Prices down at Sun Plaza West
Sun Plaza West in Holmes Beach
has 32 units built in 1981.
The conventional wisdom going around the real estate market is that we’re back in 2002/2003 price ranges. Because of that, I’ve been re-examining the community profiles I wrote reflecting these years and am finding some interesting numbers.
In January 2004, I profiled the Holmes Beach condominium complex of Sun Plaza West located at 5608 Gulf Drive. Sun Plaza West has 32 units built in 1981. Some of the units are direct Gulffront on the beach and others are along the side with more limited water views. There is one building with two living levels, elevator and under building parking. The units are two bedroom and two bath with balconies and are about 1100 square feet. The association has a heated pool, tennis court, storage lockers and allows rentals but no pets. Most apartments are sold furnished, and most have in unit washer and dryer facilities.
In 2003, there was one sale for $365,000 and in 2002 there were four ranging in price from $340,000 to $405,000. This year there was only one closing so far in January for $289,000. Last year, there were three as follows: $279,100, $293,000 and $537,500. The $537,500 closing was in January 2008 which is actually a 2007 sale price, possibly accounting for the higher number and also assuming a more desirable location and condition.
In January 2004 when I wrote the original piece, there were four units on the market ranging from $409,000 to $795,000, which was an updated direct Gulf view unit. As of this writing, there are seven on the market ranging from $395,000 to $689,000 for a direct Gulf view location.
What this boils down to as it relates to Sun Plaza West is that, with the exception of the one higher sale, the sale prices are actually lower than 2003 and 2002. As far as the current listing prices, they’re also a little lower than 2003, but more in line than the sales prices. Not surprising in a market that is still trying to find its way.
When we were in the bubble, all everyone ever wanted to do was talk about what their property would be worth in six months. Now that we’re on the outside of that bubble, all everyone wants to talk about is whether are we are at the bottom yet.
Whether we’re at the bottom, near the bottom or still looking for the bottom, the bottom line is that properties like Sun Plaza West are part of what makes Anna Maria Island a special place. It’s winter retreat or a place to call home located on the best stretch of sand on Florida’s west coast.