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Date of Issue: July 29, 2005

Island real estate still booming

Island real estate agents are still smiling as the sales boom - and accompanying property value increase - that began post-Sept. 11 continues on Anna Maria Island.

Sales of Island duplex and triplex units for June 2005 were nearly double from the same month last year, according to the Anna Maria Island Property Sales Report published by Dantia Gould.

The AMIPSR reported a total of $5.6 million in duplex and triplex sales for June 2005 compared with $2.9 million in sales for the same housing category in June 2004.

Single-family homes sales also continued to increase. The total value of the 25 units in that category that sold on the Island this past June was $19.1 million against $11.8 million for the 21 single-family homes that sold in the same month last year. The top single-family home to sell in June 2005 was at 104 Park Ave. in Anna Maria, which brought in a cool $2.2 million.

Condominium sales also brought smiles to real estate agents. Gould reported 19 condo sales in June 2005 totaling $12.1 million versus $8 million in condo sales in June 2004. The average sale price of a condominium was reported at $644,000, a more than 33 percent increase from the June 2004 condo sale price average of $417,000.

The Island appears to be a seller’s market, according to the AMIPSR. On July 1, 2005 there were only 80 active listings on the Island compared with 100 at the same time last year.

Gould also reported that the sale of Siam Garden Resort in Anna Maria was completed on July 15. The units will become privatized and sold to individual buyers as condominiums, but the use of the units must continue as vacation accommodations.

Barry Gould of Island Vacation Properties, the company that will offer the units for sale and manage Siam Garden, said a sample unit will be listed at about $350,000.