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Vol. 15 No. 5 - November 26, 2014

REAL ESTATE

Happy real estate Thanksgiving?

 

It’s the old be careful what you wish for scenario. We’re devastated when things go wrong, especially if it involves a loss of finances, and when things start to turn around, we’re worried that our lifestyle is changing.

To say that Anna Maria Island has changed especially during the last three to four years could very well be the understatement of the decade. Some people are happy with the changes and others not so much. Recently yet another “best” places report came out. Last month Conde Nast Traveler magazine picked Anna Maria Island as the 26th best island in the world out of 30, yep you read that right – the world. It’s important to note that Anna Maria was the only island in the Conde Nast survey in the state of Florida.

The top rated island in the world was Palawan in the Philippines with a readers' rating of 88.7; Anna Maria’s rating was 81.4. We’re also in really good company with Kiawah Island, S. C. and four islands in Hawaii also on the list, as well as Bermuda, two islands in Greece and Bora Bora in French Polynesia.

We all know that since 2010, Anna Maria tourism has been promoted bringing more and more people to the Island. In addition, the financial downturn also kept many Southern families looking for a beach vacation within an easy drive from Georgia and northern and eastern regions of Florida. Recently we learned that Manatee County is being targeted for tourism from Scandinavia. Part of this promotion is to attract sports teams to IMG in Bradenton, but much of the targeting is really to attract beach visitors from upscale countries. Even the Sarasota/Bradenton Airport is campaigning for charter flights from Scandinavia.

So now we’re faced with the results of be careful what you wish for. After the financial crisis, we all wished for a better housing market and more visitors, and boy did we get both. The Manatee Association of Realtors historic sales data show the following: In July of 2006, the median sale price for all three cities on the island was $790,000; this was the top of the market. The following year, the median dropped to $475,000 and went progressively down until it hit the bottom of $294,000 in July of 2013. The July 2014 median sale price was $520,000 and August 2014 it was $585,000.

Interesting numbers, which certainly show a hearty comeback, however, much of what has driven the real estate market are investors who are taking advantage of the influx of visitors by creating a vigorous short term rental market. Not only has this change in the culture of the Island pushed full time residents off the Island, but it has also created all of the chaos we’re now seeing in governing oversized rental properties and associated traffic in all three cities.

The day I sat down to write this column Minto Homes the builder of Harbour Isle on Perico Island announced the purchase of 35 acres on Perico. Minto’s intention is to build several new 12 story multifamily residences as part of the Harbour Isle development, in addition to a marina, restaurant and retail space. Think about the beach traffic when this community is totally built out.

So here we are. Our little piece of paradise has been discovered. The challenge now is to find a way to manage the great success we have found and still keep the small and special island vibe that brought everyone here to begin with. Be careful what you wish for, be thankful with what you have and be hopeful that the future will bring it all together. Happy Thanksgiving.

Real Estate Transactions
September 2014

Sponsored by Alan Galletto Island Real Estate

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

Anna Maria

9/05/2014 399,000 330,000 608 Rose St 50 X 100 Vac
9/26/2014 524,900 505,000 512 Kumquat Dr 88.0x145.0 Vac
9/16/2014 649,000 625,000 106 Beach Ave 90.0x106.0 Vac
9/09/2014 525,000 475,000 9206 Gulf Dr 1492 50.0x110.0 3 br/2 ba SFR

Bradenton Beach

9/22/2014 324,900 331,000 2413 Avenue C # A B 1680 250 X 250 Income Property, REO/Bank Owned
9/24/2014 634,100 630,000 308 Gulf S Dr # 1 2620 Income Property, REO/Bank Owned
9/26/2014 219,900 200,000 1325 Gulf N Dr 230 675 2 br/1 ba Condo
9/04/2014 243,000 220,000 501 Gulf N Dr 112 1128 2 br/ 2 Ba Condo
9/05/2014 599,900 599,000 105 10th N St 2020 3 br/ 2.5 Ba Condo 9/10/2014 589,000 560,000 2312 Gulf N Dr 204 1180 2 br/ 2 Ba Condo

Holmes Beach

9/19/2014 575,000 540,000 7005 Gulf Dr # A 2303 7013 Income property
9/02/2014 375,000 340,000 208 Peacock Ln A & B 1738 92x88 Income property
9/05/2014 425,000 500,000 313 58th St A & B 1500 Irregular Income property
9/05/2014 539,000 300,000 311 58th A&B St A&B 2412 Irregular, Income property
9/05/2014 1,099,000 950,000 3302 6th Ave 1 3000 100.0x100.0 8 br/8 ba Income property
9/9/2014 269,000 255,000 3801 E Bay Dr 202 1146 2 br/2 Ba Condo
9/15/2014 280,000 257,500 403 39th St C 750 2 br/2 Ba Condo
9/04/2014 349,000 325,000 6500 Flotilla Dr 205 985 2 br/2 Ba Condo
9/15/2014 359,000 325,000 3801 E Bay Dr 209 1146 2 br/2 Ba Condo
9/02/2014 384,900 380,000 3404 Gulf Dr 5 1359 2 br/2 Ba Condo
9/15/2014 525,000 478,000 5200 Gulf Dr # 605 1169 2 br/2 Ba Condo
9/12/2014 510,000 510,000 508 70th St 1996 3br/2 Ba SFR
9/04/2014 539,900 551,000 503 75th St 1602 90.0x113.0 3br/3 Ba SFR, REO/ ank Owned
9/30/2014 649,000 600,000 662 Key Royale Dr 2766 4br/4 Ba SFR
9/29/2014 1,600,000 1,600,000 2810 Avenue E A 1680 4 br/2 ba SFR

Source: Mid Florida Multiple Listing Service


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