Like any good deal it depends upon the condition and motivation of the Seller. Longboat Key has been spared in the carnage of the local real estate market. Not that it hasn't had some problem properties as listed by Brooke's examples. The Owners of Longboat Key condos have been long-time owners, second homes and not the high number of Investors and Speculators. Spec homes have been the problem for LBK such as Country Club Shores and canal front property Flippers. Seaplace prices have come down as some of the older buildings. We have two very good deals in Seaplace. It's a good time to be shopping for Sarasota property. You can find deals, foreclosures and short sales. An experienced Realtor is needed to protect you and know the many "Ins and Out" of the banks. Inpections become a high priority. email: jim@jimsoda.com
Jim Soda
Prudential Palms Realty http://www.JimSoda.com - Your local real estate resource!
Sarasota-Lakewood Ranch-Longboat Key

On Bank owned properties and short sale homes both condos and houses we negociate 50% discount from the peak all day long, some even more drastic. For instance 589 Bayview Longboat Key FL, waterfront home on a navicable canal closed in April for $425,000 it was a great buy! The previous owner paid $845,000 in July 2005 and values continued to rise until Jan 06.
Another example 611 St Jude Longboast Key FL had a mortgage of $973,800 and I'm sure they put money down to build it! New construction on Longboat Key beautilful finishes, the steps were pretty steep but it has a pool and 4 car garage. Built to the new code CO in 2007. It sold for $485,000 in February, unbelievable! What a fantastic deal.
Also 537 Yawl Longboat Key FL was bought for $1,085,000 in 2005 and sold as an REO bank owned end of 2008 for $625,000
Give us a call if you's like to find out the process of purchasing short sales and bank owned properties condos and homes. We can give you some insight on where the banks are coming from, they have different procedures for short sales than when they are bank owned.
The one bank owned property mentioned by another agent 501 Outrigger Longboat Key FL is $364,000 on a sailboat water on a boatable canal, its side yard is on Gulf of Mexico Dr. and the sea wall is in need of major repair, not to mention the house needs to be gutted. It sold in 2006 for $735,000, foreclosure properties are ridiculously low now, the lot was worth that 10 years ago!
There are 36 Short Sales to that 1 bank owned property! Dont discount short sales they are great opportunities. Here is a link to the current foreclosures.

http://mfr.mlxchange.com/Pub/EmailView.asp?r=703891993&s…

If you send me the specifics of your needs I will send you updates as they are listed. Also some private owners are willing to compete with the pricing of the foreclosures to sell in this market driven by foreclosures. One seller wrote a check for $120,000 to sell his condo that he owed $400,000 on for $300,000, it was costing him $15,000 per year in taxes and HOA fees and it was worth it to him not to ruin his credit.
Statistics are funny too, sometimes you don't get the whole story. Statistically properties sell for 93% of asking price, but the seller may have reduced 20% from their original asking price to get 93%.

Make sure you have someone who is successful in negociating the best price terms and conditions on your behalf.
Our website is fantastic featuring short sale and bank owned real estate.
http://www.MyClubRealty.com
Brooke O'Malley P.A. GRI
CLUB REALTY
941-726-2677

Hi MD,

Longboat Key has always had some of the highest priced real estate in the Sarasota market and this remains true today. Prices on Longboat could be 30% off from the highes they were at the peak, but even now, prices on Longboat will be higher then some of the other more depressed areas of our great city. Miami underwent greater spikes and heavier developing and so they are experiencing even greater valleys now. I do not know enough about the Palm beach area but I think Naples is pretty much in line with Sarasota overall.

The list price can be anything but the sale price is what you need to focus on. Have your agent do a CMA on some of the sold properties on Longboat and compare them to their list price and you should have a clearer idea of what your offer should be. If you do comparables before making an offer, you should'nt go wrong.

My best,
Terri

Teresa M. Fellows
Broker/Associate
Waterside Realty LLC
941-350-4297
tmf4257@mac.com http://www.floridawestproperties.com

Very good question Zesilva,

The Sarasota real estate market in general started to feel the beginning effects of the downturn in prices in the 4th quarter of 2005, and Longboat Key as a luxury part of that market followed shortly. In the past few months there has been a flurry of buying as folks recognize the serious bargains that have sprung up here
.
The Sarasota area and Longboat Key in particular has always, in modern times, held up better than other prime destinations, and this market is no exception. Within the market condos have generally taken the greatest discount. Single family homes have fared better. Of course location and quality are other huge factors. Some properties have taken relatively small discounts, in the 15-20% range, others 30-40 %. These are sold prices and you may not be seeing the greater discounts in list prices. Depending on the location and type of property the delta between list price and sold price may be 9-13%. Short sale and foreclosed properties offer great opportunities and the best of these may not always be easily observed.

I would be pleased to assist in finding the best bargains on Longboat Key, at your request.
Reach me toll free: 888-729-7115.
Also, feel free to check out the Bank Owned Foreclosed Properties that we have gleaned and organized at this Link: http://www.teamvitale.com/Nav.aspx/Page=%2fPageManager%2fDef…

Happy hunting,
Jim Vitale, Coldwell Banker Residential Real Estate, St. Armands Circle, Sarasota Florida.

Hi Zesilva,
Like most other areas, Longboat Key is no exception to the lowered market values. In most cases you will find that this area has experienced approximately a 25% decline in pricing. One of the things that drives the extreme value reductions is of course, foreclosures and short sales. I am happy to share with you that as of yesterday, our MLS indicated only 1 bank owned property on Longboat. That does not account for short sales in our inventory, but it does reflect a great strength to both our single family and condo market.
If you would like additional info or I may be of personal assistance, please feel free to contact me or visit my website for access to our local MLS.
I would very much enjoy sharing the Key with you.

Many SMILES!!
Beth Lancaster
beth.lancaster@sothebysrealty.com
941.812.7688