Sarasota Real Estate

Wind Insurance

If you live on Anna Maria Island and you have a home built prior to 2002 there is a good chance that you are paying way more than you need to on wind insurance. Due to Anna Maria Island being in a wind zone most builders used methods to lower the risk of wind damage when constructing homes. Just yesterday I visited a home built prior to 1965 and the home was eligible for at least a 25% reduction on their wind insurance.

Lets first discuss the details of what an Anna Maria Island, Sarasota, Longboat Key or Bradenton home owner should look for. First thing is to review the openings in your home. Have the windows and doors been updated since the home was constructed? If so, there is a good chance the wind rating on your openings are much improved compared to the rating the wind insurance company has used when calculating your wind insurance premium. There are a few more details that can help your wind insurance premium, is your under-layment for your roof plywood and secured with 8d nails? Do you have a newer roof with secondary underlayment and a hip or gable roof? If yes you are probably eligible for a insurance discount.

Lastly, the most important search of all. Go up to your home’s attic where you

Clips = Discount

can see the rafters. Review how your roof rafters are tied into the walls of your home. If you can see metal clips that are nailed into the rafter better tying the rafter to the exterior wall then you have a very high chance you are eligible for a wind insurance discount!  See diagram to the right.

Unfortunately you cannot just fill out a form and send it to your insurance agent and expect your discount. However, it is still pretty easy. Call a wind mitigation expert and they will come out and in a half an hour the wind construction expert will have everything they need to send in a report for your property. I have a great contact that will guarantee a discount on your wind insurance after their inspection or the $100 inspection fee will be waived. Just contact me for additional information.

So, climb up in your roof and check for tie straps. If you have tie straps contact me for a wind mitigation expert and lets get your wind insurance reduced. One other aid is the State of Florida wind survey that helps give you a guide of how much you could save on wind insurance.

As if the real estate industry is not hurting enough, the Environmental Protection Agency (EPA) just made it a little 

Lead Guidelines

tougher for property investors all across the United States.   The EPA has enacted a guideline in section 402 (c) (3) of the Toxic Substances Control Act (TSCA) that requires qualified contractors to work on property constructed prior to 1978. 

The TSCA focus much of their attention on lead-based paint hazards that are created by renovation, repair, painting activities, etc.  The new guideline is set to go effective April of 2010.  The targeted housing is mostly related to children facilities as well as Commercial buildings constructed prior to 1978.  Unfortunately there is one other area that is affected that plays a very large part of Anna Maria Island Real Estate.  Buildings which are planned to be leased require a certified trained general contractor.  This of course correlates to larger costs for Anna Maria Island property investors. 

If you plan to paint very small areas of your Anna Maria Island investment property then you are probably fine.  Check the guideline to be sure at last check it was 6 square feet per room.  So the bottom line, if you are planning to purchase an investment property that will require significant renovation, plan to rent it and was built prior to 1978, then be sure PRIOR to purchasing you receive a few quotes to be sure your renovation doesn’t cost significantly more than you planned.  The extra cost is yet to be determined but keep it in mind. 

For more information on the exact language used by the EPA visit the informational page on this new guideline.  Of course if this all seems overwhelming then please feel free to contact me for more information.  I would love to help find your “peace” of paradise on Anna Maria Island, Bradenton, Sarasota or Longboat Key or just answer a few questions.  For that matter contact me for any Florida area as my work with the best of the best Real Estate professionals in the Florida Leadership Academy will allow me to refer you to someone that will be sure to help! 

Check renovation costs

Banks still holding on to money

While the macro economy started turning a corner in the second quarter, Anna Maria Island continues to wonder what all the hub bub is about. Let’s first discuss some banking statistics then move to our little “peace” of paradise.

Per government regulators the amount of United States banks that shut down in 2009 was triple the number that failed in 2008 calendar year. The majority of the banks that have failed in 2009 were smaller, regional banks. Of course the Federal Deposit Insurance Corporation (FDIC) covers limited losses to consumers and CNN reported the FDIC has paid out $446 Million in 2009.

The FDIC still has plenty of money although they estimate in the next five years they will pay out more than 70 billion due to the failure of various financial institutions. So far the FDIC has used 20% of their reserves in place.

Anna Maria Island continues to see average transaction years although the rest of the country has not quite caught up yet. So why all the talk about the National Banking situation. Well our “peace” of paradise has been affected by banks providing money for loans on real estate. Single family homes on Anna Maria Island as a primary or secondary property is no problem in regards to finding money from large or small banks. Condominiums as well as Condo-Hotels are another story. A Condo-Hotel is a property that rents nightly or has a staff member on the property to provide accommodation services.

So why bring this up? Some condo prices continue to slip due to the difficulty buyers are having regarding borrowing money for condos. If you have CASH you can pick up some phenomenal condominium deals on Anna Maria Island. Take Palm Isle Village Resort for example. Pick up a two bedroom that grosses more than $35,000* per year in rental income for less than $350,000! Unbelievable! Give me a call for more Condo investment deals!

Anna Maria Island Square Foot Trends

The above chart shows a continue slippage in square foot values for single family real estate. Keep in mind that Anna Maria Island has seen a disproportionate number of smaller single family properties sell which is adversely affecting the average square foot values. I do have limited statistics that shows more regarding the degradation of square foot values so please give me a call so I can provide more accurate facts regarding the specific area on Anna Maria Island that you are researching.

Anna Maria Island Real Estate for Sale Inventory

Inventory continues to drop and is actually at its lowest since 2005.  Of course as supply drops and demand increases our prices will continue to level out and we are seeing a similar affect for single family homes. If you are in the market for an investment property give me a call. Banks are beginning to loosen up their lending and several are supplying real estate money for 30% down and in a few months that will free up more to a standard 20% down.

* By no way are rental proceeds guaranteed and should not be considered to be guaranteed.

News and Information

There is some fabulous news for Florida home owners. More specifically, Anna Maria Island vacation home owners and potential buyers of Anna Maria Island Real Estate.

Firstly, HB 521 was passed which puts the home owner in the drivers seat when appealing assessment values of their home. Currently the burden of proof lies with the Anna Maria Island home owner to prove the property assessment is incorrect with Ken Burton Jr. Not any more. Bill HB 521 changes the burden of proof to be on our local tax assessor to prove their estimated value is correct.

There is a fabulous new resource for luxury property searches on Anna Maria Island. Island Real Estate of Anna Maria Island, Inc is proud to announce the addition of Anna Maria Luxury Real Estate . The website was implemented based on an overwhelming demand from Island Real Estate’s clients for more information on specialized luxury property for sale on Anna Maria Island and the immediate area.

Featured properties, virtual tours, and dynamic searches are sure to make your search quick and productive. If you are searching for high luxury real estate in the Anna Maria Island areas be sure to visit Anna Maria Island Luxury Real Estate FIRST.

Pictured to the below, Vista Grande pool, a luxury gulf front home-like condominium in Holmes Beach on Anna Maria Island.

Luxury outdoor living