Florida Keys Real Estate Blog

Here's a quick update of the Real Estate Market in the Florida Keys for January to June 2010 as compared to the same time period in 2009.

In the Upper Keys there were 259 sales, which is a 31% increase over the same time period in 2009. Keys-wide there were 957 sales which is a 34% increase over 2009.

The Keys-wide Dollar Value of All Sales is up 10% to $1117.2M from 2009 and in the Upper Keys the Dollar Value of All Sales is up 13% to $404.3. The Average Sales Price is $453,000 Keys-wide and $423,000 in the Upper Keys.

The "Final Sales Price to Original List Price" for the Keys-wide market is 91.12% which is a 7% increase. In the Upper Keys the Final Sales Price to Original List Price was up 6% to 90.670%.

On average it took 235 days Keys-wide to sell a property which was a 5% increase in time to sell. In the Upper Keys it took on average 264 days to sell which was a 5% decrease over the same time last year.

The number of listings is 2,499 Keys-wide with 771 listings in the Upper Keys area. This is a increase of 14% Keys-wide and a increase of 13% in the Upper Keys.

The average list price Keys-wide as of June 30^th, 2010 was $775,000 which is a decrease of 12% from last year and $831,000 in the Upper Keys, which is a decrease of 8% over last year.

Months of Inventory (MOI), which is a measure of how many months it would take to sell the existing inventory, is at 24 months Keys-wide which is down 25% from the same time period in 2009. The MOI for the Upper Keys is at 31 months which is down 21% from 2009.

For more detailed information on the Florida Keys Real Estate Market please contact us. We will be happy to send you a copy of our newest Edition of Tropical Breezes our quarterly newsletter, which is filled with complete details of the Florida Keys Real Estate Market and a complete copy of the Market Statistics for the Florida Keys.

*The information contained in this blog was compiled by Coldwell Banker Schmitt Real Estate Company from the Florida Keys Board of Realtors MLS and the Key West Lower Keys Board of Realtors MLS. *

Here's a quick update of the Real Estate Market in the Florida Keys for January to April 2010 as compared to the same time period in 2009.

In the Upper Keys there were 148 sales between January and April 2010, which is a 37% increase over the same time period in 2009.  Keys-wide there were 616 sales which is a 45% increase over 2009. 

The Keys-wide Dollar Value of All Sales is up 29% to $254.6M from 2009  and in the Upper Keys the Dollar Value of All Sales is up 9% to $63.2M.  The Average Sales Price is $413,000 Keys-wide and $427,000 in the Upper Keys.   

The "Final Sales Price to Original List Price" for the Keys-wide market is 70.33% which is a 1% decrease.  In the Upper Keys the Final Sales Price to Original List Price was up 16% to 76.70%.  This means that in the Upper Keys, sellers on average give up 23.3% and Keys-wide 29.67% of the original list price to buyers.

On average it took 230 days Keys-wide to sell a property which was a 5% increase in time to sell.  In the Upper Keys it took on average 249 days to sell which was a 7% decrease over the same time last year. 

The number of listings is 3,804 Keys-wide with 1,330 listings in the Upper Keys area. This is a decrease of 9% Keys-wide and a decrease of 5% decrease in the Upper Keys.  

The average list price Keys-wide as of April 30, 2010 was $813,000 which is a decrease of 6% from last year and $838,000 in the Upper Keys, which is a decrease of 7% over last year. 

Months of Inventory (MOI), which is a measure of how many months it would take to sell the existing inventory, is at 25 months Keys-wide which is down 37% from the same time period in 2009.  The MOI for the Upper Keys is at 36 months which is down 31% from 2009. 

For more detailed information on the Florida Keys Real Estate Market please contact us.  We will be happy to send you a copy of our newest Edition of Tropical Breezes our quarterly newsletter, which is filled with complete details of the Florida Keys Real Estate Market and a complete copy of the Market Statistics for the Florida Keys.  

*The information contained in this blog was compiled by Coldwell Banker Schmitt Real Estate Company from the Florida Keys Board of Realtors MLS and the Key West Lower Keys Board of Realtors MLS. * 

People always ask where to go eat while they are here in Upper Keys, and it is always a bit tricky to please everyone. However, after asking several family members and friends, here is a list of places where you can’t go wrong. They are listed in no certain order and I have included some favorite menu item from each. If I have not included one of your favorite places or menu items….send me a comment and share.

• Snappers Restaurant in Key Largo – try their Tuna Nachos
• Dillon’s Pub in the Tavernier Town Center – try their Crunch Grouper Ruben Sandwich or their Crunch Grouper Thai Salad.
• Great Wall Chinese Restaurant in Tavernier Town Center – try the Hot and Sour Soup and their Special Fried Rice
• Kaiyo Restaurant in Islamorada – try their Spider Rolls and don’t forget to wash it down with their Saki Sangria
• City Hall Café in Islamorada – try their Roast Beef Gouda Wrap
• Mangrove Mike’s in Islamorada – try the Popeye Wrap with Chicken, Spinach, Grilled Onions and Mushrooms.
• Village Gourmet in Islamorada – try their Chocolate Pie
• Chad’s Deli in Tavernier – try their Seafood Pizza with crab and shrimp
• Chilly Willie’s in Islamorada – try their breadless Chicken Wings – medium works for me.
• Old Tavernier in Tavernier – anything on their menu is great but my favorite is the Carpaccio appetizer with a glass of the house red wine!
• The Big Chill – try their Burgers!

And remember, if you are looking to Buy, Rent or Sell in the Keys, I hope you will call me! I am here to help offering personalized service with professional results ! Bon Appetite!

Our Broker, Brian Schmitt, provided us with the following Market Highlights for the First Quarter of 2010 (January to March).   

In the Upper Keys there were 91 sales between January and March 2010, which is a 28% increase over the same time period in 2009.  Keys-wide there were 404 sales which is a 37% increase over 2009. 

The Keys-wide Dollar Value of All Sales is up 18% to $168.5M from 2009  and in the Upper Keys the Dollar Value of All Sales is up 4% to $38.4M.  The Average Sales Price is $417,000 Keys-wide and $422,000 in the Upper Keys.   

The "Final Sales Price to Original List Price" for the Keys-wide market is 69.04% which is a 6% reduction.  In the Upper Keys the Final Sales Price to Original List Price was up 16% to 76.49%.  This means that in the Upper Keys, sellers on average give up 23.51% and Keys-wide 30.96% of the original list price to buyers.

On average it took 221 days Keys-wide to sell a property which was a 1% increase in time to sell.  In the Upper Keys it took on average 265 days to sell which was a 6% increase over the same time last year. 

The number of listings is 3,814 Keys-wide with 1,329 listings in the Upper Keys area. This is a decrease of 16% Keys-wide and a decrease of 10% in the Upper Keys.  

The average list price Keys-wide as of March 31, 2010 was $822,000 which is a decrease of 6% from last year and $855,000 in the Upper Keys, which is a decrease of 7% over last year. 

Months of Inventory (MOI), which is a measure of how many months it would take to sell the existing inventory, is at 28 months Keys-wide which is down 38% from the same time period in 2009.  The MOI for the Upper Keys is at 44 months which is down 30% from 2009. 

For more detailed information on the Florida Keys Real Estate Market please contact us.  We will be happy to send you a copy of our newest Edition of Tropical Breezes our quarterly newsletter, which is filled with complete details of the Florida Keys Real Estate Market and a complete copy of the Market Statistics for the Florida Keys.  

If you are considering "Going Green", now is the time and you can take advantage of the tax rebates and incentives that are available to encourage you to conserve energy! 

Federal tax credits are being given for replacing winidows and insulation to tax rebates for purchasing a hybrid car or installing a solar hot water heater.  Find all of the federal tax credits by visiting www.energystar.gov or www.IRS.gov.

There are two expanded home energy tax credits.  The Non-Business Energy Property Credit equals 30% of what you spend on eligible energy-saving improvements, up to a maximum credit of $1,500 for 2009-2010.  This means you can get the maximum credit by spending at least $5,000.

The Residential Energy Efficient Property Credit equals 30% of what a homeowner spends on solar electric systems, solar hot water and wind turbines.  New construction or existing homes are eligible for the credit.  Generally, labor costs are included when calculating this credit and no cap usually exists on the amount of credit available. 

State and Local Incentives are also available.  The Florida Keys Electric Cooperative and Keys Energy offer "net metering" where consumers who generate power through solar panels or other technologies can sell electricity back to the utility, thus reducing their electric bill. 

Visit www.fkec.com or www.keysenergy.com to find out about the utilities online and in-person energy audits.

If you own a business, you can also find incentives and credits.  The best place to look for what is available is to go to the online Database of State Incentives for Renewable and Efficiency at www.dsireusa.org. 

There are also rebates for new appliances.  More information can be found at www.myfloridaclimate.com.

The Florida Keys Aqueduct Authority offers a toilet retrofit program, which offers a $100 rebate on high efficiency toilets.  The program is available until August 1.  You can print the application by clicking here or it can be found at http://www.fkaa.com/Residential%20Toilet%20Rebate%20form.pdf. 

For more detailed information on the Florida Keys Real Estate Market please contact us.  We will be happy to send you a copy of our Winter Edition of Tropical Breezes our quarterly newsletter, which is filled with complete details of the Florida Keys Real Estate Market.