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january 2021

 

Hello Clients, Family & Friends.  First off, we hope you all are healthy and safe.  A home has a new meaning to most of us. We are here on the ground in the Keys if we can help you with anything if you are away.

Please reach out to me if you would like for me to check on your home or Facetime you from that listing you've been checking out.

Berkshire Hathaway HomeServices
Keys Real Estate | 
Knight & Gardner Realty

iandy@keysrealestate.com   |   305-923-5753
www.ImagineThisKeyWest.com

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Here are the Numbers

DEEP DIVE INTO MARKET STATS

2021 Predicted to be another strong year

2020 was a banner market for our residential real estate in the Florida Keys and will likely carry over well into 2021. Click on the link for a deep dive into market trends for all of 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.  With solid demand, low supply and low interest rates we are predicting 2021 will be another strong showing.

Keys-wide inventory remained low in 2020, down 5% from 2019.  One theory of low inventory is that people held off on listing their homes for sale as they did not want to be in-between moves during the Covid-19 Pandemic.  Even with low inventory, the number of homes to go under contract skyrocketed in 2020 over 13% leading to 16% more sales in 2020 than 2019.  That equates to over 363 additional homes sold in the Keys in 2020 than 2019.  The market was so strong that we broke $2 Billion dollars of sales in 2020 compared to $1.5 Billion in 2019.  The average home price skyrocketed 9% on average in the Keys. 

While that was going on Keys Wide- Here is a breakdown by each area:

Key West saw slightly more new listings hit the market and had a more balanced feel.  New listings were up 4% in 2020 and the number of homes remained almost identical from 2020 to 2019 at 662 homes sold in the year.  The average sale priced increased by a healthy 4%.

The Lower Keys supply fell by 9% in 2020 keeping inventory tight.  With incredible demand, the Lower Keys market sold 24% more properties in 2020 than 2019.  Low inventory and solid demand lead to over 100 additional home sales in the Lower Keys with an increased average price of 8%.

The Middle Keys including Marathon and Key Colony Beach saw 8% more new listings on the market however the strong demand overpowered with 30% more sold properties.  523 properties sold, an additional 122 homes sold in 2020 than 2019.  With such solid demand, the average sold home price increased 16% to $733,158.

Islamorada, Key Largo and the Upper Keys saw the most severe drought on new listings, 16% fewer new listings on the market in 2020 than 2019.  With solid Buyer demand the number of sold homes skyrocketed 20% year over year.  With such solid demand, the average sold home price increased by 14% to $788,532.

The Florida Keys remain a strong place to invest in our commercial real estate market.  Even through the Covid-19 pandemic commercial real estate was able to find a way forward.  Our Commercial Services Team was again involved in the largest transactions in the Florida Keys, this year, that was selling Overseas Market Shopping Center in Key West.  The world-famous Duval Street corridor has been under the most intense pressure it has faced in the last 30 years.  Restaurants for the most part seem to be outpacing other commercial investments.  Lodging has been majorly impacted, from the roadblock to fewer travelers and lower average daily rates and occupancy.  Our commercial services team is optimistic about the future, two landmark restaurants that have been empty since Covid-19 struck in March 2020 will be coming back online soon on the 200 block of Duval Street and others are following.

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

REAL ESTATE NEWS

THE NEW YORK TIMES
$3 Million Homes in Florida, New York & Virginia

By Julie Lasky

A three-bedroom home with a guest cottage in Key West, an 18th-century Dutch Colonial in Brooklyn and a Federal-style townhouse in Alexandria.

Key West, Fla. | $2.999 Million

A vintage house with three bedrooms and three and a half bathrooms, and a one-bedroom, one-bathroom guest cottage, on a 4,473-square-foot lot

This white clapboard house, at the corner of Southard and William Streets in the heart of Old Town, is being sold with all of its furnishings, down to the pots and pans. It is on Solares Hill, the highest point on Key West, and the structure itself is elevated, reducing the cost of flood insurance. City records date the main building to 1928 and the cottage to 1933, but they could well be older.

Size: 2,310 square feet

Price per square foot: $1,298

For the full article select image above

HOMEBUYERS’ ADVICE

GET READY FOR COMPETITIVE
SPRING HOMEBUYING

Pent-up housing demand is likely to increase exponentially now that a COVID-19 vaccine is on the horizon. Homebuyers should prepare for what could possibly be the most competitive spring homebuying season in years. Here are a few suggestions that will put you ahead of other homebuyers.

  1. Have a family meeting. When your household is together, tell them about your reasons for buying a home – more space, better schools, etc. Ask each member, even the littlest child, to give their number one feature they’d like in a new home, such as a yard to play in or a room of their own.
  2. Get prequalified. Your lender will tell you what you need to provide in terms of financial history, proof of income and source of down payment. The amount of your down payment and credit history will impact what kind of loan you can get, the rate of interest, as well as how much home you can comfortably afford. Clear up any negatives on your credit quickly so you can qualify for a better loan.
  3. Start previewing online. Homes you view online may sell quickly but you can at least get an idea of prices, neighborhoods, amenities, public transportation, schools, and more. Drive and research the areas that interest you so you can narrow your search.
  4. Work with your Berkshire Hathaway HomeServices network professional. Once you’ve identified your target area and price range, he or she will go to work finding you the right home.

LOCAL NEWS

CHEAP EATS FOR CHARITY
KEY WEST WOMAN'S CLUB OFFERS BOGO MEALS

Article & Photo Contributed

The Key West Woman’s Club’s 15th annual Restaurant and Theater Tour Card for 2020-21 is now available. Despite the hardships imposed on service industries by the COVID-19 pandemic, 34 area restaurants have opted to participate in this year’s program. 

The card offers buy one, get one entrée deals at restaurants ranging from fine dining to casual waterfront eateries, giving diners the opportunity to visit old favorites and explore new ones, along with discounted tickets for theater companies including the Red Barn Theatre, Waterfront Playhouse, Fringe Theater, the Key West Theater and The Studios of Key West.

The cards, which are effective until Sept. 30, 2021, are available at the Custom House Museum, 281 Front St.; Fort East Martello Museum, 3501 S. Roosevelt Blvd.; Lady Nails, 2720 N. Roosevelt Blvd.; Key West Mad Hatter, 253 Front St.; Curry Mansion Inn, 511 Caroline St.; Guild Hall Gallery, 614 Duval St.; and Amri Key West, 1204 Simonton St.

Among the charities benefitting are the Bahama Village Music Program, Cooking with Love, Domestic Abuse Shelter, Friends of the Library, Keys 2 Swim, Literary Volunteers – Monroe County Inc., MARC House, Silver Liners, Special Olympics Monroe County and Wesley House Family Services.

Key West Woman’s Club, a volunteer service organization established in 1915, helps Key West and Monroe County non-profits with ongoing contributions from the sales of the Restaurant Card and other fundraising activities. Since 1940 the group has made its home in the historic Hellings House at 319 Duval St.

More information is available from Susan Mitchell, 740-274-9091, or at the Key West Woman’s Club’s Facebook page.

HAPPY NEW YEAR!

FROM OUR BHHS FAMILY TO YOURS

By Gino Blefari
 

"This week my travels find me at home, just as they did since March 11. Throughout the week, I completed seven CEO reviews and as I write this, there are mere days left in 2020, a year that challenged us as much as it strengthened us while we led our teams through the unknown, into an entirely new world.

To inspire your ensuing fresh start, here are some of my favorite New Year’s quotes from some of my favorite people. Because for this post, I thought it was only right to pass the mic to others and let their wisdom guide us as we contemplate all the good this new year will bring:

Write it on your heart that every day is the best day in the year. – Ralph Waldo Emerson

Not just at the stroke of midnight but each day presents a chance to start over again. If you wake with an optimistic mindset, it’ll set you up for success throughout the day.

Cheers to a new year and another chance for us to get it right. – Oprah Winfrey

The mistakes of 2020 can now serve as growth opportunities we can learn from, take ownership of and commit to changing in the new year.

It’s the inspired student that continues to learn on their own. That’s what separates the real achievers in the world from those who pedal along, finishing assignments. – Neil deGrasse Tyson

Being a leader is about constantly trying and learning new things. Remember, smugness comes before arrogance and arrogance is the precursor to disaster. Once you think you know it all, your slide to mediocrity has already begun..... 
 

For the full article select image above

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