Florida Keys Market Update - January 14th thru January 20th, 2013

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

Craving some seafood? The Key Largo Stone Crab & Seafood Festival is this weekend!

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

Yearly Comparison - 2011 VS 2012. Is the real estate market in the Keys recovering?

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.

Florida Keys Market Update - January 7th to January 13th, 2013

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

Iconic Key West Hotel for Sale

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.

Read more here: http://www.miamiherald.com/2013/01/15/3182503/key-wests-landmark-pier-house.html#emlnl=Five_Minute_Herald#storylink=cpy

Market Activity for Jaunary 1 to January 6th, 2013

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.

4th Quarter of 2011 versus 4th Quarter 2012 in the Upper Florida Keys

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.

Year End Update - Activity from December 17th to December 31st, 2012

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.