Market Update - New Listings, Pending Sales and Closed Sales in the Florida Keys

With all the warm weather we've had lately, today has been a refreshing change. It's hard to believe, but today we're experiencing a nearly perfect spring day in the Florida Keys. Temps are in the 70's, skies are blue and there's a slight island breeze. Life is good!

The real estate picture is just as nice this past week as well.  71 new listings came on the market, 68 properties went under contract and 43 properties sold.

171 Cort Lane - Offered at $725,000

If you're looking for a great waterfront home 171 Cort Lane just might fit the bill. This 3 bedroom, 2.5 bath bayfront home has wonderful views, 85' of dockage, and water views from nearly every room. It is offered at $725,000.

49 Bay Drive - Pending Sale

Pending sales include a 2 bedroom 2 bath home on the ocean in Saddlebunch. This custom designed home even has an in-ground swimming pool. It also has vaulted ceilings and several outdoor areas for relaxing and entertaining. it was listed for $600,000 at the time of sale.

108 Sunset Drive - sold for $835,000

Closed sales include a large 3 bedroom 3 bath home on the bay in Marathon, offering over 2,400 sq. ft. of living space. It was listed at $990,000 and sold for $835,000 in just 36 days.

To see the listings, follow the links below:

New Listings
Pending Sales
Sold Properties

Listing information gathered from the Florida Keys Multiple Listing Service. Listing links will automatically expire after 5/24/2012

If you would like additional information on the real estate market in the Keys, be sure to subscribe to this blog.  If you're looking for a particular type of property, call or email me and I can set you up with an automatic email that will alert you anytime a listing meeting your criteria is listed for sale.

Back on the Market - Ocean Pointe #4416, Top Floor End Unit!

The recent buyer who tried to purchase this beautiful end unit at Ocean Pointe in the Florida Keys has not been able to secure financing, so the unit is back on the market!

Living Room of 4416 at Ocean Pointe

Offering the largest floorplan at Ocean Pointe, this 2 bedroom, 2 bath unit is on the top floor of building 4, which is the building closest to the ocean. This location provides endless ocean views from the unit.  Offered fully furnished including flat screen TV's, this unit also has granite countertops, tile flooring and updated kitchen and baths make this unit ready to move into or ready to start renting and earning income. 

On-site Marina with Boat Ramp at Ocean Pointe

Onsite amenities include, 24 hour manned front gate, Olympic sized swimming pool, dual tennis courts, private, sandy beach,marina and boat ramp, and on-site cafe & bar.

Cafe & Bar Overlooking Marina

Owners are allowed to keep their boat and trailer on-site for no additional fee. There are no restrictions on how often you can use the unit yourself or on how long you can rent it for. The on-site rental company will take care of every detail for you, making the rental process effortless for you.

Centrally located in the Upper Keys, this complex is an easy commute from Miami and the rest of South Florida.  It is a popular rental complex among travelers and this unit has a solid rental history, with the current owners earning more than $20,000 in rental income in 2011.

Call today to arrange a showing or for more information about this great opportunity to own at Ocean Pointe.

More photos available at www.OceanPointeCondos.com

Interesting Article from The Florida Assocation of Realtors

Low-ball offers don’t work anymore

 

WASHINGTON – April 23, 2012 – When the number of home sellers grossly outpaces the number of buyers, no offer can be ignored, even if it’s 25 percent or more off the asking price. But in today’s rebounding market, those low-ball offers don’t often work. Many times, the potential buyer finds that they don’t get a counter-offer. And, in many cases, another more realistic buyer gets the home.

A low-ball offer – generally 25 or more off the asking price – allows buyers to see if they can land a great deal, even if they’re willing to pay more. In a survey last year conducted by the National Association of Realtors® (NAR), one in 10 respondents cited low-ball offers as a concern. According to real estate columnist Kenneth Harney, a NAR survey conducted in March and not yet released found that almost no one complained about low offers.

When the number of listings outpaced the number of buyers, many potential homeowners submitted a shockingly low offer on the theory that they had nothing to lose. If the seller balked, most would still counter with something below their asking price. Today, however, offers close to the asking price – or even beating it – will probably come in fairly quickly from someone else if a home is priced correctly in the first place.

Even buyers who still want to low-ball an offer on a home many times switch tactics after they lose a property or two to a more aggressive buyer.

Florida Realtor Marnie Matarese works with J Wood Realty in Sarasota. She told Harney that fewer buyers want to low-ball an offer in her area, but they still come in – mainly from out-of-state or out-of-the-country people who have read about the state’s foreclosures and short sales. That news, however, is old – it has not kept up with reality in many areas.

Matarese says some people still insist on making a low-ball offer, but that she doesn’t mind. “You can’t blame a buyer for trying to get a good deal,” she says.

In some cases, a seller isn’t offended by a low-ball offer, but their counter-offer shaves only a little bit off their original asking price. An Olympia, Wash., real estate agent had a $150,000 offer for a $250,000 listing, according to Harney. But after the dust settled and the seller shook off his irritation, he and the buyer agreed to $230,000.

Harney closed his column with this advice: “Rolling low-balls at sellers may have been an effective approach between 2008 and early 2011. But in 2012’s environment – at least in rebounding markets – it could be counterproductive if you truly want to buy.”

Source: Ken Harney. Distributed by Washington Post Writers Group.

© 2012 Florida Realtors®

Bayfront, Beautiful and Bank Owned

Bayfront home in Venetian Shores

Located in the heart of the fishing capital of the world in Venetian Shores, this beautiful 2,052 sf, 3 bedroom, 2.5 bath home is nestled on a large 31,740 sf tropically landscaped bay front lot with an unobstructed view of open water.

 

Aerial View

Located on secluded driveway, this stilted home features a patio, porches & balconies with beautiful water views and lush, tropical landscaping with an open floor plan, vaulted ceilings, fans, wood & tile flooring, fireplace, wood cabinets, tiled counter tops, master bath with shower & jetted tub plus one bath with shower. 

 

The home includes a full kitchen with refrigerator, stovetop, oven, dishwasher, microwave, washer/dryer, central air and lots of storage in the downstairs enclosure with a 2 car garage. Priced to sell at just $960,000, this secluded open bayview home won’t last.  

 

Interested? Call today for details and to arrange a showing!

New Listings and Recent Sales in the Florida Keys

Real estate activity in the Florida Keys from April 9th to April 15th, 2012

It's hard to believe that we're already mid-April!  Summer temps are starting to be felt already here in the Keys, but we've also had a nice breeze to keep us cool.

The real estate market has shown a little slower activity since last week.  69 new listings came on the market, 59 listings went under contract and 41 properties sold.

740 Big Pine Avenue - new listing

If you're a DIY'er type, you can find a great price on a home that needs completion. It's about 90% done as it sits now. It's an open water, concrete construction home that has 3 bedrooms and 2 baths with impact windows and direct open water views. It is offered as-is at just $475,000

16 South Airport Drive - pending sale

Need dockage?  The buyer of one of the pending properties won't have any problems with that. The property has 300' of dockage at the points of two canals. Added bonus: it's on a private runway. Boat in, fly out! This 4 bedroom has over 1,800 sq. ft. of living space and was offered with owner financing!

228 Tide Avenue - sold for $1,200,000

One of the sold homes is directly on Tavernier Creek, giving it perfect boating access to both the bay or the ocean. This 3 bedroom, 3.5 bath home has over 2,600 sq. ft. of living space and wonderful views of the Creek from just about every room. It was listed at $1,400,000 and sold for $1,200,000.

Follow the links to view the listings:

New Listings
Pending Sales
Sold Properties

Listing information is gathered from the Florida Keys Board of Realtor MLS (Multiple Listing Service). Listing links will automatically expire after 5/17/2012

"So, how's the market in the Keys?"

Ask any Realtor in the Keys and they will tell you that this is the question they are asked the most, particularly in relation to distressed properties on the market.

The answer is: Not bad at all.

Many areas in South Florida have been hit pretty hard by short sales and foreclosures. While the market in the Florida Keys has not been completely untouched, it certainly has fared better than many of our nearby areas.  Less than 19% of all single family homes on the market are distressed properties, and 22% of condos, townhomes and condotels on the market are distressed properties.


A quick look in the MLS reveals the following statistics for bank owned properties and short sales:

SINGLE FAMILY HOMES

Total Inventory: 1,541
Bank Owned: 37
Potential Short Sale: 250

CONDOS, TOWNHOMES & CONDOTELS:

Total inventory: 600
Bank Owned: 21
Potential Short Sale: 111

Note, these numbers are as of the time of writing this article and they do change daily as properties go on and off the market

To see the bank owned (REO - Real Estate Owned) properties, follow the following links:

REO: Single Family, Keyswide
REO: Condos, Townhomes & Condotels, Keyswide

If you would like more information on a particular are of the Keys or a particular piece of property, don't hesitate to call or email.

FHA Mortgages - Updates to Mortgage Insurance Premiums

There's no question that FHA loans can offer significant benefits to borrowers, such as competitive low rates. Recently there have been several changes to the loans, but most of them only effective certain borrowers.

However, one change will apply to all  FHA loan applicants - the increase in mortgage insurance premiums effective April 9th, 2012.

The up front Mortgage Insurance Premium (MIP) is being increased from 1% to 1.75%. Borrowers can still finance this fee into the loan, so there is no immediate out of pocket expense, but it will increase the loan amount and the monthly payment.

Also, the monthly Mortgage Insurance Premium (MIP) is being increased from 1.15% to 1.25% for the average 30 year loan. This amount will also increase the monthly payment.

This will make FHA loans slightly more expensive than they have been int he past, but they still offer a low down payment at very competitive rates.

For more information about the changes, feel free to contact David Poole, mortgage loan originator, who provided me with this information. You can reach David at 954-254-7468 or visit his website at www.DavidPooleOnline.com 

For a complete nationwide list of lenders who can assist with FHA loans, visit http://www.hud.gov/ll/code/llslcrit.cfm

How's the real estate market in the Florida Keys? Take a look!

Market Activity April 2nd, thru April 8th, 2012

The first week of April was a fairly busy one, with 88 new listings coming on the market, 82 properties going under contract and 58 closed sales.

New Listing - 446 Barracuda Blvd.

Of the new listings, there is a large 4 bedroom, 3 bath home with pool directly on Adams Cut in Key Largo, giving you instant access to either ocean or bay.  This home is beautifully decorated and offered fully furnished. Priced at just $1,050,000, it will probably sell quickly.

57181 Morton Street - Pending Sale

Pending sales include a nice oceanfront home on Morton Street - a popular street just outside of Marathon on Grassy Key.  This 2 bedroom, 2 bath home has been renovated in 2008 and offers endless ocean views from your backyard. It was priced at $999,000 at time of contract.

134 Giardino Drive - sold for $1,050,000

Sold listings include one of my favorite properties in Venetian Shores in Islamorada. This impressive home features over 2,900 square feet of living space and is new construction from 2010. Originally listed at $1,580,000, the property sold for $1,050,000.

To see the listings, follow the links below:

New Listings
Pending Sales
Closed Sales

Listing information is gathered from the Florida Keys MLS. Listing links will automatically expire after 5/10/2012

If you're interested in more information regarding the Florida Keys real estate market, feel free to call or email.  I look forward to serving you for all of your real estate needs.

Real Estate Activity in the Florida Keys - March 19th, to April1st

While showings appear to be slowing down a bit as the weather warms up not only here in the Florida Keys but around the country, there is still a fair amount of activity to report. 158 new listings came on the market, 151 listing went under contract and 83 properties sold in the last two weeks of March.

44 Jewfish Avenue - $179,000

If you're interested in things with a bit of nostalgia, a new listing in Key Largo may appeal to you.  This 1920's cottage was moved to it's current location in 1958 - probably one of only a handful of homes in the immediate area at the time. This 2 bedroom 1 bath cottage even has many original fixtures. It is priced at $179,000

127 Harbor Lane - Pending Sale

Pending sales include a nice 2 bedroom, 2 bath CBS home on a canal, listed at just $479,000. not surprisingly, it was under contract in just 8 days. This home is very near to Tavernier Creek giving it great access to both the ocean and the bay.

2950 Yellowtail Drive - sold for $730,000

Sold listings include a magnificent home on the open water in Marathon. This 3 bedroom, 2 bath home sits on over 15,000 square feet of land and also features an in-ground swimming pool.  It was bank owned at the time of sale.  It was listed for $760,000 and sold for $730,000.

To view the listings, follow the links below:

New Listings
Pending Sales
Sold Listings

Listing information gathered from the Florida Keys Multiple Listing Service. Listing links will automatically expire after 5/4/2012.