Firstly, I am traveling up to Tallahasee to the Great American Realtor days and meeting with leaders of government over the two day conference. I live and work on Anna Maria Island and the largest factor affecting our area is the updated guidelines required for purchasing condominiums on the island. Of course I plan to communicate the largest real estate concern regarding Anna Maria however I would like to help fellow real estate professionals if possible. What is affecting your area of real estate negatively or positively that you feel is important to communicate to our politicians? Each area has varying demographics and legislation can severely impact one area where another is less effected. Let me know...
Secondly, I will be traveling up the Gulf Coast and plan to visit several Gulf Coast resort areas on a fact finding mission of real estate values, vacation rental values, and general information of the area. If you live in a Gulf coast resort like community North of Tampa I would love to hear from you so I can add the area to my visit.
February 10th the Holmes Beach, Fl city commission discussed the R1 one month rental restriction for a second time in 2009. The February 10th speakers were predominantly made up of local residents that strongly favored the one month rental minimum along with several hotel-motel establishments that supported less accommodation competition.
I did speak during both discussions however the limited support speaking on behalf of the silent majority of absentee owners was not enough to overturn the decision in 2007 to enforce a one month rental for R1 Holmes Beach properties. Our local real estate professionals did not turn up at either of the R1 rental restriction discussions. This is disappointing given the fact that we are all supported by buyers purchasing a second home to support their retirement dreams. More than 70% of second home buyers are using vacation renting income to help offset operational costs and one month rental minimums cut incomes by more than 50%.
More specifically, any property that was in possession of a weekly Holmes Beach, FL rental license in March of 2007 will have 10 years of continued one week rentals. After ten years the one week rental license will "expire" and one week rentals will no longer be allowed in R1 areas. New or current R1 Holmes Beach owners requesting a one week rental will be declined from now on.
Don't panic yet, Holmes Beach and Anna Maria City still have plenty of accommodation choices. Some owners will be a little surprised after their one week Holmes Beach rental license is declined. If you have any questions give the Holmes Beach city hall a call or contact me.
I am excited to introduce my new website regarding Anna Maria Island information. The website includes my blog regarding general Anna Maria Island information supplying plenty of information on things to do on Anna Maria Island. It also includes a blog discussing Anna Maria, FL Vacation Rentals, and finally an Anna Maria Real estate information blog.
I hope that the new website that pulls everything together helps visitors to the island. Take a look and check out www.AnnaMariaPropertySpecialist. Finally, an IDX link allows for plenty of real estate property searches.
My past 2 1/2 years of property management has provided a very steep learning curve that has just started to taper off in the past half year. From my first weeks of inspecting properties, reserving vacation rentals, and revamping our policies & procedures, I feel I have had the unique opportunity to witness vacation rental operations from a small operation to a larger one striving towards continuous improvement.
I was elated to offer my lessons learned to the Florida Realtor magazine for the December 2008 publication. Please review the article on property management...I am proud to have been solicited concerning my opinions regarding property management and Resort Real Estate.
It's official, the state route 64 bridge that connects Anna Maria Island to the mainland is open! More than a week early the island tonight had a buzz. I received several text messages, a phone call, and it was announced over our public announcement system in our office, "The bridge is open, the bridge is open."
The bridge closure was a non-event. I heard very little complaining regarding traffic. Sure, no one was happy to take the long way to Manatee avenue but the Florida Department of Transportation did a fantastic job. My compliments to the leadership of the project. It's not often my expectations are exceeded and in the case of the State Route 64 Anna Maria Island Bridge repair project, my expectations as a business person were far exceeded.
The Anna Maria Island bridge the gap events were a fantastic addition to paradise while the bridge was closed. We still have a few events planned that will be sure to converted into a large celebration that the bridge is open, the bridge is open. Life in paradise is still darn good! Nice job FDOT!
So far so good. We are almost one full business week into the Manatee avenue bridge closure. Those I have discussed commuting to and from Anna Maria Island have positive comments regarding the traffic congestion on Anna Maria. They say "life" is good. Most tell me the detour is only about 10 minutes out of the way. We have not seen a weekend as of yet so time will tell but all indications show that all the actions the Department of Transportation has taken to ensure the flow of traffic has made big impacts.
Anna Maria Island Real Estate continues to show positive results versus 2007 and 2006. Reviewing the chart below you can see more detail of each segment of Anna Maria, FL Real Estate.
For single family residential Real Estate on Anna Maria Island our transaction levels are up over 40% versus 2007. Continuing to be just as impressive are 2008 single family transaction levels. They are up 40%+ versus 2007. Condos and multi-family transactions are substantially up versus 2007 and continues the positive real estate news on Anna Maria Island.
Single family average square foot SOLD values continue to hold steady while condos and multi-family data shows a continued slip. Please see the chart below.
If you are interested in single family residential property on Anna Maria Island we expect 2009 to begin a modest appreciation period. Condos, vacant land, and multi-family will see a leveling period in 2009. Of course this data is for information only and should not be the only decision making information used to purchase your Anna Maria, Florida Real Estate. For more information on Anna Maria Island be sure to review Island Real Estate's blog and for more information on property for sale on Anna Maria Island visit our Real Estate website.
Manatee, Florida 2008 Property Tax Information - Anna Maria Island
Ken Burton Jr. is on my good side 2008. I have a feeling some Anna Maria Island property owners may disagree. It appears as though his leadership within the county of Manatee, Fl has made a fair reduction in Anna Maria Island property taxes. I received my personal property tax letter early in the day and waited until late in the evening to open the proposed property taxes. I expected very little in the way of property tax reductions so I was ready for a rough night with a lots of tossing and turning over the best way to appeal the escalated Anna Maria property taxes.
I have so little faith and am embarrassed to admit my pessimism. I was elated to see Manatee County, FL got my personal property values correct. I have to admit that I quickly moved to denial just after opening my 2008 estimated property tax letters. There must be something I am missing?? I reviewed my property estimates with a fine tooth comb and sure enough, Ken got it correct! Wow!
Once the 25% reduction in property taxes sank in, I quickly moved my attention to thoughts of property taxes for all of Anna Maria Island. The following day I consulted an Island Real Estate professional that has one property in Anna Maria City and one in Holmes Beach. He confirmed Manatee County calculated his property values correctly for 2008!
So in summary, I reviewed two duplexes in Holmes Beach, Property Values were right on. Three single family homes in Holmes Beach, property Values were correct. One Vacant lot in Anna Maria City, property value was about 15% high. Two Single Family homes in Anna Maria city, both property values were correct. This is great Real Estate news! Now for the bad news. After consulting a Bradenton Beach Condominium owner it appears as though Bradenton Beach owners may not be as happy with their reduction in 2008 property taxes as the rest of Anna Maria Island owners. So, looks like there are mixed property tax results for Anna Maria Island.
If you feel your property values are too high speak with your Anna Maria Island property specialist or email me to determine the value of your Anna Maria Real Estate. Do NOT wait to start this process as you only have twenty five days to submit your appeal. This correlates roughly into a September 12th date so DO NOT procrastinate! If you need recommendations for professional help to appeal your property taxes don't hesitate to contact me.
I hope the mail provides for as pleasant surprise as I received...Early Christmas presents are always welcome on Anna Maria Island!
As part of the comp plan a one month rental restriction was passed about one year ago for properties in R1 area in the city of Holmes Beach. Many of Island Real Estate property owners ask me how could this happen? Apparently it was discussed in one meeting with little to no communication to the public. I think it is important to mention the public is invited to all meetings so it's tough for locals as me to play the "victim" role. More on victimization later.
As the G.M. I often predict potential rental income for seasonal rentals on Anna Maria Island. I feel extremely comfortable predicting that the one month restriction will reduce gross rental income for properties affected by more than 40%. A typical 4 bedroom home with a pool on a canal should generate at least $70,000 annually. Gross income generated with a one month rental restriction....Maximum $42,000. That's a large hit for
Holmes Beach owners that are using income to defer debt service, insurance, and property taxes. What impact does the one month rental restriction have on property values in the R1 areas? The first question that needs to be asked is what do future buyers want? Rental income or fewer new "neighbors" throughout the year? I estimate at least 70% of potential buyers request specific information regarding rental income. Many do not rent their home after purchasing but they take great care in understanding "what if" scenarios. This is just good business sense. So what's the rental restriction going to cost Holmes Beach owners in the R1 area? I would estimate between 15-25% of their value.
But wait....Thanks to David Zaccagnino and a few of us that attended the latest Holmes Beach meeting on Tuesday, August 12th. David the "lone commissioner" convinced the mayor and remaining commissioners to revisit the comprehensive plan and open the rental restriction discussion to the public. Thank you Holmes Beach City! Sandy Haas-Martens informed the council that the vote needed to await the return of several vocal residents in the R1 zones. So, it appears we will have our opportunity to discuss the rental restriction around November of 2008.
If you are a private home owner of the affected area don't be a victim. Let your Anna Maria Island Real Estate professional know whether you support the one month rental restriction. If you want to be sure your voice is heard... contact me directly as I will continue to play an active role in the Holmes Beach rental restriction.
Two points I would like to add regarding renting your property...
#1) If a property owner is considering renting their property and have no experience, they should consult a property management firm to at least understand risk versus reward.
#2) Potential landlords should consult their rental situation with their CPA. Your CPA will help you understand if your income bracket will allow for you to take advantage of a rental property on your Federal Income Taxes. This for some properties is HUGE. Assuming you are eligible, if the rental property breaks even, your 1040 will show a LOSS in regards to Federal Income Taxes! How? The FED allows landlords to depreciate the building itself. One last note, your rental loss comes RIGHT off your income. Lose $10,000 on your rental and guess what, the Federal Govt says you made $10,000 less than you did. This is HUGE! Don't take the deduction for granted, be sure to see your CPA to ensure you can take advantage of any and all rental losses.
If you are planning to sell your home, you should wait for sometime until the current global real estate downturns end. It is just not a good and logical time to dispose properties, especially residential types, these days. That is because home prices are still down, the demand is still sluggish and an economic slowdown around the world is very evident.
The emergence of a current property downturn is the main reason why most homeowners are currently deciding to put their units under a short- to long-term rental program. The thought of the property generating income is just irresistible and promising for most property owners. The numerous benefits of putting up a home for rent are also further convincing people to hold on to their assets for sometime and make money from it through rental fees for the time being.
One good and practical reason why you can rent out your home for a while is that through the act, you can hold on to your home until market valuation and situation improves. For now, home prices are still low and less profitable. Wait for sometime until valuations rise and you can generate enough and contenting amount of money from selling the property. You surely would not want to sell your home at a loss. They say waiting is a really good and worthwhile virtue.
Here are several other reasons why it will be wise to put up your home for rent. You might look into these before you make a significant and important decision about what to do with your asset.
1. Rent payments you can generate can very much sufficiently cover insurance, mortgage and other costs of continually owning the property. You surely do not want to shoulder such expenses even for a short period. Renting out is a way out.
2. If you are still not yet fully decided about leaving the place or the neighborhood, holding on will never hurt. It can be a better decision if you will continually own the home and instead put it up for rent. This way, you can still return when you feel like you want to live on it again.
3. The current real estate downturn is not expected to turnaround soon. In this case, it will be really logical and advisable to lease the property and not live up to the loss-making situation in prevalence.
4. Homeowners can avoid shouldering utility expenses by putting up the home for rent. You should know that even if you do not live in the house and utilities are not used, there are minimum utility bills that have to be shouldered.
5. Putting up the home for rent can be a good strategy to establish the profitability of the asset. This way, you are effectively boosting the valuation of the property. When you successfully get into negotiations for selling the home, you can always point out that the property is profit generating, as proven by the decent rental income it draws.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
learning curve that has just started to taper off in the past half year. From my first weeks of inspecting properties, reserving vacation rentals, and revamping our policies & procedures, I feel I have had the unique opportunity to witness vacation rental operations from a small operation to a larger one striving towards continuous improvement. 
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