[CITY] Real Estate News

Well this morning our local TDR (tourism development council) came out with the new stats.

2011 was a very good year for tourism and so far for 2012 January tourism is up over 13%.  This is great news to all our local workers and business owners.

As far as the real estate industry goes sales are happening at a robust pace so far.  Investors appear to back, foreign money is back and the baby boomers are checking us out!  I hear the interest rates are going to be kept low well into the next year or two.

So if you've been thinking on coming to the keys for your first or second home there isn't a better time.  I am seeing prices on open water homes trying to rise although I am not sure the market is ready but we will see.

I apologize I haven't had time for blogging as I should and think it is time for an important update.

Shortsales and Bank owned properties are really starting to thin out if not become non existent in some areas.  All that remain might be ones with serious problems and defects.  Buyers are turning towards better cared for homes or the distressed properties that are in better condition.

So if you are a bottom feeder looking for that great deal my advise is to hurry and pick something.  There are still quite a few in areas that are not as desirable as others but the most desirable areas are running dry.

So if you not only want to buy but make the best investment you can for the future start looking seriously now as while there may still be distressed properties for a while there won't be in the preferred areas for much longer.

If you would like more information just give me a call or drop me an email!

Well this is news to me.  This article came out in "The Citizen" last Sunday stating that the more expensive homes are leading the market in our recovery here in the Keys.

Well I disagree with this and am wondering where they are getting their stats.  In my last review the market was doing well with demand keeping up with supply to date but the majority of sales in most markets are homes under $600,000.

Now in some areas such as Sugarloaf Shores the number of homes under $600,000 is dwindling at this point so it may soon be driven by the more pricey homes.

I will be doing my end of year statistical analysis soon but so far a FEW areas where price has gone up but not a lot yet but prices do appear to be holding.

HAPPY THANKSGIVING EVERYONE!

Well I recently ran an update on sales here in certain areas of the lower keys.

Areas such as Sugarloaf Shores, Cudjoe Gardens and Summerland Key Cove and Summerland Isles are having a good sales year.  In some such as Sugarloaf Shores Sales are starting to out pace demand which is a sign prices might stabilize.

In most areas the greater amount of sales were in homes under $600,000 as people are in scooping up the deals to be made.  I noticed our short sales and foreclosures seem to be dwindling as well.

We will be staring into our winter season and many snow birds will be coming home, so it remains to be seen how many new listings will come on the market.

I am a statistics junkie so if anyone would like some for a particular area just let me know I will be happy to email them to you.

If you are thinking of buying do it now before rates change!

Well Hurricane Season is almost behind us and we will be turning once more toward our MORE busy season although sales throughout the summer have remained strong. 

I am posting an article talking about Floridas real estate economy.  While we are still seeing defaults in many areas I think the Lower Keys may be on a way to stabilization.  Forever the optimist and in my industry you really need to be.  If a home is listed a a good price at the onset and has merit compared to the market I feel it WILL sell.  Key West and many areas are seeing investors returning with the cash.

Here is the article based on Realtor.com stats.

http://rismedia.com/2011-09-19/soaring-prices-suggest-a-florida-phenomenon/

Well we will miss Emily it seems which is a good thing except we could still use more rain.  It is raining today (Wednesday) so that is good!

Lots of bad news on the financial front but I did read that Florida looks like in some areas it has begun to stabilize.

They say mortgage rates won't remain this low for much longer so today is the day!

Well Mini Lobster season is here for the next two days.  We are packed with folks coming to roam the waters looking for these delicious lobsters.

Home sales are still moving through what used to be considered our slow season.  Buyers are taking advantage of mortgage rates while they are there and the great buys to be had.  Our market is up over the previous two years and I can only see it continuing. 

Our prices I think overall have dropped back to the 2001-2002 years and lower in some cases.  Open water homes which used to sell in the millions are a buyers choice now for as low as $625,000!

All our keys here in the lower keys have many different things to offer.  Today I will give you a few.  Today start with a few local subdivisions.  More to come on others later.

Summerland Key Cove and Summerland Isles:  This area is known for its deep water access and many homes with great open water views.  Summerland Key Cove is most everything off of Caribbean Drive and the Airport area.  The isles is off of Caribbean and offers nice flow through canals with fast access to the open water.  The canals here are about 50' wide.  Lots in this area average about 7,000 sq. ft.  There are also many amenities located here such as a market, post office and some good restaurants.

Cudjoe Gardens:  This area is also noted for its deep water access but more so for most the homes here are ground level and of CBS (concrete block) construction.  Only some homes here have good open water views.  Some of the canals are flow through and most are 50' wide, some on the east side might be smaller. The average lot size here is about 8,000 sq.ft.  The amenities here are a Marina and a couple good restaurants close by.

Sugarloaf Shores:  This area is surrounded by two bays so you have to take what is known as Tarpon Creek to get out to the Atlantic.  This area is noted for the average lot size being over 12,500 sq. ft. and the canals on the west are 70' wide deep and pristine and the ones on the east are 50' wide though not as deep but deep enough for any boat you could have here.  Many homes here have a great bay view.  Sugarloaf Shores is confined to a 3' control depth so boat selection is limited to that.  Located here is Sugarloaf Lodge, Tiki Bar, Marina, my office and soon to be a new restaurant!

For those of you with children all these areas have a great elementary and middle school on Sugarloaf Key.  We have a sheriff sub station on Cudjoe Key and a Fire Dept on Sugarloaf.

If there is anything more you wish to know just contact me!