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.

This lovely condo in Orchid Beach Club recently sold for $1,350,000. It was listed for $1,500,000 and was on the market for 206 days. This was a 3 bedroom, 3 bathroom, 2,936 square foot condo with fabulous views of the Gulf of Mexico, downtown skyline and the Sarasota bay.

Enjoy the best of both views from this stunning Orchid Beach residence located on the Suncoast’s pristine Lido Key.  From the seventh floor balconies of this corner unit one can observe Sarasota’s dazzling bay front and the alluring Gulf of Mexico. The opulent private lobby sets the theme for this spectacular home showcasing custom iron and etched glass double entry doors, gathered fabric lined walls and flanking imported lanterns. Navona cross cut travertine flows throughout the residence highlighted by accents of Uba Tuba polished granite. Architectural ceiling details are expertly finished with crown molding and inset rope lighting. The grand room features a custom entertainment center with iron gates concealing glass shelving, lavish wet bar, equipment area and bench seat.  Skillfully designed Neff cabinetry works in harmony with professionally selected appliances and dramatic Uba Tuba granite to create a functional yet beautiful kitchen. All three baths are lavishly appointed with floor to ceiling marble, Kohler Memoirs polished brass valves, custom cabinetry and spacious walk-in showers.

Give me a call at 941.812.6272 if you would like to buy or sell a condo in the Orchid Beach Club.

* This property was listed by Michael Saunders and Company *

Thinking about buying a condo on Lido Key? Here is a market update for Lido Key condos for sale:

• 101 condos currently for sale
• Lowest priced condo – $169,900
• Highest priced condo – $6,985,000 – Orchid Beach Club
• 7 Lido Key condos currently pending and waiting to close

Lido Key Condos Sold in 2009

• 36 Lido Key condos sold so far in 2009
• Highest sales price – $3,050,000 – Ritz Carlton Beach Residences
• Lowest sales price  – $196,322
• Average sales price – $920,466
• Median sales price – $530,000

Visit my Sarasota MLS if you want to search for Lido Key condos for sale.

Lido Key Condos Sold in August 2009

• 7 Lido Key condos sold in August of 2009
• Lowest sales price – $280,000
• Highest sales price – $2,350,000 – Orchid Beach Club
• Average sales price – $855,428
• Median sales price – $485,000

If I can help you buy or sell Sarasota real estate call me at 941.812.6272.

Lido Harbour South Condo – Just Sold

This condo in Lido Harbour South recently sold for $385,000. This was a 2 bedroom, 2 bathroom, 1,248 square foot condo on Lido Key beach. The asking price was $399,900.  It was on the market 232 days before it received the buyers contract that sold it.

Property Description:

Location, convenience, sunsets and more in this 3rd floor, Gulf front complex with breathtaking gulf views and white sandy beach. Next door to Lido Park with nature trails and BBQ areas. Entertain in style in this nicely maintained, fine, turnkey ready and move in condition with brand new shell/man-made stone countertops. Not just a carefree condo where memories are made of; it’s a lifestyle in itself. Don’t dream a dream. Buy one! Enjoy the many island-style amenities available such as clubhouse & pool area w/exercise equipment. Close to St. Armands Circle for Epicurean dining & fine shopping.

Visit my Lido Harbour South condo page to view everything for sale in the building. This page is updated daily with new listings, photos, details, virtual tours and Birdseye images. Call me at 941.812.6272 if I can help you buy or sell a Lido Key condo.

Lido Key Condo Foreclosure

I showed this condo last Saturday to some out of town buyers. The condo has not been taken back by the bank yet but it looks like it will. It was purchased in May of 2005 for $435,600 and is now listed for $285,000. Embassy Villas is a cute complex only a few blocks from Lido Key beach. This would be a great winter or weekend getaway. The unit is not in fabulous shape but a coat of paint, a deep cleaning, good decorating and some nice furniture and this place would be spectacular. It is a 2 bedroom, 2 bathroom town house with 1,090 square feet.

Sarasota MLS Property Description:

BEST PRICED 2BR, 2 BTH ON LIDO KEY ….  BANK APPROVES SHORT SALE AT $281,000.  Great investment opportunity with short term rental allowed (2 week minimum x 26 times a year).  Updated 2 bedroom plus 2 bath end unit villa with vaulted ceilings and wood cabinets.   Renters love being only 2 blocks to Lido Beach. This home is approximately half mile to St. Armand’s Circle where one can enjoy a variety of restaurants, fabulous shops and all that St. Armand’s is famous for. A short drive will take you downtown Sarasota for symphony, theater, musuems, Whole Foods, libraries, Selby Gardens, more restaurants, GWIZ, Van Wezel, etc. If you are doing a 1031 exchange or just want to make an investment, you must consider this unit! Offered “As-Is” with right to inspect. Bank may take 6 – 8 weeks for approval.

View my Lido Key condo page to see everything for sale on the island. If I can help you buy a condo on Lido Key give me a call at 941-.812.6272.

Lido Key Condo Market Update

Condos currently for sale – 122

Highest asking price – $4,495,000

Lowest asking price – $219,000

Average asking price – $1,184,020

Median asking price – $692,500

Condos under contract – 4

# of condos sold in February 2009 – 1

Sales price – $237,500

# of condos sold in February 2008 – 2

Orchid Beach Club Condo For Sale

This is one of my favorite beach front condo complexes in Sarasota. Here is a new listing in the building. This is a 3 bedroom, 3 bathroom, 2,936 square foot condo on the 5th floor. 

Address: 2050 BEN FRANKLIN DR # 504B

Property Description:

Breathtaking views of the city lights at night and of the sky blue waters of the Gulf during the day. Beautifully appointed, fully furnished, competitively priced unit in one of Lido Key’s most prestigious buildings. Decor matches the look and feel of the newly built complex and this unit is ready to move in. The guard at the gate will assist your guests in finding their way and the on-site concierge will assist you with all your needs.

Visit my Orchid Beach Club page to view all condos for sale in the building.

Lido Key Condo For Sale

This 2 bedroom, 2.5 bathroom condo with 1,306 square feet was recently listed for $475,000. It is convenient to Lido Key beach and the world famous St. Armands Circle. 

Address: 945 BEN FRANKLIN DR # 5

Property Description: Large reduction for immediate sale. Nestled within a quiet compound of only 7 residences this multi-level town home awaits you. It feels more like a single family home across from Lido Beach. First level consist of 2 full size garages & storage, second level – living room, dining area, eat in kitchen, laundry, 1/2 bath, terrace and balcony. Next level consists of 2 bedroom suits, master has separate shower and spa/hydro massage tub, vaulted ceilings, balcony and terrace with gulf views. Low maintenance and heated pool. Close to St. Armands.

Call me at 941-812-6272 if you are looking to buy a Lido Key condo. Visit my Lido Key Condo page to view hundreds of properties for sale on Lido Key.