Understanding the Current Market on Longboat Key
Steve Walter – Walter Group
We’re often asked about our opinion on the general state of the real estate market in our little niche of the world on Longboat Key. Our clients are frequently elsewhere for a substantial part of the year, so knowing what’s going-on in this super-small micro-market can be difficult.
The reports from the macro-market Real Estate industry analysts are interesting – but often not germane to the underlying question that our clients (and prospective clients) are really asking; specifically, is now a good time to buy (or sell) luxury waterfront real estate on Longboat Key. Those two questions are related, but not the same.
As to the question about macro-metrics on the key – we suggest taking a look at a great online tool we use; Altos Research. Here’s the link for zip code 34228: Altos Market Data for Realtors
The at-a-glance view of the technical data related to listings and sales of homes and condos in the Longboat Key Market is great cocktail party fodder, or interesting for comparing one market to another on a macro basis, but it doesn’t really get to the point that most people are asking which is, ‘should I buy or sell on Longboat Key now?’
And the answer…’it depends’ We know, that’s not what people want to hear, and it’s not a cop-out on our part, but the answer truly depends on the buyer/seller – and the property in question. For the purpose of this report, we’ll leave the macro/abstract to the industry analysts and policy wonks, and focus where we provide the greatest value, which is to advise our clients on their options given their specific situation and our knowledge and experience in this very unique micro-market.
To do justice to the question, we need to understand our clients’ motivations and time frame. Over the years, we’ve gotten pretty good at quickly understanding what our clients are trying to accomplish, and making specific personalized recommendations; typically within an hour of the initiation of an earnest discussion.
Longboat Key Luxury Waterfront Real Estate market is not immune from the macro/global factors that effect Consumer Confidence – including Politics, Inflation, Employment, interest rates, but based on our demographic, it’s generally a personal decision for buyers and sellers on the Key. If there’s a reluctance to buy or sell, it’s generally a matter of preference, priorities, or broader asset management considerations as opposed to the situation where other markets may be directly dependent on the factors that effect buyer purchasing capacity. Longboat buyers and sellers generally have sufficient financial independence that they rarely depend on the external factors eg. financing, appraisals, insurance,… qualification or employment that can wreak havoc on markets that depend on lender approvals.
As was the case for the winter/spring 2024/25 season, when (for a variety of reasons) demand slows, prices tend to be subject to downward pressure, and inventory climbs. We have historically seen these cycles repeat on a 5-7yr frequency. We’re coming out that pullback now and expect a better than average 2025/26 season as the market catches-up with the pent-up demand.
