The number of single family residences sold on Anna Maria Island in October 2004 was virtually the same as in the same month in 2003, 13 vs. 14 a year ago. All other categories, however, were down dramatically in number of sales, including condos, down to two versus ten in October 2003; duplexes and triplexes, one this October versus three in October 2003; lots, none this October versus one in October ‘03. There were no commercial sales in either October ‘03 on October ‘04.

The inventory of properties available on Anna Maria Island continues to increase, from 200 at the beginning of October to 220 by the end of the first week of November ‘04. Currently, there are 101 condos listed for sale, along with 83 single family residences, 27 duplexes and nine commercial properties. (We are including lots for the first time this month, which brings the actual total to 225 properties on the market.)

Interestingly, the rest of Manatee County is experiencing the opposite situation in terms of supply and demand. The inventory of available homes is down dramatically. There are so many buyers and so few properties, sellers are using a buyer lottery system. The shortage of new homes on the mainland is due in part to the shortage of available trained labor. Many carpenters, electricians, plumbers, etc. have left the area temporarily to help in hurricane damaged areas. Material shortages are also a growing problem made much worse by the more pressing need in damaged areas.

On the island, total single family residential sales volume in October 2004 was 5% ahead of the same month in 2003, $8,893,500 this year versus $8,469,900 in October ‘03.

While sales, obviously impacted by the hurricanes of August and September ‘04, are off in number, the cost of buying on Anna Maria Island continues to escalate. For example, of the 83 single family residences on the market at the end of the first week in November ‘04, 27 are priced at over $1 million with six of the 83 over $2 million. The average listing price of the 83 single family residences on the market is just over $1 million ($1,004,119.28, or $500.86 per square foot).

The average cost of buying a condo on Anna Maria Island in October ‘04 was $559,950, up 11.3% from the $502,880 average sale price in October ‘03.

Currently, 101 condos are for sale on Anna Maria Island in addition to the 83 single family residences. Average listing price here is approaching $1 million as well, currently at $935,091.09 or $562.74 per square foot. Thirty seven of the 101 condos (37%) are priced at $1 million or higher, with one on the market for $2 million (2510 Gulf Drive #108, Bradenton Beach). Half of the 37 condos priced at over $1 million are actually on the market for $1.5 million or more.

One duplex sold on Anna Maria Island in October ‘04 versus three duplexes in October ‘03. This year’s sale price was $450,000; last October’s three sales averaged $525,333.33.

For the nine active commercial listings, average listing price is $1,326,333.33 or $546.51 per square foot. No commercial properties were sold in October ‘03.

With five active building lot listings, average listing price is $890,999.80.

There have been a few instances of hurricane-spooked island property owners deciding to sell their property earlier than planned or cashing out because of fear of a drop off in rental occupancy due to public perception of Florida as a wrecked state. Experts agree this will not be a trend. Bargain hunters are flocking to the area hoping this will be the case and grab a great deal while owners are still worrying.

Sarasota-Bradenton Housing Market Up As Well

High ticket property prices are not unique to Anna Maria Island: the Sarasota-Bradenton market is also hot. The Florida Association of Realtors reported that the median price of homes is up 34.6% to date in 2004. The median price for a single family residence in Sarasota-Bradenton for the first three quarters of 2004 was $241,744.

In comparison, the average sale price for 144 single family residences sold on Anna Maria Island in the first nine months of 2004 was $599,718. A year earlier, 119 single family residences sold on Anna Maria Island from January through September had an average sale price of $516,320.

The Tax Man Cometh!

Property tax bills arrived recently as you all are painfully aware. There was a loud revolt last month, especially from island business owners. They organized together and made their point very clear to the county and the state. It seems the county establishes property value based on the “highest and best use” of a property. So a beach front motel was valued as if it was a new condominium complex.

The group complained that island officials have always balked at condo conversions but the taxation method governed by state statutes is forcing the business owners to sell to developers or go belly up. It became evident the statutes were not going to be changed any time soon. The current idea is to secede from Manatee County and form Anna Maria County to take control of the process. This is obviously a radical idea but it would create an opportunity to consolidate most public services like police departments, parks and beautification departments, building departments and zoning/code enforcement departments, which would save island taxpayers a lot of money. The current Manatee County-owned public parks and beaches could be owned and controlled by the new county.

The bottom line? It will never happen…it makes too much sense! Stay tuned!

The Condominium Project “Palm Gables” Gets Unanimous Holmes Beach City Approval.

What is currently a five-home compound on the beach at 36th Street which was originally listed for sale last winter through Barry Gould of Island Vacation Properties for $4,600,000. went under contract last summer. The new owner, Patrick D. McConnell of Holmes Beach has received all the required approvals and will start construction in January. Two of the five homes will be moved to make way for four brand new three bedroom condos attached to an existing duplex with three bedrooms each. The ground level beach house will be completely remodeled. The end result will be a beautiful new seven unit beach front complex with new pool and garage parking. Emily Ann Smith did the design and Whitehead Construction will be the general contractor. For more information call Barry Gould at 941-778-3314.

Anna Maria Island Residential Properties Sold Oct. 1-Nov. 1, 2004

507 Spring Ave., Anna Maria, 2BR/2BA, elevated Key West-style, attached garage + drive space, 1,064 sq. ft. Built 1986…$513,000.

202 Lakeview, Lake La Vista, Anna Maria, 2BR/3BA Key West-style, attached garage + drive space, private dock, water view, 1,200 sq. ft./tax roll. Built 1979…$527,000.

909 North Shore Drive, Shore Acres, Anna Maria, 2BR/2BA, ranch, attached garage + drive space, full bay view, 1,388 sq. ft./tax roll. Built 1959…$1,100,000.

413 63rd St., Seaside Gardens, Holmes Beach, 2BR/2BA, attached garage + drive space, 900 sq. ft./tax roll. Built 1972…$210,000.

232 85th St., Holmes Beach, 3BR/2BA, attached garage + drive space, 1,326 sq. ft./tax roll (1774 sq. ft. under roof). Built 1955…$475,000.

409 Bay Palms Drive, Bay Palms, Holmes Beach, 3BR/2BA, no bridge, private dock, 1,960 sq. ft. Built 1966…$500,000.

3610 Gulf Drive, Casanas, Holmes Beach, 3BR/2BA, elevated, gulf side of road, attached garage, gulf side of road, 1,150 sq. ft. Built 1998…$500,000.

516 56th St., Holmes Beach, 2-3BR/2BAS, solar heated fiberglass pool, attached garage, private dock, canal view, 1,703 sq. ft./tax roll. Built 1976…$550,000.

4909 Gulf Drive, Holmes Beach, 4BR/2/1BA, attached garage + drive space, full bay view, 1,900 sq. ft./tax roll. Built 1985…$665,000.

502 74th St., Holmes Beach, 3BR/2B A, attached garage + circle parking, dock, canal view, 1,744 sq. ft./tax roll. Built 1959…$855,000.

3104 Avenue F, Ilexhurst, Holmes Beach, 3BR/2BA, attached garage + drive space, direct gulf front with full gulf view, 2,000 sq. ft./owner provided. Built 2004…$1,735,000.

402 20th N. Pl., Bradenton Beach, 2BR/2BA, elevated contemporary, attached carport + drive space, canal, boat access partial bay view, 1,138 sq. ft. Built 1988…$533,500.

2412 Avenue A, Ilexhurst, Bradenton Beach, 2-3BR/2BA, attached carport, deeded beach access, full bay view, 2,297 sq. ft. Built 1976…$700,000.

Condos Sold Oct. 1-Nov. 1, 2004

1801 North Gulf Drive #155, Runaway Bay, Bradenton Beach, 2BR/2BA, no covered parking, amenities include spa/hot tub, heated pool, exercise room, clubhouse, 1,080 sq. ft./tax roll. Built 1978…$369,900.

1906 Gulf Drive #106, Bradenton Beach, 2BR/2BA, direct beachfront end unit, full gulf view, amenities include heated pool, 1,072 sq. ft./tax roll. Built 1985…$750,000.

Duplexes and Triplexes Sold Oct. 1-Nov. 1, 2004<br>
704 Gladiolus St., Shore Acres, Anna Maria, 1BR/1BA (500 sq. ft.) + 2BR/1/1BA, (900 sq. ft.). Built 1952…$450,000.

Lots Sold Oct. 1-Nov. 1, 2004

749 North Shore Drive, Shore Acres, Anna Maria, $885,000.

Anna Maria Island Property Sales Report is published in cooperation with Island Vacation Properties, LLC, 3001 Gulf Drive, Holmes Beach. The following represents the property sales activity of IVP in October 2004.

Island Vacation Properties Sales Listings Under Contract

2201 Gulf Drive, Bradenton Beach, Commercial Sale, Sunset Beach Motel, 13 guest rooms and 4 bedroom house, 20×40 heated pool. Great open gulf view. 21000 sq. ft. lot plus small beach front lot. Built 1968. $3,500,000. (Barry Gould)

3805 East Bay Drive #305, Sunbow Bay, Holmes Beach, 2BR/2BA, turnkey furnished, heated pool, community boat dock, attached garage. Built 1979…$330,000. (Mel Neely)

2801 Gulf Drive, Bradenton Beach, 3BR/2BA, partial gulf view, corner lot, two car attached garage, heated in-ground pool, $659,000. (Ed Kirn)

2918 Avenue C, Holmes Beach. 2BR/2BA elevated home, double carport, room for pool. 1196 SF. Built 1993. $459,000. (Mel Neely)

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)

201 35th St., Anna Maria Beach Place, Holmes Beach. Beach view six-plex with total of 10 bedrooms and seven baths. Heated pool. List price: $2,200,000. (Barry Gould)

1000 Gulf Drive, Unit 4, Beach House Resort Condominiums, Bradenton Beach. 1BR/1BA 500 sq. ft. unit, direct beachfront with unobstructed views of the gulf, $425,000. (Barry Gould/Ted Schlegel)

1000 Gulf Drive, Unit 5, Beach House Resort Condominiums, Bradenton Beach. Direct beachfront, 500 sq. ft., 1BR/1BA. Complete renovation will be finished by end of 2004. $425,000. (Barry Gould/Ted Schlegel)

1000 Gulf Drive, Unit 6, Beach House Resort Condominiums, Bradenton Beach. Direct beachfront, 500 sq. ft. 1BR/1BA. Complete renovation will be finished by end of 2004. $445,000. (Barry Gould/Ted Schlegel)

1000 Gulf Drive, Unit 7, Beach House Resort Condominiums, Bradenton Beach. Direct beachfront, 500 sq. ft. 1BR./1BA. Complete renovation will be finished by end of 2004. $435,000. (Barry Gould/Ted Schlegel)

1000 Gulf Drive, Unit 8, Beach House Resort Condominiums, Bradenton Beach. Direct beachfront, 500 sq. ft., 1BR/1BA. Complete renovation will be finished by end of 2004. $425,000. (Barry Gould/Ted Schlegel)

1000 Gulf Drive, Unit 9, Beach House Resort Condominiums, Bradenton Beach. Direct beachfront, 500 sq. ft., 1BR/1BA. Complete renovation will be finished by end of 2004. $445,000. (Barry Gould/Ted Schlegel)

Note: Units #1, #2 and #3 at the Beach House Resort are reserved pending building permit approvals.

Island Vacation Properties Active Listings, September 2004

517 Magnolia Ave., Anna Maria. This 4BR/3BA single family, elevated residence has a new pool, bay views from all decks. There is a two-car garage and lots of storage. It is located on a deep canal with no bridges to Tampa Bay. There is a boat dock with a 12000 pound boat lift. The master suite on the top floor has a private deck with bay view. This has been a successful rental with reliable income and comes turn-key furnished. The home has 2322 square feet under HVAC. The lot on a quite residential street is 8625 square feet in size…$875,000. Contact Ted Schlegel or Barry Gould at 941-778-6849.

3816 W 59th Ave #4120, Bradenton. 2BR/2BA turn-key furnished condo, common tennis court, fireplace, 912 sq. ft., heated common pool. Walking distance to shopping, college, and the Bollettieri Tennis complex. This would also be a great annual rental for the never-ending attendees to Bollettieri. Built 1984. $135,000. There is very little available at this price. Contact Ted Schlegel or Barry Gould at 941-778-6849.

1000 Gulf Drive, Unit 10, Beach House Resort Condominiums, Bradenton Beach. 3BR/3BA 2000+ sq. ft. unit, direct beachfront with unobstructed views of the gulf, $1,500,000. Final design pending regulatory approvals. Subject to change. Contact Ted Schlegel or Barry Gould at 941-778-6849.

NOTE: Several nice gulf front and gulf view condos for under $500,000. will be coming available soon. Call Island Vacation Properties at 941-778-6849 for details.