The Anna Maria Island Sun Newspaper

Vol. 15 No. 10 - December 31, 2014

REAL ESTATE

2015 – a million dollar year

 

It’s New Year’s Eve, and I’m sure you’re busy with your list of resolutions. Well I’ve been busy too, but instead of New Year’s resolutions I’ve been making a list of New Year’s predictions, and I predict 2015 will redefine what a million dollar home is.

It’s been coming for a while – a small ocean swell crashing on the shore before we know it. There have been numerous articles written about the increase in sales of more than $1 million, including in this space, and long time residents just shaking their heads in disbelief.

True we’ve been down this road before the financial crisis gave everyone a reality check, but this time it’s different. First of all the growth is more widespread, not just concentrated on the islands and waterfront property. Now there are numerous areas in both Manatee and Sarasota Counties that are boasting abundant properties selling for more than $1 million. It also feels more restrained than the overheated market before the crash which you just knew even while living through it could never last, this time we seem to be on more of a solid footing.

According to the Multiple Listing Service, as of the beginning of December, there were 102 $1 million plus single family properties sold in Manatee County, with a top sale of $3.2 million. Sarasota County, not surprisingly, has more than triple that number, coming in at 383 $1 million or more sales and hitting an incredible high of $11.85 million. With another month’s worth of sales still to be posted, both counties are expected to be ahead of last year.

In September, I did my own one year analysis of the three Anna Maria Island cities and Cortez and discovered that between September 2013 and September 2014, there were 11 more $1 million or more sales. This represents more than a 50 percent increase with Anna Maria City and Holmes Beach having the largest increase in number of sales.

There is even talk now of a shortage in inventory for this level property. Manatee and Sarasota waterfront property continues to be in high demand and is exactly the area the lacks available land to develop. Lakewood Ranch and the Inlets in east Manatee and Sarasota continue to build high end homes with some properties listing and selling in the $2 and $3 million range. There is still high end inventory in these areas, however, some real estate professionals are concerned that the coming demand may not keep up with the supply.

With Conde Nast telling the planet Manatee County has fabulous beaches and Christie’s calling Sarasota County a “jewel box” the world as well as investors, second home buyers and high earning professionals in this country are paying attention and making plans. I predict that during the next few years, we will see a significant change in what we always thought was a sleepy little area of Florida’s west coast. Like it or not, more people are coming to visit and purchase pushing prices and demand higher than ever.

Maybe this is the year you should bypass the aisle with the Andre Pink Champagne and go right for the Dom Perignon Brute. So go ahead and toast yourself for being so real estate savvy that you ended up in one of the best areas in the country to live with million dollar properties increasing double digit every year.

Wishing you and your family a happy, prosperous and healthy 2015!

Real Estate Transactions
November 2014

Sponsored by Alan Galletto Island Real Estate

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

Anna Maria

11/21/2014 529,000 500,000 714 Gladiolus St. 987 50x1002 2 Br/2 Ba SFR
11/14/2014 674,900 632,500 236 Gladiolus St. 1361 2 Br/2 Ba SFR
11/18/2014 720,000 680,000 208 Palmetto Ave. 1232 2 Br/2 Ba SFR
11/14/2014 789,000 750,000 120 Oak Ave. 1429 50.0x110.0 4 Br/2.5 Ba SFR
11/14/2014 240,000 220,000 522 Pine Ave. 8a 822 2 Br/1 Ba Condo

Bradenton Beach

11/14/2014 219,000 205,000 204 Church Ave. #9 590 2 Br/1 Ba Condo
11/21/2014 619,900 600,000 107 10th St. N. 2020 3 Br/2.5 Ba Condo
11/26/2014 619,900 600,000 109 10th St. N. 2020 3 Br/2.5 Ba Condo
11/21/2014 142,900 138,500 117 7th St. N. # 7 594 1 Br/1 Ba Condo
1/12/2014 495,000 475,000 241 17th St. 1676 3 Br/2.5 Ba Condo
11/28/2014 295,000 287,500 2212 Ave C 50x105 Vac

Cortez

11/11/2014 699,000 699,000 12326 BayPointe Ter. 2565 3 Br/2.5 Ba SFR
11/19/2014 869,900 845,000 12918 Yacht Club Pl. 3270 4 Br/2.5 Ba, REO / Bank Owned
11/18/2014 649,000 600,500 3840 Mariners W. 526c 2547 3 Br/2.5 Ba Condo
11/21/2014 79,000 73,000 12305 BayPointe Ter. 83x186x117x149 Vac

Holmes Beach

11/26/2014 369,000 355,000 5604 Guava St. 1545 57x105
11/21/2014 449,000 449,000 8316 Marina Dr. 1440 3 Br/2 Ba SFR
11/18/2014 799,000 770,650 525 Key Royale Dr. 1788 3 Br/3 Ba SFR
11/13/2014 1,079,000 980,000 207 73rd St. 2038 4 Br/3 Ba SFR
11/26/2014 1,199,000 1,170,000 628 Key Royale Dr. 4800 100.0x160.0 4 Br/4.3 Ba SFR
11/14/2014 495,000 495,000 8106 Gulf Dr. # A & B 1600 59x115x58x105 Duplex
11/04/2014 299,900 289,000 409 63rd St. 1400 3 Br/2 Ba, 1/2 Duplex
11/20/2014 274,900 275,000 18 Seaside Ct. # 18 978 2 Br/2 Ba Condo
11/07/2014 399,000 380,000 5608 Gulf Dr. 204 1092 2 Br/2 Ba Condo
11/26/2014 525,000 500,000 5400 Gulf Dr. # 34 1188 2 Br/2 Ba Condo

Source: Mid Florida Multiple Listing Service