Introduction
This guide should give you a decent idea of what to anticipate if you’re thinking of moving to Longboat Key FL Real Estate. Remember that the island has a very tranquil and laid-back vibe, which is why it has long been a haven for people seeking to get away from the hectic city life.
In search of beachfront real estate, many people travel to Longboat Key. The island is small, so everything is near by, and the beaches are some of Florida’s most gorgeous. Restaurants, quaint shops, and other island-style facilities are all conveniently close by. There are no huge chain stores or retail centers.
Longboat Key, which was recently ranked as the fifth finest island in the US, is beautiful all along its 12-mile length and 1-mile width.
Many of the homes are either close to the beach or the bay, or both. This indicates that they are expensive.
Where is Longboat Key
On Florida’s central west coast, in Manatee and Sarasota counties, Longboat Key is a neighborhood that shares a name with a barrier island. South of Anna Maria Island, between Sarasota Bay and the Gulf of Mexico, sits Longboat Key. Manatee and Sarasota counties each receive about an equal amount.
Reasons Longboat Key is a good real estate destination
Additionally, there is no state income tax for sole proprietorships, LLCs, or S corporations. They also have no personal income tax. Florida also offers 427 Opportunity Zones, which provide tax breaks to real estate investors who invest in urban, rural, and low-income neighborhoods. These advantages make operating as a real estate investor and developing a solid portfolio simpler.
Experience Florida’s splendor for yourself in one of Destin’s vacation rentals to see what all the fuss is about before deciding to settle here or invest in your next property.
Real estate market overview
Over the past ten years, Longboat Key’s population has increased at an average annual rate. At that time, the state average was while the national average was.
Over the past ten years, Longboat Key’s population has increased at a slower rate than the state as a whole and the nation as a whole.
The median home value at the moment in the Longboat Key FL Real Estate market is. Compared to the national average, the state’s average home value is.
Home prices
The real estate market on Longboat Key, Florida, is booming right now for a number of reasons. To begin with, the area is quite well-liked because of its closeness to Sarasota and Tampa, as well as its lovely beaches and lush tropical setting. Second, the market is small on the island because of its small size, therefore when properties do become available for sale, they don’t stay on the market for very long.
With a current median price of about $1.2 million, Longboat Key home prices have been steadily increasing in recent years. People wanting to buy property in the area should move quickly if they find something that fits their needs because the market is expected to continue robust in the coming years.
Trends
The median price of real estate on Longboat Key was $1.2M in June 2023, a decline of 11.3% from the previous year. Homes on Longboat Key normally sell after 58 days on the market, against 10 days the year before. There were 54 home sales in June of this year compared to 37 in June of last year.
Investment opportunities
Real estate investing can be a prudent financial decision with several benefits, including possible long-term growth, passive income, and tax benefits. Real estate has long been a dependable investment choice that offers investors a steady and alluring return on their capital.
For a long time, waterfront properties have been sought after by those looking to invest in real estate. Due to the breathtaking views and peaceful surroundings they offer, waterfront homes are regarded as a smart investment. In this post, we’ll examine the key benefits of purchasing beachfront real estate.
Value of the Property Increasing
Possibility of Rental Income
Level of Living
Tax Advantages
Conclusion
Keep these things in mind if you’re considering purchasing real estate in Longboat Key, Florida. Expect to pay more than you would elsewhere in Florida, and be prepared to give up some of the comforts you are used to. On the other side, Longboat Key is a great spot to live if you want a secure neighborhood with constant access to the water and good dining options.
