Longboat Key, Florida | June 13th, 2017 – The luxury real estate market on Longboat Key continues to show strength in May, and we can expect this uptrend to be sustained moving forward to the second half of 2017.
Based on the Kepecz-Hays team’s reading of MLS records in May, at least a dozen deals were closed on Longboat Key real estate for sale priced at over $1 million during the month. These transactions notably included three houses on Gulf of Mexico Drive towards the north end of Longboat Key where we can expect market activity to build up some more very soon.
New Builds Loom at Longbeach
This expectation is based mainly on the recent completion of the sale of the 2.3-acre former site of the Longboat Key Center of the Arts to local developer Jim Clabaugh. According to Clabaugh, 12 single-family residences will be constructed on this landmark property at the north side of the town. He paid $1.85 million to the former site owner, Ringling College of Art and Design.
If he gets Town Commission approval sites early enough to subdivide the site into individual home, Clabaugh said construction of the first house would start in July. Clabaugh’s project won’t require a referendum approval by the town’s voters, according to Planning, Zoning and Building Director Alaina Ray, because its site is zoned for residential use.
The houses will be built “coastal style” in design and will conform to existing town codes and to the character of other residences in the nearby Longbeach Village. Clabaugh, a town resident, has developed a number of Longboat projects, including Regent Place and Tangerine Bay. Demolition of the arts center is expected to start before end-June. Clabaugh expects to finish the whole project in 24 to 30 months.
Getting Rid of an Eyesore
In a related development, sale is pending for the closed gas station at 6990 Gulf of Mexico Drive on the corner of Broadway Street only about half a mile west of the former arts center. Locals have long considered this dormant property an eyesore on the northern part of the town and beyond. The buyer of the property, a town official said, plans to reopen it as a gas station and a restaurant.
With these developments, the Kepecz-Hays Team anticipates a more intensified real estate market activity in this northern area of Longboat Key. We are happy to note that early this year, we have listed a four-bedroom pre-construction residence in this side of town at Reclinata Drive. A short distance south at Tarawitt Drive, our team has also listed just this May a two-bedroom pre-owned house with a floor area of 1,500 square feet.
Prospects indeed now look bright whether selling or buying a residential property, especially in the luxury market segment. We have noted too that for all of Sarasota, April sales of single family houses priced upwards of $1 million increased by 28 percent to 32 residences.
Take advantage of our team’s keen understanding of this exciting real estate sector. Call us at +1 941 587 1700 for a free confidential discussion on the property you want to buy or sell.