KEY West//Florida Keys real estate market??

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gimp570

Does anyone know what the real estate market is doing in the Florida Keys/Key West. I know that it has been crazy for a long time. Are prices falling,,down there like the rest of FL?? I would love to move down there. It seems like the perfect place to trade!! Any traders down there???


Thanks
gimper
 
Quote from gimp570:

Does anyone know what the real estate market is doing in the Florida Keys/Key West. I know that it has been crazy for a long time. Are prices falling,,down there like the rest of FL?? I would love to move down there. It seems like the perfect place to trade!! Any traders down there???


Thanks
gimper
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Anyone have an out look on what they think will happen to the real estate market in the Keys? Both short term and long term??
I know it costs big bucks to buy an average house down there? I am not sure if taxes are also high...
 
The keys are unique. It is very difficult to build a house due to very strict growth restraints. This has kept supply very short for years. If you are looking for a bargain you will not find one there.
 
Quote from gimp570:

Does anyone know what the real estate market is doing in the Florida Keys/Key West. I know that it has been crazy for a long time. Are prices falling,,down there like the rest of FL?? I would love to move down there. It seems like the perfect place to trade!! Any traders down there???


Thanks
gimper
More...
Hey gimp, I love the keys. Although Im in Chicago now I would love to make the move someday. I look at real estate in the keys at least a couple of time a week (sometimes more). Prices have come down but like u said still very high. Key West is the most expensive but such a great little city. Great fishing and lots to do at night. There are a couple of newspapers online where u can check out some real estate. In the keynoter newspaper they have a section called "Sunday" thats mostly about real estate. Key West has some frequent power outages so a backup is critical. Theres a ton of info online if you look. Also hurricane Wilma did some damage in Key West and I know there are some fixer type houses down there that people really want to get rid of. I would def say it is a buyers market ther right now. Alot of the local people are being priced out of the market and trying to get out. They have problems with finding good workers due to the high rent/real estate. I would recommend spending some time there before u just up and move. Its not for everyone and its def not cheap. I started a thread about this a few years back but didnt get much response. good luck Gimp! Jim
 
Quote from jim c:

Hey gimp, I love the keys. Although Im in Chicago now I would love to make the move someday. I look at real estate in the keys at least a couple of time a week (sometimes more). Prices have come down but like u said still very high. Key West is the most expensive but such a great little city. Great fishing and lots to do at night. There are a couple of newspapers online where u can check out some real estate. In the keynoter newspaper they have a section called "Sunday" thats mostly about real estate. Key West has some frequent power outages so a backup is critical. Theres a ton of info online if you look. Also hurricane Wilma did some damage in Key West and I know there are some fixer type houses down there that people really want to get rid of. I would def say it is a buyers market ther right now. Alot of the local people are being priced out of the market and trying to get out. They have problems with finding good workers due to the high rent/real estate. I would recommend spending some time there before u just up and move. Its not for everyone and its def not cheap. I started a thread about this a few years back but didnt get much response. good luck Gimp! Jim
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It would be a great place to Trade.....Island Time....Mate!!
 
I was down on Marathon looking for real estate in '91 and went into a bank to get some money on my credit card. There was a line of traffic out front. It was November. So I asked the teller if the traffic was this bad all the time. He told me that in the winter he had watched the same car sit in a line of traffic in front of his bank for 2 or more hours. I turned around and left.
 
Quote from hoodooman:

I was down on Marathon looking for real estate in '91 and went into a bank to get some money on my credit card. There was a line of traffic out front. It was November. So I asked the teller if the traffic was this bad all the time. He told me that in the winter he had watched the same car sit in a line of traffic in front of his bank for 2 or more hours. I turned around and left.
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Thats why you dont drive a car in the keys...alll ya need is a bike.....Dude!!
 
Ditto on loving the keys. Plans here are to join a prop firm at the first of the year and begin "trading" career in the keys. Will RV it. several parks there. Also, couple of prop firms have offices in Miami. If staying in Largo or Islanmorda just an hour or two drive. Hey, from lurking here on ET for a couple of months now, common thinking is can't be profitable for at least 6 months. If i'm not going to make any money for 6 months, that's the place i want to be not making it in. Miami real estate is taking big downturn, especially the condos.
 
I spent the winter there a couple years ago, on Big Pine Key. You can get lots of local news from
www.bigpinekey.com

I loved living there but the power outages are frequent and high-speed internet can be difficult to get depending on what key you are on.

My opinion is that Key West is a great place to VISIT, but you don't want to live there, unless you want to live in a 24 hour frat house. Much better to live on one of the middle keys (below the 7 mile bridge is best, the stretch between Big Pine and Summerland is great). That way it's not a horrific drive to Miami and yet you avoid the 24-hour party of Key West during normal life.

Prices were CRAZY high when I was there 3 years ago, but after these hurricanes I imagine they have probably come down. If you look at real estate there, don't even consider anything that isn't built with CRB (which stands for cement reinforced brick or something like that) and was built AFTER hurricane Andrew (when building codes were toughened), or you will be crying after the next hurricane. Good luck!
W
 
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