Red tide, hurricanes and interest rates

Castles in the Sand

It’s been a strange year and a few months for real estate. Irma took a toll, although not a devastating one, but enough for us and prospective buyers to sit up and take notice. Then the red tide rolled into town and took its time leaving, with traces still floating around, and then interest rates went up, putting a damper on the housing market nationally and the potential that it could trickle down to us. In spite of, this Anna Maria Island still keeps moving forward with selling prices holding and buyers still looking.

Since everyone in real estate, homeowners and professionals alike, are always interested in the upper end of the market, it’s time to do an analysis of $1 million and over sales and listings for residential properties including condos and vacant land. We’ll take a look at July, August, September and October. The closed property numbers are from the Manatee County Property Appraisers Office and the available or pending properties as of this writing are from realtor.com.

Cortez had two properties close over $1 million; last time this tiny area didn’t have any. The city of Anna Maria had 17 properties $1 million or over close during these months ranging from $1,000,000 to $2,500,000; during the previous analysis, there were nine. The combined cities of Holmes Beach and Bradenton Beach had 14 over $1 million closings during these months, ranging from $1,100,000 to $5,000,000. In the previous analysis, there were 19 sales.

As far as currently on the market or pending, Cortez has five, ranging from $1,099,900 to $1,500,000, which is a waterfront lot. During the previous analysis, there were four properties in this price range. The city of Anna Maria currently has 51 properties over $1 million, ranging from $1,049,000 to $5,200,000. Of these, two are over $3 million, and two are over $4 million. Last time, Anna Maria had 64 properties listed at $1 million or more.

And the combined cities of Holmes Beach and Bradenton Beach have 68 properties currently listed over $1 million, ranging from $1,000,000 to $7,775,000, which is a large waterfront parcel of land. Of these, two are over $3 million, three are $4 million or over and one is over $5 million. Last time these cities had 77 properties available in this price range.

Although not exact, the numbers are fairly consistent. Much of the country is experiencing a slowdown of the real estate market because of the lack of inventory driving up prices but resulting in lower sales. We too see that in our marketplace, but we also have the additional element of a reputation for hurricanes and the persistent red tide, which is getting a lot of media publicity around the country. Now that we’re getting into the busy selling season, we should have a clearer idea of the availability of buyers.

I was on Palm Beach Island for a weekend a few weeks ago, and $1 million properties don’t even exist on that island. But on this Island, we have plenty, and, hopefully, that trend will continue into the new year.

Wishing everyone a peaceful and merry holiday.

More Castles in the Sand:

No Christmas gifts for foreign buyers

Tax overhaul saved one thing

Anticipating condo special assessments