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february 2022

 

Hello Clients, Family & Friends- 

 This month we're bringing you:

  • 2021 Market Recap from our Broker- Will Langley
  • The most accurate and updated market statistics
    by Neighborhood and Key
  • Featured Listing
  • Local Events
  • #Goodtoknow information

We will continue working hard to keep you up to date and ahead of the market, and always strive to be your #ForeverAgent with the Forever Brand of Berkshire Hathaway.

Berkshire Hathaway HomeServices
Keys Real Estate | Knight & Gardner Realty

info@keysrealestate.com   |   (305) 294-5155
www.keysrealestate.com

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MARKET UPDATE

2021 END OF THE YEAR MARKET RECAP

Low supply and unprecedented demand continue to shape the Florida Keys real estate market. 2021 has been a year like none other in the real estate market. Our Broker, Will Langley takes a deep dive into the facts and factors driving the market today and into the future to keep you ahead of the market.

No matter what happens in the market, we will monitor the housing trends closely so you can stay on top of the market and be in the know:
That is GOOD TO KNOW.

Our vision is to have the best and most respected team of real estate agents in the Florida Keys. If you’re looking to make a move in real estate, let’s connect and we can point you in the right direction.                       **Press play to watch the entire video**

HERE ARE THE NUMBERS

FLORIDA KEYS MARKET REVIEW

Entering the new year, 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 #foreveragents today at www.keysrealestate.com

FEATURED PROPERTY OF THE MONTH

EXCEPTIONAL INVESTMENT OPPORTUNITY
628 White Street | $3,425,000

Exceptional investment opportunity to own this gorgeous multi-unit property on White Street, in the highly regarded White Street Gallery District in Old Town, Key West. Located on the corner of White and Angela Streets in the X flood zone, this Historic home is perfectly located and within walking distance to everything in Old Town and the Key West Historic Seaport. The main house is being offered turnkey and has been an extremely lucrative vacation rental home for several years. The two 1 bedroom, 1 bath apartments have also been lucrative rentals with current tenants in place.The main two-story home offers 3 large bedrooms, 2 full baths and 2 half baths and the exterior has been recently painted. The wraparound front porch with porch swing is perfect for cocktails and conversation. As you enter, you will appreciate the high ceilings throughout, open living space, ornate crown molding and base boards, hardwood floors, grand staircase and just enough Dade County Pine. Double hung impact windows were recently added downstairs. The open kitchen offers custom cabinets, marble counters, stainless steel appliances, a new Fisher & Paykel 4 door French refrigerator with lower area that can be programmed as a refrigerator or freezer; and a Fisher & Paykel double drawer dishwasher that efficiently accommodates both small and large loads. Just off the kitchen is the washer and dryer area and new half bath. The master suite is also located on the first floor with a king size bed and beautiful newly renovated bathroom, complete with double vanities, marble counters and a walk-in tiled shower. On the second floor, you will find 2 more spacious bedrooms each with sitting areas and queen size beds, the media room, an open office space for two with built in desk, 1 full bath and 1 half bath. The resort style backyard oasis is all new and completely private. This has been such a wonderful home for the owner and could make a perfect forever home or investment property for you..

FEATURED LOCAL EVENT

WESLEY HOUSE 40th ANNUAL
VALENTINE'S DAY GALA

Celebrate Valentine's Day in the beautiful open-air tropics at the Coffee Butler Amphitheater at Truman Waterfront Park in old town Key West.

Sponsorships, VIP table seating, and General Admission tickets are now available at www.WesleyHouse.org/ValentinesGala.

Ticket price includes a delicious buffet dinner prepared by Catered Affairs, access to the island's largest silent auction, and dancing to the tunes of Patrick and the Swayzees! VIP tickets include an open bar. General Admission is a cash bar.

"Join us as we celebrate 40 Years of Love in The Tropics!
All proceeds benefit Wesley House Family Services."

HOMEBUYERS, HOMEOWNERS, HOME SELLERS, TRENDS

OUTLOOK FOR HOUSING 2022

Housing was one of the strongest sectors of the economy for 2021, but rising interest rates and inflation are causing many to wonder if sales will continue as strong in 2022.

Lawrence Yun, chief economist for the National Association of REALTORS, believes the number of home sales will decline in 2022 but will still outpace pre-pandemic levels, based on continuing demand from homebuyers. More inventory is becoming available from home builders and from homeowners who will no longer receive loan forbearance and may decide to sell their homes instead. 

Goldman Sachs economists predict that home prices will climb another 16%, reports Houwzer.com. Yet, Corelogic has lowered its forecast from 2.2% to 1.9%, according to Fortune.comFannie Mae is predicting that mortgage rates will rise to an average of 3.4% next year, while the Mortgage Bankers Association believes rates will rise to 4%.

Fortune.com points out that the Federal Reserve predicted 1.8% inflation for 2021, but the real number is closer to 6.2% set in October – the highest rate since 1990. In real numbers, if a buyer puts 20% down on a $500,000 home, they will have a monthly payment of $1,682 at 2.98%. At 4%, the monthly payment would be $1,910.

So, should you buy a home or wait it out? If economists can’t agree on their outlooks, you probably shouldn’t try to time the market either. Housing is a terrific hedge against inflation, so instead, ask yourself what you can afford and go from there.

LOCAL EVENTS

FEBRUARY CALENDAR

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

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