The total dollar value of home sales on Anna Maria Island rose 40% to $222.9 million in 2004 compared with $158.9 million in sales in 2003. Total dollar value has risen annually since 2002, when the figure was $126.3 million.

For the first two years of the 21st century, the total value of home sales on AMI was under $100 million, including $91.0 million in 2001 and $98.1 million in 2002. The lower figure for 2001 is likely due to the impact of 9/11 on the purchase of property.

Number of Properties Sold In ‘04 Rose to 401 >From 332 In ‘03

The number of properties sold (including residential, condominium, duplex and triplex, lot and commercial sales) was dramatically higher in 2004, 401 properties, than in 2003, 332 properties. The maximum value of properties also was up, rising from $2.9 million in 2003 to $3.0 million in 2004. The average price of a property sold in 2004 was $555,808 versus $478,488 a year earlier.

For listings sold in 2004, close to half (189) sold in 0-60 days. Breaking down the figures, 126 were on the market for 0-30 days; 63 were on for 31-60 days; 55 were on for 61-90 days; 36 were on for 91-120 days and 121 were listed for 120+ days.

In 2003, 42 properties were on the market for 0-30 days, 26 for 31-60 days, 20 for 61-90 days, 14 for 91-120 days and 54 for 120+ days.

The total value of the 180 single family residences sold in ‘04 rose to $110.8 million in 2004 from $82.5 million for 156 sales in 2003, with the average sale price in ‘04 topping the $600,000 mark ($615,601) versus $529,052 million in ‘03.

Number of condo sales in ‘04 (130) and ‘03 (131) was almost identical but the total dollar value rose to $56.6 million last year versus $50.6 million in ‘03. The average condo sales price in ‘04 was $435,687 versus $386,478 in ‘03.

The duplex and triplex market more than doubled in sales volume in 2004, when 62 units with a total dollar value of $33.1 million were sold (average sale price: $533,548). In 2003, 31 duplexes and triplexes with a total dollar value of just under $16 million (average sale price: $515,713) were sold.

Commercial properties were a hot commodity on Anna Maria Island in 2004, when the ten properties that changed hands had a total dollar value of $13.2 million.. The average commercial property sale price in ‘04 was $1.3 million. In 2003, the seven commercial properties that were sold totaled $6.7 million and had an average sale price of $952,286.

Condo Sales Eroded In Fourth Quarter ‘04

In fourth quarter 2004, property sales were a mixed bag on Anna Maria Island. The condo market took a big hit, with only half (17) as many condos sold in that three month period in ‘04 as in ‘03 (35). As a result, the total dollar value of condo sales was almost cut in half, coming in at $9.6 million for fourth quarter ‘04 versus $18.1 million in the year earlier final quarter. Still, the average condo price in fourth quarter ‘04 escalated to $564,312 from $516,473 in the final quarter of ‘03.

The number of single family residences sold in fourth quarter ‘04 (33) was just under the number that changed hands in fourth quarter ‘03 (37), with the total dollar value rising to $22.98 million in the most recent quarter from $21.1 million in fourth quarter ‘03.

The duplex and triplex market was a mixed bag in 2004. The ten properties sold in fourth quarter ‘04 generated $5.9 million in sales, higher than the $4.3 million total dollar value in fourth quarter ‘03. However, the average sale price was lower in ‘04 ($588,000) than in ‘03 ($612,143), when seven duplexes were sold.

Commercial property sales in fourth quarter ‘04 were lower than in ‘03, with two properties in the most recent quarter bringing in $2.2 million or an average of $1.1 million. A year earlier, two properties fetched $4.5 million or an average of $2.2 million.

December ‘04 Single Family Residence Sales Rose To $9 Million

In December ‘04, the sale of 12 single family residences on Anna Maria Island approached $9 million ($8,584,000), with the average sale price coming in at $697,269. A year earlier, 14 single family residences sold for a total of $7.3 million, with the average sale price $523,829.

Condo sales were another story, with December ‘04 yielding half as many sales and dollars as December ‘03. In December ‘04, the sale of nine condos generated $4.4 million with the average sale price $490,544. In December ‘03, the sale of 18 condos generated $8.7 million, with the average sale price just slightly lower than in the last month of 2004–$485,931.

The market for duplexes was solid in December ‘04, with five listings bringing in $3.0 million in sales; average sale price was $605,400. In December ‘03, the sale of three duplexes generated $2.3 million, with a much higher average sale price–$776,333.

The market for commercial properties was stronger in December ‘03, when two sales generated $4.5 million, than in December ‘04, $2.1 million. Average sale price was $2.2 million in December ‘03 with the one commercial property sold in December ‘04 (201 35th St., Holmes Beach) bringing in $2.1 million

No lots were sold in either December ‘04 or ‘03.

Active Listings Continue Inching Up

Active real estate listings on Anna Maria Island continue to inch up, with a total of 245 properties available at the start of 2005. As noted elsewhere in this newsletter, this is a trend that has continued for the last couple of months.

The list includes 93 single family residences, with the average listing price $985,407.53.

There are also110 condos, with the average listing price $939,935.45.

There are also 31 duplexes on the market, with an average listing price of $812,245.16.

Rounding out the AMI inventory is 11 commercial properties, with an average listing price of $1.3 million, and six active lots, average listing price $498,816.67.

Sales are pending on a total of 67 properties on Anna Maria Island, including 19 single family residences, 41 condos, three duplexes and four commercial properties.

Anna Maria Island Single Family Residences Sold, Dec. 1-31, 2004

112 Pelican Drive, Luana Isles, Anna Maria, 3BR/2BA canal home, private dock, boat access. attached garage + attached carport, drive space, 1,680 sq. ft. Built 1983…$530,000.

112 Hammock Rd., Island Cedars, Anna Maria, 4BR/2BA canal home, dock, attached garage + attached carport, drive space, 2,424 sq. ft. Built 1987…$685,000.

204 Harbor Lane, Sportsmans Harbor, Holmes Beach, 2BR/1BA ranch, attached carport + drive space, 980 sq. ft. Built 1956…$434,000.

215 66th St., West Wind Shores, Holmes Beach, 2BR/2BA, easy walk to beach, attached garage + drive space, 1,114 sq. ft. Built 1977…$435,000.

514 71st St., Bay Palms, Holmes Beach, 2BR/2BA canal home, private dock, sea wall, attached garage, 1,527 sq. ft. Built 1962…$600,000.

113 81st St., Holmes Beach, 2BR/2.5BA, six houses to gulf beach, attached garage + drive space, 1,289 sq. ft. Built 1969…$625,000.

521 Dundee Lane, Key Royale, Holmes Beach, 2BR/2BA, on canal, private dock with lift, seawall, attached garage + drive space, 1.420 sq. ft. Built 1968…$636,000.

627 Dundee Lane, Key Royale, Holmes Beach, 2-3BR/3BA, on canal, boat lift/davit, private dock, attached garage, circle, drive space, 1,687 sq. ft. Built 1968…$800,000.

534 67th St., Bay Palms, Holmes Beach, 3BR/2BA, on canal, pool, dock, boat lift/davit, seawall, 1,922 sq. ft. Built 1971…$860,000.

4005 5th Ave., Casanas, Holmes Beach, 3BR/3BA, heated inground pool, attached garage, attached carport, drive space, 2,200 sq. ft. Built 2003…$879,000.

3700 Gulf Drive, Casanas, Holmes Beach, 3BR/3BA, heated inground pool, attached garage, 2,376 sq. ft. Built 1992…$900,000.

510 58th St., Holmes Beach, 3BR/3BA, inground caged pool, in-law apartment, attached garage + circle parking, on canal, boat house and dock, 1,482 sq. ft. Built 1955…$1.2 million.

Anna Maria Island Condos Sold, Dec. 1-31, 2004

5400 Gulf Drive #20, Holmes Beach, 2BR/1BA, beach access, two pools (one heated), clubhouse, one covered parking space + detached carport, 810 sq. ft. Built 1964…$260,000.

3805 East Bay Drive #305, Sunbow Bay, Holmes Beach, 2BR/2BA, community boat dock, covered parking space + attached garage/guest parking, views of pool and edge of bay. Built 1979…$315,000.

3701 5th Ave. #4, Gulf View Townhouses, Holmes Beach, 2BR/2.5BA, close to beach, furnished, two covered parking spaces + attached carport, 1,244 sq. ft. Built 1987…$395,000.

6250 Holmes Blvd., North Beach Village, Holmes Beach, 3BR/2.5 BA, community pool, attached garage, 1,536 sq. ft. Built 1991…$480,000.

8500 Flotilla Drive #198, Westbay Point & Mooring, Holmes Beach, 2BR/2BA, heated pool/spa/hot tub, tennis/hard surface, bayfront, one carport and guest parking, 985 sq. ft. Built 1979…$460,000.

5200 Gulf Drive #304, Martinique South, Holmes Beach, 2BR/2BA, full gulf view, beach access, heated pool, clubhouse, tennis/hard surface, detached garage, 1,169 sq. ft. Built 1970…$730,000.

5608 Gulf Drive #215, Sun Plaza West, Holmes Beach, 2BR/2BA, full gulf view, beach access, heated pool, sauna, tennis/hard surface, 1,092 sq. ft. Built 1981…$825,000.

1801 Gulf Drive North, Runaway Bay, Bradenton Beach, 2BR/2BA, deeded beach access, heated pool, child play area, shuffleboard, clubhouse, spa/hot tub, exercise room, 1,080 sq. ft. Built 1978…$374,900.

250 North 17th St. #28, Bradenton Beach, 2BR/2BA, fishing pier, deeded beach access, heated pool, spa/hot tub, exercise room, 1,425 sq. ft. Built 2004…$575,000.

Anna Maria Island Duplexes Sold, Dec. 1-31, 2004

2903 Avenue B Ave., Ilexhurst, Holmes Beach, 2BR/2BA + 2BR/2BA, turnkey furnished, short walk to beach, storage shed, private back yard with deck, 744 sq. ft./720 sq. ft. Built 1971…$450,000.

207 75th St., Holmes Beach, 2BR/1BA + 2BR/1BA, screened patios on both units, ample parking, each unit has 796 sq. ft. Built 1968…$487,000.

212 81st St., Holmes Beach, 2BR/1BA (garage) + 2BR/1BA, partly furnished, near beach. Built l987…$520,000.

210 South Harbor Drive, Sportsmans Harbor, Holmes Beach, 3BR/3BA, partly furnished, partial bay view. Built N/A…$550,000.

125 49th St., Holmes Beach, porch/laundry room/kitchen + living room, kitchen, dining room, turnkey furnished, 1,700 sq. ft. each side. Built 1960…$1,020,000.

Anna Maria Island Commercial Property Sold, Dec. 1-31, 2004

201 35th St., Holmes Beach, beach six-plex with heated pool; $2.1 million. See more details of this sale and subsequent condo conversions facilitated by Island Vacation Properties at the end of this newsletter.

THE NOVEMBER REPORT

Real estate sales trends in November ‘04 mirrored those in October ‘04, with inventory increasing to 237 properties from 225 a month earlier.

While the number of single family residences sold in November ‘04 was off from the same month in ‘03, four in 2004 versus nine in 2003, the average price of the properties sold in ‘04 just about doubled over the previous November, $938,750. in November ‘04 versus $476,277.88 last year.

Average price of the three duplexes sold in November ‘04 was $551,000, up from the $380,000 sale price of the one duplex sold in November ‘03.

Interestingly, the average sale price of the four condos sold in November ‘04 was $563,375, off from an average of $614,428. for the seven condos sold in November ‘03. None of the condos sold in November ‘04 went for $1 million or more, while two of the seven condos sold in November ‘03 broke the $1 million mark, including 3708 Gulf Drive #2 for $1,275,000. and 1610 N. Gulf Drive #D, $1.2 million.

The average sale price of the three lots sold in November ‘04 was $781,666.67 while the one lot sold in November ‘03 went for $275,000.

Anna Maria Island Residential Properties Sold Nov. 1-30, 2004

313 Magnolia, Bimini Bay Colony, Anna Maria, 2BR/2BA, elevated Key West, inground heated pool, attached carport plus drive space, 1,344 sq. ft. Built 1985…$565,000.

226 84th St., Holmes Beach, 2BR/2BA, elevated Key West, inground caged pool, private dock, attached carport plus circle parking, 1,186 sq. ft. Built 1986…$540,000.

522 Bayview Drive, Sunrise Park, Holmes Beach, 3BR/2BA, direct bayfront, end of cul-de-sac, walk to beach, separate one car garage, 1,786 sq. ft. Built 1969…$1,050,000.

613 North Point Drive, North Point Harbour, Holmes Beach, 3-4BR/3/1BA, heated inground caged pool, private dock, full bay view, attached garage plus circle parking, 3,939 sq. ft. Built 1989…$1.6 million.

Anna Maria Island Condos Sold, Nov.1-30, 2004

3100 Gulf Drive #6, Holmes Beach, 2BR/2BA, lushly landscaped grounds with large pool, oversized garage, 832 sq. ft. Built 1982…$425,000.

6300 Marina Drive #6B, Holmes Beach, 3BR/2/1 BA, two car attached garage. Built 2004: $599,000.

1801 Gulf Drive N #234, Runaway Bay, Bradenton Beach, 1BR/1BA, lake view, heated pool, clubhouse, exercise, tennis/hard surface, 691 sq. ft. Built 1978…$280,000.

2600 N Gulf Drive #39, Anna Maria Island Club, Bradenton Beach, 2BR/2BA, full gulf view, heated pool, spa/hot tub, attached carport, 1,453 sq. ft. Built 1984…$949,500.

Anna Maria Island Duplexes Sold Nov. 1-30, 2004

763-765 Jacaranda Rd., Anna Maria, Unit A: 2BR/1BA, Unit B: 2BR/2BA, Unit C, non-conforming duplex, room for small pool, deep water dock. Built 1971…$428,000.

618 Gladiolus St., Shore Acres, Anna Maria, 2BR/1BA + 2BR/1BA, close to Rod and Reel Pier. Built 1970…$450,000.

7205 Gulf Drive, West Wind Shores, Holmes Beach, two 70 X 100 lots, duplex on one lot/other lot is vacant, less than a half block to beach with direct beach access, 504 sq. ft. + 673 sq. ft. Built 1970…$775,000.

Anna Maria Island Lots Sold Nov. 1-30, 2004

105 Beach Ave., Gulf View, Anna Maria, 500 feet from beach on Gulf of Mexico side of Gulf Drive, partially treed. $520,000.

204 72nd St., West Wind Shores, Holmes Beach, two 70 X 100 lots, both parcels 1/2 block to beach with direct beach access/duplex on other lot (7205 Gulf Drive). $775,000 (for both parcels).

522 Bayview Drive, Sunrise Park, Holmes Beach, direct bayfront property with open view of Sarasota Bay and canal, 237 feet seawall located at end of cul-de-sac. $1,050,000.

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 November and December 2004.

Island Vacation Properties Active Listings

517 Magnolia Ave., Anna Maria. This 4BR/3BA single family elevated residence has a new pool and 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 2,322 square feet under HVAC. The lot on a quite residential street is 8,625 square feet in size…$875,000. 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.

2310 Gulf Drive, Unit 203, Shell Cove Condominium, Bradenton Beach. Direct beach front 2BR/1BA condo, 651 sq. ft. recently completely refurbished, turn-key furnished, excellent rental…$499,000. Contact Ted Schlegel or Barry Gould at 941-778-6849.

SPECIAL NOTIFICATION:

As a subscriber to AMIPSR you are among the first to hear about new investment opportunities on Anna Maria Island. The following describes two new projects being marketed exclusively by Barry Gould and Ted Schlegel of Island Vacation Properties:

PALM GABLES: THE ISLAND’S NEWEST BEACH FRONT LUXURY CONDOMINIUMS,
3600 4th Avenue, Holmes Beach.

Developer Patrick D. McConnell closed on this property (listed by Island Vacation Properties) last week but all approvals and permits are in place and groundbreaking is schedule for next week. Situated directly of the beach with 222 feet of frontage, this outstanding project named “Palm Gables” is the latest design creation by Emily Ann Smith. Whitehead Construction will be the general contractor. Whitehead has completed several luxury residences on the island such as La Plage, Bridgewalk, Bradenton Beach Club, and La Casa Costiera (the latter two nearly completed), to name a few.

There will be a total of seven luxury units. The central, six unit building is made up of four new units added to an existing two units. There is also an existing three bedroom, ground level beach house which will be completely gutted, expanded and refurbished. All new units will feature the best of the best in terms of luxury amenities. A new heated pool will be installed next to the vast dune system protected by a footbridge to water’s edge.

The full-blown marketing blitz is less than a week away but the buzz has already started. At press time, two units have been sold and one more is under contract. The only negative thing about this property is there are only seven units.

All residences directly face to the Gulf of Mexico. Prices start at $1,550,000. for a three-bedroom two and a half bath unit with 2,184 square feet of air conditioned space and a 211 square foot veranda. Each residence will have secure garage parking.

For a complete presentation contact Barry Gould of Island Vacation Properties, LLC at 941-448-5500. Teammate Ted Schlegel may also be contacted at 941-518-6117.

ANNA MARIA BEACH PLACE CONDOMINIUM.
201 35th Street, Holmes Beach.

Anna Maria Beach Place was purchased through Barry Gould of IVP last month as a very successful, six unit vacation apartment building with outstanding beach views. The new owner, Lyndsay Lewis of Wales, has converted the property to six condominiums and has just listed the units with Island Vacation Properties. Mr. Lewis is also the owner of The Beach House Condominium at 1000 Gulf Drive in Bradenton Beach which is undergoing a complete refurbishment. Phase one at The Beach House is sold out and closings will take place in the next few weeks.

Anna Maria Beach Place Condominiums are made up of two, two-bedroom units and four, one-bedroom units that start at $395,000. These are adorable residences in a very solid structure. The beach view is across 4th Avenue but is expansive. The property is approximately 50 feet to the sand. The neighborhood is very quite and the rental history has been outstanding for many years. The season is booked solid which makes this a great time to purchase.

At press time both two-bedroom units and one, one-bedroom unit were under contract but the remaining three, one-bedroom units are spacious, turn-key furnished and nicely decorated. The classic Mediterranean property features a gulf view and heated pool with beautiful landscaping. Rental management is already in place by IVP meaning there is nothing an investor needs to do but bring the monthly income checks to the bank.

Again, for a complete presentation contact Barry Gould of Island Vacation Properties at 941-448-5500. Teammate Ted Schlegel may also be contacted at 941-518-6117.