Florida Keys Housing Situation Benefiting Investors

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Due to limited growth laws, seller concessions, pricing and availability, the Florida Keys are proving themselves to be especially beneficial for Real Estate investors.

Florida Keys sales reported by the regional Multiple Listing Services indicate that in spite of median home prices in the Keys going from $237,000 in 1999 to $690,000 in 2006, this years sales will be the third best year ever recorded.

When asked about how rising prices and increased availability could possibly be a benefit, Dennis Handa (Manager for Coldwell Banker Schmitts upper keys offices) remarked: There are Four very important scenarios about the Keys market that are attracting investors right now.

1. The Florida Keys are one of the worlds most popular destinations and our tourism market is growing.

2. Due to environmental and transportation concerns, the Keys are in a restricted growth area. This means there are only so many properties and when those are gone, that’s it! Limited housing means above average appreciation.

3. Due to increased prices and a larger for sale inventory, sellers are making concessions such as holding paper back, lease options and creative owner financing.

4. Although home prices are high, Investors realize that ten to fifteen years from now, they’ll be the same in relation to the ridiculously low prices of the 70s and 80s which makes most of us wish we’d gotten more involved with Real Estate.

Dennis also added: Even though our prices have gone up,we’re still less expensive than other national and international tourist destinations plus there’s the fact that waterfront, destination resort areas have always proved to be one of the best Real Estate investments.

All of this adds up to the Keys being a great place for investors.

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Dennis Handa