Hello Clients, Family & Friends,

We're thrilled to welcome you to our July eNewsletter! As we dive into the vibrant mid-summer season here in the Florida Keys, we're excited to share the latest updates with you. Our commitment remains strong to keep you informed and ahead of the market because staying informed is always #goodtoknow. With the 4th of July festivities and Mini Lobster Season bringing excitement and activity to the Keys, our dedication continues to showcase the finest Florida Keys real estate set against the backdrop of nature and pristine beaches. If you have any real estate goals or questions, please don't hesitate to reach out; we're here to assist you.

Highlighted this month:

• Precise and current market statistics segmented by Neighborhood
• Our Featured Listing of the Month
• #Goodtoknow Real Estate insights
• Local News & Events

The Florida Keys real estate market is witnessing notable dynamics in the current landscape. Despite experiencing a surge in new listings, surpassing last year's figures by 26%, there's a marked decrease in properties going under contract, with a notable decline of 43%. However, amidst these fluctuations, the market continues to display resilience with a consistent upward trajectory in the average sale price. Keys-wide, the average sale price has reached $1,383,342 showcasing a significant uptick of 19% compared to the previous year. This trend underscores the enduring appeal and desirability of Florida Keys properties, despite the shifting patterns in supply and demand.

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

400 Aronovitz Lane is a contemporary island estate that redefines luxury and sophistication right in the heart of Old Town, Key West. Step through the grand entryway into a lounge that greets you with soaring 18' cathedral ceilings, a chic wet bar, elegant granite countertops, and top-notch amenities like a beverage cooler and ice maker. The open-concept living and dining areas are designed for seamless indoor-outdoor living, flowing effortlessly to multiple outdoor spaces. Imagine uninterrupted sight lines through expansive sliding glass doors, revealing a tropical poolside patio. This outdoor oasis features a Craig Reynolds-designed heated pool with a water feature, lush landscaping, ambient lighting, and a refreshing outdoor shower. The first-floor primary bedroom is a haven of relaxation, featuring a stunning en suite bathroom with luxurious marble finishes and an enclosed steam shower. The Chef's Kitchen boasts a large granite island, custom lighting, ample cabinetry, and high-end Sub-Zero and Thermador appliances. Upstairs, the second primary bedroom offers an en suite bathroom, wide plank hardwood floors, and sliding glass doors that open to a covered porch and outdoor shower. A cozy guest bedroom includes a beautiful bathroom with a soaking tub and access to a covered patio. Two additional downstairs guest suites, located just off the kitchen, each feature a sitting room, kitchen, washer/dryer, finished loft space, and a charming porch surrounded by lush landscaping for added privacy. This property is zoned for live-work (Historic Residential Office) and includes an ADA-compliant entrance. Located on a 5,891SF lot in the X-Flood Zone, and just a short walk or bike ride to the world-famous Duval Street, the island's finest restaurants and shopping, Truman Waterfront Park, and Fort Zachary Taylor Beach. 3+ off-street parking spaces! Don't miss out—schedule your private viewing today.

The 2024 Key West People's Choice Awards!

This recognition & article is provided by The Keys Weekly / Mandy Miles.

"And then there were three... That's right, we asked you to nominate your Key West favorites for the 2024 Bubbas: Keys West People's Choice Awards - and you answered, submitting thousands of online nominations to nearly 100 categories...

Voting ends at midnight on July 7, and the winners will be announced at the annual awards show on Saturday, July 20." To read the entire article and to see the final three nominees, select here."

We are honored to once again be recognized among the top three in the categories of Best Real Estate Office and Best Overall Business. Additionally, we are proud to announce that our very own broker, Will Langley, has been nominated for Best Realtor!

Select HERE to cast your votes daily!

Refinancing your mortgage is expensive, especially if you just want to lower your monthly payments. Closing costs can be in the thousands of dollars because you’re essentially applying for a new loan. Is there another way to lower your monthly payment? Yes: You can recast your mortgage.

In simple terms, a mortgage recast involves making a lump-sum payment toward the principal balance of your loan which the lender uses to create a new amortization schedule which will lower your monthly payments.

Every mortgage has an amortization schedule that directs part of your payment to reducing principal or toward paying interest. These amounts change slightly every month, until your payments go from paying mostly interest to paying down your principal. With a recast, your interest rate and term remain the same, but your monthly payments are lower because you paid a lump sum toward the principal.

To qualify for a recast, you’ll need a minimum of $10,000 and you’ll pay a service fee of approximately $250. Though the recast isn’t a new loan, you must qualify to get one: 

1. Lenders may have differing requirements and fees, from the amount of the lump-sum payment, to how many on-time payments you’ve made, to how much equity you have in your home.
2. Recasts are not available on government-guaranteed loans such as FHA, VA, or USDA.

When you receive a bonus at work or decide to close out your savings, it’s a great idea to build equity in your home.

THE KEY LIME FESTIVAL

July 3rd - July 7th

"Welcome to the Key Lime Festival: America’s Favorite Citrus Celebration! In the Florida Keys we like to celebrate the things that make our islands unique. Citrus, eccentrics, people & pie. Our celebrations are fun, odd & unforgettable. Our people are too. Come on down to the birthplace of Key Lime Pie for a little taste and you’ll see what we mean. Love & Limes!

2024 is shaping up to be the best Key Lime Festival yet. We’re pleased to offer a full 5 days of culinary events for every taste, including favorites from past years like the Key Lime Cocktail Sip & Stroll and Key Lime Pie Hop and new favorites for Key Lime lovers! We’ve also added a few intimate culinary events for our VIP Key Lime lovers!"

Select here for a full schedule of events!

July 3rd:

• July 3rd extravaganza at Big Pine Community Park

July 3rd-7th:

• Key Lime Festival

July 4th:

• HAPPY 4TH OF JULY!
• The Rotary Club of Key West 4th of July 5K Walk/ Run benefitting the Edward B. Knight Scholarship Fund

July 12th: 

• 40th Annual Underwater Music Festival

July 12th -13th:

• KWAR Fishing Tournament 

July 13th:

• One Night Stand: The 24 Hour Theater Project

July 14th:

• Del Brown Permit Tournament

July 16th-21st:

• Hemingway Days

July 17th-21st:

• Sloppy Joe's 43rd Annual Hemingway Look-Alike contest
• Hemingway 5K Sunset Run & Paddleboard Race

July 17th-20th:

• Key West Marlin Tournament

July 20th-21st:

• Key West Lionfish Derby

July 20th:

• The Annual Bubba Awards @ Key West Theater

July 24th-25th:

• Mini Lobster Season

July 14th & 28th:

• Sherrif's Animal Farm Open House

Thursdays from 2-7pm:

• Truman Waterfront Farmers Market