Sarasota Real Estate – Neighborhood Snapshot: The Case for Casey Key

1304 Casey Key Rd

Countless articles have been written about the timeless natural beauty of Casey Key.   This isn’t one of them.

Instead this is about beauty of a more fleeting type; of being able to buy property on the key for as long as today’s incredible values in home pricing hold.

Meandering the eight mile length of Casey Key, one frequently encounters luxury on a grand scale, interspersed with other eye-catching examples of gracious island living on a less opulent scale.   Over here sits a contemporary beach-to-bay compound, with a Gulf-front tennis court, spectacular swimming pool and two guest houses. Nearby is a rehab-ed seaside cottage; much smaller of course, but just oozing with island charm. Over there is a classic Florida beach bungalow lying perpendicular to a sprawling Tuscan-inspired family estate with an amazing bay-front swimming pool.  Most have amazing water views and curiously enough, all seem to work together well.

Uniting this eclectic blend of styles, shapes and sizes into one of the most desirable strands of Gulf Coast real estate is Casey Key Road, a narrow thoroughfare whose lush, leafy canopy often yields to breathtaking views of the Gulf of Mexico.

Residents of Casey Key enjoy a lifestyle of secluded privacy only minimally separated from every mainland convenience. The countless pleasures of Sarasota and Venice—including every major cultural, recreational, culinary and medical amenity—are just across a short bridge and a few miles away.   This unparalleled island lifestyle is one of the two main reasons why buyers who can afford to live anywhere they want often choose Casey Key.

Its land is the other main reason why Casey Key is such an inviting place to buy or build.  Indeed, the true and lasting value of living here is in the land, which will always remain a precious commodity on an island platted for only 400 properties—that also enforces minimal commercial activity and a total ban on high-rise structures.  Most properties front the beach (think: glorious sunsets), the bay (fishing at sunrise)—or both; making it that much more of a prized location.  Moreover, because the island can never get longer, sprawl inland or soar upward, demand for its one-of-a-kind lifestyle will always remain healthy in the face of a very fixed supply of similar waterfront properties in similar communities.

Consistent with every segment of the Florida real estate market, the downturn has impacted Casey Key—reducing property prices there by as much as 30 to 40% from their wholly unrealistic boom-time peaks.  Now at levels more consistent with 2000-2002, prices are at or very near the bottom.

As such, luxury property sales have perked-up considerably on Casey Key, where 20 properties sold in 2011.  Ten of these involved premium Gulf or Gulf-to-bay locations, while one—listed through Michael Saunders & Company—became the sixth highest home sale in key history.  In addition, there were four building lots sold in 2011; three of which were located directly on the Gulf—or spanning from Gulf to bay.

Compare this to 2010, when there were 14 total sales, with six involving premium locations; and to 2009 when there were only eight sales, with four in premium locations.

Is now the time to buy or sell on Casey Key?  That decision is entirely yours after you’ve explored the possibilities and gotten necessary insights into the market from an agent steeped in its properties, pricing and sales trends.  To check out every available buying opportunity in today’s Casey Key market, visit michaelsaunders.com and type “Casey Key” into the main property search function.   There’s no better way to begin learning about its land and lifestyle opportunities, the two main reasons for being there.

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