The Neighborhood Report – Longboat Key

South Longboat Key Office

South Longboat Key Office

Longboat Key is a vibrant, picturesque island with 11 miles of exceptional beaches, beautiful neighborhoods, fine dining and world-class shopping. Boasting a casually elegant atmosphere, Longboat Key welcomes visitors from all over the world—many of whom fall in love with this desirable location on Florida’s southwest coast.

Michael Saunders & Company maintains three offices on Longboat Key that are strategically positioned to serve as a gateway to the exceptional properties of “the Key” and beyond. With a variety of condominiums and single-family homes, both on the beach and off, living on Longboat Key provides convenient access to St. Armands Key, Lido Key, Bird Key, downtown and beyond. Our knowledgeable agents assist visitors in buying and selling fine waterfront, island and mainland properties throughout this sought-after area.

How is the Longboat Key Market?

Longboat Key South Branch Manager Georgina Clamage finds the Longboat Key market to be strengthening with inventory down 13 percent from its highest point of this year. Pending sales for the second quarter in 2009 are up more than 38 percent, compared to the same quarter in 2006, and even higher when compared to the same quarter in 2007 and 2008. The average price of properties sold on Longboat Key during the quarter ending in June 2009 is $693,000. These sales represent both condominiums and single-family homes, and range in price from $125,000 to $3,330,000.

Interesting Transactions

As Hannerle Moore of the Longboat Key South office says, “Pricing isn’t everything, it’s the only thing.” Hannerle has applied this wisdom many times this year. Recent notable examples are her three accurately priced St. Armands listings on Washington Drive, which went under contract in record time. Simultaneously, one of Hannerle’s listings in the Emerald Harbor section of Longboat Key went under contract in a mere five weeks for a price very close to its original list price. As Hannerle points out, the most aggressively priced homes will be the first to sell.

Many of our Longboat Key agents have had similar experiences this year, and they know what it takes to sell their listings for the best price possible. It is interesting to note that properties listed and sold by the LBK office this year sold much closer to the list price than those listed in previous years—just more confirmation that accurate pricing at the time of listing is a smart strategy.

Questions from Buyers and Sellers

Are we at the bottom? Nobody will know when we have hit bottom until we have passed it. With attractive interest rates, the signs of improvement that we see are indicated by a decrease in inventory and an increase in pended sales. We do believe that there is no time better than the present for buyers to take advantage of some great opportunities. At Michael Saunders & Company, our experienced agents know what the best buys are, and have helped many buyers find the home of their dreams this year at prices that are substantially lower than the higher prices three to four years ago.

Georgina’s Bottom Line: Advice to Buyers and Sellers

If you are a seller, it is imperative that you meet and collaborate with an agent who will help you determine the current market value for your property and market it most effectively to reach your goal. Remember that buyers are out there looking for value before they will make a decision to purchase. Make certain that your property is the one they choose because it is the best property for the best price.

If you are a buyer, hire an agent to help you explore and analyze your choices. The best properties are selling now, so you should be prepared to make a decision when you see the property that works for you. Don’t limit your search to properties that are bank-owned or in the process of foreclosure. The perfect home for you might be owned by a very motivated seller where you can achieve your goal to get a great deal.

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