Longboat Key, Florida | July 24th, 2018 – These are good times to own a property in Longboat Key. Town documents released this July showed that during the past five years, property values in the town have increased by over 3 percent each year, which was better than expected.
Favorable for the town’s homeowners, Longboat Key commissioners have decided to keep the maximum property tax rate at 2.114 mills. At this rate, a homeowner in the island whose residence has a $500,000 taxable value would pay $1,057.20 in municipal property tax.
Despite of the increased property values, homeowners can expect a reduction in their tax bill this 2018‒2019 fiscal year which starts this coming October. The lower levies are expected because of reductions in the facilities and beach special district taxes, surely one good reason to cheer for local property owners.
Town Upgrades Infrastructures
The town’s planned new amenities and ongoing infrastructure improvements should help further boost local property values and spur buying interest on the residential properties in Longboat Key. Some of the upgrades of local facilities would benefit certain communities the most. One such development is the $3 million project to replace all water and sewer lines in the Emerald Harbor area, which incidentally is just north of our Judy Kepecz‒Hays team’s listing at Jungle Queen Way
This infrastructure project, which started last month, calls for the removal of corroded metal pipes and replacing them with plastic piping resistant to saltwater’s corrosive properties. Local officials said these replacements could last for 60 to 50 years. With all the new pipes laid, resurfacing of the Emerald Harbor road would follow for an anticipated yearlong construction work.
Hotel Projects in the Pipeline
Toward south of the island, work on a realignment of Longboat Club Road has also began. A roundabout may be built too at this street’s intersection with Gulf of Mexico Drive.
The road’s realignment is but a preparation to a much-bigger project—a new hotel of the Longboat Key Club. The town’s voters approved this project in a 2015 referendum, allowing not only a 300-room hotel but also 10 to 12 conference rooms.
Also much-anticipated is the redevelopment of Colony Beach & Tennis Resort that would include the construction of a St. Regis hotel. The demolition of the old resort’s buildings is set to start this month to pave the way for a groundbreaking for the hotel next year.
Art Center Moving Forward
The building that formerly housed the Amore Restaurant, which closed last year and moved to downtown Sarasota, is also set to be demolished by the end of 2018. This building’s two-acre site off Bay Isles Parkway is planned for the island’s Arts, Cultural and Education Center.
Another weighty local project in the pipeline is the construction of a reboot of the iconic Longboat Key restaurant The Buccaneer. This is planned at the former site of Pattigeorge’s restaurant on 4120 Gulf of Mexico Drive, with completion anticipated in 2020.
As all these projects roll forward, their ripple effects bode well for Longboat’s real estate market. Call or e-mail our Judy Kepecz‒Hays team, if you’re planning to sell or buy a property in the island. We can definitely assist you tap the best opportunities available in our town’s lively market setting.