Multiple offers are back on Anna Maria Island

It's true, the days of multiple offers are back!

But maybe it's not what you think.

And it's true for only SOME properties.

Here's a personal example. Recently, a duplex at the north end of Anna Maria Island that I helped another Realtor purchase as an investment in 2005 for $575,000, came back on the market as a bank-owned property. The former owner had made some improvements inside, painted the exterior and did some good landscaping work. Likely investment income at seasonal rentals of about $750 to $1000 per week per side would be around $40,000 gross. At the offered price of $324,900, it was a VERY good deal.

So I sent the MLS to my best out-of-town investment-type clients, who said they liked it, and would look when they came to the Island five days hence. My suggestion was to offer sight-unseen, with the normal contingencies in place, plus one based upon the buyer's absolute acceptance of a personal inspection, to be had within one week.

Long story short, they did NOT take my suggestion, and then, when they did see it five days later, offered $318,000, despite my advice to offer at least $325,000.

Turned out an offer was accepted two hours before my submission, at the eventual selling price of $330,000. Such a great deal, at 43% less than the price four years ago!

Here's an article that illustrates the situation as it exists today, courtesy of the Sarasota Herald-Tribune:

http://www.heraldtribune.com/article/20090507/ARTICLE/905071092/2055/NEWS?Title=Low-home-prices-spur-return-to-bidding-wars

For more information on how prices and sales are going on Anna Maria Island, go to my website an check out the stats:

http://www.calltheislanders.com/myblog or

http://www.calltheislanders.com/salesinfo

Or you can email me at John@calltheislanders.com