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october 2021

 

Hi everyone,  We hope this finds you happy, healthy and safe in these trying times. The keys are humming right along and we still have a lot to offer in our slice of paradise.

Whether you are looking to buy or sell, I can offer the highest levels in real estate expertise and professionalism.  Don’t hesitate to contact me and allow me to help guide you through that process!  

Berkshire Hathaway HomeServices
Keys Real Estate | 
Knight & Gardner Realty

andy@keysrealestate.com   |   305-923-9567
www.imaginethiskeywest.com

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Here are the Numbers

FLORIDA KEYS MARKET REVIEW


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 "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 our forever agents today at www.keysrealestate.com

Featured property of the month

Wet Slips @ World Class Marina - Hotel Setting
5960 Peninsula Ave, Key West | Listing ID 594086

 

What could be better than living right on the ocean in a world-class hotel-marina setting?

A small investment gets you all the amenities you need for taking care of your boat.

Located on Stock Island at Ocean's Edge Key West Hotel & Marina. A great restaurant on site along with deep water access to the Atlantic Ocean.

40' to 60' available

Starting at $250,000

LOCAL EVENTS

FANTASY FEST

"ALL-A-DAZE FOR A HOLIDAY!"
You are invited to our:

PARADE OF
HOMES EVENT!

Stop by any of our Open Houses and enter for a chance to win the Ultimate Night on the Town Gift Basket, stuffed with gift certificates to some of our favorite spots in town. Visit keysrealestate.com for a full list of our open houses & check our Facebook page for additional information and other events throughout the month of October!

LUXURY NEWS

SECOND HOME DEMAND A KEY DRIVER
FOR U.S. LUXURY MARKET

"Strong demand for second homes is one of the key drivers in the U.S. luxury market, according to a new report from Berkshire Hathaway HomeServices (BHHS). “People who were living near their job now have the flexibility to live elsewhere,” says Christy Budnick, chief executive officer of Berkshire Hathaway HomeServices. “Many who have migrated to new areas are rediscovering their love of fresh air and green spaces, often spending more time than ever in their second or third homes.”

Among the nation’s hottest second-home markets are Cape Cod, the Jersey Shore, Palm Springs South Florida, and Sun Valley, Idaho, according to BHHS’ 2021 Global Luxury Landscape Report, which covered the pandemic’s impact on consumer behaviors in regards to the automotive, yachting, artwork and private jet markets, as well as real estate.

“I believe the luxury market is going to continue to remain strong through 2022,” Budnick says. “Increases in interest rates don’t affect that sector as much as the lower price points, and inventory continues to remain extremely tight.”

One-and-a-half homes

As a result of the pandemic, second homes have become one-and-a-half homes, as wealthy owners spend most of their time in a non-primary residence, Budnick says. But rather than owning two or three different vacation homes, they are combining their assets and moving into one of those homes, while enjoying the flexibility to work from anywhere.

“We are also seeing owners selling a primary residence and scaling down to a condominium so that they still have a residence in the city where they work,” she adds. “But the bulk of their time is being spent in their vacation home whatever it may be.”

Budnick says one of the surprising points in the report was the popularity of Coeur d’Alene, Idaho, which ranked No. 1 of the 10 emerging U.S. housing markets reported in The Wall Street Journal“I’ve always thought very highly of Coeur d’Alene as a beautiful place to visit, but not necessarily as a housing market,” she says. “I think that’s really exciting for the people who live there, and to be able to claim that is pretty special.”

Return to the cities

While vacation markets around the U.S. continue to be popular with luxury buyers, urban areas like New York City are bouncing back after a downturn last year in the pandemic. A gradual increase in international buyers, along with domestic buyers who value a city lifestyle – at least part time – are increasing demand for urban residences.

 “We absolutely expect cities to bounce back over time as they safely reopen,” Budnick says.  “Right now, the majority of people are working from home. But that pendulum will swing back to a balance of in-office and remote work, and that could determine where people choose to live at that point.”

FINANCE

ELIMINATING APPRAISAL BIAS

Appraisals establish the value of a given home, making them extremely important to lenders, tax authorities, the housing industry, the economy, builders, buyers, and sellers. They’re integral to building home equity and wealth, giving advantages to some homeowners and disadvantages to others. 

Many lenders use automated valuation models to save time and money more so than to limit human bias, but historical data submitted by appraisers with conscious or unconscious bias, particularly in majority black and ethnic areas, may be subject to decades of undervaluation.

Appraisers limit competition by requiring candidates to undergo apprenticeships to become licensed, yet  Octoberresearch.com found that 77% of appraisers said they have no apprentice trainee and have no intentions to train anyone – effectively “closing the gate behind them.” The AppraisalInstitute.org found just over 78,000 active licensed appraisers in 2019 in the U.S.

New innovations in software could make a difference, notes Housingwire.com. Algorithms could search for patterns of neighborhood bias and focus on more relevant data. Artificial intelligence can assess a home visually, like a human appraiser, but with absolute objectivity. The appraisal industry could also overhaul itself to better compete with automated valuation software.

Meanwhile, there are ways you can fight appraisal bias. Make sure the appraiser has geographical knowledge of the area. Insist on a thorough on-site appraisal, not a drive-by. Check the comparables used in the appraisal for relevance and proximity. Draw the appraiser’s attention to improvements made in the home and ask for an adjustment if the appraisal seems too low.

Featured NONPROFIT of the month

OCTOBER IS BREAST CANCER AWARENESS MONTH

NATIONAL BREAST CANCER FOUNDATION, INC

The National Breast Cancer Foundation has been inspiring hope every day for the last 30 years!

NBCF’s mission is to help women now by providing help and inspiring hope to those affected by breast cancer through early detection, education and support services.

1 in 8 women will be diagnosed with breast cancer in her lifetime. There is currently no known cure for breast cancer, and its early diagnosis is critical to survival.

NBCF offers free, innovative programs that other organizations aren’t providing to women facing breast cancer so that no one faces breast cancer alone.

Local Fundraisers: Making Strides Against Breast Cancer in the Florida Keys

 
 
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