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Where Have All the Buyers Gone? Key West

I have been selling houses in Key West for twenty years. In my earlier life in Denver I watched and participated the cyclical market there. I have seen high markets when sellers get their way as desperate buyers try to buy before prices go even higher. I have seen and been a participant in depressed markets when sales dry up.
 
The Key West market is a bit different than the rest of the US housing market. Our community has had a stable base of full time residents for decades  That base has not changed primarily because Key West cannot expand. It cannot expand out to the suburbs because we really don't have much undeveloped land on which to build. Developers cannot build up into the sky because of height restrictions and more importantly rate of growth restrictions mandated by the State of Florida. As a result we continue to sell the same houses over and over again. Sales in Old Town, the Truman Annex, the Casa Marina and Meadows Areas drive the real estate market here. Most locals cannot afford and probably do not want to move to any of the areas I just mentioned. Those areas have out-paced the financial ability ... more

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