- May 10, 2024
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Longboat Key’s real estate market exploded in the 1970s and 1980s when the Arvida Corp. built many of the island’s largest structures and neighborhoods, including Seaplace, Bay Isles Harbour, Beachplace, Inn on the Beach, Fairway Bay and Sunset Beach.
And while an uptick in activity in the first half of 2018 might not rise to that level, a ride around Longboat Key will showcase myriad projects that have all seemed to begin at once:
“In a high-end real estate market, which Longboat is in, properties are not going to stay as they are. They’re going to continue to evolve,” said Commissioner Jim Brown. “I think that’s really what’s happening.”
Property values have risen on Longboat Key for the past five years, showing an increase of more than 3% each year, according to town documents.
Michael Saunders, who owns Michael Saunders & Co. and has spent 70 years on the island, said new amenities, such as the Arts, Cultural and Education Center, will work to attract more potential homebuyers, Saunders said.
“The Key has evolved over the years, and people have fallen in love with the magic of Longboat. And each generation has wanted something different,” Saunders said. “People want new. They want high ceilings, they want light, they want access and to be part of nature.”
And Longboat is just an attractive place.
That’s why Richard Gonzmart of the Columbia Restaurant Group said he decided to purchase the former Pattigeorge’s restaurant.
“We weren’t looking for another project, but we just couldn’t turn down this opportunity to be on Longboat Key,” Gonzmart said.