America's Caribbean
The Florida Keys: Remnants of an ancient coral reef, a string of
islands stretching 130 miles from the tip of the Florida Peninsula at Biscayne
Bay to the Southernmost Point in the United States at Key West, just 90
miles north of Cuba. To the northwest the Keys are bordered by the
Gulf of Mexico and Florida Bay, to the southeast by the Gulf Stream, the
Straits of Florida, and the 3rd largest barrier reef in the world. With
tropical weather year-round, sunny days and breezy nights, the Keys have
been home to Indians, Spanish soldiers & sailors, privateers and pirates,
turtle & pineapple farmers. More recently, the likes of Ernest Hemingway,
Zane Grey, Harry Truman, and of course – Jimmy Buffet, the honorary
ambassador of the Conch Republic, have called the Keys “home.” Now
fisherman, boaters, divers, and adventurers of all ages flock to the Keys
and world famous Key West for the easygoing lifestyle, natural beauty,
and stimulating activities the Keys have to offer.
What if you could have all the charm of the Bahamas, the elegance of the
Caymans and the exotic flavor of old Havana? Imagine world-class
fishing and diving, camping & boating, great restaurants & bars,
art galleries & shops, off-shore powerboat racing, eco tours through
virgin hardwood hammock. And then imagine all of this just an hour’s
drive from one of the country’s major metropolitan centers.
Living in the Florida Keys
Because of its close proximity to Miami and Ft. Lauderdale, many residents
of the Upper Keys commute to work in Dade and Broward counties. Many
others live and work in the Keys and still others call the Keys their second
or third home, coming for weekend or holiday vacations to enjoy all of
the activities the Keys have to offer.
The Upper Keys are easily accessible from the Miami or Ft. Lauderdale
airports and from I-95 and the Florida Turnpike. People from all
over south Florida on both coasts make the Keys their weekend destination
or plan extended vacations in this tropical paradise. The Keys also
enjoy a national and international clientele hosting visitors from all
over the U.S.and the world.
Investing in the Florida Keys
A number of recent developments make this is an excellent time to consider
investing in real estate in the Upper Keys:
The Keys are undergoing major infrastructure improvements: the widening
of the 18 mile Stretch from Florida City to Key Largo, the construction
of a new municipal government and cultural center in Key Largo, and the
installation of municipal sewer lines throughout the Upper Keys. This
infrastructure improvement will allow the Keys to more efficiently absorb
the increased number of residents and visitors expected in the coming years.
Key Largo has recently seen the construction of an olympic size swimming
pool with a diving area, a handicap accessible wading pool, and a Pirate
ship pool for the kids. The adjacent community park has been upgraded
with new tennis courts, a jogging and skating track and a skateboard park.
Developers are investing hundreds of millions of dollars into the Upper
Keys, rehabilitating older hotels, performing “condo-conversions” and
developing new properties. This major investment will help to bolster the
local economy by attracting more affluent investors and visitors with more
disposable income.
The Upper Keys have enjoyed remarkable market appreciation, averaging
30% per year for the last five years. After a brief period of declining
sales, we are now in the early phase of the next market rally (see Keys
Market on the Rebound!).
There are two strong indications that the market may already be starting
its next rebound: the number of properties for sale peaked in March 2006
and has been declining steadily since. In addition, the number of
properties sold per month bottomed out in January 2006 and has been on
a steady rise. Investors are beginning to take advantage of
competitive pricing and greater choice.
In terms of what the future holds for the Keys, the bottom line is: The
Keys contain what could be described as a “fixed supply” of
properties for sale. The existing land mass of the Keys will not
be expanded and local and state government regulations place significant
restrictions on development of new properties. On the demand side,
we have a generation of baby-boomers approaching both their peak earning
years and their retirement. These folks have accumulated the largest
aggregation of wealth of any single generation in recorded history and
they continue to pour into Florida in record amounts. And we are
sitting right at the end of that funnel!
The tropical weather, relaxed life style, restaurants, shops & activities
make the Upper Keys a great place to live or vacation.
Contact me today. I’ll be happy to show you how you too can
afford to call this piece of paradise “home.”
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