2005 vs 2010 - Longboat Key Condos

How have the Longboat Key condos weathered this real estate storm? Some claim that these higher end properties have not dropped all that much while others cry huge drops. Who is right?

I ran a search for all sold Longboat Key condos in 2005 and so far in 2010 and compared the numbers. See below:

Longboat Key Condo Sales in 2005

• 349 condo/townhouse/villa sales from 1/1/2005 to 9/25/2005 (i removed noticeable errors, boat slips and The Colony condos)
• Lowest sales price - $253,000
• Highest sales price - $5,950,000 (L' Ambiance)
• Average sales price - $896,039
• Median sales price - $700,000
• Median $/sq. ft. - $522
• Average days to contract - 93

Longboat Key Condo Sales in 2010

• 175 condo/townhouse/villa sales from 1/1/2010 to 9/25/2010 (i removed noticeable errors, boat slips and The Colony condos)
• Lowest sales price - $115,000
• Highest sales price - $2,889,750
• Average sales price - $677,793
• Median sales price - $515,000
• Median $/sq.ft. - $351
• Average days to contract - 195

As you can see the number of units sold in 2010 is roughly half of the number sold in 2005. All of the prices have declined. The average sales price went from $896,039 to $677,793 which is about a 25% drop. It sounds like a lot but compared to other segments of the Sarasota Florida real estate market it isn't that bad. Location, location, location.

Here are some more 2005 vs 2010 comparisons for a few of the more popular Longboat Key condos. I ran searches from 1/1/2005 to 9/25/2005 and compared the sales data to 1/1/2010 to 9/25/2010 sales data.

Seaplace 2005

• 12 sales in 2005 
• Lowest sales price - $350,000
• Highest sales price - $790,000
• Average sales price - $608,375
• Average $/sq. ft. - $545

Seaplace 2010

• 12 sales in 2010
• Lowest sales price - $226,000
• Highest sales price - $550,000
• Average sales price - $388,333
• Average $/sq. ft. - $321

View Seaplace Longboat Key condos for sale

 

Beachplace 2005

• 10 sales in 2005 
• Lowest sales price - $681,000
• Highest sales price - $1,542,500
• Average sales price - $1,066,800
• Average $/sq. ft. - $740

Beachplace 2010

• 10 sales in 2010
• Lowest sales price - $384,500
• Highest sales price - $890,000
• Average sales price - $569,450
• Average $/sq. ft. - $373

 

View Beachplace Longboat Key condos for sale

 

Castillian 2005

• 2 sales in 2005 
• Lowest sales price - $809,000
• Highest sales price - $900,000
• Average sales price - $854,500
• Average $/sq. ft. - $586

Castillian 2010

• 3 sales in 2010
• Lowest sales price - $775,000
• Highest sales price - $860,000
• Average sales price - $830,000
• Average $/sq. ft. - $478

View Castillian Longboat Key condos for sale

En Provence 2005

• 3 sales in 2005 
• Lowest sales price - $2,250,000
• Highest sales price - $3,211,000
• Average sales price - $2,587,000
• Average $/sq. ft. - $769

En Provence 2010

• 1 sale in 2010
• Lowest sales price - $2,889,750
• Highest sales price - $2,889,750
• Average sales price - $2,889,750
• Average $/sq. ft. - $760

View En Provence Longboat Key condos for sale

 

 

Fairway Bay 2005

• 19 sales in 2005 
• Lowest sales price - $400,000
• Highest sales price - $980,000
• Average sales price - $652,947
• Average $/sq. ft. - $371

Fairway Bay 2010

• 6 sales in 2010
• Lowest sales price - $400,000
• Highest sales price - $785,000
• Average sales price - $571,166
• Average $/sq. ft. - $274

View Fairway Bay Longboay Key condos for sale. Notice the big drop in sales from 2005 to 2010. They went from 19 to 6.

Grand Bay 2005

• 25 sales in 2005 
• Lowest sales price - $770,000
• Highest sales price - $3,750,000
• Average sales price - $1,234,440
• Average $/sq. ft. - $529

Grand Bay 2010

• 8 sales in 2010
• Lowest sales price - $700,000
• Highest sales price - $1,100,000
• Average sales price - $1,003,859
• Average $/sq. ft. - $394

View Grand Bay Longboat Key condos for sale. Wow. Another big drop in the number of sale. There were 25 in 2005 compared to 8 in 2010. Perhaps that is a sign of current sellers not accept market realities.

Inn on the Beach 2005

• 15 sales in 2005 
• Lowest sales price - $280,000
• Highest sales price - $1,310,000
• Average sales price - $626,333
• Average $/sq. ft. - $697

Inn on the Beach 2010

• 3 sales in 2010 
• Lowest sales price - $200,000
• Highest sales price - $425,000
• Average sales price - $300,000
• Average $/sq. ft. - $442

 

View Inn on the Beach Longboat Key condos for sale

 

L' Ambiance 2005

• 6 sales in 2005 
• Lowest sales price - $1,950,000
• Highest sales price - $5,950,000
• Average sales price - $3,100,000
• Average $/sq. ft. - $927

L' Ambiance 2010

• 3 sales in 2010
• Lowest sales price - $1,500,000
• Highest sales price - $2,000,000
• Average sales price - $1,700,000
• Average $/sq. ft. - $577

 

View L' Ambiance Longboat Key condos for sale. 

 

Promenade 2005

• 5 sales in 2005 
• Lowest sales price - $659,000
• Highest sales price - $1,450,000
• Average sales price - $1,062,600
• Average $/sq. ft. - $496

Promenade 2010

• 9 sales in 2010
• Lowest sales price - $475,000
• Highest sales price - $1,400,000
• Average sales price - $853,222
• Average $/sq. ft. - $401

 

View Promenade Longboat Key condos for sale

 

Sanctuary 2005

• 11 sales in 2010
• Lowest sales price - $1,050,000
• Highest sales price - $1,825,000
• Average sales price - $1,351,457
• Average $/sq. ft. - $623

Sanctuary 2010

• 8 sales in 2010
• Lowest sales price - $725,000
• Highest sales price - $1,695,000
• Average sales price - $1,162,500
• Average $/sq. ft. - $495

 

View Sanctuary Longboat Key condos for sale

 

Sea Gate Club 2005

• 4 sales in 2010
• Lowest sales price - $795,000
• Highest sales price - $1,050,000
• Average sales price - $923,000
• Average $/sq. ft. - $597

Sea Gate Club 2010

• 3 sales in 2010
• Lowest sales price - $642,000
• Highest sales price - $715,000
• Average sales price - $677,333
• Average $/sq. ft. - $441

 

View Sea Gate Club Longboat Key condos for sale

 

Vizcaya 2005

• 3 sales in 2010
• Lowest sales price - $2,320,000
• Highest sales price - $2,400,000
• Average sales price - $2,356,666
• Average $/sq. ft. - $792

Vizcaya 2010

• 1 sale in 2010
• Lowest sales price - $2,100,000
• Highest sales price - $2,100,000
• Average sales price - $2,100,000
• Average $/sq. ft. - $611

 

View Vizcaya Longboat Key condos for sale. Prices have not dropped that much in Vizcaya. However, we are looking at a small sample size of only 1 sale in 2010.

 

Water Club 2005

• 11 sales in 2010
• Lowest sales price - $1,340,000
• Highest sales price - $2,900,000
• Average sales price - $2,356,666
• Average $/sq. ft. - $792

Water Club 2010

• 7 sales in 2010
• Lowest sales price - $705,000
• Highest sales price - $2,350,000
• Average sales price -$2,035,454
• Average $/sq. ft. - $707

 

View Water Club Longboat Key condos for sale. It is interesting to see how the Water Club condo prices have not dropped that much from 2005 to 2010. They have held their values pretty well compared to other Longboat Key condos.

Give Marc Rasmussen a call at 941.812.6272 if you are interested in buying or selling a condo on Longboat Key, Florida.