The Anna Maria Island Sun Newspaper

Vol. 11 No. 40 - July 20, 2011

REAL ESTATE

Over the competitive edge

Within my family, my columns are a pretty big target to challenge. It's not unusual for me to get phone calls or e-mails questioning something I wrote from some member of the clan. The most recent of these disputes questioned my "rosy" outlook for the future of Anna Maria real estate, from, of course, someone who lives 1,300 miles away.

Just to be clear, no way are we out of the real estate woods and probably won't be for a long, long time. On a national level, the two driving forces keeping the real estate market down are high unemployment rates and foreclosures. As stated last week, nationally 22.7 percent of all homes with mortgages had negative equity as of the end of the first quarter of the year, and even though that number is starting to drop, it is still historically high.

What is happening in certain pockets around the country and on Anna Maria Island is a slow and steady movement of residential sales. July, August and September have always been slow months for sales, but I'm hearing from local brokers that they are busy with buyers and inventory is starting to dwindle. Also, it appears that this activity is starting to overflow from the Island onto the waterfront communities on the mainland.

In addition, it was recently reported by the Bradenton Herald that a deep pocket investor bought up a large number of condo units in a new building that was in bankruptcy in downtown Bradenton and was planning on selling them for less than half of the original asking price. This is similar to what has been happening in Rivera Dunes in Palmetto. The most recent investor said he felt that the Florida market has reached its bottom.

As previously stated, most of these sales are cash and many are from foreign buyers. Cash is important in the current market since mortgage financing is tight. Banks are holding on to their capital and only making loans for A plus buyers with large down payments.

For high end real estate buyers who are looking for financing, it could get even more difficult since on Oct. 1, the federal government is reducing the loan limits for government backed loans on jumbo mortgages. These limits will vary based on state and even county, but there is no doubt that buyers of high end properties will have to come up with more cash down, higher interest rates and be satisfied with smaller mortgages. What if any affect this will have on upper end Anna Maria properties we'll just have to wait and see.

Personally, I think Florida is coming back before other sun-belt states like Arizona, Nevada and even California because of a combination of things. Florida has for decades been the retirement state of choice for both Midwestern and Northeastern retirees because of the natural beauty, long coastline and attractive tax environment. With baby boomers on the horizon, that's probably not going to change, and adding low real estate values to that mix is putting us over the competitive edge.

The days of flipping real estate and using your personal residence as a piggy bank may be over, but most Americans still want to own their own homes. The new reality may actually be the old reality of living in your home and burning the mortgage.

I don't really mind being in my family's cross hairs as long as the message that I target stays on target, and my target is on Anna Maria Island real estate.

Real Estate Transactions
Real Estate Transfers from May 1 to 31, 2011
Sponsored by Alan Galletto Island Real Estate

Sold Date | List Price | Sold Price | Address | Provision | Property Style

Anna Maria

05/10/2011 629,000 525,000 303 North Bay Blvd 1392 3 Br 2/Ba SFR
05/19/2011 569,000 485,000 114 Pelican Dr 1240 3 Br 2/Ba SFR
05/31/2011 699,000 660,000 111 Oak Ave 1215 2 Br 2/Ba SFR

Bradenton Beach

05/04/2011 396,500 340,000 2414 Avenue C # A 1625 4 Br/4 Ba 1/2 Dup
05/04/2011 395,000 375,000 1800 Gulf N Dr # 205 952 2Br/2 Ba Condo
05/13/2011 174,900 155,000 611 N Gulf N Dr # A22 794 2 Br/1 Ba Condo
05/13/2011 425,000 305,000 2317 Avenue C # 400 1620 3 Br/2 Ba Condo
05/13/2011 459,000 407,000 1906 Gulf Dr N # 203 1096 2 Br/2 Ba Condo
05/17/2011 369,000 350,000 1007 Gulf N Dr # 202 1259 2 Br/2 /2 Ba Condo
05/18/2011 299,000 250,000 252 17th St # 252 1268 2 Be/2 Ba Condo
05/26/2011 450,000 400,000 315 17th St # 22 1722 3 Br/2 1/2 Ba Condo
05/20/2011 1,195,000 1,100,000 1103 Bay Drive N 3450 6 Br/5 Ba SFR
05/27/2011 339,000 285,000 112 S 4th S St # 2 1902 2 Br/2 1/2 Ba Townhouse

Cortez

05/20/2011 699,000 575,000 4142 Marina Ct 2604 3 Br/2 Ba Condo

Holmes Beach

05/20/2011 399,000 375,000 309 58th St # B 1128 2 Br/2 Ba 1/2 Duplex
05/24/2011 279,000 260,000 304 29th St # A 1464 4 Br/ 4 Ba 1/2 Duplex
05/04/2011 179,000 183,750 3000 Gulf Dr # 5 1550 3 Br/2 Ba Condo
05/06/2011 125,000 125,000 315 58th St # A 840 2 Br/1 Ba Condo
05/10/2011 26,500 22,500 8300 Marina Dr # 8 NA Condo
05/13/2011 695,000 640,000 100 52nd St # B 1852 2 Br/2 1/2 Ba Condo
05/16/2011 199,900 190,000 6300 Flotilla Dr # 81 1151 2 Br/2 Ba Condo
05/16/2011 329,000 275,000 6500 Flotilla Dr # 161 1114 2 Br/2 Ba Condo
05/20/2011 479,000 450,000 126 51st St 1250 3 Br/2 Ba Condo
05/20/2011 799,000 700,000 112 46th St 1600 3 Br/3 Ba Condo
05/27/2011 274,900 274,900 312 64th St 2040 4 Br/2 Ba Condo
05/31/2011 399,000 385,000 308 67th St # A 1498 3 Br/2 Ba Condo
05/02/2011 699,000 690,000 403 80th St # B 2600 5 Br/ 3 1/2 Ba SFR
05/04/2011 979,000 818,000 8317 Marina Ct 3066 3 Br/2 1/2 Ba SFR
05/05/2011 569,900 490,000 526 70th St 1238 2 Br/2 Ba SFR
05/09/2011 399,000 379,000 207 73rd St 1426 2 Br/2 Ba SFR
05/12/2011 247,500 206,000 2703 Avenue B 1253 2 Br/1 Ba SFR
05/12/2011 499,000 475,000 309 65th St # A 1912 3 Br/2 Ba SFR
05/16/2011 638,400 565,000 5 Palm Harbor Dr 2090 3 Br/2 Ba SFR
05/26/2011 565,900 535,000 208 72nd St 2178 4 Br/2 1/2 Ba SFR
05/27/2011 299,900 285,000 6504 Holmes A & B 1200 2 Br/2 Ba SFR
05/27/2011 449,900 370,000 712 Key Royale Dr 1562 3 Br/2 Ba SFR
05/16/2011 249,900 292,000 211 71st St 1344 2 Br/1 Ba Income Bank/Repo
05/05/2011 374,000 275,000 718 Key Royale Dr NA Vac. Bank Repo
05/25/2011 160,000 160,000 2914 Avenue C NA Vac.
05/31/2011 449,000 410,000 114 48th St 1385 2 Br/1 1/2 Ba Vac.

Source: Manatee County Property Appraiser’s Office


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