Thinking about buying a fabulous Lido Key condo? You might be timing the market perfectly. Inventories of Lido Key condos for sale have declined dramatically from the high figures we saw back in 2006 and 2007. The big question everyone is wondering is whether we are at the bottom or not. Everyone has opinion but no one knows for sure. What we do know is that inventories are down, prices are down, sales are up and there seems to be a glimmer of hope and enthusiasm in the economy. Personal spending is increasing as people seem to be sick and tired of this great recession.

Remember about 15 years ago when Realtors used to use the MLS books to figure out what was for sale or not. That was before my time. I started selling real estate in 2000 when the multiple listing service (MLS) was just getting onto the computers. The days of the MLS books are long gone. With the advent of the internet real estate is now at lightning speed. A Realtor can list a property in the Sarasota MLS one minute and then the next minute an electronic alert is sent to hundreds of Realtors and possibly thousands of potential buyers signaling them of a new listing. Information is passed at the speed of light. The Sarasota Florida real estate market is super efficient with virtually all information known. The days of little information is over as we have at our fingertips virtually all properties for sale, what they sold for, when they sold, how long then took to sell, price adjustments and a virtually endless supply of valuable market statistics.

Finding the right Lido Key condo

Lido Key is not that large. It is much smaller than Longboat Key and Siesta Key. As a result there are not a ton of condos for sale. I just checked the Mid Florida MLS as I write this and see that there are 75 condos/townhouses and villas for sale on Lido Key. Let’s break that down by price.

• $0 – $400,000 – 31 condos. Of those 31 condos only 18 of them have 2 bedrooms/2 bathrooms.
• $400,000 – $1,000,000 – 22 condos
• Over $1,000,000 – 22 condos

Think about it for a second. If you can spend up to $400,000 and you want 2 bedrooms and 2 bathrooms you only have 18 to choose from. When you ignore the obviously overpriced condos or the ones that need a dramatic face lift you are down to just a few condos. By the way, if you do a search for Lido Key FL condos with 2 bedrooms, 2 bathrooms, under $400,000 and with the word ‘remodeled‘ in the description there ZERO condos for sale. You have to assume that a remodeled condo would at least mention it in the description. I am actively working with a buyer for a condo on Lido Key and am amazed at how little is out there.

Buyers seem to be running out good properties to buy. This is another signal that a market bottom might be here or near.

Not everyone wants to live on the beach. Some people are perfectly content with living on a barrier island and just having easy access to the beach. Lido Key is a small island so most of the non beachfront condos are very close to the public beach. Of course, if you are carrying a cooler, tent, beach chairs and towels then a short walk can become a long walk in no time. Are you looking for the most affordable Lido Key condo? If so, then you need to look off the beach as location is a big determination of value. Here are a few options for you:

Lido Presidential

This is a very clean and well maintained condo on Lido Key. It is a short walk to Lido Key public beach so residents can have their toes in the sand and Gulf of Mexico in no time. There are only 40 units in Lido Presidential and it offers some of the best values on the island.

St. Armands Towers

St. Armands Towers is technically not on the beach. However, it is directly across the street from the beach with no building obstructing the water views. Visit St. Armands Towers Lido Key and you will see that the least expensive condo currently for sale is $399,000. This is not the most affordable non beachfront condo on Lido Key but it is a great spot for those wanting to walk to St. Armands Circle for their morning coffee, shopping, ice cream and tasty meals.

Lido Towers

Lido Towers is an 84 unit condo community off the beach on Lido Key. It was built in 1980 and located a little further south on the island. Many might consider it a long walk from Lido Towers to the Lido Key public beach. Currently, I see one condo for sale in the building for $385,000.

These are three options however there are more. Email me at marcrasmussen(at)michaelsaunders(dot)com and I will email you a complete list of Lido Key condos for sale.

Thinking about a buying a home or condo on Lido Key? If so, the thought of finding a sweet deal in the way of a foreclosure or short sale sounds enticing. Let’s take a look at the sales data for distressed properties on Lido Key, Florida. For an update on the entire area check out this Sarasota foreclosures update. If you just want to view everything for sale then visit my Sarasota Florida real estate site.

Lido Key Homes and Condos For Sale

• 106 properties for sale
• 36 single family homes for sale
• 76 condos/townhouses/villas for sale
• Least expensive asking price – $143,900
• Most expensive asking price – $9,750,000
• Average asking price $1,613,445
• Median asking price – $790,000

Lido Key Foreclosures & Short Sales

• 5 distressed (REO & Short Sales) properties for sale - 4.7% of the total market
• 1 short sale in Key Tower South – Call me at 941.812.6272 for details
• 1 short sale in Lido Ambassador – Call me at 941.812.6272 for details

As you can see there are not many REO’s & short sales on Lido Key. It makes up for less than 5% of the entire market. If you are only looking at these types of properties you are ignoring over 95% of the market.

Lido Key Foreclosures and Short Sales Sold in 2010

• 78 properties sold so far in 2010 on Lido Key
• 54 condos sold
• 24 single family homes sold
• 2 short sales sold – 2.5% of the total sales
• 2 bank owned properties sold – 2.5% of the total sales

As you can see so far this year there have only been 4 distressed sales on Lido Key out of a total of 78 properties. That is 5% of the market. If you think that you will be able to buy one of these properties then you should probably reconsider.

Give Marc Rasmussen a call at 941.812.6272 to help you buy or sell in the Sarasota area. I have sold several properties on Lido Key and know the market well. It does not cost anymore to hire an expert.