Key West, Florida Offers Keys To Real Estate Investment
by Blanche Evans
Like other parts of coastal Florida, Key West is an American Caribbean Paradise, attracting lots of investors, second-home buyers and residents. "Escape to Key West," invites Realtor Patti Nickless. "As the southernmost city (MMs 0-7) in the United States, this two by four-mile island city is a very magical place with palm-lined streets, gingerbread mansions, tin-roofed conch houses, art treasures, sand beaches, fish-rich waters, artsy boutiques to famous-name shops, quaint bistros to five-star restaurants, daily sunset celebrations and a night beat like no other! One of Key West's best attractions is that no matter what time of the year there is always something going on. And if this wasn't enough - property in Key West has yielded a tremendous return over past years. So, bring your carefree state of mind." About the market, Nickless suggests, "The Florida Keys are an excellent investment as building and environmental restrictions limit new growth. The Florida Keys real estate market continues to be very active and growth-oriented. During the first quarter 2004 the number of property sales increased by 11 percent from Key Largo to Key West. The growth in sale price, 40 percent Keys-wide, set a record for value of properties sold in any three-month period in the past. Additionally, the ideal warm temperatures (the average high/low for January is 75/65 degrees and for July it's 89/80 degrees), superb fishing, diving and kayaking, the diverse natural attractions that the Florida Keys offer, result in a very strong sellers' market. We do not foresee any slowdown in buyer interest in the Keys during the remainder of the year. Keys real estate remains a great value compared to resort areas nationwide and throughout the Caribbean." "New listings have slowed," says Realtor Mia Howe. "The market is staying at the high level it has been. People are starting to want more for their money but as yet I haven't seen many who are willing to give in to it. There are a lot of expired and withdrawn listings because I think they are overpriced. Maybe the market will settle and pull back sometime soon so most people can afford properties again, but I won't hold my breath for this." |
