Are you smarter than a hedge fund manager?

Castles in the Sand

The most expensive home in U.S. history was just sold. It’s a four-story condo on Central Park South in New York City dubbed “billionaire’s bunker” and closing for $238 million. The buyer is a hedge fund manager who collects houses around the world so no surprise that the Big Apple was next on his hit list.

Those of us who live a little closer to earth will be interested in my latest three-month analysis of properties in the three cities of Anna Maria and Cortez that have sold or are listed over $1 million. This time we’re looking at November and December 2018 and January 2019. The residential 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 which reflects properties listed on the multiple listing records.

The little area of Cortez did not have any properties closing over $1 million during these months. The previous analysis was for a four-month period and showed two properties closed. The combined cities of Holmes Beach and Bradenton Beach closed 7 properties ranging from $2,300,000 to $1,050,000. The four-month analysis previously showed there were 14 properties closed. The City of Anna Maria closed 14 $1 million or over properties ranging from $3,300,000 to $1,010,000. The previous four-month analysis reported 17 closed properties over the $1 million mark.

Although the sold properties appear to be a little lower considering we’re comparing three months to four months during the holiday season when there aren’t too many serious buyers around, I think we’re just fine.

The available properties are another story, every location is up considerably from the last analysis. Starting with Cortez, there are currently 6 over $1 million properties on the market or pending, ranging from $1,500,000 to $1,100,000, the last analysis had five.

The combined cities of Holmes Beach and Bradenton Beach have an incredible 85 properties $1 million or more currently on the market or pending. The range is from a high of $9,500,000 to $1,049,000. There is one listing which happens to be land for $7,775,000; one property over $5 million; two properties over $4 million, five properties over $3 million and 16 properties over $2 million. The balance of the properties are between $2 million and $1 million. The previous analysis had 68 properties on the market.

The City of Anna Maria is also listing more properties than during the previous analysis. As of this writing, there were 58 either available or pending properties ranging from $5,496,000 to $1,065,000. There are two over $4 million; three over $3 million and 15 over $2 million; the balance of the available properties are between $1-2 million.

Lest we forget, it’s early March and the buyers are just starting to sniff around.

When you see the listing prices of the island properties lined up in a row it’s a little mind-blowing, considering what you could buy on the island in previous years. It may not be as mind-blowing as the price tag on a home in a 1,000-foot-tall tower with a view of Central Park, but we have our own views and we’re sticking to them. Are we smarter than a hedge fund manager? You bet we are.

More Castles in the Sand:

House hunting – the fun and not so fun

Florida’s new foreign buyers

A home’s equity is sometimes subjective