So, you want to buy a home in Key West for under $200,000?

I get calls often from people all over the country looking for a second home or an investment property here in Key West. 

The call I receive most often is from people looking to find a home in Key West for under $200,000. 

They are often dismayed and disappointed (and sometimes even in disbelief) by what they hear from me. 

Although not impossible, it is a challenge to find a home (other than a mobile home) for under $200,000 in Key West. 

There are a couple of condominium communities on the island that do have active listings available for under $200,000 and there are also a few townhomes in this price range. 

Homes available for under $200,000

As of the March 7^th, 2012, according to the MLS, there are fifteen homes available for sale in Key West under $200,000.  There are no single family homes available for sale at or below this price.

Of the fifteen homes available four are 1 bedrooms, ten are 2 bedrooms and one is a 3 bedroom townhome.  Three of the homes have income restrictions and at least two have substantial physical issues.

The average single family home price is over $600,000 and the median (the price where ½ the homes are higher and ½ are lower) is over $450,000.

A home for under $200,000 is a difficult find here in Key West. 

There are certainly other areas of Florida where a deal like this is readily available, but here in Key West the cost of homes are higher than much of Florida. 

Supply and Demand

As we all know, prices are driven by supply and demand. 

When supply is fairly constant - as is the case in Key West with limited opportunity for growth in new housing - demand is the variable which determines pricing.  

There seems to always be a demand to live in paradise!

If you ask a local they will tell you that there are great deals right now.  This comes from someone who was here during the peak and they understand that although housing may not be considered affordable to many, prices are significantly lower than during the housing peak (sometimes as much as 50% lower).

Why you should consider buying in Key West now

If you can swing it, now may be the time to buy with interest rates at all time lows and home prices starting to rise.

This is a wonderful, historic, eclectic tropical island with great art and culture, not to mention all that is available by being surrounded by beautiful ocean waters of the Gulf and Atlantic.

We would love to have you here! 

If I can help you find your home in paradise I would love to share my knowledge assist in your search.