Anna Maria Island Real Estate Sales Blog

The following Bradenton Herald article touts the economic value of tourism, particularly from Anna Maria Island and the little bit of rentals on the northern end of Longboat Key, which is in Manatee County.

They expect a 'very good' season from our visitors, and then suggest that occupancy percentage may be in the upper 70s and 80s during February and March. What they don't get is that -- at least here at Island Real Estate -- we're nearly booked up for February and March already, whicl will put our 200-or-so rental units at 100 percent.

Here's the story:

http://www.bradenton.com/2012/01/09/3774100/upswing-in-tourism-seen-as-local.html

Once again, Congress has passed a stop-gap measure to authorize flood insurance for the next few months. There are a few differences between the House and Senate bills going forward, but not too much.

Perhaps it would be worthwhile for those of us (like residents of Anna Maria Island) who buy flood insurance for our homes, to ask those two legislative bodies to get it together.

Here's the latest story:

With NFIP May extension complete, industry eyes long-term reforms

WASHINGTON – Jan. 5, 2012 – Congress passed, and President Obama signed, a four-month extension of the National Flood Insurance Program (NFIP) that now expires on May 31, 2012. The measure was part of H.R. 2055, the “Consolidated Appropriations Act,” signed Dec. 23, 2011.

Since 2002, NFIP has had 15 last-minute extensions and been allowed to lapse four times for extended periods of time.

Some insurance experts do not think the U.S. Senate will pass the House version of a long-term NFIP extension, which would authorize the program through Sept. 30, 2016. While the House and Senate have differences, both have bills that allow the Federal Emergency Management Agency (FEMA), which administers the flood insurance program, to buy private reinsurance and a provision to tighten subsidies that the program provides.

Some insurers, however, have voiced concerns about provisions that would provide FEMA with greater flexibility in paying its bills, especially in the Senate bill that would allow homeowners to pay their bill either annually or in installments. The House bill allows FEMA to determine whether homeowners pay annually, quarterly or monthly.

Source: PropertyCasualty360 (01/02/12) Postal, Arthur D.

© Copyright 2012 INFORMATION, INC. Bethesda, MD (301) 215-4688

It appears that Citizen's Insurance Co, the state-run insurer of last resort, is finding ways to raise rates without disturbing its 10 percent annual cap. Among their strategies is reinspecting properties that have qualified previously for wind mitigation discounts.

According to this story from the Florida Realtor website, about one-third of the homeowners who previously qualified for a discount get to keep them. And the average increase following reinspection is around 24 percent, or more than $700 annually.

They are also recalculating the cost of rebuilding a property in case of damage. That will likely increase premiums also, since they're figuring that construction costs are going up.

Here's the link.

http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=1&id=269209

Recent news stories suggest that the National Association of Realtors has overstated the sales of existing homes.

This could easily be true.

For example, in years past, I needed to belong both to Sarasota and Manatee Boards of Realtors to make sure my listings got the best exposure. When those listings sold, they were counted in both local boards' results. That doubled those counts. Of course, most Realtors didn't belong to both boards because of cost. But many top producers did, and thus, there is a skewed result (historically) in numbers of sales.

A couple of years ago, a new Multiple Listing Service, now known as MyFlorida Listing Service, came into being, combining listings from several counties in Mid-Florida, from Venice through St. Petersburg and Tampa, through Lakeland and on into Orlando. Now one need be a member only of the one larger MLS, and the chance for duplication is greatly reduced.

So, when I report sales results, and I will shortly for the last half of 2011, you can be reasonably sure, at least for the last two or three years, that the comparisons are based upon the most realistic numbers.

Here's hoping this helps.

John

Hi, Everybody,

This is my first post-transplant blog, and it's about rentals on Anna Maria Island.

In fact, here's a really appropriate story from our local television station about just how booming our rental business is.

http://www.mysuncoast.com/content/news/manateenewsroom/story/Few-vacant-rooms-left-on-Anna-Maria-Island-for/SmpN-n4rI0Gi7mocZ6VdBw.cspx

Moral of this story: If you don't already have a rental, you're in trouble. Book early next year, or you may end up at a motel near I-75.

Happy New Year!

John

Here's big personal news on CallTheIslanders: wife Christine Torgeson van Zandt has just been transplanted with new lungs!

This will give her a new lease on life, since the genetic disease, Cystic Fibrosis, has pretty much destroyed the lungs she was born with. Now, with new lungs, she'll be able to be more active, no longer dependent on supplemental oxygen, and ready to see and do the things that have thus far eluded her.

There is, however, a long recovery from a major, major operation. Please bear with me as I will be intimately involved with her recovery and rehabilitation. Just call or email with your real estate questions, and generous, expert associates at Island Real Estate will fill in during my absence.

Thanks,

John

941-685-8822

Looks as if the Bradenton Herald picked up my blog. Maybe you should subscribe too.

Here's their brief:

http://www.bradenton.com/2011/05/18/3203585/bb.html

I knew it was busy. Just couldn't stop to figure out HOW busy it really was.

Turns out that with 46 closings for Anna Maria Island properties, we just had one of the best months EVER!

Check it all out here: Sales Info

The Florida Legislature has just completed its session in Tallahassee, passing some of the most insurance-industry friendly laws ever enacted.

According to this article, unless an owner's policy calls for full replacement value, he may not get paid for repairs to his home until he can file receipts from contractors for those repairs. That means out-of-pocket costs for owners, NOT insurance companies.

Read the bad news here:

http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=1&id=259906

In a tough economic environment, Manatee builder and developer Pat Neal sees a bright future ahead.

Based upon his projections for future population growth in Florida and demand for new construction coupled with diminished inventory in resale homes, he thinks the next few years could be very much part of a boom.

Check out their take at the link below. Note that there's no mention of foreclosures hitting the market or continued economic malaise affecting the buyers themselves. This is very interesting to me. Hope it is to you, too.

http://www.thebradentontimes.com/news/2011/05/10/local_news/a_florida_real_estate_boom_is_in_the_making_developers_say/