The Advantages of Owning a Condo on Longboat Key, FL

If you’re looking for condos for sale, then Longboat Key, FL offers a fine selection of residential units and amenities for everyone to enjoy. Luxuriate in sun-drenched beaches and waterfront restaurants when you get a condo of your own in this affluent gulfside paradise.

A renowned travel destination, Longboat Key provides access to over 11 miles of white sand beaches along the Gulf of Mexico. It spans more than four square miles, providing world-class golf, elegant dining, and lavish accommodations. In 2023, Travel + Leisure ranked Longboat Key among its favorite islands for waterfront relaxation in the United States. It offers an intriguing blend of seclusion and laid-back luxury amidst breathtaking scenery. Seasoned travelers come to Longboat Key for its cultural amenities and dockside bars and restaurants while snowbirds flock to the island for its gorgeous weather and waterfront condos for sale. Longboat Key offers a diverse range of experiences to visitors of all backgrounds.

Located south of Anna Maria Island, this resort town encompasses parts of Sarasota and Manatee counties along Florida’s central-west coast. The western shoreline of the barrier island is made up entirely of pristine white sand beach. The eastern side offers sweeping views of Sarasota Bay and Sarasota mainland.

Longbeach Village, a historic neighborhood with mostly single-family properties and cottages, is located on the northernmost tip of the island, while The Resort at Longboat Key Club’s Islandside and Harbourside comprise a good portion of the south end.

Once a farming community, Longboat Key produced citrus, pineapples, and tomatoes in the late 19th century. A bridge connecting the island to St. Armands Key was built in 1929. Today, it retains much of its bucolic character with walking paths and green spaces. New Pass provides access to Lido Key and St. Armands Key to the south, while Longboat Pass Bridge provides access to Bradenton Beach and Anna Maria Island to the north. Both passes see their fair share of boating traffic traversing to and from the Gulf and Sarasota Bay.

REAL ESTATE SNAPSHOT: THE CONDO MARKET ON LONGBOAT KEY

The real estate market offers a variety of single-family homes and condos for sale. Longboat Key housing caters to a wide range of buyers, including families, young professionals, retirees, and winter residents from the Midwest, Northeast and Canada.

The median listing home price for all property types was $1.3 million in May 2023, according to Realtor.com. Those figures are more than double the median listing home price of $538,400 for Sarasota County and $510,000 for Manatee County that same month.

Still, affluent buyers are willing to pay for a desirable property on Longboat Key. The Observer reported that a home sale worth $4.05 million in the Country Club Shores neighborhood topped all transactions in the last week of June 2023.

On Longboat, there are about 398 condo units (Sarasota County) and 160 units (Manatee County) built in 1981 or later, according to data from the Department of Business and Professional Regulation.

Home values in the Sarasota-Manatee area have remained steady despite an increase in inventory. In March 2023, condo prices in both counties grew by 10% compared to the same month last year, according to the Realtor Association of Sarasota and Manatee (RASM).

With 7,574 year-round residents as of July 2022, the population swells to over 22,000 during peak season, according to the Longboat Key Chamber of Commerce. Peak season typically lasts from January through April. The town is often bustling during these months, creating further demand for housing. To meet this demand, there are several planned developments and projects underway on the island.

NEW AND UPCOMING CONDO DEVELOPMENTS ON LONGBOAT KEY

The Residences at The St. Regis Longboat Key Resort
1620 Gulf of Mexico Dr
Longboat Key, FL

The five-star hotel and luxury condominium complex is situated on a 17.6-acre beachfront site and is scheduled for completion by spring 2024. The upscale development will feature 69 condos, 166 hotel rooms, and 468 parking spaces. Plans for the development include three buildings offering a variety of floor plans. Some residential units will have up to four bedrooms and spacious terraces. Unit owners will have access to over 800 feet of gorgeous white sand in addition to a pool, sundeck, lounge, and chef-driven restaurant.

Mote Scientific Foundation Site
5630 Gulf of Mexico Dr
Longboat Key, FL

The Town of Longboat Key has approved a proposal for a three-story, eight-unit condominium development on vacant property previously owned by the Mote Scientific Foundation. Plans for the development include a fitness center, swimming pool, and 38 parking spaces. It will be the tallest building on the northern end of Longboat Key upon completion.

Sage Residences
4651 Gulf of Mexico Dr
Longboat Key, FL

Sage Residences, which was recently completed, features a four-story building with 16 condos and 39 parking spots. Floor plans range in size from 4,000 to 4,300 square feet. Although the development was slated for completion in late 2022, all units had been sold as of 2021. Located on a 3.18-acre site, the luxury development provides access to 260 feet of pristine white sand. Other amenities include a fitness center and a heated oceanfront pool and sundeck with private cabanas.

With several condo developments in the pipeline, buyers will have more inventory to choose from in the coming months. These new construction condos are located on prime waterfront sites with direct beach access and sweeping views of the Gulf.

THE PERKS OF OWNING CONDOS ON LONGBOAT KEY, FL

Depending on your lifestyle and personal needs, there are many reasons to buy condos for sale on Longboat Key, FL. The developments on the island go beyond condo living by providing exceptional comfort and convenience in a chic coastal setting. Unit owners enjoy a great deal of freedom and flexibility while enjoying the events and activities that the town has to offer.

Maintenance-Free Living

Unlike single-family homes, condos can be much easier to ‘lock & leave’ with peace of mind. Condo living frees you from the demands of external repairs, pest control, storm cleanup, and general maintenance so that you can focus on your life and interests.

In most communities, the condo association takes responsibility for external maintenance such as landscaping, groundskeeping, pool cleaning, external wall painting, and trash removal. They may also perform some internal maintenance work for plumbing, gas, electric, and HVAC systems.

These general cleaning and maintenance tasks are usually covered by a monthly homeowners association (HOA) fee. Emergency repairs, replacements, and structural work for common areas are typically covered by a reserve fund. Despite the quarterly fees, condo living can be more cost-efficient than having to hire and supervise companies to perform these tasks on personal property.

In addition to property maintenance, some condo developments may also provide unit cleaning, laundry, and valet services for your convenience. Others have on-site staff and concierge services to assist you with tours and reservations.

Property maintenance and routine services differ with each development. When browsing condos for sale on Longboat Key, inquire with management about their offerings.

Amenities and Facilities

Each condo development offers a unique combination of amenities to enhance your lifestyle. Some of the finest developments on the island encourage residents to stay active with state-of-the art fitness centers, tennis courts, and yoga and dance studios. Many condo buildings along the coast also have beachfront pools and observation decks that take advantage of Longboat Key’s natural beauty. There are also pet-friendly communities with walking trails and manicured gardens.

Streamlined Costs and Value

In general, condos may require less upfront costs and insurance coverage than single-family properties. Although unit owners are required to pay monthly fees and contributions, these go towards the upkeep of the building and amenities. It is still a cost-effective way of owning a home and gaining access to upscale facilities.

To safeguard your investment, it’s important to review the condo association’s finances and meeting minutes before committing to purchase. This will help you uncover any pending lawsuits or major renovation projects. Lawsuits and major repairs often require an assessment, or an additional fee added to the regular quarterly fee, to help the community cover the additional expense.

Security and Peace of Mind

Condo developments often have guarded entrances and access points to keep the premises secure. Trained personnel usually take note of individuals entering the building while security cameras capture footage of the comings and goings on the property. It is also common to have staff who can address any questions and concerns at the front desk. Lastly, living within proximity of other people can also help create a feeling of community.

Location and Proximity to Attractions

When it comes to location, Longboat Key’s beachfront condos offer the best that Florida has to offer. Known for famed attractions like Longboat Key Beach and Whitney Beach, the island is an explorer’s paradise. But there’s more to the island than beach activities.

Many restaurants serve fresh seafood and international cuisine along with live music and social events. The Lazy Lobster of Longboat Key serves chilled ahi tuna and coconut shrimp in a spacious terrace while Mar Vista Dockside Restaurant & Pub offers waterfront dining with rustic seafood dishes, artisanal bread, and signature cocktails.

St. Armands Circle, a shopping destination with boutiques, art galleries, and cafes, is within driving distance. So is the John and Mable Ringling Museum of Art, which features a courtyard and 21 galleries filled with paintings, tapestries, and furniture from around the world.

There are several establishments with world-class golf and tennis facilities on the island. These include The Resort at Longboat Key Club, a prestigious resort that offers 45 holes of championship golf and personalized instruction from PGA-certified professionals.

Longboat Key also has many parks and recreational facilities that offer hiking, sports, and other activities:

• Joan M. Durante Park is a 32-acre recreational area and bird watching locale with a fishing pier, picnic shelters, and walking trails that meander through wetlands, coastal dunes, and mangrove forests. Located along Sarasota Bay, this scenic park also features a botanical garden. The lush grounds are populated by live oaks, sea grapes, red cedar, and gumbo limbo.
• Bayfront Park Recreation Center spans 1,350 square feet. It features a playground, multipurpose field, and basketball, tennis, and shuffleboard courts. There is also a dog park with an enclosed off-leash area as well as a designated area for small dogs.

  In addition to courts, which can be used on a first-come, first-served basis, the recreation center also offers sports leagues, fun activities, educational programs, and other special events for visitors of all ages.

• The Mote Marine Laboratory & Aquarium is home to sharks, manatees, sea turtles, and hundreds of other marine life. Highlights include a 135,000-gallon shark tank, stingray touch pool, virtual reality (VR) gallery, and the Deep Sea Diner, a retro-style restaurant that serves amazing food and drinks. If you’re feeling adventurous, the Mote Marine Laboratory & Aquarium offers eco-tours aboard a private cruise and charter depending on your preferences.
• The Longboat Key Town Center Green is a ​​4.81-acre site with plans for a community center, stage, library, and space for food trucks. It will host concerts, festivals, markets, and community events upon its completion.

Longboat Key is approximately 6.7 miles away from the Sarasota/Bradenton Airport (SRQ). The town is accessible via Gulf of Mexico Drive (SR 789), which runs from the north to south ends of the island.

Lifestyle and Community

Many residents enjoy a leisurely lifestyle on the island. With the Longboat Key Beach at your doorstep, you can enjoy swimming, kayaking, and paddle boarding in your own time. But in many cases, you won’t even need to leave your condo to have fun. Numerous condo developments have built-in communities that make it easier to meet new people. Strike up a conversation with the neighbors at the pool or gym. Sign up for a golf outing or pickleball to meet others who share your interests.

As for festivals and events, the town celebrates the annual Longboat Key Festival of the Arts, which features paintings, sculptures, photography, ceramics, and jewelry made by local and national artists. The island is also known for the Freedom Fest, which includes a short parade and contest every Fourth of July.

And then there’s Light Up Longboat, a cherished tradition in which residents light up the live oak trees in the Town Center Green for Christmas. These events offer many opportunities to socialize and sign up for volunteer work.

In addition to recreational facilities and community traditions, Longboat Key is home to a diverse community. The town has also had its fair share of high-profile residents, such as Aerosmith lead guitarist Joe Perry, who reportedly owns a three-bedroom condo on Longboat Key; and fashion designer Michael Kors, who keeps a 6,306-square-foot mansion at the north end of the island.

Rental Opportunities and Investment Potential

According to a Gallup poll, more Americans consider real estate as the best long-term investment compared to other kinds of assets. Investors have turned to real estate to diversify their portfolios due to home appreciation and stock market volatility. The Sarasota-Manatee area has seen remarkable home price growth of 19.6%, according to data from CoreLogic.

Rising home prices and rental fees offer many opportunities to real estate investors who want to expand their portfolio or enter a potentially lucrative market for condo rentals on Longboat Key. If you’re considering buying a condo for passive rental income, inquire about any restrictions on short-term rentals and subletting.

Some condo associations limit rental agreements to a minimum of three months while others don’t allow rental agreements at all until after a certain period of unit ownership. Further, the Town of Longboat Key typically restricts rentals under 30 days and monitors rental compliance. However, there are also daily and short-term rental options like The Resort at Longboat Key Club.

In general, condos that offer upscale amenities in a fantastic location often make good investments. There will most likely be a steady flow of tenants who want to experience the Longboat Key lifestyle without the responsibilities of homeownership.

BUY CONDOS FOR SALE ON LONGBOAT KEY, FL WITH WATERFRONT PROPERTY SPECIALISTS, THE ADDY WITTIG TEAM

Gail Wittig and Ian Addy of the Addy Wittig Team provide luxury service to buyers in search of the finest properties in the area. Get in touch with us at 941.387.0100 or send us an email to get started. As the top real estate team with Michael Saunders & Company on Longboat Key, we bring decades of combined experience to the table. Contact us today for more information.