Florida Keys Market

Florida Keys Market shows signs of shifting in the 2008 New Year - December 26, 2007

Well it had to happen sometime, what goes down also must come up! Throughout the last 2 years, buyers have been "holding off", sellers have been irritated and (some) investors have been losing out on what they thought was a good investment. As representatives of both, we believe that the best route is the honest one. If someone is just telling you what you want to hear, it is not always a good thing. Sometimes the truth hurts, but it hurts worse if it comes after the fact.

Without a doubt, we have seen a major decline in all of the different markets across the Country, especially the major developments and primary markets. As a secondary market, our bottom never really "fell out", but seller's had to get more realistic about the few and far between buyers expectations. Consequently, many have actually sold or removed themselves from the market. This has caused a recent decrease in inventory, and savvy buyers have taken notice. In the last 3 months (our slowest time of year!) We have seen an average of one closing per day; this is good news for the Florida Keys Real Estate Market! Buyers, take this into consideration while you are holding off; you don't want to wait too long! Historically, Presidential Elections stimulate the Real Estate economy and provide consumers with new hope for the future. So, with that in mind, now is the time to reconsider your investment portfolio to include a piece of paradise for your family to enjoy while the prices are right!

Florida Keys Property Still Moving, How to Get Yours to Stand Out - August 2007

The year is halfway over and the market is slowly gaining strength. The buyers are looking at things in a different perspective now than just a couple of years ago. Although our prices are not what they once were, (buyers: “yeah!” sellers: “nay”) our phones are still ringing and interest in the Florida Keys is still keeping us busy. Many properties have been sitting on the market for quite a while, and you may ask, “Why?” We’re here to help!

If your house is not selling, here is what we’ve heard from the buyers on some of their top concerns:

1. LOCATION! The #1 mantra of ANYONE looking to buy! How close is it to shopping and schools? (Too close? That means lots of traffic twice a day!) What are the surrounding homes like? What have the other homes in the neighborhood recently sold for? REMEMBER: Different strokes for different folks! Beauty is in the eye of the beholder.
2. Curb Appeal - Are there weeds in the yard? Are leaves covering the driveway? How well has the condition of the home itself been kept if the yard is overgrown? Keep toys, trash cans and other miscellaneous items stored away.
3. Clutter - Makes the rooms look smaller and outside parties uncomfortable, start packing like you’re moving! Not everyone feels cozy in a cluttered home. Too many knick-knacks, pictures or collectables will make buyers feel like they are in someone else’s space and it can be harder to visualize their own.
4. Owners, their kids and pets hanging around during showings - Again, potential buyers feel uncomfortable, like they are invading your space, and may not take the time to truly appreciate the house. The best way to sell it to them is to get them to come in, sit down and feel relaxed and at home. The longer they stay the better!
5. Construction - If your property is under construction or undergoing renovations, try to get it done in a timely manner or at least have a timeline available to the potential buyers so they know what they are facing when putting an offer on your property. People don’t want to purchase hassle and frustration; they want to have a warm fuzzy feeling going into it.
6. Rental History - So many buyers these days are first time investors, getting in while the market still favors the buyer. They are looking to help satisfy their mortgages with some rental potential. If your property has rental history, provide your agents with the details and any information that may create more interest on the property. This will help the buyer get a better idea of what they have to look forward to.
7. CLEAN! A clean house smells fresh and inviting! Clear cobwebs; keep the house swept and neat. If you have children, involve them in the process! You’ll be surprised at how easily you can get your kids to pitch in when enticing them. Pet odors are a big deterrent. If you smoke, DO NOT smoke indoors!!! Buyers will run the other way if the house smells anything but fresh and clean!
8. Priced for the Market - Finally, and you’ve all heard it, is your property priced at fair market value? You may have waterfront property, but HOW MUCH? Can you get a boat in? How big? Is there fishing/diving near your property? How close are you to access the Ocean/Bay? How much clearance under the bridge or draft for your boat? Does your home have the “upgrades” buyers are looking for? (Granite/marble countertops, newer roof, newer A/C, REAL wood, not pressboard cabinets & cupboards?) Take these things into consideration when pricing the home. (If you’re selling your lot, how close are you to getting a permit? How much vegetation is on the property?)

If you’re price takes these things into consideration, then selling your home will be more effective!

If you bought your property at the top of the market and are now trying to sell, maybe you should hold off until it picks back up again.

Buyers have Advantage in 1st Quarter of 2007
Competitive Properties take Precedent in Sales-posted January 2007

Throughout the first half of 2006, we saw and heard the woes of the many people, sellers and Realtors alike trying in vain to get their properties off the market while still maintaining their hefty asking prices. Toward the end of 2006 however, many started facing the facts and either taking their properties off the market or lowering their asking prices. Still others renovated their homes and created more “curb appeal” for the prospective buyers of their properties. If their Realtors educated them, they know that their homes were probably only one of hundreds of properties just like it that potential buyers had to choose from. Thus, those who listened, watched, and learned, those who changed with the “Real Estate Tides” if you will, sold their properties.

Still others wait stubbornly, believing in vain that their homes will sell, that there is something “special” about them that someone would want. Indeed there normally is, but it almost has to jump out and bite you to see it.

Buyers, this is your time to shine. Ask us about receiving the most current Florida Keys Market information available to you so that you can get the best property for your money.

Sellers, let’s make your homes the best they can be so that you can get top dollar for them and be proud of your success.

Want Sarah’s opinion? Read on…
“Year of the Investor”-posted January 2007

Sellers Market shifts to Buyers Market in 2006
If you have ever been to the Keys, it is easy to see why so many people come to visit us year round. With our warm, sub-tropical climate, temperate, crystal clear waters, and outstanding fishing, diving, sunsets, and fine restaurants and resorts, the Florida Keys is one of the most sought-after vacation destinations in the country! Unlike other outlying U.S. islands and territories, you can just get in your car and drive down to the Florida Keys and escape from the everyday chores of life and work, and get back just as fast.

It is no secret that in the past few years the Florida Keys Real Estate market has been RED HOT! Last year we saw a residential property price increase an average of 40%! Although with escalating interest rates, and a cooling real estate market, this does not still promise to be the case. This year the market seems to be leveling off, but as we all know there is very little room to grow down here in the Keys, so every investment is a good one. Now is the time to buy! Waterfront and resort area properties historically show a better return than properties in other parts of the country. There are so many properties to choose from, buyers have an advantage that they have not had in quite a few years.

So come on down, buy a vacation home, and give yourself a break every once in a while.

You deserve it.