Longboat Key, Florida | February 19th, 2019 – Real estate market activity in Sarasota and Manatee counties were noticeably slower in end-2018. But like other local realtors, we expect our region’s realty trade to pick up this year, particularly in Longboat Key.
The improving market inventory levels of residential properties provide some indications that more sellers are confident engaging the market, despite declines in both sales and prices in December last year.
In Longboat Key alone, MLS data indicated that there were over 100 residential properties sales-listed since the start of this year. Just this February, our Judy Kepecz-Hays team listed a condo each at the Beachplace and Seaplace condominiums which were offered at the $300s and $500s price points. Significantly, it was at these price levels that better numbers were registered in December, with the turnover here comparatively much faster than in other market segments.
Boosters of Market Values
More than this positive reading though, major infrastructure improvements in Longboat Key promise to bring added zip to the market values of the town’s residential properties. Work, for instance, is expected to begin on burying underground the overhead utility cables of the town early this year.
Besides improved aesthetics and curb appeal for local communities, this project is likewise designed to improve street lighting and cellular and digital service to residents. To finance this $46 million undertaking, the town would soon be selling bonds, which have been rated AA+, with the town’s residents given the first option to purchase.
By this June, work is also expected to be completed in the $3 million infrastructure rehab project in the community of Emerald Harbor. The project involves replacing the community’s 50-year old pipes and cables, as well as resurfacing of the excavation of Emerald Harbor streets for the new utilities.
We can expect more of such infra rehabs in Longboat Key, as this project is but one of many initiatives to replace the aging infrastructures in the island. Meanwhile, we’d likely be seeing more home hunters veering toward Emerald Harbor now that completion nears on the infrastructure improvements in this community which has a strong appeal to boat lovers especially.
Property owners of Emerald Harbor planning to sell would be pleased to note that residential values in their community likewise stand to grow further as the town has set dredging projects to deepen the island’s silted waterways.
Iconic Waterfront Attraction
There are many other factors too which boost Emerald Harbor’s stature on the Manatee‒Sarasota real estate market. This community is located in the quieter northern part of our town. It is among the well-established waterfront communities in the island, having been developed in the 1950s.
Emerald Harbor’s dwellings are gems of a find in listings of Longboat Key real estate properties, as this community is comprised of just some 80 residences laid out along deep-water canals. These waterways are suited both for big yachts and smaller vessels such as canoes and kayaks. With the community’s docks and boat launches, residents have easy access to the Intracoastal Waterway in Sarasota Bay.
Water-based recreational activities are indeed are very much a part of the lifestyle in Emerald Harbor. Just east of this community, residents can enjoy share in the joys of recreational fishing at Harris Bayou, while also having deeded access west to the beach off the Gulf of Mexico.
Keep tab of the many other developments shaping the residential property market in Longboat Key as well as those in the mainland. Our Judy Kepecz-Hays team is ever ready to help you engage the market, whether selling or buying a residence. Give us a call or send us an e-mail.
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