Bradenton median resale home price sky rockets

Home resale prices rise 27 percent

MELISSA FOLLOWELL

Herald Staff Writer

MANATEE - On the day Manatee County commissioners approved changes encouraging the construction of affordable housing for the average worker, the Florida Association of Realtors released figures showing that the median home resale price in Manatee County continues to skyrocket.

The median price of an existing home in the Sarasota-Bradenton market during September rose 27 percent over last year's prices to $334,100. Though the increase was substantial, it showed a downward trend in the rate of increase. In August, prices escalated 34 percent over the previous year.

But local Realtors noted that figures may actually indicate a shift away from a red-hot seller's market to more balance in the market for buyers.

The number of home sales dropped from the same month in 2004 and the percentage of price gain was slightly under the state average.

Joan Oliszewski, president of the Manatee Association of Realtors and a Realtor with Wagner Realty, attributed the slowdown to the cumulative effects of a 10-month-long siege of red tide and an over-active hurricane season keeping some visitors away this year.

"We have seen a decrease in customer traffic. We have more listings, but they're not moving as quickly. They aren't flying off the shelf like they were," Oliszewski, said.

To read more on this article go here: http://www.bradenton.com/mld/bradenton/12996269.htm

I agree that things are starting to cool off a bit. The number of listing have gone up and they are not selling as fast. It will be interesting to see what happens when the hurricane season is over, they get a cold snap up north and the snowbirds come back for the winter.

The buyers seem to have a little more leverage at contract time. Go to my Bradenton real estate website if you want to see all homes and condos for sale in Manatee county.

Bradenton condos to face stricter law

Planned 19-story towers must conform to new guidelines for historic neighborhood

TIM W. McCANN
Herald Staff Writer

BRADENTON - A developer's plan for new high-rise condominiums and other housing in a historic neighborhood likely will become the first proposed project to face a hearing under stricter city laws aimed at protecting historic buildings.

Developer Riviera Southshore Ventures' planned development project calls for 573 homes, many in three 19-story condominium towers, on waterfront property bordered by the Manatee River, Manatee Avenue East and 10th and 45th streets east.

The 29-acre site lies in the former town of Manatee, now part of east Bradenton, where some residents live in century-old mansions and many take pride in their neighborhood's rich history.

Read the rest of the article here:
http://www.bradenton.com/mld/bradenton/news/local/12914829.htm

I own property along the Manatee River that this developer has under contract for this development. I believe this development would be great for Bradenton. The obvious reasons are the property taxes generated from higher priced properties, the number of jobs created from the construction of the condos and the new additional businesses and jobs started to support the new residences.

Homes along the Manatee river have gorgeous views. This development would help accomodate the large number of people moving to Florida wanting those gorgeous water views. If they don't get them in Bradenton they will go elsewhere in Florida.

Revitalizing this distressed neighborhood will make the downtown Bradenton area more attractive and a more desireable place to live. With this and like kind projects downtown Bradenton will attract more restaurants, entertainment, culture, arts, shopping, and residences.

New Home Depot planned in Bradenton

Home Depot plans 3rd store

KURT D. SCHULTHEIS

Herald Staff Writer

MANATEE - Home Depot is planning a store for the corner of U.S. 41 and 53rd Avenue West.

A site plan submitted to the county planning department calls for a 184,654-square-foot store on 17.8 acres to replace "an aging mobile home park, a mini-warehouse storage facility and an amusement center," according to the application.

Two outparcels are also planned that would include a 12,000-square-foot bank or fast food restaurant and a 14,000-square-foot proposed bank site.

Currently the Aloha Estates Mobile Home Park; The Attic Personal and Business Mini-Storage; and Pirate's Cove, a longtime go-cart and amusement facility, are located on the property.

Read the rest of the article here:

http://www.bradenton.com/mld/bradenton/12966672.htm

This is always a good sign for the community and it's real estate. ;-)

Bradenton city's condo ruling disputed

City's condo ruling disputed

TIM W. McCANN
Herald Staff Writer

BRADENTON - The city faces a challenge for denying a developer's plan to build condominium towers and boat slips on the Braden River.

Peninsular Properties Braden River LLC, the developer, and Manatee Corp., the owner of a 6.81-acre site at 3700 State Road 64 E. where Peninsular wanted to build, want a special master attorney to review the city council's Sept. 14 decision denying Peninsular's proposed plan. The special master hearing lets governments attempt to resolve a dispute with a plaintiff instead of going to court.

The rest of hte article can be read here:
http://www.bradenton.com/mld/bradenton/12967869.htm

Bradenton FL condos

Manatee singing condo blues
Conversion craze blamed for drop in median price

By MICHAEL BRAGA
michael.braga@heraldtribune.com

BRADENTON -- Prices for Manatee County condominiums posted their first year-to-year drop since May 2002.

The median price was $165,000 in September, 1.6 percent lower than the $167,600 during the same month a year ago.

Realtors were quick to say that the decline is not evidence that Southwest Florida's red hot real estate market is cooling.

Instead, they point to the condo conversion craze.

"There's been a large amount of condo conversions coming on the market at prices around $150,000," said Ruth Ann O'Ski, an agent with Global Realty Marketing in Bradenton. "The prices of these condos are so much lower than average existing home prices that they've brought down the median."

No one knows precisely how many apartment complexes are being converted to condos in Manatee County, but appraisers and real estate agents estimate that as many as 4,000 units will be converted this year.

"They're popping like popping corn," said Dale Friedley of the Manatee County Property Appraiser's Office. "It's happening a lot faster than I predicted earlier in the year. There have already been more than 2,000. Every apartment complex of any size is thinking of it."

The rest of the article is here:
http://www.sarasotaherald.com/apps/pbcs.dll/article?AID=/20051012/BUSINESS/510120666

Be careful relying on averages of property values to assess the health of the real estate market. The numbers can be skewed either way to make the real estate market look healthy or sick.

Bradenton Waterfront Property Values Soaring

Waterfront values soaring
Survey of Manatee's property tax rolls reveals huge gains in average home prices
NICK MASON
Herald Staff Writer

MANATEE - Joe Bracken worries that he and his Holmes Beach neighbors have too much good fortune.

Average home values soared more than 26 percent in Holmes Beach and Bradenton Beach last year, continuing to lead the pack in Manatee County's hot housing market, according to the Manatee County Property Appraiser's Office.

Bracken's home tripled in value over the past eight years, but he worries because several neighbors cashed in on prosperity by selling their homes to investors for conversion to other use, gradually changing the character of the island.

"It's a mixed blessing," he said. "What we are trying not to do is lose our residential basis. If we all give up, we will have absentee landlords and we will lose the essential values that are why we came here."

The Herald examined property values across Manatee County on the 2005 property tax roll by ZIP code territories to see who gained and who lost in the past year, compared with the 2004 tax roll.

The major findings include:

• The housing boom triggered double-digit jumps in most residential property values, while most commercial and industrial properties rose at a slower pace.

• Most of the biggest gains in value were in ZIP code areas with much waterfront property.

• Residential properties with historically low prices climbed sharply last year because they were affordable, attracting buyers priced out of the soaring new-home market.

• University Park and its affluent neighbors in the 34201 ZIP code west of Interstate 75 and north of University Parkway were the slowest growers.

The rest of the article can be seen here:
http://www.bradenton.com/mld/bradenton/news/local/12855838.htm


I am glad I bought that home on the Manatee river last year. ;-)

Anna Maria Island Real Estate

For more information on Anna Maria Island and to see all homes, condos and land for sale go to my Anna Maria Island Real Estate page.

For help with real estate on the island give me a call or send me an email at Anna Maria Island Realtor. 941-308-6766.