Posts Tagged ‘Property’

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.

May 2009, Florida’s Existing Home and Condo Sales Up.

ORLANDO, Fla., June 23, 2009 – Florida’s existing home sales rose in May – the ninth month in a row that sales

Florida Real Estate

activity increased in year-to-year comparisons. This is according to the latest housing data released by the Florida Association of Realtors® (FAR).

Florida real estate sales showed gains over the previous month’s sales in both existing home and existing condo real estate markets. More impressive is for the first time in many months, the Florida median sales price in May rose over the previous month’s figure, April.

Existing home sales rose 16% for the month of May with a total of 13,921 homes sold compared to 12,044 homes sold in May 2008, according to FAR. Florida Realtors reported existing home sales in May, increased 6.2% over April’s activity. Florida existing condos rose 21 % for sales in May and existing condo sales in May rose 3.8 % versus April.

“The improving sales of existing single family homes and condos is a trend we have been seeing for several months in Florida – what is new in this month’s data release is that we are seeing evidence of prices beginning to firm,” says Dr. Sean Snaith, director for the University of Central Florida’s Institute for Economic Competitiveness. “While one month of data does not a trend make, it is the first green shoot we have seen in some time as far as prices are concerned; until prices stop declining, we cannot state with confidence that the housing market has stabilized. Sales have risen to levels we have not seen since 2006, though the economy still faces headwinds. As credit markets begin to thaw this will help speed along this process of recovery in the housing market.”

Statistics courtesy of Florida Association of Realtors.

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.

Holmes Beach R1 Month rental Restriction – UPDATE

As part of the comprehensive plan a one month rental restriction was passed about one year ago for properties in R1 area in the city of Holmes Beach. Many of Island Real Estate property owners ask me how could this happen?

Anna Maria Vacation

Apparently it was discussed in one meeting with little to no communication to the public. I think it is important to mention the public is invited to all meetings so it’s pretty tough for locals as me to play the “victim” role. More on victimization later.

As the General Manager I often predict potential rental income for seasonal rentals on Anna Maria Island. I feel very comfortable predicting that the one month restriction will reduce gross rental income for properties affected by more than 40%. A typical 3 bedroom home with a pool on a canal should generate at least $50,000 annually. Gross income generated with a one month rental restriction….Maximum $30,000. That’s a big hit for owners that are using income to defer debt service, insurance, and property taxes. Many owners are using their rental income to stay out of trouble with their banks.

What impact does the rental restriction have on property values in the R1 zoning areas? The first question that needs to be asked is what do future buyers want? Rental income or fewer new “neighbors” throughout the year? I estimate at least 70% of incoming buyers request specific information regarding potential rental income. Many do not rent their home after purchasing but they take great care in understanding “what if” scenarios. This is good business sense. So what’s it going to cost owners in R1? I would estimate between 15-25% of their value.

Fantastic Private Pool at 2916 Avenue E

But wait….Thanks to David Zaccagnino and a few of us that attended the latest Holmes Beach meeting on Tuesday, August 12th. David the “lone commissioner” convinced the mayor and remaining commissioners to revisit the comprehensive plan and open the rental restriction discussion to the public. Sandy Haas-Martens convinced the council that the vote needed to await the return of several vocal residents in the R1 zones. So it appears we will have our opportunity to discuss the rental restriction around November.

If you are an owner of the affected area don’t be a victim. Let your Anna Maria Island Real Estate professional know whether you support the one month rental restriction. If you want to be sure your voice is heard… contact me directly as I will continue to play an active role in the Holmes Beach rental restriction. Larry@IslandReal.com or visit our website at http://www.islandreal.com/ or contact us by telephone.