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.
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.
This waterfront property sold for $740,000, with NE views across Bimini Bay, and direct access to sailboat water.
Demolition has been completed and the lot scraped.
This new house was constructed in the last 9 months on a previously vacant lot and is almost ready for occupancy. The government agency FEMA mandates that new houses or major reconstruction have living space above the flood plain.
This Old Florida house was remodeled recently within the 50% rule in order to retain ground floor living.
The remodel increased interior ceiling height, moved the garage forward and increased living space.
This remodel is being done to a house on an inner street after a distress sale of $240,000.
These are only a few examples of activity in real estate on part of the island. Is it a sign of a broader turn-around? Time will tell.
Now that we are beginning the winter visitors ‘snowbird’ season we usually see a pickup in interest by potential buyers for vacation houses and retirement homes. With interest rates at all time lows, zero or negative returns in financial markets, plus the looming threat of hyperinflation, perhaps real assets are the most attractive place to store wealth.
Whatever the reasoning, you can’t go too far wrong wanting to own a house and living on Anna Maria Island with it’s Old Florida charm still evident and immediate access to the best fishing, boating and beaches of the Gulf of Mexico.