The Anna Maria Island Sun Newspaper


Vol. 16 No. 1 - November 4, 2015

REAL ESTATE

Super rich super properties

 

From time to time, I like to write about the over $1 million dollar properties that are becoming, if not the norm on Anna Maria, then certainly increasing at a rapid pace. But what is equally shocking is the number of incredibly pricey, luxury properties around the country with price tags never before seen.

According to Trulia, over the past year, there were more than 300 homes for sale across the country priced from $35 million to $49 million. This is an increase of 24 percent from the previous year, and these numbers are becoming more of a trend than an outlier.

In the past five quarters, at least 37 homes have sold between $30 million and $49.9 million in New York, Miami and Los Angeles. This is up 16 percent from the comparable time frame during the crazy 2007 and 2008 real estate market.

Even properties priced above $100 million are not that unusual. I read about one last month on New York’s Long Island listed for $100 million. The traditional European style 1928 waterfront estate is on 8 acres with 60,000 square feet, a dock that can accommodate a 200 foot yacht, indoor pools and a lazy river. Currently the house is the most expensive on the market on the tony North Shore of Long Island.

There apparently are a lot more buyers willing and, more importantly, able to purchase homes over $40 million than there were not too many years ago. The super luxury home market is being stimulated by global wealth coming from out of the country as well as domestic. The United States, in spite of our own financial downturn, is still considered a safe place to park money, and the well to do are always comfortable with investing in real property.

However, the super rich who make up 1 percent of the world’s wealth aren’t pushovers and can be pretty particular about what they want in a home. At the top of their list is purchasing a property that is fully furnished in a style they want. Buyers at this level usually have other homes and don’t want to spend time picking out furniture, a concept that Florida condo buyers are very familiar with.

Closer to home, Naples and Sarasota are also starting to feel the effects of the super wealthy phenomena, and why not after last winter? Of course wealthy Florida buyers are looking for different amenities than big city ones. Naturally, they want waterfront direct, Gulf or bay, depending upon their boating interests. They also want new, new, new for the same reason they want furnished. They don’t have the time to renovate and have zero interest in adapting to the previous owner’s decorating style.

Everyone also wants the outdoor lifestyle with pools, outdoor kitchens and sports facilities like tennis courts. Separate guest quarters and lots of parking are crucial, but indoor kitchens not so important, at least not in size, since catering and restaurants play a larger role.

Getting the super rich to our area at the moment could be a challenge since the number of homes that appeal to this level buyer just isn’t available. In the spring, Naples had 26 homes listed at $10 million or more and Sarasota only 7. However, there was a property at the north end of Longboat Key listed at $22 million and Anna Maria Island does have a property listed over $6 million, so we’re getting there.

Stay tuned for the next installment of my over $1 million island properties. We may be a long way from competing with Los Angeles and New York, but we’re starting to gain on Naples and Sarasota, and we do have endless charm.

Real Estate Transactions
August 2015

Sponsored by Alan Galletto Island Real Estate

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

Anna Maria

09-24 499,000 499,000 135 Crescent Dr. 1033 2 Br/2 Ba SFR
09-24 785,000 700,000 807 S Bay Blvd 1224 2 Br/2 Ba SFR
09-30 799,000 750,000 406 Magnolia Ave 1146 3 Br/2.5 Ba SFR
09-08 899,000 825,000 511 Spring Ave 1248 4 Br/2 Ba SFR
09-28 1,250,000 1,150,000 703 Fern St. 2675 3 Br/3.5 Ba SFR
09-30 429,000 375,000 218 Palm Ave 52x110 Lot

Bradenton Beach

09-30 389,900 396,000 110 11th S St # A 1435 2 Br/2 Ba SFR
09-16 475,000 425,000 2516 Avenue C, #A&B 1600 50x100 4 Br/4 Ba SFR
09-18 158,000 155,000 611 Gulf N Dr. # C13 745 1 Br/1 Ba Condo
09-11 209,000 205,000 2315 Avenue C # 3 488 1 Br/1 Ba Condo
09-01 267,900 275,000 1801 Gulf N Dr. # 214 1080 2 Br/2 Ba Condo, REO/Bank Owned
09-23 314,000 310,000 1301 Bay N Dr. # 8b 1079 2 Br/2 Ba Condo
09-23 459,900 425,000 224 17th St. # 224 1268 2 Br/2 Ba Condo
09-30 499,900 485,000 1205 Gulf N Dr. # 100 1449 2 Br/2 Ba Condo
09-04 649,900 639,900 101 10th N St # 101 2020 50 X 100 3 Br/2.5 Ba CondoNone
09-24 349,900 352,000 109 S 7th St. 220 Inc., Auction / Reo

Holmes Beach

09-15 595,500 530,000 234 N 85th St. 1715 3 Br/2 Ba SFR
09-18 589,900 580,000 516 58th St. 1226 3 Br/2 Ba SFR
09-14 600,000 600,000 203 71st St. 1596 59x105 4 Br/2 Ba SFR
09-28 625,000 608,600 401 75th St. 1656 3 Br/2 Ba SFR
09-04 645,000 625,000 616 Dundee Ln. 1932 2 Br/2 Ba SFR
09-25 1,049,000 937,500 726 Key Royale Dr. 2754 3 Br/2.5 Ba SFR
09-24 1,750,000 1,610,000 528 75th St. 3344 4 Br/4 Ba SFR
09-24 799,000 730,000 103 73rd St. 1938 58x106 SFR
09-25 265,000 255,000 3601 E Bay Dr. # 213 931 2 Br/2 Ba Condo
09-28 299,900 290,000 201 35th St 3 630 1 Br/1 Ba Condo
09-02 339,000 315,000 3301 Gulf Dr. # 5 700 2 Br/1 Ba Condo
09-15 324,000 315,000 3301 Gulf Dr. # 8 700 2 Br/1 Ba Condo
09-14 360,000 320,000 33 Seaside Ct 1278 2 Br/2 Ba Villa
4Plex 1,850,000 1,750,000 3718 Gulf Dr. 2886 187x53x164x50 Fourplex
09-25 339,900 345,000 6907 Holmes Blvd 1334 2 Br/2 Ba Half Duplex, REO/Bank Owned

Source: Mid Florida Multiple Listing Service


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