Q: What has been the price trend on Casey
Key?
A: Casey Key prices have been climbing for
decades as more people discover its charm and unique Florida lifestyle.
Our average property sale price has tripled in less than 10 years! The
land values have nearly tripled in that same period. The price movement
has come in spurts, with the last major spurt occurring between 1998 and
2001. Since 2001, prices have been moving gradually higher, but there are
always exceptions. Inventory has remained low thru the Summer of
2005, but we expect it to increase significantly in the months ahead.
Prior to the big increase in land values beginning in 1998, the last major
increase was in the 1988 to 1990 period when land values doubled.
At that time we saw real good Gulf front go from $300,000 to $600,000 for
a 100 ft wide lot. Same thing with the other types of land, as they
all doubled in the period.
Casey Key did not suffer the downturn in values
that some Florida areas saw in the 1990's, mainly because there was very
little speculative buying in our market in the late 1980's. Real estate
price trends are always local, and in the Casey Key situation they can
vary considerably, depending on the location on the island. For instance,
the far north end of the key has seen prices move much higher since 1990.
Q: How about insuring the property?
A: Insurance is available on Casey Key
properties, including flood and windstorm. However, a buyer will often
find that the insurer of his present home elsewhere may not be currently
writing policies in Florida. There are local agencies that handle placing
the insurance in all cases that I have experienced in recent years. Flood
insurance is available from FEMA up to $250,000 on the structure and $100
for its contents. Greater amounts are available from private insurers.
Windstorm is the most costly element of insurance in all of Florida, so
do keep it in mind. You should investigate and obtain advice from
a local knowledgable source.
Q: Are there restrictions on remodeling or
building new?
A: This is an area you must always concern
yourself with if you are considering the purchase of a waterfront property,
particularly one on or close to the Gulf of Mexico. There are two things
that you must ascertain with a Casey Key property: 1) What is the FEMA
elevation requirement, and how does it compare with the elevation of the
property; and 2) Where are the coastal setback lines relative to the property.
FEMA (Federal Emergency Management Agency) flood
elevation requirements cover nearly all of Casey Key lying 11 feet above
sea level. The key is primarily an A Zone, with the exception of the beach
itself, which is considered a V Zone. If a current structure's first living
floor is below the FEMA requirement, there could be serious restrictions
on remodeling. With regard to coastal setbacks, it must be accepted that
a majority of Casey Key properties will have structures located seaward
of the state's Coastal Construction Control Line. This does place restrictions
on what can be built, but it does not generally prohibit building. My major
advice is to make sure that you are working with a Realtor and other professionals
who know the regulations and how they can become a plus or a minus on any
Casey Key property purchase.
Q: Where are the nearest alternatives for golf
or tennis?
A: There are numerous nearby opportunities
for both sports that can be reached in only 10 or 15 minutes. For golf,
many consider The Oaks and the Tournament Players Club at Prestancia, but
there are many others. The Oaks has an associate membership program, while
at Prestancia there is a regular membership. For tennis there is also The
Oaks, and many private tennis clubs.
Q: How about shopping, restaurants, etc.?
A: Publix, Eckerds, Target, WalMart and
a host of other stores can be reached in 10 to 15 minutes. There is an
Eckerds, Sun Trust Bank, a gas station, first-class restaurant and other
shops within minutes of the Blackburn Point Road Bridge. The largest mall
in the county, Sarasota Square Mall, is just 10 minutes to the north. There
is also Saks Fifth Avenue, Barnes & Noble and many other fine shops
about 20 minutes to the north, along with numerous leading restaurants.
Q: How about boating?
A:We have plenty of boaters on Casey Key.
Some have docks with adequate water depth to keep their boats on their
property, but many coose to keep their vessels in storage at one of the
many nearby marinas. Marinas are located on the mainland side of both bridges
to the key. However, like in most of Florida the marinas are vanishing,
and ours are no exception. Therefore, this is something one must
check into. Water depth on the bayfront varies considerably. Some
docks have four to five feet of depth at low tide, but they are the exception.
Most have only three feet or less. |
