If you've turned on the TV or read a single news article, I'm sure you're aware that real estate in most areas the country including Florida are going through major corrections. The Keys also are going through a correction... But.... Ours seems pretty tame compared to most areas. The reason is a little complicated but in short... Our market is an artificially controlled one. In the keys your ability to build a new home on vacant land has been slowed to just about a stop because of very very strict local and state regulation. The county and state are trying to achieve zero growth in Monroe County. They're claiming many reasons. Environmental, hurricane evacuation and over taxation of local infrastructure. I think to a degree all may apply.
So What ?? What does that mean for you ...a perspective buyer?? Well, what that means is very soon in order to have a new home here in the keys you're going to have to purchase an existing property and then either remodel or demolish it to build your new home. All of our land use regulations are designed to slow and stop new construction on vacant lots. That's the secret that keeps our existing home market so stable. Remodeling or rebuilding an existing home is exempt from these ROGO regulations and for most people is the only viable way to have their dream home in the keys! Most people are not going to wait 5 to 7 years to get a building permit to build on vacant land and then pay all the additional costs involved.
Now, all that being said...... Our home prices have adjusted down. Some areas of the keys more than others. Bottom line to you.... Property is more affordable now than it has been in the past 4 to 5 years! The timing is perfect for a smart purchase.
If you're seriously contemplating buying a home here in the keys, I would love to assist you.
