What do the numbers reveal about the Anna Maria Island real estate market?
In the last 12 months there has been a nearly 19% increase in sales over the previous year. Inventory of properties for sale in November 2012 was 323, the lowest since the 2005 market bubble and the crash high of almost 1000 in 2006.
What are the visible signs of real estate activity?
Within a few blocks I observed 7 properties under construction. Two are in the process of demolition, one is new, and the rest are remodels of existing structures.
Waterfront house before demolition
This house sold for $695,000 recently. It has expansive water views of Bimini Bay and boat access to Tampa Bay and Gulf of Mexico without going under any bridges.
It is being demolished for a new house.
Continue reading “Anna Maria Real Estate On The Move” »
Many who have stayed for years at island resorts for their annual vacations eventually think about buying property in their favorite place. Anna Maria Island is that favorite place for a wide range of people who have one thing in common: they love the simple, Old Florida beauty here. Although Anna Maria Island lodging offers a wide range of comfortable places to stay, there is something special about having one’s own island home.
Since many people thinking of making the move are from places very different from this tropical island paradise, here is a list of things to watch out for as one selects one’s new island home:
1. Neighborhood flooding can come from high tides, storm surges or just heavy rainfall. Just one or two inches of elevation can make the difference between whether a particular home or yard is often standing in water, or not. Ideally, the potential home buyer should be sure to visit the island during the rainy season, staying at one of the island resorts, in order to drive around after heavy rain and see which properties are standing in water. It’s very hard to predict which properties will be dry and which will be flooded just by looking at them. At the very least, try to talk to others in the neighborhood and ask how often the street is closed due to high rainfall, or whether they have seen standing water at the property in which you are interested.
2. Anna Maria Island rentals are often interspersed among second homes that are not rented. Anyone who depends on peace and quiet should take a careful look at whether there are a lot of island rentals signs in the yards on the street where they are considering buying. Usually, there are more island rentals close to the beach, and this is one reason it’s not necessarily ideal to own a home right at the beach, unless, of course, you plan to rent it. If that’s the case, it’s good to keep in mind that rental properties with swimming pools are much easier to rent.
Continue reading “Advice on Buying Island Property” »
On Anna Maria Island, when you see an empty lot with new construction about to begin, you know the new building will tower over the traditional Old Florida one-story homes in the neighborhood. Why? It’s the law, to some degree, at least. In 1975 FEMA made it mandatory that all new construction place the first living level at a certain specified number of feet above sea level, which means either having to raise the lot with a huge amount of fill, or building the living space on a second and, possibly, third floor. This coincided with the start of government involvement in flood insurance programs. When the government starts ‘taking care’ of you, it starts telling you how to do things.
Continue reading “FEMA Rules Change Anna Maria Island” »