Anna Maria Island Property Sales Report January 2006
This is the issue of AMIPSR we’ve all been waiting for…the year in review edition.
The bottom line?
Total gross sales of Anna Maria Island properties were up 46% in 2005 compared to 2004.
The average price paid for island properties was up 28.2% over 2004.
The total number of properties sold on the island in 2005 were up 14% from 2004.
(Some private sales were not included in these figures).
These number are outstanding and encouraging but do they accurately illustrate the market conditions today? NO!
Hurricanes, red tide, beach renourishment and general “doom and gloom” stories in the press caused the sales activity to slow to a crawl as the year ended. Was this just a bump in the road or are we entering into an extended downturn?
A year ago most everyone thought the red-hot market could not go on forever and they were right. Reputable analysts feel we are slowing to a normal real estate market, a market that will put buyers and sellers on a more level playing field.
Those involved in the real estate business are watching for three main indicators that would show reasons for concern:
1. Rapid increases in properties coming on the market. We are definitely seeing this in Manatee County with nearly triple the listings from a year ago. Anna Maria Island, however has only increased 76% from the end of 2004, hardly a reason to panic but something to watch closely.
2. Significant price reductions of exist properties on the market. Of the 431 active listings on the multiple listing service as of Jan. 1, 2006, only 11 had dropped their asking price and five others actually increased their asking price.
3. A dramatic drop in the number of sales. If December 2005 was an example we could have reason to worry. Only 11 properties changed hands in December compared to 23 in December, 2004. However, the closings in the first week of January have already matched the 11 in all of December, so we are off to a good start in the new year.
No one will argue that Anna Maria Island’s appeal is still very strong and there is going to be a major increase in population and second home purchases as the baby boomers start thinking about retiring to paradise.
Yes. Everyone agrees the market is entering into a period of adjustment and there are those who will be hurt financially if they made bad purchase decisions initially.
It is definitely a positive for buyers when there is so much to choose from. When there is hundreds more properties on the market it is more likely to find real bargains. There will always be buyers for reasonably priced properties.
Another positive indicator is the fact that the interest rates on 30-year mortgages fell for the sixth straight week as of the release of this issue. Investors seem to be less concerned about inflation threats.
Freddie Mac said their 30-year fixed rate mortgages dropped to 6.10 percent, down from 6.15 percent the previous week. This is the lowest the 30-year FRM has been since the week ending October 20, 2005 when it averaged 6.10 percent. The same mortgages ended the year at 6.5 percent.
The average for the 15-year FRM this week is 5.67 percent, with an average 0.5 point, down from last week’s average of 5.71 percent. A year ago, the 15-year FRM averaged 5.15 percent. This is the lowest the 15-year FRM has been since the week ending October 20, 2005 when it averaged 5.65 percent.
“Over the last six weeks, long-term mortgage rates have dropped nearly a quarter of a percent in the face of little or no inflationary pressures,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Our outlook for the housing industry continues to be that mortgage rates will remain affordable for the rest of the year at least, keeping the industry alive and well into the foreseeable future.”
Nothaft expected rates to rise gradually though the year with the 30-year mortgage ending 2006 around 6.5 percent the same level as the end of 2005. A year ago 30-year mortgages averaged 5.76 percent.
AND NOW…THE REST OF THE STORYThe total value of properties sold on Anna Maria Island in 2005 rose to $326.5 million from $222.9 million in 2004 and $158.9 million in 2003.
The total value of the single family residences sold in 2005 was $144,375,880., up from $110.8 million a year earlier and $82.5 million in 2003. The average sale price of a single family residence in 2005 was $763,894., up from $615,601. In 2004 and $386,478. In 2003.
Total value of condominiums sold in 2005 rose to $112,380,283., more than double the $56.6 million generated by condos sold last year and the $50.6 million in condo properties that changed hands in 2003. The average condo sales price this year was $600,964., up from $435,687 in 2004 and $386,478 in ‘03.
The total number of properties sold on Anna Maria Island in 2005 was 458, up from 401 properties that changed hands in 2004 and the 332 that were sold in 2003. The breakdown for 2005 was: 189 single family residences, 187 condominiums, 54 duplexes, 17 lots and 11 commercial properties.
Total value of the 54 duplexes sold in 2005 was $38,649,400, up from $33.1 million fetched by 31 duplex sales in 2004.
Total value of the 11 commercial properties sold last year was $20,549,900., up from $13.2 million in 2004 when ten commercial properties were sold.
Total value of the 17 lots sold in 2005 was $10,528,000.
Active Listings Continue to IncreaseActive real estate listings on Anna Maria Island continue to increase, with a total of 431 properties on the market at the start of 2006 versus 245 a year ago. The list comprises 167 single family residences versus 93 a year ago, 174 condominiums versus 110 a year earlier, 57 duplexes versus 31 at this time last year, 18 commercial properties versus 11 a year ago and 15 lots versus six at this time in 2005.
Average single family residence listing price currently is $1,131,996. Last year’s average listing price at the start of the year was still below the million dollar mark, $985,408.
Average condominium listing price is lower this year, $819,339 than last January, when the average listing price was $939,935.
Average duplex listing price currently is $1,060,380, way above the $812,245 average last January.
Average listing price of commercial property at the start of this year was $2,659,848 versus $1.3 million last January. This year’s commercial listings are skewed by the inclusion of a listing price of $23 million for the property at 800 North Gulf Drive in Bradenton Beach.
Average listing price of a lot this January is $947,273, almost double last year’s average lot listing price of $498,817.
Fourth Quarter SalesThe number of single family residences sold in fourth quarter 2005 fell to 20 from 33 in the year earlier fourth quarter. Total value dollar dropped to $14.6 million from $22.98 million in fourth quarter 2004 and $21.1 million in the final three months of 2003. Average single family residence sales price in the fourth quarter of 2005 was $731,200, with the average residence on the market for 71 days.
More condominiums were sold in fourth quarter 2005–26–then in fourth quarter 2004–17. The number of condominiums sold in the two most recent fourth quarters is still down from the sales generated in fourth quarter 2003–35. Average sales price for a condominium this year was $516,282., lower than the average condo sales price in the fourth quarter of 2004–$564,312. But just about the same as the average condo fetched in fourth quarter 2003–$516,473.
The number of duplex sales in fourth quarter 2005 dropped to three from ten in the comparable period in 2004. Average sales price, however, was much higher–$793,333–in this year’s fourth quarter versus $588,000 last year and $612,143 in 2003.
There was just one commercial property sales in fourth quarter 2005 versus two in fourth quarter 2004. This year’s sale brought $735,000 versus an average of $1.1 million in fourth quarter 2004 and an average of $2.2 million in fourth quarter 2003.
The four lots sold in fourth quarter 2005 had an average sales price of $527,500.
Pending SalesSales currently are pending on 21 single family residences, with the average listing price here $923,457. ($512/per square foot).
In the condominium category, there are 15 pending sales. Average listing price is $756,893.
Of the six pending duplex sales, where the average listing price is $777,150.
One lot sale is pending at $800,000. and one commercial sale is pending at $1.3 million.
December Sales Slow On Anna Maria IslandDecember 2005 was a slow month for real estate sales on Anna Maria Island, with only five single family residence sales compared with 12 in December 2004.
Two condominium sales were completed in December versus nine in December 2004. The average condo sales price this year was $387,000, lower than the $490,544 average sales price last December.
Rounding out December ‘05 sales activity was two lot sales (average sales price $675,000).
There were no sales in the commercial and duplex categories in December 2005.
Single Family Residence Sales, December 2005509 65th St., Bay Palms, Holmes Beach, 3BR/3BA, canal front home with 90 feet of sea wall and dock with 10,000 lb. boat lift, attached two car garage, 1,852 sq. ft. Built 1972…$829,000.
503 63rd St., Holmes Beach, 3BR/2BA, attached carport + drive space, partial bay view, boat access, boat lift/davit, private dock, 2,273 sq. ft. Built 1973…$810,000.
6301-B Holmes Blvd., Holmes Beach, 3BR/3BA, in ground pool, new construction, one block to beach, 1,850 sq. ft. Built 2005…$711,000.
2905 Gulf Drive, Ilexhurst, Holmes Beach, 3BR/2BA, attached one car garage, partial gulf view, one block to gulf, 1,448 sq. ft. Built 1999…$650,000.
105 12th St. North, Bay Manor, Bradenton Beach, 1-2BR/1.5BA, three houses from gulf and beach, drive space, 750 sq. ft. Built 1949…$515,000.
Condominium Sales, December 20053701 5th Ave. #1, Gulf View Townhouses, Holmes Beach, 2BR/2.5BA, partial gulf view, heated pool, BBQ/picnic, attached two car carport, 1,431 sq. ft. Built 1982…$499,000.
117 North 7th St. #5, Bay View Terrace, Bradenton Beach, 1BR/1BA, heated pool, on bay, BBQ/picnic, 638 sq. ft. Built 1973…$275,000.
Lot Sales, December 20056804 Marina Drive, Bay Palms, Holmes Beach, house currently rented for $1100/month, tear down. $690,000.
105 Beach Ave., Gulf View, Anna Maria, about 500 feet from beach. $660,000.
No lots were sold in either December 2004 or December 2003.
NOVEMBER 2005 SALES ON AMI NOT THAT DIFFERENT FROM 2004; AVERAGE PRICE OF SINGLE FAMILY RESIDENCES & CONDOS LOWER, DUPLEX PRICES HIGHERReal estate sales were not particularly brisk on Anna Maria Island in November 2005 but neither were they that different from sales activity in November 2004.
A total of seven single family residences sold in November ‘05 at an average sale price of $746,571. ($462.86 per square foot). That figure is three over the four homes that sold in November 2004, when the average sale price was $938,750.
Three condominiums were sold in November 2005, with the average sale price $557,978. ($423.23 per square foot). The number of sales is close to the number recorded in November 2004, four, with this year’s average sale price just slightly lower than last year’s $563,375. Interestingly, the average sale price in November 2003, when seven condos were sold, was higher than that in 2005 or 2004–$614, 428.
There were two duplex sales in November 2005, with the average sales price $785,000. ($469.07 per square foot). That’s dramatically higher than the average price of $551,000. fetched by the three duplexes that sold in November 2004.
There were no sales of commercial properties or lots in November ‘05. In November 2004, three lots sold at an average price of $781,667. There were no commercial sales in November 2004.
Single Family Residential Sales, November 2005405 North 21st Place, Ilexhurst, Bradenton Beach, 3BR/3BA, full bay view, boat lift/davit, attached one car garage + drive space, 2,332 sq. ft. Built 1973…1,295,000.
3603 4th Ave., Casanas, Holmes Beach, 3BR/3BA, partial bay/partial gulf view, attached one car garage + drive space, 2300 sq. ft. Built 1992…$950,000
509-A + B Pine Ave., Anna Maria Beach, Anna Maria, 4-6BR/2BA, property consists of one beach house + two BR guest cottage, partial bay view, no covered parking, drive space, 1,167 sq. ft. Built 1922…$720,000.
6301-A Holmes Blvd., Holmes Beach, 3BR/2.5BA, in ground pool, one block to beach, 2,500 sq. ft. Built 2005…$682,000.
708 North Shore Drive, Wells Terrace, Anna Maria, 3BR/2BA, steps to beach, attached one car carport, 1,050 sq. ft. Built 1957…$570,000.
222 85th St., Holmes Beach, 3-4BR/3BA, deeded boat slip, dock, no bridge, attached carport, 1,645 sq. ft. Built 1958…$570,000.
456 63rd St/. Seaside Gardens, Holmes Beach, 2BR/2BA, full bay view, boat access, seawall, attached carport, 1,071 sq. ft. Built 1962…$439,000.
Condominium Sales, November 20056300 Marina Drive #8B, Holmes Beach, 3BR/2.5BA townhouse, attached two car garage + drive space, 1,875 sq. ft. Built 2005…$723,435.
6250 Holmes Blvd. #62, North Beach Village, Holmes Beach, 3BR/2.5BA, heated pool, attached two car garage, 1,536 sq. ft. Built 1991…$618,000.
1801 North Gulf Drive #279, Runaway Bay, Bradenton Beach, 1BR/1BA, heated pool, BBQ/picnic, shuffleboard, clubhouse, no covered parking, 691 sq. ft. Built 1978…$332,500.
Duplex and Triplex Sales, November 2005110 Magnolia Ave., Anna Maria, 1BR + 1BA/1BR + 1BA/1BR + 1BA, partial gulf view, new elevated home will offer wonderful gulf views. Built 1930…$1,100,000.
3204 6th Ave., Holmes Beach, 2BR/1BA. Built 1969…$470,000.
Anna Maria Island Property Sales Report is published in cooperation with Island Vacation Properties, LLC, 3001 Gulf Drive, Holmes Beach. The following represents the current property sales activity at IVP.
Island Vacation Properties Pending Sales102 36th St., Holmes Beach, Palm Gables Condominiums. New construction, luxury residences to be complete in the first quarter of 2006. 3BR/3 1/2 BA, 2445 SF under roof. Direct beach front unit with top of the line amenities and design. 9 1/2 foot ceilings, large lanai, crown moldings, elevator, new heated pool…$1,950,000. Contact: Barry Gould (941-448-5500) or Ted Schlegel (941-518-6117).
104 36th St., Holmes Beach, Palm Gables Condominiums. New construction, luxury residences to be complete in the first quarter of 2006. 3BR/3 1/2 BA, 2435 SF under roof. Direct beach front unit with top of the line amenities and design, large lanai, 9 1/2 foot ceilings, crown moldings, elevator, new heated pool…$1,550,000. Contact Mel Neely (941-809-5565).
2716 Gulf Drive, Unit 106, Holmes Beach, Gulf Cabins Condominium. Direct beachfront 2 BR/2 BA, condo with heated pool, covered parking and screened Lanai. Turnkey furnished, 1155 under A/C… $920,000. Contact Mel Neely (941-809-5565).
110 36th St., Holmes Beach. West of Gulf Dr. 1890 SF, triplex on 100′ x 100′ lot. Heated pool. Concrete block construction. Expand and renovate or tear down and build large duplex. 200 feet to beach…$1,095,000. Contact: Barry Gould (941-448-5500) or Ted Schlegel (941-518-6117).
512 Spring Ave, Unit 12, Anna Maria. Siam Garden Resort Condominiums. 450 SF ground level 1BR/1BA unit next to large heated pool and lush gardens. Part of an established resort operation with outstanding income…$316,000. Contact: Barry Gould (941-448-5500) or Ted Schlegel (941-518-6117).
The following six properties will be part of a new condominium village to be called Palm Isle Village, which will consist of 11 completely renovated virtually new units with central heated pool, private courtyard and lush gardens. Some units will have Gulf views and all will be within 100 feet or so of the beach. Contact: Barry Gould (941-448-5500) or Ted Schlegel (941-518-6117) for information about Palm Isle Village. Web site coming soon: www.palmislevillage.com.
3202 Sixth Ave. Holmes Beach. Ground level duplex on 5,000 SF lot…$550,000.
3204 Sixth Ave. Holmes Beach. Ground level duplex on 5,000 SF lot…$475,000.
3215 Gulf Drive, Holmes Beach. Ground level duplex on 7,449 SF lot…$725,000.
3217 Gulf Drive, Holmes Beach. Ground level duplex on 5,000 SF lot…$650,000.
3219 Gulf Drive, Holmes Beach. Ground level single family residence on 5,000 SF lot…$550,000.
3221 Gulf Drive, Holmes Beach. Ground level duplex on 5,000 SF lot…$600,000.
Island Vacation Properties Active Listings102 4th St., Bradenton Beach. Gulf view duplex. 2 BR/2BA upstairs with new deck facing beach. 1BR/1BA with extra bonus room downstairs. Newly painted…$538,000. Contact Barry Gould (941-448-5500) or Ted Schlegel (941-518-6117).
1708 N Gulf Dr., Unit D Bradenton Beach Club. Bradenton Beach. Direct beach front luxury condominium with 2-3 bedroom and 2 baths. Screened lanai overlooking heated pool and the Gulf of Mexico…$1,895,00.
2313 Gulf Drive #201, Bradenton Beach, heated pool, turnkey furnished, direct gulf front condo, 966 sq. ft…$720,000. Contact Ed Kirn (941-737 6320) or Mel Neely (941-809-5565).
201 35th St., Unit 6, Holmes Beach. Anna Maria Beach Place Condominiums. 1 bedroom/1 bath upstairs unit with outstanding gulf views. 594 SF. Heated pool. Turn-key furnished. Long successful rental history… $583,000. Contact Mel Neely (941-809-5565).
3310 Gulf Dr., Unit 3, Holmes Beach. Tropical Sunset Condominiums.
1350 SF, 2BR/2BA updated condo with spectacular Gulf view. Turnkey furnished and great roof top deck with view of Skyway Bridge. Glassed in lanai, heated pool and covered parking…$749,900. Contact Barry Gould (941-448-5500) or Ted Schlegel (941-518-6117).
2311 Canasta Dr, Bradenton Beach. Single family cottage, one house back from the bay. Currently a 1BR/1BA but a great lot to build a new home in a desirable location, two blocks to the beach…$595,000. Contact Barry Gould (941-448-5500) or Ted Schlegel (941-518-6117).
2110 Avenue B, Bradenton Beach. Adorable duplex with 2BR/2Ba plus 1BR/1BA units completely renovated inside and out this year. 1622 SF, ground level, turnkey furnished with lush landscaping and major water element.. Great rental property…$688,000. Contact Ted Schlegel (941-518-6117).
101 25th Street, Unit 1, Bradenton Beach. Sea Glass Flats, 2BR/2BA ground floor condo, 200 feet to beach, heated pool. 662 SF. Mature rental property just converted to condominiums. Lowest prices 2 BR unit this close to the beach…$499,000. Contact Barry Gould (941-448-5500) or Ted Schlegel (941-518-6117).
101 25th Street, Unit 4, Bradenton Beach. Sea Glass Flats, 2BR/2BA second floor Gulf view condo, 200 feet to beach, heated pool. 662 SF. Mature rental property just converted to condominiums. Lowest prices 2 BR, Gulf view unit this close to the beach…$549,000. Contact Barry Gould (941-448-5500) or Ted Schlegel (941-518-6117).
2502 to 2510 Avenue C, Bradenton Beach. Very rare! Five contiguous duplex building lots 5000 SF each, some will have Gulf views. A builders dream. 200 feet to beach…$2,255,000. Lots could be bought separately starting at $449,000. Contact Ted Schlegel (941-518-6117) or Barry Gould (941-448-5500).
BRAND NEW LISTING…798 North Shore Drive, Anna Maria. Incredible income-producing duplex right across from city beach access. A one minute walk to the Gulf’s water’s edge. The sunny, 1900 sq. ft. upper unit has 3 bedrooms and 2 baths featuring cathedral ceilings and huge central area with a well-designed, open kitchen. The 1 bedroom, 1 bath ground level unit was recently upgraded and has a large private covered patio. The double garage has a full laundry and the property is being sold turn-key furnished. 2685 SF under air and 3570 under roof…$1,250,000. Contact Barry Gould (941-448-5500) or Ted Schlegel (941-518-6117).
PALM GABLES NEARING COMPLETION. ONLY TWO LEFT!100 36th St., Holmes Beach, Palm Gables Condominiums. New construction, luxury residences to be completed early 2006. 3BR/3.5BA, 2,572 SF under roof. Direct beach front unit with top of the line amenities and design. 9 1/2 foot ceilings, crown moldings, elevator, new heated pool…$1,950,000. Online at: www.palmgables.com Contact: Barry Gould (941-448-5500) or Ted Schlegel (941-518-6117).
112 36t St., Palm Gables Condominiums, Holmes Beach, Ground level 3BR/3.5BA, 1900 SF under air, luxury beach house that will be completely gutted, expanded and refurbished. A new heated pool will be installed next to the vast dune system protected by a footbridge to water’s edge. Massive patio deck faces beach…$2,700,000. Online at www.palmgables.com Contact Barry Gould (941-448-5500) or Ted Schlegel (941-518-6117).
TAKE SPECIAL NOTE OF THIS!2913-2915 Avenue E, Units 1, 2, 3, and 4, Starfish Beach Condominiums, Holmes Beach. Currently under construction, these ground level, cottage condos will remind you of what Anna Maria Island was originally meant to be. Close enough to the beach to hear the surf, these charming cottages, designed with personal living in mind by Emily Ann Smith, will be without equal on the island. Located on a quite street, Starfish Beach features a heated pool, lush gardens, very private spacious courtyards and is virtually new with upscale amenities throughout each two bedroom, two bath cottage. Prices start at $610,000. You owe it to yourself to take a peek at these gems by visiting www.starfishbeachcottages.com or contacting Barry Gould (941-448-5500) or Ted Schlegel (941-518-6117).
Anna Maria Island Property Sales Report is published monthly by Dantia and Barry Gould, Anna Maria Island Florida.