The dollar amount of property sales on Anna Maria Island in June 2004 almost doubled (+98%) over the amount generated in 2003, according to research conducted this month by AMIPSR.

Total property sales on AMI in June ‘04 were $27,914,950, an average of $649,194 for the 43 sales that closed. In June 2003, total AMI property sales were $14,132,700 for 29 sales. (The June 2004 figure includes $5,790,000 in commercial sales; no commercial sales are included for June 2003.)

A total of 125 properties, including 54 single family homes, 51 condos and 20 duplexes, were sold on AMI in the second quarter of 2004. The year earlier second quarter saw the sale of 85 properties, including 47 single family homes, 29 condos and nine duplexes.

SINGLE FAMILY HOMES

Within the overall picture, the big story in June real estate transactions on Anna Maria Island was the 21 single family homes that closed, producing a total of $11,775,900 in sales–an average of $560,757.

In contrast, the 16 residences on AMI sold in June 2003 totaled $8,247,800, an average of $515,487, making the year to year dollar increase 19.5%.

A total of 54 residences were sold in this year’s second quarter versus 47 in last year’s second quarter.

Residential sales for the month of June were led by the sale of 408 South Bay Blvd., which brought in $1,125,000. The residence at 317 Iris Street was second, $862,000, followed closely by 528 74th St., $850,000.

CONDOMINIUMS

Condo sales remained buoyant in June. Although fewer condo units were sold–14 versus 19 in May 2004–the total of the 14 sales was $7,448,500–an average of $417,731.25. Condo sales in June 2004 were close to those in May 2004, when 19 condo closings generated $7,390,000 in sales.

Condo sales in June 2004, however, almost doubled (+89%) over sales of similar units in June 2003, when total sales in this category came in at $3,871,900.

A total of 54 condos were sold in the second quarter of 2004, up from 29 in last year’s second quarter.

DUPLEXES

Five duplexes were sold on AMI in June 2004, for a total of $2,899,500–an average of $579,900.

By comparison, sale of three duplexes in June 2003 produced $2,013,000, pushing this year’s duplex sales 45% ahead of June ‘03..

A total of 20 duplexes were sold in the second quarter of 2004, more than doubling the nine sold in the year earlier second quarter.

COMMERCIAL SALES

June 2004 was a big month for commercial sales on the island, led by the sale of the Beach House Resort at 1000 Gulf Drive for $2.6 million. (For more information on the Beach House Resort, see next story.) The three commercial properties that closed in June ‘04 generated $5,790,000 in sales.

BROTHERS WORKING ON SEPARATE ISLAND CONDO PROJECTS

One is new construction; one is a beach front condo renovation.

One is in Holmes Beach; the other is in Bradenton Beach.

One is designed to provide the ultimate in beachfront luxury via new construction; the other aims at improving the interiors of an existing condo structure and providing buyers with units that all but one will sell for under $500,000.

Heavily involved in both projects–La Casa Costiera at 7300 Gulf Drive in Holmes Beach and the Beach House Resort at 1000 Gulf Drive in Bradenton Beach–are two brothers, Bill Greer and Barry Gould. La Casa Costiera LLC, formed by Bill Greer is the developer of the 7300 Gulf Drive property while Barry Gould of Island Vacation Properties is acting as project manager for Beach House Resort owner Lyndsay Lewis. Gould was the agent for Lewis in the sale on June 30 and will be the listing agent for the individual re-sales.

The marketing strategy for the Beach House re-sales will be similar to La Casa Costiera, entering into binding sales contracts prior to the beginning of construction. Greer’s business plan called for only six of the twelve La Casa Costiera units to be on the market for sale. All six direct beach front units went under contract last summer. Buyers of the three bedroom, approximately 2000 square foot units at La Casa Costiera were required to make 20% deposits.

“This attracts speculators who will either resell the units after construction is completed or in some cases never close the sale at all, but rather sell the contract,” Gould noted, adding that “a significant number of pre-sales contracts in condo properties all over the island are bought by this brand of speculator.”

In comparison, the developer of the 11 unit, direct beach front condominium project, La Plage, waited until construction was completed to start selling. The upside was three sales have been completed and one sold for $1,700,000. The other two sold for $1,650,000 and $1,575,000. These sales are currently holding the first, second and third positions as the highest priced condo sales on the island. The downside is the other seven are still on the market after six months. Mike Norman Realty is the sales agency for La Plage.

“Selling to speculators goes against the grain of some developers,” Gould said, noting that “others make money on their projects.” Another condominium project, Bradenton Beach Club sold all remaining units to a single speculator after the first round of sales of the most desirable units. Now 16 units are coming back on the market as re-sales through Skipper and Associates.

Interestingly, the most desirable unit at La Casa Costiera, (3BR/2.5BA, Unit #5) went under contract for $1.500,000 and is now on the market again for $1,740,000. If a buyer came forward, the existing contract holder would assign the sales contract to the new buyer. The original 20% deposit of $300,000 would be paid back to the original buyer plus the extra premium amount of $240,000. When construction is completed in April 2005 the new contract holder would have to come up with the $1,200,000. This makes the total transaction price $1,740,000 which, by the way, is not such a bad deal.

“If current trends continue, units at La Casa Costiera that went under contract in the summer of 2003 for $1.5 million will be valued at close to $2.0 million when construction is completed in April 2005. That could pave the way for the first $2.0 million condo sale on Anna Maria Island,” Gould noted.

Alan Galletto of Island Real Estate is the listing agent for Unit #5 as he has handled the sales of other units at La Casa Costiera. Interested parties may also get additional information from Barry Gould (941-778-3314)

In addition to having Island Real Estate on his team, Greer is working with Eatman & Smith, Architecture and Emily Anne Smith, designer; Brent Whitehead of Whitehead Construction, Inc., contractor; Jeffrey L. Hostetler of Banks Engineering; David K. Deltrich Dye of Deltrich, Prather & St. Paul, attorneys; and S. Kristopher Kral, VP of Colonial Bank, financing.

Units at the Beach House Resort were quickly reserved as well, with all but one spoken for in a matter of hours. Final sales contracts were pending at press time. Following the success of La Casa Costiera, buyers will be required to pay 20% of the sales price to make the contracts binding. As mentioned, nine of the ten units at the Beach House Resort are approximately 500 square foot, one bedroom units. They range in price from $425,000. to $445,000. The one large 1900 square foot unit is reserved for the amount of $1,295,000.

While Lewis plans to keep the structure and form of the Beach House Resort the same, units will be gutted and remodeled; all will have new plumbing, sheetrock, electrical, kitchens and baths. The exterior of the Beach House also will be upgraded and new landscaping and (hopefully) a pool will provide guests with additional amenities. Work is expected to be completed by the end of the year. Financing was provided by Sun Trust Bank and DRS Construction has been named the general contractor with John Benson as architect.

Built in 1973, the Beach House Resort has 125 feet of beach frontage. The building which houses the resort is 6,400 square feet.

For information on the Beach House Resort contact Barry Gould of Island Vacation Properties (941-778-3314).

Island Single Family Residences Sold June 1-30, 2004

143 Crescent Drive, Lake La Vista, Anna Maria, 2BR/2BA, boat access, attached garage. Built 1974…$395,000.

239 Gladiolus St., Luana Isles, Anna Maria, 3BR/2BA, boat access (canal), private dock, attached garage. Built 1982…$480,000.

302 Spring Ave., Anna Maria Beach subdivision, Anna Maria, 3BR/2BA, two blocks to beach, no covered parking. Built 1956…$517,000.

720 Jacaranda, Luana Isles, Anna Maria, 2 BR/3BA, private dock, on canal, attached garage. Built 1970…$599,000.

83 North Shore Drive, Anna Maria Beach subdivision, Anna Maria, 4BR/2.5BA, pool, spa/hot tub, two car attached garage. Built 2001…$615,000.

228 Periwinkle Plaza, Laguna Marina subdivision, Anna Maria, 2BR/2BA, on canal, dock. Built 1987…$625,000.

301 South Bay Blvd., Wells Bay Harbor, 3BR/3BA, full bay and city pier view, attached carport. Built 1976…$630,000.

317 Iris Street, Luana Isles, Anna Maria, 3BR/3BA, heated inground pool, spa/hot tub, water view, direct access to private dock. Built 1966…$862,000.

408 South Bay Blvd., Wells Bay Harbor, Anna Maria, 2-3BR/2BA, full bay view, attached garage. Built 1981…$1,125,000.

6919 Holmes Blvd., Clark Spring Lake, Holmes Beach, 2BR/1.5BA, lake/lagoon, private dock, attached garage. Built 1982…$305,000.

5804 Imperiore Ave., Neptunes Gardens, Holmes Beach, 2BR/2BA, no covered parking. Built 1969…$323,000.

204 78th St., Bay Palms, Holmes Beach, 3BR/3BA, mother-in-law suite with gallery kitchen plus full bath, no covered parking. Built 1955…$442,000.

504 69th St., Bay Palms, Holmes Beach, 3BR/2BA, private dock, water view, attached garage. Built 1968…$490,000.

412 Bay Palms Drive, Bay Palms, Holmes Beach, 4BR/3BA, heated inground pool, spa/hot tub,, attached garage. Built 1966…$460,000.

610 Foxworth Lane, Key Royale, Holmes Beach, 3BR/2BA, on deepwater canal, private dock, attached garage. Built 1970…$625,000.
535 67th St., Bay Palms, Holmes Beach, 3BR/2BA, heated pool, on canal, private dock, attached garage. Built 1973…$675,000.
528 74th St., Bay Palms, Holmes Beach, 3BR/2BA, heated pool, on canal, private dock, attached garage. Built 1973…$675,000.

106 North 3rd St., Azure Shores, Bradenton Beach, 2-3BR/2BA, steps from gulf, partial gulf view, attached garage. Built 1946…$315,000.

2107 Avenue C, Ilexhurst, Bradenton Beach, 3BR/2BA, across from beach, no covered parking. Built 1945…$372,000.

2202 Avenue B, Ilexhurst, Bradenton Beach, 3BR/2BA, across from beach. 6-7BR/4BA, partial gulf view, steps to beach, attached carport + attached garage. Built 1968…$535,000.

2501 Avenue B, Ilexhurst, Bradenton Beach, 3BR/2BA + loft for additional bedroom or office, full bay view, attached garage. Built 1990…$535,000.

Island Condos Sold June 1-30, 2004

522 Pine Ave. C5, Anna Maria, 2BR/1BA, on bayou, full bay view. Built 1973…$275,900.

3705 East Bay Drive #213, Sunbow Bay, Holmes Beach, 2BR/2BA, heated pool, community boat dock, no covered parking. Built 1980…$255,000.

3400 6th Ave. #5 (Fountainhead II), Holmes Beach, 2BR/2BA townhouse in eight-unit complex, heated pool, attached carport. Built 1982…$257,000.

3805 East Bay Drive #305, Sunbow Bay, Holmes Beach, 2BR/2BA, attached garage, heated pool, community boat dock. Built 1980…$264,650. (Sold by Island Vacation Properties)

3705 East Bay Drive #114 Sunbow Bay, Holmes Beach, 2BR/2BA, attached garage, heated pool, community boat dock. Built 1979…$265,000. (Sold by Island Vacation Properties)

5200 Gulf Drive, #307, Martinique South, Holmes Beach, 1BR/1BA, partial gulf view, covered parking in detached carport, heated pool. Built 1970…$400,000.

5608 Gulf Drive #201, Sun Plaza West, Holmes Beach, 2BR/2BA, pool club view, heated pool, attached carport. Built 1981…$395,000.

5608 Gulf Drive, #215, Sun Plaza West, Holmes Beach, 2BR/2BA, full gulf view, heated pool, attached carport. Built 1981…$695,000.

5808 Gulf Drive 110N, Waters Edge, Holmes Beach, 2BR/2BA, full gulf view, heated pool, attached carport. Built 1975…$712,000.

6411 Gulf Drive #11, Holmes Beach, 3BR/2.5BA, full gulf view, pool, spa/hot tub, attached two car garage. Built 2003…$1,700,000.

1301 North Bay Drive 7B, Baywatch, Bradenton Beach, 2BR/2BA, pool club view, pool, community boat dock, fishing pier, attached carport. Built 1982…$310,000.

1469 North Gulf Drive #20, Bermuda Bay Club, Bradenton Beach, 2BR/2.5BA, heated pool, spa/hot tub, partial bay + partial gulf view, attached garage. Built 1999…$495,000.

1407 South Gulf Drive #207, Coquina Moorings, Bradenton Beach, 2BR/2BA, heated pool, dock, fishing pier, full bay + full gulf view, covered parking. Built 1982…$690,000.

2106 North Gulf Drive B, Bradenton Beach, 2BR/2BA. partial bay + full gulf view, attached carport. Built 1998…$735,000.

Island Duplexes Sold June 1-30, 2004

309A 66th St., Holmes Beach, 3BR/2.5BA villa style unit, 1/2 duplex, no pool, close to beach, 1,536 sq. ft. Built 1990…$477,000.

3210 6th Ave., Holmes Beach, 2BR/2BA + 2BR/2BA, no pool, partial gulf view, Built 1987…$560,000.

515 42nd St., Holmes Beach, 3BR/3BA + 3BR/3BA, pool, one block to beach, lot. Built 2000…$1,100,000.

2516 Avenue B, Bradenton Beach, 2BR/1BA + 2BR/1BA, no pool, short walk to beach. Built 1981…$372,500.
102 North 4th St., Bradenton Beach, 2BR/1BA + 1BR/1BA, no pool, 200 foot walk to sandy beach. Built 1945…$390,000. (Sold by Island Vacation Properties)

Island Commercial Sales, June 1-30, 2004
1000 Gulf Drive, Bradenton Beach, Beach House Resort, 10 unit resort, direct gulf front, no pool, spa. Built 1973…$2,600,000. (Sold by Island Vacation Properties)

877 North Shore Drive, Rod and Reel Motel, 11 unit property (10 rental units plus 2BR/1BA manager apt.), views of Skyway bridge plus Bird Key Egg Month Key and gulf, no pool, Built: 1952…$2,200,000.

111 36th St., Holmes Beach, The Summer House, four separate living units with complete kitchens, owners’ quarters has 3BR/1BA, spa, no pool, 100 yards from gulf beach. Built 1937…$990,000. (Sold by Island Vacation Properties)

Anna Maria Island Properties Currently For Sale

84 Single Family Homes

66 Condominiums

22 Duplexes

Island Vacation Properties Active Listings (as of June 1, 2004)

101 S 7th St., Bradenton Beach, 2BR/2BA-2BR/1BA duplex, full gulf view, two car garage, $795,000. (Ted Schlegel)

202 Lakeview Drive, Anna Maria, 2BR/2BA, two car garage (room for four cars), on canal, corner lot, $612,000. (Mel Neely)

3003 Avenue C, Bradenton Beach, 2-3BR/2BA, completely renovated, dead end street, 1.5 blocks from beach, one car garage, bonus storage room, closed-in sun room, $425,000. (Mel Neely)

2907 Avenue B, Bradenton Beach, 3BR/2BA, dead end street, elevated home overlooking nature preserves, bay view possible with top story addition, $375,000. (Mel Neely)

2801 Gulf Drive, Bradenton Beach, 3BR/2BA, partial gulf view, corner lot, two car attached garage, heated in-ground pool, $699,000. (Ed Kirn)

1000 Gulf Drive, Bradenton Beach. The Beach House Condominiums. Nine, 500 square foot, one bedroom units will be completely renovated by the end of the year. Direct beach front with unobstructed views of the gulf. $425,000 to $445,000. NOTE: Reservation agreements are in place for most of the units but some may not convert to binding sales contracts so back up offers are recommended. (Barry Gould)

1000 Gulf Drive, Bradenton Beach. The Beach House Condominiums. One, 1900 square foot, four bedroom unit will be completely renovated by the end of the year. Direct beach front with unobstructed views of the gulf. $1,275,000. NOTE: A reservation agreement is in place for this units but may not convert to a binding sales contract so a back up offer is recommended. (Barry Gould)

Island Vacation Properties Pending Sales (as of June 1, 2004)

100, 102, 104, 106,108 36th St., Holmes Beach. Five home beachfront compound: two 3BR/2BA duplexes; two 2BR/1BA cottages plus 3BR/2BA ground level beach house. Heated pool, 33,000 sq. ft. lot. List price: $4,600,000. (Barry Gould)

516 58th St., Holmes Beach, 3BR/2BA, completely refurbished, two car garage, pool, on canal, $649,000. (Ted Schlegel)

3100 Gulf Drive Unit 2, The Terrace Condominium, Holmes Beach, 2BR/2BA, one car garage, community heated pool.. List price: $355,000. (Tom Caron)

502 77th St., Holmes Beach, 3BR/3BA + den, on canal, heated pool. List price: $1,099,000. (Ted Schlegel)