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April 2020

 

Hello Clients, Family & Friends.  First off, I hope you & your family are all healthy and safe.  A home has a new meaning to most of us. We are here on the ground in the Keys if I can help you with anything while 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 Knight & Gardner Realty
(305)923-0239 | 7 days
www.Sharkkeyflorida.com

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the keys community

A message from our Broker
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"These last few weeks have taken us through uncharted waters, but we have all been through hardships that have shaped us into the people we are today. From hurricanes to recessions, Keys Community is resilient and will be back stronger than ever.  Though it may be from a distance, or through Facetime, our team is still displaying the same level of dedication that you have come to expect when dealing with your most valuable asset.  I am proud of how our company has pivoted from the typical and are constantly looking for new and innovative ways to provide the same quality of service to you.  Please stay safe.  We will tackle this challenge together.  Thank you for your loyalty."

- Will Langley, Broker

Here are the Numbers

 Deep Dive into Market Stats over the Past Month

Lawrence Yun, Chief Economist at the National Association of REALTORS said this week “The temporary softening of the real estate market will likely be followed by a strong rebound once the economic ‘quarantine’ is lifted, and it’s critical that supply is sufficient to meet pent-up demand.”

Comparing March 2020 to March 2019:

In the Florida Keys we sold 263 residential properties compared to 205 last year.  The Average sale price was up $83,512 year over year.  We saw 71 fewer new listings this month compared to 2019.  That is good news if you are a Seller.

The largest change we have been monitoring closely is the number of properties to go under contract.  Last March we had 267 properties compared to only 137 this year.

One statistic we are monitoring closely is the number of contracts to cancel and walk away for any reason- 107 properties have come back on the market this year compared to 67 last year.

We are monitoring the market closely to keep you ahead of the market and in the know.  For data on your specific neighborhood or island, reach out to your Berkshire Hathaway Forever Agent for a market update.

Support for businesses

IRS & Federal Tax Legislation

Here is a summary of IRS action already taken and federal tax legislation already enacted to ease tax compliance burdens and economic pain caused by COVID-19 (commonly referred to as Coronavirus). During this national emergency, all employers must comply with Federal, State, and Local employment, labor and associated regulatory rules and regulations. 

These are specific provisions that the government is enacting to provide support for businesses. Many of these provisions do not have regulatory guidance or procedures at this time.

Small Business Payroll Loan, Emergency Paid Sick Leave Act,  Income Tax Sick Leave Credit, Payroll Tax Credit, Income Tax Family Leave Credit, & Exemption for Employer’s Portion of Social Security….. Click Here to Read Summary

IN THE NEWS!

SOLD!
Key West shopping center sells for $53.5M

KEY WEST, FL (March 17th, 2020) – Berkshire Hathaway announced that Claude Gardner and Will Langley (Team Gardner/Langley), completed the sale of Overseas Market Shopping Center in Key West, Florida for $53.5 million.

Overseas Market Retail, LLC, managed by Key West resident Kenneth R. Silverman purchased the retail Center. Overseas Market Shopping Center is the newest of the power centers in Key West and was developed in partnership by LPI/Key West Associates LTD managed by Thomas E. Lewis.

Developed in 1991, the 15+ acre parcel was developed into a 172,000 square foot shopping center.  The center has a strong Tenant mix, anchored by a highly performing Winn Dixie, Ross, CVS, AutoZone and Denny’s. There is also a great mix of strong local businesses in the Center

The transaction is the largest commercial retail shopping center sale ever in the Key West and Florida Keys. Gardner and Langley also sold the Historic Key West Inns collection, the Best Western Key West in 2018, and the 2016 sale of Peary Court, a $60-million deal involving a 24-acre townhome workforce housing neighborhood, also handled exclusively by Berkshire Hathaway Keys Real Estate/ Knight & Gardner Realty Commercial Services, representing the top four real estate transactions ever recorded in the Key West or Florida Keys Multiple Listing Services.

“Overseas Market is one of the premier shopping centers in Key West and an integral part of the Island’s business and commerce, so it is an honor to be a part of the first sale of the center since its inception, said Will Langley, principal Broker of the company which will also take over daily management of the center. “The transition will be a smooth one with no interruption to the tenants.”

“We congratulate Mr. Silverman and Mr. Lewis and are humbled by the trust and confidence they showed in our firm to handle this historic transaction”, said Claude Gardner.

About Berkshire Hathaway HomeServices Keys Real Estate | Knight & Gardner Realty          

Keys Real Estate | Knight & Gardner Realty is a full-service real estate brokerage serving Key West, the Lower, Middle and Upper Florida Keys. The brokerage, founded in 1957, is Key West’s oldest real estate company and a perennial market leader. Visit www.keysrealestate.com.

Keys Wide News

The state wanted Keys checkpoints removed.
But they’re staying for COVID-19, county says.

Bureaucratic drama continued Monday over two checkpoints Monroe County put up Friday to keep non-residents out of the Florida Keys to help stop the spread of the novel coronavirus.

They’re still staying put, however.

But they are only standing after the county objected to a direct order from the state to do away with them.

A Florida Department of Transportation official at 12:46 p.m. Monday ordered Monroe County to remove the checkpoints because they were “not authorized,” according to an email obtained by the Miami Herald.

“Please work with the sheriff to discontinue the operation by 5 p.m. today,” wrote James Wolfe, the District 6 secretary of FDOT. CLICK HERE TO VIEW ENTIRE ARTICLE brought to you by
Floridal Keys News.

For an update from our very own
and County Mayor, Heather Carruthers
select here or image above ^^

#Goodtoknow

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FL Lic #: SL655511
336 Duval St. Key West, FL 33040

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