Anna Maria Luxury Real Estate May 2018 Newsletter

Transcription

1 Anna Maria Luxury Real Estate May 2018 Newsletter Sales on Anna Maria Island one month into the second quarter of 2018 show sales up 8% at 145 (SF-90, Con-45, Dup-7 & Lot-3) compared to the same point in 2017 with sales of 134 (SF-72, Con-47, Dup-6 & Lot-9). Sales on Anna Maria Island for April 2018 were up 9% over For April 2018 AMI sales were 48 (SF-26, Con-19, Dup-2, & Lot-1) compared to April 2017 at 44 (SF-27, Con-12, Dup-0 & Lot-5). In the last 12 months sales (May 1, 2017 to April 30, 2018) for Anna Maria City, Holmes Beach and Bradenton Beach were 414 (SF-243, Con-133, Dup-26 & Lot-12) up 9% over the previous 12 months (May 1, 2016 to April 30, 2017 at 379 (SF-216, Con-125, Dup-20 & Lot-18). Of the last 12 months sales (May 1, 2017 to April 30, 2018) only 1% or 6 (SF-4, Con-1, Dup-1 & Lot-0) were distressed properties (bank owned or short sales) compared to 1% or 4 (SF-1, Con-1, Dup-2 & Lot-0) for the previous 12 months (May 1, 2016 to April 30, 2017). Inventory has inched up a little bit just above 300 the last three months after being below 300 over the previous 12 months but again is still well below the historical average inventory on the island of properties. Inventory is currently at 308 (SF-181, Con-93, Dup-22 & Lot-12). Inventory for the previous twelve months were 313, 308, 297, 254, 249, 231, 214, 223, 240, 254, 267, & 297. To summarize the Anna Maria Island market for the first four months of 2018 it s continuing with very strong sales and historically low inventory which we have experienced since As evidence at how good the AMI market has been a personal finance site (GOBANKINGRATES- see attached article) used data from Zillow comparing median home priced from January 1998 and January 2018 in 25 cities around the country to identify those where prices had gone up the most. Of the top 10 cities it s not surprising that 8 were in California, 1 was in Hawaii and the #5 city was Anna Maria. Holmes Beach was #23. WOW we are in pretty good company! Alan@AlanGalletto.com Scott@AlanGalletto.com

2 The properties on this month s Frank, Scott & Al s Great Buy s list have some changes from last month. The property at th Ave has gone under contract for cash and is due to close on 6/29/18. If you re looking for a great location in Anna Maria City with peaks of the Gulf, then recently reduced 744 North Shore Dr. listed at $1,295,000 it generates great rental income but also is a great location for a year around residence. The two unit property at 601 Gulf Dr. S. Bradenton Beach is a great rental property that generates $75K in gross rental income. Call me for more information on these or other real estate opportunities. If you look at the average and median sales prices for single family homes and condos over the last 12 months versus the previous 12 months you can see that single family homes are up about 22% and condos are up 18% year to year. Pended properties (properties under contract) continue to look strong at 63 (SF-37, Con-17, Dup-6 & Lot-3) which continues to bode well for continued strong sales over the next several months. Distressed properties continue to be non-existent with only two bank owned properties and one short sale property in the existing inventory. Of the current AMI inventory of 181 single family homes the average sale price is $1,369,380 and the median sale price is $1,195,000. The lowest priced single-family home on the island is currently $379,800 and the highest priced is $4,995,000. For the 93 condos currently for sale on AMI the average and median sale prices are $605,968 & $475,000 respectively with the lowest $199,000 and the highest $2,600,000. The Longboat Key current inventory is 377 (SF-106, Con-227, Dup-3 & Lot-41) down from the last two months at 377 & 403 and about in line with the previous five months at 304,314,336,345 and 374. Of the current inventory of 105 single family homes the average price is $2,221,871 and the median price is $1,173,000. For the 210 condos currently for sale the average and median prices respectively are $769,354 and $549,000 with the lowest price at $174,900 and the highest price at $6,100,000. Pended properties on Longboat Key are 95 (SF-19, Con-71, Dup-0 & Lot-5) down from last month at 113 and up from the previous six months at 86, 45,54,49,62 & 86. There is only one distressed property on Longboat Key a bank owned condo. Keep those calls and s coming! We love hearing from you Alan, Frank & Scott Alan@AlanGalletto.com Scott@AlanGalletto.com

3 APRIL 2017 VS. APRIL 2018 STATS ON ANNA MARIA ISLAND # Sld 4/2017 #Sld 4/2018 Pending Inventory HOMES CONDOS M/FAMILY LOTS TOTAL May 1, Apr 30, 2018 SALES ON ANNA MARIA ISLAND # Sold Lowest Highest Avg. Sale Price Median Sale Price HOMES 243 $270,000 $4,500,000 $1,110,434 $892,500 CONDOS 133 $ 175,000 $1,700,000 $462,172 $395,000 DUPLEXES 26 $429,450 $1,575,000 $733,710 $612,500 LOTS 12 $225,000 $ 940,000 $520,565 $481,388 TOTAL 414 May 1, 2016 Apr 30, 2017 SALES ON ANNA MARIA ISLAND # Sold Lowest Highest Avg. Sale Price Median Sale Price HOMES 216 $192,000 $3,950,000 $907,095 $727,500 CONDOS 125 $139,000 $1,650,000 $387,029 $334,000 DUPLEXES 20 $238,350 $1,625,000 $632,292 $590,000 LOTS 18 $ 45,000 $1,899,000 $588,122 $495,000 TOTAL 379 SALES SF CON DUP LOTS TOT Alan@AlanGalletto.com Scott@AlanGalletto.com

4 UNITS CLOSED ON THE ISLAND FROM Single Fam Condo Multi Fam Lot Total Single Fam Condo Multi Fam Lot 1219 Jan ' Jan' Feb ' Feb' Mar ' Mar' April ' Apr' May ' May' June ' Jun' July ' Jul' Aug ' Aug' Sept ' Sep' Oct ' Oct' Nov ' Nov' Dec ' Dec' Jan ' Jan' Feb ' Feb' Mar ' Mar' April ' Apr' May ' May' June ' Jun' July ' Jul' Aug ' Aug' Sept ' Sep' Oct ' Oct' Nov ' Nov' Dec ' Dec' Jan ' Jan' Feb ' Feb' Mar' Mar' Apr' Apr' May' May' Jun' Jun' Jul' Jul' Aug' Aug' Sep' Sep' Oct' Oct' Nov' Nov' Dec' Dec' Jan' Jan' Feb' Feb' Mar' Mar' Apr' Apr' May' May' Jun' Jun' Jul' Jul' Aug' Aug' Sep' Sep' Oct' Oct' Nov' Nov' Dec' Dec' Source: Manatee MLS FIRST COLUMN TOTAL nd Column TOTAL 2535

5 UNITS CLOSED ON THE ISLAND FROM Single Fam Condo Multi Fam Lot Total Single Fam Condo Multi Fam Lot Total Jan' Jan' Feb' Feb' Mar' Mar' Apr' Apr' May' May' Jun' Jun' Jul' July' Aug' Aug' Sep' Sep' Oct' Oct' Nov' Nov' Dec' Dec' Jan' Jan' Feb' Feb' Mar' Mar' Apr' Apr' May' Jun' Jul' Aug' Sep' Oct' Nov' Dec' Jan' Feb' Mar' Apr' May' Jun' Jul' Aug' Sep' Oct' Nov' Dec' Jan' Feb' Mar' Apr' May' Jun' July' Aug' Sep' Oct' Nov' Dec' Source: Manatee MLS th Column TOTAL 4628

6 AVG $ Sold AVG $ Sold 50% 40% 30% 20% 10% 0% -10% -20% -30% -40% Average Sale Price Year over Year % Change Condos Residential Multi-Family Residential 7% App Line $1,200 $1,000 $800 $600 $400 $200 $- AVG Sales Price- Residential ($ 000's) (7% appreciation line added) Condos Multi-Family $1,000 $800 $600 $400 $200 $- AVG Sales Price ($ 000's) Condo & Multi- Family Anna Maria Island Inventory Breakdown Residential Condo Mulit-Family Land 10% 28% 10% 51%

7 Q1-05 Q2-05 Q3-05 Q4-05 Q1-06 Q2-06 Q3-06 Q4-06 Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Months of Inventory Inventory Inventory vs. Absorption Rate Inventory Months Inventory

8 FRANK, SCOTT & AL S GREAT BUYS Great Entry Level Island Properties: Gulf Dr. #2 Trade winds Condo ($239,000) This stylishly decorated 1 bedroom/1 bath condo with tropical furnishings has a full kitchen a queen sleeper sofa in the living room and the Gulf of Mexico 100 yards away. Great entry level unit and rental ($29,700 in gross annual rental last year). Great Location & Potential Rental Income: North Shore ($1,229,000) REDUCED Sundance Cottage is an elevated updated 3 bedroom/2bath home only 50 steps to the beach does about $75K in gross annual rental income. Offered turnkey furnished this cottage offers an expansive covered porch with great views of the sugar sand beach and the Gulf of Mexico sunsets. A generous size heated pool, plentiful patio furniture and gas grill completes this piece of paradise. Check out the virtual tour Gulf Dr. Holmes Beach ($895,000) Gulf of Mexico beaches are across the street from this beautiful home with in-law apartment or duplex however you want to use it. Sold turnkey furnished with 2bedrooms/2 baths up and down and comfortable porches. This property does about $80,000 in gross annual rental income Gulf Dr. S. Bradenton Beach ($729,000) This beach cottage has two units, a 3bedroom/2 bath unit in the front building with direct GULF views and a 1 bedroom/1 bath unit in the back building with one car garage. This property is a great rental and does $75K in gross annual income and nets about $35K. Condos: Gulf Drive (Hidden Cove) #1 Holmes Beach ($995,000) One of a kind Luxury Gulf Front Townhouse/Condo 2bed/2.5 bath. Walk out of your unit down a couple onto your deck and down a few steps right onto the beach. A great second home or investment property. This is a property you must see to appreciate. Click on the property address to bring up the information & virtual tour or Call me for more information on these great properties Alan (941) Alan@AlanGalletto.com Scott@AlanGalletto.com Island Real Estate, 6101 Marina Drive, Holmes Beach, FL

9 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Unit Sales # of Transactions 300 # of Transactions (2018 Extrapolated) Condos Multi-Family Residential Land Sales by Qtr (Transactions) Unit Sales 5yr Historical Avg Sales by Year - Transactions (2017 extrapolated)

10 AVG $ Sold AVG $ Sold 50% 40% 30% 20% 10% 0% -10% -20% -30% -40% Average Sale Price Year over Year % Change Condos Residential Multi-Family Residential 7% App Line $1,200 $1,000 $800 $600 $400 $200 $- AVG Sales Price- Residential ($ 000's) (7% appreciation line added) Condos Multi-Family $1,000 $800 $600 $400 $200 $- AVG Sales Price ($ 000's) Condo & Multi- Family Anna Maria Island Inventory Breakdown Residential Condo Mulit-Family Land 10% 28% 10% 51%

11 ISLAND HOMESTEADS Homesteads Anna Maria Bradenton Beach Holmes Beach AMI Total Statistics on Anna Maria Island & Longboat Key City Population Avg Age Units Owner Occ Rented Vacant AM HB BB LBK Source: 2010 Federal Census.

12 If You Bought a Home in 1998 in One of These 10 Cities, You Might Be $1 Million Richer Guess which state most of them are in? By Minda ZetlinCo-author, The Geek Gap@MindaZetlin What's a better investment, real estate or the stock market? Over the last 20 years, in spite of the housing crash, you would have done better with real estate if you bought in one of the 20 U.S. cities where prices have risen the most. That's a little misleading, of course. It doesn't take into account things like mortgages or property tax or maintenance and repairs, nor the advantages of having an investment you can also call home. But it's fascinating to see how steeply values have risen in some communities, making many homeowners wealthy in the process. A recent study by the personal finance site GOBankingRates used data from Zillow comparing median home prices in January 1998 and January 2018 in 25 cities around the country to identify those where prices had gone up the most. It's probably not surprising that 14 of the 25 cities where prices rose the fastest are in California, where the tech boom has pushed home values into the stratosphere. Four are in Florida, perhaps the result of Baby Boomers growing older and relocating to that popular retirement state. But, somewhat surprisingly, three are in New Jersey. And two, Seattle and Bellevue, are in western Washington, another area where the hightech industry has brought an influx of money and people. It's interesting to take a look at the full list of 25 cities where prices have gone up the most since Even in number 25 on the list, Oakland, California, owning a home for 20 years would have earned you an average $443,000 in profit according to GOBankingRates' research. Here's what the top 10 would have gotten you: 1. Encinitas, California Estimated average profit from selling a home bought in 1998: $1.12 million

13 Ninety-five miles south of Los Angeles and 25 miles north of San Diego, Encinitas is a fun, beachy and historic town with average high temperatures of 72. Sounds like a really nice place to live which may be why it's the most profitable place in the country to have owned a home for the past 20 years. 2. El Segundo, California Estimated average profit from selling a home bought in 1998: $967,100 This Los Angeles County city has a population of less than 17,000. The biggest employers are Raytheon, Northrop Grumman, and Boeing. Advances in these industries, along with proximity to the burgeoning LA economy helped push median home prices to $1.25 million this year. 3. West Hollywood, California Estimated average profit from selling a home bought in 1998: $921,800 Bounded by Beverly Hills to the West and Hollywood to the East, West Hollywood is home to the Sunset Strip. Like many cities that are adjacent to desirable areas, West Hollywood has seen home values rise rapidly when residents were priced out of tonier places nearby. Twenty years ago, buying a home here would have been a relative bargain with median prices at $175,000, the lowest among the top 25 most profitable cities. 4. San Francisco, California Estimated average profit from selling a home bought in 1998: $884,000 Even back in 1998, home prices here seemed high with the median over $300,000, making San Francisco the most expensive then among the top 25 most profitable cities. Prices have gone up dramatically since then, reaching a staggering $1.61 million this year, according to one study. 5. Anna Maria, Florida Estimated average profit from selling a home bought in 1998: $866,800 Anna Maria, Florida, on Anna Maria Island is a tiny city with only 897 households, according to the 2000 census. It's part of the Bradenton-Venice-Sarasota metropolitan area.

14 6. Santa Clara, California Estimated average profit from selling a home bought in 1998: $804,900 Santa Clara owns and operates Silicon Valley Power Company, a municipal not-forprofit utility which powers such companies as Yahoo and Intel. Like other Silicon Valley towns, it's seen housing prices skyrocket as the tech industry continues to grow. 7. Kailua, Hawaii Estimated average profit from selling a home bought in 1998: $785,900 This town in Honolulu County went from a sleepy beach town to a major tourist destination almost overnight, thanks to former president Barack Obama who was born in Hawaii and spent time at Plantation Estate in Kailua several times during his time in office. Locals are apparently unhappy about the influx of visitors. If they decide to sell, at least they'll make a tidy sum. 8. East Palo Alto, California Estimated average profit from selling a home bought in 1998: $770,300 This town has the wrong name because it's actually directly north of Palo Alto. Left behind during the dot-com boom, East Palo Alto began seeing gentrification in 2000, as developers built homes and employees of Facebook and Google began moving in. It has the distinction of being the most profitable city to own a home for the past 20 years in percentage terms. Home prices more than quadrupled, beating the S&P 500 by more than 50 percent. 9. Milpitas, California Estimated average profit from selling a home bought in 1998: $747,800 Milpitas is part of the San Jose metro area, one of the most expensive in the country. Cisco is its top employer. In fact, the city has a bigger proportion of its population employed in the computer and electronics industry than any other city in the country. In 2014, Money named it one of the 50 best places to live in the United States. 10. Berkeley, California

15 Estimated average profit from selling a home bought in 1998: $720,300 Berkeley is home to the University of California's oldest campus, and the Lawrence Berkeley National Laboratory. A socially progressive town, it has few chain stores for a city of its size, due to local regulations intended to support small and local businesses. Published on: Apr 26, 2018 More from Inc. Sponsored Financial Content 0