A View of the Gulf from 6171 Gulf of Mexico Drive - Sleepy Lagoon

Sales of desirable, well-priced properties are happening on Longboat Key, according to Georgina Clamage, branch manager of Michael Saunders & Company’s Longboat Key South office. Longboat Key is Sarasota’s only barrier island offering a country club lifestyle with a beautiful beach and marina, fabulous restaurants and a thriving arts community.

Successes in Sales

Sleepy Lagoon

On the north end of the key, one of the more popular communities is Sleepy Lagoon. Located in a laidback part of the key with properties on both the Gulf of Mexico and Sarasota Bay, Sleepy Lagoon has become a major point of interest. In fact, 7 of the 12 sales there this year have been in the last 90 days. Listing agents Emmy Lou Gilbert, Michael Yawitz and Saint Cacchiotti of the Longboat Key South office worked with their sellers to keep them up-to-the-minute on the local market conditions, which resulted in successful sales for each in July. Terri Derr and Ken Torrington, also of the Longboat Key South office, sold 6429 Gulfside Road, a Gulf-front home that had been on the market since early 2007 and finally reached a price that the buyers couldn’t resist.

Emerald Harbor

Hannerle Moore had 3 of her listings in Emerald Harbor sell in the last 90 days out of 4 sales there this year. Of these, 2 had price reductions in June or July and went under contract in August. The other was priced right at the time of listing and went under contract in 40 days from the date of listing.

Inn on the Beach and Water Club

We are also seeing sales in Gulf-front condominiums, especially Inn on the Beach and Water Club. Owners at Inn on the Beach enjoy a resort lifestyle where they can use the amenities of the Longboat Key Club and place their units in the well-run management program to maximize their rental income. Of the 9 sales at Inn on the Beach this year, 6 of them were in the past 90 days. Steve and Craig Abbott were the listing agents for one of those sales. After securing a price reduction on this property, Saint Cacchiotti notified a buyer she had been working with 2 years who felt the time was right to buy.

Another sale in Inn on the Beach in June was listed by Annette Rogers and Michael Moulton and sold by Gail Wittig and Ian Addy. This condominium had been on the market since October 2007 with a recent price reduction before the sale, enticing Gail and Ian’s buyer to make a decision.

The Water Club, another desirable Gulf-front condominium on the south end of Longboat Key, has had 5 of its 7 sales this year in the past 90 days. All but one of those sales was originally listed in 2008 and went under contract after a recent price reduction. Annette Rogers and Michael Moulton co-listed 2 of those listings with Sharon Freeman. Craig and Steve Abbott brought one of the buyers.

An interesting statistic is that the recent selling prices at Inn on the Beach and Water Club averaged 118% of the current Just Market Value.

Georgina’s Bottom Line

Georgina advises home sellers to work with their sales professional to determine the right price for this market. If their area has an abundance of short sales and foreclosures, it will have an impact on the sales price they can expect to achieve. With the likelihood of new foreclosures coming on the market, this is the time to price the property right and get it sold. Also, if a seller gets an offer, they should consider the offer seriously if the market is telling them it is the right price. Countering a good offer just to be competitive puts them at risk of losing the buyer.