The Anna Maria Island Sun Newspaper

Vol. 13 No. 18 - February 23, 2013

REAL ESTATE

It's a sellers market

 

There’s a rumor going around on Anna Maria and like most rumors, no knows for sure where it started or if it’s true. Whether it’s true or not, just the rumor is exciting for anyone interested in Island real estate.

A seller’s market is defined as a market in which goods are scarce, buyers have a limited range of choice and prices are high. Well, except for the fact that Island prices may not be as high as they once were, it looks like we’re in a seller’s market, according to those in the know.

As reported in this paper, sales in 2012 were the highest in 30 years except for the go go years of 2004 and 2005. During these years Island brokers sold an average of 436 properties. Last year they sold 430. Let’s see what that does to the average sale price during the coming busy sales season.

Supporting what our local brokers are reporting, sales of existing homes nationwide in November rose 14.5 percent from the previous year, according to the National Association of Realtors. At the end of October, there were only 2.14 million existing homes for sale nationwide.

Also according to the National Association of Realtors, last year appears to have been the first since 2006 in which home prices rose. This is supported by the Standard & Poor’s/Case-Shiller Index reporting that the November home prices rose 5.5 percent nationwide. These are, of course, averages, with some regions showing an exploding appreciation rate like Phoenix, which was up 22.8 percent, and San Francisco, where prices increased 12.7 percent from November of 2011.

Because of these recent statistics, many economists expect home prices to keep rising in 2013. Low interest rates are remaining low, according to the Federal Reserve, and slender inventories of homes continue to plague the market pushing prices up.

Competition in the real estate market has buyers starting to think outside of the box in order to get their offer accepted. Buyers who are coming up against multiple offers on properties are starting to submit their offers along with a “pitch letter.” The pitch letter is intended to make faceless buyers more acceptable to sellers and play on their emotions.

It’s actually a good idea, since most real estate transactions, especially in Florida, involve intermediaries with the buyer and seller frequently not meeting at all or meeting for the first time the day of the closing. The letters are particularly effective when they create a personal connection with the sellers, especially if the sellers have lived in their home for a long time and have mixed emotions about leaving all of the memories the house contains. Buyers who provide an image of their family and their plans for the home paint a picture of the home’s future, which has tremendous appeal to sellers.

Also giving the seller a concise outline of the financials of the transaction without all of the legal language is frequently appreciated. And, of course, finding a common denominator between you and the seller is always good as well as highlighting the wonderful features of the property.

In spite of consumer confidence, which fell by 8.1 points in January, the not very optimistic view by the average American does not appear to be extending to making real estate purchases. Imagine what would happen to the market if opposing sides in Washington could get together on taxes and budget cuts.

As rumors go, entering into a seller’s market is one that I am ready, willing and able to embrace. This is one rumor that is a good thing to repeat, so spread the word.

Real Estate Transactions
Real Estate Transfers from October 2012
Sponsored by Alan Galletto Island Real Estate

Sold Date | List Price | Sold Price | Address | Provision | Property Style

Anna Maria

11/05/2012 1,089,000 1,000,000 511 Loquat Dr 2752 85x117 3 Br/2 Ba SFR
11/09/2012 749,000 700,000 108 Willow Ave 1504 50x11 3 Br/2 Ba SFR 11/14/2012 429,000 429,000 516 Magnolia Ave 1401 52x145 3 Br/2 Ba SFR 11/14/2012 575,000 540,000 212 Coconut Ave 1653 52x100 3 Br/2 Ba SFR 11/15/2012 475,000 442,500 771 Jacaranda Rd 1447 52x98 2 Br/2 Ba SFR

Bradenton Beach

11/05/2012 325,000 230,000 301 Church Ave 1344 102x100 2 Br/2 Ba SFR, Short Sale
11/13/2012 399,000 395,000 303 22nd St 50x100 3 Br/2 Ba Inc. 11/16/2012 330,000 320,000 2407 Avenue B 1650 25x100 4 Br/4 Ba Inc.
11/16/2012 597,000 555,000 104 23rd N St 2088 5800 Units Inc.

Cortez

11/29/2012 579,000 560,000 4130 Marina Ct # 511 2307 3 Br/2 Ba Condo
11/20/2012 825,000 825,000 12913 42nd W Ter 4058 5 Br/3Ba SFR Short Sale
11/02/2012 69,000 54,750 12614 Safe Harbour Dr 81x123x61x122 Vac.

Holmes Beach

11/05/2012 325,000 325,000 6200 Flotilla Dr # 242 1458 2 Br/2 Ba Condo
11/09/2012 499,000 445,000 7205 Gulf Dr # North 1032 3 Br/2 Ba Condo
11/20/2012 179,900 165,000 3607 E Bay Dr # 105 976 2 Br/2 Ba Condo
11/30/2012 475,000 465,000 3804 6th Ave # 3804 1725 3 Br/2 Ba Condo
11/07/2012 599,000 520,000 521 74th St 1625 100x110 3 Br/2 Ba SFR 11/07/2012 449,000 443,000 5805 De Palmas Ave 1150 50x101 2 Br/2 Ba SFR
11/16/2012 335,000 305,000 205 Peacock Ln 1653 43x87 4 Br/3 Ba SFR
11/16/2012 499,000 475,000 211 71st St 1344 54x105 2 Br/2 Ba SFR
11/16/2012 489,000 480,000 309 59th St # B 2083 3 Ba/2 Ba SFR 11/20/2012 859,000 790,000 520 Key Royale Dr 3720 100x108 5 Ba/2.5 Ba SFR 11/21/2012 449,000 445,000 5802 Imperiore Ave 1200 48x101 3 Ba/2 Ba SFR 11/23/2012 419,000 398,600 5704 Holmes Blvd 1678 82x117 2 Br/2 Ba SFR 11/26/2012 439,000 430,000 205 77th St # A 900 2 Br/2 Ba SFR
11/29/2012 400,000 415,000 116 81st St 1494 68x80 3 Ba/2 Ba SFR 11/29/2012 585,000 570,000 603 Dundee Ln 1920 3 Ba/2 Ba SFR 11/30/2012 450,000 425,000 312 57th St 1665 3 Ba/2,5 Ba SFR 11/30/2012 469,000 460,000 212 81st St # B 1200 90x90 3 Ba/2 Ba SFR
11/08/2012 389,000 369,000 3007 Avenue E # 2 756 100x105 2 Br/1 Ba Villa 11/08/2012 375,000 375,000 202 64th St # A 1481 67x100 2 Br/2 Ba Inc. 11/09/2012 350,000 320,000 302 60th St 101x107 Vac.

Source: Manatee County Property Appraiser’s Office


AMISUN ~ The Island's Award-Winning Newspaper