The Anna Maria Island Sun Newspaper

Vol. 12 No. 39 - July 11, 2012

REAL ESTATE

In real estate location is everything

 

At the risk of lowering my writing standards with the use of a well worn cliché, I need to say it again; what’s the most important thing in real estate? Location, location, location. This has never been truer than in our fledgling real estate market which is just starting to get its legs out under it.

The proof of this is a recent survey conducted by the Internet search engine Zillow indicating that real estate markets are not experiencing a recovery equally. What they report is not that startling - basically homes in sought-after areas are recovering faster than homes in marginal neighborhoods. As demand in these areas increases prices start going up, ultimately pushing buyers into some of the less desirable areas eventually producing a nationwide recovery.

Zillow just confirmed what everyone on Anna Maria already knows, sales are through the roof with some properties entertaining multiple offers. As reported in this paper, May sales in the three cities on Anna Maria were the highest since 2005. In addition, under contract sales are also at an all-time high and available inventory is down from last year. The average sale price of single family homes on the Island is just under $600,000 and the average for condos is just under $300,000.

Manatee County in general is also showing a very healthy increase in sales volume and prices. According to the Manatee Association of Realtors’ website, sales of single-family homes increased 17.4 percent from May of last year. In addition, the median sales price also increased 10.2 percent from a year ago. Condo sales are also up in the county with a 22.9 percent increase from a year ago and the median sales price was up 26.9 percent. Another piece of this steady improvement is the inventory of homes which continues to drop. May showed a 4.7 month supply compared to April’s 5.1 percent.

Nationally on average the market is also looking better, with sales improving 9.6 percent from May of last year to May of this year. However, economists point out that the May 2012 sales were actually down 1.5 percent from April 2012, reinforcing the feeling that although we have some recovery it is still fragile and well below what is considered healthy levels.

And let’s not forget the mortgage rates which keep hitting all time lows. Mortgage rates track the yield on the 10-year Treasury note which may be good for home buyers but bad for our economy. As of this writing the average rate for a 30-year fixed mortgage was 3.66 percent and for a 15-year mortgage was 2.95 percent. Since December the 30-year mortgage rate has been consistently below 4 percent.

So while the real estate markets are recovering in isolated pockets around the country we have to be grateful that we’re in one of those recovery pockets. I’m not sure who originally coined the term “Location, location, location” when referring to real estate - many give credit to Lord Harold Samuel a British real estate tycoon - but it doesn’t really matter who first said it because as clichés go, it is definitely one of the best.

Real Estate Transactions
Real Estate Transfers from May 1 through 31
Sponsored by Alan Galletto Island Real Estate

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

Anna Maria

05/01/2012 469,000 435,000 830 N. Shore Drive 1467 3 Br/2 Ba SFR
05/07/2012 599,000 550,000 521 Loquat Drive 3246 75x102 3 Br/3.5 Ba SFR
05/09/2012 597,500 550,000 405 Pine Ave. 1930 3 Br/2 Ba SFR
05/09/2012 479,000 435,000 614 Rose St. 1552 50x100 3 Br/2 Ba SFR
05/11/2012 499,900 450,000 314 Spring Ave. 1620 52x145 4 Br/2 Ba SFR
05/15/2012 593,900 495,000 428 Pine Ave. 1258 52x110nyte 2 Br/1.5 Ba SFR
05/17/2012 549,000 500,000 408 Poinsettia Road 2288 67x103 4 Br/3 Ba SFR
05/18/2012 449,000 437,500 522 South Drive 1111 60x110 3 Br/2 Ba SFR
05/21/2012 599,000 585,000 111 Peppertree Lane 1680 83x106 3 Br/1.5 Ba SFR
05/25/2012 575,000 542,500 113 Peppertree Lane 1998 50x106 3 Br/2.5 Ba SFR
05/31/2012 394,000 327,500 607 N. Bay Blvd. 1188 50x100 2 Br/2 Ba SFR
05/04/2012 649,000 625,000 2 Park Bte III Ave. 06x95 Vac.
05/11/2012 369,000 335,000 115 N. Bay Blvd. 5 6x110 Vac.

Bradenton Beach

05/04/2012 495,000 440,000 1007 Gulf Drive N. # 103 1836 2 Br/2 Ba Condo
05/18/2012 119,000 105,000 2315 Avenue C # 3 488 1 Br/1 Ba Condo
05/18/2012 239,000 229,000 1801 Gulf Drive N. # 285 1080 2 Br/2 Ba Condo
05/18/2012 94,900 84,000 117 7th St. N. # 27 594 1 Br/1 Ba Condo
05/24/2012 244,500 230,000 1801 Gulf Drive N. # 235 1080 2 Br/2 Ba Condo
05/25/2012 264,900 250,000 1801 Gulf Drive N. # 287 1080 2 Br/2 Ba Condo
05/02/2012 349,000 332,000 104 2nd St. N. 1248 2 Br/1 Ba SFR
05/14/2012 249,000 225,000 2601 Gulf Drive N. # 102 1000 2 Br/2 Ba SFR
05/30/2012 375,000 330,000 1461 Gulf Drive N. # 12 1524 3 Br/2.5 Ba TH
05/25/2012 244,780 272,000 502 Gulf Drive N.# 104 735 1 Br/1 Ba Inc., Short Sale

Cortez

05/21/2012 419,900 380,000 3850 Mariners Walk, #713 1762 2 Br/1 Ba Condo
05/31/2012 99,000 83,000 10004 Cortez Road # 214 754 2 Br/1 Ba Condo
05/24/2012 849,000 775,000 12413 Baypointe Terrace 3198 3 Br/2.5 Ba SFR

Holmes Beach

05/24/2012 369,000 349,000 6925 Holmes Blvd. 960 45x88 2 Br/2 Ba 1/2 Dup.
05/29/2012 300,000 280,000 203 70th St. # A 1008 45x102 2 Br/1 Ba 1/2 Dup, Short Sale
05/02/2012 239,000 260,000 3801 E. Bay Drive 110 2316 4 Br/3 Ba Condo, Short Sale
05/03/2012 229,000 200,000 4001 Gulf Drive # 105 1106 2 Br/2.5 Ba Condo
05/09/2012 349,900 325,000 6500 Flotilla Drive # 185 1185 2 Br/2 Ba Condo
05/11/2012 219,000 195,000 727 Manatee Ave. # 24 1179 2 Br/2 Ba Condo
05/15/2012 645,000 620,000 5808 Gulf Drive N. # 209 1048 2 Br/2 Ba Condo
05/16/2012 429,000 411,000 3806 6th Ave. # 3806 1725 3 Br/2 Ba Condo
05/23/2012 650,000 607,000 5300 Gulf Drive # 205 1516 3 Br/2 Ba Condo
05/25/2012 189,900 183,000 4307 Gulf Drive # 103 1027 2 Br/2 Ba Condo
05/31/2012 299,000 273,000 3803 E. Bay Drive # 7 2350 4 Br/3 Ba Condo
05/01/2012 759,900 705,000 515 56th St. 1643 108x129 3 Br/2.5 Ba SFR
05/07/2012 489,900 480,000 507 72nd St. 1732 93x125 3 Br/2 Ba SFR
05/08/2012 565,000 540,000 524 69th St. 1803 80x113 3 Br/2 Ba SFR
05/11/2012 1,149,000 1,149,000 505 68th St. 3600 90x101 4 Br/4.5 Ba SFR
05/11/2012 349,000 348,500 2715 Gulf Drive 1280 50x100 2 Br/2 Ba SFR
05/15/2012 449,000 425,000 510 Key Royale Drive 1441 96x101 2 Br/2 Ba SFR
05/18/2012 435,000 402,000 306 67th St. 1134 Br/2 Ba SFR
05/18/2012 549,000 520,000 215 81st St. 2020 2 Br/2.5 Ba SFR
05/21/2012 899,000 831,000 217 64th St. 2600 50x117 5 Br/3.5 Ba SFR
05/21/2012 449,000 405,000 303 62nd St. # A 1200 3 Br/2 Ba SFR
05/24/2012 435,000 410,000 302 67th St. 1716 100x100 3 Br/2 Ba SFR
05/25/2012 539,000 534,000 7906 Marina Drive 1884 3 Br/2 Ba SFR
05/25/2012 439,000 405,000 301 72nd St. 1800 3 Br/2 Ba SFR
05/30/2012 749,000 740,000 8325 Marina Drive 1848 85x102 3 Br/2 Ba SFR
05/30/2012 334,900 315,000 604 Ambassador Lane 1256 85x102 2 Br/2 Ba SFR
05/31/2012 549,000 549,000 206 56th St. # A 2456 4 Br/3.5 Ba TH, Short Sale
05/10/2012 3,250,000 3,250,000 103 77th St. # A 13280 Irregular 4 Br/4 Ba Inc.
05/25/2012 219,900 199,000 3010 Gulf Drive 1760 50x105 3 Br/1 Ba Inc.
05/01/2012 759,900 705,000 515 56th St. 1592 127x131x7x117 3 Br/2 Ba Vac.

Source: Manatee County Property Appraiser’s Office


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