Florida Keys Market Update.com

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The 2013 selling season started strong and continues to be strong late into the season.  Prices are starting to inch upwards in most property categories, with many experiencing a shorter marketing time.

Here are the numbers comparing the first quarters of 2012 and 2013 in the Upper Keys.  Open water properties had a slight increase in average sales prices as well as number of properties sold.

Canal front homes are selling quicker than they were in 2012. There was a slight dip in average sales price, but that was due to 4 very low priced bank owned properties and short sale properties that sold. Two of them were in need of significant repair before they could be lived in and sold in the low $200,000's. I suspect that we will see those properties come back on the market, with new renovations and a new listing price as well.  I am confident that we will see an increase in average sales price when we compare the 2nd quarters of each year.

Dry lot homes are doing well, with both an increase in price and number of listings sold.  They are also selling quicker than they did in 2012.

Condos remain steady, with more properties selling in 2013 than in 2012. One of the biggest obstacles facing condos right now is property insurance, with regulations making it harder to find and more expensive. This may drive up the association fees a bit, which is another concern for buyers wishing to purchase a condo here in the Keys,

As always, properties that are priced correctly will sell in a relatively short amount of time.  A new listing that I have at 72 Bahama Avenue in Key Largo was priced very competitively among comparable listings and was under contract in just 7 days, with multiple showings and offers.  

Stay tuned to see what the second quarter of this year brings.

72 Bahama Avenue - Port Largo

Harness the sun in this beautiful three bedroom, two bath home in Port Largo.  This home features an impressive solar panel system on the metal roof - one of the largest in the Upper Keys.  The open dining and living area separate the master bedroom from the guest area, which has privacy doors from the living room.  The kitchen features newer appliances and a pass-thru window to the dining room, as well as a large laundry and food pantry closet. All windows have roll-down hurricane shutters

72 Bahama Avenue - Living Room

Downstairs you'll find an enclosure that is legal and above flood, providing ample storage. There is covered parking for your cars and/or small boat.

The homeowners park is very close by and features a sandy beach, picnic areas and a community boat ramp.  Additionally, there is another community park with baseball fields, water park and swimming pool, fitness track and more.  

Contact me for more information or to arrange a private showing.

Offered at $369,000

I'm pleased to announce that two of my listings have gone under contract, with closings expected to take place soon. 

Moon Bay, Key Largo, Florida

The first property to go under contract was the listing of a 2 bedroom, 2 bath condo at Moon Bay.  This unit was on the market for just over 2 weeks when it went under contract.  Offered turn-key & tropically furnished for an island lifestyle. This top floor end unit has been upgraded & is handicapped accessible with elevator, low threshold entry & shower, tile floors, widened doorways, & more.

66 South Andros Road, Key Largo, Florida

The second property that was put under contract was a vacant lot in Key Largo with approved plans and active permits for a 5 bedroom, 3 bath home just one lot from the open water.  Just minutes to great fishing & diving spots in the Keys, including Elbow Reef, Carysfort Lighthouse & the famous Spiegel Grove. Close to the 18 Mile Stretch, making this a perfect choice for commuting to and from the Florida Keys from South Florida.

The market is very active right now, so if you're in the market to purchase, act now while rates are still low and there is a nice selection in inventory.
  
 

Its hard to believe that January is almost come to an end!  Seems like New Year's Eve was just days ago!

The third week of January saw 106 new listings placed on the market, 70 properties under contract and 25 properties closed.

New Listing - 703 Elizabeth Street

New listings include this perfect Key West cottage in the heart of Old Town, Key West.  It features 2 bedrooms, 1 bath, and in-ground swimming pool and even has rare off-street parking.  This is the life in Key West! It is listed at just $695,000.

Pending Sale - 19788 Canal Drive

Pending sales include a home on Sugarloaf that has loads of Keys charm. Custom built, this 3 bedroom, 2 bath home has over 2,000 sq. ft of living space. Located on a street that has homes on one side, and a canal on the other, this home has a small area for dockage.  It was offered at $299,999 at tie of contract.

Sold Listing - 11 South Drive

Sold homes include a true fixer-upper in Key Largo in Stillwright Point.  This 2 bedroom, 2 bath wood frame home. It has an above ground pool and does need a significant amount of work. Still, it is on an open canal with quick bay access and has the potential to be a great home. It sold for just $335,000.

To view the listings, follow the links below:

New Listings
Pending Sales
Closed Sales

Listing information is gathered from the Florida Keys Multiple Listing Service (MLS).  Listing links will automatically expire after 2/21/2013

This weekend, January 26th & 27th, the annual Key Largo Stone Crab & Seafood Festival will be serving up some of the best seafood from the Florida Keys.

Held at Rowell's Marina Mile Marker 104.5, bayside, this annual festival draws people from all over South Florida.  Admission is just a small $5 fee. Children under 12 are free. 

It's not just about wandering from booth to booth, though.  There is a full schedule each day, with conch fritter eating contests, shrimp eating contests, cooking demonstrations, fishing demonstrations, games, live music and even a magic show.

Not a seafood lover? No problem. There will also be burgers, hot dogs, sausage and chicken wings for the land lovers.

For a complete list of activities and more information visit www.keylargoseafoodfestival.com

After I finished a comparison of the 4th quarter of 2011 to the 4th quarter of 2012 in the Upper Keys, I was asked to do the same comparison for the two full years.  This is what I found:

Every segment of the market saw an increase in average sales price. Most segments also saw an increase in number of sales, while canalfront home saw a slightly lower number of sales. Condos were the most affected in terms of number of sales, with 107 closings in 2012 compared to 134 closings in 2011.

Overall, this is a good sign that the real estate market is enjoying a healthy recovery.  Prices are not surging upward at dramatic rates, but they are increasing.

If you're considering a purchase in the near future, now is the time to make a move while prices are still improving and rates are still competitive.

What are your thoughts?  Do these increases indicate a recovering market? Please share in the comments section.

Click on the graph for a larger version.

If you're considering listing a home in the Florida Keys, now is the time to do it. Selling season is upon us and the number of sellers placing their home on the market this past week certainly seems to confirm that.

127 new listings were taken, 69 properties went under contract and 19 properties sold.

New Listing - 21 Little Knockemdown

Want to live on a private island?  Own your own slice of a tropical island with over 13 acres and a 2 bed/1 bath tree top bungalow. Nestled high amidst the gumbo limbo trees affording stunning sunset views over Kemp Channel and out to the Gulf of Mexico.  Accessible only by boat.  Newly listed at $490,500

Pending - 228 S. Ocean Shores Drive

Pending sales include a very nice canalfront home in Key Largo. This large 3 bedroom, 3 bath home has over 2,000 sq. ft. of living space - which is a large home by Keys standards.  All concrete construction including the roof.  It was offered at $875,000 at time of contract.

168 Sunset Gardens Drive

Sold properties include a spacious home overlooking Florida Bay, with dockage right out your front door.  This 3 bedroom 2.5 bath home has over 2,000 sq. ft. of living space and gorgeous bay views.  Originally listed for $875,000, it sold for $685,000.

To view the listings, follow the links below:

New Listings
Pending Sales
Sold Listings

Listing information is gathered from the Florida Keys MLS (Multiple Listing Service). Listing links will automatically expire after 2/14/2013

Pier House Resort and Caribbean Spa, one of Key West's most recognized resort hotels, is up for sale.

Opened in 1968, this 142 room resort has a long history in Key West, and many credit the resort with transforming Key West from a military Navy post into the popular tourist destination it is today.

The property was built in stages and each building has unique characteristics and personality.  Currently run as an independent hotel (not associated with any brand or chain, this could easily be branded by an luxury hotel or resort chain.

The price has not yet been determined. A New York based firm has been selected to market and sell the six acre property.  The property has a private beach, pool, three bars, restaurant, spa, fitness area and conference center, and is located at the very end of Duval Street, affording the resort beautiful water views and year round sunsets.

For more information, click here.

It's a brand new year and so far, 2013 is off to a good start!

77 new listings came on the market, 39 properties went under contract and 22 properties sold.

New Listing - 108 Coconut Row

New listings include a small fixer upper in the historic part of Tavernier. This 2 bedroom, 1 bath Keys cottage is on 3 lots, making a nice sized piece of property. It is bank owned and offered at just $150,000. This is probably going to sell fast!

Pending Sale - 853 Narragansett

Pending sales include a listing that I wrote about last week on the open water for just $510,00. Just as I thought, this property went under contract very quickly - 22 days. It is a 3 bedroom, 2 bath home and is currently gutted.  This is a bank owned property.

Sold Listing - 281 Woods Ave #1

Closed sales include 3 bedroom, 2.5 bath townhome that is deed restricted as affordable housing, with down payment assistance. Built in 2008, these townhomes are styled in a Key West type of architecture and are close to schools and shopping. This unit was listed at $145,000 and sold for $135,000.

To see the listings, follow the links below:

New Listing
Pending Sales
Sold Listings

Listing information is gathered from the Florida Keys Board of Realtors MLS (Multiple Listing System). Listing links will automatically expire after  2/7/2013.

Prices appear to be on the rise in the Upper Florida Keys.

The average sales price for waterfront homes, dry lot homes and condo/townhomes rose in the 4th quarter of 2012 compared to the same time period in 2011.

The number of days on market, or marketing period, remained fairly consistent throughout the various types of properties, with canalfront property having the shortest marketing time of 213 days on average.

If you're thinking of investing in property in the Florida Keys, now is a great time to do so. Rates are still low and there is an ample selection of available property to choose from.

Click the chart to the left to view a larger version.

The year 2012 finished on a strong note, with 154 new listings coming on the market, 82 properties going under contract and 91 closings taking place.

New Listing - 853 Narragansett

New listings include a bayfront home in Key Largo. It is completely gutted and does have some code issues, but with the right amount of effort, it could become a great waterfront home.  It is on a very nice bayfront lot with dockage and boat ramp. It is bank owned.  Being offered at $510,000, this will sell very quickly.

Pending - 11 Coral Drive

Pending sales include an all concrete home in a nice location in Key Largo. It has updated kitchen and baths and covered parking under the house. It has 3 bedrooms and 2 baths with just over 1,200 sq. ft. of living space. It was offered at $279,500 at time of contract.

Sold - #1203 Ocean Pointe

Sold listings included a bank owned unit at Ocean Pointe. This 2 bedroom 2 bath unit is was even sold fully furnished at an incredible price of just $168,000.  These units make excellent investments with rentals being allowed for as little as one day. 

To see the listings, follow the links below:

New Listings
Pending Listings
Closed Sales

Listing information is gathered from the Florida Keys Multiple Listing Service. Listing links will automatically expire after 2/2/2013.

The View From Your Unit

Top floor, desirable "D" unit floor plan and ocean views - does it get any better than this?


Top floor, building 5, D unit . . .does it get any better than this? This 2/2 Ocean Pointe condo offers great marina & ocean views. Upgrades include tiled hallway, wainscoting, remodeled kitchen/baths and chic furnishings. Amenities include 24 hour manned gate, Olympic pool, clubhouse, tennis courts, boat storage, boat ramp, marina & sandy beach. A proven investment with solid rental history!

This unit has just been reduced to $339,900.  Call today to arrange a showing or for more information.

  

If you're looking for a place in the Florida Keys to call home a few times a year, but would like to be able to generate rental income when you're not using it, Ocean Pointe Condos might just be the perfect solution.


 Available in a choice of four floorplans, these one or two bedroom condos offer a full array of resort amenities, including Olympic sized swimming pool, private sandy beach, dual lighted tennis courts, on-site Cafe & Lounge, marina and 24 hour manned, gated entrance.

What sets these units apart from many other condos on the market in the Upper Keys is their ability to rent out as a vacation rental.  You can rent your unit through the on-site rental program, which will handle every detail of managing the rental, or you can rent the unit out on your own, or through a local real estate company.  Each unit has an owner's closet, so that owners can lock their belongings in the unit while they are not using it themselves. Owners are also permitted to leave a boat on a trailer on the property year round, at no additional cost.

These units currently range in price from $195,000 (1 BD / 1.5 BA)  to $359,000 (2 BD / 2 BA). 

Follow the links below to learn more:

About Ocean Pointe
Available Units at Ocean Pointe
Ocean Pointe Photo Gallery & Floor Plans

There is still time to get a new home in the Florida Keys under contract before the end of the year and with 121 new listings on the market this week, there are plenty to choose from.  As for pending sales and closed sales, 58 properties went under contract and 38 properties closed. 

New Listing - 218 Dexter Court

Among the new listings, there is a spacious 4 bedroom, 3 bath home with direct bay views and deep water dockage. Located in Hammer Point in Key Largo, this home is close to Tavernier Creek, giving it quick access to both the bay and the Atlantic Ocean. It is offered at $1,795,000.

Pending Sale - 8 Sexton Way

Pending sales include a canalfront home in Key Largo located in Stillwright Point. This 2 bedroom, 2 bath all concrete home features a cut-in boat slip. It is being marketed as a potential short sale at $475,000 and was on the market for just 85 days when it went under contract.

Closed Sale - Summer Seas Condo

Sold properties include a very nice 2 bedroom, 2 bath condo in Summer Seas, located in Tavernier. This unit had never been on the market before and was in excellent condition. Originally listed at $229,900, it sold for $179,000. It was a short sale.

To view the listings, follow the links below:

New Listings
Pending Sales
Closed Sales

Listing information is gathered from the Florida Keys Board of Realtors MLS (Multiple Listing Service). Listing links will automatically expire after 1/17/2013

It may be the holiday season, but it is also the selling season here in the Florida Keys!

The first week of December has been a busy one for new listings - 117 new listings came on the market.  Additionally, 54 listings went under contract and 50 listings closed.  Now is the time to buy!

New Listing - 197 Atlantic Blvd

197 Atlantic Boulevard is one of the new listings on the market. This large 4 bedroom 3 bath home has over 2,000 sq. ft. of living space and is located in a great boating neighborhood with instant access to the Atlantic Ocean. It is priced at $975,000.

Pending - 26 Center Lane

Pending listings include a nice canal front home in Stillwright Point in Key Largo.  This 3 bedroom, 3 bath home features impact resistant windows, a whole house generator, built in barbecue and chiki hut and a downstairs game room. It was listed at $620,000 at time of sale and on the market for just 60 days.

Sold - 27364 Dominica Lane

Closed sales include an open water home on Ramrod Key that sold for just $535,000. This 3 bedroom, 2 bath home has great open water views, wrap-around balcony and a small ramp for kayak launching. Originally listed at $599,000 it was on the market for just 55 days.

Follow the links below to view the listings:

New Listings
Pending Listings
Sold Listings

Listing information gathered from the Florida Keys Multiple Listing Service (MLS). Listing links will automatically expire after 1/10/2013

Live the island life in this beautiful 3 bedroom home in desirable Venetian Shores.  This contemporary home is on a plugged canal, with bayside dockage provided in the neighborhood marina.  This home is very open and bright, with ample sized bedrooms.  Located in Islamorada close to everything the Upper Keys has to offer. Call today for details or to arrange a showing!

Everyone says this is the slow time of the year, but the first two weeks of October have been anything but slow.

144 new listings were placed on the market, 90 properties went under contract and 51 properties were closed on. Not a bad start to October!

New Listing - 27364 Dominica

One of the new listings will probably have a very short marketing time - it is a wood frame home on open water listed for just $599,000.  This 3 bedroom, 2 bath home is on Ramrod Key and has a boat dock and a private boat ramp. It also has a nice storage area downstairs. I expect to see a quick sale on this one!

Pending Sale - 158 Biscayne Blvd.

Pending sales include a nice home in Port Antigua, in Islamorada. This large 3 bedroom 3 bath home is on a lot overlooking a canal and private island - with no other homes across the canal. It is well maintained and is only 4 lots from the open bay. It was listed at $995,000 at the time of sale.

Sold Listing - 163 Galleon

Sold listings include a nice canalfront home in Treasure Harbor, Islamorada.  This 3 bedroom, 2 bath home has an in-ground pool, as well as an additional 1 bedroom, 1 bath guest apartment downstairs.  There is also additional storage and covered parking. It was originally listed for $869,000 and sold for $720,000.  Another home just across the harbor - 216 Treasure Harbor - is still on the market and listed at just $650,000.

To see the listings, follow the links below:

New Listings
Pending Sales
Sold Listings

Listing information is gathered from the Florida Keys Multiple Listing Service (MLS). Listing links will automatically expire after 11/15/2012

I could wake up to this every morning . . .

The view from 803 Bonito Lane, Key Largo

In fact, for a short time, I did.  This oceanfront home was the scene for my wedding three years ago, so it holds a special place in my heart.

This 3 bedroom 2.5 bath home is centrally located in Key Largo and offers breathtaking ocean views.  Located at the end of a quiet lane, the home also features an in-ground heated swimming pool, lush tropical landscaping and is fully gated.  The ground level of the home features an additional two rooms and a bath downstairs, as well as a screened patio. Main living level has spacious open floor plan with newer appliances, granite counters and a custom seating area for dining.  The third floor is a private master suite, with walk-in closet, spacious master bath and private open porch with incredible views.

Outdoors, you'll find the pool, a sandy backyard and an outdoor shower.  The property is fully fenced and has several areas for casual entertaining and relaxing in the sun, or enjoying a swing in a hammock under a shady tree overlooking the ocean.

The property is currently offered at $1,695,000.


Call or email for more information or for a private showing.

It's hard to tell that this is the traditionally slower part of the year in real estate. In the last week, 70 new listings were put on the market, 48 properties went under contract and 37 properties closed.

New Listing - offered at $295,000

New listings include a CBS home on a nice canal on Summerland Key. This is a two bedroom, one and a half bath home on a nice large lot. There is even a private boat ramp! The property is priced to sell at just $295,000

Pending - Priced at $247,000 at time of sale

Pending sales include a dry lot home located in the heart of Islamorada. It is two bedroom, two bath home on a large lot on a quiet street, within walking distance to many great Islamorada restaurants, shopping and more. It was offered at $247,000 at the time of sale.

Sold - Sold for $15,000 over list price

Sold listings include a canal-front home on Plantation Key. This bank owned property was listed at $389,000 and sold for $404,000.  It offers three bedrooms and two baths on a nice canal lot on the ocean side. It was on the market for just 58 days when it was put under contract.

To see the listings, follow the links below:

New Listings
Pending Sales
Sold Properties

Listing information gathered from the Florida Keys Multiple Listing Service (MLS). Listing links will automatically expire after 11/2/2012

It may be the slow time of the year, but there are plenty of new listings to choose from when searching for a new home in the Florida Keys.  There were 79 new listings entered into MLS, 23 properties were marked as pending and 36 properties sold.

New Listing - Offered at $449,000

Among the new listings, there is a true fixer upper.  This home needs a lot of work, but with the effort, it could be made into a nice canalfront home in a perfect Islamorada neighborhood.  It has three bedrooms and 2 baths, with just 21 feet of dock space, but it is solid all concrete construction. It is offered at $449,000

Pending Sale - Offered at $187,000

Pending sales include a small Keys cottage with one bedroom and one bath. It is in a nice Key Largo neighborhood that has a community clubhouse and a community boat ramp, providing easy access to Florida Bay. It was offered at just $187,000 at the time of contract.

Closed Sale - Sold for $753,000

Closed sales include a concrete home on the open water in a very nice Plantation Key neighborhood.  This home needs updating, but it is located on a bayfront lot with a private boat ramp which had been converted into a boat slip. Originally listed for $950,000, this property sold for $753,000.

To see the listings, follow the links below:

New Listings
Pending Listings
Sold Listings

Listing information is gathered from the Florida Keys Board of Realtors Multiple Listing Service. Listing links will automatically expire after  10/26/2012

Thinking about buying or selling property in the Florida Keys? Call me, let's talk!

It was a busy week last week in the real estate market, with 62 new listings coming onto the market, 51 properties going under contract and 37 properties closing!

New Listing - Offered at $649,000

New listings include a small, ground level home in Little Torch on the open water for just $649,000. This 2 bedroom, 2 bath home has over 1,400 sq. ft. of living space and dockage. Located on a corner lot with 9,390 sq. ft. of land. I think this will sell quickly!

Pending Sale - Offered at $1,350,000

Pending sales include a magnificent open water home on Cudjoe Key. This home sits on a double lot and has a pool and lush tropical landscaping as well as open water views. This home has nearly 2,000 sq. ft. of living space and 2 bedrooms and 2 baths. It was offered at $1,350,000 at time of contract.

Sold Listing - Sold for $570,000

Sold properties include a bank owned property located in Key Largo on a canal with direct ocean access. This large home has over 3,500 sq. ft. of living space, with 4 bedrooms and 4 baths.  It was originally listed for $642,900 and sold for $570,000 in just 67 days.

To view the listings, follow the links below:

New Listings
Pending Sales
Closed Sales

Listing information gathered from the Florida Keys Multiple Listing Service. Listing links will automatically expire after  10/18/2012

If you are interested in buying or selling a home here in the Florida Keys, please don't hesitate to contact me for more information. 

We are truly in the last dog days of summer here in the Keys. While most areas across the nation are starting to feel cold front moving in, we're still enjoying the balmy summer breezes and excellent boating weather we're famous for.

New Listing - 570 Beach Road

Despite a small threat from Tropical Storm Isaac in the last weeks of August, the last two weeks have still had a steady stream of business in the real estate market.  143 new listings were put on the market, 103 properties went under contract and 82 properties closed.

Pending Sale - 18 Key Haven Road

New listings include an all concrete home on a nice canal with 2 bedrooms and 2.5 baths. Located near Harry Harris Park, this home offers near-instant ocean access. It is located on a large corner lot and is offered at just $475,000.

Closed Sale - 141 Stromboli Drive

Pending sales include a waterfront home just minutes from Key West.  This 4 bedroom, 2 bath home has over 2,400 sq. ft. of living space as well as protected dockage, large lot and an attached garage. It was listed at $469,900 at time of contract.

Closed sales include an older home in popular Venetian Shores.  This home is located on two 100 x 100 lots, giving it 200 feet of waterfront - a rare find in Venetian Shores. It is solid concrete, including the roof and sold for $835,000.

Follow the links below the see the listings

New Listings
Pending Sales
Closed Sales

Listing information is gathered from the Florida Keys Board of Realtors Multiple Listing System. Listing links will automatically expire after 10/11/2012

During the time of Tropical Storm Isaac's approach to the Keys, some people were asking what the difference is between a hurricane watch vs a hurricane warning.

It's a matter of timing and wind . . .

A hurricane watch indicates the possibility that you could experience hurricane conditions within 48 hours. When a hurricane watch is issued for our surrounding coastal area, it should trigger your family's disaster plan and protective measures should be initiated, especially those actions that require extra time such as an evacuation.

A hurricane warning indicates that sustained winds of at least 74 mph are expected within 24 hours or less. If a hurricane warning is issued for our area, Once this warning has been issued, your family should be in the process of completing protective actions and deciding the safest location to be during the storm.

Both watches and warnings are important, but warnings are more urgent.

I've heard a lot of people say preparing for Isaac was a waste of time. No, we didn't get what we thought we would in terms of storm conditions, but . . . I look at it as a needed practiced drill . It's been awhile since we've had to consider our hurricane plans, and I think Isaac made for a nice refresher course.