LIVE on the GULF of MEXICO
Even though inventory on the island is at historic lows Real Estate Sales on Anna Maria Island continues at a very strong pace. The number of sales in July 2017 at 40 (SF-24, Con-12, Duplex (Dup)-2, Lot-2) were up 25% over July of 2016 at 32 (SF-21, Con-7, Dup-2, Lot-2). As of July 31, 2017 Y.T.D. Anna Maria Island property sales were; 260 (SF – 152, Con – 79, Dup – 15, & Lots -14) up 15% over July 31, 2016 Y.T.D. at 227 (SF-141, Con-60, Dup-14 & Lot-12).
The last 12 months of Florida Real Estate sales for Anna Maria City, Holmes Beach and Bradenton Beach (August 1, 2016 to July 31, 2017) were 394 (SF-223, Con-128, Dup-25, Lot-18) up 7% from the previous 12 months (August 1, 2015 to July 31, 2016) at 369 (SF-211, Con-113, Dup-26 & Lot-19). Of the last 12 months sales only 1% or 5 (SF-3, Con-1, Dup-1 & Lot-0) were distressed properties (bank owned or short sales) compared to 2% or 6 (SF-3, Con-2, Dup-1 & Lot-0) in the previous 12 months (August 1, 2015 to July 31, 2016). Inventory continues to dwindle and run well below the norm. Inventory is currently at 240 (SF-148, Con-72, Dup -13 & Lot-7). Inventory for the previous Eleven months were 254, 267, 297, 297, 310, 290, 298, 314, 303, 308, 343. Inventory continues to be running at historic lows while demand seems to be continuing at historic highs.
Well not surprisingly the two great properties from last month that have fantastic rental income on Frank, Scott & Al’s Great Buy’s, 4807 2nd Ave. Holmes Beach at $1,174,000 (recently reduced) and 119 Neptune Lane. Holmes Beach at $1,499,000 have both gone under contract. 4807 2nd Ave. Does $90,000 in gross annual rental income and 119 Neptune Lane does $130,000. The three of our listings that recently went under contract 722 Key Royale, 517 Key Royale and 105 Oak Ave will be closing within the next 2 Few days. Again if you’re looking for one of the newer condos which also rents very well you should
consider 7316 Gulf Drive at La Casa Costiera #8 in Holmes Beach. It is a 2,136 square foot, 3 bedroom 3 bath condo with private garage and private elevator and partial gulf views overlooking the pool. Call me for more information on these or other real estate opportunities.
Gulf Front Complex private elevator, 2 car garage, 3 bed, 3 bath
To summarize the Anna Maria Island market for the first seven months of 2017 demand is very high and the inventory keeps shrinking and is at historic lows. The fast start we got off to is continuing and looks like it will continue into the immediate future. Again, pended properties continue in a very healthy pace which continues to bode well for future sales. Pended properties (properties under contract) are at 49 (SF-31, Con-14, Dup – 2 & Lot-2). Distressed properties continue to be non-existent with no distressed properties in the current inventory.
Of the current inventory on Anna Maria Island of 147 single family homes the average sale price is $1,189,840 and the median sale price is $1,050,000. The lowest price single family home on the island is currently $387,500 and the highest price $3,800,000. For the 72 condos for sale on the island, the average and median prices respectively are $545,912 & $454,450 with the lowest $199,000 and highest $1,850,000.
Longboat Key’s current inventory is 303 (SF-199, Con- 215, Dup- 1 & Lot- 23) the lowest level in the past ten months (331, 393, 437, 456, 469,304, 314, 336, 345 and 374). Of the current inventory of 80 single family homes the average sales price is $2,486,898 and the median sale price is $1,345,000. The lowest priced single family home on the Longboat Key is $285,000 and the highest is $26,500,000. For the 199 condos for sale the average and median prices respectively are $749,747 and $555,000 with the lowest $218,500 and highest $5,999,000. Pended properties on Longboat Key are 57 (SF-19, Con-37, Dup-
0 & Lot-1) down from 61, 66, 68, 79 & 86 the last five months and about average of 45, 54, 49, 62 and 86 the previous five months. Distressed properties on Longboat Key are only 2, one bank owned single family and one short sale condo.
Keep those calls and e-mails coming! We love hearing from you and stop in to see us when you’re on the island……Alan, Frank, Lynn & Scott
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Call Realtors ALAN and Scott GALLETTO 941.232.2216 and 941-779-3313
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