WHY IS THIS ISLAND BUCKING THE TREND?

After some number crunching from data from the Multiple Listing Service and other sources we are ready to present this report.

There were 27.2% more property sales on Anna Maria Island in the third quarter of 2007 than the third quarter of 2006.

Here is the breakdown of single-family residences, condos, duplexes/triplexes and building lots sold in July through September 2007 compared to the same period in 2006:

2007 ~ 2006

SFRs: 39 ~ 21
Condos: 14 ~ 19
Dup./Trip: 1 ~ 3
Lots: 2 ~ 1

TOTAL: 56 sales ~ 44 sales

Totals
Sales Values: $37,170,000 ~ $34,175,000

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The third quarter 27.2% increase is consistent with the volume of sales in the first three quarters of 2007 which saw an average 32.5% increase in property sales. The following is a report on the number of sales of single family residences, condo, duplexes/triplexes and lots sold in the first nine months of 2007 compared to the first nine months of 2006. The amount in parentheses is the median sale price for that period. This equates to a 32.5% year-to-year increase.

2007 ~ 2006

SFRs: 105 ($550,000) ~ 64 ($783,000)
Condos: 54 ($425,000) ~ 47 ($475,000)
Dup/Trip: 9 ($425,000) ~ 15 ($654,000)
Lots: 7 ($500,000) ~ 4 ($925,000)

Totals 175 sales ~ 132 sales

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The number one question in people’s minds relating to real estate is: Have we found the bottom of the cycle yet? The following data shows median sale prices each month for the first 9 months of the last three years. Readers can draw their own conclusions. Keep in mind the number of sales each month are relatively few and one large sale can skew the averages. These figures are for single family residences and condos only. The numbers in parentheses are the number of just single family residences and condos sold that month.

2007 ~ 2006 ~ 2005

Jan: $535,000. (8) ~ $585,000. (15) ~ $555,000. (27)
Feb: $650,000. (9) ~ $817,000. (6) ~ $580,000. (23)
Mar: $558,000. (24) ~ $545,000. (14) ~ $530,000. (51)
Apr: $550,000. (22) ~ $870,000. (10) ~ $616,000. (37)
May: $534,000. (28) ~ $530,000. (16) ~ $608,000. (44)
June: $425,000. (15) ~ $782,000. (10) ~ $612,000. (51)
July: $564,000. (12) ~ $685,000. (14) ~ $592,000. (46)
Aug: $463,000. (24) ~ $660,000. (14) ~ $737,000. (76)
Sept: $620,000. (17) ~ $717,000. (12) ~ $615,000. (28)

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No one knows if we have passed the bottom of the cycle. A surprising number of the sales in the third quarter were below $500,000. which was unheard of two years ago. One of the reasons is most of the sales were from sellers who needed to sell and excepted a offer much lower than they ever dreamed they would.

Another sign of the times is the startling increase in bank-owned property due to foreclosures and subsequent repossession. These deeply discounted properties are selling fast but are making it nearly impossible to sell a property at a reasonable price. When these properties sell and other distressed properties sell, then we should see some normalcy come back into the market. (whatever normal is).

REAL ESTATE SEMINAR ON ANNA MARIA ISLAND (POSTPONED)

The Anna Maria Island Real Estate Seminar originally scheduled for November 15, 2007 has been postponed. You will be notified of the new date and time. Sorry for any inconvenience.

Single Family Residence Sales, July-September 2007

8027 Marina Drive, Bay Palms, Holmes Beach, 5-6BR/5.5BA, on Bimini Bay, auto clean pool, attached three car garage, dock, 4480 sq. ft. Built 2007…$2,250,000.

210 Cypress Ave., Anna Maria, 3BR/2BA, direct gulf front, attached carport, 1306 sq. ft. Built 1961…$1,650,000.

743 North Shore Drive, Anna Maria, 3BR/2.5BA, direct gulf front, attached carport, 1742 sq. ft. Built 1955…$1,575,000.

8321 Marina Drive, Holmes Beach, 4BR/3BA, inground pool, boat lift/davit, no bridge, private dock, Bimini Bay views, attached two car garage, 2775 sq. ft. Built 1974…$1,200,000.

526 77th St., Bay Palms, Holmes Beach, 2BR/3BA, heated inground pool, attached two car garage, no bridge, private dock, partial bay view, 2023 sq. ft. Built 1970…$800,000.

528 Key Royale Drive, Key Royale, Holmes Beach, 4BR/4BA, auto clean heated inground pool, attached two car garage, on canal, dock, no bridge, 2846 sq. ft. Built 1959…$785,000.

206-B 56th St., Holmes B each, 4BR/3.5BA, 100 yards from beach, attached two car garage, partial gulf view, 2400 sq. ft. New construction…$760,000.

110 South 13th St., Cortez Beach, Bradenton Beach, 2BR/1BA, full bay view, private dock, attached carport, 924 sq. ft. Built 1949…$750,000.

618 Dundee Lane, Key Royale, Holmes Beach, 3BR/2BA, caged inground pool, attached two car garage, on canal, dock, boat lift/davit, 1712 sq. ft. Built 1968…$750,000.

510 72nd St., Bay Palms, Holmes Beach, 3BR/3BA, attached one car garage, on canal, private dock, boat lift/davit, 2040 sq. ft. Built 1962…$712,000.

301 North Shore Drive, Anna Maria, 2-3BR/2BA, steps to beach, attached carport/attached garage, 1985 sq. ft. Built 1986…$699,000.

5803 Flotilla Drive, Holmes Beach, 3BR/2BA, on canal, partial bay view, dock, attached carport, 1398 sq. ft. Built 1961…$$689,000.

74 North Shore Drive, Bimini Bay Colony, Anna Maria, 4BR/3BA, heated inground pool, no garage, 1.5 blocks to beach, 1560 sq. ft. Built 1972…$679,000.

202 75th St., Bay Palms, Holmes Beach, 3-4BR/2.5BA, attached two car garage, 2092 sq. ft. New construction…$676,000.

207 Sycamore Ave., Anna Maria, 2BR/2BA, close to beach, attached carport, partial gulf view, 1362 sq. ft.. Built 1974…$653,000.

7700 Gulf Drive, Holmes Beach, 3BR/2.5BA, west of Gulf Drive/partial gulf view, attached two car garage, 1455 sq. ft. Built 2005…$639,000.

309-A 59th St., Holmes Beach, 3BR/2BA, attached two car garage, all on one floor, 2110 sq. ft. Built 2006…$639,000.

605 North Point Drive, North Point Harbour, Holmes Beach, 2BR/2BA, on deep water canal, private dock, 1950 sq. ft. Built 1982…$628,000.

518 68th St., Bay Palms, Holmes Beach, 3BR/3BA, inground caged pool, canalfront, no bridge/private dock, attached two car garage, 1934 sq. ft. built 1971…$620,000.

403 North Bay Blvd., Anna Maria Beach subdivision, Anna Maria, 3-4BR/3BA, direct bay view, across street from beach, over 1000 ft. covered parking, 2112 sq. ft. Built 1991…$618,000.

516 77th St., Bay Palms, Holmes Beach, 2BR/2BA, on canal, attached one car garage, 1535 sq. ft. Built 1957…$550,000.

527 70th St., Bay Palms, Holmes Beach, 2BR/2BA, on canal, attached two car garage, 1424 sq. ft. Built 1965…$510,000.

509 77th St., Bay Palms, Holmes Beach, 3BR/2BA, inground pool, on canal/private dock, attached two car garage, 1506 sq. ft. Built 1966…$500,000.

304 Palm Ave., Bimini Bay Colony, 3BR/2BA, room for pool, attached one car garage, 1801 sq.. ft.. Built 1974…$500,000.

706 North Shore Drive, Wells Terrace, Anna Maria, 2-3BR/2BA, steps from beach, attached one car garage, 1412 sq. ft. Built 1967…$500,000.

509 67th St., Bay Palms, Holmes Beach, 3BR/2BA, on canal, no bridge/private dock, attached two car garage, 1420 sq. ft. Built 1973…$495,000.

626 Key Royale Drive, Key Royale, Holmes Beach, 2BR/2BA, water views from every room, attached one car garage, 1595 sq. ft.. Built 1966…$479,000.

601 Gladiolus St., Shore Acres, Anna Maria, 2BR/3BA, attached two car carport, 1591 sq. ft. Built 1979…$470,000.

133 White Ave., Holmes Beach, 2BR/1.5BA, west of Gulf Drive, attached one car garage, room for pool, 1708 sq. ft. Built 1960…$455,000.

324 Hardin Ave., Bimini Bay Estates, Anna Maria, 2-3BR/2BA, caged pool, attached carport + garage, 1728 sq. ft. Built 1985…$450,000.

609 North Shore Drive, Anna Maria, 1-2BR/1BA, steps to beach, room for pool, no garage, 648 sq. ft. Built 1944…$427,500.

2710 Avenue B, Sunrise Park, Holmes Beach, 3BR/2BA, views of wide canal + city boat basin, 1030 sq. ft. Built 1957…$390,000.

208 84th St., Holmes Beach, 2BR/2BA, room for pool, no covered parking, 1300 sq. ft. Built 1958…$390,000.

32 Seaside Court, Seaside Gardens, Holmes Beach, 2BR/2BA, overlooks Watson’s Bayou + Key Royale, dock/boat lift, 1278 sq. ft. Built 1965…$375,000.

5805 Imperiore Ave., Neptunes Gardens, Holmes Beach, 2BR/1.5BA, attached carport, turnkey furnished, 1107 sq. ft. Built 1969…$350,000.

2315 Avenue B, Ilexhurst, Bradenton Beach, no covered parking, public dock, 1186 sq. ft. Built 1948…$350,000.

520-A Spring Ave., Anna Maria Beach subdivision, Anna Maria, 2BR/1BA, no covered garage, 700 sq. ft. Built 1930…$350,000.

520-1 Spring Ave., Anna Maria Beach subdivision, Anna Maria, 2BR/1BA, no covered garage, partial bay view, 700 sq. ft. Built 1930…$290,000.

2404 Avenue B Ave., Ilexhurst, Bradenton Beach, 1-3BR/3BA, no covered garage, 1158 sq. ft. Built 1960…$250,000.

Condominiums Sales, July-September 2007

3302 Gulf Drive #201, Sunset Cove, Holmes Beach, 3BR/2.5BA, top floor corner end unit, heated pool, attached two car garage, 2108 sq. ft. Built 2000…$1,250,000.

104 78th St., Holmes Beach, 3BR/2BA, directly on beach, full gulf view, attached two car carport, BBQ/picnic, 2052 sq. ft. Built 1985…$1,038,000.

1007 North Gulf Drive #109, Summer Sands, Bradenton Beach, gulf to bay complex, heated pool, attached four car garage, 3292 sq. ft. Built 1982…$950,000.

3211 Gulf Drive #6, Palm Isle Village, Holmes Beach, 1BR/1.5BA, heated pool, partial gulf view, no covered parking, 730 sq. ft. Built 2007…$605,000.

1325 North Gulf Drive #218, Tortuga Condo, Bradenton Beach, 1BR/1BA, heated pool, full gulf view, gulf + bay, boat access, 476 sq. ft. Built 1996…$386,250.

1325 North Gulf Drive #220, Tortuga Condo, Bradenton Beach, 1BR/1BA, heated pool, full gulf view, gulf + bay, boat access, 476 sq. ft. Built 1996…$386,250.

1603 North Gulf Drive #2, Tradewinds Resort, Bradenton Beach, 1-2BR/1BA, heated pool, private dock, fishing pier, 1+ parking space, 540 sq. ft. Built N/A…$375,000.

6400 Flotilla Drive #32, Westbay Point & Mooring, Holmes Beach, 2BR/2BA, heated pool, tennis, waterfront, drive space, 1450 sq. ft. Built 1977…$351,000.

1603 North Gulf Drive #26, Tradewinds Resort, Bradenton Beach, 1BR/1BA, heated pool, fishing pier, open space parking, 380 sq. ft. Built 1971…$302,500.

2310 North Gulf Drive, Bradenton Beach, 2BR/1BA, full gulf view, assigned parking, 651 sq. ft. Built 1973…$300,000.

820-1 Spring Ave. #1, Anna Maria, 2BR/1BA, partial bay view, fishing pier, 1+ parking space, 700 sq. ft. Built 1930…$290,000.

5400 Gulf Drive #8, Holmes Beach, 1-2BR/1BA, heated pool, gulf side of road, detached one car carport, 810 sq. ft. Built 1964…$285,000.

1801 North Gulf Drive #274, Runaway Bay, Bradenton Beach, heated pool, sauna, shuffleboard, tennis, assigned + guest parking, 1080 sq. ft. Built 1978…$225,000.

1801 North Gulf Drive #166, Runaway Bay, Bradenton Beach, heated pool, sauna, shuffleboard, tennis, 1+ parking space, 691 sq. ft. Built 1978…$160,000.

Duplex Sales, July-September 2007

305 Palm Ave., Anna Maria, 2BR/1BA + 2BR/1BA., two carports, 1800 sq. ft. Built 1957…$417,450.

Lot Sales, July-September 2007

110 South 13th St., Bradenton Beach, bayfront with restored cottage, new dock and deck overlooking bay… $849,000.

2404 Avenue B Ave., Bradenton Beach, bayfront with fixer-upper with rented apartment…$285,000.