Is the Longboat Key area ready to get back on it"s feet as a great market?

Asked by Jura Vilcinskas, 95014 Mon Jul 16, 2007

I am planing to put my property in Loanboat Key on the market and since all Sarasota area is so filled up with all sorts of properties for sale I was wondering if it is still a bad time and I have to wait for another couple years.

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9
Sandra LaFla…, Agent, Sarasota, FL
Sun Mar 31, 2013
March 31, 2013 and still a great question Jura!

Some properties have done vastly better this year in volume of sales. But have lower sales prices.

We see this has to do with finishes, and the amenities of the particular location.

Still some of the highest sold's in the area -- for the first time in 10 years, we Siesta Key catching up to the price point cache'.

Miles and miles of beautiful beach. Amazing golf, tennis and birding. All within just a few minutes of some of the best restaurants, arts, theatre Sarasota can offer.

Sincerely,

Sandra LaFlamme, Realtor
Coldwell Banker
0 votes
Diana Kryszak, Agent, Sarasota, FL
Mon Aug 10, 2009
Jura: in your question, you used Longboat Key and Sarasota interchangeably. The problem with Sarasota is that the market generally reflects sales for the entire county, including south county where sub prime mortgages have led to shortsales, foreclosures and tremendous losses for some sellers and incredible values for buyers. Longboat Key has always been a stronger market, since most of the sellers were not in a forced position to sell. If you are willing to provide me with the address of your property, I can provide you with comparables of what is active on the market and the sold price of recent solds so that you can make a decision regarding the best time for you to sell.
0 votes
David B. Lev…, , Longboat Key, FL
Sat Jul 11, 2009
Jura
the LBK market has done very well still as far as sales are concerned. Alot of property has already sold this yr. on LBK and many are under contract from 10 million dollars homes selling for 7.2 million to 120,000 dollrs mobile homes on LBK, granted prices have gone down in the last few yrs. 30-50% depending on when you bought will justify if you should put home on the market. if you bought your property in the last 2 or 3 yrs. then more than likely you will not get your money back and you are in a position to lose some income, if you bought over 5 yrs. ago there is a good chance you can break even or make some money. i work alot on LBK and my office is on LBK. There are currently 631 listings on LBK for sale in the MLS. Out of those there are only like 20 homes in short sales sitiuation, almost all on the bayside, most on a canal also, and about 20 condos in short sales almost all on the bayside, 1 is on the gulfside but no view, and then there is 1 banked owned in country club shores that is under contract. reason i bring this up is that if you go off the island from Lido to Casey Key and north to Palmetto you will see alot more short sales and foreclosures. The fact that LBK does not have alot of these helps keep the value of these homes up compared to the same home off the island on a canal or gulf. We still have serveral yrs. before we can get back to the market we saw in 2003-2006 but if you were here in the 80's and 90's you will remember prices barely went up at all. Right now in most cases LBK is back to the 2002 prices and in some cases especially with bayside condos some are back to the 1998 prices if not before.
hope this helps
If you want help with listing your property let me know, LBK is my area and I know it well
David Leventhal
The Leventhal Team
Coldwell Banker Previews
0 votes
this was very good info for July 2009, where are prices in todays market?
Flag Fri Feb 28, 2014
Stephen Weeks, Agent, Sarasota, FL
Mon Jun 29, 2009
The Longboat Key market is very different than other local neighborhoods. Most transactions from our office
were all cash, meaning buyers were not looking to finance their purchase, but rather were paying cash
for the transaction. Some were buyers from out of the country and these were wire transfers. There are some very good deals on Longboat Key right now both single family and condominiums. You just have to
have a realtor that knows Longboat Key.
0 votes
Teresa M. Fe…, Agent, Sarasota, FL
Mon Dec 29, 2008
Dear Vilcinskas:

Inventory in Sarasota and Longboat Key is at an all time high and competition for buyers will be steep. Properties that are priced right for todays market will be attractive to buyers and receive the best results. I personally do not forsee any substancial price increases for the next few years, so the answer to your question is conditional upon certain circumstances.

I reccomend you find a local realtor with whom you feel comfortable to perform a Competitive Market Analysis and advise you of the current value of your property here and then decide if you are willing to sell at the recommended price. If a property is priced to high for the market it will not appraise and it just simply will not sell and this would be a waste of time for you the seller, the buyer and the realtors involved in the transaction. If you decide that the suggested price is not satisfactory then you have the option of waiting a few years but be prepared to hold onto your property for some time.

I would be happy to conduct a free Market Analysis of your property.

My best,
Terri

Teresa M. Fellows
Broker/Associate
Waterside Realty LLC
941-350-4297
tmf4257@mac.com
http://www.floridwestproperties.com
0 votes
Bill Eckler, Agent, Venice, FL
Wed Dec 10, 2008
Why not put it on the market...if you canget your price, great. If it goes the other way and doesn't sell you've lost no ground because you can still wait it out. But if your decision is to hold out without tossing your hat into the ring, you'll never know if the right buyer was going to find your home perfect for them.

Listing it now is a win-win situation and listing it costs you nothing but time. As tough as the media makes out things are....there are buyers that are showing interest, looking, and making offers. Make no mistake, Longboat will have desirability in good times and bad.

We welcome additional questions.

Best regards,


Susan & Bill Eckler
Michael Saunders & Company
billeckler@michaelsaunders.com
941-408-5363

2008 Five Star Award for Outstanding Customer Service in Sarasota
0 votes
David B. Lev…, , Longboat Key, FL
Wed Dec 10, 2008
The market has hit all areas around Longboat. Depending on the property where it is, location, size, etc... it is never a bad time to put a property on the market. Are you going to get the price it was worth in the peak of 2005-2006 the answer is no but depending on what you paid for it will really decide if you should put it on the market. We are not going to see the increase we saw in the 2004-2007 years prices will stay somewhat flat for awhile. If you let me know wher your property is I could give you a better answer for sure.
David Leventhal
coldwell Banker
http://www.Longboatkeyproperty.com
941-518-7694
0 votes
Thomas Perki…, Agent, Sarasota, FL
Thu Apr 17, 2008
Longboat Key is good market for several reasons, the most important being the limited space for new development. This is not true with the eastern Sarasota market where there is plenty of land for development. Well priced properties on Longboat Key are selling.
0 votes
Xena Vallone, Agent, Bradenton, FL
Mon Apr 14, 2008
A recent article states that Sarasota/Bradenton is the first market in the state to recover from the housing downturn, which is a GREAT sign for Sellers looking to place their homes on the market. There are certainly a lot of properties on the market, but that doesn't mean yours would not sell. Longboat Key is a totally different market than the mainland. The buyers are not the same. You primarily sell to 2nd home buyers, foreign investors & baby boomers. There are plenty of properties on Longboat selling.

If you are looking for an idea of how long you can expect to have your home on the market, I would need to have further information - i.e., location on Longboat, info about the property, etc. I would be happy to provide that information to you at any time.

Best of luck & if you do not have an agent, feel free to call me at 941-224-5950 anytime. I am very familiar with Longboat Key, having sold and managed properties there for many years.
0 votes
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