Longboat Key, Florida | August 29th, 2017 – The last weeks of August has truly been eventful for the Judy Kepecz-Hays Team, not to mention that we had a grand experience watching the solar eclipse as the week started.
Moving into the “ber months,” we have been occupied with showings of our listing of an available residence at Sabal Cove. For this property, our team had an open house Sundays in August, simultaneous with showings in the nearby Bay Isles. This Sabal Cove house, like the one in Bay Isles, is also within the gated confines of the sprawling complex of the Longboat Key Club.
Buoyant Sales at Bay Isles
These recent activities truly gave us a feel on how vibrant the Longboat Key real estate market is. Once sold, our Sabal Cove listing should count as the third closed deal in this community alone so far this year.
Market activity is well pronounced in the whole of Bay Isles where we have tracked some 15 single family houses sold in this community’s various neighborhoods since the start of 2017. Most of these residences are upper-end choices of multi-million-dollar properties like our current Sabal Cove listing.
The lively real estate scene in upscale properties that we are seeing on Longboat Key should encourage more property owners to engage the market. Moreover, it also puts into better perspective one recent industry finding that the town ranks among the most expensive zip codes in Florida.
High-end Zip Codes: Why Longboat Key at 11th?
According to Property Shark, a national real estate blog, the 34228 zip code of Longboat Key is the 11th most expensive real estate market in Florida. It estimated the median sale price of residential properties in the island at $672,500 as computed based on 2016 sales.
Notably, some zip codes in the Southwest Florida region, such as Boca Grande (No. 2) and Anna Maria (No. 5) outranked Longboat Key in the Property Shark list. This despite the fact that the current My Florida MLS shows that three of the most expensive sales listings in Sarasota and Manatee counties are in our town.
Strong Mid-priced Segment
This aberration of sorts could be traced to the substantial inventory of mid-priced Longboat Key real estate for sale. Within the town’s real estate circle, one thing that has been observed recently was a solid rebound in the market stock of Longboat Key residences priced in the $600s–$700s range.
The local inventory in this segment has been estimated at about six months’ supply. For us in the trade, this looks healthy indeed since at this level, the market is just at its equilibrium wherein neither seller nor buyer gets the advantage in pricing.
At the same time, prospective buyers focused on Longboat Key’s mid-priced real estate for sale have a wide variety of choices. Their options range from a selection of single family residences, some of which have canal access, and listings of attractive waterfront condos.
More Listings on the Horizon
As for the latter, the Judy Kepecz-Hays Team listed early this year a bayfront condo at Grand Bay, which is also within the gated perimeter of Bay Isles. This listing is a private top floor penthouse attractively priced at $699,000, featuring two bedrooms and two baths within a floor area of 1,883 square feet.
We can expect more sales listings like these, given the current upbeat mood of the Longboat Key real estate market. Call or e-mail our team, so we can extend to you our professional expertise whether it is for a sale or of a purchase property in our vibrant Longboat Key market territory.