The Anna Maria Island Sun Newspaper


Vol. 16 No. 46 - September 14, 2016

REAL ESTATE

To move or to remodel?

 

I've just spent the last two months getting paint out from under my expensive manicure and trying to keep my mouth shut every time my husband asks, "Are we done yet?" But that's the price you pay for doing a home renovation. Is it worth it or is moving easier? In today's market you may not have a lot of options.

There's a lot of buzz about the lack of inventory in the real estate market nationally which keeps pushing prices up around the country. Again in July, the National Association of Realtors reported that the pace of existing home sales decreased 3.2 percent from June, and compared to a year earlier July sales were down 1.6 percent.

Everyone loves when sale prices go up and according to the Case Shiller 20-city home price index prices have grown at about a 5 percent pace since early 2015. However, a lot of potential buyers are being pushed out of their affordability range every month creating the proverbial logjam of first time buyers who can't afford to buy and trade up buyers who can't sell and, therefore, can't buy their next home.

According to the Realtor Association of Sarasota and Manatee counties, Manatee County in July closed 0.7 percent more single family homes and 11.5 percent more condos from July of last year. The median sale price for single family homes in July this year compared to July last year was up 11.7 percent to $279,250, and the average for single-family homes was up 19.9 percent to $355,374. As stated condo sales closed 11.5 percent more properties from July of last year, with the media price higher by 21.9 percent to $185,250 and the average sale price up 8.8 percent to $230,839.

As far as inventory in Manatee County is concerned, comparing July of last year to July of this year, single-family homes had 19.5 percent more properties available and condos had 12.2 percent more properties available. Even though Manatee County's inventory is slightly higher, don't be fooled. It's still summer, and the buyers haven't arrived yet. The number of months of available inventory for both single family and condos remained similar to what we've been experiencing all year at just over a 4 month's supply. Nationally the number of month's supply of properties as reported by the National Association of Realtors at the end of July was 4.7 months, a number that has fallen for 14 straight months. Anything below a six-month supply of available properties is considered abnormally low.

This was a long way to get back to home remodeling, but with the real estate market forcing homeowners to stay put, many of them are opting to renovate rather than move. Economists are forecasting that investment in residential remodeling and repairs this year will surpass records set during the housing boom in 2007 and are expected to continue rising over the next three years.

In addition, our homes are getting older, even in Florida, which always had a large percentage of new construction. Homes built more than 30 years ago now make up 65 percent of the nation's housing supply according to census data. In spite of the mess and inconvenience of remodeling, buying a new house, moving and obtaining a new mortgage is even more massive. Interest rates are low and because of increased property values, equity is high – the perfect storm for a home equity loan for the remodel.

So take it from me. Cancel your next few manicures and get out the paint brush, the hammers and nails and the telephone number of a qualified contractor. As bad as it seems, the project will eventually end without the need for a moving truck.

Real Estate Transactions
Real estate transfers of June 2016

Sponsored by Alan Galletto Island Real Estate

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

Anna Maria

16-07-11 625,000 525,000 122 Oak Ave 1176 3 Br/2 Ba SFR 16-07-08 745,000 689,000 405 Spring Ave 1696 4 Br/3 Ba SFR 16-07-01 899,000 850,000 302 Tarpon St 1878 3 Br/2 Ba SFR 16-07-05 1,099,000 919,000 525 Kumquat Dr 2288 3 Br/2 Ba SFR 16-07-22 1,200,000 1,100,000 116 Peppertree Ln 1996 3 Br/2.5 Ba SFR
16-07-14 1,250,000 1,153,500 229 Chilson Ave 1597 3 Br/3 Ba SFR 16-07-21 1,250,000 1,170,000 238 Lakeview Dr 2281 3 Br/2 Ba SFR 16-07-25 1,745,000 1,600,000 909 N Shore Dr 1868 3 Br/3 Ba SFR 16-07-25 3,500,000 3,300,000 825 N Shore Dr 3486 3 Br/4.5 Ba SFR
16-07-21 620,000 580,000 218 Palmetto Ave 1648 52x100 Duplex
16-07-15 399,000 350,000 710 N Shore Dr 60x85 Vac.
16-07-07 495,000 470,000 401 S Bay Blvd 76x105 Vac

Bradenton Beach

16-07-01 1,495,000 1,495,000 106 4th St S 3000 6 Br/5 Ba SFR
16-07-01 379,900 349,000 1301 Bay Dr N #5a 1079 2 Br/2 Ba Condo
16-07-28 610,000 585,000 1417 Gulf Dr N #1417 1524 3 Br/2.5 Ba Condo

Cortez

16-07-26 1,800,000 1,720,000 12614 Baypointe Ter 4677 3 Br/3.5 Ba SFR
16-07-12 123,500 107,500 12334 Baypointe Ter 110 x 151 Apx Vac.

Holmes Beach

16-07-11 489,000 475,000 406 Bay Palms Dr 1332 2 Br/2 Ba SFR
16-07-06 549,000 490,000 308 56th St 1080 2 Br/1 Ba SFR
16-07-12 579,000 575,000 208 Haverkos Ct 2181 65x98 3 Br/2.5 Ba SFR
16-07-18 619,000 620,000 5802 Imperiore Ave 1020 2 Br/2 Ba SFR
16-07-20 650,000 650,000 304 60th St #B 1150 3 Br/2 Ba SFR
16-07-15 849,000 790,000 206 67th St 2139 4 Br/3 Ba SFR
16-07-27 999,000 975,000 307 74th St 1676 3 Br/3.5 Ba SFR
16-07-11 1,299,000 1,185,000 671 Key Royale Dr 2885 221x78 3 Br/2.5 Ba SFR
16-07-19 2,190000 1,800,000 512 59th St 4544 6 Br/4.5 Ba SFR
16-07-11 2,399000 2,100,000 625 Key Royale Dr 3118 4 Br/3.5 Ba SFR
16-07-05 375,000 350,000 3215 Gulf Dr #3215 672 1 Br/1.5 Ba Condo
16-07-01 360,000 360,000 600 Manatee Ave #205 1187 2 Br/2 Ba Condo
16-07-01 389,000 375,000 3402 Gulf Dr #3 359 2 Br/2 Ba Condo
16-07-18 415,000 392,000 5806 Gulf Dr #204 1078 2 Br/2 Ba Condo
16-07-15 499,900 485,000 6006 Gulf Dr #111 1154 2 Br/2 Ba Condo
16-07-11 395,000 367,500 3009 Avenue E 751 2 Br/1 Ba Villa
16-07-26 469,000 425,000 5613 Guava St #A&B 1580 57x105 Duplex

Source: Mid Florida Multiple Listing Service


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