Lower Keys and Key West Real Estate Market

Lower Keys and Key West Real Estate Market

Every one I talk to on the phone wants to know how the lower Keys and Key West real estate market is doing.  Are prices going up or down?  Is this a good time to buy?  Is this a good time to sell?  How can I get the best deal on a foreclosure or bank owned property in the lower Keys and Key West?

Demand exceeds supply for homes priced $400,000 and below in the lower Keys and Key West real estate market.  There are more buyers than sellers for the lowest priced homes in the lower Keys and Key West real estate market. 

An appropriately priced home in the lower Keys and Key West will not stay on the market more than 30 days and may sell for more than asking price.

Buyers I talk to from other states and other countries have heard about the worst real estate markets in the United States on CNN, their local news station and local newspaper.  Buyers all over the world know that the top best real estate markets to buy a foreclosure are Arizona, California, Florida and Nevada. 

The real question is if it's a good time to buy or if the market is going to slip more in the lower Keys and Key West real estate market.

 The lower Keys and Key West are very different from the rest of Florida.  There is very little land in the lower Keys and Key West and there is certainly no area to expand.  Bringing fill in to create more land is no longer acceptable to the Army Corp of Engineers!

In central Florida there is land that builders can develop so there will always be a greater opportunity for greater supply than demand than there ever will be in the lower Keys and Key West real estate market. 

Between Key West and Big Pine Key there may be 20 bank owned properties on the market.  In Orlando there may be 5,500 bank owned properties on the market.  The Key West Board of Realtors may have 30 single family home sales in a month.  In Ft. Lauderdale there may be 1,500 single family home sales in a month.  The lower Keys and Key West real estate market is very different from the rest of Florida.

The number of homes in the lower Keys and Key West real estate market is limited.  The lower Keys and Key West is a resort destination with a high percentage of second homes.  The number of second homes in the lower Keys and Key West has been reported as high as 50% which also adds a component to the lower Keys and Key West real estate market that is very different from the rest of Florida.