Siesta Key Homes for Sale - October 2009 Update

Siesta Key homes on canals and on open water are sought after by boaters and retirees wanting a waterfront lifestyle. Gulf front homes are always in short supply as high-rise condominiums line the majority of the coast line. Some of these outstanding beachfront homes are in the prestigious Sanderling Club, Sandy Hook and Beach Road.
Dr. Beach moved Siesta Key Beach up to the number 2 on the Best 10 Beaches in America list and the homes for sale on Siesta Key started getting another look by buyers searching for a second home. Investors have scooped up some of the short sales and foreclosures and inventory has dwindled somewhat. The selection of homes for sale on this Key remains excellent.
If you are a boater, looking for a waterfront homes on Siesta Key, be sure to consider the size of your boat. There are fixed bridges on Siesta Key and some boats and sailboats cannot maneuver the canals under these bridges. Open Bayfront waters are excellent for larger yachts and sailboats.
There are currently 207 Siesta Key homes for sale in the MLS system. Prices are now ranging from the high $200,000s to $15 million for a waterfront estate after a significant correct of prices. Siesta Key homes for sale can be found on popular streets like Roberts Point, Flamingo, and Mangrove Point. Many homes on these areas offer swimming pools, boat docks and gorgeous tropical landscaping. Siesta Key Village and Siesta Key Beach are popular spots for residents to enjoy shopping, beachcombing, colletcing seashells, fishing and swimming.
Siesta Key Real Estate Update - October 2009

• Single Family Homes for sale: 207


• Least Expensive Home: $269,000


• Most Expensive Home: $15,000,000


• Homes Under Contract: 41


• Single Family Homes Sold Last Six Months: 75

If you are an out of state buyer interested in a Siesta Key homes for sale on Siesta Key, contact John Allen at 941-544-6467. John is an expert on Siesta Key real estate and shows luxury waterfront homes regularly. For your Sarasota home search, please be sure to contact us in advance of your Sarasota trip.

Financing Your Siesta Key Condo

If you’ve in the market now for a Siesta Key condo and want to finance the unit, there is no doubt that you may experience some challenging obstacles. The lender guidelines have changed considerably. If you need to rent the unit to make ends meet, you’ll find even more obstacles.
We spoke with Bruce Garlitz with HomeBanc this week. Bruce pointed out that financing condominiums in Florida can be very difficult right now if the condo project isn’t Fannie Mae or FHA approved.
HomeBanc can currently do condo financing if the borrower has a 20% down payment on a limited review basis. This limited review requires that 3 questions be answered:

1. Are there any pending litigations?
2. Are there 15% or more home owners currently delinquent in their HOA dues?
3. Is there 25% or more commercial space within the complex?

The condominium can’t be considered ineligible for Fannie Mae financing (such as a condotel and it cannot have a short term rental desk). The limited review is for existing projects where the HOA has been turned over to the home owners by the developer.
If you would like search current condo inventory, start at our Siesta Key Florida page where you can view condos in all price ranges. We show Siesta Key condos regularly and are available to help guide you to a smooth closing.

Siesta Key Condos Update

Data from the Sarasota MLS system indicates that Siesta Key condos are on the move. There are 413 condos on Siesta Key that are currently available. 43 condos, townhouses or villas are under contract and the sales for the last six months total 114 units. Dr. Beach recently added to Siesta Key’s allure when he bumped Siesta Key Beach up a notch to #2 on his 10 Best Beaches in America list in May.

Siesta Key condos range from tiny motel type condominiums, duplexes to contemporary newer high-rise condos that mingle with the older condos, many in the midst of remodeling their lobbies and amenities to provide buyers with the activities and surroundings they desire. Gulf front condos are the most popular and command a higher price if the view is extraordinary. Bayside condos are popular too as boaters seek condominiums providing boat dockage and easy access to the Gulf of Mexico. Siesta Key’s condo selection is still excellent and prices have adjusted considerably. Prices currently range from $150,000 to $4,250,000 for a condo, townhouse or villa. Prices do not include time share or fractional ownership buildings which start as low as $30,000 for a few weeks' use.

Residents of Siesta Key sit on their balconies and take in the sites of the surf, wildlife, beachcombers, swaying palm trees and bask in the warm weather. Walks to the Village are popular as well as dining in cafes and restaurants of Siesta Key Village. Surf shops, specialty shops and restaurants are busy with travelers from around the world.

Siesta Key Condo Market Update (Including Townhouses & Villas):

• Least Expensive Condo: $150,000
• Most Expensive Condo: $4,250,000
• Condos Under Contract: 43
• Condos Sold Last Six Months: 114

If you are searching for real estate on Siesta Key Florida, contact John Allen at 941-544-6467. John shows Siesta Key condominiums as well as all of Sarasota's other barrier islands. Contact a professional with experience in waterfront properties necessary to guide you to a successful purchase of a Siesta Key condo.

Sandy Cove - Siesta Key Florida Condos

If you’ve had your eye on a Siesta Key condo for the past 10 years and just haven’t been able to get into the market, you might want to take a second look at this area. More popular than ever with its recent nudge to the no. 2 spot on Dr. Beach’s 10 Best Beaches in America list, Siesta Key condominiums are getting plenty of attention.

Sandy Cove, on Siesta Key’s northern end has its own fishing pier, private beach and a freshwater lake. Built in 1968, they won Frank Folsom Smith a FAAIA Honor Award in 1970. Designed with high ceilings, skylights, and courtyards, units offer creative floor plans. This tropical complex is tucked away in its on relaxed environment yet walking distance to Siesta Key Village. View all of the current listings at our Sandy Cove section.
Siesta Key Village offers residents and visitors casual and fine dining, beach shops as well as specialty shops, grocery store, pharmacy and professional services. The Village is filled with spots of local interest such as the Broken Egg known for its specialty breakfasts. Celebrities are known to visit the Broken Egg from time to time on their visits to Siesta Key.
Sandy Cove Condos for Sale

• Active Listings: 12
• Sales Last Six Months
• 1/1 condo $215,000 with 561 sq.ft.
• 2/2 condo $250,000 with 1200 sq.ft.

Call us for an appointment to view any of the condos on Siesta Key beach. Other condos on Siesta Key with Gulf view and sandy beach are available at Crystal Sands, Crescent, The Terrace, Terrace East and many others. Currently Siesta Key condo prices range from around $200,000 up to the millions.

Siesta Key Homes for Sale

In May 2009, when Dr. Beach published his 10 Best Beaches report, Siesta Key Beach moved up a notch to the number 2 spot on Dr. Beach’s 10 Best List, Our "Siesta Key" emails and telephone calls have increased considerably. Showing appointments have been steadily climbing as well.
Many visitors know Siesta Key as the famous beach has been their chosen vacation destination for years. Home prices jumped out of their reach in the past, and now they are watching the selection of Siesta Key homes for sale for a chance get their spot in Paradise. Siesta Key’s sugary white sand and sunshine are the attractions. Siesta Key’s beachy Village, with surf shops, specialty shops and casual dining attract families and vacationers, many who eventually become full-time residents.

Siesta Real Estate Market
Listed single family homes and Siesta Key condominiums for sale are down in the first quarter of 2009 compared to the first quarter of 2008. June’s buyers took advantage of low prices and low interest rates. Inventory of Siesta Key homes for sale is expected to continue to drop as the best properties are scooped up while selection is good. Prices for condos start at $162,500 and go up to $4,250,000. Single family homes for sale start at $215,000.

Real Estate Activity on Siesta Key Last 3 Months

• Single family homes for sale: 217
• Pending Single Family Homes: 53
• Single family home sold: 40

Siesta Key offers an abundance of outdoor actives: beachcombing, shell collecting, boating, walking, swimming. Shopping in the Village is popular and downtown Sarasota’s is the place to be seen at the opera, ballet or the theater. Excellent restaurants are available downtown if you need a break from beach life!
Don’t’ try to time the Siesta Key real estate market. Check out Siesta Key homes for sale while the selection is great and interest rates are low. You might miss a good buy while searching for a short sale too. Ask us to explain the short sale process. Short sales are not “short.” In any market, the best properties on Siesta Key go first. Contact us to help you sort through the selection of Siesta Key home for sale with a good value. We can help to expedite a smooth purchase of your dream home by year’s end. Low interest rates won’t last and neither will low prices of Siesta Key real estate.

Siesta Key Waterfront Neighborhood Profile: Riegels Landing

If you are driving down Midnight Pass on Siesta Key, you might just miss the Siesta Key neighborhood of Riegels Landing. Residents enter this small enclave of waterfront homes through a card coded gate. Lush tropical foliage abounds. Beautiful oaks draped with Spanish moss, palms and flowering hibiscus greet each owner and visitor. Stunning waterfront views of the Intracoastal are the vocal points of many of these Siesta Key homes.


Residents in this Siesta Key neighborhood enjoy fishing, taking a short walk to Siesta Key’s world famous beach and driving to Siesta Key Village for shopping and restaurants.

The Sarasota MLS currently reports only 3 homes actively listed in Riegels Landing. Home prices range from $1,100,000 for a 4,034 sq.ft. home to $1,300,000 for a home with 4,600 sq.ft. Both homes have water access. In addition to two boat basins, some homes in Riegels Landing offer private boat docks and are on sailboat water with no bridges to Sarasota Bay.

Other Popular Siesta Key Waterfront Neighborhoods

• Bay Island


• Cocoanut Bayou


• Hidden Harbor


• Sanderling Club


• Sandy Hook

If you are interested in purchasing a waterfront home with a boat dock on Siesta Key, contact John Allen at 941-544-6467. John regularly shows Siesta Key homes for sale in waterfront neighborhoods on Siesta Key. Send us an email for a prompt reply to your questions about Riegels Landing.

Looking for Siesta Key Foreclosures?

Are you interested in more information on Siesta Key foreclosure listings? We just set up a new section on BuySarasota.com where you can search Siesta Key Florida bank-owned homes and condos.

Many foreclosure listings offer an opportunity to buy real estate at deep discounts. Use the links below to search foreclosure listings.

• Sarasota Foreclosures
• Siesta Key Foreclosures
• Longboat Key Foreclosures

If you see any properties of interest, just contact us through the website. We provide our clients with detailed comparable sales information, trends and market information. Our website is updated daily with new listings, so be sure to check back often. If you can't find what you are looking for, just send us an email and we'll be glad to help.

Siesta Key Florida Restaurants

Are you here for a Spring Break and looking for a Siesta Key restaurant so you don’t have to drive to the mainland? You can find almost every cuisine on Siesta Key. From a little deli to waterfront elegance, each restaurant on Siesta Key has its own special charm.

Spring Suggestions:

Start out your morning at the Broken Egg. Now seating 105, the Broken Egg continues the tradition of “the casual dining experience.” The Portobello Benedict with English muffins, poached eggs, grilled Portobello mushrooms, tomatoes and Hollandaise sauce is one of my favorites. Located at 140 Avenida Messina.

If you are in the mood for a grouper concoction, stop by and try the grouper taco at The Siesta Key Oyster Bar – yummy. The atmosphere here is beachy fun and vacationers and locals mix for lots of conversation. There’s music here in the evening. Located at 5238 Ocean Blvd.

Another lunch tradition is Anna's Deli where they have been serving their world famous "Surfer" sandwich since 1971. There have two locations on Siesta Key, one in the Village and teh other by the south bridge to Siesta Key.

For a happy hour, stop by and chat with the bartender at the Blasé Café. You’ll find this local restaurant charming, eclectic and the food outstanding. Martinis are special at the Blasé, and the meals are extraordinary. Located at 5263 Ocean Blvd., #9.

For information on Siesta Key real estate, contact John Allen at 941-544-6467. BuySarasota.com has a comprehensive section on Siesta Key condos where you can learn about all of the different condominium communities.

Siesta Key Condos for Sale at The Crescent

Siesta Key is a favorite vacation spot with a world-famous beach. The Crescent, built in 2007, offers condos for sale right on this world-famous beach. With a liberal rental policy, owners can recoup some of their maintenance expenses by renting their units during season.



One of the first questions a seasonal renter asks about condos when searching for a rental is "how far is it from the beach?" This is a must see complex if you are planning to purchase a second home and wish to rent it part-time. If you are an investor in Siesta Key condos and just want to rent, it's a "no-brainer."


Siesta Key FL is located approximately 90 minutes from Tampa International Airport. Take the Clark Road Exit in Sarasota from Interstate-75, cross the Stickney Point Bridge, turn right (north) and Crescent will be on your left.


The Sarasota MLS currently reports only 5 condos available for sale at Crescent Siesta Key. Prices range from $1,249,000 to $2,599,000. Amenities at Crescent feature: on-site management, concierge, swimming pools as well as famous Crescent Beach.

We can show you any Siesta Key Florida condos for sale including buildings on Sarasota Bay with boat docks. Some buyers prefer condominiums which are like single family homes. Hamilton Club and Somerset Cove are town-house style condominiums offering high ceilings and beautiful water views to their residents.


Shop, dine or just stroll in Siesta Key Village. Walk the beach, fish or just sit and listen to the sounds of the surf. If you get bored, which is rare on Siesta Key, Sarasota Florida is a short drive to cultural venues.

Call John Allen 941-544-6467 for Siesta Key real estate information. Check John's websites for updates on all Sarasota homes and condos for sale. Covering real estate in Sarasota for over 25 years, our sites provide photos, virtual tours and area information on Sarasota's beach condos. Your Sarasota real estate is covered from Siesta Key to the mainland, downtown Sarasota, Bird Key, Lido Key and St Armands. Take a look at our recent post on the Lido Beach Club over at our RealTown blog.