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February 2021

 

Hello Clients, Family & Friends.  

First off, we hope you all are healthy and safe.

Welcome to February. The coldest month of the year.  As usual, the two groundhogs {Pa. Phil and Staten Island Chuck cannot agree on how much longer winter is going to last.  Fortunately, this is not a big concern for those of us who live in Paradise.  Unlike Phil and Chuck, Key West Realtors are all in agreement; there has never been a better time to find your little piece of Paradise.  The Real Estate market has never been stronger.  Contact me if you have any questions about the market and where it is has been, and where it is going.  Let me know if you would like me to FaceTime or Zoom from a listing you have been checking out.  I am proud to offer concierge service to my clients 24/7 

Stay Safe Stay Well

Joanne Allen

Berkshire Hathaway HomeServices
Keys Real Estate | 
Knight & Gardner Realty

iSharkkeyflorida@gmail.com   |   305-923-0239
www.sharkkeyflorida.com

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Here are the Numbers

DEEP DIVE INTO MARKET STATS

Our predictions from our December 2020 newsletter couldn’t have been more spot-on.  If 2020 was a banner market, January 2021 is a stellar real estate market.  We continued to see low supply, fewer new listings, mix that with increased demand and that leads to upward pressure on prices.

Click on the link for a deep dive into market trends for all the Florida Keys and then broken down by regions.  Key West to Shark Key, North of Shark Key to Big Pine Key, the Middle Keys including Marathon and Key Colony Beach and then the Upper Keys.  Interest rates and inventory continue to push the residential real estate market forward. 

Keys-wide, inventory remained low in January, in fact we had 19% fewer new listings enter the market than January 2020.  To say our market was hot is an understatement.  The Florida Keys saw 50% more properties sell last month over a year ago, 214 properties vs. 143 last year.  The average sold price was also up an incredible 41% Keys Wide to $946,439.  Last January the average sold price was $672,396.

As always for the most accurate and updated data trends on your island or for your property, reach out to our forever agents today at www.keysrealestate.com

REAL ESTATE NEWS

MORTGAGE RATES MOVE LOWER, DOWN TO 2.73%

Article provided by Florida Realtors
By Kerry Smith

MCLEAN, Va. – Freddie Mac’s mortgage survey this week found a slight drop in the 30-year, fixed-rate mortgage (FRM). It averaged 2.73% compared to last week’s 2.77%.

“As the market reacts to a new administration in Washington and COVID-19 driven economic malaise, mortgage rates continued to decrease this week, just slightly,” says Sam Khater, Freddie Mac’s chief economist. “Even as house prices increase at the fastest rate we’ve seen in years, competition to buy is strong, given the low inventory that exists across the country.”

Khater considers the low inventory of for-sale homes “an ongoing issue for the foreseeable future.”

The 2.73% average fixed-rate mortgage had an average 0.7 points. A year ago, the 30-year FRM averaged 3.51%.

The 15-year fixed-rate mortgage also fell marginally this week, average 2.20% with an average 0.7 points. One year ago, the 15-year FRM averaged 3%.

However, adjustable-rate mortgages remained stable this week. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.80% with an average 0.3 point – the same rate as last week. One year ago, the 5-year ARM averaged 3.24%.

© 2021 Florida Realtors®

Featured property of the month

A HISTORIC ORIGINAL
1109 Fleming Street, Key West | Listing ID 594313

There's only one position at the top, and this place has secured it. This property offers a singular opportunity for buyers seeking the very best, price notwithstanding. Defying its location in Old Town Key West, where space and possibility are usually limited, it reaches back an entire city block. A full renovation of a historic original combined with a brand-new construction in the rear, it offers a seamless and comprehensive compound of varying indoor and outdoor spaces. It is a palace tucked inside a village. Exemplifying the unique, Key West architecture style called ''eyebrow,'' the exterior is elegant and impressive, yet understated. Like the adjacent, two-car driveway, it serves the utmost in discretion and privacy at street level. Nothing suggests what lies beyond the front door: a sweep of continuous space that unfurls from comfortable living room, to dining area seating up to fourteen, to sleek kitchen defined by marble countertops, custom cabinetry, and premier Sub-Zero appliances, Miele coffee system to a deluxe, inviting wraparound porch a few steps from the magnificent, sculptural pool. Beyond stands a second home that would be called a cottage if it weren't an elegant, polished miniature of the main house: a complete, new construction with two bedrooms and en suite bathrooms; a loft, and a complete kitchen that tastefully conceals upscale brand appliances with custom cabinets and whimsical decor. Outfitting historic homes can be like dressing someone who only wears non-standard sizes. A result of nearly three years labor, every fixture, every piece of furniture, and every element of the décor here is custom-tailored and fits to perfection. The color scheme recalls a beach at dusk: sand, driftwood, shell, coral, seagrass, and tranquil blues offset with metal, stone, and jet. The textures of gorgeous tilework, the finest upholsteries, and glossy new paint accessorize the understated glamor of the overall impression. This home is priced at the top for all the right reasons, including what is visible and what is not (such as tankless water heaters, and impact doors and windows). There's even a play area for fur-babies in the back. Key West is chock full of jewels, but this one's the diamond.

LOCAL NEWS

THIS SPOT IN THE FLORIDA KEYS IS ONE OF THE HOTTEST TRAVEL DESITNATIONS IN THE U.S.

By Connie Ogle

A year into the COVID-19 pandemic, and travelers are ready to travel.

And a lot of them apparently are eager to travel to Key West.

Tripadvisor just released its 2021 Travelers’ Choice Awards for Destinations, and Key West is among the most popular destinations for travel in the United States, falling behind New York, Maui, Las Vegas and New Orleans.

Key West’s popularity makes sense. More than half of the respondents to a recent Tripadvisor survey reported they were likely to take an outdoor or nature-focused trip after the pandemic.

**For all 850+ things to do, select here**   or  Select image above for full article

HOMEOWNERS’ ADVICE

WAYS TO SHOW LOVE TO YOUR HOME

When you love something you want to protect it, improve it, and enjoy it. Your home responds to love, too. Here are a few ways to show your home love that will love you back.  

Refresh caulking – Discolored shriveled caulk has stopped doing the job of protecting your bathroom and kitchen from dirt, mildew and mold. According to TheGroutMedic.com, you should completely dig out old grout, apply an anti-mold treatment, then regrout with a %100 silicone-based grout that resists shrinking over time. Your tiled areas, including floors, will be watertight and look fresher, cleaner, and more attractive.

Update smoke-carbon monoxide detectors. ConsumerReports.org explains that newer smoke detectors can be interconnected so that when one detects smoke or carbon monoxide, all the detectors in the house will alert. Fires burn differently, so install a variety of detectors. Ionization detectors are best for identifying fast, flaming fires, while photoelectric detectors are preferable to alert to smoky, smoldering fires. Carbon monoxide detectors may need to be purchased separately.

Polish floors. To get a long-lasting shine on your hard-surface floors, you can rent or buy a floor polisher. The advantage, says Unclutterer.com, is that polishers are more efficient and less labor-intensive than manual cleaning methods, and don’t require in-depth knowledge of apply wax or polish to the floor. Afterward, you’ll find cleaning much easier and it will add to the lifespan of your floors.

These easy do-it-yourself projects will help you welcome spring to your home.

SHARE THE LOVE

A WESLEY HOUSE FAMILY SERVICES FUNDRAISER

"2020 was a trying year filled with heartache, but also hope that things would improve. In 2021, Wesley House Family Services wants to Share the Love and flood the Florida Keys with hearts! This fundraiser is replacing our 2021 Valentine's Gala. Please save the date for our 40th anniversary Gala on February 14, 2022!

Show your support for Wesley House by buying a single heart or a variety of hearts to place in your yard. Customization options are available!

Do you know a lonely neighbor who can use some love? Surprise them with hearts in their yard! Share the Love by decorating your home or business with hearts!

Hearts will be available January 19th for delivery or pick-up at 1304 Truman Ave. in Key West or 99451 Overseas Hwy., Ste. 200 in Key Largo."

 
 
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FL Lic #: SL655511
336 Duval St. Key West, FL 33040

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