The Anna Maria Island Sun Newspaper

Vol. 9 No. 42 - July 8, 2009


Prices down at Sun Plaza West

Reel time

SUN PHOTO 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.

Real Estate Transactions
Closed sales between March 2 and April 18, 2009

Anna Maria

523 Villa Rosa Way Single family $850,000
114 Tern Drive Single Family 750,000
160 Crescent Drive Single family 600,000
115 Maple Ave. Single family 550,000
111 Gull Drive Single family 525,000
304 Hardin Ave. Single family 515,000
801 Fern St. Duplex 326,000
9907 Gulf Drive Lot 315,000

Bradenton Beach

506 Bay Drive S. Condo $650,00
2418 Ave. C #500 Condo 375,000
2414 Ave. C Duplex 336,700
1801 Gulf Drive #207 Condo 225,000


12618 Safe Harbor Dr. Lot $475,000
4011 Osprey Harbor Lp. Townhouse 257,000
11900 Cortez Rd. W. #37 RV Resort 190,000
11900 Cortez Rd. W. #21 RV Resort 130,000
11900 Cortez Rd. W. #50 RV Resort 124,000
Address Type Price
11900 Cortez Rd. W. #8 RV Resort 121,500
11900 Cortez Rd. W. #68 RV Resort 110,000
11900 Cortez Rd. W. #77 RV Resort 86,000

Holmes Beach

520 58th St. 2 or more $1,775,000
105 49th St. Single family 750,000
6006 Gulf Drive #210 Condo 690,000
209 65th St. Single family 600,000
103 81st St. Single family 565,000
621 Emerald Lane Single family 550,000
519 75th St. Single family 416,000
104 55th St. Condo 400,000
203 70th St. Half Duplex 335,000
5200 Gulf Drive #108 Condo 315,000
313 62nd St. Duplex 300,000
2701 Ave. C Single family 225,000
3801 Fourth Ave. #3 Condo 220,000
6500 Flotilla Drive #214Condo 215,000
6804 Marina Drive Condo 215,000
6300 Flotilla Drive #99 Condo 180,000

Source: Manatee County Property Appraiser’s Office

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