longboat condo to purchase (Tampa, Sarasota: cul-de-sac, for sale, 2015)

[kabrend]

Any advise for choosing a condo to buy on Longboat?
Appear to be many buildings to choose from . Looking for mixed age
group, 2 bdr. in a well run building with low or no assessments.
My only important criteria is gulf view !!

[Ladywithafan]

Originally Posted by kabrend

Any advise for choosing a condo to buy on Longboat?
Appear to be many buildings to choose from . Looking for mixed age
group, 2 bdr. in a well run building with low or no assessments.
My only important criteria is gulf view !!

You have have lots to choose from except there is no condo association without assessments! Good luck!

[lothar]

we have a condo for sale on LBK . it has a beautiful bay view and a tiny catch of the gulf. however if you are looking for a very well organized, immaculate , beautiful condo setting with 80%of the residents as professionals , this would be it. we unfortunately are leaving after 11 years , to build a summer house in another state to be much closer to the grandkids and our children . the condo itself is in excellent condition .

[NYCAL]

Hi everyone! Just found this site doing a search on living in Longboat Key. My wife and I are new retirees with homes in upstate NY and Southern California (townhouse and condo respectively). We're considering selling our NY townhouse and buying a condo in Longboat Key or someplace similar to be near the beach, good restaurants, social scene, etc. However, we don't know what to expect if we decide to make Longboat Key our primary residence in terms of lifestyle, convenience, dangers, cost, etc. I have children and grandchildren in the Tampa area.

I read in one of these forums that living inland was more "homey" (for lack of a better word) and that the island keys were very touristy with a lot of traffic. Our NY townhouse is in a quiet cul-de-sac surrounded by woods and our SoCal condo is in a quiet retirement community. I guess I'm afraid of a "culture shock". in pursuit of a place by the beach. I stayed in Anna Maria Island for a week last year and enjoyed it but I liked the environment in Longboat as I drove around. This year my wife will join me and we plan on getting closer to a decision. Right now it appears that our budget may be around $300K in order to buy without having to take out a mortgage (or maybe a small one if need be).

I saw that there are a few former upstate NYers on this forum and I'm interested in hearing of their transitional experiences as well as from others from other parts of the US. Thanks so much!

[bbronston]

I've lived in upstate New York and went to school at Cortland but it has been many years since I moved down so I'm not sure I can give you a good idea of the cultural differences. However, I do have an observation that you may or may not care to consider. I have noticed that many people who move here, particularly from the northeast, are concerned that life here might not be like life "up there". I've even had a couple build a house and move back to NJ within six months for that reason. My thought is this: unless someone is being relocated for work reasons, isn't the reason for moving to become part of something new? IOW, keep an open mind and embrace the new lifestyle.

OTOH, if that sounds like utter nonsense (and I know it does for some) then the only reasonable thing to do is to rent first and see if it is right for you.

[SoFLGal]

Hi,

I grew up on the north end of Longboat Key, in the village. I loved living there. My dad started the Islander Newspaper on Anna Maria. Longboat Key is pretty low key and "sleepy". Grab the Longboat Observer and look at the police beat, you'll find barking dog complaints and alarms going off by accident.

If you're looking to stay in the $300K range in LBK, it might be a bit difficult. The condo or house is probably going to be smaller, older and not updated. The least expensive 3 bedroom starts at $384K. There are 82 houses/condos or townhouses on LBK under $350K.

You also need to check if they have an onsite rental program, if that is something you'll need. Do you have pets, if so what kind and size? Many have restrictions on that. Look carefully the HOA dues and make sure they are acceptable to you. Also, make sure that you fully understand the condos docs before you sign a contract.

A few places to begin looking on LBK are:

Cedars East Condos-They were built in the last 80's and early 90's. The community features a junior Olympic sized pool, 10 lit HarTru tennis courts, clubhouse, fitness, pro-shop, nature preserve with lit walkways, fishing pier, day dock, and tiki bar. There is also an on-site rental program available. The starting price for a 1/1 in Cedars is $200K and the least expensive 2/2 starts at $239K.

Continental Sea Club, Covert and Diplomat have condos in that price range but they are older and 1/1's.

Fairway Bay in Bay Isles has two condos in your price range-Amenities include on-site management, two community pools, hot tub, poolside grill, clubhouse, exercise room, tennis courts, kayak launch, private docks. Deeded beach access is also available at the Bay Isles Beach Club. Bay Isles Association fee for 2014 is $315.60.

First Longboat Harbour-Most condos in here were built in 1970. Amenities- boat slips, kayak dock, 4 pools conveniently located throughout the complex, a gym, game room, tennis courts, wood shop and stone studio, a path that winds throughout the complex to enjoy the waterfront, and the exclusive Beach House with bath and shower facilities and storage for your beach gear.

Inn on the Beach on has 1/1's in the mid to upper $300's.

Longboat Arms has a few options-Built in the early 70's. The complex offers boat docks ($200 per year) private boat ramp launch your kayak or canoe, tennis, clubhouse and covered carports. Buildings were painted and new seawall in 2012, newly renovated pool, roof replaced on building C and driveways were repaved in 2013. Deeded beach access.

Pelican Harbor & Beach Club-Built in the early 70's. Community offers Tennis courts, large heated pool, Club house is being updated with new deck and BBQ area; handicap accessible. Newer boat docks with electric, water and filet table. Dock rates for owners is very affordable at $1.75 per ft, per year with many spaces still available. Canoe and kayak launch access and storage areas; private fishing dock also on-site, bay side. Private deeded beach access with plenty of gulf front parking. Residence has split plan for privacy and an open floor plan with in-unit laundry. Pet friendly with no weight limit.

Seaplace- Built in the mid 70's. Seaplace is a unique community with 42 acres of magnificent oak and banyan trees, two swimming pools with spas, fitness center and a beautiful clubhouse.

Spanish Main Yacht Club- Built in the late 60's. Across the street is the private, deeded beach access for Spanish Main residents providing access to a beautiful, wide, silver sand beach. Swimming, tanning, beach walking or evening sun set watching are favorite activities. Spanish Main is a social, friendly community that offers many activities: a large clubhouse with kitchen for parties and special events and a large, heated swimming pool. It's also pet friendly, one small, and the condo fee includes free Wi-Fi access as well as basic cable TV, water & sewer and trash removal. It's a very popular place for rentals and has excellent on site management.

Windward Bay Condos-Built in the mid 70's. Windward Bay sits on 17 bayside acres, is pet friendly and has under-building parking. Boat docks, kayak racks, and waterside strolling paths. Two pools, tennis courts, and clubhouse. Beach access. It is a beautiful complex with well-maintained grounds directly across Gulf of Mexico Drive and Longboat Key's famous beaches.

Hope you see something that interests you. Good luck with your search!

[Sunshine Rules]

Longboat Key is a beautiful barrier island that is split into two counties - Sarasota on the south end and Manatee county on the north end. The city of Longboat Key has their own government, police and fire departments. (Which, by the way, are running huge pension deficits.) Most of the condos will be on the south end of the island, you'll find more single family homes and 2 story condos/townhomes on the north end. Longboat Key has, in my opinion, some of the most beautiful beaches in our area and, because there are only a few public beach access points on the island, they are often quiet & peaceful.

When looking for either condos or homes one major factor to consider at this point in time is the age of the buildings. Anything built pre 1974 and in a flood zone will see substantially higher flood insurance premiums going forward due to the changes passed by Congress to the national flood insurance program. Those properties will no longer receive subsidized premiums. For homeowners who owner occupy (not 2nd home or investment), those rate increases will be spread out over several years. But if that property is sold the new owner will have to pay the new, stepped up flood insurance rates. I have had one agent tell me recently his seller's deal fell apart on an Anna Maria Island home when the buyers found out they would be paying $18,000 a year for flood insurance on a small two bedroom home built in the 60's. Obviously, if you pay cash for a home, you are not obligated to carry flood insurance, you can play the odds and hope your property won't be flooded. Periodically FEMA updates the Flood Insurance Rate Maps (FIRM) and can revise the base flood elevations. Right now both Manatee and Sarasota counties are going thru that process. Manatee county will be releasing their new digital flood maps in March of 2014, Sarasota won't have their digital flood maps available until 2015, although the preliminary DFIRM should be available sometime late spring of 2014. This is important as properties that are not currently in flood zones may now be added to flood zones, some that are currently in flood zones may be removed from flood zone status.

For buyers getting mortgages, in 2014 lenders will be required to start escrowing your flood insurance premiums.

The pre 1974 is also applicable to condo buildings, so buyers should find out up front when the complex's flood insurance is due to be renewed and what the new rates will be, will the new rates impact the monthly condo fees.

For home buyers there is also the FEMA 50% Rule. FEMA has specific damage assessment guidelines pertaining to structures built prior to 12/31/74 or prior to that community participating in the National Flood Program. This rule states that a building must be elevated and brought into compliance with current code if damaged by any cause for which the repair costs are 50% or more of the value of the building. The building value is considered the market value of the structure only, not the land. The 50% Rule also applies to substantial improvement of a building ie remodeling. Something to keep in mind when looking at 1960's built ranch-style homes on barrier islands such as Longboat or Siesta Key.


As I said in the beginning of this post, Longboat Key is a beautiful island. The sunsets on it's beaches are incredible. But before buying on a barrier island, buyers should be aware of the costs associated with buying on an island. Knowing all of the above, if I had the $$ to cover the risks associated with island homes, I would love to live on Longboat Key myself.

[La-La land]

I've looked long and hard at Longboat Key. As far as condos, for 300k, unless you want a 1/1, or an 800 square foot weekly rental unit, you're looking at condos on the bayside. Which is fine, some bayside condos are actually closer to the Gulf of Mexico than units west of Gulf of Mexico Drive. But GOM Drive can be a little tough to run across, there's a constant stream of cars, less so at the north end of the island. The south end of LBK looks like Beverly Hills with Bentleys crawling out of manicured driveways, but north LBK has copped a bit of vibe from AMI, much more laid back and beachy. As to traffic, LBK seems to move along pretty well up and down the island, 35 40 mph. It's getting off the island that's the issue, the south end is bumper to bumper over the bridge, especially between 4-6pm. Going north, you sail across the bridge to AMI and immediately hit a 15 minute traffic jam until the Cortez bridge. That's SW Florida, not much you can do. Siesta key is worse. You may want to consider Anna Maria island, there is less reason to leave the island as there is more shops and restaurants etc, but that makes Bradenton your 'town' and many feel its a notch down from Sarasota. Plus there's no condos north of the middle town of Holmes Beach. Tough call, I can tell you that we've searched high and low and we keep coming back to NLBK as the best, central location to everything between Tampa to Venice, but only if the beach is important to you.

[bbronston]

There are 21 condos on the market right now located on LBK, with at least 2 bedrooms and 2 full baths, and priced under $300K. Most have water views but they are not beachfront. However, you only need to jump to $310K to find one right on the beach.

[SoFLGal]

This should help alleviate some of the worries regarding the potential massive increase in flood insurance:

House passes flood insurance bill | March 4, 2014 | Jeremy Wallace | HT Politics