Florida stands out as an area where real estate remains in high demand, particularly in the Florida Keys. Here, residential real estate prices appear to almost be back to the levels witnessed in 2005 in many areas. In addition, luxury houses are especially being sought after.
The average price for houses valued at more than $2 million and sold in the Upper Florida Keys was over $2.5 million last year, and it was almost $2.30 million in 2012. In 2014, homes for sale in the area ended up being sold in just 260 days -- fewer than the nearly 500 days experienced in 2012. This is the fastest they have been sold since 2005.
Many people hunting for houses in the Keys are especially attracted to large estates featuring vast views of the Gulf of Mexico and the Atlantic Ocean. They are also drawn to various communities' small-town feel, with the lifestyles of many locals involving diving, boating and fishing. Because the area is in such high demand, developers are actually struggling to locate new spots in which to build new properties.
As the Florida Keys, like many other areas of the state, continues to draw in home buyers, now is a popular time to sell properties here as well as seek properties for sale. Each Florida residential real estate transaction is different and may feature its own complexities; if improper steps are not taken, a deal may easily fall through. An applied knowledge of real estate law may help people to complete their real estate transactions in a way that satisfies their goals.
Source: The Wall Street Journal, "The Florida Keys Sunshine Premium", Alina Dizik, March 12, 2015