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Alison & Raul Elizalde
Sarasota Realtors
Alison and Raul Elizalde understand the Sarasota real estate market like nobody else. Their unique understanding comes from experience, specialized research, and deep community involvement. Their commitment to client service earned them the prestigious 5-Star Award given to the best real estate agents in Sarasota. Click here to learn more about Alison and Raul.
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Sarasota Real Estate Insights
Longboat Key Condos
A condo-by-condo view of the Longboat Key condo market.
>Click here to see past newsletters
When looking at real estate market conditions, it is often useful to look at the big picture. Sometimes it is best to look at the Sarasota real estate market as a whole, or at the entire Sarasota condo activity. Many times it is better to narrow it down, to the Siesta Key single-family home activity, or the luxury condo market, for example. But when properties are lumped together, some of the details that are often crucial to a good understanding of the market are lost. There is always a trade-off between looking at details and getting a sense of the big trends.
This newsletter issue, unlike many of the past issues, takes a closer look at the details. I focus today on the Longboat Key condo market on a condo-by-condo basis. I have looked at twenty-six different condominium complexes accounting for about 50% of all the Longboat Key condos for sale.
The picture that emerges from this study is that there is a very wide span of sales, turnover and inventory among these condos. Aggregate figures do not account for this variety.
|
For Sale |
Sales last 12 months |
Inventory (months) |
Turnover |
Players Club |
2 |
4 |
6 |
3.0% |
Promenade |
8 |
9 |
11 |
8.0% |
Fairway Bay Atrium |
5 |
5 |
12 |
5.4% |
Beaches |
5 |
5 |
12 |
6.8% |
Aquarius |
3 |
3 |
12 |
5.3% |
Vizcaya |
2 |
2 |
12 |
6.5% |
Tangerine Bay |
6 |
5 |
14 |
5.6% |
The Colony |
9 |
7 |
15 |
2.8% |
L'Ambiance |
4 |
3 |
16 |
2.2% |
Water Club |
8 |
5 |
19 |
2.9% |
Grand Bay |
16 |
9 |
21 |
3.3% |
Fairway Bay |
17 |
9 |
23 |
4.6% |
Inn on the Beach |
19 |
10 |
23 |
4.5% |
Seaplace |
23 |
12 |
23 |
2.6% |
Longboat Harbour |
23 |
12 |
23 |
2.1% |
Longboat Key Tower |
6 |
3 |
24 |
3.4% |
Pierre |
2 |
1 |
24 |
1.5% |
Longbeach |
6 |
3 |
24 |
1.8% |
Islands West |
5 |
2 |
30 |
2.3% |
Privateer |
8 |
3 |
32 |
2.6% |
Beachplace |
22 |
7 |
38 |
2.1% |
Islander Club |
12 |
3 |
48 |
2.3% |
Cedars West |
9 |
2 |
54 |
1.9% |
Longboat Beachcomber |
7 |
1 |
84 |
2.3% |
Longboat Terrace |
5 |
0 |
? |
0.0% |
Sand Cay |
8 |
0 |
? |
0.0% |
|
|
|
|
|
Sample Total |
240 |
125 |
23 |
3.0% |
|
|
|
|
|
Longboat key Total |
478 |
219 |
26 |
2.9% |
For example, Players Club has the lowest inventory in this sample, at just six months. This means that if units continue to sell at the same rate in this Longboat Key condo complex, it would take roughly six months to sell them all. On the other end of the spectrum there are condos such as Longboat Terrace or Sand Cay, which had no sales in the last twelve months. This makes it very difficult to say when the units offered there could reasonably be expected to attract a buyer. These last two condo complexes are by no means alone: sellers in many other condos on Longboat key experienced the same agonizing conditions in 2006.
The number of sales did not seem to be related to the number of units in any given complex. Promenade, with 112 units, had 9 sales in the last 12 months. But Privateer, with 116, had only 3 sales. Both had, at the time of this writing, the same number of active listings (8). As a result, Promenade has a much higher turnover rate and substantially lower inventory (measured in months).
Different rates of turnover might be an indication that the marketing needs to be approached differently for each condo complex. If you would like to know how your condo stacks up against others, or to find out more about our marketing strategies, please call Alison or Raul Elizalde for a consultation.
When it comes to knowing the Sarasota real estate market, Alison and Raul Elizalde have the expertise and knowledge to help you see where you stand when negotiating your real estate transaction, whether you are buying or selling a property. Our track record, added to the unsurpassed reputation of Michael Saunders & Company as the premier real estate company in Florida's Gulf Coast, give you the peace of mind you deserve. Alison and Raul have been named Best in Customer Satisfaction by an independent research company.
Call us today at 941-350-7904 for a consultation, and visit our website, www.SarasotaProperty.info, for monthly updates on the Sarasota real estate market.