Hello Clients, Family & Friends,

We're thrilled to welcome you to our March eNewsletter! As spring is upon us and the Florida Keys embrace warmer weather, we're excited to share the latest updates with you. Our aim remains to keep you informed and ahead of the market because being in the know is always #goodtoknow. As we transition into the lively month of March, our dedication remains unwavering in showcasing the finest Florida Keys real estate amidst the backdrop of nature and sandy beaches. 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
• #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 $1,383,133, 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

Are you in search of the ideal Truman Annex residence offering privacy, parking, and recently refreshed interiors and exteriors? Look no further than this stunning 4-bedroom home on Admirals Lane, seamlessly nestled among other opulent residences. This charming two-story luxury residence boasts a secluded location at the end of a private cul-de-sac. A picturesque French door gatehouse marks the entrance at the end of a brick drive. Stepping inside, you'll discover a stunning heated pool with a waterfall, surrounded by lush tropical greenery. The property features wrap-around porches, spacious balconies, and numerous doors and windows that seamlessly merge the indoor and outdoor spaces, creating an ideal island ambiance. The grand 4-bedroom home offers a blend of comfort and elegance, showcasing designer interior finishes, crown moldings, hardwood floors, high ceilings, and a gourmet kitchen. With ample space for entertainment or relaxation, this turnkey property is currently utilized as a vacation rental, with existing bookings in place.

According to the Internal Revenue Service, the primary residence you sold in 2023 may have federal tax benefits that can help you avoid capital gains on the sale, if you meet certain criteria for ownership and use of the home.

To claim a tax exclusion, you must have owned the home for at least two years and lived in the home for at least two out of no more than five years of ownership. The tax gain exclusion that’s available is $250,000 if you’re single, or $500,000 if you’re married and use a joint tax return. If you sell at a loss, such as a short sale, you can’t deduct the loss from your income, likely because of the many homeownership benefits subsidized by the government, including loan programs, first-time and low-income homebuyer grants, energy star appliance credits, and so on. Tax exclusions are also subsidized by the government.

To maximize your gain and lessen your tax bill, you can adjust the basis of the home you sold. The basis is the price you paid for the home, including closing costs and settlement fees. The adjusted basis, explains Smart Asset, factors in capital improvements that you made to the home, such as replacing the roof or the HVAC, adding a second story, or laying utility lines to the home. You can also adjust for casualty losses, like restoring your home after a fire or water damage.

The higher your adjusted basis is, the lower your capital gains are.

Contributed by the Key Weekly

Key West International Airport kicked off 2024 with a nearly 16% increase in passenger numbers over January 2023, outpacing every January passenger count on record at the airport. Numbers show 20,217 more passengers used the airport over the same month in 2023, bringing the total for the month to 147,175 combined enplanements/deplanements.

“This is exactly what we want to see, and these numbers continue to prove the popularity of our airport for locals and visitors alike,” said Richard Strickland, the county’s executive director of airports. 

At a recent meeting of the Monroe County Board of County Commissioners, Strickland said the airport will see airline seat capacity increase 20.8% in the first quarter of the year. Airlines have scheduled an average of 33 flights per day​ with American Airlines accounting for the majority of seat growth.

While American is operating a second daily mainline A319 aircraft to Dallas/Fort Worth and a second daily flight to Washington’s Reagan airport on the 76-seat Embraer 175, it has also added a fifth daily flight to Charlotte on the 76-seat EMB-175. 

United is operating mainline 737-700 aircraft in Key West for the first time to Newark, Washington, Chicago and Houston. Delta will operate new New York LaGuardia service on the 76-seat EMB-175​. JetBlue has begun operating the larger mainline A220 to Boston.​ Silver is also operating additional Orlando and Tampa flights. 

Friday, March 15, 2024 — — Truman’s Little White House

Tickets are on sale NOW for our 16th Annual Spring Social presented by Hank's Hair of the Dog Saloon! Join us for our biggest celebration of the year at the Truman Little White House on Friday March 15th.

 VIP tickets include a Champagne Reception starting at 5:30pm before the main event, passed appetizers, a sneak peek at the silent auctions, and reserved seating. The VIP Reception begins at 5:30pm and General Admission entry is at 6:30pm.

 2024 marks our 25th Anniversary and we are ready to celebrate!  Everyone will receive a four star dining experience with a buffet by Catered Affairs with Vegan and Vegetarian Options!  There will be complimentary beer & wine for all and a cash liquor bar is available. Steven Crane will be our amazing MC this year, along with great entertainment by Carmen Rodriguez and Michael Thomas under the stars!

 We will also be honoring the amazing Sue Turner with our inaugural Champion of Animals Award to recognize her dedication to our animals over the past 25 years!  

March 1: 1st Fridays on Fleming

March 1:  Symphony Orchestra Concert

March 1 & 15: KW Outdoor Movies @ East Martello Parade Grounds

March 2: KW Library Book Sale

March 2: Shakedown on Green – A Key West Island Night Market located between Gates Hotel and 24 North

March 2:  Open Air Art & Music @ Schooner Wharf

March 2: GardenFest @ KW Botanical Gardens

March 3:  Locals Day @ KW Botanical Gardens

March 3 - 5: KW Orchid Fair @ WMartello Gardens

March 3 & 17: Impromptu Concert @ St Paul’s Episcopal Church

March 3, 10, 17, 24: KW Artisan MKT @ Higgs Beach  

March 4, 5, 11, 12, 18, 19, 25, 26: Glow Hours on Hugh’s View

March 4, 11 & 18: Friends of Library Speaker Series

March 7: First Thursday @ Studios of Key West

March 7, 14, 21, 28: Truman Waterfront Market

March 9: Conch Shell Blowing Contest-Oldest House

March 10 & 24: Sheriff’s Animal Farm Open

March 11-14: March Merkin Fishing @ Oceans Edge

March 13-17: Florida Powerboat Poker Run

March 15: SPCA Spring Social

March 15 & 16: Key West Home Tours

March 16: KW Botanical Gardens Native Plant Sale

March 16: Irish Kevin’s Shamrock Shuffle

March 16: Spring Social @ Hank's

March 16:  St. Patrick’s Day Bar Stroll

March 16 & 17:  BHHS K&G Parade of Homes

March 17: Car Show & Shine-Sugarloaf Lodge

March 21: Walk on White – 3^rd Thursday of each month

March 22 - 24: Sunnyland Antique Boat Festival Tavares, FL

March 23 - 26: Palm Beach Int’l Boat Show

March 24: The Taste of Key West @ Truman Waterfront Park

March 26 – April 1: Dine out for MARC House

March 31: Wreckers Race @ Schooner Wharf

HOLIDAYS AND OBSERVANCES:

March 10: Daylight Savings Begins

March 17: St. Patrick’s Day

March 19: First Day of Spring

March 29: National Vietnam War Veterans Day

March 29: Good Friday

March 31: Easter Sunday