Q: Where is Casey Key? How do I get there?
A: Casey Key is approximately
15 miles south of Sarasota and just north of Venice on Florida's Gulf Coast.
The northern portion of the key is within the Osprey post office zone,
and the remainder within the Nokomis zone. You travel to Casey Key by U.S.
41, and head west on Blackburn Point Road to the northern part of the key,
or Albee Road at the southern end. Take Exit 36 off Interstate 75 if coming
from the north, or Exit 35 if coming from the south.
Q: What makes Casey Key so unique?
A: Casey Key is a barrier island approximately
nine miles in length, and in most parts only a few hundred yards wide.
It offers the Gulf of Mexico beaches to the west, and the Intracoastal
Waterway and Little Sarasota Bay to the east. Unlike most barrier islands
near Florida's coastal cities, Casey Key has no hi-rise buildings. It is
presently zoned single-family residential, although a few small motels
are "grandfathered" in from before the zoning changes over 25 years ago.
A majority of the island is a conservation district
established by the Florida Legiuslature in the early 1970's. When you arrive
on the island, either over the historic 1925 swing bridge on Blackburn
Point Road, or the more recent bridge on Albee Road, you definitely get
the feeling you are on a tropical island. This is not the case in most
barrier islands, which are loaded with hi-rises, heavy traffic and commercial
establishments.
You immediately feel remote, but you really aren't,
as there are all the conveniences of home just minutes away (a major grocery
store, drug stores, department stores, banks, gas stations, restaurants,
etc.)
There is basically only one road on the island,
with a couple of very short spurs. The road is Casey Key Road, and is divided
into three sections -- North Casey Key Road (north of Blackburn Point Road);
Casey Key Road (the section between Blackburn Point Road and Albee Road);
and South Casey Key Road (south of Albee Road to the Venice Inlet).
The only public beach accesses are Nokomis Beach
right at Albee Road, and South Jetty Park, at the southern tip.
Q: What kinds of properties are on Casey Key?
A: There are four principal types of properties
on Casey Key -- 1) Direct Gulf-front; 2) Bayfront;
3) Gulf-to-Bay; and 4) Non-Waterfront. Casey Key Road divides the island
properties. The Gulf-to-Bay properties are the most unique and seldom found
on any other barrier islands. They stretch from the mean high water line
on the Gulf to the same on the bay. These are primarily found in the 1300
through 2600 block, and the 3300 to 3500 block of Casey Key Road. A majority
of the properties north of the 300 block of North Casey Key Road are also
Gulf-to-Bay estate.
Q: How much do Casey Key properties sell for?
A: Fifteen years ago the average property
sale on Casey Key was barely above $300,000. In 2000 it was over $2,000,000.
In 2005, sales are averaging over $3 million. All of the increases
can primarily be attributable to the increases in land value. Land
is the scarce commodity. Many older homes sell little above their
land value. The highest price sale for a single-family home
in Sarasota County was a North Casey Key estate sold in 2001 for $8.9 million.
It must be recognized that the value of the land is all-important in the
value of Casey Key properties. There are very, very few vacant parcels,
but there are almost always interesting remodels and "tear-down" opportunities
available at little above the land value. These often represent the most
attractive options on the market.
Q: How do I determine the fair market value
for a Casey Key property?
A: Like all real estate, location is the
key to the value placed on a Casey Key property. When valuing properties
on Casey Key you must always begin with the value of the land. It is the
dominant factor, and the portion of the property value that is most likely
to increase in value during periods of low inflation. Waterfront properties
are valued on their attributes (good beach, no beach, location of home,
etc.) and the width of the frontage on the water. In the case of Casey
Key, a direct Gulf-front property (on the Gulf side of Casey Key Road)
can be valued anywhere from $20,000 per front foot to in excess of $30,000
per front foot, depending on location. The average direct Gulf-front lot
is 100 feet wide and is valued around $2,500,000+ if it includes a good
wide beach. A bayfront property is valued between $15,000 and $20,000 per
front foot, with the average right in the middle. Gulf-to-Bay properties
are valued between $25,000 to in excess of $30,000, with the average being
around $30,000 per front foot.
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