July eNewsletter

July 9th, 2012

Key West & the Florida Keys Real Estate | Get information on Market Trends, Top 10 Turnaround Markets and more!

Key West Real Estate Broker Message


laurie mcchesney

Thank you for taking a moment to read our newsletter! One thing people always ask is “What is going to happen in the Key West Real Estate Market?” While no one knows for sure, there are some trends that I’ve come to recognize. One trend is that people need to have confidence in the market in order to buy real estate. Even when the prices were at rock bottom, many people didn’t have the confidence in the market to realize that it was a golden opportunity for a buyer. The bottom of the market came and went and we now are trending upwards. It is not too late to make a wise investment in real estate whether it is a home to live in or an income producing property. Some folks won’t have the market confidence to buy but others will see that it is a good time and possibly an important time, to buy real estate. The stars have aligned to create a situation where the interest rates are at an historic low while the prices are also depressed. If you are thinking of making a purchase, please call one of our hard working, knowledgeable real estate associates to discuss how they can help you turn this opportunity into a reality.

Best regards, Laurie McChesney


Top 10 Turnaround Markets in Florida Real Estate



1. Phoenix-Mesa, Arizona
2. Miami, Florida
3. Orlando, Florida
4. Boise City, Idaho
5. Naples, Florida
6. Oakland, California
7. Ft. Meyers, Florida
8. Lakeland, Florida
9. Sarasota, Florida
10. Tampa, Florida

Florida is clearly making a rebound. Key West is also regaining its momentum. At Preferred Properties our figures show sales growth continuing in 2012 with sales completed and pending.


Five Trends in Florida Keys Real Estate


1. Aggressively priced properties are selling quickly.
2. Inventory is low in the $350,000 – $650,000 range.
3. Sales of Condominiums and Townhomes are up 27% from one year ago.
4. Some title companies require all Open Permits on properties to be closed prior to closing.
5. Historically low interest rates continue.


The Key West Real Estate Market


Square footage value is the one way to measure value in a property. Variations, such as level of finishes, condition and location, have to be considered when evaluating a property based on the square footage value. So far in 2012 the highest square footage value for a single family home in Key West was $1,989.00*. The average was $385.00*. Valuing a home by square footing is correct in all properties that are being used for comparison.

Presently there are 206*single family homes for sale in Key West. Of those, 13 are listed as “short-sales” meaning the bank will have to agree to take less than what is owed. The average square footage cost of the active single family home in Key West is $593.00*. During the last 12 months the square footage price for sold single family homes was $385.00*.

Presently there are 97 condominiums for sale in Key West. 91 are listed as traditional sales 6 are listed as short sales. The average square footage price for the traditional sales is $554.00 per square foot*. The short sale price per square foot is $269.00*. During the last 12 months, 131 condominiums have sold in Key West with an average square footage price of $372.00*.

If you want more information or would like to explore purchasing a home or condominium in Key West or the lower Florida Keys, please call one of our hard working, full time real estate professionals at Preferred Properties Key West or Summerland Key.

*As reported by the Key West Association of Realtors Multiple Listing Service


Real Estate Question & Answer


Q: How does “curb appeal” affect the value of a home?

A: People buy with their eyes. As a retail store makes a display appealing, so should a homeowner display their home to make it more appealing to a buyer. Potential buyers often “do a drive by” whether it is in a car or on the internet, so a home that has photographic curb appeal is just as important as actual curb appeal. Buyers use curb appeal as a means to select or reject a home from the initial impression. Make sure your home makes a positive first impression!

Send your questions to: info@PreferredPropertiesKW.com