Condo-Tels - what's in it for you?

 

As we look at the future of Longboat Key there are clearly two directions we can take. The one favored by the current commission appears to be towards more development, that is, high-rise condo-tels and tourist towers similar to what has befallen other Florida beach communities. The other direction points towards a community similar to Casey Key, which is predominately private residences.

The residents of Longboat Key have to make a choice, or the decision will be made for them by a town commission with several commissioners who were appointed rather than elected. The coming election could be looked at as a referendum on which direction you want to take.

What does each approach offer to property owners on Longboat Key?

If the commission is successful in removing height and density restrictions presently in our building codes and Comprehensive Plan, then we can expect that sooner or later developers will convert many of the current two story beach structures into multi-story buildings that make them the most money. Any developer would probably do the same.

What happens to residential property values when the community is divided into towers along the beach, with far greater numbers of people on the beach and a greatly expanded tourism and rental population, and neighborhoods of older homes?  Typically, the older homes lose value.

What happens to residential property values if older beach homes are converted instead into larger exclusive homes similar to Palm Beach?  Typically, the older homes increase in value.  There is an old real estate investment saying - buy the least expensive home in the most expensive neighborhood.

A friend of mine owns a not so well situated rental home in the Hamptons on Long Island. His property appeals to New Yorkers who want the Hamptons without the high cost of being in the Hamptons. My friend is riding on the coattails of his wealthy neighbors and exclusivity. I doubt we will see codes relaxed in the Hamptons or Palm Beach or numerous other communities that thrive on their low density and exclusivity.

 

There is little doubt that much of Longboat Key's largess is derived from the general perception that we are an exclusive community. Much of this perception is due to Islandside / Key Club and the Bay Isles gated community. People like being where there are few other people, the beaches are clean and relatively unpopulated, and the level of public safety makes people feel comfortable.

Inceases in tourism and the number of rental units have not been the reason for the great success of Longboat Key as an exclusive seasonal retirement community, since both have been steadily declining for the past two decades. What has increased is the number of million dollar properties that have been built and continue to be built on our island.

Ask yourself if you would like Longboat Key as much if it looked like Boca Raton or Fort Lauderdale Beach. Ask yourself if you believe the value of your home will increase if our community has increasingly more high-rise buildings lining the beach.

I grew up in a community that has changed little in the past eighty years. The same houses are still there. The little shopping districts are still the same. There are no hotels or motels of high-rise condo-tels. The only things that are taller are the trees. We should all hope that our property values fare as well as they have in that small New York City suburban town.

Let me be clear, the majority of our current commissioners favor changing our codes to allow considerably more density and the removal of height restrictions for buildings. This is also the case with the current members of the planning and zoning board, who are appointed by the commissioners.   Density restrictions and height restrictions have protected Longboat from developers who wanted to build high-rises. These two aspects of our code are quietly in the process of being changed - they haven't been changed yet, but are in the process of being changed by our current commission.  

If you do not register your views, then government must operate in a vacuum. We cannot blame the commission for adopting a pro-development policy if the community as a whole remains silent. Currently much of the island is zoned for low density two-story residential units. This can change. Remaining silent is the same as affirming the current direction that is being rapidly adopted by our commissioners. If you care and you are concerned then you need to make your views known. VOTE!

We can go either way. The one thing we cannot do is stand still and let the world pass us by.