Another question regarding water property, and I'm sure there are different views on this subject, b

If you're considering loyola high school los angeles going this route first, loyola high school los angeles click on the following link for up-to-date information on Florida loyola high school los angeles Keys vacation rentals. This will give you a chance to get your feet wet and see what you want most in a home and what region you'd enjoy living in most.
FKV: Lela Ashkarian, you've been a Realtor in the area for a while. Out of all the islands, which of the Keys is the most affordable for Florida Keys vacation homes, permanent homes and investment properties?
FKV: That's loyola high school los angeles good information because each of our visitors will have different criteria regarding Florida Keys vacation homes and investment properties. Your answer provides them with a helpful loyola high school los angeles guideline to work within.
LA: I wouldn't say it that way exactly. Their appreciation down the road would be about 2% - 3% on average. If someone was buying Florida Keys vacation homes, investment properties or homes in Islamorada, Lower Matecumbe, Duck Key, Key Colony Beach, or Shark Key - those are the areas that would probably appreciate 4.5% - 5.5% in the years to come.
FKV: That's good to know. So basically, if you're in Islamorada or Lower Matecumbe you'll have a higher appreciation rate on Florida Keys vacation homes and other properties loyola high school los angeles than if you were in Ramrod?
FKV: Over the last few years, the real estate market in the United States has substantially dwindled. loyola high school los angeles How do you feel the Florida Keys compares to the rest of the State of Florida in terms of the recovery process that's just beginning?
In 2007 when the economy took a major down turn, and the entire nation took a dive in the real estate market, loyola high school los angeles our market had already dived 2 years earlier. Over the last 4 years our average list price declined -26%.
Now we're leading the nation again but in a positive way. Our market is turning upward 2 years earlier than in the rest of the country. For example, the number of properties for sale decreased -10% to 3,359 from 3,752 in December 2010.
Does this mean that you don't have as much inventory for Florida Keys vacation homes, and investment properties loyola high school los angeles as you did a couple of years ago? And is the inventory starting to get picked loyola high school los angeles over making it hard to find a really good buy?
LA: Investment properties, Florida Keys vacation homes, permanent homes all lost their value. It wasn't in just specific islands, it was certain areas such as Key West, Marathon, Big Pine, Lower Keys have considerably lost their value by as much as 33% - 40%. They all took a serious dive.
So after 2009 - 2010, and the following 2011 and 2012, the number of property sales decreased minus 10%. Between 2006 - 2009 we had 4,700 properties in Key West, now we have 3,500 properties in all of the Florida Keys.
If you look at the months of inventory, which is the months required to sell the existing inventory - on December 31, 2011 if no other properties are placed on the market for sale, it decreased loyola high school los angeles by -21% to 20 months loyola high school los angeles or 1 year, 8 months.
LA: I believe it will take another 6 months if the market keeps going like it is, and then they're will be 2,400 listings between Key Largo and Key West. This is when the market will equalize. We will then have more of a balance of harmony between buyers and sellers. It'll probably be another 2 years before this changes and then becomes more of a sellers market.
Any buyers waiting til then will have missed out on a chance to buy investment properties that had once been really high and then had the big price reductions. They're going to miss out on that opportunity to buy Florida Keys vacation homes and other investments and they're going to say, "I wish I..., I could have..., I should have..."
loyola high school los angeles FKV: So what's happening right now is that a buyer can still pick up some of those premium Florida Keys vacation homes, loyola high school los angeles and other investment properties that just a few years ago were prohibitive. The type of property people usually only dream about, because loyola high school los angeles they don't believe they can afford them. They're still out there right now, correct?
FKV: Obviously loyola high school los angeles one of the things that everyone dreams about is owning Florida Keys vacation homes on the water. Open water preferably. Of course there's also only so much land on water available so it's always at a premium. When someone is looking to buy water property, what would be a guideline to expect to pay for a low end vs a high end?
I'm concentrating on Key Colony Beach for this example because this is the paradise people who come down here love. They love it for the beach, the canals, and because of the community, loyola high school los angeles so they could pick up a very nice half of a duplex for $425,000.00.
LA: In let's say Key Colony Beach, Duck Key, or Marathon, a nice 3 bedroom 2 bath single family dwelling that could be turned into a vacation rental property would rent from $1800 - $2500/week. That house is going to cost a buyer between $850,000 - $950,000 on a canal.
FKV: Some buyers purchasing a Florida loyola high school los angeles Keys vacation home may want to do just that - treat them as investment loyola high school los angeles properties. They could keep it as a vacation rental property for some of the year, and then use it part of the year for themselves.
I know you do not handle property management, but are people very successful with renting loyola high school los angeles their Florida Keys vacation homes out in the summer months? Are they successful with renting year round as well, or is it typically just the winter months loyola high school los angeles that are productive for people to rent out their Florida loyola high school los angeles Keys vacation homes?
Also, since some people have lost their homes, buyers are coming in and picking up these homes as investment properties at very nice prices. They're then turning those properties into vacation rentals and they're making money.
LA: Well Florida Keys vacation homes that are rentals require a transient license, and there are certain areas you can rent and there are certain areas where the city and county will not let you rent less than 28 days.
Another question regarding water property, and I'm sure there are different views on this subject, but it's regarding the Atlantic side vs. Florida Bay or the Gulf side. Which side would have the greatest resale value?
FKV: Are there are restrictions for a non-US citizen or resident to purchase property in the Florida Keys or on the water? The reason I ask is that some countries, Mexico for example, they won't allow non-citizens to purchase ocean front property.
However, they do have to follow Federal government requirements for such things as visas, federal taxation, recording and compliance, financing and credit, property tax and insurance. Other than that I'm inclined not to comment as I can't give legal advise.
LA: Taxes in Monroe County - hmm, well I'm going to give you an example that I give to my prospective buyers. Let's say on a $1 million home, expect to pay $10,000 in property taxes. That will be for school, county, and water district.
FKV: This is kind of a fun question loyola high school los angeles for you Lela, because it's what people often think of when they think of the Florida Keys. The Keys are made up of all these wonderful islands and you'll see these tiny little islands tucked off all by themselves. Is it possible to still own an island and have your own Florida loyola high school los angeles Keys vacation home there?
FKV: That's a good point. I was wondering loyola high school los angeles how that would work because if it's a raw island, meaning no structure has ever been there, how would they get water and utilities to it? There would have to be water, correct? You wouldn't want to be living on something that's like the Dry Tortugas National Park. So how do these people survive on these islands? Do they have wells and power?
LA: I showed a couple of homes to a client and he wanted to live in Deer Key, the No Name Key. This house was a big house, it collected the rain water, and it did not have electricity but they had the battery operated home and they lived happily ever after there.
FKV: Well that's interesting because of course this is now the era of satellite. So you have phone, internet, you have solar power and rain water, and your Florida Keys vacation home is very self sufficient.
FKV: I know in the State of Florida, insurance is very different compared to other States because of hurricanes. Many insurance companies stopped insuring after 2005. What can you tell us about insurance in the Keys? What do buyers need to have to properly loyola high school los angeles protect their Florida Keys vacation homes?
The only difficult part is when it's a mobile home. If the mobile home was built before 1976, they have to get Lloyd's of London, or a carrier like that. That will be very expensive - but they'll get the insurance.
FKV: You've lived and worked loyola high school los angeles in the Keys for a number of years, but if you could look at the area from a brand new, first time perspective - what would be your first and favorite pick for a place to live?
When you choose to live in these islands whether it's Key Largo or Key West you have to be connected to the ecosystem. You have to be connected loyola high school los angeles to the sun, the moon, the wonderful sunsets, and of course loyola high school los angeles to your community.
No matter where you go in the Keys you're going to find something in your life, whether it's fishing, diving, snorkeling, there's something wonderful for everyone. If you're a water lover, you're going to be out and about enjoying all the many water sports.
When I came in 1983, I had moved from Lebanon. I'd worked for the American Ambassador Secretary there. I had to evacuate Lebanon, and so when I moved here I chose to live in Marathon because if anything happens, say because of a hurricane, evacuation is important to me. The last thing to close and the first thing to open is an airport.
LA: Yes, and I don't mean to take away from the other islands because they're wonderful and they have their own special flavor. Each island has it's own characteristics and personality, and they attract people who appreciate those characteristics.
loyola high school los angeles FKV: Yes, that true. People that like Marathon prefer the more laid back lifestyle. Those who want Key West Florida real estate loyola high school los angeles do so because they love all the activity and night life. People in Key Largo like being