ANNA MARIA ISLAND REAL ESTATE SALES UP IN MAY ‘06 COMPARED WITH APRIL, ‘06; STILL WAY BELOW MAY, 05.

Real estate sales are rebounding on Anna Maria Island, based on sales activity reported by the Multiple Listing Service (MLS) in May 2006, when ten single family residences were sold at an average price of $744,400 ($449./square foot). This is up from six sales in April ‘06.

In addition, condominium sales rebounded, from just one in April ‘06 to seven in May ‘06, when the average sale price was $592,496. ($570./square foot).

There were also two duplex sales in May, 06, with the average price $788,800. ($456./square foot) compared to one duplex sale for $545,000 in April, 06.

No lots or commercial sales were reported in either April, 06 or May 2006. The small numbers do not truly reflect any trends in terms of sale prices or prices per square foot. The next issue of AMIPSR will analyze the entire second quarter with comparisons to the second quarter of previous years, which will reveal a more accurate picture.

While these figures represent improved sales in the short term, the May ‘06 island figures are way off from those reported in May ‘05. In that month, 24 single family residences were sold at a slightly higher average price of $766,604. ($487./square foot). In addition, May ‘05 saw 23 condominium sales on Anna Maria Island, at a lower average sales price than May ‘06– $547,748. (464./square foot). There were eight duplex sales in May ‘05; the average sales price was also higher, $837,750./$391./square foot). Five lots changed hands in May ‘05, at an average sales price of $958,000. There were no commercial sales last May.

Still, available inventory continues to rise, from 714 properties on May 11 ‘06 to 747 on June 11 ‘06. As of that date, there were 293 active residential listings, 306 condominium listings, 82 duplex/triplex listings, 43 lots and 23 commercial properties on the market.

Another positive sign is the 35 pending sales as of June 11 ‘06, on Anna Maria Island. The breakdown includes 17 single family residences (average price: $1,026,171.); 12 condominiums (average price: $927,667.); four duplexes/triplexes (average price $1,081.0100.); and two commercial properties (average price $1,600,000.). Those 35 properties have a total price of $36,101.299.

Single Family Residential Sales May 2006

526 56th St., Holmes Beach, 3BR/2BA, bay, sailboat, seawall, 2,008 sq. ft. Built 1954…$1,485,000.

10107 Gulf Drive, Anna Maria, 6BR/4BA, detached two car garage + drive space, steps to beach, 2,655 sq. ft. Built 1972…$850,000.

603 Ivanhoe Lane, Key Royale, Holmes Beach, 3BR/2BA, attached two car garage, room for pool, on deep water canal, private dock, 2,125 sq. ft. Built 1972…$790,000.

229 Gladiolus, Luana Isles, Anna Maria, 4BR/3BA, on canal, 3,204 sq. ft. Built 1972…$750,000.

511 74th St., Bay Palms, Holmes Beach, 4BR/2BA, inground pool, on canal, boat lift/davit/private dock, attached two car carport, 2,320 sq. ft. Built 1982…$749,000.

205 Elm Ave., Anna Maria, 3BR/2BA, attached one car garage, steps to beach, 1,203 sq. ft. Built 1960…$715,000.

7202 Marina Drive, Bay Manor, Holmes Beach, 2BR/1BA, attached one car garage, 896 sq. ft. Built 1964…$580,000.

301 72nd St., Bay Palms, Holmes Beach, 3BR/2BA, attached one car garage + drive space, 1,800 sq. ft. Built 1970…$550,000.

2908 Avenue C, Ilexhurst, Holmes Beach, 2BR/2BA, attached two car garage + drive space, steps to beach, 1,040 sq. ft. Built 1979…$500,000.

157 Crescent Drive, Lake La Vista, Anna Maria, 2BR/1BA, attached one car garage, dock, 995 sq. ft. Built 1959….$475,000.

Condominium Sales May 2006

106 36th St. Unit 3, Palm Gables, 3BR/2.5BA, heated pool, full gulf view, assigned under building parking, 1,832 sq. ft…$1,400,000.

242 North 17th St. #27, Bradenton Beach, 2-3BR/2BA, heated pool, spa/hot tub, fishing pier, attached two car garage, 1,320 sq. ft.. Built 2004…$580,000.

5200 Gulf Drive #307, Martinique South, 1BR/1BA, full gulf view, heated pool, detached one car carport, 1,150 sq. ft. Built 1970…$509,900.

6400 Flotilla Drive #11, Westbay Point & Moorings, 2BR/2BA, heated pool, tennis, 1+ drive space, 1,114 sq. ft. Built 1978…$455,000.

204-B 65th St., West Wind Shores, Holmes Beach, 1BR/1BA, condo conversion villa, private pool, one house to beach access. Built 1979…$425,000.

2412 Gulf Drive North #120, Club Bamboo South, Bradenton Beach, 1BR/1BA, heated pool, clubhouse, attached one car garage, full gulf view, 390 sq. ft. Built 1976…$392,500.

1801 North Gulf Drive #180, Runaway Bay, Bradenton Beach, 2BR/2BA, heated pool, tennis courts, fishing pier, close to beach, 1,080 sq. ft. Built 1978…$385,000.

Duplex Sales May 2006

711 North Bay Blvd., Shore Acres, Anna Maria, 2BR/1BA + 2BR/1BA, over 1,900 sq. ft. under roof. Built 1971…$577,600.

110 72nd St., Holmes Beach, 2BR/1BA + 2BR/1BA + 2BR/1BA, inground pool, 1,890 sq. ft. Built 1972…$1,000,000.

WAIT! THERE’S MORE ISLAND SALES IN MAY 2006

The sales above were reported by the Multiple Listing Service. Up to now, AMIPSR had been reluctant to use data from the Manatee County Property Appraiser’s Office. A large number of the transactions in the P.A.O. data base were not true property sales. A large number were paper transfers for $1.00 and the actual sales took many weeks to get posted. We are pleased to announce there has been a significant improvement in the P.A.O. and AMIPSR will now list additional sales not found on the Multiple Listing Service. It should be noted that most of these additional transactions for May of 2006 were facilitated by licensed real estate professionals.
Additional Single Family Residence Sales reported in May ‘06 by the P.A.O.

106 Los Cedros Drive, Anna Maria, 3BR/ 2BA, on canal, pool, 1,775 Sq. ft., 2,755 sq. ft. under roof. Built 1963…$930,000.

234 Oak Ave., Anna Maria, 3BR/ 2BA, on canal, 1,444 sq. ft., 2,959 sq. ft. under roof. Built 1988…$425,000.

510 67th Street, Holmes Beach, 2BR/2BA, on canal, 1473 sq. ft., 2,193 sq. ft under roof. Built 1971…$750,000.

Additional Condominium Sales reported in May ‘06 by the P.A.O.

6250 Holmes Blvd, North Beach Village Unit 24, 3BR/2BA, community pool, 1,272 sq. ft., 1338 sq. ft. under roof. Built 1990…$425,000.

3607 East Bay Drive, Sandy Pointe Condo Unit 104, 3 BR/ 2 BA, community pool and tennis court, 976 sq. ft., 1,065 sq. ft. under roof. Built 1996…$335,000.

301 17th St. North, Bradenton Beach Club, Bradenton Beach, 2BR/2BA, 1,722 sq. ft., 2,156 sq. ft. under roof. Built 2002…$850,000.

2412 Gulf Drive, Club Bamboo Condo Unit 121, Bradenton Beach. 1BR/1BA, community pool, 459 sq. ft., 555 sq. ft. under roof. Built 1945. Refurbished 2005…$475,000.

Additional Duplex Sales reported in May, 06 by the P.A.O.

2311 Avenue C, Bradenton Beach, total of 4 BR/2BA, 2,604 sq. ft., 2,692 under roof, 100′ x 100′ lot. Built 1962…$1,000,000.

201 Elm St., Anna Maria, total 3BR/2BA, 2,655 sq. ft., 3,733 sq. ft. under roof. Built 1972…$850.000.

Additional Building Lot Sales reported in May, 06 by the P.A.O.

2418 Avenue C, Bradenton Beach. 50′ x 100′. Zoned R2…$400,000.

516 Kumquat Drive, Anna Maria. 75′ x 142′. Canal front. Zoned R1…$405,000.

10707 Gulf Drive, Anna Maria. 55′ x 105′. Zoned R1…$850,000.

The number of sales on the island in May is very encouraging. No one will dispute the appeal of Anna Maria. There will always be a demand for property here. The normalization of the market after the insanity of the last two years should eventually give buyers a comfort level not felt in quite a while.

RESORT CONDOMINIUMS ON ANNA MARIA ISLAND: GOOD OR BAD?

Private unit ownership in operating hotels, motels and/or resorts is becoming quite popular in vacation areas. Luxury hotels in popular destinations like Sarasota are designating a portion of the units for private sales with great success. Greater Miami and the Orlando area are finding more success in “CONDOTELS” than other property categories.

On Anna Maria Island, long-operating lodging establishments have found a way to maintain “business as usual” and not change the outward appearance of the resort and keep the flavor of the neighborhoods intact by offering individuals an opportunity to buy in. This change in the FORM of ownership will help to AMI maintain a healthy number of short-term vacation rentals that some feel is the life blood of our local economy. Buyers are fulfilling their dream of owning a part-time home to occupy and enjoy with their family and friends while rental income helps pay the expenses.

Most of us have come to the realization the real estate market is different than is was a year ago. Reasonable priced properties were drawing multiple offers driving prices into the stratosphere. Welcome back to earth! It is said there is no such thing as a bad real estate market, only badly timed transactions for the wrong properties. The overriding sentiment of those previously active in investing is to step to the sidelines for awhile and see what happens.

From 2003 to 2005 buyers were predominately investors or speculators. Now most sales are to end users. The best deals seem to be where buyers are confident of a return on investment (or very low carrying costs) and an opportunity for personal use. The popular purchase in resort areas of Condo Hotels or RESORT CONDOMINIUMS is growing. Anna Maria Island has several resorts with opportunities for private unit ownership. A surprising number of property sales this year have been resort condos. Income is greater than traditional vacation rentals due to on-site management, specialized marketing and concierge services. Buyers are finding they can own a piece of paradise to enjoy while getting income while they are not using it. The properties are usually small but some have as many as THREE bedrooms. Most are right on or very near the beach and most have heated pools. The ratio between purchase price to gross income potential is usually much better than traditional vacation properties.

Some of the lodging establishment which have created opportunities for private unit ownership are:

The Beach House Resort
Anna Maria Beach Place
Alamanda Villas
Anna Maria Island Beach Resort
Siam Garden Resort
Anna Maria Beach Cottages
Club Bamboo
Bridgewalk Resort
Tradewinds Resort
Tortuga Inn

The following sales at the Tortuga Condominiums illustrate the popularity for RESORT CONDOMINIUMS on Anna Maria Island. All of these 23 sales closed since the middle of March of this year according to the developer, David Teitelbaum.

Unit Sq Ft Price $ per sq ft
Unit 160 1,378 $650,000 $472
Unit 161 1,378 $848,750 $616
Unit 162 1,378 $650,000 $472
Unit 163 1,105 $650,000 $588
Unit 164 1,378 $700,000 $508
Unit 165 1,378 $785,700 $570
Unit 166 1,378 $785,700 $570
Unit 167 1,378 $1,050,000 $762
Unit 168 1,105 $600,000 $543
Unit 169 1,105 $550,000 $498
Unit 170 1,378 $650,000 $472
Unit 171 1,378 $650,000 $472
Unit 260 1,378 $750,000 $544
Unit 261 1,378 $850,000 $617
Unit 262 1,105 $577,500 $523
Unit 263 1,105 $525,000 $475
Unit 264 1,378 $800,000 $581
Unit 265 1,378 $650,000 $472
Unit 266 1,378 $675,000 $490
Unit 267 1,378 $800,000 $581
Unit 268 2,087 $650,000 $311
Unit 269 1,378 $800,000 $581
Unit 270 1,378 $675,000 $490

Total $16,322,650 $531

Source: David Teitelbaum

Island Vacation Properties is marketing several of these RESORT CONDOMINIUMS on the island. For more information call Barry Gould at 941-448-5500 or Ted Schlegel at 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…$1,950,000. Contact: Barry Gould (941-448-5500) or Ted Schlegel (941-518-6117).

Island Vacation Properties Active Listings

2728 Avenue E, Holmes Beach. Breath-taking beach house, directly on the Gulf. Spacious setting on quite street. 10,000 sq. ft. lot. 100 feet of beach frontage. 3 BR/3 BA. Screened porch and deck facing the water. “The Alamo” is a must see…$2,640,000. Contact Ted Schlegel (941-518-6117) or Barry Gould (941-448-5500)

5200 Gulf Drive, Martinique South Unit 408, Holmes Beach. 3 BR/ 3 BA end unit with beautiful view of the Gulf and to the east. Private two-car garage, huge storage room on ground level. Lower priced Gulf front 3/3 on the island. 1421 sq. ft…$850,000. Contact Barry Gould (941-448-5500) or Ted Schlegel (941-518-6117).

201 76th St., Holmes Beach. Close to beach, this duplex has total of 4 BR and 2 BA. Corner lot. 1456 sq. ft. Turnkey furnished. Nicely landscaped. Garage parking…$758,000. Contact Ted Schlegel (941-518-6117) or Barry Gould (941-448-5500)

529 72nd St. Holmes Beach. Spectacular 3BR/2BA, waterfront home with heated pool and spa with beautiful view. Spacious 11760 SF lot has the preferred southern exposure overlooking Bimini Bay. A new seawall, 80 Ft dock and 2 boat lifts. It is truly a boater’s paradise. Heated pool and spa with beautiful views. Recently updated throughout and impeccably landscaped… $1,695,000. Contact Maggie Plath at 941-920-6505.

102 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…$523,000. Contact Ted Schlegel (941-518-6117) or Barry Gould (941-448-5500)

2312 Gulf Drive, Unit 201, Sunset Terrace Condo, Bradenton Beach. 1-2 BR/ 1BA Gulf front suite with large lanai overlooking the beach. Heated pool and undercover parking. Centrally located. And next to trolley stop. Great rental…$695,000. Contact Ed Kirn (941-737-6320) or Mel Neely (941-809-5565).

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…$1,895,000. 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 and has an annual rental in place. This is a great lot zones R2 to build a new home or possibly a new duplex in a desirable location, two blocks to the beach…$575,000. 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…$648,000. Contact Ted Schlegel (941-518-6117).

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… $949,000. Contact Mel Neely (941-809-5565).

1000 Gulf Dr. Unit 5, Bradenton Beach. Beach House Resort. Completely refurbished 1BR/1BA vacation condo directly on the beach is in the center of where the action is and will generate great rental income when the project is completed. Turnkey furnished and heated spa/pool. $510,000. Contact Mel Neely (941-809-5565).

1000 Gulf Dr. Unit 8, Beach House Resort. Completely refurbished 1BR/1BA vacation condo directly on the beach is in the center of where the action is and will generate great rental income when the project is completed. Turnkey furnished and heated spa/pool. $520,000. Contact Ted Schlegel (941-518-6117).

1000 Gulf Dr. Unit 9, Beach House Resort. Completely refurbished 1BR/1BA vacation condo directly on the beach is in the center of where the action is and will generate great rental income when the project is completed. End unit with great south view as well as west view. Turnkey furnished and heated spa/pool. $545,000. Call Island Vacation Properties at 941-778-1000.

3701 5th Ave, Unit 1, Holmes Beach, Gulfview Townhouses. 2BR/2BA 1431 SF unit with heated pool and spa. Under building parking and very close to beach. No rent restrictions and long history of income. Built 1982. $538,000. Contact Mel Neely (941-809-5565).

1007 Gulf Drive, Summer Sands Condominiums, Bradenton Beach. Enjoy a wonderful view of the Intercoastal Waterway from this 2BR/2BA. Master suite is a loft above the living room. Just across the street from the Gulf beach, this end unit features garage parking, elevator, and heated bay front pool…$699,000. Contact Ted Schlegel (941-518-6117) or Barry Gould (941-448-5500).

1453 Gulf Drive, Bermuda Bay Club, Bradenton Beach, Watch the sailboats on the Gulf of Mexico from both the living room and the Master suite balconies or enjoy “sittin’ on the dock o’ the Bay”. This 3BR/2.5BA townhouse with private 2-car garage, and heated pool is turn-key furnished. A sensational second home or high income-producing rental property….$699,000. Contact Barry Gould (941-448-5500) or Ted Schlegel (941-518-6117).

105 39th Street, Unit 2, Holmes Beach. 1BR/1BA condominium in one of the most popular direct beach front resorts, “Anna Maria Island Beach Resort.” This unit is being sold completely renovated and features a private Gulf view patio, large heated pool, gazebo, lush landscaping, new furnishings and centrally located. On site management helps generate nearly $50,000. annually. Incomparable ROI…$499,000. Contact Barry Gould (941-448-5500) or Ted Schlegel (941-518-6117).

106 36th St., Holmes Beach, Palm Gables Condominiums. New construction just conpleted. 3BR/2 1/2 BA, 2435 sq. ft. 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 and beautifully turnkey-furnished by professional decorator…$1,874,000. Contact Mel Neely (941-809-5565).

110 36th St., Holmes Beach, Palm Gables Condominiums. New exterior construction, 3BR/2 BA, 1627 sq. ft. Turnkey-furnished. Direct beach front unit new elevator, new heated pool, laundry and Gulf front lanai…$1,225,000. Contact Barry Gould (941-448-5500) or Ted Schlegel (941-518-6117).

201 35th St., Anna Maria Beach Place Unit 4. 2 BR/2BA 50 feet to beach. Serene Gulf view from this second floor suite. Turnkey-furnished. Heated pool and outstanding rental history…$654,000. Contact Ted Schlegel (941-518-6117) or Barry Gould (941-448-5500).

201 35th St., Anna Maria Beach Place Unit 3. 1 BR/1 BA, 50 feet to beach. Peaceful location on quite street. Turnkey-furnished. Heated pool and outstanding rental history…$548,000. Contact Ted Schlegel (941-518-6117) or Barry Gould (941-448-5500).

6200 Flotilla Drive, Westbay Point & Moorings Unit 314. Holmes Beach. 2 BR/ 2 BA 2nd floor end unit with new appliances. Turnkey-furnished. Heated pool and tennis courts…$518,000. Contact Ted Schlegel (941-518-6117) or Barry Gould (941-448-5500).

COMMERCIAL SALE: The Beach House Resort, 1000 Gulf Drive, Bradenton Beach. Six, newly refurbished 1 bedroom, 1 bath units directly on the beach may be purchased from multiple owners for $3,100,000. Additional north section has yet to be refurbished and may be available as well to own the entire resort. Contact Barry Gould (941-448-5500) or Ted Schlegel (941-518-6117).