When looking at homes for sale in Longboat Key, buyers may not know what to expect in terms of quality of life, cost of living, or housing demand. It is important to have a comprehensive understanding of both the community and the challenges of finding the right home for you in order to ensure you find satisfaction with your final purchase.
It is also important to ensure you are not overwhelmed or exhausted by your search, and, with the right home buying guide and the help of a qualified real estate agent, finding the Longboat Key home that fits you can actually be an enjoyable experience as well.
The appeal of Longboat Key
With 12 miles of some of the best beaches in the state, the benefits of living in a small community with little need to travel very far to find everything you need, plenty of shopping and dining to serve residents, and plenty of waterfront amenities—including golf with an ocean view—it is no wonder that Longboat Key is considered
one of the best island destinations in the country.
The island has had steady, but not explosive,
population growth for several years, with the majority of residents having reached retirement age, but it is also home to families and individuals of all age groups. In addition, it is also a popular vacation destination, with many seasonal residents who come to Longboat Key to escape the rigors of their everyday lives.
Seasonal residents can enjoy the benefit of
2% property taxes paid only once a year, making it simpler to keep track of when the bill is due, though permanent residents are eligible for a homestead exemption as well.
Whatever your lifestyle preference in regard to size and type of residence, Longboat Key is likely to meet your needs, from mansions to condominiums, with many Longboat Key condos offering ocean views and easy beach access.
High housing demand
Florida is still experiencing a
short housing supply, and Longboat Key is no exception. The area has seen some
positive trends for buyers, such as homes remaining on the market longer in late 2022 when compared to a year prior. Additionally, as the significant price increases that have characterized recent years have slowed, the overall price of housing appears to have stabilized somewhat.
Still, buyers can expect homes for sale in Longboat Key to catch the attention of other buyers and are likely to find themselves in a competitive situation, particularly for the most desirable housing. Given the recent increases in cash sales, buyers who are able to pay most or all of the final sale price upfront can gain a definite advantage.
For buyers looking for the convenience of luxury condominium living, several
multi-million dollar developments are in the works adding additional Longboat Key condos to the many living options around the island. Of course, the best home buying guide for helping you to understand the Longboat Key housing market is an experienced real estate agent who specializes in the local market.
Take a look around
For buyers from outside the area, there is no substitute for actually visiting and taking a look around Longboat Key. As a popular vacation destination, Longboat Key is a great place to explore while you shop for a home, and there is
plenty to do even as a visitor, from catching a water ski show to taking a kayaking tour.
While you are on the island, you can take in the lay of the land, check out the neighborhoods, and get an idea of how you would want to spend your time once you are calling Longboat Key home. While the nature of Longboat Key means that everything on the island is within relatively easy reach, you may find that one area appeals to you more than others, and that can inform your housing choices. Take your time getting to know the island and developing a feel for how you will make it your own.
Convenience
One of the benefits of island living is the peace and tranquility of being far from the crowds. At the same time, Longboat Key is not too far from transportation and medical care.
Sarasota/Bradenton International Airport can be reached by car in about 30 minutes from Longboat Key, adding relative ease to travel to and from the island. The area also boasts five hospitals, with two located a short drive away in Sarasota and three in Bradenton. In addition, there are several medical and dental options on the island or nearby.
Cash is king for ensuring a winning bid
Being able to pay for property upfront makes a big difference in any real estate transactions, but when considering homes for sale in Longboat Key, that holds all the more true. Cash sales dominate the market for Longboat Key condos and townhomes, and statistics for Sarasota County show that more than 66% of closed sales in 2022 were cash sales, an almost 9% increase over 2021.
While single-family homes generally command a higher sale price, almost 48% of closed sales were cash sales in 2022, an increase of just over 8% from 2021.
Buyers who want to ensure they are able to secure the home of their dreams on Longboat Key will greatly increase their chances if they pay all or most of the price upfront. For those looking to finance, increasing the down payment and securing a preapproval can still help to gain an edge over other buyers.
The most important home buying tip for Longboat Key
Buyers who are serious about their search for homes for sale in Longboat Key need the truly ultimate home buying guide: an experienced real estate agent who knows the market and has their finger on the pulse of the community. An agent who has the connections and insights into the best times to buy and what to look for in a Longboat Key home, such as
Judy Kepecz-Hays, can ease your path to homeownership on the island and make sure it is an experience almost as pleasant as actually living there.
