The Anna Maria Island Sun Newspaper


Vol. 16 No. 10 - January 6, 2016

REAL ESTATE

We’ve still got it

 

Remember when Florida was where our parents and their parents went to retire? Back then we all called the Sunshine State “God’s waiting room,” and indeed there were streets in Miami Beach and St. Petersburg where it looked exactly like that. Well, thankfully, those days are gone now that everyone is fighting to get in.

According to this year’s Harris Poll taken in November of 2015, Florida placed number one when participants were asked where, excluding your current state, you would most like to live. Florida had previously placed number one in 1997 through 2001, so it’s been a while, but we’re now back on top as Americans’ most desired habitation destination.

With the top three states, California number two and Hawaii number three all being oceanfront states, it’s pretty clear that beach, water and warm temperatures are most people’s choice. However, Colorado coming in at number four and New York at number five remind us that not everyone appreciates the benefits of year round sun.

When breaking down the numbers by generation, California is the first choice of 18- to 38-year-olds as well as 36- to 50-year-olds. But the baby boomers between 51 and 69 years old still prefer Florida and are still the dominant generation in numbers. Certainly the developers of all of the new construction in Manatee County and the proposed new developments are happy with what the Harris Poll has reported.

Now we know American baby boomers are still in love with Florida, but what about our good neighbors to the North? Canadians have always been the biggest foreign buyers of United States real estate, particularly winter homes in Florida. However, according to the National Association of Realtors, sales to Canadian buyers have been overtaken by Chinese buyers. Chinese buyers accounted for 16 percent of sales to international buyers in the 12 months ending March 2015, and Canadians accounted for 14 percent during the same period, down from 23 percent in 2013.

Of course, the reason for the drop in Canadian transactions is because of the falling Canadian dollar, down about 10 percent over the past year with the Canadian dollar trading at about 75 cents to the U. S. dollar. Previously, when our market dropped, the Canadian dollar was much stronger, and many Canadian buyers took advantage of the soft market and the strong Canadian dollar. Now many of these investors are selling, and new buyers are finding it harder to find desirable properties in their price range.

That said, the high end market, like all high end markets, is not suffering as badly as the lower end for Canadian buyers. Canadians are still drawn to Florida and will undoubtedly continue to purchase after setting their sights a little lower or waiting to see if the Canadian dollar ultimately rallies.

Meanwhile, Chinese real estate buyers are starting to feel the effects of China’s economic slowdown and may start pulling back from international purchases. For the past five years, Chinese residents have been purchasing American homes in large numbers. Our values looked like a bargain to them after the crash, but the combination of a much better U.S. market and a decline in the Chinese economy may influence their buying agenda.

God’s waiting room sure has been transformed since my parents arrived in Florida. Now when you say you’re retiring to Florida, people are not only envious, but think you’re right in step with the latest fashion. But, of course, we always knew that didn’t we?

Real Estate Transactions
August 2015

Sponsored by Alan Galletto Island Real Estate

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

Anna Maria

2015-10-29 265000 250000 522 Pine Ave # 8d 822 2 Br/1 Ba Condo

Bradenton Beach

2015-10-15 599000 540,000 2206 Avenue C 1557 4 Br/2 Ba SFR
2015-10-02 2,650,000 2,600,000 109 13th S St 3017 8100x100.4 8 Br/8 Ba SFR
2015-10-08 649,000 590,000 903 S Gulf Dr 51x96 SFR Lot
2015-10-20 399,900 370,000 2310 Gulf N Dr # 104 651 2 Br/1 Ba Condo
2015-10-08 385,000 372,000 117 10th N St # 112 873 2 Br/2 Ba Condo
2015-10-07 725,000 700,000 2311 Gulf N Dr 2975 50x100 Duplex

Holmes Beach

2015-10-06 450,000 390,000 410 Bay Palms Dr 1535 2 Br/2 Ba SFR
2015-10-05 435,000 400,000 2918 Avenue C 1196 2 Br/2 Ba SFR
2015-10-23 469,000 462,000 5800 De Palmas Ave 964 2 Br/2 Ba SFR
2015-10-26 499,900 475,000 204 83rd St 1454 2 Br/2 Ba SFR
2015-10-15 599,000 580,000 212 71st St 1380 2 Br/2 Ba SFR
2015-10-08 689,000 675,000 310 58th # B 1251 3 Br/2 Ba SFR
2015-10-29 1,070,000 985,000 603 Baronet Ln 2717 95x130 4 Br/4 Ba SFR
2015-10-15 1,499,000 1,200,000 611 Key Royale Dr 2784 103x162 3 Br/3.5 Ba SFR
2015-10-14 1,895,000 1,850,000 688 Key Royale Dr 3725 4 Br/3 1/2 Ba SFR
2015-10-06 3,495,000 3,200,000 2907 F Ave 2300 4 Br/4.5 Ba SFR
2015-10-05 255,000 249,000 3607 E Bay Dr # 103 1000 2 Br/2 Ba Condo
2015-10-16 324,900 315,000 709 Manatee Ave 709 1179 2 Br/2 Ba Condo
2015-10-14 375,000 350,000 6400 Flotilla Dr # 98 1185 2 Br/2 Ba Condo
2015-10-19 399,000 385,000 6500 Flotilla Dr # 185 1185 2 Br/2 Ba Condo
2015-10-15 399,900 387,000 207 75th St # East 800 2 Br/1 Ba Condo
2015-10-30 435,000 400,000 100 73rd St # 203a 100x102x68x96 1Br/1 Ba Condo
2015-10-09 585,000 555,000 244 S Harbor Dr # 3 1330 2 Br/2 Ba Condo
2015-10-15 399,000 385,000 6250 Holmes Blvd # 63 1224 2 Br/1 Ba Townhome
2015-10-02 675,000 625,000 203 77th St # A & B 2632 75x100 Duplex
2015-10-22 595,000 550,000 3801 Gulf Dr 2188 Irregular Duplex
2015-10-09 359,000 311,500 5405 Gulf Dr # A 1080 2 Br/2 Ba 1/2 Duplex

Source: Mid Florida Multiple Listing Service