This Florida Keys Real Estate guide contains valuable information for anyone considering purchasing property in the Keys. The real estate industry in the Florida Keys serves both locals and visitors who seek rentals, vacation rentals, and home purchases. With the real estate boom of the past five or six years, real estate prices in the Florida Keys have skyrocketed along with the prices in the rest of Southern Florida. The number of realtors also increased, to keep up with demand. Now that the boom is over, prices of homes and condos are coming down, but this is still the Florida Keys. In other words, it’s still rather expensive to live here. After all, the Keys are sub-tropical islands within the United States. A very popular idea! Just about every square inch of land that can be developed for housing has been developed or has property under construction. It’s very difficult and requires a long waiting period for builders to get permits for new construction. The demand is still rather high for property here, so all this means prices are still high. However, compared to just a short time ago, prices are much lower on Florida Keys Real Estate. Housing pricing is relative: it’s all about market value so what’s overpriced to some people may be the deal of the century to someone else who values living in the Florida Keys, a magical place to live by any account.
Florida Keys Long Term Rentals
While prices for home purchases in the Florida Keys have come down, rentals haven’t really moved all that much. That’s because the prices of long-term rentals in the Keys didn’t really balloon upwards as much as purchase prices did. It’s still expensive to rent in the Florida Keys, to the extent that there are problems with workforce housing shortages. The bottom line for those relocating to the Keys is, unless you have unlimited funds and are bent on owning your home, renting is still a better deal than owning. That’s because prices are high, but also because taxes and insurance premiums are at an all-time high in Florida, and especially the Keys. Add on maintenance fees for condo owners, and your monthly living expenses could excede those of a renter, even if your mortgage is entirely paid off!
The good news is, there are plenty of long-term rentals as well as short-term and vacation rentals in the Florida Keys Real Estate market. There are homes, condos, and townhouses. There are pools, tennis courts, and boatslips. Choose remote, woodsy Big Pine Key for back to nature Old-Keys style. Choose Key Largo for family-oriented homes within commuting distance to Miami (yes, people do this all the time!). Choose Marathon for the neat subdivisions of Key Colony Beach. Choose Key West for nightlife, conch houses, or fancy condos on the beach. Key West has the largest population of the Florida Keys, and lots of choices of housing style. Rentals generally have higher turnover than in most parts of the country, since this is a pretty transient population. But most landlords would be grateful for a long-term renter so look for deals and perks if you plan to stay six months or more. Many will gladly accept pets, boat trailers, or other negotiables, just because you plan on staying longer than average.