The latest downturn in in the real estate market has made it possible for buyers to maximize their buying power and be able to purchase homes for much less than it would cost to build one. That is no exception here in the Florida Keys. What is an exception is our limited building due to space and environmental issues. We are seeing a decrease in inventory of existing homes along with an increase in sales for the same period of time as last year.
We have no shortage of buyers, however many of the buyers are trying to time the bottom of the market and if they haven't purchased yet, they may have missed it. We don't see prices dropping at the rate they were over the past 18 months, they remain quite steady, with newer style waterfront homes starting around 320K. We do see the inventory of quality homes dropping and many of the lower priced homes seem to have many issues from distressed sales, REO's or short sales to the home being in desperate need of repairs and updating. The current downturn in the economy has only slowed our market; it hasn't shut down our market.
To live in a tropical location is truly a privilege. Land and homes in tropical locations in the United States are limited. Many customers today are customers that were shut out the last time our market edged up. Many of these customers realize that the market will never fall to pre 2000 prices and are not going to delay any longer. Most of today's buyers realize they let many years of denying themselves the Florida Keys lifestyle slip by, and it may be many years if ever before this opportunity ever comes along again.
It's a great time to buy in paradise, your home in the Florida Keys.
For ever since I can remember real estate was about location, location, location. However, times have changed and today's buyers are saying price, price, price. Whether it be nationally, regionally or locally. What we are seeing from many prospective buyers in the Florida Keys Real Estate market is that many buyers do not understand how regional markets vary. This variance is due pressure placed on the market by demand.
Living in the Florida Keys is like nowhere else in the continental United States. We enjoy a tropical climate, limited population, due to limited building, an island atmosphere, tropical blue green waters, year round boating, diving and fishing and yet it is possible to reach your destination by car. There is no urban sprawl, no cookie cutter McMansions, and no interstate traffic jams as you see other area's of Florida.
The Florida Keys are truly unique. Is it for everyone? Absolutely not. We don't have large shopping malls or department stores and we seem to have a more laid back way of doing things. Yes you can get more square footage in a home on the mainland for less the price, however you do give up the quality of life the exception boating, lack of traffic and beauty that nature provides living in the Florida Keys.
4 national wildlife refuges, and a national marine sanctuary not to mention the numerous state parks and a national park that the islands of the Florida Keys have to offer, why not live where millions come yearly to vacation. A year round waterfront home in the Florida Keys is no more expensive than a waterfront home along the north east coast of the United States. When you consider that our climate allows you to utilize year round outdoor activities rivaling some of the finest tropical destinations in the world the cost of owning a piece of Florida Keys Real Estate is priceless, yet the benefits are substantial.
The island chain of the Florida Keys begins as you leave mainland Florida and enter Key Largo. Traveling south on the Overseas Highway you will pass through the village of Islamadora, Tavernier, Plantation Key. Then on to the heart of the Florida Keys, Key Vaca or as it commonly known the city of Marathon. Leaving Vaca Key, you will travel the Seven Mile Bridge into the Lower Florida Keys. Ohio Key will be the first island you drive across, and then Big Pine Key, Little Torch, Middle Torch and Big Torch Keys are next. The next island, Ramrod Key is where you will find our office. Then it's on to Summerland Key, Cudjoe Key and Sugarloaf Key. If Key West is where you want to be to enjoy some of the best dining and cultural events the Keys have to offer, you must continue through the Saddlebunch Keys, Big Coppit and Stock Island before the Overseas Highway ends at MM 0 in Key West.
Looking at Homes for Sale in the Florida Keys! Check out the pre-established links on our home page for easy viewing. Or if you would like to customize your MLS Search go to our page with that title.
Your full service real estate professionals serving the Florida Keys Real Estate Market. Specializing in waterfront properties, foreclosures, short sales and comercial properties.
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