Sometimes it seems like Anna Maria Island is one big renovation project. It’s going on two years now since we lived through the worst hurricane season in my memory and there continues to be ongoing rebuilding and renovations related to storm damage.
Even off-Island, it’s not uncommon to see blue tarps on roofs where homeowners are still waiting for insurance refunds or contractors to start work.
If you’re planning a luxury renovation that can cost well in excess of $100,000, the best thing to do is get recommendations from friends and family, ask for referrals and check the Better Business Bureau.
Contractors need to be licensed and insured before being hired, and it’s not unusual for condominium associations to require the name and license number of the contractor before the work can proceed.
Once you’ve settled on a contractor and a price, you need a contract. Under a standard American Institute of Architects contract, which is frequently used for high-end remodeling, you have some protection from contractors walking off the job. The only way, per this contract, a contractor can walk off the job is if they aren’t being paid. Beyond that, they’re in breach of contract. Also, AIA contracts provide for a schedule of installments based on when certain work phases are completed.
In addition, a liquidated damages clause is recommended to keep things on track. It requires the contractor to pay a set fee for every day the project is delayed after the date specified in the contract.
Naturally, getting the proper permits is essential. Don’t work with a contractor who offers to work without a building permit, which is also a requirement in most condominium associations.
Finally, if you’re spending a lot of money, unless you’re well-versed in contracts of this nature, take the time to have an attorney review the contract before signing.
Now it’s time for the Manatee County April sales statistics reported by the Realtor Association of Sarasota and Manatee.
Single-family homes closed 4.8% more properties than April of last year and cash sales were up 14.9%. The median sales price was $492,500, up 6.1%; and the average sale price was $760,094, up 22.9%. Median time to contract was 44 days, compared to 50 days last year; and the month’s supply of properties was 4.6 months, compared to 5.2 months last year.
Condos closed 12.5% more properties this April compared to last year and cash sales were up 30.4%. The median sale price was $320,000, up 6.6%. The average sale price was $335,660, down 2.3%. Median time to contract was 60 days, compared to 63 days last year. The month’s supply of properties was 6.9 months, compared to 8.2 months last year.
Pending sales were also up for both single-family homes and condos. The increase in cash buyers is also a good sign that investors and part-time residents are back in the market. Overall, it’s a good report.
As far as this year’s hurricane season goes, a potential “Super” El Niño is likely to develop in the coming months. El Niño conditions are associated with fewer tropical storms and hurricanes, especially in the western Atlantic Ocean Basin. Even though I’m breaking my own rule about not paying close attention during hurricane season (as a means of self-preservation), I must admit this news is making me a little giddy.
There are no guarantees when it comes to Mother Nature, but there can be guarantees when it comes to working with a contractor. Put it all in writing and have an attorney in your contacts list.
