Adventurer Ponce de Leon and fellow Spanish chronicler Antonio de Herrera discovered Florida Keys on May 15,1530. Key West has a party atmosphere. The bars and clubs are visited by a large number of tourists every year. The weather conditions and the beaches are a big part of the Florida Keys attractiveness as a Spring Break destination. Beautiful beaches that face waters and stretch miles across the coast line and a subtropical climate are perfect for diving, kayaking, sailing, wave running and swimming.
Being a spot of such great tourist interest, real estate in the Keys is very expensive. While the housing market along the shoreline of the Keys is tight, properties in outlying areas are quite affordable. One-bedroom condominiums start at $ 245,000. Small single-family homes start at $ 300,000 and run into the millions. Larger estates with ocean frontage and spectacular views can go for $ 3 million or more.
Million-dollar properties are quite commonplace in Florida Keys. Land cost for new development has tripled in many cases, and density has gone from 25 to 20 units per acre. The population of retirees, baby boomers and second-home buyers are making strong demands for properties on or near the water in the Florida Keys. This boom in demand has allowed sellers to name their own prices and terms.
The housing areas of the Keys are emerging as a more upscale market than ever before. The supply of homes for sale is increasing. The hurricane is responsible for the buying frenzy of residential lots that are zoned multi-family for purposes of condo development. The landowners are still undecided, as to whether they will rebuild or sell the properties damaged during the hurricane. However, in both cases, prices will be higher than ever when the waterfront properties are put up for sale.
The months of August and September saw a slight fall in the real estate sales. Nevertheless the market is bouncing back now.