The Anna Maria Island Sun Newspaper

Vol. 14 No. 49 - October 1, 2014

REAL ESTATE

Looking for a rental? Good luck

 

It’s Oct. 1 – do you know where your winter rental is? Based on the multiple phone calls I have recently received from the Northern environs, chances are if you or your friends and family are looking for a winter getaway for a few months, they may be too late.

The baby boomers have struck again and this time their aim is the Florida rental market, both seasonal and annual. They are gobbling up rentals at an alarming rate and are willing to pay almost anything, driving the rental market just like they have driven every other market this huge bubble of babies have passed through since they were born.

If you live in Manatee County, especially on Anna Maria or near the water, you’ve probably have had some of the same phone calls I’ve had from friends and relatives telling me that virtually every seasonal rental is already booked. All it takes is a quick 10 minute look at a couple of realtor websites to confirm this is true and it takes even less time to be blown away by the weekly and monthly rates Island properties are getting. It’s not unusual to see upwards of $3,000 a week being asked for modest homes on or near the water. Someone I know just rented a two bedroom condo east of I-75 for $4,000 for the month of March and grabbed it because it was a great deal.

But it’s not just seasonal rentals that are flying off the market. Baby boomers are also more interested in annual rentals than ever before. Many have been hit financially during the economic crisis and have calculated that renting is a better arrangement for them. True renters are exempt from home repairs, association fees and insurance, not to mention a monthly mortgage payment. They don’t, however, have the benefit of a tax write off and the prospect of the property increasing in value and turning a tidy little profit down the road.

A few months ago, RealtyTrac, the online housing data provider, published statistics relative to the best places in the nation to get a great return on rental properties. Out of the 25 regions looked at, the top 15 were in Florida. Manatee County ranked 14 and Sarasota ranked 15. The annual rentals examined were based on three-bedroom, single-family homes being rented by the baby boomer generation.

In order to be considered for this study, at least 24 percent of the population in the regions analyzed had to fall into the baby boomer generation. In addition, that number had to have increased as a percentage of the total population by at least 10 percent between 2007 and 2013. Manatee County’s boomer population is 20.8 percent, and in Sarasota County it’s 30.4 percent. What this means to investors is an ever increasing generation of retirees who are now considering renting rather than purchasing properties for both seasonal and full time residences.

One quick aside about vacation rentals, In April the vacation rental bill SB356 relating to local governments’ right to regulate vacation rentals was passed in the Florida Senate and sent to the Florida House. As of April 29, the House companion bill HB307 was “laid on the table,” basically meaning that nothing has been done to date.

Baby boomers continue to move the needle in Florida real estate. Traditionally they have always looked for a seasonal rental but now more of them are renting full time. Either way, with the predicted cold winter headed North this year, if you don’t have something in place yet better plan on a new winter coat.

Real Estate Transactions
As of June 30, 2014
Sponsored by Alan Galletto Island Real Estate

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

Anna Maria

06/06/14 625,000 625,000 317 N. Bay Blvd. 1777 57x110 2 Br/2 Ba SFR
06/30/14 995,000 995,000 219 Willow Ave. 1575 3 Br/2 Ba SFR
06/16/14 899,000 868,000 700 Jacaranda Rd . 1900 50x150 4 Br/2.5 Ba SFR
06/23/14 745,000 730,000 225 Gladiolus St . 1893 71x102 3 Br/2 Ba SFR
06/27/14 699,000 675,000 746 Jacaranda Rd. 2151 50x100 2 Br/2 Ba SFR
06/02/14 759,000 680,000 305 Poinsettia Rd. 1296 52x112 3 Br/2 Ba SFR
06/30/14 995,000 925,000 526 Kumquat Dr. 2480 79x126 4 Br/2.5 Ba SFR
06/30/14 799,900 772,500 209 Chilson Ave. 1892 72x148 2 Br/2 Ba SFR
06/16/14 619,000 610,000 302 Spring Ave. 1484 52x73 3 Br/3 Ba SFR
06/19/14 477,777 420,000 711 N. Bay Blvd. A 1512 54x100 4 Br/2 Ba SFR
06/18/14 2,299,999 2,000,000 785 N. Shore Dr. 3478 4 Br/4 Ba SFR
06/06/14 499,000 400,000 415 Pine Ave. 3190 52x145 5 Br/4 Ba Dup
06/19/14 477,777 420,000 711 N. Bay Blvd. A 1512 54x100 4 Br/2 Ba Dup
06/06/14 279,000 272,000 522 Pine Ave. 4d 822 2 Br/1 Ba Condo
06/06/14 485,000 440,000 105 Beach Ave. 50x100 Vac.
06/20/14 599,000 550,000 106 Park Ave. 75x100 Vac.

Bradenton Beach

06/06/14 295,000 250,000 108 12th St. N. # A 1400 54x100 2 Br/3 Ba Dup
06/25/14 245,000 235,000 1801 Gulf Dr. N. 232 691 1Br/1 Ba Condo
06/20/14 129,000 129,100 2601 Gulf Dr. N. 614 692 2 Ba/1.5 Ba Mobile
06/18/14 124,900 122,500 2601 Gulf Dr. N. 210 494 2 Ba/1.5 Ba Mobile Sold

Cortez

06/02/14 279,900 270,000 4204 126th St. W. 503 1244 2 Br/2 Ba Condo
06/30/14 689,000 656,000 4146 Marina Ct. 411 2604 3 Br/2 Ba Condo
06/13/14 189,900 185,000 9604 Cortez Rd . W. 326 1218 2 Br/2 Ba Condo

Holmes Beach

06/13/14 999,000 950,000 205 69th St. 2000 35x100 4 Br/4 Ba SFR
06/30/14 599,000 568,000 209 81st St. 1591 3 Br/2.5 Ba SFR
06/30/14 875,000 817,500 109 81st St. 1789 64x80 3 Br/2.5 Ba SFR
06/06/14 685,000 680,000 530 67th St . 1286 80x113 3 Br/2 Ba SFR
06/27/14 799,000 725,000 202 75th St. B 1967 4 Br/2.5 Ba SFR
06/27/14 995,000 806,400 529 72nd St. 2076 105x112 3 Br/2 Ba SFR
06/30/14 890,000 850,000 518 72nd St. 1941 95x117 3 Br/3 Ba SFR
06/16/14 679,000 679,000 207 73rd St. 1600 76x105 3 Br/2 Ba SFR
06/03/14 649,000 632,500 302 60th St. B 1200 3 Br/2 Ba SFR
06/03/14 698,000 632,500 302 60th St. A 1500 4 Br/3 Ba SFR
06/18/14 869,000 835,000 314 60th St. 2356 4 Br/3 Ba SFR
06/12/14 237,900 227,500 3607 E. Bay Dr. 207 980 2 Br/2 Ba Condo
06/13/14 429,900 425,000 6500 Flotilla Dr. 173 1622 3 Br/2 Ba Condo
06/16/14 312,000 297,500 3705 E. Bay Dr. 106 1121 2 Br/2 Ba Condo
06/24/14 259,900 245,000 4307 Gulf Dr. 108 1027 2 Br/2 Ba Condo
06/30/14 384,900 384,900 4101 Gulf Dr. 1 2613 50x100 Dup, REO
06/19/14 49,000 50,000 5337 Gulf Dr. 300 4886 82x118 Comm.

Source: Manatee County Property Appraiser’s Office


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