The Anna Maria Island Sun Newspaper

Vol. 13 No. 52 - October 23, 2013

REAL ESTATE

Value of waterfront property remains high

 

According to the U.S. Geological Survey, 70 percent of the Earth’s surface is water, most of which is ocean water. The high percentage of water on our planet does not, however, mean that we have a lot of waterfront land to build on, just the opposite; waterfront land is scarce, which is why there is always a premium to live on the water.

According to Knight Frank, a global independent real estate consulting firm, luxury vacation homes built on the water cost 63 percent more on average than similar properties that are landlocked.

Knight Frank determined this by analyzing 10 waterfront home markets worldwide and coming up with an average of 63 percent.

Two of the markets were in the United States, one in Miami where the average premium for waterfront property was 60 percent and the Hamptons in New York where the average premium was 30 percent. Even though some of the other real estate markets analyzed are not relevant to Florida, it’s fun just to see what the premiums are; Lake Como, Italy, 100 percent; Central Algarve, Portugal, 75 percent; Barbados, 100 percent; and Phuket, Thailand, 89 percent.

Waterfront land is generally more expensive to develop which also adds to the overall value but the real reason for paying a premium for waterfront property is the exclusive nature of the property. Usually waterfront not only provides privacy but also has a certain amount of prestige associated with ownership. Naturally the premium is affected by how unobstructed and spectacular the waterfront views are.

Anna Maria Island obviously has a lot of waterfront and water view properties some with spectacular views and many with really nice views. According to a search on realtor.com, Anna Maria city has 19 either waterfront or water view properties for sale ranging from $3,299,000 to $634,900. Holmes Beach and Bradenton Beach have a combined total of 105 waterfront or water view properties listed for sale ranging from $3,475,000 to $129,900. These properties include single family houses, duplexes, condos and vacation condos and are either beach front, canal or lake properties.

Keep in mind that the definition of waterfront and water view is very subjective and varies from property to property. A condo with a view of the Gulf from a side balcony is still considered water view and a single family home at the end of a canal is considered waterfront. When I lived in a waterfront community in New York there was a popular phrase used when attempting to enhance a water view by listing the property as having a “winter water view” meaning when the leaves were on the trees in the spring and summer there was none.

Nevertheless any kind of water view has value and there is no doubt that Anna Maria has some of the best waterfront and water view properties in all of Florida which certainly explains the escalation of our market in recent months. Waterfront and water view properties are a secure investment; there are only so many properties available and even less vacant land. If you can afford it or if you can stretch your buying power just a little, buying waterfront or water view is always a good decision.

Water is plentiful but waterfront property is not and it will cost you because of the basic principal of supply and demand. The old maxim that the three secrets to real estate are “location, location, location” was never truer then when talking about waterfront living, it is typically the best location available.

Real Estate Transactions

Sponsored by Alan Galletto Island Real Estate

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

Anna Maria

08/07/2013 699,000 680,000 159 Crescent Dr 2567 50x119 4 Br/3 Ba SFR
08/08/2013 1,150,000 1,011,750 207 S Bay Blvd 2008 50x200 3 Br/3 Ba SFR
08/15/2013 699,000 641,500 213 Spring Ave 2256 78x145 3 Br/2 Ba SFR
08/30/2013 1,089,000 895,000 306 Spring Ave 2300 52x145 5 Br/4.5 Ba SFR
08/14/2013 225,000 175,000 204 Palmetto Avenue 3250 110x104 Com
08/02/2013 445,000 440,000 760 Jacaranda Rd 1857 50x105 Inc

Bradenton Beach

08/01/2013 149,900 127,000 117 7th N St # 15 594 1 Br/1 Ba Condo
08/15/2013 399,900 385,000 112 4th S St # 2 1902 2 Br/2.5 Ba Condo
08/22/2013 279,900 280,000 1800 Gulf N Dr # 101 1030 2 Br/1.5, Ba Condo, Bank owned
08/01/2013 284,000 250,000 1301 Bay N Dr # 3b 1079 2 Br/2 Ba Condo

Cortez

08/09/2013 400,000 369,000 4023 Osprey Harbour Lp. 1912 50x138 2 Br/2 Ba SFR
08/28/2013 889,000 860,000 12413 Baypointe Ter 3198 3 Br/ 2.5 Ba. SFR
08/19/2013 599,000 570,000 3920 Mariners Way # 311c 2227 3 Br/2 Ba Condo
08/08/2013 359,000 345,000 4104 128th W St # 702 Cortez 1834 2 Br/2 Ba Condo
08/13/2013 50,000 50,000 4106 Osprey Harbour Loop 81x137x77x115 Vac

Holmes Beach

08/01/2013 395,000 375,000 7504 Palm Drive # A & B 1864 3 Br/2 Ba SFR
08/05/2013 859,000 824,900 622 Gladstone Ln 3081 4 Br/3 Ba SFR
08/05/2013 2,600,000 2,317,500 102 48th St 3216 100x210 6 Br/5.2 Ba SFR
08/09/2013 600,000 525,000 209 54th St 1317 120x141 2 Br/2 Ba SFR
08/13/2013 545,000 527,350 622 Foxworth Ln 1973 3 Br/2 Ba SFR
08/15/2013 965,000 916,000 605 North Point Drive 3900 4 Br/ 4 Ba SFR
08/16/2013 649,000 615,000 207 73rd St 1600 76x105 3 Br/2 Ba SFR
08/23/2013 1,249,000 1,100,000 3103 Avenue F 2580 100x100 5 Br/3 Ba SFR
08/27/2013 779,000 724,000 519 74th St 1879 100x110 3 Br/3 Ba SFR
08/28/2013 720,000 720,000 212 77th St 2800 5 Br/4 Ba SFR
08/29/2013 285,000 280,000 460 63rd St 1047 2 Br/1 Ba SFR
08/29/2013 549,000 515,000 531 67th St 1850 80x112 3 Br/3 Ba SFR
08/30/2013 569,000 550,000 316 63rd St # B HB 2001 3 Br/2.5 Ba SFR
08/30/2013 699,000 657,660 216 69th St 2320 4 Br/4 Ba SFR
08/30/2013 379,000 340,000 310 58th St 1116 2 Br/1.5 Ba SFR
08/30/2013 795,000 762,500 208 66th St # A 1500 3 Br/3 Ba SFR
08/12/2013 400,000 376,000 6250 Holmes Blvd # 21 1536 3 Br/ 2.5 Ba. Condo
08/12/2013 359,000 319,000 600 Manatee Ave # 218 1179 2 Br/2 Ba Condo
08/28/2013 284,500 270,000 709 Manatee Ave # 709 1179 2 Br/2 Ba Condo
08/30/2013 375,000 357,000 6250 Holmes Blvd # 39 1536 2 Br/2.5 Ba Townhouse
08/13/2013 280,000 302,000 4505 Gulf Dr # A 1500 50x100 Inc, Bank owned
08/23/2013 539,000 485,000 230 S Harbor Dr 59x109 Vac

Source: Manatee County Property Appraiser’s Office


AMISUN ~ The Island's Award-Winning Newspaper