Given its stunning natural beauty, access to the sea, and impressive luxury real estate, Longboat Key is a highly sought-after location for many homebuyers. The 12-mile haven was recently hailed the 5th Best Island in the United States making it all the more desirable for retirees, young professionals, and families alike.
With so much to offer, it’s important for sellers to understand what prospective buyers are looking for and the best time to put their homes up for sale. In this guide, we’ll delve deeper into the Longboat Key housing market and provide valuable insights for those who wish to sell their home.
Table of Content
LONGBOAT KEY REAL ESTATE
As of March 2023, new homes for sale on Longboat Key have a median price of approximately $1,495,000. Meanwhile, the median sold price hovers around $1.4 million. The sales-to-list price ratio is 96.7% with only 3% of homes for sale on Longboat Key selling below their original asking price.
It’s currently a balanced market, but slightly favoring homebuyers. Homes for sale on Longboat Key, on average, take 102 days to sell – roughly three months. Despite spending more time on the market than they did in January 2023, homes are still selling more quickly than they did in October and December 2022.
Is it a good time to sell your home?
As a seller, knowing how to sell your home is just as important as knowing when to sell it. Sales often follow a predictable cycle that follows the seasons and certain activities, such as the summer break and end of the school year. When the season is good or the market shifts in favor of sellers, an owner might sell their home for significantly more than the average price in the country.
Following national trends, the best time to sell a home is during the season. Since properties here take around three months to sell, listing your home in January or February can help to maximize the sale price of your home.
Stats pulled from 2022 market transactions also suggest an increase in home sales during late fall, specifically in November.
Recent home sales on Longboat Key
Even with escalated property prices and higher interest rates, Longboat Key remained a sought-after housing market in 2022. Here are some of the most notable home sales in the area in the past year:
- 3303 Gulf of Mexico Drive was sold for $13.75 million in June, making it one of the highest sales in recent Longboat Key history, and the biggest sale in 2022. The 6,000-sq.-ft. beachfront property underwent extensive remodeling and now contains 5 bedrooms, 6 bathrooms, a heated pool, elevator, and a spa.
- 3105 Gulf of Mexico Drive was listed for $12.9 million in June 2022 and sold for an impressive $11.5 million in October. This marks the second-biggest transaction of the year for Longboat Key and the 6th most expensive sale in Sarasota-Manatee. The 10,000-sq.-ft. home is most known for its water slide and includes a grand entryway, a 3-story curved staircase, an infinity saltwater pool, an aquarium, and a 7-car garage.
- Two significant transactions occurred in December 2022. The pair of sales netted a total of nearly $20 million, with the Bay Isles Harbor waterfront single-family home closing at $10 million in an off-market transaction. The second property, a luxury penthouse fronting the Gulf on Longboat Key beach, was sold for $8.2 million after staying on the market for nearly 5 months.
Amenities buyers love
Luxury homebuyers seek amenities that cater to their sophisticated lifestyles. The Homes for Sale and Condos for Sale on Longboat Key offer an abundance of features that can captivate even the most discerning eye.
Open floor plans are found in almost every luxury home, creating a spacious and flexible environment for entertaining guests or accommodating the large families. Gourmet kitchens with the latest technology and design features are also in high-demand, especially for home cooks and those who love to host parties.
Spa-like bathrooms with features such as soaking tubs, rainfall showers, and heated floors provide a sense of luxury and indulgence that’s difficult to find in other homes. For those who love to swim, heated pools are a must-have amenity that can be enjoyed year-round, no matter the weather. Finally, guest rooms and accommodations with private bathrooms, mini-kitchens, and separate entrances provide a comfortable and inviting place for visitors to stay.
POINTS TO HIGHLIGHT WHEN MARKETING YOUR HOME
As a seller, it’s crucial to be knowledgeable not only about your property, but also its location. Longboat Key has an abundance of characteristics that make it highly desirable to buyers, including a sunny year-round climate, countless attractions, miles of shoreline on Longboat Key Beach, and proximity to hotspots in the Greater Sarasota Area.
It’s also important to consider the factors that have attracted previous buyers, as these can be helpful in generating interest and attracting a wide pool of customers. Consider incorporating the following points into the overall marketing strategy for your luxury home.
- The ongoing migration to Florida
- Miles of shoreline on Longboat Key Beach
- A pleasant tropical climate all year long
- Access to major attractions and hotspots on and around the Key
- Lifestyle highlights
In 2022, an estimated 318,855 residents migrated to Florida according to the National Association of Realtors, indicating a population increase of nearly 2% for the Sunshine State.
And that’s only last year. Since 2020, hundreds of thousands of people have moved to warmer, low-cost areas like Florida, Texas, and the Carolinas in an exodus media outlets dubbed “The Great Pandemic Migration.” Tallahassee, Deltona, and Miami were some of the most popular destinations in Florida.
New Yorkers are famously moving to the south in droves, with the advent of remote work leading many residents to reevaluate their lifestyle. Florida’s Department of Highway Safety and Motor Vehicles shared that nearly 65,000 New York residents switched their state driver’s licenses to Florida licenses in 2022. (The previous year, it was 62,000.)
The pandemic isn’t the only factor. Businesses have also been relocating to Miami, earning it a new nickname: Wall Street South. Hedge fund Citadel and cryptocurrency exchange Blockchain.com moved their headquarters to the city. Financial giants Blackstone and Goldman Sachs have also expanded their business in the region.
For many buyers, there’s no mistaking the appeal of living by the beach or on the open bayfront. On Longboat Key, miles of shoreline stretch out on both sides of the barrier island, allowing residents unrivaled access to the crystal-clear waves of the Gulf and Sarasota Bay. Longboat Key was even named one of the Top 10 Islands in the United States by Conde Nast Traveler.
Given the lifestyle relevance to many Longboat Key homebuyers, emphasizing the variety of water activities available on Longboat Key can be important. Here, residents can easily spend their days snorkeling, fishing, kayaking, or simply lounging by the shore with the ocean at their doorstep.
Even the less outdoorsy buyer can reap the benefits of living by the seaside. For instance, the food here is simply spectacular; a broad range of fresh local seafood is offered in many restaurants.
Living by the coast has also been shown to have many health benefits. Fresh ocean air is generally thought to help reduce stress levels and improve one’s psychological well-being. One study published in Health & Place even suggests that people living in coastal communities are often happier than those living in the city.
Longboat Key’s tropical climate makes it one of the most popular vacation spots in the country. While average temperatures vary with the seasons, the island enjoys over 250 days of sun annually as well as comfortable weather no matter the month. A buyer migrating from a colder location is sure to find the warmth a pleasant change.
The temperature here ranges from 50°F – 71°F in January and averages around 89°F in summer. According to WeatherSpark, the months of November, April, and March are particularly enjoyable and pleasant.
It’s worth noting that summers on Longboat Key can get warm and humid, especially in June and July. This season also sees the most rainfall on the island, which averages 53 inches per year. There is no snow here, making it the ideal escape for Northerners during winter months.
For the majority of buyers, location is the single most important factor when choosing a home. A neighborhood that is accessible is ultimately more desirable.
There’s plenty to see and do on Longboat Key itself, but its allure is enhanced by its proximity to the rest of the Greater Sarasota area. There, people can indulge in a rich cultural scene, world-class golf courses, and an almost endless string of beaches. Nearby Siesta Key, Lido Key, and St. Armands Circle are also popular spots for beach lounging, shopping, and dining.
It’s also easy to get around. The beautifully landscaped Gulf of Mexico Drive connects Longboat Key Beach to Bradenton Beach and Anna Maria Island to the north. Head southwest and you’re in Sarasota. Majority of locals commute by car: while moderate traffic is to be expected during peak season, driving on and around Longboat Key is still comparatively more relaxing than in other parts of the country.
Longboat Key is also close to two airports: the Sarasota-Bradenton International Airport (20 minutes by car) and Tampa International Airport (75 minutes). This makes the homes for sale on Longboat Key particularly attractive for potential buyers who travel frequently.
Coastal living is one of Longboat Key’s major draws. But it would be preferable if you can also flesh out what it’s like to live in the area. Are there plenty of great restaurants nearby? How about other types of outdoor recreation? Giving recommendations makes you seem personable to homebuyers, allowing you to connect with them without even meeting in person.
Consider mentioning any of the following (or making your own suggestions) in your property’s listing description. Such information would also be great to find if you are commissioning a website or pamphlets for your listing. It also helps make your property stand out among other homes for sale on Longboat Key.
Retail
- The Shoppes of Bay Isles, a 51,191-sq.-ft retail hub home to the island’s first Publix grocery store, J.McLaughlin, Nails of Longboat Key, Longboat Key Fitness, and CVS.
- The Centre Shops, a charming shopping and dining center located at the heart of the island where residents can find the Longboat Key Flower Shop, Steff’s Stuff Antique Store, Nature’s Gem Health and Wellness, and Longboat Resort Wear.
- Also nearby to Longboat Key you will find The Mall at University Town Center, Sarasota Pavilion, The Landings, as well as nearby St. Armands Circle.
Dining
- The Resort at Longboat Key Club has it all, from the Banyan Poolside lounge to an open-air dining spot. Offering five exceptional dining experiences, there’s something for every palate at The Resort.
- Harry’s Continental Kitchens introduces traditional American fare alongside global cuisine while treating guests to a romantic and casual atmosphere.
- Shore Longboat Key is a dockside restaurant located on the northern shores of the island, just steps away from the water.
- Maison Blanche is regarded as one of the top French restaurants in Florida, with a menu that embodies the chef’s philosophy of excellence and satisfaction.
- Also worth a visit are La Norma, The Lazy Lobster, and Euphemia Haye.
Outdoor recreation
Almost completely surrounded by green and blue, Longboat Key is the perfect place to get in touch with nature. Florida’s natural beauty is most evident in these sprawling parks:
- Quick Point Nature Preserve combines community and wildlife in a 34-acre park that features scenic hiking trails, tidal pools, birdwatching, fishing, and canoeing.
- Bicentennial Park, a hidden gem in one of the busiest corners of the Key, offers an oasis in the midst of paradise. With a butterfly garden, native flora, and a free library, this park is a refreshing, unique space.
- Bayfront Park has a facility for nearly any hobby or sport, from basketball and tennis to shuffleboard and pickleball. Shaded picnic areas are provided, as well as parking and electric charging stations for e-vehicles.
- One simply can’t miss Longboat Key Club. The premier community center houses an award-winning tennis facility with over 20 HarTru courts. For golf players, two different courses are available. The Islandside Course includes 18 holes adjacent to the Longboat Key beach, while the Harbourside Course boasts 27 holes and amazing views of beautiful Sarasota Bay.
NAVIGATE LONGBOAT KEY REAL ESTATE WITH THE ADDY-WITTIG TEAM
Selling a home can be a challenge. Fortunately, you don’t have to do it alone. The Addy Wittig Team is committed to helping sellers get professional, effective, and reliable real estate service on and around Longboat Key.
Our in-depth knowledge of the Longboat Key luxury real estate market gives clients a distinct edge in selling their property. Apart from having 55 years of shared experience, our group has been the Top-Performing Real Estate Team on Longboat Key with Michael Saunders & Company for 13 years and counting. In 2022, we had the top Listing/Seller volume on Longboat Key company-wide.
If you’re thinking of selling your property, get in touch with The Addy Wittig Team! Reach us at 941.387.0100 or by email.