The Keys has a lot of unique aspects, but one big one is the real estate.
Stephany Duvall of Call Duvall Island Breeze Realty joined Good Morning Keys this morning on KeysTalk 96.9/102.5FM to talk about Keys Properties.
Housing prices in Florida are increasing year over year.
Duvall said, “It seems that the market here, things are staying on the market a little bit longer, but we do have some sellers that are holding onto where the prices were earlier this year. I think a good rule of thumb when you’re looking if you’re coming down and you’re not familiar with the area, if something’s been on the market more than 30 or 60 days and there’s not a little bit of a price drop from the seller, it shows a little bit of the motivation of the property.”
There are a lot of vacation homes in the Keys.
Florida Realtor News said the best time to look for a property if you’re looking to buy, the middle of the week is usually when prices tend to drop.
Duvall said, “If you’re down here for the holidays or if you’re just curious, I would advise anyone listening to go to open houses. You’re welcome to take a walk in and look and see what the market’s actually doing and what value you could get for a property.”
Statewide Florida home values have risen 85 percent over the past five years and the same trend is projected over the next five years.
Florida is currently ranked 31st in affordability nationwide for real estate.
Duvall said, “If you look at Key West specifically, we’ve got properties that are listed over $1,000 a square foot. Very different than the state. Our price per square foot, our market is double what the state average is.”
It’s more than $800,000 for a single family home in Monroe County, whereas the state average is about $400,000.
Duvall said, “I do have some buyers that they’re holding off due to interest rates, but you have to remember, real estate is a necessity. Everyone needs a roof over their head, so even if you go in now, at a rate, I think it was at 6.6, you can get into the property and then refinance at a later date when rates drop. If you hold the property for longer than 10 years, you are more than likely going to recoup all of your value back and probably resell it at a higher price.”
The finite factor of real estate in the Keys can drive demand.
Duvall said, “We take that into consideration because getting a building permit with a piece of land here if it doesn’t already exist is a bit difficult based on FEMA guidelines. I can send you links to a lot of education about building rights and building in the Keys. It’s not like the rest of the state and there are a lot of rules and things that you need to know education-wise. I would be happy to assist.”
Because of the laws with building permits in the Keys, what’s allowed could differ from property to property.
Duvall said, “You really have to do your due diligence. A good agent can help you with that. They know where to do. They have resources. I always advise my clients, when we’re buying or we’re selling, let’s do our due diligence on the property in the Keys.”
To contact Duvall, call 407-256-9614.