February 16, 2012

Florida Keys Market Update - February 6th to February 12th, 2012. New listings, pending sales and closed transactions

It's hard to believe we're already into the 2nd half of February! This past week, the market remained stable, with 109 new listings coming on the market, 57 going under contract and 31 closings.

New Listing - Offered at $699,000
If you enjoy nature, you'll love this new listing on Middle Torch Key. This 4 bedroom, 2 bath home sits on 2+ acres and is surround by nature on all sides - talk about privacy! Great sunsets and water views are seen from almost every room.  It is offered at $699,000.

Under contract - conch cottage in Key Largo
Pending sales included a cute conch cottage in Key Largo. This 3 bedroom, 2 bath home sits on 3 lots - giving you lots of outdoor space. Convenient homeowners park right at the end of the street features boat ramp and large tiki. It was offered at just $165,000 at time of contract.

Sold - Home in Islamorada - $240,000
Sold listings included a cute 3 bedroom, 2 bath home on Plantation Key. This home is in the Village of Islamorada. It has a fully fenced yard, cathedral ceilings, open living area and more. Homeowners park provides for boat launching at the private ramp. It sold for $240,000

Follow the links below to view the listings:

New Listings
Pending Sales
Closed Sales


Listing information is gathered from the Florida Keys Multiple Listing Service.  Listing links will automatically expire after 3/17/12.


February 14, 2012

The Homestead Exemption - What it means for your home in the Florida Keys


If you're purchasing a home in the Florida Keys and plan to live in your new home year round, you'd want to be sure to apply for the homestead exemption for that property.

There are a number of state and local laws providing exemptions that can result in a lower taxable value on certain properties. The homestead exemption is the most common and can provide up to $50,000 off the assessed value of a property used as the owner’s primary residence. This includes an initial $25,000 exemption and an additional exemption (up to $25,000) off the assessed value over $50,000. The additional $25,000 exemption does not apply to the school tax levy, and does not require an application.

Another benefit of the homestead exemption is the establishment of the “Save Our Homes” cap on annual increases in the assessed value. The assessed value of homesteaded property cannot increase more than 3% each year unless there are changes made to the property or the homestead removed.

As a Realtor, I'm often asked if a person can apply for homestead exemption if they are going to be living here part of the year and someplace else part of the year.  There are five factors that may make you ineligble for the exemption or cause you to lose it if you are currently claiming it. They are:
  1. Renting your property
  2. Maintaining or obtaining an out of state residency based tax exemption or benefit
  3. Maintaining or obtaining a driver's license in another state
  4. Fail to register a vehicle in Florida if you drive it here
  5. Being registered to vote somewhere else
Renting of your home does not automatically mean you will lose or not qualify for the exemption. Rental of an entire dwelling, temporarily, seasonally, or annually constitutes abandonment of the dwelling as a homestead until once again occupied by the owner (FS 196.061). Abandonment after January 1st of any year will not affect the homestead exemption for that year. However, if abandonment occurs for a second consecutive year, the homestead exemption will be lost. 

The only exception is for Military Personnel who are transferred out of the County. A copy of the transfer orders is required and we must be notified if there is a change in orders.

You may rent a part of your primary residence, but be sure to recorded it in the property appraisers records. The rented area (and value) of the home is excluded from Homestead Exemption and Save Our Home protection.

 For more information about the homestead exemption in the Florida Keys, visit the Monroe County Property Appraisers Office at  http://www.mcpafl.org/Exemptions.aspx.
 
 


February 08, 2012

Florida Keys Market Update - January 30th to February 5th, 2012. New listings, pending sales and closed transactions

This past week was once again a busy one in the Florida Keys real estate market.131 new listings came on the market, 65 listings went under contract and 48 properties sold.

New Listing - Duplex in Marathon
One of the new listings is a duplex in Marathon, True, it does need a lot of work, but at $109,900, it is a great investment for a DIY'er.  It has two bedrooms and one bath one each side.  It is also a bank owned property, and even connected to central sewer.  

Pending sale in Summerland Key
Pending sales include an impressive waterfront home in Summerland Key. This home is also located on a private airstrip. 300 feet of dockage provides more than enough room for all of your waterfront toys. It as listed at $445,000 at time of contract.

Sold - Open Water home in Key Largo
An open water home in Key Largo sold for $640,000. This large concrete home on corner lot has lots of dockage, and even a covered boat slip. It was listed for $699,900 and sold in just 73 days.

Follow the links below to view the listings:


Listing information gathered from the Florida Keys MLS (Multiple Listing Service).  Listing links will automatically expire after 3/9/2012
February 01, 2012

Florida Keys Market Update - January 23rd to the 29th, 2012. New listings, pending sales and closed transactions


It's hard to believe that January is already behind us!  The real estate market is holding steady, with 93 new listings, 72 pending listings and 33 closed sales in the past week!  It is definitely "season" here in the Keys.

Key West Classic - offered at $750,000
New listings include a quintessential Key West Conch home - complete with white picket fence.  This home is in a great Old Town location with three bedrooms and three baths, a private swimming pool and even two off-street parking spaces!  It is offered at $750,000

Under contract - pending short sale in Marathon
Pending sales include a short sale property in Marathon, pending bank approval. It was listed at just $98,000. It has two bedrooms and one bath.  It does need a considerable amount of repairs, including a new roof, but is still a great deal at the listing price. It will be interesting to see what the final sales price comes in at.

Sold in Port Antigua - $572,000

Sold listings include a spacious canal-side home in desirable Port Antigua in Islamorada. This two bedroom, two bath home is in immaculate condition and has over 2,000 square feet of living space and 75 feet of dock space.  The neighborhood is home to one of the best private beaches in the Upper Keys. It sold for $572,000.

To view the listings follow the links below:


Listing information is gathered from the Florida Keys MLS (Multiple Listing Service). Listing links will automatically expire 3/2/2012


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Tracy Larson, Realtor in the Florida Keys / 305-522-3812
Thank you for visiting Florida Keys Market Update for information about the Florida Keys real estate market. Licensed since 1993 and a Keys local since 1987, I want to be your Realtor here in our island paradise. Note: Information for listings featured on this blog is gathered from our local MLS; not all properties are my listings.
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