Hello Clients, Family & Friends- Thank you for an amazing year. We hope that each day of this New Year is filled with health, happiness, and prosperity! 

We are excited to bring you our 1st eNewsletter of 2023. This month we're bringing you:

This month we are bringing you: 

• The most accurate and updated market statistics
  by Neighborhood and Key
• Featured Listing of the Month
• Local Events
• #Goodtoknow Real Estate information

We will continue working hard to keep you up to date and ahead of the market, and always strive to be your #ForeverAgent with the Forever Brand of Berkshire Hathaway.

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

Moments away from the Historic Seaport and all the happenings of Duval Street, you will find the ''Jewel Box''. Two charming Conch Style Island homes located on one parcel in Old Town Key West. Each home is private and features 3 bedrooms and 3 bathrooms, as well as their own private pools. From the time you open the front home's classic wooden gate you are greeted by quintessential Key West style and character. Abundant and tropical foliage welcome you home, while the wrap around front porch is the perfect spot to people watch and enjoy island living at its absolute finest. Inside the front cottage, wood floors and painted white walls line the space, while sophisticated island style surrounds. This 1,247 sq ft home offers 3 bedrooms with en suite bathrooms and an additional half bath. Vaulted ceilings and wooden beams showcase the home's architectural design and details. Skylights bring in abundant natural light in nearly every room. The living room area spills out onto the covered porch with a beautiful, heated pool. There is a tandem off-street parking spot on the right side with a private entrance into the garden area, where leaf-stamped walkways emit a French feel. Wander through the lush grounds of this 7,796 sq ft lot to the back property and you will find the second home that is newly built two-story cottage. This home boasts 1,714 sq ft of living space with magnificent Hickory hardwood floors throughout, whitewashed Cypress wood interior walls and slate tile in the bathrooms. A large kitchen with a ILVE range and ample cabinet space flows into the living/dining room. Sliding glass doors and a bedroom with a passthrough bathroom complete the first floor. Make your way up the Craftsman staircase to the additional guest bedroom and bathroom with closet space. Across the way is the Primary retreat with an oversized bathroom and private balcony that overlooks this stunning picturesque property. Do not miss this rare Old Town opportunity.

MLS #603537 

Key West Bight, now known as the Historic Seaport, is nearly unrecognizable in the 1960s, when shrimp boats lined the docks.

Ask anyone who remembers Key West in the 1960s what the Historic Seaport looked like back then, when it was still called Key West Bight and was still a rather rough neighborhood of hard-working — and hard-partying — commercial shrimp boats.

But those days have long been gone, and the bight for decades has housed a collection of catamarans and sailboats offering snorkel trips and sunset cruises. Thanks to the efforts of the late Paul and Evalena Worthington, the harbor also has been home to stately, historic wooden schooners. But the commercial shrimping industry that put Key West on the map during the “pink gold rush” of the 1960s had been relegated to the past and remembered only in historic photos — until this year. Select HERE to continue reading article.

Article contributed from the Keys Weekly, by Mandy Miles | Photo contributed from Monroe County Library Collection

What will the new year bring for homebuyers, homeowners and home sellers? Lower or higher home prices? Higher or lower mortgage interest rates? Or a continuation of the overheated pandemic-inspired housing market?

There’s no question that the blistering housing market of the past three years was hard on homebuyers. By October 2022, the average mortgage interest rate for a 30-year fixed is 7.24%, more than double the 3.22% level in January 2022.

According to Fannie Mae, the combination of high inflation, monetary policy tightening, and a slowing housing market is “likely to tip the economy into a modest recession in the first quarter of 2023.”

Many economic forecasters believe housing prices will decline, but that homebuyers shouldn’t fear buying during a declining market. Morgan Stanley predicts a 7% dip in home prices for 2023 that would return housing prices to where they were in January 2022 – 32% higher than prices were in March 2020 when the pandemic began. Economists with Goldman Sachs and Moody Analytics are predicting 5% to 10% declines in home prices, based on lack of homebuyer affordability, slowing housing sales, fewer mortgage applications and a looming recession, however mild.

BusinessInsider.com reports that the Federal Reserve’s overnight rate hikes have raised mortgage interest rates, pushing affordability to new lows, but that a recession could bring interest rates down again. That combined with softer homebuying demand due to inflation and sellers lowering their prices would make spring and summer 2023 great times to buy a home.

The two-day celebration of the bounty of the sea! 

The 17th Annual Florida Keys Seafood Festival is Saturday, January 14th from 11:00 a.m. to 8:00 p.m. AND Sunday, January 15th 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.

January 1st

• HAPPY NEW YEAR!!
• New Year's Day Hangover Brunch @ Lighthouse Grill
• KW Artisan Market

January 5th - 8th

• Pole Vault in Paradise Competition

January 5th

• KW Truman Waterfront Farmers Market

January 6th

• Grassy Flats Full Moon Party
• Yappy Hour @ Sloppy Joe's Dockside

January 6th - 8th

• Fish for Holly

January 7th

• Wounded Warrior Project
• Florida Keys Celtic Festival

January 8th & 22nd

• MCSO Sherriff's Farm Open House

January 12th

• Badfish, a Tribute to Sublime - FREE Concert

January 13th - 15th

• 25th Annual Key West Half Marathon & 5k Run

January 15th

• KW Artisan Market

January 16th

• Martin Luther King Jr. Day

January 17th - 21st

• RokIsland Fest @ Coffee Butler Amphitheater

January 20th 

• Starry Starry Night @ Curry Hammock State Park

January 21st & 22nd

• BHHS Parade of Homes Open House Event

January 29th

• Spanish Fly Music Festival @ Boondocks