May 16, 2019

How Does 2019 Compare to 2018 in Terms of Sales?


The 2018 real estate market was a fairly brisk market, especially considering that much of the Keys was still recovering from Hurricane Irma in September of 2017.  While it's true that many "investors" flooded the Keys, hoping to buy damaged properties from desperate sellers at bargain prices, many of the homes in the Upper Keys suffered little to minor damage during the storm. Still, many long-time residents chose to leave the Keys permanently.

So far, 2019 has not been as intense as 2018. Investors looking for deals have left to look in other storm damaged areas, such as the Florida Panhandle after Hurricane Michael struck.  Open water home and canal front homes saw a slight reduction in prices, particularly open water homes.

Click to enlarge - Properties MM 70 to MM106
Non-waterfront single family homes is currently one of the most active segments of the market. Often, non-waterfront homes are in neighborhoods with a community boat ramp, making access to boating right from your own neighborhood easy and convenient.

Click to enlarge - Properties MM 70 to MM106

Condominiums have also seen an increase in interest from buyers. Condos appeal to many buyers because they have everything a buyer is looking for - pool, tennis, security, etc. They are also easier to use as a vacation rental unit than a single family home, since most neighborhoods of single family homes restrict the minimum length of legal rentals to be 28 days or longer. But many condos can offer weekly or even daily rentals, making for more potential rental income.

What will the next quarter of 2019 look like compared to 2018. Time will tell, but I believe the market will do fine.

**  The data here is for properties located in the Upper Florida Keys - from Mile Marker 70 to Mile Marker 106 - and is an average of all sales. Each group encompasses a variety of homes, from luxury homes to basic construction. Properties sold both above and below the averages sales prices shown here.




January 16, 2019

Buyers Beware - the seller of the home you're looking at might be listening


With the ever rising popularity of smart devices such as Amazon's Echo and Alexa, in addition to in-home video surveillance systems, owners of homes on the market may be able to listen in, or even watch, while you tour their home.

Sellers could be listening or watching to see what your reactions and comments are about their home.   Even remarks that you may think are harmless can be used against you.

For instance, if you gush about how much you love the house and can't wait to buy it, that seller will most likely be less inclined to negotiate the price with you, since they know you love it and have to have it.

But what about privacy?

In many ways, when you open your private home to the public, it can be similar to a shopping mall, restaurant, sports arena or any other public space. Allowing the public in can change the dynamics in terms of strength and amount of rights you may or may not have.

Many agents argue that homes that have such devices installed should include a notice or sign indicating that there are recording devices present. Currently, there are no laws that require such notice.

In the meantime, use caution when viewing homes. Sure, you can discuss things with your agent, but be sure to keep them neutral. Leave the serious talk about writing offers or how much you're willing to pay until you are in a place where you know the seller won't be listening.





How Does 2019 Compare to 2018 in Terms of Sales?

The 2018 real estate market was a fairly brisk market, especially considering that much of the Keys was still recovering from Hurricane Irm...