Longboat Key holds a special place in my heart as a stunning barrier island nestled within the enchanting Sarasota area. If you've been dreaming of owning waterfront property in a serene and peaceful setting, Longboat Key might just be the perfect destination for you. However, before taking the plunge into the world of waterfront real estate, there are a few important things you should be aware of. In this blog, I'm excited to provide you with a comprehensive overview of Longboat Key, shed light on the realities of purchasing property on a barrier island, and give you a glimpse into what the market prices may look like. So, let's embark on this journey together and explore the allure of Longboat Key's waterfront real estate!

Many folks often reach out to me with inquiries about purchasing a house or condo near the beach, and more often than not, their first question revolves around Siesta Key. While Siesta Key undoubtedly boasts numerous attractions, it's essential to expand our horizons and consider other equally captivating barrier islands. One such hidden gem is Longboat Key. In this blog post, I'm delighted to delve into the unique aspects of Longboat Key and shed some light on why this charming island deserves your attention when it comes to beachside real estate options. So, let's explore the beauty and potential Longboat Key has to offer in your quest for the perfect coastal property!

Discovering Longboat Key

Is it the Perfect Waterfront Real Estate?

LOCATION

Nestled along the picturesque coastline of Florida, Longboat Key is truly a captivating destination for those seeking beachside living. Stretching for approximately 10 miles, this barrier island spans both Sarasota and Manatee Counties, offering a unique blend of coastal charm. When exploring Longboat Key, you'll notice that it's accessible via two bridges, which connect it to the mainland. While the island's singular main road provides convenient access, it's worth noting that it can slow down considerably during the peak season. On the west side, you'll be greeted by the stunning Gulf of Mexico with its pristine beaches, while the east side offers tranquil bayfront views, providing a delightful contrast. Longboat Key features a diverse real estate landscape, with a mix of homes, condos, and resorts, making it an ideal place for a variety of lifestyles. Additionally, you'll find some commercial properties peppered throughout the island, ensuring convenience and accessibility for residents and visitors alike.

WATERFRONT HIGHS AND LOWS

Living on or near the water is an absolute dream, and Longboat Key offers just that. The majority of properties on this stunning island provide direct beach access, allowing you to embrace the soothing waves and sandy shores at your convenience. However, it's essential to note that if you opt for a bayfront property, direct access might not be guaranteed. In such cases, it's crucial to familiarize yourself with the nearest access points to ensure you can still enjoy the coastal charm Longboat Key has to offer. Whether you prefer the Gulf or the Bay, Longboat Key's real estate options cater to your desires, and with a little research, you can find the perfect spot to call home by the water.

When considering purchasing a property on Longboat Key, it's essential to be well-informed about some critical factors that come with waterfront living. First and foremost, it's important to acknowledge that being in a flood zone is quite common on this beautiful island. While high-rise properties offer a lower risk of flooding, there are still potential ramifications to be aware of. One such aspect is insurance. In recent times, insurance costs have been on the rise, and your property must be in excellent condition to secure coverage. Additionally, if you have Citizens Insurance, which is our state-run insurance company, owning a condo on any level may necessitate flood insurance. If you're considering buying in a high-risk flood area, I strongly recommend reaching out to a local insurance agent as a top priority to understand the insurance requirements.

Furthermore, living in a flood zone means adhering to FEMA regulations, including the "50% rule" based on the assessed value of your property. This rule restricts your ability to carry out updates and repairs to an amount equal to or less than 50% of the assessed value of your home. Once the initial repairs are completed, you'll need to have the property appraised or wait for a reassessment, and the new assessed value will serve as the basis for your next round of repairs. It's crucial to comply with these regulations, as failing to do so may result in the necessity of bringing the entire property up to current code standards, which can be a costly endeavor.

In summary, when contemplating a waterfront property purchase on Longboat Key, it's essential to consider the potential challenges that come with flood zones, insurance costs, and FEMA regulations. Ensuring you're well-prepared and informed about these aspects will help you make a well-informed decision about your coastal dream home.

NEW CONDO LEGISLATION

I want to bring your attention to some recent developments in the realm of condominiums in the State of Florida. It's an important topic, and I've dedicated an entire YouTube video to it in Episode 150.  I highly recommend watching it, as it delves into the specifics and implications of these new laws.

In a nutshell, condos that are three floors or higher will be required to undergo two crucial reports by the end of 2024. One report focuses on assessing the building's structural integrity, while the other pertains to the reserves study. These reports could potentially have significant impacts, such as the need for substantial special assessments or increases in condo dues, depending on the findings.

Given the complexity of this subject, I'll refrain from going into further detail here, as it's best explained in the dedicated video.

PROPERTY VALUES

Over the past 90 days leading up to this update, Longboat Key has witnessed a vibrant real estate market with a total of 168 property sales. These sales have showcased the diverse range of options available on the island. At the more affordable end of the spectrum, a 600 sq ft condo was sold for $400,000, while at the upper echelon, a luxurious home changed hands for an impressive $8.4 million. On average, properties on Longboat Key are selling for approximately $1.9 million, with a median sale price of $1.26 million.

What truly sets Longboat Key apart is its versatility. Here, you'll find a myriad of options to suit various preferences, including small condos, villas, high-rise condos, and homes of all sizes. It's important to note that when it comes to real estate, price often correlates with certain sacrifices. In lower-priced properties, you may compromise on factors like the view, condition, or size of the property. Additionally, it's essential to factor in Homeowners Association (HOA) or Condo dues, which can range from $800 per month at the lower end to $4,100 per month at the higher end, with the majority falling within the $1,000 to $2,000 per month range. As you embark on your Longboat Key real estate journey, understanding these market dynamics will help you make informed decisions that align with your desires and budget.

KEY DIFFERENCES

Every barrier island in this area boasts its unique charm and personality, and Longboat Key is no exception. What truly sets Longboat Key apart is its impeccable sense of elegance and well-maintained beauty. The island exudes a tropical chic ambiance, making it a haven for those seeking a refined coastal lifestyle. Longboat Key distinguishes itself by not having that stereotypical spring break vibe; instead, it offers a tranquil and sophisticated atmosphere. Many of the communities on the island feature gated entrances or security guards, not due to high crime rates, but as a service tailored to meet the desires and preferences of the residents. Longboat Key embodies the essence of upscale coastal living, combining lush landscaping, exclusivity, and a laid-back yet luxurious ambiance that many are drawn to.

CONCLUSION

Is Longboat Key the perfect fit for you, or do you simply appreciate the scenic drive through this captivating island? If you have any more questions or if there's anything else you'd like to know about Longboat Key, please don't hesitate to reach out. Your comments and inquiries are always welcome, and I'm here to assist you in finding your ideal Longboat Key property or simply to provide you with more information. Your satisfaction is my priority, so let's connect and explore the possibilities together!