Key West Market is showing signs of Awakening.

The second home market in Key West is showing signs of activity. Condo's have in some instances dropped 400k. Buyers are excited to find a property in a reasonable price range. Homes that were in the 800k range (in "New Town") are now in the high 500 to 700k range.

Homes in "Old Town" that have not been renovated or partially renovated are also showing signs of recovery. The customer seems to prefer doing their own renovations, rather than buying someone else's style and taste. In Key West a reasonable price for a large Conch Temple "fixer " in the heart of "Old Town", within walking distance of the water, would command a million or more. 1.3 to 1.5 would be a bargain. Fully renovated homes (after the price adjustment of late) would run from 2 to 3 million. Large homes Key West style would be 2000 sq feet or more on a small lot of 4000 sq ft or less. In this price range the buyer usually pays cash and sinks another 200k to 500k into renovations. Key West is only 3 miles x 5 miles, most homes are Historic and are restricted to stringent building standards. The value of the "Old Town Properties have held their own, due to the scarcity of this style property.

To receive property updates on the Key West Market contact Elizabeth Birmingham At EB@EB-Realty.com