Longboat Key, Florida | April 3rd, 2017 – Excitement appears to be building up for homeowners wishing to list their property for this 2017 spring and summer selling season, particularly in the luxury market segment of the real estate market on Longboat Key. The Kepecz‒Hays team, as licensed and registered Coldwell Banker realtors, sees clear signs that there would be less fence-sitting for sellers of high-end residences on the island this year. In January, sales for luxury properties in the region was reported to have increased 17 percent, a gain that should help encourage prospective sellers to engage the market.
Much of the market buzz is also evident in the numerous new listings posted recently not only on the island but also in other upscale communities in Sarasota and Manatee counties. Moving into March, Coldwell Banker Real Estate has listed luxury properties in several neighborhoods, which for Longboat Key alone included new listings of luxury properties in Positano, Bay Isles, Sabal Cove, Long Beach, Grand Bay and The Beaches.
Deeper Pool of Buyers
This strong start makes the Kepecz‒Hays team hopeful that more clients shall entrust their property listing to Coldwell moving forward this year. This early, the team’s reading on Longboat Key real estate for sale indicates that there is an increasing pool of prospective buyers who want a head start on what the market has to offer.
Rising consumer confidence is one of the primary reasons for this outlook, a bright expectation which is shared by other realtors in the region. The Coldwell team has also noted some renewed interest from buyers who deferred purchases because of the last presidential election.
Focus on the New and Upgrades
With the current pace of new listings and closed deals, the Kepecz‒Hays team can likewise deduce that sales momentum in luxury residential real estate is leaning more toward either new, move-in ready or updated residences. For this reason, the two newest condominiums in Longboat Key—Aria and Infinity—were sold out during the first half of last year with buyers shelling out a total of $88 million for these properties’ combined 23 residences.
Because of this market’s appetite for new construction, some spec builds are notably sprouting on Longboat Key as well. On the north end of the island, luxury builder Mason Martin completed construction last year of a 4,450-square-foot, direct beachfront residence now offered on the market as a Coldwell listing with a tag price of close to $4.6 million.
This homebuilder has also finished another new single family residence in this neighborhood of the Tramonto Estates. Likewise a Coldwell listing, this house features a floor area of 4,100 square feet designed with four bedrooms and now on the market with an asking price of nearly $4 million.
Luxury Condominium Resale
Among the high-end condominiums of Longboat Key, designer update is the prime selling point of a recent Coldwell listing at Grand Bay. This residence has a price tag approaching $1.7 million and comes in a three-bedroom design within a floor area of about 3,000 square feet.
Selling activity is likewise active at the Positano condominium where Coldwell has added two recent listings. These residences feature living areas of about 3,000 square feet designed with four bedrooms, three baths and a half bath. Both offered at over the $3 million mark, these are but two of the luxury properties that promise an exciting spring and summer for the Longboat Key real estate market.