Anna Maria Island Real Estate Sales Blog

Here's a chance to own a beautiful, prarctically new condo on the ground level just across the street from the Gulf of Mexico at about one-half the price the developer originally asked. It's Palm Isle Village, universally and enthusiastically received for its design and construction, yet mostly unsold due to unrealistic early asking prices.

His pain is your gain. And if you're in the 28% tax bracket, your out-of-pocket cost for one of these nine units, is pretty nearly negligible, at less than $500 per month, assuming continuing rental success and a low interest rate. There are nine of the original 11 units now for sale.

Here's the spreadsheet (pardon the side-to-side scrolling; if you want, I'll send you the original Excel worksheet; just ask):

		Pricing	History						Rental	History	Ratio
Location	Pre-Con.	Opening	First Year	21-Jan-09	A/C SF	Courtyards	Total	Description	2008	2009	08 P/I
3201 Gulf Drive	989,000	879,000	699,000	499,000	1,046	779	1,825	2 Master Suites	40,610	25,938	12.29
3203 Gulf Drive	1,019,000	899,000	729,000	499,000	1,213	580	1,793	2 Master Suites	43,310	19,160	11.52
3205 Gulf Drive*	699,000	629,000	525,000	379,000	673	345	1,018	1 BR / 1 BA	34,014	6,734	11.14
3207 Gulf Drive	699,000	629,000	525,000	379,000	673	345	1,018	1 BR / 1 BA	34,014	18,987	11.14
3209 Gulf Drive	1,149,000	970,000	799,000	599,000	1,455	545	2,000	2 Master Suites	48,455	25,240	12.36
3215 Gulf Drive	749,000	639,000	549,000	419,000	732	680	1,412	1 BR / 1 BA	38,705	17,303	10.83
3204 6th Avenue	795,000	659,000	569,000	399,000	732	320	1,052	2 BR / 1 BA	31,533	14,917	12.65
3206 6th Avenue	795,000	659,000	569,000	399,000	732	1,007	1,739	2 BR / 1 BA	34,212	11,879	11.66
3210 6th Avenue	699,000	629,000	525,000	349,000	645	580	1,225	1 BR / 1 BA	29,661	14,526	11.77

* 3205 Gulf Drive was the sales model and has not yet developed a rental history. 2008 Rentals for 3207 Gulf Drive are entered here. Unit 3205 has a better location than 3207 and thus, should perform better as a rental.

If you would like to see what the place looks like, click on the link below:

Sales Graphs for Anna Maria Island thru 2008.

Let's take a look at the sales data and see how sales were for the past year, compared to prior years. This information encompasses the cities of Anna Maria, Holmes Beach and Bradenton Beach and includes residential (or single family homes), condominiums, multifamily (mostly duplexes) and vacant lots.

Above you can see how the number of transactions has varied.

Below, note the variation on the average dollars per square feet of properties sold in the last year. The residential line doesn't show for 2008, since it's essentially flat at a two percent increase. Check my previous post for exact comparisons.

Above is the line showing the big run-up in property prices during the boom years, and the subsequent drop in pricing for residential properties. We're (perhaps) seeing the bottom of the market here for single family home pricing on Anna Maria Island.

This chart indicates that the bottom is still out there for condos and multifamily properties. That's unfortunate for sellers; may mark some really great buys for those in search of the perfect condo or duplex.

Here's the current inventory for Anna Maria Island. There were about 500 properties for sale at the first of the year, almost half of which are residential in nature.

Are there good deals still on the Island? You bet there are. But there are still a  lot of owners who say, "I'll wait until I get my price before I sell." It may take some time before that price is acceptable to the buyers. It is definitely a buyer's market, and successful sellers will realize that.

To discuss this data, or to see what it means for you as a seller or as a buyer, call or email me at john@calltheislanders.com

The Data Is In: Sales Are Up! (with some caveats)

In comparison to the doom and gloom in the national real estate business, at least a part of the marketplace on Anna Maria Island shows some strength. Single family sales values, as expressed in average dollars per square foot, have increased slightly, up two percent, for the entire year to date as compared to 2007.

On the other hand, that same measure reveals continued weakness in the condo and multifamily markets. Condo prices per square foot are down 22 percent; multifamily prices dropped an average of 16 percent.

Total sales volume was up six percent, with 222 total units sold, nearing an average year in units sold.

Part of the excellent performance in residential sales is due to two sales of residential property located directly on the Gulf of Mexico selling during 2008 in excess of $3 million. Of course, one also has to mix in two tiny homes selling for less than $200,000. Here's the data in easy to understand format.

Sales Period December 2007	# Sales	DOM	Sq. Ft.	LP	SP	SP/Sq. Ft.	LP/SP
Residential	13	160	1,801	792,684	654,019	$345.78	0.82
Condo	9	150	1,474	452,777	317,027	$243.77	0.74
MultiFamily 0	0	0	0	0	0
Totals	22
Sales Period December 2008	# Sales	DOM	Sq. Ft.	LP	SP	SP/Sq. Ft.	LP/SP	% Change
Residential	6	109	1,847	756,983	701,250	$449.53	0.92	0.30
Condo	2	186	896	249,450	247,000	$277.73	0.99	0.14
MultiFamily	1	416	2,121	399,900	350,000	$165.02	0.87
Totals	9							-0.59
Sales Period 1-1 to 12-31-07	# Sales	DOM	Sq. Ft.	LP	SP	SP/Sq. Ft.	LP/SP
Residential	141	195	1,708	726,797	634,369	$380.89	0.89
Condo	59	233	1,232	583,745	503,221	$430.40	0.86
MultiFamily	9	178	1,779	650,772	553,605	$298.24	0.84
Totals	209
Sales Period 1-1 to 12-31-08	# Sales	DOM	Sq. Ft.	LP	SP	SP/Sq. Ft.	LP/SP	% Change
Residential	136	239	1,907	818,196	738,859	$387.78	0.91	0.02
Condo	63	250	1,227	474,328	417,992	$333.87	0.88	-0.22
MultiFamily	23	307	1,860	535,491	481,621	$249.85	0.91	-0.16
Totals	222							0.06

Any questions? Don't hesitate to call or email.