Newsletter April 2020 PANDEMIC * Anna Maria Island, FL; Real Estate

Vista Grande Anna Maria Island

Vista Grande 3/3 Luxury Gulf front Penthouse condo Anna Maria Island

      The Corona Virus has brought Real estate showings in the market to almost a standstill and that includes Anna Maria Island. We see buyers pausing their pursuit of homes and a slight continuation of temporary withdrawing of listings (mainly so as not to accumulate additional days on the market). The continued low inventory (under 300) continues to support the current pricing without putting pressure on any reductions.  We will continue to keep you informed if anything significantly changes relative to the Corona Virus.

Sales for March 2020 for Anna Maria City, Holmes Beach and Bradenton Beach were 34 (SF-14, Con-14, Dup-2 & Lot-4) up 6% above March 2019 at 32 (SF-20, Con-9, Dup-3 & Lot-0) continuing the rise in sales.  Sales for March 31, 2020 Y-T-D were 102(SF-56, Con-35, Dup-5, Lot-6) up 34% above March 31, 2019 Y-T-D at 76 (SF-49, Con-21, Dup-5, Lot-1).  Sales for the last 12 months were 403 (SF-244, Con-123, Dup-24 & Lot-12) up 7% above the previous 12 months at 376 (SF-219, Con-126, Dup-23 & lot-8).   The inventory has dropped below 300 again at 274 after being below 300 for nineteen of the last twenty-seven months and six of the last nine months.  Inventory is currently at 274 (SF-158, Con-85, Dup-12 & Lot-19).  Inventory for the previous twenty-seven months were 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.

Frank & Al’s Great Buy’s list this month is pretty much the same as last month with the exception that several properties have reduced their price.  For the ULTIMATE new modern Tampa Bay Front home see 661 Key Royale.  It has it all, with an “OMGoodness” to be sure. 4+ bedrooms and 5 Baths with 7000 sq. feet of FLORIDA under “roof” living area. 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 FANTASTIC rental income on this property which did $94,800 in gross annual rental income in 2019.  If you want to be almost on the Gulf then look at the recently reduced 103_47TH_ST. HB  a remodeled 1940’s beach cottage with new pool and spa, 3bedrooms/3.5baths, one house from the beach and peaks of the Gulf in a very quiet part of the island.  When this cottage was remodeled by Moss Builders in 2009 Jim told me he found a bunch of 1944 newspapers in the garage…..welcome to WWII news.   Call us for more information on these or other real estate opportunities.  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 1st quarter of 2020, sales were 34% above the 1st quarter of 2019 but we expect the 2nd quarter to slow down an be under the 2nd quarter of 2019 because of the corona-virus.  The inventory still remains in the low range, as shown above, at 274 which means there is not any immediate downward pressure on prices.  Pended properties (properties under contract) continue to be decent at 39 (SF-18, Con-13, Dup-7 & Lot-1) below last month at 53 but still very healthy which continues to allow us to expect consistent sales into the next quarter.  Distressed properties continue to be non-existent as they have been for the last couple years with one distressed property currently for sale on the island (a bank owned condo) and only two in the last nineteen months.  The distribution of the single family properties currently for sale on AMI hasn’t changed much over the last year with only 3% or (5) <$500K, 16% or (23) 500K-750K, 17% or (26) between $750K and $1 million, 40% or (60) between $1 million and $2 million and 24% or (36) over $2 million.  The distribution for Condos currently for sale is 52% or (41) <$500K, 33% or (26) $500K-$750K, 8% or (6) $750K – $1 million and 7% or (7) >$1 million.  You can see that again 81% of the single-family prices are over $750K and 64% are over $1 million while 52% of the condos were below $500K.  This distribution of single-family prices and condo prices have continued to inch up over the past year or so.  Of the current inventory of 182 single family homes the lowest priced property is still $249,000 (seaside gardens 1br/1bath again) and the highest is at $6,850,000 a one acre gulf front complex built in the 1940’s but totally remodeled.  Of the current inventory of 94 condos the lowest priced is again this month a 2br/1bath Bay View Terrace condo at $214,500 and the highest $2,300,000 a 3br/3.5bath gulf front Palm Gables unit.  The highs and lows for single family and condos continue to remain unchanged.  Of the single-family properties currently for sale on AMI, the average list price is $1,674,193 and the median list price is $1,399,000 and for condos the average list price is $574,605 and median list price is $499,000 not much change from last month.

Longboat Key current inventory has popped up a little again to 388 (SF- 135, Con- 224, Dup- 2 & Lot- 27) about the middle of the last nine months at 388, 378, 364, 354, 309, 309, 274, 289,359 but lower than the previous six months at  386, 404, 442, 461, 455, 452. Of the current inventory of 126 single family homes the average list price is $2,191,668 and the median list price is $1,295,000.  For the 213 condos for sale the average and median list prices respectively are $739,570 & $575,500.

Have a great Month 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

 

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941-232-2216 ALAN@AlanGalletto.com
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