Islamorada Fl Real Estate Market

1. The Islamorada real estate market is a complex one. And, with the aftermath of Hurricane Irma, it only gets more complicated. But, that strange dynamic also presents some really big opportunities. Islamorada, or Village of Islands, is quite unique, even in the Florida Keys, because of its location. Islamorada encompases five islands of the entire archipelago and is known far and wide for its sport fishing and coral reefs. It’s also one of the most desirable locations to live, not only in the Sunshine State, but all of Florida, and indeed, the whole country. Of course, with its wonderful weather, its plethora of outdoor recreation, and its outright stress-free charm, Islamorada is a great place to call home. So, let’s take a look at the Islamorada residential real estate market and how it’s performing, overall. Islamorada West Real Estate Market The Islamorada real estate market is very peculiar because of its location and it’s many unique factors. Presently, home values, at-large, on are the rise. The post- Hurricane Irma market showed some signs of pause but now it’s gaining steam. Land continues to represent the single biggest challenge. But, that’s not all. There’s still the matter of adopting new legislation which will surely change how property investors view the chain of islands and beyond. Here’s a quick look at the current Islamorada real estate market: ●Property values are on the rise and will increase further. It should come as no surprise that property values in Islamorada and throughout the Florida Keys continue to go up and up. While that certainly bodes well for homeowners and sellers, it represents a challenge to buyers. Of course, the quicker interested buyers jump in, the better. Homebuyers can then enjoy the strong appreciation, along with the best of the Keys’ lifestyle. ●Land represents the biggest obstacle for more affordable housing. Although Irma damaged a lot of properties across Islamorada, it didn’t produce more land. Before the arrival of the tropical system, land was an issue. Now, it remains an issue. But, developers are working hard to explore alternatives. To improve the local economy, more entry-level and starter homes need to be a part of the community. And, that just might become a reality in the next several months. ●A possible new set of rental rules will bring more commerce to Islamorada. Legislation is making its way to becoming a reality. Basically, current rules disallow some forms of rentals. But, if some ambitious people get their way and local, public sentiment remains strong, those rules would either loosen or change. Keys’ homeowners want an exemption to make nightly vacation rentals an option. That’s certainly a path toward a more prosperous

2. community. It would be a huge plus for the micro-economy in Islamorada, as well as the whole island archipelago. Of course, interest rates also play a big role in the local real estate market. Interest rates, once at near-historic lows just a couple of years ago, are inching up, ever-so subtly. This means homebuyers should act and act now because waiting will only cost more over the long-term.