Real Estate Activity December 1st to December 14th - New Listings, Pending Sales and Closed Sales

Here in the Florida Keys, it's not just the holiday season, it's real estate season!

The number of calls and showings I receive is steadily increasing and by looking at the numbers in the MLS, I'm not the only one seeing this trend.

In the first two weeks of December there were 47 new listings taken, 33 pending sales written and 32 closings.

New Listing - Landings of Largo

The new listings include a nicely priced corner unit 2/1.5 condo in Key Largo for just $185,000 at the Landings of Largo. Amenities at Landings of Largo include a marina, boat ramp, two pools, clubhouse and two tennis courts. 

Pending Listing - Moon Bay

Pending listings include a townhome at Moon Bay in Key Largo. This 2/1.5 two story townhome is a bank owned property and was offered at just $231,300.  This pricing generated a lot of activity and multiple offers. 

Closed Sale - Moon Bay

Sales include a condo also at Moon Bay. This 2/1.5 condo is in the midst of a dramatic remodeling job and will soon be available as a vacation rental. This unit also features covered parking. Amenities at Moon Bay include marina, boat ramp, tennis court, clubhouse, heated pool and more. 

Follow the links below to view the listings:

New Listings
Pending Sales
Closed Sales

If you would like additional information on any of these listings, don't hesitate to call or email me.

New Listing - K35 Ocean Harbour

Ocean Harbour Grounds

Ocean Harbour, one of the most exclusive condominiums in Islamorada!  Enjoy luxury condo living & spectacular ocean views surrounded by gorgeous tropical landscaping - this is truly an island paradise. 

The View from K35

This 2 BD / 2BA condo has endless views overlooking the pool, marina & Atlantic, and includes a 30’ slip. With over 1,500 sq. ft. of living space, this condo offers ample living space with a split bedroom floorplan.  The master bedroom enjoys open views of the ocean and has a spacious master bath. 

Living at Ocean Harbour, located on 12 lushly landscaped acres right on the ocean's edge, offers more than gentle sea breezes. The finest leisure activities are here for all resident, guests and visitors to enjoy.   On-site amenities include oceanfront clubhouse, beach, marina, tennis, fitness room & much more.

To learn more about Ocean Harbour, visit www.OceanHarbourIslamorada.


 

"What is there to do in the Florida Keys?"

I often hear this question when working with buyers that are new to our area. The answers are plentiful!

We have some of the best fishing, diving and boating in the country. Key Largo is home to one of Florida's nicest state parks, John Pennekamp Coral Reef State Park, which is one of the underwater parks in the United States.  Islamorada is known as the "Sportfishing Capital of the World". Marathon is home to Curry Hammock State Park, with one of the largest populations of thatch palms in the United States.  Bahia Honda State Park features one of the Keys greatest beaches and camping. On Big Pine Key you'll find the National Key Deer Refuge, home to the diminutive Key Deer.  And of course, Key West is famous for many things, including Mallory Square's sunset celebration, a major cruise destination and Fantasy Fest, to name a few.

3rd Quarter of 2012 Compared to 3rd Quarter 2013

Click the graphic to enlarge.

It never fails - when you tell someone you've just met that you're in real estate, the first question they ask is "how is the market?"

Each quarter I compare the current year to the previous year to see how the market has changed.  It's one thing to say it seems like the market is improving and another to actually see it in real numbers.

The 3rd quarter of 2013 has seen an increase in both average sales prices and number of properties sold in every segment but one, which was open water homes.  Still open water homes are doing quite well. The drop in average sales price is due to two low priced comps that sold for below typical open water prices.

Both condos and non-waterfront homes are doing quite well, with each seeing healthy increases in number of sales and average sales prices.  

If you're considering a purchase, now may be the best time to get into a Keys home as I predict home prices in the Florida Keys will continue to creep upward.


Have questions? Call me at 305-522-3812 or email me today!

JUST SOLD - 201 Nautilus Drive, Islamorada

201 Nautilus Drive, Islamorada, Florida Keys

This bank owned property generated a considerable amount of interest, most likely due to pricing. Priced at $300,000, this diamond in the rough received a total of 24 offers in 8 days! 

The sales price was $295,000.

This home was in need of many repairs but was located on a clean canal just around the corner from Florida Bay, giving it great boating access. It has three bedrooms and three baths with over 1,600 square feet of living space. View  more photos and a full description of the property at www.201NautilusDrive.com.

I won't be surprised if we see this property fixed up and put back on the market fairly soon. The new owner has already begun repairs and has plans of selling it once repairs are completed.

Stay tuned for more information on this property.

Timeshares in the Florida Keys

A lot of people dream about having a place in the Florida Keys that they can visit and call home. Many times, the cost of purchasing a home or condo stands in the way of this dream. A possible solution: a timeshare.

A timeshare is a property with a particular form of ownership or use rights. These properties are typically resort condominium units, in which multiple parties hold rights to use the property, and each sharer is allotted a period of time when they may use the property. Typically, the time period is one week, and usually is set for the same time each year, although many do offer flexibility on when you can use the unit.

There are several timeshare opportunities in the Florida Keys, ranging in price from $2,000 to $95,000.  Click the link below to see the available units on the market right now.

Click here to view Florida Keys Timeshares

There is a lot of talk lately about the new changes to the National Flood Insurance Program (NFIP).

Local attorney Russell Yagel from Hershoff Lupino & Yagel, L.L.P. has been kind enough to provide this summary:

Summary of rate changes being implemented under the NFIP
Russell Yagel / Hershoff Lupino & Yagel, L.L.P. 

 

Already underway:

• Full-risk rates now are being applied to newly purchased property, to property not previously insured, and to policies that are re-purchased after a lapse.

• Premiums for older (pre-FIRM) non-primary residences in Special Flood Hazard Areas will increase by 25% annually until they reflect the full-risk rate.

Beginning October 2013,

• Premiums for pre-FIRM business properties, severe repetitive loss properties (1–4 residences), and properties on which claims payments exceed fair market value will increase by 25% annually until they reflect the full-risk rate.

• Routine rate revisions will include a 5% assessment to build a catastrophic reserve fund.

Anticipated late in 2014,

• Premiums for properties affected by map changes will increase by 20% each year to reach full-risk rates.

Who won’t be affected:

• Owners of primary residences in SFHAs (Special Flood Hazard Areas) will keep the subsidized rates until the home is sold; the policy is allowed to lapse; a new policy is purchased; or a string of severe losses is experienced.

• Post-FIRM rates for all zone classes will be unaffected by Section 100205 of the Biggert-Waters Act.

Thank you, Russell Yagel for providing this informative summary.


To contact Russell Yagel:
Hershoff Lupino & Yagel, L.L.P.
www.tropicalaw.com
90130 Old Highway
Tavernier, Florida 33070

305-852-8440

 

 

 

New Listing - Bank Owned Canal-front Home in Islamorada for $300,000

201 Nautilus Drive, Islamorada

The home was built in 1957, and while it is in need of some repairs and updating, the property is loaded with potential.  The right owner could make this "diamond in the rough" really shine. 

The property has a wide concrete dock, private boat ramp and a large backyard with water views.  Additionally, the neighborhood has a private, gated sandy beach directly on Florida Bay,  complete with grills and picnic tables, making it a perfect spot for a sunset cookout.

With a very open floor plan, the home offers a combined living and dining area as well as an inviting Florida Room off the kitchen overlooking the water.It has three bedrooms and three baths, providing ample room for family or guests. 

Like many homes in the Keys, this location is perfect for boating. Florida Bay is just around the corner and the Atlantic Ocean is minutes away via Channel Five. There is a large storage building, providing secured dockside storage for all of your boating, fishing or diving gear.

Call today to start enjoying your new Florida Keys waterfront home in a great location at an unbeatable price!

New Requirements for Short Sales in the MLS

Having an offer on a short sale listing accepted immediately after it is listed is no longer an option if it is a property that would require approval by Fannie Mae according to recently announced requirements for Fannie Mae short sales listed in a multiple listing service (MLS). Starting August 1st, each new short sale listing must maintain an “active” status for a minimum of five days; and that time-frame must include at least one weekend. Freddie Mac announced similar guidance for Freddie Mac short sales.

It’s important to remember two things: that the new rule only affects Fannie Mae and Freddie Mac short sales; and, though it directly affects sellers, it also indirectly impacts buyers’ offers.

Fannie Mae wants short sale listings to be marketed in a manner that allows the market to see the listing.  Properties Fannie Mae owns (REO listings) reflects the same philosophy since Fannie Mae won’t evaluate offers until the listing has been in the MLS and “active” for at least three days.

While an offer can be presented at any time after the property is listed, the seller cannot accept any offer until the required five-day marketing period ends. A buyer’s agent could, for example, submit an offer on the first day a home is listed. However, they there should be wording in the contract that gives the seller five days to accept the offer if the property must follow Fannie Mae or Freddie Mac’s rules.

Under Fannie Mae and Freddie Mac’s rules, the short sale property must be listed in an MLS that covers its geographic area where the property is located.  For instance, a property located in the Florida Keys must be listed with the local Florida Keys MLS.  Listing a property in the Florida Keys with the Miami-Dade MLS may not be acceptable, since the Florida Keys is not the primary geographic area for that MLS.

Flood Insurance - What you need to know before you purchase

There's been a lot of talk about flood insurance rates here in Monroe County, and for good reason.  On July 6, 2012, the Biggert-Waters Flood Insurance Reform Act of 2012 was signed into law. While the good news is the reauthorizing of the National Flood Insurance Program (NFIP) through September 30, 2017, the bill brings several substantive changes to the program, including several that alter the way premium rates are calculated.  These changes will take effect October 1, 2013.

The two big changes owners of real estate in the Florida Keys need to be aware of are as follows:

1.) Higher premiums for buildings below base flood elevation:  FEMA has been instructed to stop giving premium discounts to properties that are below the BFE (base flood elevation), even if they were up to code when built.

2.) Pre-firm and grandfathered rates phased out: In the past, many structures were allowed to keep their original flood-risk rating, even when conditions and improved understanding had changed.

For instance, a home that was built pre-firm (before 1975) may have been built in accordance with the code at the time it was built, but due to a change in flood maps, it may now be considered below the BFE. This home will no longer be allowed to keep the rate-class (flood zone and building elevation relative to BFE) that applied at the time of construction.  The flood insurance for properties like this will be allowed to increase by 25% per year until they achieve the full premium rate.

If you are considering a purchase in the Florida Keys, you will want to find out what flood zone the property is in and if the home is above or below the BFE.  Ground level homes, particularly older ground level homes, should be researched thoroughly. You need to know the flood zone the property is located in and have an elevation certificate to determine what the elevation of the structure is.   Elevated homes with ground level enclosures should also be researched to determine that the whole building is above BFE.   Once you know what the flood zone and elevation is, contacting an  insurance agent for a detailed quote is essential.

Foreclosure and Sheriff's sale: Why the lender gets the house.

Every so often, you'll hear about buyers that want to buy property "at the courthouse steps" in an auction as part of a foreclosure.  Almost all of the time, the lender gets the property. Why?

More often than not, the minimum bidder the lender will accept is more than what the property is worth.  Just the outstanding mortgage alone is more than what the property is worth. On top of that, take into consideration other costs such as delinquent property taxes, legal fees, etc and the property loses it's "bargain" potential.

For example, there is a property I know of going to auction later this month. The current owner owes twice what the property is worth. No buyer will bid on that property because they can buy a different property for half what the bank will accept. They will also be able to buy a property that they have been able to inspect, tour, visit, etc. prior to making an offer.

Lack of access to the property prior to the auction is something that needs to be taken into consideration.  Chances are there is little or no access to the property before hand, so a property that may look OK from the street may be a disaster inside, which may lead to significant expenses to repair. Also, if the property has tenants in place, it will be you're responsibility - and expense - to evict them.

Most buyers will not pay more than what is owed since it is often more than market value. Buyers at the courthouse steps are typically looking for a bargain. Nearly all properties sold at these auctions are not bargains, so consequently the lender gets the property.

2nd Quarter Stats - 2013 compared to 2012

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As Realtors, there is one question we get asked on an almost daily basis - How is the real estate market doing?

The answer . . . Pretty good!

Here is a comparison of the second quarter of 2013 to the same time period last year.  You can see that the average sales price in every category is climbing upward. Additionally, there have been more closings in nearly each category.  The combination of increased sales and higher average sales prices is a good indication that the market is not only stable, but steadily increasing.

Naturally, the Realtor community is hoping that this trend will continue. Yes, there will always be that handful of sales that come in lower than expected. These sales are usually distressed sales such as bank owned properties or short sales. But overall, the numbers show that the market is improving.

Interest rates are still low, and there are indications that they may rise again soon. Lower interest rates are most likely one of the main reasons we've seen such positive results in the market this year.  It may sound like a cliche, but if you are considering a purchase in the near future, you will want to do it soon while rates are still low and there is still a good inventory to choose from. 

If you'd like to learn more about the real estate market in the Keys, don't hesitate to call or email me using the contact button at the top of this page.

Just Sold! Great Key Largo home with impressive solar power system

72 Bahama Avenue

Spacious open floor plan

It's always bittersweet when a listing you love sells.  This home was one of those sales. Located in a great Key Largo neighborhood, this home's big feature was the solar panel system that covered the roof of the home.  One of the largest residential solar systems in the Keys, it allowed the owners to leave the AC on to maintain a consistent temperature all day, every day.  It generated almost all of the home's electrical needs during the day. In addition, it had roll down hurricane shutters on every window, a large open floor plan, screened patio, covered parking and a legal, above flood ground level enclosure. It was a great listing and I loved showing it. Listed at $369,000, it sold for $365,500 and was on the market just 7 days when it went under contract.

Learn more about this great home at www.72BahamaAvenue.