Anna Maria Island, FL. Real Estate Newsletter June 2020

West Wind Condos

Gulf Front Condo Anna Maria Island perfect get-a-way spot.   Ahhhhhh the Gulf of Mexico.

         The Coronavirus continues to show lower sales on Anna Maria Island this year VS last year although Y-T-D sales for 2020 are only slightly down over 2019.  Sales in May 2020 were down over sales for May2019.  The continued low inventory (well under 300) continues to support the current pricing levels without downward pressure on any reductions.  We’ll continue to keep you informed if anything that significantly changes relative to the corona-virus.  Sales for May 2020 for Anna Maria City, Holmes Beach and Bradenton Beach were 30 (SF-12, Con-12, Dup-4 & Lot-2) down 33% below May 2019 at 45 (SF-28, Con-11, Dup-3 & Lot-3).  Sales for May 31, 2020 Y-T-D were 157 (SF-80, Con-58, Dup-10, Lot-9) down only 3% below May 31, 2019 Y-T-D at 162 (SF-103, Con-45, Dup-9, Lot-5).  Sales for the last 12 months were 370 (SF-214, Con-120, Dup-25 & Lot-11) up 2% above the previous 12 months at 361 (SF-217, Con-112, Dup-24 & lot-8).   The inventory at 261 continues to be below 300 for twenty-one of the last twenty-nine months and nine of the last eleven months.  Inventory is currently at 261 (SF-153, Con-80, Dup-14 & Lot-14).  Inventory for the previous twenty-nine months were 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 continues to be historically low and well below average for this market.

      Since last month’s newsletter three properties from Frank & Al’s Great Buy’s list have gone under contract, 1910 Bay Dr. N. BB,  5614 Guava, HB, and 5823 21st St E. Bradenton.  Still available is the 180 degree Bimini Bayfront view, the ideal boater’s home, check out 543 67th St. HB . The city says this lot is big enough to split in half and build two homes or ready to take the current home to the next level, the existing 2,909 sq. ft.  4bedroom/4bath Bimini Bayfront is the ultimate in boating paradise, deep water minutes to Tampa Bay or the intercostal; there is a ground level mother-in-law (MIL) suite.  If you’re looking for a great rental then look at 129 52nd St. HB.  West of Gulf Drive and a block from the beach and close to shopping with 4bedrooms/4 baths.  Call us to see the Fhttps://youtu.be/1V92nLz8jOEANTASTIC rental income on this property which did $94,800 in gross annual rental income in 2019.  If you want to be directly on the Gulf then look at the recently withdrawn but still available condo at 5622 Gulf Dr.  a 3 bedroom/ 3bath 1993 sq. ft condo built in 2007 with all the amenities you would expect.  Rental department estimates this unit could gross about $125k.   If you want to see this or any unit just call Lynn or me.  We can 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 for the first five months of 2020, sales were 3% below the first four months of 2019.  Although we expected sales to slow down because of the corona virus they seem to be hanging in there.  The inventory continues to remain in the low range, as shown above, at 261 which means there continues to be no immediate downward pressure on prices.  Pended properties (properties under contract) look even stronger this month at 71 (SF-45, Con-15, Dup-6 & Lot-5) well above last month at 42 and the previous month at 39.  This bodes well for strong sales in the next couple months.  Distressed properties continue to be non-existent as they have been for the last couple years with none in the current inventory and only two in the last twenty-one months.  The distribution of the single family properties currently for sale on AMI hasn’t changed much over the last year or so with only 4% or (6) <$500K, 8% or (13) 500K-750K, 14% or (21) between $750K and $1 million, 45% or (68) between $1 million and $2 million and 29% or (29) over $2 million.  The distribution for Condos currently for sale on AMI is 59% or (46) <$500K, 31% or (24) $500K-$750K, 5% or (4) $750K – $1 million and 5% or (4) >$1 million.  You can see that again 88% of the single-family prices are over $750K and 74% are over $1 million while 59% of the condos were below $500K.  This distribution of single-family prices and condo prices continues to inch up year by year.  Of the current inventory of 153 single family homes the lowest priced property is still $389,000 (a Seaside Gardens 2br/2bath) and the highest is $7,995,000 a one acre gulf front complex built in the 1940’s but totally remodeled.  Of the current inventory of 80 condos the lowest priced is again this month a 1br/1bath TradeWinds condo at $214,900 and the highest $2,295,000 again the 3br/3.5bath direct gulf front Palm Gables unit.  The prices for single family homes continue to creep up while condos remain flat.  Of the single-family properties currently for sale on AMI, the average list price is $1,858,231 and the median list price is $1,570,000 and for condos the average list price is $532,885 and median list price is $479,500.  Condos have gone down while single families have gone up.

       Longboat Key current inventory has dropped down significantly to 295 (SF- 100, Con- 170, Dup- 2 & Lot- 23) at the low end of the last eleven months at 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 100 single family homes the average list price is $2,152,952 and the median list price is $1,295,000.  For the 170 condos for sale the average and median list prices respectively are $765,256 & $599,000.

Have a great day and keep those calls and e-mails coming and please continue to stay safe!  We love hearing from you and look forward to seeing you on the island……Alan, Frank & Lynn

FRANK & AL’S GREAT BUYS

Entry Level Island Property: 

  1. 113 Palm Ave  ($959,000)  Great opportunity to obtain a house west of Gulf Drive.  Ground level 2-bedroom, 3 bath home in the city of Anna Maria & in a quiet part of the island.
  1. 214 66th St. HB ($559,000)  Duplex, 1/1 each side, total remodel/tear down, 1.5 blocks to the beach.

Good Potential Rental Income:

  1. 307 59th St HB ($825,000)  This 3BR/2 bath land condo home with private pool is 4 blocks to the beach & is currently a very good seasonal rental.  Well maintained centrally located near restaurants & shops.
  1. 129 52nd St HB, ($1,339,000)   Magnificence awaits you at Beachy Blue.  This 4BR/4bath spacious home west of Gulf Dr. with luxuries pool & spa is a short walk to the beach west of Gulf Drive. All high end finishes.  Too many features to list….a must see.  This home has been a seasonal rental & grossed $94,800 in 2019.  A great rental &/or first or second home.
  1.  6301 Holmes Blvd. HB ($915,000)   2 blocks to the beach- this land condo home has a private pool & is currently a seasonal rental that has many possibilities.  A year round home or great seasonal rental. Estimate gross $65+
  1.  201 58th St HB  ($795,000)   Remodeled Duplex, 2/2 on one side & 1/1 on other – close to beach.

 5.   319 64th St. HB (799,000) This 3br/2.5 bath large condo is only 3 blocks to the beach. The secluded heated pool with  waterfall surrounded by a fenced tropical back yard gives you plenty of private outdoor entertaining space. You have to see this one.

Great Gulf/Canal/Bay front Location:       

  1.   5622 Gulf Dr HB. ($2,199,000)  Direct Gulf views from this 3br/3bath, 1993 sq. ft. Gulf Front condo. Built by Brent Whitehead this exquisitely furnished condo has Gulf front pool and spa along with entertainment area with outdoor kitchen, including fridge, grill and sink. Only 4 units in this complex. Est. gross $125K
  1.  405 20th Place N. Bradenton Beach ($949,000) Boaters dream home in a secluded part of Bradenton Beach. Just 100 feet out the canal to the inter-coastal this 3br/2.5bath elevated home is a great island get away.  Plenty of room to add a pool in the back. Come see this property!

Ask us… there are more Canal/Bay front homes!    543 67th St. HB

More GULF Front Condos:

Westwind units are 1-month min.

6818 Gulf Dr   ($799,000) 2/2 plus LOFT  Seriously GULF FRONT!!!!

6814 Gulf Dr ($570,000) 2/2 plus LOFT with a nice peak of the Gulf

Click here FOR FULL NEWSLETTER NEWSLETTER for detailed charts and facts for Anna Maria Island Real Estate for sale.
941-232-2216 ALAN@AlanGalletto.com
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