Posts Tagged ‘Investment’

Are you renting on Anna Maria Island or in Bradenton? Why rent annually when you can begin to build equity in real estate? Fantastic 2 bedroom 2 bath furnished condo located in Wildwood Springs for $89,100. That’s right, $89,100. With assistance for first time home buyers and property prices rolled back more than 5 years now is the perfect time. The lowest 2 bedroom condo in Wildwood Springs is ripe to be picked up by a renter that wants to start to build equity and potentially take advantage of some Federal Income Tax relief.

More details on the second floor Bradenton Condominium… The enclosed lanai opens to wonderful tropical landscaping. The condominium complex has tennis courts, pools, and plenty of sidewalks. Property includes one carport and includes furnishings. Kitchen is equipped with newer appliances including a ceramic top stove with built in stove fan and microwave. Tons of closet storage, outdoor storage and big master bedroom with attached bath. Just minutes from lots of shopping and gorgeous white Anna Maria beaches. Lowest price on market and ready to move in. Price has just been reduced, act now before it is too late.

For more information on this fantastic condo please give me a call at (941) 345-1288. I am a Real Estate Professional with Island Real Estate of Anna Maria Island, Inc

Pool Holiday Rental

We continue to see signs of the housing turn around. It appears as though the first time home buyers credit of up to $8000 is beginning to take hold. Construction starts in United States for the month of June jumped 11% as compared to the month of May. The last four out of six months, housing starts have been up. It doesn’t hurt that home builders are in a rush to finish homes by November for their buyers to take advantage of the first time home buyer tax credit.

Our little Anna Maria island there are not many folks taking advantage of the first time home buyers incentive. Most feel as though Real Estate resort areas LEAD the market. I would hope everyone agrees that Anna Maria Island is a resort area. So, if the rest of the United States Market is moving out of the housing slump then it is investors are too late for Anna Maria Island’s low. I believe our little Anna Maria Island is a resort area and is a LEADING indicator for home sales information.

Absorption rates of real estate is a very important indicator. Nationwide our absorption rate moved down from 10.2 months of real estate inventory for sale to 8.8 months. (Source CNBC) Investors are entering the market due to low interest rates and fantastic real estate buys.

Below you will find Quarter 2, 2009 Anna Maria Island Real Estate inventory absorption chart. This shows the past number of years of inventory we have had on Anna Maria Island. The most important aspect of the chart below is the blue line which shows the amount of inventory on the island by quarter. It is an absorption figure which shows number of months of Anna Maria Island property for sale. It is a simple calculation. If there are 500 properties for sale and for the past quarter we averaged 50 properties sold per month then our inventory absorption is 10 months or there is an equivalent of 10 months of inventory on hand. The most important part of the chart below is our absorption level relative to previous periods of time.

This chart is property of Island Real Estate of Anna Maria Island and Alan Galletto and should not be duplicated.

Anna Maria Island Inventory

See the story below thanks to the Associated Press on the seven month high for housing starts… For more information on Anna Maria Island Real Estate for sale visit Island Real Estate’s website.

updated 1:49 p.m. ET, Fri., July 17, 2009

WASHINGTON – Construction of new U.S. homes rose in June to the highest level in seven months as builders rushed to pour foundations for homes that must be completed by the end of November for first-time buyers to take advantage of a special tax break.

The Commerce Department said Friday that construction of new homes and apartments jumped 3.6 percent last month to a seasonally adjusted annual rate of 582,000 units, from an upwardly revised rate of 562,000 in May.

It was better than the 530,000-unit pace economists expected, and was the second straight monthly increase after April’s record low of 479,000 units.

Property Tips

It seems we need to keep an eye out for scams every minute of our lives. Phishing scams, banking scams and now rental scams. The latest scam takes advantage of Annual Renters however it could be applied to bank owned Vacation Rentals as well.
See the article below thanks to Florida Association of Realtors…

“TAMPA, Fla. – July 14, 2009 – Property managers along the Gulf Coast beware: Criminals in the area are lifting rental listings, fraudulently adding their name as a contact, and posting it on Craigslist. The consumer sees a legitimate listing, but then contacts the criminal to request more information. A report has been filed with the Pasco County Sheriff’s Department regarding a specific incident in Hernando County. According to the sheriff’s office, criminals have gone to extraordinary means to collect the first month’s rent and a security deposit. In some cases, they have drilled into lockboxes and placed renters in properties. Tenants who pay the criminals then believe they have a legal tenancy. The case has been turned over to investigators with the Hernando County Sheriff’s Office, though Pasco County law enforcement authorities also remain on the alert for additional incidents. So far, the problem seems limited to the central Gulf Coast area, but it could be duplicated anywhere in the state. If Realtors suspect a similar crime has occurred, they should call the local police or sheriff’s office rather than try to deal with the problem.”

So how do we become educated consumers to be sure we don’t fall into the craigslist or classified advertisement scam?

#1) When speaking with the individual does the opportunity seem to good to be true?
#2) Ask the person listing the property if they are the owner or a property manager.
#2A) If property owner, ask for their full name and go to public records and verify the address is owned by this

Rental Scams

person.
#2B) If it is a property manager ask for their website and call the number on the website and ask for the individual you were speaking with. All property managers these days have a website!
#3) The lister should have plenty of digital photos of the property. Ask for plenty of photos.
#4) If the lister is promoting a vacation rental most would normally have a website. Check out the website.
#5) Most owners participate in a community organization that helps them rent their property like a chamber of commerce. Ask the lister where they participate and call the community organization for more information. Get the phone number from the world wide web NOT the lister! They could give their girlfriends number and after the conversation you would be no wiser.
#6) If all the above ideas get you no where and the lister has reasonable reasons why you cannot follow through on the points above then I would strongly suggest you move on to another property. If you cannot move on, ask very pointed questions about the property. Where is the hot water heater? Where is the electrical panel? Is there a garbage disposal and a dishwasher?

If renting long term NEVER give money prior to walking through the home. Remember if you have upfront concerns regarding the legitimacy of the lister then walking through the property alone with a potential thief is EVEN WORSE. Is your life worth a great deal on an annual rental?

Information

There is no doubt a great deal can be had by going directly with an owner. With a good deal comes risk. Working with a property management company like Island Real Estate certainly limits a tenant’s or vacationers risks.

For more information on Annual Rental properties available on Anna Maria Island and Bradenton, Fl visit Island Real Estate’s Annual rental website.

For more information on Anna Maria Island Vacation Rentals managed by a team of professionals visit Island Real Estate’s website.

It’s still a great time to buy on Anna Maria Island although inventory has dropped again and our inventory has moved down slightly on the island. In addition, the amount of inventory has dipped to below 30 months.]

A few things point to the bottom has come and gone for Anna Maria Island Real Estate. Firstly, in the month of April, Island Real Estate of Anna Maria Island sales professionals averaged more than one contract every other day. The sales activity was similar to the highest activity months in 2004 and 2005. I suspect in the next few months we will see a continued drop in inventory and more importantly a substantial drop in the amount of months of inventory on hand. As supply continues to drop, prices will increase.

In addition, interest rates last week inched above 5.0% with several economists claiming our economic low has come and gone and we would see an improvement in the economy later this year.

Anna Maria Island Real Estate Inventory

Act now, there are still a few real estate deals in Bradenton Beach, Holmes Beach and Anna Maria City.  Don’t say I didn’t warn you!

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.