Long Boat Key Real Estate: Recent Events Bear Good News For Condo & Hotel Markets

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Longboat Key is barrier island located off the coast of Sarasota, Florida.

Its sugar-white beaches are famous tourist destinations, along with the area's manicured lawns, southern architecture, and crystal waters. This barrier island is a tropical vision of understated elegance, according to observers, and offers a wide array of wonderful real options for home buyers.

Recent Condo Sale Prices Keep Market Watchers Hopeful

Recently, the area got good news; that the owners of the Longboat Key Club and Resort are preparing to invest $500 million over the next several years to revive the famous tourist destination. Recently as well, local real estate brokers announced that two condos on this key sold for what represented the highest price per square foot for condos in the last six months.

A local broker, Judy Kepecz-Hays of Coldwell Banker Residential Real Estate Inc. sold a condo unit at En Provence for $3.3 million and another at Sanctuary for a total of $5.5 million. Local realtors have said that they have been seeing signs such as the sale of the two condos, of a rebounding real estate market. The local real estate brokers attributed the sales prices to the condos’ locations and a fine-tuning of the gap that exists in perception of value between the parties to reach a value acceptable to both.

Area Voters Approve Building Of More Hotels & Better Rules For Condo Development

Voters in this lovely island also recently approved keeping a commissioner, as well as in endorsing the notions of getting more hotel rooms and making it easier to rebuild condos. The approval of these measures have been viewed as a chance for the Key to recapture tourists and keep afloat the owners of small businesses and restaurants. Incumbent commissioner Bob Siekmann won over newcomer Gene Jaleski and won a second term on the Town Commission.

The commissioner said that a major property tax overhaul was the town's biggest concern. The rollback, Siekmann noted, could cost Longboat Key considerable revenue, which means that the town has to figure out where to cut services. A few years ago, the hotel market here changed, and it became more appetizing for developers to sell their valuable beachfront properties and cut out of the business altogether.

As a result, the town lost resort space and it struggled to keep pace with other beach spots on the Gulf coast. Adamant supporters of the ballot proposals have said that the commercial market in town is badly eroded, and the high-end tourists who once flocked to Longboat Key are looking elsewhere. Many viewed that the market drove a lot of these mom-and-pop hotels out of here, and the area saw a considerable decrease in tourism because of that. The approvals of the referendum questions serve as a way to bring them back, note supporters.

The area's electorate also amended the charter to make town election schedules consistent with state law. In addition, two proposals regarding development also passed in the recent referendum. The first measure would allow multi-unit properties like condos and hotels, to rebuild at their original densities rather than under the current code. The second measure allows for the opening of 250 more hotel rooms.

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