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Something else that's worth looking at is the original list price to sale price which is the price of the property when it was first listed. For example, the number of properties for sale decreased -10% to 3,359 from 3,752 in December 2010.
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Our market is turning upward 2 years earlier than in the rest of the country. Now we're leading the nation again but in a positive way. Over the last 4 years our average list price declined -26%. In 2007 when the economy took a major down turn, and the entire nation took a dive in the real estate market, our market had already dived 2 years earlier. When these hurricanes passed through, consumers started to become concerned about investing in Florida Keys vacation homes and other types of properties. This was because of Hurricane Katrina and Wilma. Our market dove in 2005, 2 - 3 years before the nation's market really took it's dive. How do you feel the Florida Keys compares to the rest of the State of Florida in terms of the recovery process that's just beginning? So basically, if you're in Islamorada or Lower Matecumbe you'll have a higher appreciation rate on Florida Keys vacation homes and other properties than if you were in Ramrod?įKV: Over the last few years, the real estate market in the United States has substantially dwindled. If someone was buying Florida Keys vacation homes, investment properties or homes in Islamorada, Lower Matecumbe, Duck Key, Key Colony Beach, or Shark Key - those are the areas that would probably appreciate 4.5% - 5.5% in the years to come.įKV: That's good to know. Their appreciation down the road would be about 2% - 3% on average. These are the places that are also going to appreciate faster than other areas in the Keys such as Big Pine or Ramrod.įKV: Ramrod and Big Pine won't hold their value as well, is that what you're saying? Other parts of the islands where they have kept their identity will hold value as well. In the Upper Keys, other places would be Islamorada, Plantation, and Key Largo. Duck Key which has beautiful luxury homes, and Shark Key which is about 7 miles east of Key West. To name a few, Key Colony Beach which is in the heart of the Florida Keys. LA: For Florida Keys vacation homes, investment properties and home sales, there are certain pockets of the market that have retained their value. Knowing what you just said, and with real estate being what it is in this downturn of a market, is there any particular Key that would be better at holding it's value over another? Your answer provides them with a helpful guideline to work within. It really depends on a buyer's definition of affordable and where they want their Florida Keys vacation home, permanent home, or investment properties to be located.įKV: That's good information because each of our visitors will have different criteria regarding Florida Keys vacation homes and investment properties.
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There are also areas like Islamorada, Marathon and the Lower Keys, especially Big Pine area, where for $350,000 you can get a piece of land, and a nice two bedroom/2 bath single family home. LA: There are certain areas, or pockets of areas starting from Key Largo to Key West that have subdivisions where you could buy a little mobile home on a canal from $250,000 to $350,000. Out of all the islands, which of the Keys is the most affordable for Florida Keys vacation homes, permanent homes and investment properties? Florida Keys Vacation Homes Interview FKV: Lela Ashkarian, you've been a Realtor in the area for a while.