Marge and Gordon's Key West Blog: May 2008

Buying a home in the Keys

Information unique to buying a home in the Florida Keys”

As you may be aware, the environment that makes the Keys so attractive to thousands of people is a fragile environment the requires considerable attention to protect its health and beauty. This fact has created a requirement for close management of all activities that have or might have negative impact on the environment now or in the foreseeable future. The result is a number of "unique to the Keys" regulations and procedures concerning property ownership. They are provided for information purposes of broaden your understanding of what
is invalided when purchasing property in the Keys.

Flood Insurance:
The buyer must determine the insurability of the property against flood damage by seeking the advice of a qualified insurance agent. Structures built before January 1, 1975 (pre-firm) are subject to rules governing substantial and non-substantial improvements to pre-firm structures which may
limit the reconstruction, rehabilitation or addition
to the pre-firm structure. Structures built after January 1, 1975 that has enclosures below the Base Flood Elevation (BFE) are typically not habitable. The existence of habitable space below the BFE may require demolition or an increase in insurance premium. Buyers should contact the Monroe County Federal Emergency Management Coordinator or the City of Key West, City of Key Colony Beach, City of Layton, City of Islamorada and City of Marathon to ascertain how these rules may impact on the
property of interest.

For more information please go to http://keywestrealestate123.com/buyers.html

This three bedroom award winning historic home is located in The Meadows of Key West. The elegant living area extends into a large covered lanai. Surrounded by lush landscaping and a solar heated pool with waterfall, this is the perfect spot for entertaining and relaxing. The open kitchen features stainless steel appliances, granite countertops and a pantry equipped with outlets for your small appliances! Step into comfort and privacy in the master suite which features a walk-in closet and huge master bath with double sinks and a small refrigerator. The beautifully restored Dade County pine and handmade stained glass transom window complete this classically renovated Key West home.

For more information please go to http://www.keywestrealestate123.com and go to featured listings.

This central Key West home is bright and lovely. Enter into the light-filled Florida room and then enjoy the warmth of Dade County pine accented with custom antique trim in the living area. Truly a unique home, the master bath has a huge step down shower that has to be seen to be believed, and the walk-in closet could almost be a bedroom! The Florida room opens to a deck and a large back yard. A large, open loft with built-in storage serves as a second bedroom accessed by stairs, not a ladder, and the major upgrades have been done - central A/C, roof, and shutters.For more information please go to http://www.keywestrealestate123.com

Charming and cozy, but surprisingly spacious, this two bedroom Old Town home must be seen to be appreciated. Nestled in a quiet compound and off the beaten path but still within walking distance of the waterfront, the Key West Cemetary, and Duval Street. Vaulted ceilings, wood floors, and a great screened porch make this the perfect Key West getaway. There is a large shared pool in the compound as well, and the monthly fees are very reasonable.

Key West Cost of Living

The cost of living index is based on the composite price of groceries, housing, utilities, transportation, health care, clothing and entertainment.
Cost of living indexes will generally be higher in areas that offer access to beaches, culture, arts and recreation. In addition areas, that offer a wider variety of services such as health and education will run higher due to higher wages, and increased quality of living.

Cost of living indexing explanation
• A figure of 100 points is used as an average both for the USA and Florida. For example:
• Boise Idaho is ranked at a 99
• Boston Mass is rated at 240
• San Francisco at 217
• Orlando Fl is 104.2 and Miami is 115.0
• Statewide, Florida cities come in from a low of 90 and up.
• One way to compare Florida areas to salary requirements
For example-If you were relocating from Portland Oregon (whose rate is 120) to Orlando, and you currently make $50,000 per year, the formula is as follows
• Take the destination index, in this case Orlando-104.2 and divide by Portland’s index-120, then multiply by a salary of $50,000. This will give you a figure of $43,416, which would be required to make in Orlando and have the same quality of life.

The Keys and Monroe county top out the state at an average Cost of Living at 160 plus. (this is due to the home price escalation in the Keys). We only have so much land and the area is heavily regulated as to building permits. The result is that It's not going to get cheaper....A tropical paradise is in the same venue as any resort destination area, be it Martha's Vineyard or Sun Valley.

However compared to other areas nationally and given the amenities of the Keys, it is a great place to live, work and play.
(Population Weighted-State Average=100

2006 Fourth quarter stats per ACCRA and Council for Community Economic ResearchBradenton-100.6
Cape Coral-Ft Myers-108.0
Ft Lauderdale-117.0
Fort Walton-Destin-97.3
Jacksonville metro-96.3
Miami metro-115.0
Orlando metro-104.2
Palm Coast-Flagler-98.5
Panama City-96.6
Pensacola metro-96.0
Sarasota-107.0
Tampa 98.5
St Pete-Clearwater-99.9
Vero-Beach Indian River-103.4
West Palm Beach metro-117.5
(Population Weighted-State Average=100

For more info please go to http://www.keywestrealestate123.com