It has been a difficult few years for anyone wanting to sell a home on Anna Maria Island. Having been part of Florida’s spectacular growth, prices on island homes had risen tremendously since the 1990’s, and therefore were subject to the same kind of fall that all popular markets experienced starting a little over three years ago. But at least there always is something about a beautiful island that sets its properties apart from the larger inventories on the mainland. There is only a finite number of island homes, and people will always want to live on an island. So there is reason to believe properties on Anna Maria will be in demand again sooner than the general market.
The question is whether the nation is beginning to see a general upturn in housing sales and prices yet. There have been articles in highly regarded publications, such as the Wall Street Journal, indicating this may be the case. In a recent article in the Anna Maria Island Sun, Louise Bolger points out that Maureen Maitland, vice president for index services at Standard & Poor’s, has speculated that we may look back on April, 2009, as the trough in home prices.
Speaking of speculation, that would mean this could be a very good time to buy an investment home in Anna Maria Island … if you can afford the high property taxes. At least there is the possibility of covering some of those taxes and carrying costs through rental. And rumor has it that if the house has a swimming pool, it is much easier to rent. Of course this all is speculation, and speculation is largely responsible for the bubble and its bursting that put the market where it is today.
The Seafood Shack Restaurant in Cortez has closed re-opened.
The waterfront restaurant has been in business for 38 years serving grouper sandwiches, clam chowder and burgers but succumbed to the combination of high taxes, high insurance, economic downturn, and an upcoming bridge repair.
The humpback bridge on 127th Street is closing for repairs and Seafood Shack owner, Ham Jones, said he faced bankruptcy trying to stay open with low patronage, or close and lay off staff. He kept open the possibility of reopening in November if the bridge repairs are completed by then, and if the Anna Maria Island bridge repair closures reroutes traffic to Cortez bridge as scheduled for October – November.
The 700-seat restaurant has been on the market for some years, with contracts that fell through in 2002 and 2004.
The restaurant also operated a paddlewheel Showboat for dining and excursions, but was recently sold off.
The adjacent Seafood Shack Marina remains open.
UPDATE: The Seafood Shack Restaurant is reopening Monday December 15th. Hours are 11:30 a.m to 9:00 p.m. Telephone: 941-794-1235
In another episode of the continuing non-reality show of “Let’s see what FEMA rules are today”, letters from the Federal Emergency Management Agency to the local island cities offices announced that buildings “having the lowest floor one foot or more below the base flood elevation will no longer be eligible for the CRS discount.”
The Community Rating System is a method of assessing cities’ overall exposure to flood damage loss. By installing adequate drainage systems and enforcing building codes to mitigate flood damage, communities can be eligible for a 5 – 45% discount for residents’ flood insurance premiums.
FEMA’s new edict beginning May 1st excludes specific properties “at high risk” and “not compliant” in the “Special Flood Hazard Area” from getting the community discount. A homeowner will discover if he is excluded when their flood insurance policy comes up for renewal – the policy will have a small zero in the CRS discount box.
But some people in older houses with ground floor living area don’t need to panic yet. Houses that were built prior to 1975 are grand-fathered in, plus there are several other exemptions from the ‘rule’.
Whatever your current structure, be it old, new, remodeled, non-conforming, grand-fathered, permitted, exempt, or other, don’t expect a notification of change to your flood coverage cost. Your first clue will be when you get your flood insurance annual renewal bill.
City of Holmes Beach commissioners presented their first reading of a draft new ordinance related to building code and permitting in the city’s floodplain.
The 31-page ordinance is the result of FEMA, (We’re Here To Help You), having questions about code implementation and compliance with current standards.
On February 12th, the city commissioners put a moratorium on new building permits until a new regulations could be researched and analyzed. The March 25th meeting brought to light the draft reading.
The new regulations are expected to improve ranking with the National Flood Insurance Program system, which provides discounts for cities that participate in the government’s flood insurance program.
The intent is to “attempt to mitigate and prevent the cumulative effect of obstructions of floodplains causing increases in flood heights and velocities and occupancy in flood-hazard areas by uses vulnerable to floods of hazardous to other lands which are inadequately elevated, flood proof or otherwise unprotected from flood damages.”
The NFIP defines building improvements in the floodplain as minor or major. A major, or “substantial improvement” is
As if the housing market slowdown were not enough to challenge local contractors, now Holmes Beach City has stopped issuing all building permits.
The City of Holmes Beach Commissioners decided the building department stop granting “requests for construction, reconstruction, or improvement of buildings or structures within the flood hazard areas” beginning February 12th. All building is halted while compliance is being studied and codes compared with other communities.
Caught in this moratorium is a partly rebuilt 1950′s house. New walls, windows, and roof were constructed last month but work has now stopped. The city is considering that it may even have to be torn down again.
Those of us in the real estate business in our area fully understand the current market problems and we agree that Amendment 1 will not “jump start’ the real estate market as suggested by Tallahassee [state capital] and our media. It will possibly assist those sellers who plan to purchase a replacement home in our state.
We need to consider that the buyer of a home plans to reside and homestead in our state and if they’ll accept their initial tax bill. Also, it is not clear in the amendment if we’re able to assure a buyer if the homestead cap is to remain.
The planned 2011 $7.5 million beach renourishment project for 1.5 miles of Anna Maria shoreline will not use Federal money, according to Charlie Hunsicker, ecosystems director at Manatee County. Funding will come from state and county taxation.
Added to Tuesday’s primary ballot is a proposed change to the way property taxes are assessed.
Currently, a rule of thumb is that taxes on real estate are nearly 2% of appraised value. Usually the appraised value is lower than market price and owners who live in their homes can claim a $25,000 deduction. The median price of Florida houses is about $300,000, so a home buyer could be paying $6,000 per year.
Speaking of speculation, that would mean this could be a very good time to buy an investment home in Anna Maria Island … if you can afford the high property taxes. At least there is the possibility of covering some of those taxes and carrying costs through rental. And rumor has it that if the house has a swimming pool, it is much easier to rent. Of course this all is speculation, and speculation is largely responsible for the bubble and its bursting that put the market where it is today.
The Seafood Shack Restaurant in Cortez has 
The planned 2011 $7.5 million 
