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Vol. 14 No. 45 - September 3, 2014

REAL ESTATE

Housing market remains anemic

 

With the new school session in full swing and Labor Day also in our rear view mirror, Manatee County students and residents are starting to clear the sand out of their brains and get back down to the business of business. But the real estate market hasn’t quite shaken the Gulf beach sand out of its brain and the hope of double digit appreciation rates may also be in the rear view mirror.

The economy of the country is flat; it’s a little better than last year and the unemployment rate is coming down somewhat. However, the average American still isn’t comfortable with their flat incomes and poor job choices which keep them from making big ticket purchases like new homes. It doesn’t take Wharton School of Business alumni to figure out that instead of moving up, we’re moving horizontal, which is having an effect on the national real estate market.

The second quarter appreciation comparisons show a weak 4.4 percent appreciation rate compared to last year nationally. The top of the 25 metro areas analyzed by the National Association of Realtors was the Atlanta region appreciating 16 percent over last year and the bottom was the Baltimore region with a negative 2.7 percent appreciation. In fact the end of the second quarter resulted in the slowest annual pace since 2012, with only 19 areas reporting double digit year-over-year price increases.

In Florida, Orlando was 13 percent; Miami-Fort Lauderdale 7.6 percent and Tampa-St. Petersburg-Clearwater 1.3 percent. The better news is that the Manatee-Sarasota region rose 7.5 percent for the second quarter over last year. In addition, the statewide appreciation rate was 5.3 percent leaving both Manatee-Sarasota and Florida overall with a substantially better appreciation rate than the national average.

Economists have concluded that the slow rate of housing appreciation is a combination of consumers who are more cautious as well as an increase in available inventory. Even investors have pulled back with the foreclosure market topping out and housing prices going up last year.

Florida and Manatee County may be in a better position than some regions around the country and better than the country on average. But don’t forget that Florida is basically a transient state and most residents came from somewhere else. Market activity all over the country has a substantial effect on future residents of Florida.

Naturally when appreciation slows down it’s a great time for buyers to swoop in especially in view of the fact that interest rates could go up next year. There are some great buying opportunities available all over the country for buyers and plenty in Florida. As previously mentioned, home financing restrictions are starting to lift slightly so if you’re thinking about taking the leap and you qualify for home financing it’s a good time.

In spite of great press recently about how fabulous the Manatee-Sarasota region is to live in, overall our appreciation rate is still a little anemic compared to what we anticipated. That’s not to say there aren’t pockets that are robust; Longboat Key, parts of Anna Maria Island and certainly Sarasota’s waterfront are all appreciating at a quick pace. But when you average in other parts of the two counties it looks like we’ve “settled” rather than “excelled” and settling is something no one “appreciates.”

Real Estate Transactions
Real estate transfers as of October 1-31, 2013
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 Date Listed Price Sold Price Property Address SFUA Lot Size Property
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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