Key West is Selling Like Hot Cakes

 

It wasn't too far after the pandemic hit that a former customer contacted me and said he might be interested in buying another place in Key West. He asked me to keep an eye out and let him know of any bargains. Key West was still locked off from the world at that time. He assumed that the pandemic would spur a lot of panic selling. 

Buyers returned to Key West as soon as US 1 and the Key West airport opened. There was no panic selling. It has been more like panic buying. Real estate in Key West is selling like hot cakes.

I just checked our MLS. There are 51 single family homes under contract in Old Town, The Meadows, Truman Annex, and The Casa Marina areas. Many houses go under contract in the matter of a couple of days on the market. Houses that were previously on the market for several months (and in a couple of cases years) have gone under contract. 

Buyers are desperate to find single family homes for sale. Realtors are desperate to find homes for sale for their buyers. Realtors are calling their fellow agents asking if they have any pocket listings or know of anyone who may be interested in selling. 

I have reported this story before - and not all that long ago. But the story is worth repeating. There is a scarcity of real estate in Key West and at all price points. High priced properties are selling as quickly as low priced ones - as if there is anything low priced in Key West. 

I check the MLS throughout the day, everyday. Yesterday afternoon I noticed the address of a property I showed in November had a price increase of $40,000. The place is ten miles out of Key West and has not yet been built. It is still an empty lot. That's it. That's all.