Thank you for your interest in the Florida Keys! The Keys are a charming place to live and to vacation, a place where the lifestyle is very casual and comfortable.
Whether your interests are diving, fishing, kayaking, etc., you're in for the experience of a lifetime here in the Keys! Ther is a fishing extravaganza awaiting you in the calm waters of the Back Country grounds of Florida Bay or the blue waters of the Atlantic Ocean. For diving enthusiasts, the Living Coral Reef of the Florida Keys is known as one of the world's most dazzling diving spectacles. In the Lower Keys, Looe Key Coral Reef, situated approximately four miles off-shore, is an incredible location for snorkeling and diving. Needless to say, it is no wonder that our fabulous Florida Keys have become a most sought-out place to live and to vacation.
Along with the popularity of the Keys come a very solid and stable real estate climate as well. Because you may not yet be a full-time resident, the following information may be of help to you in making your purchasing decision.
What Area Is "Best" In The Keys?
Well, that answer could be a combination of factors. Let's take a look at our Mile Markers. Our Mile Markers are the little green signs you will find along U.S. Highway One, which begins in Key West with Mile Marker "0". You will soon learn when you give or get direction in the Keys, that the Mile Marker is very significant. I concentrate on Marathon and Lower Keys properties from Mile Marker 56 to Mile Marker 1, but sell homes throughout all the Keys. Therefore, the area of the Keys show-cased here will be from Key West to Marathon. (Should you decide to look in other areas of the Keys, I have access to the entire Florida Keys listing data base, and can easily assist with any property you may wish to consider purchasing).
MILE MARKERS ISLAND
0 to 4 Key West 4 to 8 Stock Island to Boca Chica 8 to 15 Boca Chica to Sugarloaf Key 15.00 to 20.25 Sugarloaf Key 20.25 to 23.50 Cudjoe Key 23.75 to 25.50 Summerland Key 27.50 to 26.00 Ramrod Key 27.50 to 28.00 Torch Keys 29.00 to 33.00 Big Pine Key
The "Lower Keys" are located between Key West and Marathon, each of which has an International Airport, and are an approximately 2.5 hour drive to Miami. At this time, there is a greater selection of flights serving Key West than Marathon.
The truly tropical ambiance of the Lower Keys offers the feeling of actually being in the Caribbean Islands, yet we are indeed on an extension of U.S. soil. Big Pine Key, being the second largest island, has a fresh water supply that supports lush hardwood hammocks with nature trails and the renowned miniature Key Deer.
Should I Buy On The Oceanside Or The Bayside?
There has been a long-running debate over the relative advantages of being on the Oceanside versus the Bayside of the islands in the Keys. Generally speaking, there happen to be advantages to both.
The Oceanside enjoys the cool breezes from the Southeast during the warmer Summer months, while the Bayside usually has cooler Northern winds in the Winter season.
Many people thrill in our magnificent sunrises, and just about as many enjoy our legendary sunsets. Lower Keys Bayside and Oceanside open-water properties actually offer a choice of either or both.
Some people feel more "protected" on the Bayside, while others prefer the ocean exposure. While the preference is a personal one, I find that a nearly equal number of people opt for each side. Easy boating access to the other side is important to many, making areas near our bridges somewhat more desirable.
Where Are The Sandy Beaches?
This is one of the most common requests that we hear. Actually, there are very few sandy beaches in the Florida Keys. Take a look at our beautiful, azure blure seas. On a typical day in this part of the Tropics our ocean looks more like a huge lake with a mirror-like stillness. Over hundreds and thousands of years, a strong surf pounding against the coral and rock does create a sandy beach. The Coral Reef just oceanward of the Atlantic shoreline in the Keys breaks that sand-creating force, leaving shallow, calm seas that keep the waters crystal clear, the colors spectacular, the erosion less worrisome than it is to other Atlantic shorelines, and our sandy beaches few in number.
The Keys do, however, have several nice beaches. Voted one of the best beaches in America, BAHIA HONDA STATE PARK in the Lower Keys, has the most beautiful beach in the entire Keys. Located just west of the 7-Mile Bridge, Bahia Honda offers sandy beaches, swimming, great snorkeling, camping, kayaking, lodging, picknicking, food service, a gift shop, snorkeling tours, bike trails, and stunning views from the top of the old Florida East Coast Railroad bridge where it is not unusual to spot sea turtles, tarpon, and manatees. Other nearby and popular beaches, all located on the island of Key West, are Smathers Beach, offering a wide variety of water sports, Higgs Beach, and Fort Zachary Taylor, which features a Civil War era fortress housing the largest collection of Civil war artifacts in America. Additionally, there is Anne's Beach in Islamarada, the "Village of Islands".
Do I Buy A Condo Or A House?
A resort community of second home purchasers is a natural for the condominiom concept. Don't rule out the idea of condo ownership if you're thinking about owning in such a community. You won't find condominioms located in the Lower Keys--you will want to consider Marathon, Key West, or the Upper Keys for condominium ownership. Many condominiums offer facilities which may or may not be practical for you, such as pools, Jacuzzis, tennis courts, boat dockage, exercise rooms, saunas, elevators, resident managers, and security. If you wish to rent your condo unit occasionally, Preferred Properties Coastal Realty, Inc. offers rental programs and property management.
In the Lower Keys, on Cudjoe Key, we have the resort community of Venture Out, which is a gated community of RV sites, park models, and mobile homes, for the most part. It is a very nice neighborhood with great boating and excellent rental potential for the second home owner or investor. Many of our neighbors from the North spend their Winters here, renting or occupying their own home. Venture Out is worth a look.
Single-family homes in the Keys have always been very popular. One can enjoy added privacy and fewer restrictions compared to condo living. With a single-family, detached, residence, you have far more flexibility to expand or modify your home. Additionally, the demand for leasing of single-family houses is strong, far exceeding the number available for rental.
What Are The Approximate Prices?
This is an extremelty general summary, involving many factors, such as the familiar expression "location, location, location", boating access, type of construction, view, waterfrontage, and water quality.
To actually build a home in the Florida Keys is an expensive and time-consuming process. A good quality home can cost from $250 per square foot and up, and it will take years to get a building permit. The construction period will likely be six months to a year. One might question the high cost of construction. It may seem unreasonable, but consider some of the reasons: we are, after all, in an island community, and building materials must be transported long distances at considerable cost. Lots that already have a building permit or are well into the process of getttina permit are considerably more valuable than a lot that is not currently in the permitting process. If you are not familiar with the many zoning regulations and building restrictions in the Keys, my suggestion is that you get the assistance of a professional planning advisor to assist you in this venture.
Dry (non-waterfront) lots: size is typically 5000 to 8000 square feet, and start at around $150,000 and up.
Canal front lots: size is typically 5000 to 8000 square feet, and prices start at around $350,000 and up. As size, desirability, permitting process, and proximity to the Ocean or Gulf improve, prices go up.
Open water lots: size usually runs in the 6000 to 10,000 square foot range, and start at about $550,000 and up, depending on permitting process, boating access, and all-around desirability.
Dry lot homes: prices start in the area of $350,000.
Canal front homes: start at around $400,000.
Open water homes: these homes are dorectly on the Ocean, the Bay, or a channel, and prices begin in the area of $750,000 and go up from there, depending upon quality of boating access and overall desirability.
Mobile home on lot: prices start at about $250,000 and go up, depending upon largely upon location.
Our Monroe County Building Code has strict requirements and there is very limited building permit issuance due to our location. Being surrounded by water creates very special needs: minimum elevation requirements now result in the necessity to build "stilt" (on masonry or concrete pilings) homes in most locations in the Keys. These pilings are set on augered holes at least three feet deep into the caprock ( the foundation material of the Keys ) that are filled with concrete and protruding re-bar. The solid piling is then built, atop, tied to its "footing" by the re-bar. The pilings are tied to the tie beam of the home and everything else is "tied together" right on up to the roof. The result--a very storm-worthy house.
Big Pine Key is presently under a building moratoriom and the real threat of a building moratoriom being imposed on a long term basis for the entire Keys will only increase the value of the existing homes here.
What Are The Taxes?
Real Estate Taxes:
Real Estate taxes are based on a "millage rate" of approximately 11 at this time, which is approximately 1.1% of your home's vlue. If your home has an assessed value of $495,000, at 11 mills your annual real estate taxes will be $5445.00. If your property in the Keys is your primary residence, Florida gives a "Homestead Exemption" on the first $25,000 of assessed value, thereby reducing you tax bill by approximately $275.00.
Sales Tax:
Florida has a sales tax rate of 6.0%, plus Monroe County has a 1.5% Discretionary Surtax on sales for a total sales tax of 7.5%. Accommodations have an additional 3.0% local option bed tax, and a 1.0% Tourist Impact Tax.
What Types Of Insurance Will I Need?
There are three forms of insurance coverage you will need to get if you plan to secure financing for your home here in the Keys.
Homeowner: Prices for coverage vary from insurer to insurer.
Windstorm: Premium rates for this coverage vary considerablly, depending upon the property's location, when the home was built, and type of construction.
Flood: There are two flood zones in the Florida Keys: AE and VE. Federally subsidized flood insurance is very affordable for properties in the AE zone, and varies according to the base flood elevation. Flood coverage in the VE zone costs quite a bit more, and you should get a quote from an insurance agency before submitting a purchase offer for a property in the VE zone.
A tip: insurance coverage cannot be bound if there are any hurricane watches or warnings in the state of Florida. For this reason, you should obtain insurance as soon as possible in order that closing on your property purchase not be delayed.
What Is The Cost For Water And Electricity?
Water is provided by the Florida Keys Aqueduct Authority and the cost is $4.69 per thousand gallons for monthly usage of up to 6000 gallons. Rates graduate for increased usage. Electricity in the Keys is provided by Keys Energy and the cost is $0.12310 per KWH used.
It is my hope that this information has answered some of your questions. Your decision to purchase real estate in the Florida Keys will be a major investment for you, and the more information you have will allow you to make a educated and better decision.
Should you have any questions, please just give me a call or send an e-mail to buyinparadise@bellsouth.net. To call me, use any of these numbers: