Hello Clients, Family & Friends,

We're excited to share our very first eNewsletter of the year with you! Our goal remains to keep you informed and ahead of the market because being in the know is always #goodtoknow. As we kick off the year, our commitment remains steadfast in showcasing the finest Florida Keys real estate. If you have any real estate goals or questions, please don't hesitate to reach out; We are here to assist you.

Highlighted this month:

Precise and up-to-date market statistics categorized by Neighborhood Our Featured Listing of the Month News #Goodtoknow Real Estate insights Local Events

Highlighted this month:

• Precise and up-to-date market statistics categorized by Neighborhood
• Our Featured Listing of the Month
• #Goodtoknow Real Estate insights
• Local  News & Events

Wishing you all joy and prosperity in this New Year!

Our team studies the market closely to keep you ahead of the market and be in the know.  Over the past several months we have continued to see the same trend- Economics 101- Low Supply and Strong Demand, leading to upward pressure on real estate prices.  Although we are selling fewer properties in the Keys, demand remains strong and prices continue to increase. 

Click on the "Deep Dive Into" photo for a 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. 

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

Nestled on a quiet private lane yet only a stone's throw away from the iconic Hemingway House and Key West lighthouse, you will discover this charming conch house that has everything you need to make it your ideal island retreat. This 4-bedroom, 3-bathroom property, including a detached guest quarter, is a tropical paradise that combines luxury living with the allure of island charm. Convenience abounds with off-street parking for 3 cars, ensuring that your island escape remains hassle-free. Confidence emanates as this home sits firmly in the coveted ''X'' flood zone. Adorned with historic Dade County pine flooring and a touch of mosaic tile, the property beautifully blends the charm of yesteryear with modern elegant upgrades. The open-concept layout connects the living, dining, and kitchen area, creating a welcoming atmosphere for both daily living and entertainment. Multiple French doors lead out to the secluded patio, harmoniously and seamlessly merging indoor outdoor living. Lush, tropical landscaping envelopes the expansive backyard creating an intimate hideaway where you can enjoy unique views of the famous Key West light house looming majestically in the night sky. The large saltwater pool, equipped with a waterfall, heater and chiller allows year-round comfort, inviting you to relax and unwind or entertain friends; it is your very own resort style cabana club. Whether you choose to enjoy the nearby beaches or the pool, a nicely appointed convenient outdoor shower awaits. Your master sanctuary includes an ensuite bath, spacious walk in closet and direct access to the pool which will beckon you to enjoy a refreshing morning swim or a quiet evening under the stars. Family and friends will be treated to their very own space in the detached guest quarters, complete with an ensuite bath and separate access ensuring privacy for all. Enjoy the proximity to the island's most popular landmarks immersing yourself in Key West's storied history and vibrant culture.

In the new year, homebuyers and sellers are still facing the same challenges as they did in 2023—high interest rates, sky-high home prices, and an inadequate supply of homes. As affordability issues slow housing sales volume, low supplies are keeping home prices high.

Bankrate.com experts say that mortgage interest rates reached 8.01% in October, the highest level since 2000, but since then rates have come down. There’s no likelihood of a housing market turndown as long as lending standards remain strict, and there aren’t enough homes to meet demand. Goldman Sachs Research expects 30-year-mortgage rates to open 2024 at 7.6% and to end the year at 7.1%. Home prices will appreciate 2% in 2023, 1.9% in 2024, and 2.8% in 2025. If mortgage interest rates continue to ease, it’s likely that demand for homes will reignite, despite higher purchase prices.

The Federal Reserve’s aggressive handling of inflation by raising overnight borrowing rates to banks has had a positive effect, and further rate hikes appear unlikely as the numbers get closer to the Fed’s target of 2% inflation.

Meanwhile, help is out there for those being squeezed out of the market. FHA-guaranteed loans require as little as 3.5% down. Numerous state and local governments have increased programs for first-time and lower-income homebuyers. Many lenders offer grants, down payment assistance programs, and mortgages with no closing costs. The National Association of REALTORS® offers the Housing Opportunity Program, with resources for homebuyers.

For further advice, ask your Berkshire Hathaway HomeServices network professional.

Article provided by: The Keys Weekly
By Jim McCarthy

"In times of need, the Florida Keys community stepped up. When the situations were dire, heroes stepped in to save the day. When the going was tough, there was no backing down."

• 4-year-old boy meets a hero who saved his life
• Business & sheriff’s officers build new ramp for Key Largo resident

• Marathon triathlete overcomes crash, competes on the grand stage

• A Key West veteran gets new home

For the full article, select HERE.

The freshest seafood caught, prepared and served by your local fisherman

The 18th Annual Florida Keys Seafood Festival is Saturday, January 13th from 11:00 a.m. to 7:00 p.m. AND Sunday, January 14th from 11:00 a.m. to 5:00 p.m., at Bayview Park, Key West.

There is a $10 admission charge per person for adults, good for both days, which enters that person into a raffle for $250 worth of seafood. Children under 12 are admitted free.

Proceeds benefit sustainable fisheries management programs and youth scholarships in the Florida Keys.

January 4th:

• Joe Posa as Joan Rivers

January 6th:

• Pole Vault in Paradise

January 6th & 7th:

• Key West Island Market

January 13th & 14th:

• Florida Keys Seafood Festival

January 15th-19th:

• The Southernmost Regatta

January 17th-20th:

• Rockisland Fest 2024

January 20th & 21st:

• BHHS Parade of Homes

January 23rd-28th:

• Key West Food & Wine Festival

January 23rd-27th:

• Mile 0 Fest

January 28th:

• Spanish Fly Music Festival
• South Florida Symphony: Masterworks II - Brahms, Bach, Montgomery & Price

January 31st - Feb 3rd:

• Key Western Fest

January 4th, 11th, 18th, 25th: Truman Waterfront Farmers Market

January 14th & 28th: Sheriff’s Animal Farm Open House