Conforming Duplex - Lot for sale Anna Maria Island
Sales for August 2014 were 6% ahead of last year at 32 (SF-17, Con-9, Dup-4 & Lot-2) compared to August 2013 at 30 (SF-21, Con-7, Dup-2 & Lot-0). Sales for August 31, 2014 Y-T-D were 266 (SF-162, Con-70, Dup-21 & Lot-13) about even with August 31, 2013 Y-T-D at 270 (SF-163, Con-81, Dup-14 & Lot-12). Sales for the last 12 months were 405 (SF-236, Con-109, Dup-34 & Lot-26) about even with the previous 12 months at 406(SF-243, Con-115, Dup-22 & Lot-26). Of the sales for the last 12 months distressed properties were again only 8% of the sales at 31 ( SF-13, Con-9, Dup-8 & Lot-1) compared to the previous 12 months were also 8% or 34 ( SF-15, Con-14, Dup-5 & Lot-0) were distressed. Currently there are only 6 distressed properties or 2% of the inventory of only 275 (SF-155, Con-71, Dup-18 & Lot-31) for sale on the island. Pended properties (properties under contract) are still down at the normal range of 32 (SF-13, Con-7, Dup-7 & Lot-5) even with 31 last month. Inventory on the island has stayed pretty low and steady at the low 300’s over the last 9 months but this is the first time since 2003 – 2005 that we have been under 300 properties for sale.
3603 4th Ave roof top view of the Gulf Anna Maria Island
Frank, Larry’s & Al’s Great Buy’s for this month have not changed much except the last Banyan Tree Estates lot went under contract last month, 108 Park Ave. This is the lot with the large Banyan Tree on it. The lot at 106 Beach closed today at $625,000 so Banyan Tree Estates are all sold out. There are still
a couple very strong investment buys on the list. The property at 3603 4th Ave (recently reduced to $949 K) 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. Another excellent rental income property is 110 81st St a totally remodeled, rental duplex, 4 lots from the beach. This property, without a pool does over $60K in gross annual rental income. If you added a pool you would get $80K-$90K in gross annual rental income. If you’re looking for a conforming duplex lot then 306 Clark Drive fits the bill. It has an old duplex on it but tear it down and build two single family land condos…live in one and sell the other. This property is very close to the beach in a quiet part of the island. Another duplex in a great location which was
under contract is now back on the market because the buyer could not get financing he wanted and that’s 8106 Gulf Drive on the market for $495,000. Check out the rest of the Great Buy’s attached.
To summarize the island market, again sales in 2014 continue at record levels and looks like they will hit over the 400 level again for only the 4th time. Again if you look at August 31, 2014 Y-T-D sales at 266 compared to August 31, 2013 Y-T-D sales at 270, we have gotten another great jump on what looks to be another year of 400+ properties sold. Again, single family sales remain strong with 162 sold Y-T-D about equal with last year at this time. The average price of single family sales for 2014 Year-To-Date is up 19% over last year at this time and median single family sales prices are up 17% over last year. Average condo sales prices for Y-T-D 2014 is up 7% over last year and median condo sales prices are up 20% over last year. Both these sales price increases over the past year bodes well for the market. Prices of all types of properties continue to rise at a healthy clip. The immediate future looks to continue this trend of rising prices at about an average 7%-10% rate which is very healthy. The inventory continues to be down into the historical low range hitting below 300 at 275 for the first time since 2005. If the inventory continues to remain low it will continue to put upward pressure on prices.
Ask Alan Galletto-THE Realtor for real estate on Anna Maria Island, FL. 941.232.2216
Happy Fall everyone!