Key West, A Real Estate Perspective
The Florida Keys and Key West ? A Real State of the Union ?Without a hint of irony, everybody calls it Paradise? Charles Kuralt
Let?s take a look at the current state of the real estate market in the Florida Keys, or as the locals like to call it, the Conch Republic. No area benefited more from the Florida real estate boom between 2002 and 2005 than the Florida Keys with prices escalating faster than realtors could update the MLS. During a visit in early 2006, I priced homes in Key West at nearly $1000 a square foot for a fixer upper. The median sales price for a single-family home in Monroe County was $700,000 in 2006, almost three times the value for the state of Florida. But like the rest of Florida, and the country, real estate in the Florida Keys has fallen on hard times, and supply far exceeds demand. The hurricanes of 2004 and 2005 were a direct cause for insurance rates that often doubled or more. The escalating home prices led to higher assessed values, and the continued uncertainty over property tax reform has also made property tax a major issue. Another issue, unique to the Florida Keys, has been the county wide restrictions on transient licenses. An investor must hold a transient license for the property before it can be rented for less than 28 days, significantly reducing the investment desirability of any property without the license. You add an uncertain economy and escalating mortgage rates and you find many properties being sold far below asking. Below are a few recent examples of the differential between original asking price and ultimate sale price. Key Original Sale Key West $1,080,000 $600,000 Key West $679,000 $450,000 Marathon $965,000 $887,500 Properties in the foreclosure process are at record levels with more than 250 in Key West alone. I speculate that a great majority of these foreclosures were investment properties financed with variable mortgages at initial interest rates lower far below market. The news is not all bad. People are still coming to Key West. Local retailers have reported record revenues for Fantasy Fest 2007, (the last week in October). Christmas, even at a 20% premium over seasonal rates is filling up fast. Most importantly, high quality developers have come in and are providing new construction respecting the Florida Keys architectural history and attitude. With only a few exceptions the new developments offer on-site dockage for the boaters. See many of these developments on islandandresort.com. The bottom line is if you are looking for Key West real estate, there is no time like the present.
Roger is the owner|developer of http://www.islandandresort.comthe website which is your information source for real estate and ownership in the Bahamas, Caribbean and Florida Keys http://www.islandandresort.com .
Related Articles:
University Lab Technologies Will Launch Revolutionary New Product, Arthroleve, in Las Vegas
University Lab Technologies is pleased to announce that it will be showcasing Arthroleve at the NPA National Convention and Trade Show July 20-22, 2007.
PlaceTour - Create Real Estate Video Tours With Ease
Virtual Tour Help Increase Real Estate Sales
Why Do I Need A Real Estate Appraisal?
When it comes to buying real estate there are a few added expenses involved One of those expenses, that people often question, is the appraisal
Spring Bridal Showcase To Be Held Sunday, March 9, 2008 At Sea Trail Golf Resort & Convention Center
Biggest Bridal Event In Brunswick County Features "Honeymoon Getaway" At Sea Trail As Grand Prize
Real Estate Listings - Property Search
Trying to buy a new home of to sell a property is an experience which can demand a lot of time, energy and patience. Most people have had the frustrating experience of scanning the newspapers and going through the real estate listings again and again every morning in order to locate the elusive dream home or to come across the perfect buyer for your cherished property which you want to hand over to safe hands. You simply wished that you could get the list of all the buyers and sellers who suit your location and budget preferences. However, with the development of the internet, things have taken a turn for the better and searching for the perfect home or the perfect buyer for your property is not as difficult as it was before.
Golf Swing Training System Creator Awarded 2006 SCPGA of America Teacher of the Year Award
John Darling, designer and developer of the Impact Master Swing Training Club and Learning System, was chosen as the San Diego Chapter of the Southern California Section of the PGA of America Teacher of the Year for 2006.
Real Estate Investing and the SEC
While speaking all over the nation, meeting thousands of real estate investors the past couple of years and getting asked these same SEC questions, I realized that there is a lot of confusion concerning SEC regulations Vs private lending.
ResortQuest Southwest Florida Honors Teachers in the State of Florida
Teacher appreciation week is May 4 - 10. Southwest Florida vacation rentals offers 15% off three-nights or more to Florida's hardworking teachers.
Renaissance Orlando Resort at SeaWorld® Recently Renovated, Offers Array of Summer Vacation Packages at Great Rates
Savor the summer with an escape to sunny Florida and experience the newly renovated Renaissance Orlando Resort at SeaWorld, in the heart of Orlando and right across the street from the famous namesake amusement park.
Golf Swing Monitors Improve Your Game
Golf is a very popular sport, in both the casual and professional world It can be played competitively, or as a hobby or social occasion, although even players who simply enjoy playing with friends often wish to improve their game