Anna Maria Island Real Estate Sales Blog

January 22nd, 2009 2:20 PM

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:

www.AMIPalmRentals.com

Also, I have proforma information for each of these units. Call me or email me and get the info quickly. You can see that they're already booked for a lot of 2009, and -- if you're not greedy with personal time spent in these charming little condos -- you'll go a long way to having them nearly pay for themselves!

Posted by John van Zandt on January 22nd, 2009 2:20 PMPost a Comment (1)

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