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When U.S. Army captain John Charles Casey surveyed the barrier island that would be named after him in the late 1840s, Casey Key was densely overgrown with tropical, Florida jungle. A hundred-eighty years later, it has become one of the most sought-after places of luxury real estate in the world.
Nearly eight miles long, Casey Key extends across from the southern tip of Siesta Key to the northern portion of the Venice Jetty like a narrow sliver. For long stretches, the island is less than 300 yards wide. The single thoroughfare, Casey Key Road, that runs the length of the key has no traffic lights and is lushly canopied in many places.
There are two access points via bridges from Blackburn Point Road and Albee Road. The southern end has some bed and breakfasts and motels, fishing charters, a boat ramp into the Intracoastal Waterway and Nokomis Beach, open to the public. The northern section features the more prestigious homes.
Altogether, there are 546 single family residences, many of them magnificent, estate-sized mansions in a variety of architectural styles, including Mediterranean, coastal and modernist designs. But there still are a good number of 1950s and ’60s beach cottages as well.
The change to high-end development came in the 1980s when Casey Key was still a vacation paradise for seasonal residents and retirees. Since then, it has become home to sports and media celebrities, Fortune 500 company executives and wealthy business owners, who appreciate the quietness, seclusion and privacy.
“Casey Key is getting more popular among people from all over the world,” said Daniel Matusiak, Team Leader of Action Group – Re/Max Alliance. “They can ride their bicycles and walk undisturbed, surrounded by natural beauty.”
He added, “The people that are buying there are mostly second-home owners, even if they establish residence here.”
“Casey Key offers something unique,” said Joel Schemmel of Premier Sotheby’s International Realty. “It’s the only place where you can get Gulf-to-bay properties.”
His recent listing at 1900 Casey Key Road with an asking price of $19.9 million is the most expensive property on the market there. The 5-bed, 7-bath mansion has 8,174 square feet under air, 120 feet of direct gulf beach frontage and over 1,000 feet of bay frontage. The house was designed by John Cooney of Stofft Cooney Architects from Naples and constructed in 2018 by award-winning Sarasota home builder Michael K. Walker.
A pathway leads from the heated, saltwater swimming pool and spa past a guest house/party pavilion in back to a small nature preserve that is part of the 3.5-acre property and sticks out like a small boot into the bay. “It’s probably the most magnificent home and property I have seen, beautifully intertwined with nature,” said Schemmel.
Although the property has been listed for only 44 days, there has been considerable interest already. “Feedback has been incredibly positive,” said Schemmel.
One of the reasons is that Casey Key benefited from the sizzling hot real estate market. “I have never seen inventory so low,” said Matusiak. “Right now, there are only 10 homes on the market, and three being built. Since January, 16 properties have closed – normally that’s a year’s worth.”
He continued, “If I had 50 homes on Casey Key at 3,000 square feet of living space around $2 million, I could sell them in a few weeks!”
In one recent case, a home priced at $6.975 million sold at auction after 29 days on the market for $6.49 million. “That is 1,100 percent faster to contract than the average gulf front property on Casey Key last year, which was 321 days,” said Stephen Smith, of Elite Realty Brokerage.
The house at 2905 Casey Key, a 5-bed, 7-bath home with 5,337 square feet under air, is new construction adhering to the new building codes which emphasizes greater safety. For the sale, Elite Realty Brokerage teamed with Texas based Heritage Auctions, the third largest auctioneer in the world – and largest in the United States.
Smith attributes the success to a combination of privacy, exclusivity, low interest rates and zoning, which doesn’t allow high rise buildings and commercial properties on the key. “How many other places are left for truly single-family homes on the barrier island?” he asked.
Currently, there are only 10 homes on the market, ranging in price from $1.65 to $19.9 million. “I don’t know how long this boom cycle will last,” said Matusiak. “That’s why I tell people, ‘If you’re thinking of selling, do it now!’ ”
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