We are soon getting back to that time of year, when our vacationers and part-time residents return to our county and begin thinking about making a second home purchase. Given the relatively uncertain market
in which we’ve been dealing for the past couple of years, I am sure there will be one question on buyers’ minds: “Is it better to buy property on the water or newer construction in emerging communities in Manatee’s eastern climbs?” Of course, I’d say they need to consider their lifestyle desires, but this year, I’ll have some additional facts to share.
The single family home market continues to show regular movement, with 112 homes sold on Anna Maria since January and 422 sales in areas east of I-75. While sales appear more brisk in Lakewood Ranch,
The Concession, Heritage Harbour and other easterly communities, inventory is higher in the east while average prices are still stronger on the Island– $786,258 on Anna Maria as opposed to $487,005 in points
east. The average home sold on Anna Maria this year measures 2002 square feet, while across the county square footage goes up to 2,633. Market time is about equal: close to 150 days for sales in both locations. Interestingly, record sales also took place on both sides of town this year: $3,725,000 in Holmes Beach and $6,517,800 for an over 11,000 sq.ft. model home in The Conession.
Obviously, the waterfront is limited by land size so pricing will probably always outpace the mainland. However, based on these figures, I feel confident that buyers stand an equal chance of making good investments waterside and eastside. What’s the best choice? Making a choice. And buying the home that fits your Florida needs.