Real Estate Newsletter March, 2020 Anna Maria Island, FL

Duplex HANDY MAN or teardown

Duplex HANDY MAN or teardown

The Coronavirus so far hasn’t brought the market to a standstill for Anna Maria Island real estate sales but has slowed it down a little.  Sales for February 2020 for Anna Maria City, Holmes Beach and Bradenton Beach were 37 (SF-18, Con-14, Dup-3 & Lot-2) up 28% above February 2019 at 29 (SF-20, Con-7, Dup-1 & Lot-1) continuing the year up significantly.  Sales for the last 12 months were 401 (SF-250, Con-118, Dup-25 & Lot-8) up 5% above the previous 12 months at 383 (SF-223, Con-131, Dup-20 & lot-9).   The inventory continues to remain low at 308 after being below 300 for nineteen of the last twenty-six months.  Inventory is currently at 308 (SF-180, Con-94, Dup -13 & Lot-21).  Inventory for the previous twenty-six months were 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.  Again, average sales for the last 16 years which includes 2004 and 2005 (the peak sales years) were 342.

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.  Since last month’s newsletter the same two properties are under contract, a canal home in Key Royale and a warehouse in Bradenton. 622 Hampshire Ln. and  5821 21st St E. .  We are negotiating an offer on the ULTIMATE new modern Tampa Bay Front home see 661 Key Royale.  It has it all, OH MY Goodness 4+ bedrooms and 5 Baths with 7000 sq. feet of FLORIDA under “roof” living area.  Still available is the 180 degree Bimini Bayfront view, ideal boater’s home then 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 be taken 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.  And to be almost on the Gulf you MUST see the recently reduced 103_47TH_ST. HB  and remodeled beach cottage with new pool and spa, 3 bedrooms/3.5 baths, one house from the beach and peaks of the Gulf in a very quiet part of the island.  Call me 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 to start 2020, sales have continued strong but we expect the coronavirus shutdown to slow them down a little within the next couple months.  The inventory is still at a healthy level….not too high but not too low to allow you a wide choice of properties.  Pended properties (properties under contract) continued strong at 53 (SF-28, Con-14, Dup-9 & Lot-2) below last month at 68 but still a very healthy number which continues to allow us to expect strong sales to continue in 2020.  Distressed properties continue to be non-existent as they have been for the last year or more with no distressed property currently for sale on the island and only one in the last eighteen months.  The distribution of the single family properties currently for sale on AMI hasn’t changed much in the last year with only 3% or (6) <$500K, 12% or (22) 500K-750K, 18% or (32) between $750K and $1 million, 44% or (74) between $1 million and $2 million and 23% or (40) over $2 million.  The distribution for Condos currently for sale is 56% or (53) <$500K, 31% or (29) $500K-$750K, 4% or (4) $750K – $1 million and 9% or (8) >$1 million.  You can see that again 8% of the single-family prices are over $750K and 67% are over $1 million while 56% of the condos were below $500K.  This distribution of single-family prices and condo prices continues to remain significantly unchanged over the past year or so.  Of the current inventory of 182 single family homes again the lowest priced property this month is still $249,000 (seaside gardens 1br/1bath again) and the highest remains at $7,995,000 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 this month a 2br/1bath Bay View Terrace condo at $214,500 and the highest $2,199,000 (price recently reduced) still 3br/3bath gulf front Vista Grande.  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 $1,686,345 and the median list price is $1,399,000 and for condos the average list price is $551,644 and median list price is $482,000.

Longboat Key current inventory has popped up a little again to 388 (SF- 135, Con- 224, Dup- 2 & Lot- 27) higher than the last eight months at 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 135 single family homes the average list price is $2,221,624 and the median list price is $1,295,000.  The lowest priced single-family home on Longboat Key is still $299,000 (2br/2bath home in Spanish Main) and the highest is still $19,750,000 (A 6BR/6 & 2half baths, 19,300 sq. ft. home on 1.18 acre on the Gulf) same as last month.   For the 225 condos for sale the average and median list prices respectively are $810,336 & $579,000 with the lowest again at $6,000 (a 2BR/2bath Longboat Bay Club Timeshare) and the highest the same as last month at $15,900,000 (a 23BR/20 bath 23,595 sq. ft. condo resort).

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

THE GALLETTO TEAM of Island Real Estate, 6101 Marina Drive, Holmes Beach FL 34217.
For detailed charts see the entire newsletter on our website; http://www.AnnaMariaLuxuryRealEstate.com
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ALAN@AlanGalletto.com