As we all know, the real estate market has gone from fundamentally shut down to an unparalleled explosion of demand for housing all over the country, and particularly in Florida. Buyers and real estate professionals are trying to maneuver their way through the maze of historic low inventory and pent-up buyer activity. The result of all this is outsized prices pushing buyers and creating bidding wars.
Recently, buyers have added different strategies to set themselves apart. For instance, cash is king, and if you have it or can borrow it, your offer will put you in the top tier of buyers.
Buyers love non-contingency offers; that means no mortgage as we discussed, but also no home inspection. It’s a good strategy if you’re comfortable with the property, especially if you know something about home construction.
One of the newest strategies out there in this market is an escalation clause in your offer. In order to be competitive, buyers are stipulating that they will top any offer from another buyer up to a certain level. This at least keeps you in the game and gives you an opportunity to improve your offer.
In addition, it’s always important to be flexible, but in this market, it’s essential. Get yourself in a position to change your desired closing date to fit the schedule of the seller as well as accepting any little quirky changes that may come up.
Finally, don’t wait if a new property comes on the market – be prepared to act quickly.
Now let’s look at the million-dollar-and-over market in the three cities on Anna Maria Island and in Cortez. This analysis will cover February, March and April closed sales as reported on the Manatee County Property Appraiser’s website and properties that are currently on the market or pending from realtor.com.
Cortez closed three properties over $1 million; one for $2,250,000, one for $1,215,000 and one for $1,075,000. The last three-month analysis showed two properties over $1 million.
The city of Anna Maria closed 31 properties; one for $4 million, three for $3 million or over, five over $2 million and 22 at $1 million or over. The last analysis showed that Anna Maria closed 41 properties.
The combined cities of Bradenton Beach and Holmes Beach closed 58 properties; two over $4 million, two over $3 million, 10 over $2 million and 44 at $1 million or over. Last time, 39 properties were closed.
Available and pending properties as of this writing are, of course, a blowout again, so here we go: Cortez has a property listed at $4,750,000, the highest I have ever seen for a single-family home, and there is land listed for $1,300,000. The new development, Hunters Point, has seven properties listed from $1,300,000 to $785,000, three of them over $1 million. Last time, Cortez had three.
The city of Anna Maria has 46 properties over $1 million; one over $6 million, two over $5 million, two over $4 million, three over $3 million, 14 over $2 million and 24 over $1 million. The lowest-priced available property in the city is $995,000. Last time Anna Maria had 31 properties available.
Finally, the combined cities of Holmes Beach and Bradenton Beach had 67 properties listed or pending over $1 million; one over $6 million, two over $5 million, two over $4 million, six over $3 million, 20 over $2 million and 36 over $1 million.
I’ve decided that after 15 months of ending my column with “stay safe,” it’s time to put this phrase to bed. Not that we still shouldn’t protect ourselves and our family from COVID-19, I just feel it’s time to be more positive. Besides, we now have a new “stay safe” to contend with – hurricanes. Here’s hoping we have a safe season.
