 winter tourist season also broke all records for seasonal tourists.  Tourism tax collections where the highest they have ever been, and the summer season is expected to continue that trend.  The islands tax collections were up almost 12% over last year.  Property on the island continues to be upgraded and remodeled which helps to drive rental income up to record levels.  What’s interesting is if you look at AMI homesteaded properties from 1998 to 2013, they have stayed relatively constant even though the visitors to the island have increased sharply over that period of time.

The post Newsletter May 2014 Alan Galletto * Anna Maria Island, FL; Real Estate appeared first on Galletto Team - Anna Maria Island Luxury Real Estate.

          Sales continue at a record pace in August with 37 properties sold (SF-19, Con-11, Dup-3 & Lot-4) a 48% increase over August 2011 at 25 (SF-14, Con-8, Dup-0 & Lot-3).  August 31, 2012 Y-T-D sales were 295 (SF-165, Con-92, Dup-19 & Lot-19) up 20% over August 31, 2011 Y-T-D at 246 (SF-119, Con-100, Dup-8 & Lot-19).  Of the August 31, 2012 Y-T-D sales of 295 only 12% or 37 properties (SF-18, Con-15, Dup-4 & Lot-0) were distressed (bank owned or short sales) compared to August 31, 2011 Y-T-D sales in which 15% or 37 (SF-13, Con-19, Dup-4 & Lot-1) were distressed.  Sales for the last 12 months were 389 (SF-220, Con-118, Dup-27 & Lot-24) with 56 (SF-22, Con-26, Dup-6 & Lot-2) or 14% distressed.  Pended properties (properties under contract) are down from last month but still exceptionally strong at 55 (SF-32, Con-17, Dup-4 & Lot-2).  The high number of pended properties continues to drive high sales.  Inventory on the island continues to move down at 304 (SF-148, Con-99, Dup-24, Lot-33) the lowest it’s been since 2005 and down again from last month’s 315.

Two more of Frank, Larry & Al’s Great Buy’s went under contract since the last newsletter.  The single family lot on 306 Spring Ave and 5704 Holmes Blvd the single family home on a conforming duplex lot.  For those of you still looking for a lot the one at 106 Beach Ave (3 houses from the beach) is still available listed at $649,000.  I’ve also just listed an older home at 142 Crescent Dr. which sits across two platted lots for $499,000.  You can improve the house that’s there or tear the house down and build on one lot and sell the other.  Another new listing you should look at is a totally remodeled 3 bedroom/2 bath single family home close to the beach at 5802 Imperiore.  It has high ceilings in the living area and a grotto pool which would make it a very good rental.  Check out the detail on these in Frank, Larry & Al’s Great Buy’s. 

            You may have read in the local paper the controversy around rental of some of the 5,6 & 8 bedroom homes being built.  Most of the issues revolve around the number of cars parked around the property and late night noise around the pools.  We do not have any of these “Motel Homes” in our rental program but Larry has met with some of the other large rental agencies to develop a “Best Practices” approach to head off these kinds of problems and he has implemented a “test drive” of them over the last 6-7 months.  It includes giving renters when they check in a written list of do’s and don’ts, and giving the police a list of our rental properties so they can call us right away if there is a noise issue. Island Real Estate has only had about 15 issues over that period of time and under our program we are proud to communicate there were no second complaints on any guests that were visited due to late noise issues.  We attribute this to an IRE on call person visiting the property when there is noise disturbance at a vacation rental.  We take the quite enjoyment of our community seriously and hope other companies will follow our lead to cease late night noise immediately by visiting the property regardless of the time of day… OR night.

To summarize the current state of the market the trends we have seen all year continue to hold.  Sales at 30 year peak level highs and inventory at historic lows.  The number of sales Year-To-Date for 2012 are 20% above 2011 and continue to be on track to end the year around 400 properties sold.  The distribution of sales for the year continue unchanged.  The distribution of single family sales over the last 12 months were 50% <$500K, 71% <$600K, 81% <$700K and only 7% over $1 Million.  The distribution of condo sales over the last 12 months were 82% <$400K, 91% <$500K, 96% <$700K and only 3% over $1 Million.  The number of  Distressed Properties (bank owned or short sales) continue to be extremely low at 10 (SF-5, Con-5, Dup-0 & Lot-0) or 3% of the inventory.  Of the sales over the last 12 months (389) only 14% (56) were distressed.  Of the August 31, 2012 Y-T-D sales (295) only 12% (37) were distressed properties compared to August 31, 2011 Y-T-D sales (246) which had 15% (37) distressed properties.  As we have seen for the past year the inventory on the island has continued to decline.  Inventory this month has hit another historic low at 304 compared to 315 last month and 332 in July and 434 in September of 2011.  The outlook for the island market continues to be strong with sales at historic highs and inventory at historic lows.  In 2011 we began to see a balance of the negotiating position of buyer and seller compared to the buyer’s market prior to 2011.  In 2012 we are now seeing the market change to a seller’s market as evidenced by properties selling close to or at list price.

Go to my website to search the MLS for properties www.Alangalletto.com or   Call me, Realtor ALAN GALLETTO 941.232.2216 of Island Real Estate, and I’ll send them right to you!

The post Anna Maria Island, FL ALAN GALLETTO, Realtor; Real Estate Newsletter September 2012 appeared first on Galletto Team - Anna Maria Island Luxury Real Estate.

The post OCTOBER 2010 Real Estate NEWSLETTER -Alan Galletto, Realtor; Anna Maria Island, FL appeared first on Galletto Team - Anna Maria Island Luxury Real Estate.

View from front entrance

Enjoy being steps away from the beautiful Gulf of Mexico or Sarasota Bay/Intracoastal waterways. This spacious, end unit, second story Island Condo has views of both gulf & bay, 2 bedrooms – 2 baths, 1282 square ft. turnkey furnished, intimate breakfast nook, separate dining area and washer dryer in the unit. Well maintained complex with heated pool and steps to the beach. The beach is private and land on gulf side of Gulf Dr is deeded to condos.

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.

Porch View

The post SOLD 12/21/10 $215K Condo 2 BR/2BA :: $215,000-SOLD;601 Gulf Dr. #206 Gulf Watch, 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.