Upper Keys Real Estate Articles
Islamorada Key Cost Of Living 2023
Islamorada, located in the Florida Keys, is a popular tourist destination known for its beautiful beaches, clear waters, and fishing opportunities. However, with its popularity comes a higher cost of living compared to the state of Florida and the national averages.
If we use a 100-point scoring index to put things in perspective and context, with anything above 100 being more expensive and anything under being less expensive. So, on a 100-point index, the cost of living in Islamorada in 2023 can be broken down as follows across six categories:
- Food: The cost of food in Islamorada is higher than the state and national averages. Fresh seafood, a staple in the area, can be a tad more expensive, and the limited selection of grocery stores in the area also drives up prices.
- Utilities: Utility costs in Islamorada are slightly higher than the state and national averages. This is partly due to the fact that many homes in the area rely on necessary technologies like reverse osmosis systems to provide clean drinking water.
- Transportation: Transportation costs in Islamorada are high due to the island's remote location. There is limited public transportation, and the only way to access the island is by car or boat, which can be costly over time. Although, a good number of residents bike around because of the temperate weather.
- Health Care: Healthcare costs in Islamorada are lower than the state and national averages. This is likely due to the relatively small population of the area and the availability of health clinics and hospitals on the mainland (which is only a short drive away).
- Miscellaneous: Miscellaneous costs, such as clothing and entertainment, are higher in Islamorada than the state and national averages. This is partly due to the area's high tourist population and associated costs. Additionally, because this is an island, which means it costs more to bring products in from the mainland and across the country and world.
- Housing: Housing costs in Islamorada are significantly higher than the state and national averages. This is due to the high demand for property in the area and the limited availability of land, which drives up prices.
Overall, the cost of living in Islamorada is higher than the state and national averages, particularly in the areas of food, transportation, and housing. However, the area's natural beauty and unique lifestyle make it an attractive destination for many, despite the higher costs.
Islamorada Florida Real Estate Market Forecast for 2023
The Islamorada Florida residential real estate market forecast for 2023 will probably not see much of an uptick in activity, though it still remains relatively healthy at this time and trends could very well change when the buying and selling season arrives early next year. Read on to learn more about the local market, some emerging factors, and relevant statistics.
The Islamorada residential real estate market is presently in a cooling situation, and this may or may not change over the next several months due to a variety of factors. Right now, there are just over 120 active listings in the area, with prices ranging from as little as $155,000 up to as much as $23 million. However, many homes are selling for much less than the top figure, with the median selling price being $1.5 million at this time. Also, the current median listing price per square foot stands at $937, with a median selling price of $981,000. This means that the present sale-to-list price ratio stands at 93.5% equaling a 6.5% difference between the asking price and the final agreed selling price.
However, based on recent transactions and the latest numbers available, the Islamorada Florida residential real estate market is heavily favoring buyers over sellers, defining it as a buyer's market at large. Right now, the number of active listings spend quite a bit of time on the market compared to past years, with the median days on the market pushing over three months, or 98 days.
This presents a prime opportunity for motivated buyers, who may be able to take advantage of the soft market conditions to acquire property at a lower price. However, buyers are currently not nearly as active or quick to jump into the market as they were in months past, largely due to rising interest rates and persistent inflation, both of which seriously deter buyers.
Although, there is a bit of good news and it could be helpful to the local housing market. The fact that so many individuals and families continue to relocate to the state could be of substantial impact, along with the slow pace of construction and the overall need for housing. What's more, being such a business-friendly environment and having such great weather, means more people will continue to move into the area and that will most definitely help the local real estate market.
Property Upgrades That Pay Off
Property upgrades that pay off don’t necessarily have to be huge, sweeping, expensive changes. Often, what they do is improve the aesthetics and function of a home and that means when it comes time to sell, they deliver a nice return on investment. So, as long as you stay in the property, you get to enjoy them and then benefit from said improvements when you sell. So, read on to learn more about the property upgrades that pay off.
Property upgrades that pay off will not only deliver a strong return on investment but will also improve functionality and quality of life. Generally, you'll get the most out of making the home more efficient in different ways. Here are some of the best property improvements that pay the most back:
- Kitchen remodel. Contrary to popular belief, a minor refurbishment will pay higher dividends than a major overhaul. Unless the kitchen has a weird configuration or is seriously out of date, just a minor makeover will pay off big time.
- Appliance upgrades. New appliances do more than just provide good looks. Today's modern appliances are packed with all kinds of functions and innovations, making them a great long-term investment in any home.
- Bathroom renovations. Here again, a minor remodel will pay back more than a major renovation. Just a few strategic changes will do a lot to make it more stylish and improve its quality of life.
- Add an outdoor deck. Adding a deck is an inexpensive and simple way to increase living in entertainment space and it's also one of the best property upgrades for a strong return on investment.
- Improve the curb appeal. One of the most exciting property upgrades that pay back big is improving a home's curb appeal. This is far more than just about adding colors and textures, it's also about adding dimension to a home. It's also one of the easiest ways to increase a home's aesthetic value for very little money.
- Increase energy efficiency. This should come as no surprise since it's pretty much a no-brainer. Upgrading doors, windows, insulation, and other energy-saving methods, like new appliances, will deliver a very strong return on investment.
Also, giving the garage a makeover will pay off in different ways. Adding storage and improving its organization will do quite a bit for a happier quality of life and it makes a terrific selling point when it comes time to put it on the market.
5 Actions Smart Homeowners Take To Sell Their Houses
Smart home sellers always take action to sell their houses. They go the extra mile and add little touches to make their properties not only presentable but also enticing. Smart home sellers make their properties attractive in a number of strategic ways. Fortunately, none of these preparations are difficult, so you can do them on your own. Read on to learn more about the five actions smart homeowners take to sell their houses quickly and for as much money as possible.
Smart home sellers understand they’re up against a variety of competition. So, they do everything they can to make their properties stand out from the rest. Here's how they get their homes ready for sale:
- Smart home sellers spruce up their curb appeal. Buyers form an impression of a property within 7 to 10 seconds. That's not a whole lot of time to get their attention or pique their interest. So, be sure to make your home look its best by power washing the exterior and planting colorful flowers.
- Smart home sellers stage the interior of their property. Staging is very important because it allows buyers to see the home in its best condition. Be sure to arrange furniture to maximize traffic flow rather than around a television.
- Smart home sellers thoroughly clean and disinfect their houses. Make no mistake about it, buyers will notice every little bit of dust and will see everything that's dirty. It's not enough to simply do a little bit of light cleaning, take the time to clean every single surface and disinfect the entire house so it looks clean.
- Smart home sellers address any and all existing and potential problems. Those little repairs that you've learned to live with and haven't done will be big objections to buyers. Savvy home sellers take the time to repair everything they can. If you don't, it may turn up in the home inspection, and you'll have to fix it anyway.
- Smart home sellers always take time to accentuate their houses’ strengths. If your home gets a lot of sunlight, be sure to use that to your advantage. Also, any amenities like a swimming pool or deck can also help to sell a house. Just take the time to make sure the best features of your house are highlighted and of course, downplay any weaknesses. Buyers will be happy that you present your home in its best way.
Upper Keys Schools & Education
The Upper Keys schools and education range from preschool to high school and everything else in between. There are public schools, private schools, and charter schools, as well. If you are relocating to the Florida keys, or simply moving from one part of the state down to the island archipelago, you'll probably want to know a little about the school and education choices here. So, read on to learn more about the schools and education institutions in the Upper Florida Keys.
The Upper Keys schools and education are really no different than anywhere else around the country (or the state). Here, you'll find everything you need for school and education. But, before we get into specifics, let's first define what is meant by the "Upper Florida Keys." Generally speaking, the Upper Florida Keys consists of three principal areas: Key Largo, Islamorada, and Marathon (though some would say that the first one, or perhaps the first two, are truly in this vicinity). Nevertheless, for the purposes of this information, we will include all three.
In the Upper Florida Keys, there are a number of schools, beginning with pre-kindergarten, going into kindergarten and elementary, middle school or Junior high, and high school as well. Additionally, there are some colleges in the area, as well as some university branches, although there are many more choices for higher education levels on the mainland peninsula.
Additionally, there are a few trade schools in the region, most of which will be found in South Florida, in and around Miami, and Fort Lauderdale. (There are a number of well-known universities along the Southeast coast of the peninsula, stretching along from Miami northwards up to West Palm Beach, along the Treasure Coast, and up into the Space Coast.)
As for primary schools, there are a number of choices, including Key Largo School which offers K-8, Treasure Village Montessori Charter School which is also K-8, St James Children's Center, Stanley Switlik Elementary School, Marathon School which offers middle through high school, The Academy At Ocean Reef which offers PK-8, St. Justin Marine Academy likewise offers PK-8, and Keys Academy at St. Justin also offers PK-8.
Most high school students will attend Marathon School, but there’s also Coral Shores High School in Tavernier and Upper Keys Academic Connections for Excellence - both offer ninth through twelfth education.
As you can see, there are several choices when it comes to schools and education in the Upper Florida Keys.
Five Reasons Why Key Largo Real Estate Is A Good Investment
What are the five best reasons to invest in Key Largo real estate? Well, it really comes down to some very straightforward things. Basic factors play very important roles in any real estate investment. So, read on to learn the five top reasons why Key Largo real estate is a really good investment.
When it comes to investing in residential real estate, it’s important to choose the right location - not just a good property. Remember, location is key when it comes to residential real estate because it is the single biggest factor that contributes to its value. For example, take any ordinary three-bedroom, two-bathroom house in an average neighborhood and put that same residence on a beach and its value immediately skyrockets. With this in mind, let's get to the five most compelling reasons to invest in Key Largo real estate:
- Location. Although it's repetitive, this is definitely worth restating because it is the largest contributor to the value. King Largo is a tropical island paradise and therefore, real estate here is much more valuable, not only due to the climate and scenery but the scarce resources of the land.
- Strong appreciation. Because of its location, Key Largo is a heavily trafficked area, which means it's highly desirable. That translates into a very strong appreciation performance that outpaces any ordinary spot.
- Consistent tourist traffic. Again, location is a substantial element. Key Largo attracts hundreds of thousands of tourists, each meeting a place to stay. Folks who own homes in Key Largo can rent them out as vacation properties for a premium rate.
- Several tax benefits. Another great thing about owning real estate, particularly rental properties, is there are many tax benefits. And, not just at the Federal level. The state of Florida doesn't have an income tax, which means you get to keep more of that rental money.
- Serves as leverage. When you own real estate, you are building wealth. Real estate can also serve as leverage to acquire more properties and help you grow a substantial asset portfolio.
Here's a bonus reason to own real estate in Key Largo - it serves as a dedicated vacation getaway. Rather than having to scramble to find accommodations, you'll always have a place to stay. What's more, family and friends can use it and it can be passed on to your heirs.
Upper Keys Luxury Real Estate Forecast
The Upper Keys luxury real estate forecast is bright, particularly for the near-term future. The market remains quite active, despite it not being at the height of the season. And, it could crank up again in 2023, when the buying and selling season begins next year. At this time, the market is very strong and doesn’t show many signs of slowing dramatically. So, read on to learn more about the Upper Keys luxury real estate forecast and what you can probably expect.
The Upper Keys luxury real estate forecast is on track to either set a record or match some of the hottest years in history. Right now, the luxury market is enjoying a good run. Presently, the median list price in the area stands at just over $1.2 million, with a median listing price per square foot of almost $730. Currently, the median selling price comes in at a little over $803,000, these figures representing an increase of nearly 39% in a year-over-year comparison.
Other important figures include the sale-to-list price ratio, which is an impressive 95%, meaning homes are selling for just under 3% of their asking price. The median days on the market are also fairly short, at just 55 days, or slightly less than two months. Meanwhile, the Upper Keys market continues to favor sellers over buyers (although it isn’t an actual seller’s market). However, these numbers will change over the coming months, especially during the winter months, when sales are generally slow.
The Upper Keys luxury real estate market is strong and is expected to remain on an overall upward trend, though it will likely experience peaks and valleys over the coming months. Right now, there are four primary concerns: inflation, interest rates, new housing, and distressed properties.
Rising inflation will surely dampen market activity as buyers shy away from bigger purchases as the dollar continues to lose value. Rising interest rates will also play an important role, as the Fed continues to increase interest rates over the coming months. New housing has been slow to introduce new inventory into the local market, which puts more pressure on resales and increases the likelihood of owners remodeling rather than upgrading. Finally, distressed properties, which are foreclosures and short sales are still working their way through the courts, after being suspended due to the shutdown. A flood of distressed properties will spell trouble if reintegrated too quickly.
Real Estate Staging
The importance of real estate staging cannot be overstated, because it plays such an integral role in selling homes faster and for more money. Not to mention, it also benefits buyers in a fairly profound way. Sellers who stage their property reap a number of advantages compared to sellers who do not. So, read on to learn more about the importance of residential real estate staging and what it does for sellers and buyers alike.
The importance of home staging really materializes in some key statistics. For instance, a professionally staged home sells on average for 25% more than its non-staged counterpart. What's more, a home that is staged will sell in 73% less time than those without staging. But, that's not all. The average cost to stage a home generally ranges from $400 to about $1,000. And, that investment pays off big time. A full 85% of staged homes sell for as much as 5% and up to 23% over their listing price.
What's more, experienced listing agents report a 1% to 5% increase in their initial asking price for a stage property because it brings so much beauty and flows to a home. In fact, some of the most successful listing agents, around 30%, make staging a prerequisite to putting their clients' houses on the market. They do this because it gives the home its best visual representation through listing photos.
What is surprising to most people outside of the residential real estate industry is that home staging doesn't just benefit sellers, it is almost equally advantageous to buyers. This is due to the fact that statistically, only one person in 10 can imagine a property in a way other than it is presented. Moreover, it only takes 7 to 10 seconds for individuals to form an impression of a property, and therefore, staged homes tend to capture the eye. Even better, a full 86% of potential buyers report that it made it easier to visualize a property's best highlights when it is staged. This is collaborated by the fact that 77% of buyer's agents say that a staged home makes it far easier for their clients to imagine living in the property.
As you can see by these statistics, real estate staging is incredibly advantageous for both buyers and sellers. Staged homes sell in less time, for more money, and produce a nice return on investment.
How To Plan For A Stress-Free Move
Moving is a huge undertaking. It can be stressful and overwhelming for many people. But it doesn't have to be! If you plan ahead and follow some simple tips, you can have a stress-free move. In this blog post, we will discuss how to best prepare for your upcoming move. We will give you advice on how to pack, what to take with you, and how to keep your belongings safe during the transition. So read on and get ready to relax during your next move!
One of the most important things you can do to prepare for your move is to make a packing list. This will help you keep track of what you need to pack and ensure that you don't forget anything important. Start by making a list of all the rooms in your house and what needs to be packed in each one. Then, go through each room and make a note of any special items that need to be packed separately or require extra care. For example, fragile items like dishes and glassware should be wrapped in bubble wrap or newspaper before being placed in boxes. Once you have everything on your list, you can start packing one room at a time.
It's also a good idea to start packing early. This way, you can take your time and avoid feeling rushed. Start with the items you won't need between now and the move, such as out-of-season clothes or books you've already read. As you get closer to the move date, pack up items like kitchen utensils and linens that you won't need on a daily basis. And be sure to pack a separate bag or box with essentials like toiletries and medications that you'll need during the first few days in your new home.
When packing boxes, it's important to keep items together. For example, all of your dishes should go in one box, while all of your clothing should go in another. This will make unpacking easier and help you stay organized. You can also save time and space by packing items in luggage or duffle bags. Just be sure to label these bags so you know what's inside.
It's also a good idea to put together a cleaning kit before you move. This should include things like an all-purpose cleaner, sponges, paper towels, and trash bags. This way, you can clean your new place before unpacking your belongings. And speaking of unpacking, be sure to have a plan for how you're going to do it. If possible, try to unpack one room at a time so you don't feel overwhelmed.
Finally, don't forget about your pets! Be sure to have a plan for how they will get to your new home. If you're driving, make sure they have a comfortable spot to ride in the car. And if you're flying, research airlines that allow pets and make sure you have all the necessary paperwork.
Why This Is A Good Time To Invest In Real Estate
Now might be the best time in years to invest in residential real estate. The market is stable, interest rates are low, and there are many competitive mortgage options available. In addition, key improvements that add value can often be made without breaking the bank. And finally, residential real estate has a long record for wealth building as an asset class. If you're thinking of investing in real estate, now is definitely the time to do it!
If you're thinking of investing in real estate, now is a great time to do it. There are many reasons why this is so, but some of the most important ones include the following:
- The market is stable. This is crucial for any investment, but especially for something as long-term as real estate. You don't want to invest in something that could lose value quickly.
- Interest rates are low. This makes it cheaper to borrow money for an investment property, which can help you make a larger profit when you eventually sell it.
- There are many competitive mortgage options available. This means that you can shop around and find a loan that's right for you and your financial situation.
- Key improvements that add value can often be made without breaking the bank. This is important because it allows you to add even more value to your investment, making it even more profitable in the long run.
- Residential real estate has a long record for wealth building as an asset class. This means that investing in real estate is a proven way to build wealth over time.
All of this, not to mention the fact that owning real estate provides you with the option to leverage it to acquire additional properties. If you're thinking of investing in real estate, now is definitely the time to do it. The market is stable, interest rates are low, and there are many competitive mortgage options available. In addition, key improvements that add value can often be made without breaking the bank.
And, unlike single stocks or even mutual funds, real estate does not experience sizable fluctuations in value. Aside from the anomaly that occurred in 2008, residential real estate has a long, historical track record of unparallel performance, which is why so many wealthy individuals have a substantial holding in real property. Now is a great time to get into the market and enjoy its many financial benefits.
When to Use a Real Estate Attorney for a Closing
Many people believe that they do not need a real estate attorney for a property closing. This is often not the case. In fact, there are many situations in which it is highly advisable to have an attorney involved in the transaction. In this article, we will discuss four situations in which you should definitely use an attorney for your property closing. Keep reading to learn more.
Buyers and sellers should really use a real estate attorney for a property closing because it’s a smart move. But, many transactions are handled by title companies. However, there are instances when a real estate lawyer is necessary. For instance, when there are contractual issues with the purchase or sale, when it involves an estate with one or more heirs, when the property is new construction, and when there are title and/or warranty issues.
The first situation in which you should use an attorney for your property closing is when there are contractual issues with the purchase or sale. If there are any problems with the contract, it is important to have an experienced attorney on your side who can help to resolve the issue.
The second situation in which you should use an attorney for your property closing is when the property is new construction. There are often many legal issues that need to be addressed when purchasing new construction, and it is important to have an experienced attorney on your side who can help to navigate these waters.
The third situation in which you should use an attorney for your property closing is when there are title and/or warranty issues. If there are any problems with the title of the property or with the warranties that are in place, it is important to have an experienced attorney on your side who can help to resolve these issues.
The fourth and final situation in which you should use an attorney for your property closing is when there are estate or probate issues. If you are purchasing a property from an estate, or if there are any probate issues that need to be addressed, it is important to have an experienced attorney on your side who can help to navigate these waters.
If you find yourself in any of these situations, it is highly advisable to seek out the assistance of a qualified real estate attorney. An experienced attorney will be able to help you navigate the legal and ensure that your rights are protected throughout the process.
Why A Deep Boating Draft Increases Value For Homes In The Florida Keys
The Florida Keys are a popular boating destination, and for good reason – the waters are crystal clear and the scenery is stunning. If you're thinking of buying a home in the Keys, it's important to consider how deep the boating draft is. A deep draft allows boats to travel further into the ocean and can increase the value of your home significantly. In this blog post, we'll discuss why a deep boating draft is so important in the Florida Keys, and we'll take a look at some of the homes that offer the deepest drafts in the area.
What is a Deep Boating Draft?
In the world of real estate, there are many important and complex terms that you need to be familiar with in order to make informed decisions. One such term is "deep boating draft." In order to navigate the waterways safely and efficiently, boaters need to be aware of a variety of factors including a boat's draft. The draft is simply the depth of water that a vessel requires in order to float.
Since there are many luxury homes in the Florida Keys, the most attractive are those equipped with a deep boating draft. Potential buyers with large water vessels can enjoy coming and going with relative ease. This increases property value because it accommodates large boats, including sailboats and powerboats.
Deep boating drafts make a big difference in the Florida Keys. Many people who purchase homes in the Florida Keys do so with the intention of using their boats to travel through the ocean. However, if your home doesn't have a deep enough draft, it can limit your ability to navigate certain parts of the ocean. A deep drafting boat is essential if you want to travel further out into the water, or even visit islands like Key West.
If you're one of the many people who dream of owning a home in the Florida Keys, there's something you should know: having a deep boat draft can significantly increase your property value. That's because having a deep boat draft means your home is accessible to a larger number of boats, and boaters are willing to pay more for homes that offer this feature. If you're thinking about buying or selling a home in the Florida Keys, be sure to keep deep boat drafts in mind because they do have a direct impact on a residence’s value.
Upper Keys Luxury Real Estate Forecast 2022
It's 2022 and the Upper Florida Keys real estate market is thriving. The median listing home price for Key Largo, FL in December 2021 was $1.2M, up 38.2% year-over-year from $865K in 2020. This trend has been seen throughout the entire region with a median sale price of $655K by year-end 2021 and median days on the market at 59 days. As you can see the Upper Keys are a popular destination for luxury homebuyers and investors, who have been flocking to Florida over recent years.
The Upper Florida Keys real estate market is presently balanced, meaning it offers near parity between buyers and sellers. So, there are enough active properties and active buyers to keep the inventory moving. Right now, the sale-to-list price ratio is currently 97.33%, meaning homes are selling only 2.67% below the asking price.
The Upper Keys luxury residential real estate market is forecast to experience healthy growth in 2022. The market is projected to see a five percent increase in sales volume, with prices expected to rise by approximately four percent. This continued growth is being fueled by strong demand from buyers, who are increasingly drawn to the area's natural beauty and relaxed lifestyle.
Plus, people are moving into the Sunshine State at a record rate. Over 1,000 people have relocated to the peninsula per day during the past several years. But, in the wake of the shutdowns brought on by the pandemic, that figure has significantly increased as individuals, families, and businesses all flock to the mainland and to the Keys to escape the west coast and the northeast alike.
The Upper Keys is also benefiting from the recent influx of retirees and luxury second-home buyers. What’s more, investors continue to see value in the Upper Keys market and are increasingly purchasing properties as rental investments. This is driving up demand for vacation rentals, which is, in turn, helping to boost the overall economy of the region.
Consequently, the luxury residential real estate market in the Upper Florida Keys is benefiting from all these trends. These figures point to a very bright future for the area and the year should see a continuation of its healthy real estate market over the next several months. The only caveat is the unknown impact of reintroducing distressed properties -- which are short sales and foreclosures. Overall, the luxury real estate market in the Upper Keys looks good.
Islamorada Luxury Real Estate Forecast 2022
The Islamorada luxury residential real estate market forecast for 2022 is presently on track to deliver a very healthy environment through at least the next few months going into the new year. If current market factors remain largely the same, 2022 should start off with a healthy luxury real estate market and possibly continue through most of the year. However, there are certain elements that could have a profound impact on luxury home values and sales in 2022. Read on to learn more about the luxury real estate market forecast for 2022 in Islamorada.
The Islamorada luxury residential real estate market forecast for 2022 will begin with a strong start, due to the current conditions prevailing in the area. Right now, the median list price is $1.1 million, with a median listing price per square foot of $846. This translates into a median selling price of $840,000. It also means the overall sale-to-list price ratio is presently at 97.11% or just 2.89% below the asking price. With inventory being somewhat lean, the region is currently favoring sellers to the extent it is considered by industry experts to be a sellers' market.
Although, the median DOM is now 133 days on the market. But, this is less than half of its peak in recent months when listings spent nearly 300 days on the market in November of 2020. Still, this is significantly longer than the hot market that existed just a couple of years ago when the listing only lasted between 64 days on the market and 78 days on the market in December 2018 and January 0f 2019.
Luxury home values should stay relatively stable through the next couple to a few months, although this prediction could change as the moratoriums on distressed property proceedings, which include foreclosures and short sales, are no longer in place. With such legal actions resuming, the luxury home market in Islamorada might be affected by the new presence of discounted real estate assets suddenly making their way onto the marketplace. But, if such real estate assets are introduced incrementally, the impact is more likely to be minimal or perhaps even equivalent to non-existent.
At this juncture, the luxury property residential real estate market in Islamorada is a healthy and active one and will continue to thrive due to the Mass arrival of people and businesses fleeing high tax, and high regulation environments on the northeast and west coast.
Islamorada Condo Forecast 2021-2022
The Islamorada condo forecast for 2021 and 2022 should continue its current trends. Presently, the market is considered largely balanced, meaning there’s near parity between buyers and sellers and available inventory and consumer demand. At this time, there are approximately just over one hundred and thirty properties listed for sale, ranging in price from $65,000 up to $6,790,000, with a current median list price of $1.1 million. Although the traditional buying season is around the corner, the global pandemic has significantly changed how the real estate market works. So, read on to learn more about the Islamorada condo forecast for this and next year.
The Islamorada condo forecast for 2021 and 2022 is currently an active but not overheated one. In other words, there’s a stable balance between inventory and buyer demand. Right now, the sale-to-list price ratio stands at 95.38%, which means that about 4.62% of listings sell below their asking price. The median days on the market or DOM is 65 days, which is less than the previous period and markedly less than around the same time last year when the DOM exceeded 100 to 200 days.
The reasons for these substantial shifts are many. First and foremost is the exceptionally high cost of new construction materials, which makes resales much more affordable and attractive. Additionally, during last year's shutdown, buyers were much more active in the market, but now that inventory has somewhat depleted and there are not as many buyers moving into the area, this has led to a more balanced market.
Of course, Islamorada remains a highly desirable location, though its cost of living is generally out of reach for average people. However, there are some factors that might play a negative role in housing values in the not-too-distant future. Moratorium on evictions, foreclosures, and suspension of short sales have all contributed to a stable value in residential real estate. But, since those prohibitions are or have expired, a potential wave of distressed properties might become available over a very short amount of time, which would negatively impact home prices in the area.
This potential scenario could substantially benefit buyers seeking a deal on condo units in Islamorada and beyond. Although, since this has yet to manifest, distressed properties remain few and far between, and contribute to the overall stability of property values. Therefore, the forecast for the condo market in the area remains uncertain at this time, because so many factors have yet to materialize.
Benefits Of Refinancing Your Home
The benefits of refinancing your home include some very compelling reasons. These not only make sense financially but can also help improve your quality of life. While the former seems sensible, the latter might seem a bit implausible or at least mysterious. However, there are some very big advantages to refinancing your property, so read on to learn about them and what you need to know about the process and benefits.
The benefits of refinancing your house begin with giving yourself a lower repayment on a monthly basis. Although this is very obvious and usually the biggest reason people refinance, it certainly isn't the only advantage. Before we get into those benefits of refinancing, let's take a look at what it is and isn't.
Refinancing is not a restructuring of a current mortgage loan. It is an entirely new home loan, which means it does include much of the usual process, including application, processing, approval, and yes, closing costs. However, in a good number of instances, those closing costs can be rolled into the loan so you don't have to pay cash out of pocket up-front.
Now, let's take a look at some of the biggest advantages of refinancing your homes mortgage and how it can benefit you:
- Enjoy a lower monthly payment. When you refinance, you do so to obtain a lower interest rate which of course reduces your monthly mortgage payment amount. It could also reduce the term, though the monthly payment might go up a bit. Usually, people refinance to enjoy a lower interest rate and therefore pay less per month toward their mortgage.
- Pay off the mortgage earlier. Although the majority of people refinance to get a lower interest rate for their new home loan, some do so to lessen their term length. Although it's generally possible to get a lower interest rate over a shorter term, this isn't always the case, but it usually is available. This means that you can take a few to civil years off of the repayment schedule.
- Lock in a lower interest rate. Refinancing means being able to lock in a lower rate, which again lowers your monthly mortgage payment. This also frees up your discretionary income and some homeowners use this extra to pay directly towards the balance principle.
- Obtain home improvement funds. Another reason to refinance is to pull equity out of your property in order to fund one or more home improvements. You can still obtain a lower interest rate but you can also access your home’s equity to pay for needed projects around the house.
Lastly, refinancing can remove private mortgage insurance. This can save you hundreds to thousands of dollars of money per year and provide you with a little more discretionary income.
Upper Keys Schools and Education
Upper Florida Keys schools and education are mostly comprised of institutions managed by the Monroe County Public School District. However, there are private and other schools in the Upper Keys and even more options on the mainland peninsula ( in Miami and surrounding areas). The Upper Florida Keys schools are located on different islands, which include Key Largo, Plantation Key, Islamorada, and more. So, take a few minutes to read on to learn more about the schools and other educational facilities in the Upper Keys.
Upper Florida Keys schools and education include, but are not limited to Key Largo School, Plantation Key School, Stanley Switlik Elementary School, Marathon Middle High School, and more. There are also higher education colleges, trade schools, and universities in the Florida Keys. For Example, Florida Keys Community College, Everglades University, the Center for Marine Science, as well as others.
What’s more, there are some private schools in Key Largo, such as The Academy at Ocean Reef and the Dolphin Montessori Children’s House. Additionally, other private schools include The Basilica School, Grace Luthern, and Montessori Island School.
The Upper Florida Keys being a collection of islands and having a relatively sparse population means there are fewer schools -- with fewer students -- and generally that translates into a smaller teacher-to-student ratio. This is very beneficial for not only students but, parents alike, along with curriculum evaluation and effectiveness. While this is certainly good news and overall beneficial for students, there are a few challenges that exist.
Since the Florida Keys are a chain of islands, with just one main highway running up and down the archipelago, getting around can present a bit of an issue, particularly during the so-called morning rush hour. Also, schools are somewhat spread out, meaning not all the islands in the Upper Keys have educational facilities on them.
However, the schools in the Upper Keys generally produce good educational experiences. This, along with a tropical climate backdrop, makes living in the Upper Florida Keys a wonderful experience. If you’re considering relocating to the Upper Keys or anywhere else in the island chain, it’s worthwhile to visit the place which interests you most and learn firsthand what the areas are like.
Come enjoy the lifestyle of the Florida Keys and your children will get a good education here. Or, pursue your dreams and finish your degree or start a career or even change careers with the various colleges, universities, and vocational schools in the Upper Keys.
5 Tips For Hiring The Best Moving Company
Tips for hiring the best moving company can mean the difference between a great experience and a huge disappointment. Moving is always a difficult thing to do. So, there’s no reason to make it more complicated or stressful. After all, it’s already costly and time-consuming enough. Then, there’s the matter of worrying about sticking to a schedule. If there’s not a strict timeline, it can turn an unwanted situation much worse in a very short period of time. Read on to learn the best tips for hiring the right moving company.
Tips for hiring the best moving company start with some common-sense steps. Obviously, you should get personal recommendations. Additionally, trust your gut when you get quotes. And, look at the big picture and not just the lowest price. If you don’t do these things -- and a few more -- you’re only setting yourself up for a lot of frustration and heartache.
Moving is not only difficult, it’s an anxiety-filled experience. This is because it involves not just material items, but your personal possessions. In other words, it’s not just stuff. It’s actually worth something to you. So, this is why it’s important to hire the right moving service. Here are five tips for hiring the best moving company:
- Get recommendations. You probably know one or more people who have moved recently. Take advantage of their experiences by asking which team they hired and how it went. You should have between three and five personal recommendations to choose from.
- Check online reviews. Since you know the people who recommend the companies, it’s just personal enough not to get a bigger picture. See if online reviews, including in search and social media, line up with the experiences your family and friends experienced.
- Check the clerk of the court’s office. If the companies are local, you can learn if they are named as defendants in lawsuits from previous customers. This will help you to determine if there’s a track record of disgruntled customers.
- Check with the Better Business Bureau. Additionally, you can look up the recommended services on the local BBB chapter. This will provide you with even more information to make a more informed decision.
- Read the quotes you receive very carefully. Remember, the price isn’t the sole determinant of which service to hire. Some will offer certain perks that make overall better deals than just the estimated price.
The Importance Of Doing A Personal Financial Assessment
The importance of doing a personal financial assessment simply can’t be overstated. It’s not just about how much money you earn. Or even about how much debt you’ve accumulated. But, it’s an invaluable tool to better understand and manage your finances in every single aspect of your life. So, read on to learn more about the benefits of conducting a personal financial assessment.
The importance of doing a personal financial assessment is far more than pinpointing exactly where you stand right now, but also, are likely to go in the future. Not only that, but it also gives you critical insight into your own habits, which allows you to make better decisions when it comes to large purchases, and even everyday costs. Here are four compelling reasons to perform a personal financial assessment:
- A personal financial assessment gives you important information about where you stand right now. When people look at their overall budget, they usually don't see too much cause for alarm. But, the devil is in the details. Dig into those figures and see exactly how much you spend just on food alone, including groceries and restaurants, and it's probably about double what you believe. This is only one example of people's personal misconceptions about their own finances. They tend to overestimate their income and underestimate their living expenses.
- A personal financial assessment allows you to better plan for the near future. Once you see the numbers laid out in detail, you'll probably feel surprised and most likely a bit bewildered and confused. This is due to the fact that too many people do not keep detailed track of their spending and this is where it's hard to plan for the future, even just a month or two out. By undergoing this exercise, you'll be able to see what's most important and what's least important over the course of the next week and even a month or two.
- A personal financial assessment offers a road map to your ultimate retirement. Obviously, when people think of doing this, they think about planning for their future many years from now. While that's certainly an aspect of the exercise, it also gives you the ability to set specific goals to meet incrementally along your way to retirement.
- A personal financial assessment lets you take control of your life in more ways than one. Lastly, by doing this, you're giving yourself more control over your money than ever before. Suddenly, you'll have a clear picture of exactly where you stand and can make necessary adjustments, which gives you a real sense of empowerment.
Advantages of Using A Local Real Estate Team To Buy Or Sell A Home
The advantages of using a local real estate team to buy or sell at home might not be self-apparent. That's okay because there are some distinct benefits to using a localized team in order to purchase or sell a residential property. If you are currently in the real estate market to either sell your house or buy one, whether it's for the first time or you've done it before, a local team of professionals will certainly be advantageous to protecting your best interests.
The advantages of using a local real estate team to buy or sell a home are quite compelling once they are known. First and foremost, is their knowledge of the local market itself, which is a huge benefit when dealing with real estate, because it is so localized. For instance, an average three-bedroom, two-bathroom home with a pool will be worth a completely different amount of money if it's in a regular residential neighborhood than if it was in a resort-type area, such as on the beach or in the mountains. Local real estate professionals understand that location has everything to do with value, and also know the vibes and dynamics of neighborhoods themselves.
Another advantage is having someone who can respond quickly when needed. A local team will be beneficial because there's always someone ready to be there when needed if you are buying or selling a property. Additionally, having a team means having people with specialized skill sets. For example, one member of the team might be a very strong negotiator, while the other is more proficient at marketing.
Obviously, a localized team will know the area at large, and will be able to judge important factors, including work commute times, access to wanted amenities, like restaurants and shops, as well as other important things, such as nearby schools, and churches. Moreover, a local real estate team will also be beneficial, whether buying or selling, because they are able to gauge the macro-economic environment, which will help to determine your overall strategy.
What's more, a local real estate team can be advantageous if you are buying or selling because they too have different personalities, which can help with situations in which there are a variety of people on the other side, namely the sellers or buyers. Also, a local team will have established relationships with other professionals, such as home inspectors, contractors, and more.
Tips On Furnishing A Vacation Rental In The Florida Keys
Tips on how to furnish a vacation rental in the Florida Keys can mean the difference between keeping the property leased as much as possible, and struggling to find vacationers who will pick your particular property. Yes, the furnishings and staging at Large really do matter that much. It's not only a way to express the welcomeness and comfort of a property but also, to make it appear fully functional as well. So, read on to learn some of the best strategies for furnishing a vacation rental in the Florida Keys.
Tips about how to best furnish a vacation rental property in the Florida Keys begin with a very simple, yet complex goal. That is, how to make the space as inviting as possible while still demonstrating its versatile functionality. In other words, staging it in such a way that it is appealing both to the emotional aspect of relaxation, while also appealing to the practical elements of day-to-day life.
When furnishing any vacation rental, it is extraordinarily important to give it a strong first impression. Statistically speaking, people form that first impression within 7 to 10 seconds of seeing a property, whether it be in person or online. If you're competing with other vacation properties in the Florida keys, it will require a very strong impression. Here are some helpful tips about how to furnish a vacation rental property in the Florida Keys:
- Consistent style. Since the property is located on an island chain, The motif should reflect the environment outside. Meaning, a beach or nautical theme. Obviously, it is best not to mix in any other styles, such as a southwestern theme, or mountain motif.
- Multi-use furniture. Most guests will appreciate furnishings that can be used for more than one purpose. This does two things to help you rent the property. First, it appeals to the overall function of the space. And second, it allows you to make the most of the space, which gives it a sense of appearing bigger than it actually is.
- Provide daily necessities. Some rental property owners make the mistake of offering their houses without providing their gas basic necessities. So, be sure to stock up on basic toiletries, extra towels, and even other little things, such as sunscreen. Be sure to include these items in the property description so potential guests know about them.
If the property features a consistent style theme, has plenty of multi-use furniture, and offers those little special extras, it will rent more often than the competition.
Islamorada, The Fishing Capital Of The World
Islamorada, “The Fishing Capital Of The World,” isn’t just a marketing slogan. Also known as the purple islands, or village of islands, Islamorada is nicely situated in the island archipelago known as the Florida Keys. Here, tourism is among the largest industries, and propelling it is the subtropical climate, natural beauty of the area, as well as all the recreational opportunities. But, one recreation stands above them all in the area, and that's why Islamorada is known as the “Sportfishing capital of the world.”
Islamorada, “The Fishing Capital Of The World,” is a really apt description of the area and what it actually offers. Here, there are literally dozens, if not scores or hundreds, of species of fish. Although, many people who travel to the area do so to try their angling skills against some of the fiercest known fighters. These species include, but are not limited to: marlin, tuna, mahi-mahi, sailfish, kingfish, wahoo, swordfish, amberjack, and more.
Better still, there is a lot more to do on the water in the islands of Islamorada. For instance, both visitors and locals alike enjoy scuba, snorkeling, paddle boarding, sailing, kayaking, and just waiting in the surf and or, shore fishing. (However, just about everyone is a fan of the gorgeous sunsets here, as well as the breathtaking sunrises.)
Additionally, there are plenty more activities in and around Islamorada. These include relaxing pursuits, such as arts and culture, live entertainment, hiking, camping, and, of course, shopping and dining. But, the biggest draw to the area is its fishing prowess.
Here in Islamorada, there's no shortage of fishing options. Whether you like to cast a line off the shore or go out into the deep blue water, it's all here and waiting. There is no shortage of charter options, including half-day adventures, 8-hour expeditions, and even some other opportunities, such as night fishing. For those who like a different adventure, spearfishing is also something that people can try out. Of course, if you're an amateur, there are plenty of seasoned guides around that can help you reel in the big catch.
As you can plainly see, there's a good reason Islamorada is billed as the fishing capital of the world. Here, you can take to the water just about every day of the year, thanks to the sublime climate and its accommodating weather. This means, practically no matter time or season you visit throughout the year, you'll be able to enjoy the water and experience fishing adventures of a lifetime.
Advantages Of Owning A Vacation Rental In Islamorada
The advantages of owning a vacation rental in Islamorada Florida are nearly too numerous to list in one article. Fortunately, we can detail the top benefits of owning a vacation rental home in the Florida Keys and what it means to your overall wealth asset portfolio and future. So, take a moment to read on to learn about the biggest advantages of owning a vacation property in Islamorada.
The single biggest advantage of owning a vacation rental house in the Florida Keys is that it is a proven tourist destination. Every year, hundreds of thousands of people visit the Florida Keys for rest and relaxation. Given the subtropical climate, people can visit any time of year and still enjoy wonderful weather. This is what makes the Florida Keys such a great destination, because there's warm weather, even in the winter months, and sunshine almost every single day of the year.
But, that's certainly not all. Being in a highly desirable area, on a tropical island paradise no less, and real estate garners much more value. It's really all about the three biggest factors in real estate, which are, of course, location, location, and location. That translates into higher property values, greater levels of appreciation, and therefore, premium rental rates.
Of course, there are other benefits of owning a vacation rental in Islamorada Florida, like the following:
- Real property is a real asset. Property investors know that real estate brings a strong return on investment. It has a very long track record of providing steady profits when flipped or rented, and when held, nice levels of appreciation.
- Location is everything. When you hold a vacation rental in the Florida Keys, you own a very highly desirable piece of property. And that means being able to charge premium lease rates for said property. Those rates are good during the fall and winter months but especially attractive during the spring and summer seasons.
- Lower and fewer taxes. One of the most attractive things about the state of Florida, other than its fantastic weather, is its relatively low property tax rates. Plus, if you live in the Sunshine State as a full-time resident, you won't pay a state income tax on those rents you charge. That's because Florida does not have a state income tax.
- Leverage and convenience. Owning real property means having leverage for future buys to add to your real estate portfolio. Plus, when you're not renting, you have a dedicated getaway spot all to yourself.
Islamorada Real Estate Forecast 2021
The Islamorada residential real estate forecast for 2021 is estimated to continue its upward trend in home values. This, after posting a gain of nearly three percent through the previous year of 2020. During that time, residential values rose significantly to put the median home price at just over $860k last year. However, due to the onset of the global pandemic and subsequent shutdowns, one key element remains unknown that could result in a negative impact on the microeconomy. Read on to learn more about the Islamorada residential real estate forecast for 2021.
The Islamorada residential real estate forecast for 2021 is now expected to add additional value to the overall market, including single-family residences, condos, townhouses, and villas. Over the past half-decade, home prices in Islamorada have steadily climbed upward. For instance, in January 2015, the average home price in the village stood at right around $656,000. That number spiked to $789k by October of the same year and rose to $852k by June of 2019. The upward trajectory continued to reach $864,900+ by the end of last year, 2020.
Just over the course of the past twelve months, the median home price in the community of Islamorada rose by approximately 2.8%, a trend that’s expected to continue but at a slightly larger amount. At this time, economists and industry experts alike believe home values will increase by 3.4%, which would raise the average home to about $894,340+ by the end of 2021.
This is certainly good news for homeowners, sellers, and current property investors who already hold real property assets in and around the village of Islamorada. It also presents an opportunity for buyers, who can take advantage of still affordable prices, along with near historic low-interest rates in order to call the community home.
However, there is one unknown factor that has the potential to have a huge impact on the residential real estate market. This is the near absence of distressed properties or foreclosures and short sales. Because of the pandemic and shutdowns, moratoriums were placed on many legal proceedings. This is why there is effectively no distressed property data to influence the overall residential real estate market. If a flood of distressed properties hits, it will most definitely have a negative impact on the market. But, if reintroduced slowly, the market in Islamorada shouldn’t be affected too much.
Upper Keys Condo Forecast 2021
The Upper Keys condo forecast for 2021 is one that looks bright. Being in one of the most desirable places to live (and visit), the Upper Florida Keys are an actual island paradise with some of the best weather, scenery, recreational activities, shopping, and dining options, in the entire country. Because of these factors, the Upper Keys enjoy some of the best real estate performances. So, read on to learn more about the Upper Keys condo forecast for 2021 to learn what’s expected to occur over the next twelve months.
The Upper Keys condo forecast for 2021 is predicted to bring substantial increases in property values. Over the course of the previous year, property values have risen in the Upper Keys by nearly two percent to reach $679,900+ after a 1.7% boost. That was 2020. Now, in 2021, economists and real estate industry analysts believe that property values will increase by a whopping 9.3% over the course of the next twelve months to hit $743,100+ by the end of 2021. If this forecast holds true, it will certainly constitute a real boon to homeowners and sellers alike. However, it could have a negative impact on buyers.
Since the recovery from the Great Recession, real estate in the Upper Keys has performed quite well. That trend is fully expected to continue throughout the new year. But, the ultimate outcome will partly depend on one key factor -- distressed properties, which include foreclosures and short sales.
When the COVID-19 pandemic hit, one measure to help protect homeowners and to help stabilize the economy was to place moratoriums on foreclosures and evictions. The latter is applicable to homeowners who fell behind in their mortgages but also, to property investors who were not able to collect rent.
All of these factors place an artificial impact on the residential real estate market in the Upper Keys and throughout the state of Florida. While the Upper Florida Keys real estate market is expected to enormously increase in value over the next year by almost ten percent, distressed properties could have a strong and negative effect.
Although, if distressed properties do not flood the Upper Keys real estate market in a short period of time, the market will likely absorb the interruption. If the predictions do materialize, this will greatly benefit homeowners and current property investors. Buyers should act quickly in order to take advantage of nearly historically low-interest rates and purchase while prices remain affordable.
Islamorada Cost Of Living 2021
The Islamorada cost of living in 2021 is one that’s actually more affordable than most people would believe. Although it’s in a tropical island paradise, the day-to-day cost of living isn’t really all that expensive. In fact, when the numbers are revealed, people are usually surprised to see how relatively inexpensive it is to live in Islamorada. So, read on to learn more about the specific figures in relation to the cost of living in Islamorada.
The Islamorada cost of living in 2021 isn’t nearly as expensive as you would probably guess. Sure, housing is more expensive than it is in most places on the mainland peninsula of the Sunshine State. But, when compared to other luxury or resort areas, it’s a real contender.
Known as “The Village of Islands,” and billing itself as the “Sport Fishing Capital of the World,” Islamorada is actually a collection of six different islands in the Upper Florida Keys. (These include Tea Table Key, Lower Matecumbe Key, Upper Matecumbe Key, Windley Key, Plantation Key, and Islamorada.) The community of Islamorada is home to approximately 2,880+ households, with nearly 1,700 families, and an overall population of about 6,300+ residents.
Islamorada is one of the most popular destinations in the Upper Keys and throughout the entire chain of islands. That means there’s much competition among those who dream of calling the community home. In order to get a better understanding of the cost of living, we’ll use a national average baseline of 100. So, anything above is more expensive, while anything under is less expensive.
- Transportation. To get around the islands, the cost of transportation comes in with a score of about 78, meaning it’s less expensive than the national average. (It’s also less expensive than the statewide average of 112.)
- Utilities. The cost of electricity and water is also under the national average, with a score of 98, which likewise beats the state score of 101.
- Miscellaneous. For odds and ends, expect to pay right about the same amount, because Islamorada scores just over the national average, with 106.
- Groceries. Food is a bit more expensive here since the community is located on a group of islands. So, the score for groceries is 114, while the national average is right at the baseline figure of 100.
- Healthcare. The cost of healthcare is more expensive than that national figure, scoring 145 in Islamorada.
Housing is the single largest expense, costing over 2 1/2 times that of the national number.
Advantages of Living In The Upper Keys
The advantages of living in the Upper Keys include the fantastic weather, the proximity to Miami, financial incentives, and much more. In fact, once you get into the details of these and other benefits, you'll wonder why you haven't made the move before. It's for these very reasons that roughly a thousand people move to the Sunshine State each and every day. So, read on to learn about the biggest benefits of living in the Upper Keys.
The Advantages of living in the Florida Keys are usually more than enough to entice someone to make the move. Whether you live in the Northeast, Midwest, Northwest, or Southwest, the lure of island living is typically more than people can resist. Better still, it is truly awesome and more so than it seems when you actually experience it. here are the biggest advantages of living in the Upper Keys:
- The weather. Will start with the biggest draw, which is obviously the weather. you don't have to worry about snow and ice or those gloomy, dark days of winter. Here, winter is a foreign concept because temperatures stay very mild throughout the season. This, not to mention the fact that spring and fall are gorgeous and summers are warm and balmy.
- Proximity to Miami. If you're concerned about getting too far away from the trappings of an urban metropolis, Miami is only a short distance away. That makes travel in and out of the Upper Keys very easy. It also means being able to enjoy city nightlife when you're in the mood.
- Big financial benefits. Other than lifestyle benefits, there are financial advantages to living in the Sunshine State. These include relatively low property taxes, asset protection laws, and no state income tax. Plus, property in the Florida Keys boasts solid growth in value, meaning you'll add to your net worth and build your overall wealth with a residence in the area.
- Enjoy the island lifestyle. No matter what you like to do, or when, it's all here in the Florida Keys. And, because the weather is so cooperative, you can enjoy the sunshine almost every day of the year. Whether you like to swim, bike, run, snorkel, fish, golf, paddleboard, kayak, stroll along the beach, hike, sightsee, experience arts and culture, enjoy live entertainment events, or something else, you'll find it all right here in the Upper Keys.
How Florida Homestead Exemption Works
How Florida homestead exemption works can be a bit of a mystery. (This, especially for folks who relocate and aren’t familiar with the rules -- or what they mean.) Basically, the Florida homestead exemption benefit allows residents to deduct a certain amount of their property tax burden, including taxes paid to support local public schools. Obviously, the amount of the exemption is based on the value of the property and is also tied to residency status. Read on to learn more about how the Florida homestead exemption works and what you need to know.
The Florida homestead exemption tax benefit is only applicable to permanent residents of the state and their primary living property. However, dependents also count, meaning that a dependent living full-time in the Sunshine State, and a particular residence, are also eligible. Other than this caveat, there are really no other carve-outs. So, let's take a more detailed look at how the Florida homestead exemption benefit works.
Basically, a permanent resident living in their primary house can take advantage of as much as $50,000 in the homestead exemption. For instance, for the first $50,000 of assessed value, $25,000 is exempt. Then, for any assessed value of a property between $50,000 and $75,000, another $25,000 is also exempt, bringing up to the full homestead exemption limit of $50,000.
Florida Homestead Exemption Requirements
Of course, there are requirements in order to qualify for the entire $50,000 Florida homestead exemption. The first, as mentioned above, is that the applicant is a resident of the Sunshine State. The second requirement is that applicants have lived on the property as of January 1st of that year. Also, the owner must not have rented the property for 30 or more days.
As you can see, the eligibility requirements for the Florida homestead exemption tax benefit are pretty straightforward. However, it's not the only financial benefit to living in the Sunshine State. Other advantages include no state income tax, relatively low property taxes, asset protection benefits, as well as some others.
Applying for the Florida homestead exemption tax benefit is simple. Residents only need to file an application one time and after it is approved, it is automatically renewed annually. Therefore, it is not necessary to reapply year after year. The exemption is also automatically recalculated annually, so residents receive the full $50,000 Florida homestead exemption, for as long as they are permanent residents living in their primary property.
5 Reasons Why Islamorada Real Estate is a Good Investment
There are numerous reasons why Islamorada real estate is a good investment. In fact, it’s possible to go into deep detail, listing a plethora of data as to why. But, for the sake of simplicity and brevity, we’ll focus on the top ones. Read on to learn more about the reasons why Islamorada real estate is a good investment.
Islamorada real estate is among the most desirable in the Florida Keys. Situated between the Gulf of Mexico and the Atlantic Ocean, Islamorada is known as the “Village of Islands,” and is also the sportfishing capital of the world. It combines the allure of a laid-back, island lifestyle with all the modern conveniences. Here are five reasons why Islamorada real estate is a good investment:
- It’s in a prime location. You’ve no doubt heard the old adage that there are three factors about real estate: location, location, location. It’s said because it’s undeniably true. Take a modest, two-bed, two-bath house out of an ordinary neighborhood and place it on a beach. Viola! It’s instantly worth a whole lot more. This is what Islamorada offers, and it does throughout the island chain.
- It has a strong appreciation. Since it’s in such a highly desirable location and because the weather is exquisite, real estate values are strong. That means it appreciates at a greater rate than properties located in areas that aren’t as nearly as desirable. When you own real estate in Islamorada, it will grow in value faster, over a shorter period of time.
- There’s no state income tax. Here’s another huge benefit -- there’s no income tax in the state of Florida. So, if it becomes your primary residence, you can keep more of what you earn.
- The property taxes are relatively low. Sure, property taxes are a bit more expensive in the Keys but are relatively low or comparable to many other parts of the country, as most of the big cities.
- You can charge a premium rental rate. Yet another reason to purchase real estate in Islamorada is the fact that you can earn a passive income by renting it out. And because of its location, you can charge a premium rate.
Here’s a bonus. If it’s not your primary residence, it’s now a vacation home. That makes it a home away from home, for whenever you want to getaway.
3 Reasons Why Local Real Estate Websites Are Better Than National Ones
Three reasons why local real estate websites are better than national ones: data, no ads, and in-the-know professionals. That's really it, in a nutshell. Whether you are a buyer or a seller, having locals in your corner is the most helpful partnership. Although national entities do have their appeal, ultimately, you need someone with their pulse on the market at a niche level. This will not only save you time and money but also help you to find the right property or market your house more effectively. Read on to learn why it's best to work with local real estate professionals rather than relying on national organizations.
Three reasons why local real estate websites are better than national ones come down to better information, no solicitations, and being paired with local experts. Basically, that's all it comes down to. Regardless if you are buying or selling a residential property, you should know that people familiar and experienced with the local market conditions and trends will deliver better results in the end. Here's why:
- Better local data. You've heard the old saying that real estate is all about three things: location, location, location. And, this is so often repeated because it's undeniably true. take an average house and put it on the beach, and it skyrockets in value. Conversely, take a spectacular luxury property and put it in a dumpy neighborhood, and its value drops drastically. Local real estate professionals know the market in and out, and therefore, can give you a more accurate sense of its dynamics at any given moment. Since they live and work in the community, they know the numbers better than anyone and don't have to rely on out-of-date statistics.
- No distracting advertisements. Here's another reason that national websites don't work as well -- the dreaded advertisements. Although these are a stable of the internet, buyers and sellers alike simply don't like solicitations everywhere they go on the web. A site that's national will be overly broad and not cater to the local market. Even ones that can be customized are limited, and that doesn't bode well for making the right impression.
- Connects buyers and sellers with local professionals. Lastly, national sites are intended to connect the first available, and not necessarily the best choice. because these are largely generic, they often lack the personal touch that's needed in order to establish trust from the beginning.
Upper Florida Keys Recreation
Upper Florida Keys recreation consists of many things to see, do, explore, and experience. From casual to exciting, there’s practically something for everyone. Sure, there’s plenty of sand and surf -- along with gorgeous sunrises and astounding sunsets -- but there’s a whole lot more. Read on to learn more about the Upper Florida Keys recreation.
Upper Florida Keys recreation includes everything from getting out into natural settings to enjoying a show or some arts and culture. That’s right, despite the fact that most people associate the Florida Keys with non-stop parties, there’s a lot more to see and do.
- A plethora of parks. Dagny Johnson Key Largo Hammock Botanical State Park, John Pennekamp Coral Reef State Park, Windley Key Fossil Reef Geological State Park, Lignumvitae Key Botanical State Park, Indian Key Historic State Park, and San Pedro Underwater Archaeological Preserve State Park, just to name a few. There are many parks to visit and explore here in the Upper Florida Keys, with something for everyone to enjoy.
- Water recreation. Of course, being islands, the Upper Florida Keys recreation ensemble includes no shortage of water recreational opportunities. For instance, paddle boarding, parasailing, kayaking, canoeing, snorkeling, scuba diving, shoreline fishing, sport fishing, sailing, and much more.
- Museums. If enjoying arts and history is more your speed, then you’ll be delighted to go to the Keys History & Discovery Center, the History of Diving Museum, and the Pioneer Museum. (Or, travel south to the other islands to visit others, like the Ernest Hemingway Home and Museum, Fort East Martello Museum, or Truman Little White House, and more.)
- Live entertainment. It’s not possible to visit the Upper Florida Keys without going to a party of one kind or another. That’s part of the lifestyle here and it’s something you can experience. If wild parties aren’t your thing, there’s also plenty of live entertainment, from street performers to popular headliners, they’re all here.
- Other recreational activities. Horseback riding, biking, hiking, camping, and strolling down winding trails are other things to do here in the Upper Florida Keys. Of course, there’s more, and it’s here to experience practically every day of the year.
No matter what you’re looking for or like to enjoy, it’s all here to experience in the Upper Florida Keys. Better yet, it’s available almost every day due to the nearly non-stop sunshine. Even if you just want to sit on the shore and soak up the sun, the Upper Florida Keys is the perfect place.
Selling a Home? Benefits of Using a Real Estate Team
Selling your home? Then, you definitely need to know the benefits of using a real estate team. Why? Because two heads (or more) are simply better than one. Plus, it’s not only a matter of having more brains in the mix, but more physical bodies to handle all kinds of situations. Read on to learn more about using a real estate team to sell your property.
Selling a home requires you to enter the market with the right approach. That means hiring a local, experienced real estate professional. But, it’s even better to bring in a team to sell your property. While you might think this isn’t necessary or even just too much, when you understand why, you’ll be much more likely to work with a team, rather than a single individual. Here’s why:
- Sell faster. Every real estate agent works with a variety of people, including networking with many different individuals in various professions. That enlarges your pool of potential buyers in a dramatic way. And, you’ll most definitely benefit from more people having eyes on your house.
- Sell for the most money. Some real estate agents are good at locating ideal properties. Others spot potential problems with little to no effort. Still, others are experienced and successful negotiators. When you work with a team, you get the advantage of many helpful skill sets all at once.
- Keep everyone and everything straight. There’s an awful lot of people involved with selling a house, including the home inspector, the appraiser, and more vendors. Even if you’re not the employer (so-to-speak), you need to keep up to date with the latest developments. It’s best to have a dedicated team to stay in the know and in touch with everyone.
- Obtain more traffic through your house. More agents bring more potential buyers, it’s that simple. So, you’ll get more interested parties and this helps to create a sense of urgency and competition. Both of these dynamics will work in your favor, ultimately.
- You don’t have to pay more to get more. You’ll still pay the same amount in sales commissions if you hire one or a group of listing agents. So, you’re effectively getting a lot more for what you pay for and that’s a good thing indeed.
Last but not least, you won’t get lost in the shuffle, as is possible with a single agent trying to serve many different clients at once.
Advantages of Owning a Vacation Rental in The Upper Keys
The advantages of owning a vacation rental in the Upper Keys are actually too numerous to list in one article. But, there are some key benefits that you should definitely know about. For instance, owning a real property means having a substantial asset and that helps to build your personal wealth over the long run. Then, there's a convenience factor, not to mention the potential for a passive income stream via rental payments. So, let's take a look at the biggest benefits of owning a vacation rental property in the Upper Keys.
The advantages of owning a vacation rental in the Upper Keys start with the location, but certainly don't end there. Having your own place in one of the most beautiful locations is certainly a huge thing. But, there is more to know about the advantages of owning a vacation rental house in the Upper Florida Keys, like the following:
- You own a substantial, valuable asset. When you own a house just about anywhere, you have a huge asset in your name and that only adds to your personal wealth, particularly over time as it appreciates.
- The location is ideal. Everyone has heard the old cliche that real estate is all about location, location, location. This is due to the fact that it is inescapably true. Since the keys are a highly desired location, owning real estate there is very beneficial.
- There's real income potential. Of course, the purpose of a vacation rental property is to lease it out. Whether short-term or long-term, it can create a significant income stream that adds to your overall financial situation. and, don't forget there are many tax benefits to owning a rental property, including the ability to write off many of the carry costs.
- It can serve as collateral. Another huge benefit of owning a real property just about anywhere is the fact it can be used as collateral for future acquisitions. Once you own a residence, it can serve to help you procure more over time.
- You'll have a dedicated place to stay. Perhaps one of the best things about owning a house in the Upper Florida Keys is the fact you have a dedicated place to get away whenever you desire. You don't have to worry about finding and securing accommodations, because you have a home away from home to go to whenever you want to escape.
Lastly, you have something to pass on to future generations. Not to mention the fact you have a place to retire when you're ready to slow things down.
As you can see, there are several compelling reasons to own a rental house in the Upper Florida Keys.
Benefits of Living in Venetian Shores Islamorada Florida
There are several benefits of living in Venetian Shores, Islamorada Florida. First and foremost, it’s simply gorgeous. The second is most likely the awesome weather. Following a close, third is the laid-back lifestyle. Although, that isn't by any means the end of the list. Venetian Shores offers much more than just those things. So, let's take a look at some of the biggest advantages of living in Venetian Shores Islamorada Florida.
The benefits of living in Venetian Shores, Islamorada Florida probably begin with the awesome climate. (But, certainly don’t end there.)
Located in the beautiful Florida Keys, Venetian shores is an upscale community that is located in what's known as the "Village of Islands" and is also equally well-known as the Sport Fishing Capital of the World. Islamorada is actually a collection of small keys, with Venetian shores being one of its most desirable communities. And, there are a few good reasons for this. Here are some of the biggest advantages of living in Venetian Shores:
- Fantastic weather. Here, there really is no such thing as winter. Sure, there are cold snaps through the months of January and February, but these are super mild by comparison to the Northeast and Midwest. Spring and fall seasons are nothing less than spectacular and the summers are warm, balmy, and breezy.
- No state income tax. Aside from the weather, there are also financial benefits to living in the Sunshine State. At the top of the list is no state income tax. Plus, property taxes are relatively low.
- Strong property appreciation. Yet another financial benefit is the high property appreciation rate, which substantially outpaces those found in many other parts of the country.
- Plenty of outdoor recreation. Of course, there are all sorts of recreational opportunities in and around the community. Biking, fishing, running, kayaking, paddle boarding, scuba diving, snorkeling, boating, and much more are all here to enjoy.
- No big city stress to suffer. Being a small village typesetting, the environment here is more rural than it is urban and that means no traffic jams, noise pollution, or other types of big-city stress.
Finally living in a year-long tropical island paradise is its own lifestyle return on investment. It makes it all worthwhile to experience what it's like to be on vacation all through the year. So, come and see and enjoy Venetian Shores for yourself, you certainly won't regret living here.
Benefits of Living in Islamorada
The benefits of living in Islamorada are so numerous, it’s quite difficult (if not downright impossible) to list them all. But, there are some key advantages of living in Islamorada in the Florida Keys. Sure, the weather and climate are definitely on the list. However, there are some others you should know about. So, let’s take a look at the benefits of living in Islamorada.
The benefits of living in Islamorada far, far outweigh any downsides. And, that’s not just the rose-colored glasses view, either. People visit here to experience the laid-back, tropical island lifestyle. Some like to party heartily. Others prefer adventure. Still, others just want to get away from it all, unwind, and relax. Then, there are many who come to enjoy all three.
Islamorada, or “The Village of Islands” is also known as the sportfishing capital of the world. It’s comprised of five different islands: Tea Table Key, Lower Matecumbe Key, Upper Matecumbe Key, Windley Key, and Plantation Key. It was formally incorporated in November of 1997, previously being a relatively close-knit community.
So, what is there to do and around Islamorada, and what are the advantages of living in the area? Well, it’s probably more than most people think. Here are the top benefits of living in Islamorada:
- The weather. Of course, the weather has to make the list because it’s precisely why most people visit in the first place. The so-called winters are very mild. Summers are warm and balmy but breezy. And, spring and fall are nothing short of fantastic.
- Recreation is galore. Here’s where Islamorada delivers and delivers big time. Fishing, hiking, camping, scuba diving, snorkeling, sailing, volleyball, paddleboarding, strolling, sightseeing, the list just goes on, and on, and on. The nightlife is great. There’s also plenty of opportunities to just relax when you want. It’s all here and ready for you to experience.
- Financial advantages. There is no state income tax in the Sunshine State. That means you keep more of what you work so hard to earn. In addition, property taxes are relatively low here, making it even more affordable.
- Health advantages. Now that we’ve delved into the weather and recreation, let’s put the two together. Because there’s so much to see and do, it keeps you on the go. Plus, since there’s no actual winter, residents here aren’t affected by the winter blues or what’s also known as a seasonal affective disorder.