Key West’s small size, historic preservation, and tropical lifestyle keeps local real estate in high demand.
Florida Keys property, and in particular, Key West Fl real estate, is very much desired.
Due to the State of Florida’s designation of the Florida Keys as an “Area of Critical Concern”, growth, in the form of new building permits, has been nearly eliminated. At the same time, Key West has attracted a new category of wealthy buyers and residents drawn to the islands Caribbean look and feel. Today, our small island is one of the hottest real estate markets in the entire United States.
The average price of a single family home in Old Town Key West is now over $800,000, though most cost well over one million dollars. Just ten years ago, the same home would have listed for $170,000. The most sought after homes are the wooden historic houses, built in the late 1800’s by master ship’s carpenters. Old Town Key West houses comprise one of the largest collection of Victorian homes in the country.
Many visitors have been so charmed by the island life, that they spent half their vacation looking at Key West houses for sale. There are an estimated 400 real estate agents in Key West, and we won’t attempt to list them here. Strolling through the historic streets of Old Town, you are likely to see their for sale signs.
If this is paradise, why does it cost so much?
This is a popular refrain we hear from people looking for a home for sale in Key West. It seems everyone is now interested in our little island. I can’t say I blame them. The world up north seems a bit serious, and Key West might be the ideal antidote to all the stress of mainland living.
Often we shrug, and wave a hand at the beautiful scenery, the quaint neighborhoods, and the Caribbean water where we play. It’s a fun lifestyle, living on an island, never worrying about snow.
Homes for sale in Key West are expensive by any standard. It may not be cheap where you are from, but in Key West the price of a house is probably much more expensive.
Real Estate Agents
Believe it or not, Key West now has over 400 real estate agents. I don’t know if this is something to be proud of, but it is definitely indicative of the once roaring Key West real estate market.
Homes that previously sold for $150,000 in 1997 today sell for nearly one million dollars. A renovation boom unlike any seen in decades had swept through Key West. Old Town streets are once again proudly displaying one of largest communities of historic wooden homes in “ship-shape” condition.
Are we another Aspen? Should we cost as much as New York City? I can’t answer that. But what I can tell you is that Key West has definitely graduated to the top tier of buyers. Today’s buyer of a Key West house for sale is very affluent and likely to be looking for a second home and an investment.
The help of a savvy Key West real estate agent will help you navigate the market of Key West homes for sale.
Our recommendation for a Key West realtor:
- Jimmy Lane – 3332 N. Roosevelt Blvd. – Jimmy is very knowledgeable about the Key West real estate market, was a past president of the Key West Realtors’ Association, and has expertly handled many purchases and sales on the island. You can reach his office at 305-766-0585.
Here is a list of the other big names:
- Rudy Molinet- Marquis Properties Realty – 508 Southard Street, Suite 107
- Truman and Company – 1205 Truman Avenue
- Realty Executives – 1824 Flagler Ave.
- Bascom Grooms Real Estate – 1716 North Roosevelt Boulevard
- Preferred Properties – 520 Southard Street
- Prudential – 336 Duval Street
- At Home in Key West Real Estate Company – 905 Truman Ave
- Compass Realty 201 Front Street
All Key West real estate agents will give you access to the MLS – short for the multiple listing service which lists the majority of properties for sale.
Commercial Real Estate
As we say, a rising tide lifts all boats.
The Key West commercial real estate market is no exception. And if a property has any dwelling rights, the demand can be doubly robust.
Key West marinas, apartment buildings, retail space, office space, bed & breakfasts and other lodging properties, as well as restaurants and attractions have been rising in price along with the rest of the Key West real estate market.
Some of the big players in Key West commercial real estate are:
- Bascom Grooms – 1716 North Roosevelt Boulevard
- Key West Real Estate Company – 1075 Duval Street
- The Real Estate Company – 701 Simonton Street
- Realty Executives – 801 Eisenhower Drive
- Exit Realty – 1511 Truman Avenue
- Prudential Real Estate – 336 Duval Street
- Preferred Properties Coastal Realty – 520 Southard Street
By no means is this list exhaustive. There are over 400 real estate agents in Key West! So, if you are looking for Key West commercial real estate for sale, you will have plenty of professionals eager to help.