Is it Time to buy in Florida?

May 2009, Florida’s Existing Home and Condo Sales Up.


ORLANDO, Fla., June 23, 2009 – Florida’s existing home sales rose in May – the ninth month in a row that sales activity increased in year-to-year comparisons. This is according to the latest housing data released by the Florida Association of Realtors® (FAR).


Florida real estate sales showed gains over the previous month’s sales in both existing home and existing condo real estate markets. More impressive is for the first time in many months, the Florida median sales price in May rose over the previous month’s figure, April.

Existing home sales rose 16% for the month of May with a total of 13,921 homes sold compared to 12,044 homes sold in May 2008, according to FAR. Florida Realtors reported existing home sales in May, increased 6.2% over April’s activity. Florida existing condos rose 21 % for sales in May and existing condo sales in May rose 3.8 % versus April.

“The improving sales of existing single family homes and condos is a trend we have been seeing for several months in Florida – what is new in this month’s data release is that we are seeing evidence of prices beginning to firm,” says Dr. Sean Snaith, director for the University of Central Florida’s Institute for Economic Competitiveness. “While one month of data does not a trend make, it is the first green shoot we have seen in some time as far as prices are concerned; until prices stop declining, we cannot state with confidence that the housing market has stabilized. Sales have risen to levels we have not seen since 2006, though the economy still faces headwinds. As credit markets begin to thaw this will help speed along this process of recovery in the housing market.”

Statistics courtesy of Florida Association of Realtors.

Palm Gables Fantastic buy on Anna Maria Island

Palm Gable is a new condominium complex located directly on the Gulf of Mexico. The luxury condominium is in Holmes Beach on Anna Maria Island. The pool is in front of the complex which is fairly rare on Anna Maria, Fl. 108 36th street has been listed for sale, $1,490,000. The three bedroom, two and a half bath has more than 2000 square feet with lots of custom features. Several built in cabinets, custom electronics, and granite can be found everywhere.

The Anna Maria Island complex boasts plenty of parking with gated access. The huge outdoor patio is perfect for enjoying Florida as well as the million dollar sunsets. One last note, the luxury property allows weekly rentals which are sure to assist with operational expenses. Direct Gulf Front vacation rentals typically demand $3000 per week in high season and a little more than $2000 in the low season which is early Fall. For more information on investment property tips be sure to visit my Anna Maria Island Vacation rental blog.

Give me a call if you are interested in this luxury condo for sale or visit Island Real Estate's exclusive luxury real estate site.

The image above is an aerial of the Palm Gable Complex as well as the Gulf of Mexico.

Pool Side at Palm Gable Resort on Anna Maria Island, Florida.

Palm Gable gated entrance. Located in Holmes Beach, Fl.

It's a Great Time to Buy on Anna Maria Island

It's still a great time to buy on Anna Maria Island although inventory has dropped again and our inventory has moved down slightly on the island. In addition, the amount of inventory has dipped to below 30 months.

A few things point to the bottom has come and gone for Anna Maria Island Real Estate. Firstly, in the month of April, Island Real Estate of Anna Maria Island sales professionals averaged more than one contract every other day. The sales activity was similar to the highest activity months in 2004 and 2005. I suspect in the next few months we will see a continued drop in inventory and more importantly a substantial drop in the amount of months of inventory on hand. As supply continues to drop, prices will increase.

In addition, interest rates last week inched above 5.0% with several economists claiming our economic low has come and gone and we would see an improvement in the economy later this year.





Act now, there are still a few real estate deals on Anna Maria Island. Don't say I didn't warn you!

Anna Maria Island & Florida Real Estate News

There is some fabulous news for Florida home owners. More specifically, Anna Maria Island vacation home owners and potential buyers of Anna Maria Island Real Estate.

Firstly, HB 521 was passed which puts the home owner in the drivers seat when appealing assessment values of their home. Currently the burden of proof lies with the Anna Maria Island home owner to prove the property assessment is incorrect with Ken Burton Jr. Not any more. Bill HB 521 changes the burden of proof to be on our local tax assessor to prove their estimated value is correct.

Lastly and most importantly, the legislation session approved bill SJR 532 to be voted on by Florida voters. This bill limits the annual property tax assessment annually to 5% for non homesteaded properties. This is a great first step to making our Anna Maria Island paradise more affordable for everyone regardless of of which state the owner lives in.

For more information on Anna Maria Island Real Estate, be sure to visit my website which provides information on Anna Maria Island, Vacation Rentals, and Anna Maria Real Estate.

Great American Realtor Days - 2009

I had the opportunity to attend the Great American Realtor days in Tallahassee, Florida. I cannot say I enjoyed the drive from Anna Maria Island although I did have the chance to visit a few towns I have never had the pleasure of visiting. The most interesting visit was a small fishing village just North of Tampa called Cedar Key. Cedar Key is a very small village with the closest grocery store being 30 miles away. Their real estate has started to pick up in the last month and the realtor I spoke with proudly stated there were 2 contracts pending for her office which has not happened since 2006.

The Florida Association of Realtors (FAR) has the event very well planned. One meeting prepared the ~1000 real estate professionals with the talking points of our visits with our local representatives. Some of our highlights of the talking points were SB 1718, SB 2250, and HB 809 which was legislation to reduce the current eviction fees for landlords of $265. In addition, we worked to be sure our representatives knew we supported HB 7057 and SB 532 which limits the growth of property tax assessments on businesses, second homes, and non-homesteaded properties to a cap of 5% annually. Finally the last legislation that caught my eye was legislation that supports a "preponderance of evidence" for challenging property tax assessments. SB 1006 and HB 521 changes the philosophy of property owners challenging their assessments. Instead of a property owner proving their property is lower in value, the local tax collector must prove the value of your property is correct. There is a subtle difference between the two but if passed it could make a large impact on the ease of fighting your property value estimates. The above links for each individual bill is a link to the progress of each bill in Tallahassee. In addition for a list of more legislation visit FAR's website.

Our local boards made appointments with our local representatives so we could have about a half an hour with them during their open session. While the Manatee board chose not to attend the Great American Realtor days, (GARD) I was able to attend a few very well run meetings with the real estate board from Naples and they were a well oiled machine. It was very impressive.

Lastly I was able to attend the open session of legislation in Tallahassee. The most interesting point was while our political representatives were discussing legislation points there was a "circus" occurring on the political floor. Pictures being taken and conversations occurring were just a few of the activities taking place as the politicians voted on legislation. It is difficult to understand how our politicians can be productive in open session when a "circus" is occurring on the floor but I have always learned not to judge a book by its cover...

FAR has a lunch and dinner networking function that is fabulous. Wonderful food and wonderful company. The event was closed out with Cynthia Shelton and Charlie Christ giving a speech to the Florida Realtors on hand. Cynthia quoted some staggering first quarter real estate results for areas of Florida. Cape Coral, Miami-Dade, Naples, Tampa were among the few quoted with real estate transactions for the first quarter up more than 20% with some as high as 80% more transactions versus the first quarter of 2008. Unbelievable...Now is the time to buy!

Thanks to Cookie Douglas for the photo while our politicians were in session. She specializes in Fort Myers real estate.

Time 2 buy on Anna Maria Island - More Reasons

It seems at least on Anna Maria Island, Florida activity has picked up in the last two weeks. The transaction volume the Island Real Estate professional sales staff has been generating seems like a flashback to the 2005 real estate days. This is no joke. With the exception of two days, the first 10 days of April a real estate professional with Island Real Estate of Anna Maria, Inc has put a property under contract. Yes, that is right. Almost every day in the month of April a sales professional with JUST Island Real Estate has been involved with a property going under contract. Granted the property has not closed but the amount of buyers on the island has increased to 2005 levels for the past few weeks.

Most other full time sales professionals on Anna Maria say the same thing. Busy, busy, busy...so, what are you waiting for? If you are on the sidelines, waiting for the bottom you may have already missed it. Interest rates are at all time lows, banks are approving financing, and sellers are more aware of market pricing.

Come visit Island Real Estate where our sales staff can find your "peace" of paradise. If you are looking for a property that will generate rental income production give me a call and I can help. I live and work on Anna Maria Island and am ready to help.

As usual I have included a great buy below...

If you are looking for retail space that provides great walk in traffic, Pine Avenue Restoration project is a must visit. Swing by Island Real Estate's second office on 401 Pine Avenue where you can walk over to the newly constructed space as well as view future renderings of the Pine Avenue project.

Did I mention you can live and work in paradise? That's right, an option to purchase the entire building is available. The project boasts two floors, retail space on the ground level and residential space above. The first two buildings offer 2500 sq feet of Retail and 2000 square feet of residential space. However, retail space can be built to suit. So, live above your boutique shop with a rear entrance and pool. Walk to work everyday and enjoy the amenities Anna Maria City Village has to offer.

Time to buy on Anna Maria Island, Florida

It has never been a better time to buy on Anna Maria Island, Fl. Interest rates are at all time lows, single family homes on Bradenton Beach, Holmes Beach, and Anna Maria City bottomed in 2008 and prices for 2009 have held steady. 2009 transactions are up for Multi-family homes as well condo's which normally provides a leading indicator that a short or long term bottom has passed. Of course no one knows but waiting a year could lead to more money for the same home or condominium.

If you are among the many that are stashing your monthly stock performance in your sock drawer, it is time to start to consider investing again in real estate. I want to discuss the impact of our low interest rates as well as the $8000 Federal home buyers refund.

First, lets discuss interest rates. As of late, interest rates are at all-time lows. In the past few weeks we have seen rates for conforming loans dip under 5%. Unbelievable. Many investment property owners are on the sidelines waiting for an announcement that our economy has turned the corner. Of course as we all know, buying after the media announces the economy is out of the recession will be too late. Lets take the example that you are in the market for a home on Anna Maria. If you were to purchase a home at a 5% interest rate the interest paid over the entire duration of the loan would be approximately $466,000. The same loan with a 6% interest rate would be approximately $579,000. A difference of $113,000! So if you are waiting for the economy to turn the corner or an announcement that real estate has bottomed it may be too late! Our ultra low interest rates are a strong nudge to purchase property, NOW.

If you make less than $150,000 as a couple and a *first time home buyer you may be eligible for an $8000 Federal tax refund if you purchase your primary home between JAN 1st, 2009 and November 30th, 2009. If you are purchasing a home for less than $80,000 your refund will be reduced. This is not a federal loan as the earlier $7500 roll out was constructed. It is FREE money. *First time home buyers are defined as... cannot own a home for the last three years and they must live in the home for 3 years or a portion of the refund will need to be credited.

So, its a great time to buy. Why are you sitting on the sidelines? Below are a list of great buys on Anna Maria Island...

202 38th has fabulous Gulf of Mexico views, private heated pool and turnkey furnished for $795,000. It is a 3 bedroom 3 1/2 bath with over 2480 square feet. Just recently a Gulf View condo with less than 2100 square feet sold for $800,000. So what are you waiting for...view more details.

Palm Isle Village Resort offers phenomenal rental income that allows for second home ownership for less than $400 per month. * One Bedroom and Two bedroom properties are available with Gulf views from the unique widow's watches. Prices starting from $299,000. Visit an earlier blog for more information or if you are interested in vacationing at Palm Isle Village Resort visit Island Real Estate's website.

* Some personal tax assumptions have been made as well as interest rates of 6% and a 20% down payment.

4002 6th avenue is a single family Mediterranean home, private pool, turnkey furnished and boasts three bedrooms, three baths and garage. All for just $549,000. Click the following link to view more details about 4002 6th avenue on Anna Maria Island in Holmes Beach, Fl. If you think this may meet your expectations be sure to visit our vacation rental website where you can view availability as well as a virtual tour to see more regarding this fabulous Mediterranean private pool home.

Please note, I specialize in Anna Maria Island real estate and suggest that you consult with your CPA or financial planner for more information regarding the $8000 tax rebate and your specific Federal tax situation.