The Florida Keys real estate market is unlike those of most other places in the country, and not just for its tropical locales. Not only is the market seemingly more stable – with high demand, low supply and low-mandated limited growth, but it also typically attracts a different kind of buyer.
Set amidst the picturesque backdrop of the Florida Straits, with balmy breezes and splashes of sunshine, lies the chain of islands known as the Florida Keys. The Florida Keys real estate market seems impermeable, no matter what is happening elsewhere in the country. Whether buying or selling, it is always a good time to invest in a Florida Keys home.
The Florida Keys is a different type of real estate market. Property values continuously remain strong, and properties continue to move quickly. Living in the Keys is like taking a permanent vacation in a tropical paradise. The perfect weather, high quality of life, and easy access to the ocean keeps people coming back for more, and prospective residents constantly moving to the Keys.
This high demand often equals high property values. Adding to property values is Monroe County’s Rate of Growth Ordinance (ROGO), which limits the growth of the population by limiting the growth of Florida Keys real estate. The entire chain of the Florida Keys is only 100 miles north to south, and each island is only a few miles. Since the Keys are quite small, there is a limited amount of land possible for building real estate, and ROGO further limits the building. These factors constantly keep real estate in the area at a high premium.
Prospective buyers in the Florida Keys real estate market are often different than those looking to live elsewhere in the country. Many of those relocating to the Keys are retiring to paradise, and therefore have the savings required to afford one of the luxury Florida Keys homes. Additionally, a large share of the market is represented by those purchasing vacation homes or seasonal homes. But with the Keys real estate market offering a little bit of everything, there is a right home in the market for all buyers – at all price points.
Those looking to live like they are on vacation, constantly flock to tropical, laid back areas like the Florida Keys. The constant demand, coupled with a limited supply makes Florida Keys homes for sale hot commodities around the country, and sets the Florida Keys real estate market apart.“they are on vacation”