Everything you Need to Know about Buy and Selling in the FL Keys - By Amy Prumo

Florida Keys Real Estate Market - November 2019


Posted: December 12, 2019 by Amy Prumo & Thomas Carden Team

Florida Keys Real Estate Market Stats November 2019

YTD Statistical Analysis of Florida Keys Listings & Sales January – November 2019

After comparing 2018 to 2019 for the same period, Sales are up 2 Percent, most of the increase is coming from the Upper Keys where sales increased 11.6 Percent while the other areas decreased or remained flat. Average Sale price fell across the board. Sale Price to Original List Price decreased 2.2 Percent, giving buyers an estimated discount of 11 Percent.  Seller have continued price drops to attract buyers throughout this year.  Days on the market remains stable around 125 days to get a contract.  The number of Listings dropped across the board.  As the New Year approaches this number should go up, as history tells us we List and Sell more homes through Jan-April than any other time of the year.  We will see how next months numbers look.  Pendings are up in some markets and down and others.  Pendings are future sales so it gives us a glance of what is coming. 

Statistical Analysis of Florida Keys Luxury Residential Listings & Sales December 2018 – November 2019

Keys-wide Luxury Sales are up.  Key Largo coming in with the biggest increase of 24.3 Percent.  Overall average sale price is down, although a few areas did show an increase.  Since we have limited Luxury in the keys, one sale can sway the numbers.  Sale Price to Original Price fell to 86.58 Percent, making the average discount buyers receive 14 Percent off the Original Price.   Days on the market is at 135 days to get a signed contract.  Average List Price decreased Keys wide by 3.3 Percent. 

Building Permit and Taking Lawsuits – 2023 or 2026

As many of you know Monroe County has talked about extending the building memorandum until 2026.  This does not mean there will be more permits.  The county is cutting the number of permits they will issues each year in half to slow down the process in order for them to better preparing for upcoming law suits.  Typically the other cities and villages will follow which would include Marathon and the Village of Islamorada.  Key Colony Beach is not in ROGO and Key West has more permits than they will ever use.

The waiting list for these permits are getting longer.  If you have a vacant lot get your permit!  

Several areas throughout the keys were going to receive additional affordable building rights.  Appeal to accepting these permits have been made and the hearing have started this week.  Environmental companies and others are fighting back stating we are over building the keys.  These hearing are just a glimpse of what is going to happen in 2023.  

This Building Memorandum is coming from the state, it is going to take huge amounts of Legislature and Time to get anything changed or accomplished.  Don’t get caught in the mess!

Less Than Fee Program

Monroe County and other areas have developed a program for owners who own the adjacent lot next to their house to give up their lot as a building lot.  The county will pay you around 100k for waterfront lots to do this.  The lots will be joined with a unity of title and can never be separated. 

There is around 700 lots in the county that could qualify for this.  If you have a lot and you plan to never build on it, this might be an option for you.  This is being offered in other areas as well like Marathon.

Here is a link to the Program

https://www.monroecounty-fl.gov/1029/Less-Than-Fee-Program

Marathon NEWS  - The new height restriction for homes has increased from 37 feet to 42 feet.  The city increased the height to help compensate for the new Flood Maps coming out in the next year or so.

Insurance and Draft Maps

If you haven’t checked out the DRAFT Flood Maps yet, be sure to do so, and if you have an issue with the proposed changes they extend comments from the public.  Several areas are going from AE to VE, this is a HUGE jump in your insurance!  If you don not have insurance and you are below flood, get a policy today.  I have talked to several home owners who currently do not have flood insurance and are below flood, that do not want to get it.  I believe you are taking a risk.  When the new maps come out and a buyer needs to get a mortgage in order to purchase your property, the insurance rate that are going to receive in some cases with be extremely high, making your home in accessible.  In an essence your pool of buyers will diminish.  If you obtain a policy now the buyer can assume it and save on cost.  

HOT DEALS

$339,000
502 81st
Marathon, FL 33050
Active / 588526  

New on the Market  - This is affordable Waterfront Living and it’s super cute too!  Financing is ok.  I have lenders for you!  Two Bedrooms and Two Bathrooms.  50 Feet of Concrete Dockage.  Sellers are ready for Offers.  Easy to show.


Follow this link to see the page:
http://www.flexmls.com/link.html?1gar1c8k251w%2C6%2C1%2C12804

$929,000
329 30Th Street Ocean St
Marathon, FL 33050
Active / 587050  

Price Reduced

This house is really spectaulcar inside.  Sellers have biught on the mainland and will continue to drop the Price until it is sold. Someone can get a great deal here.  Put a number out there!  880K 890k!  Sellers WANT Out. 

Follow this link to see the page:
http://www.flexmls.com/link.html?1gar1cd9snap%2C6%2C1%2C26430

$555,000
83 Tingler Ln
Marathon, FL 33050
Active / 588192  

I cannot believe this lot has not sold yet.  This is the best Priced Ocean Front Lot with a Permit across the Keys.  The owner of this new lot, will have a home worth more than what they put into it.  You can rent it out weekly and up your gains again!  READY to Sell…. Bring your Offers TODAY!

Follow this link to see the page:
http://www.flexmls.com/link.html?1gar1ci6m3yg%2C6%2C1%2C19931

NEW INVENTORY 

Upper Keys 


Follow this link to see the page:
http://www.flexmls.com/link.html?1gar1cpomfla%2C6%2C1%2C12075

Middle Keys


Follow this link to see the page:
http://www.flexmls.com/link.html?1gar1d0tjsjf%2C6%2C1%2C22419

Lower Keys 


Follow this link to see the page:

http://www.flexmls.com/link.html?1gar1d69fi05%2C6%2C1%2C61960

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