Monday, August 16, 2010

Latest Keys Market Stats

Upper Keys Months of Inventory from FL Keys MLS
The latest Florida Keys Real Estate Market statistics are very intriguing. The tale they tell is one wherein, though the supply has dropped dramatically as evidenced by the months of inventory,  the prices have seen a state of plateau.  So, a contrary to the supply vs. demand axiom.
Middle and Lower Keys Months of Inventory from FL Keys MLS
What does this mean???  I see it as a bit of a double positive really.
  1. Homes are selling.  Meaning, homes are selling, Period.   The arid drought of sellers not being able to move their properties is showing, to now, be far less severe.  A Positive for the Sellers.
  2. Middle and Lower Keys Prices from FL Keys MLS
    Upper Keys Prices from FL Keys MLS
  3. Though the supply of available property has lessened through greater demand, property prices have for the most part remained consistent. Therefore Buyers still have the ability to purchase an abundance of properties are incredible prices. A Positive for the Buyers.
Rarely, do we see a Double Positive Real Estate Market. How long will it last until the scales are tipped in either direction is a good one to ponder, and could be affected by a variety of influences.  Influences such as the overall Economy, Interest Rate fluctuations, weather anomalies, environmental issues (IE: Oil spill), and political issues (wars, elections, etc.), all factor into our  local Real Estate Market conditions, especially in a Market such as the Keys' where many of the properties are seasonal residences and/or upgrades, such as moving up to a waterfront property from a dry lot.
Until that time when we do see a tipping, it's still a great time to purchase property in one of the greatest places on Earth:
The Fabulous Florida Keys!!

Put the expert to work for you! Please visit for all of your Keys real estate needs! For a quick Search of available Properties in the Florida Keys, click here: Keys MLS Search.

Monday, August 9, 2010

Number of Keys Homes Sold Rises in First Half of 2010

The Real Estate Market is definately experiencing a level of vitality that we have not seen in quite some time, and nowhere is this more evident than in The Keys. That being said, even though our sales are increasing, new properties are coming on the market at a similar pace, creating a supply/demand plateau that still favors the Buyer. The opportunities to purchase prime Keys properties are numerous.
I saw this piece in

"Number of Keys homes sold rises in first half of 2010

In the Upper Keys 31 percent more homes sold in the first half of this year than in the first half of 2009, but prices continue to decline,though at a slower pace than in previous months.
An analysis of transactions through Multiple Listing Service shows 259 Upper Keys homes changed hands from Jan. 1 to June 30, 2010.The average sales price in the six-month period was $453,000, 16 percent below the same period last year. The average list price was $831,000, down 8 percent from the 2009 period.The gap between listing and selling price averages continued to narrow, which indicates that buyers — be they people or banks — and sellers are getting on the same page. Selling prices were 91 percent of final list price in the Upper Keys.
The increased sales pace during the first six months helped whittle excess inventory, but the Upper Keys still ended the second quarter with 1,338 homes on the market — about a third of the total for sale in the Keys, and about the expected split among the regions.
Sales in the Upper Keys have been picking up steam after lagging a bit behind other parts of the Keys. Keyswide, sales are up 34 percent so far this year, with the largest increases in the Middle Keys and Key West. Real estate professionals say that’s not unexpected, as the market tends to move in waves up the Keys.
And there are signs that plenty of momentum remains in the market, with pending transactions in the Upper Keys up 29 percent as of May 31. It’s likely many of those pendings are short sales, which take longer than traditional or bank-owned properties to close.
A recent analysis of transactions in the Keys and elsewhere by RealtyTrac, a California-based company that tracks foreclosure data, shows that pre-foreclosure sales, also known as short sales, made up about 23 percent of all home sales in the Keys in the first quarter of 2010. Bank-owned properties made up less than 4 percent of first-quarter sales.
Congress allowed the federal flood insurance program to lapse several times this year, most recently on May 31, causing fits and starts in Keys markets, where most buyers had to have a policy in place to close on a new home. After a month-long lapse, the program has now been extended through the end of September.
Buyers hoping to take advantage of two federal tax credit programs also have more time, as Congress moved the original June deadline to September. Contracts still had to be signed by April to qualify, but the extra time helps those working through complicated bank deals or those thrown off course by the flood insurance lapses.
The highest residential sales price of the first half of the year to go through the MLS was recorded in the Upper Keys.
The Bali High Estate on Plantation Key 

Cheri Tindall and broker Joy Martin of American Caribbean in Islamorada sold what’s known as the Bali High estate at 89301 Old State Road for $5.8 million to a buyer represented by Kristen Brenner of American Caribbean in the Middle Keys.
The 10,000-square-foot oceanfront home features seven bedrooms and five bathrooms on nearly 4 acres. It had been on the market since at least February 2006, then listed for $12.75 million.
While the spectacular custom home received a lot of press and a lot of lookers since 2006, Tindall said, it took just the right circumstances to sell. “It was definitely the right price and the right buyer.”

Ready to claim your piece of Paradise?? Put the expert to work for you!
Please visit for all of your Keys real estate needs!
For a quick Search of available Properties in the Florida Keys, click here: Keys MLS Search.

Wednesday, August 4, 2010

The Conchquistador Deal of the Day 8/3/2010

The Florida Keys, like many parts of the nation, are a real estate market in a state of flux. The dog days of last year's real estate equivalent of the pit of despair seem to have passed, and we are in a bit of a plateau. That being said, it is still an excellent time to purchase property in the Keys, as evidenced by today's deal. Money is still cheap and there is an abundance of properties on the market to choose from.

Today's home located Bayside in the Northern part of Key Largo off Blackwater Sound, offers its new owner waterfront dockage under $400,000!! This is a waterfront, CBS home with Granite and Stainless Kitchen, davits and open water access, again for under $400,000!! If this new owner is claiming this home as their principal residence, they could have gone FHA financing with as little as 3.5% down. Value, Value, Value.

214 Lower Matecumbe Road, Key Largo
List Price: $550,000 - Sale Price: $ 390,000
Original Price: $649,000 - Mile Marker 106
3 Bedrooms / 2 Baths
Click Here for Mapped Location

Do you hear opportunity knocking?? Put the expert to work for you! Please visit for all of your Keys real estate needs!
For a quick Search of available Properties in the Florida Keys, click here: Keys MLS Search.