August 28th, 2010

If you are unaware of the facts and statistics about the Key West real estate market, the news over the past few days can seem depressing.  Fortunately, Key West trends are much better than what is occurring nationally.  The New York Times has reported that “housing sales have plunged 25.5% below the level of a year ago.” While it is true that sales in Key West decreased by 8.3% in July, the fact is that this represents a decrease of only 3 listings sold year over year.  Moreover, median price of all sold listings in Key West increased 16.3% in July of this year over 2009.   Our obvious model of low supply and high demand should ensure our continued improvement at a faster pace than most places.  A decrease in inventory can be directly correlated to an increase in price; indeed, that is exactly what is happening in Key West on the low end of the spectrum with inventory down 22% in the 2nd quarter.   Those considering a place in Key West should not be sitting on the fence any longer.  The trends have been clear since early 2010 in our market.  Waiting for the market to hit bottom is SO 2009, so do not miss the boat!




August 19th, 2010

Aren’t we lucky to be in Key West?  We can maximize our enjoyment of our tropical climate by planting tropical fruit trees right in our own backyard.  Feeling the warmth of the sun and the balmy breeze year round has brought many of us here.   Let’s maximize our enjoyment with healthy fruit that we grow ourselves.  We have compiled a list of tropical fruits each with a link to the University of Florida’s IFAS Extension website with explanations on the plants and their care.  Of course, there are many other fruit trees that grow in the Keys as well, such as the Sapodilla, Key Lime and other citrus trees which are more tolerant to lower temperatures.   The trees listed below are truly tropical trees which can only survive in a tropical climate such as ours.  We invite you to add to the beauty of Key West and to your garden with a  tropical fruit tree.  To your health!




August 16th, 2010

The Key West Chamber of Commerce monitors the budgeting process of the local taxing authorities and encourages fiscal responsibility in local government.  We have posted a link below to detailed explanations of the entire process that was prepared by the Chamber.  You can get more information about the Key West Chamber of Commerce by clicking here.

Key West Property Tax Analysis 




August 9th, 2010

When one thinks of Key West architecture, an image of elegant 19th century wooden homes with gingerbread is usually what comes to mind.  Yet there is a different side to Key West—literally.  To the east of the historic district and the Casa Marina area, are the neighborhoods of Mid-Town and New Town where many of the homes were constructed in the 1950’s.  Most were built of concrete block and designed in post-war modernism.  Their utilitarian design was a practical matter of the time, but is now sought after.  With the heightened interest in mid-century design, these homes are going retro after years of bad renovations and neglect.

Since the housing crisis, Key West properties in Mid-town can sell in the $300’s—a relative bargain by Key West standards.  Prices in these neighborhoods began rising again in early 2010 as inventory went down 22% year over year in the second quarter and the median price of a single family home rose 17.7% in July.  Key West’s modern neighborhoods are ripe for investment.   The inhabitants consist mostly of full-time, year round residents, although second home owners are increasingly becoming commonplace.  Newcomers are discovering the uniqueness that is Key West, and they are finding that there are high design opportunities in its modern neighborhoods.  The best news is that Key West real estate in these areas has become affordable– quite a contrast to the real estate boom days.




July 13th, 2010

The trend in Key West Real Estate continues as the number of sales increase and median prices outside of the Key West Historic District are also up slightly.  The median prices in Old Town Key West and Casa Marina in Key West continue to fall slightly.  You can see the latest Key West homes for sale information by searching the MLS here: http://www.dougmayberry.com/Number of house Sales in Key WestMedian Price of House Sales in Key WestBuyers in Key WestPending House sales in Key West

Supply of Houses for SaleNumber of Current Listings in Key West

The number of properties listed for sale has held fairly constant the last few months as new listings have come on the market as properties have sold.

The number of Key West home sales continued to increase in the lower and mid-range price categories and Key West median home prices have begun to recover in the lowest price range.  The total median price decrease since 2005 in Old Town has been about 50% and in Midtown, Newtown, and The Lower Keys about 60%.
 
There have been no sales above $2 million this year in Key West Old Town and one each in Casa Marina, Truman Annex, and Sunset Key.
 
A trend toward increasing activity in Key West real estate that began earlier this year was slowed by the media coverage of the BP oil spill.  Activity slowed considerably in May and has just begun a slight recovery as buyers realize that the oil is still hundreds of miles from The Keys and unlikely to ever impact us except as a few tar balls.  You can see a link to more detailed info about the oil spill on our blog by clicking here.
 
This week the media reported on dengue fever cases from Key West that were discussed at a CDC conference in Atlanta.  Much of the data discussed was almost a year old.  The Florida Keys Mosquito Control is aggressively going after the mosquito that carries this disease.  We have always found the experts at Mosquito Control very responsive.  They are usually out to investigate a problem within minutes of a report.




July 12th, 2010

florida-keys-underwater-music-festival The Florida Keys Underwater Music Festival was held this past Saturday in the “oil-free” Florida Keys, just 30 miles from Key West.  Click here to see the video.




June 30th, 2010

key-west-hospice-vna-picnicThe Hospice of the Florida Keys is conducting their annual Fourth of July fundraising picnic a the Casa Marina Resort on Sunday, July 4th.  Doug Mayberry Real Estate is a proud sponsor of this event.  For the detaied information, please click here:  key-west-hospice-vna-picnic-invitation.




June 30th, 2010

oil-free-keys

Key West and the Florida Keys are still hundreds of miles away from the BP oil spill.  Click on the photo to see the latest video from this past weekend in The Keys.




June 22nd, 2010

This article appeared in today’s Miami Herald stating that the Florida Keys are dodging the threat from the oil spill.




June 21st, 2010

Florida Keys Father's DayClick here to see a video from Father’s Day in the Florida Keys and Key West.

Doug Mayberry lett
Sabrina Acevedo lett
Dean Townsend lett
Kent Ducote lett

     
 

Doug Mayberry Real Estate
1075 Duval Street,
Duval Square, Suite C23
Key West, FL 33040
(305) 292 - 6155
Doug@DougMayberry.com

© 2010 Doug Mayberry Real Estate