Monthly Key West Real Estate Market Report

Rudy Molinet, Broker/Owner, Marquis Properties Realty Marguis Properties Realty - Key West Real Estate Rudy Molinet
Top Key West Realtor
Key West Market Leader

Analysis and Revue Of The
Key West Real Estate Market

Summer 2010 Key West Real Estate Report
Winter Spring 2010 Key West Real Estate Report

View 2008/2009 Key West Real Estate Market Reports
View 2007 Key West Real Estate Market Reports

Rudy Molinet, Broker/Owner
Marquis Properties Realty
508 Southard Street, Suite 107
Key West, FL 33040

Direct: 305-240-1090
Fax: 305-768-0808
rudy@rudymolinet.com
 
Summer 2010
Come To Key West Where the Real Estate Market
is Hot Enough to Buck National Trends.

Summer is here and the typical summer real estate patterns are in play for Key West Real Estate. As the warm tropical breezes bathe our Island and parents are focused on getting their kids back to school, we start our traditionally slowest time of the year in Key West. Once October comes along, we will see an increase in sales activity and new listings as snowbirds begin their annual trek southward.

There is extremely low inventory (only 518 active properties on the market in all of Key West). Two years ago we had over 1100 active listings. Why is this happening? Well, in short, properties are selling. Prices are stabilizing and in July 2010 we saw a 17% increase in median sale price from July 2009. This trend has been observed for the past three months which I think points to a stabilizing of the market. Prices have come down from their highs in 2005-2006 to more reasonable levels thus encouraging buyers to buy their slice of Key West paradise.

The Rudy Molinet team at Marquis Properties Realty has done extremely well this year. We have placed under contract nearly $20 million in transaction sides from January—August. This is about the number we did all of 2009 so we are excited to see this upward movement. My partner Harry Hoehn and I have sold more Key West Real Estate this year than any other of the nearly 400 active Key West Realtors. People always ask us how we are doing this. The answer is pretty simple. Price listings to sell, work with buyers by providing them with market information and using our expertise and market knowledge to make it happen. Of course, this also involves countless hours of hard work, aggressive advertising and an enhanced presence on the internet. Together with our top notch team of web experts and SEO gurus, we continue to enjoy high placement on search engines such as Google and continue to improve our site, www.rudymolinet, with improved content and information for buyers and sellers.

The Gulf Coast oil spill has had an interesting effect on our market, At first, the scare of oil affected some transactions with buyers waiting to see what happened. Of course, there is ABSOLUTELY NO OIL IN KEY WEST so this has helped tremendously. Our hotels seem busier this year and I personally think it is because some folks that would normally go to the Panhandle of Florida are coming to Key West. According to local tourism officials, Key West enjoys the highest hotel occupancy of any resort community in Florida. This is indeed good news, but I am not surprised.

Key West has so much to offer our visitors, locals and potential homeowners. We have year round wonderful tropical weather. This summer, we were actually cooler than most of the Northeast leading me to think of a new advertising campaign idea---Come To Key West In The Summer And Cool Off! Of course, we are the only frost free city in the Continental USA so in the winter folks trek here to get away from the snow and ice up north. Key West has wonderful historic homes, wonderful cultural and arts venues, a diverse population that embraces diversity, a pedestrian friendly, walk able city and a laid-back island vibe that is the envy of all who visit.

Key West Real Estate is beginning to show signs of recovery. We just recently put under contract a Casa Marina property for one of our buyers in the $900,000 to $,1000, 000 range. The range under 1 million seems to be the most active. Of course, when the snow birds return we hope to see the range above 1 million become active again. We look forward to a continued upward trend in Key West Real Estate and are honored to help you buy or sell your Key West property.
 
Winter/Spring 2010
The Weather Up North is Frightful;
But Key West (Real Estate) is So Delightful! 		  

2010 has started out with a bang for Key West Real Estate and for Rudy Molinet and his team at Marquis Properties Realty.

The current market conditions in Key West can be best described as a previously declining market that is beginning to show signs of stabilizing in certain segments. The inventory in the historic district is beginning to tighten bringing more balance to the buyer/seller relationship.

During the past six months, homes in the historic district have sold at a faster pace and for a higher price than those in the non-resort areas of Key West. There have been several short sales and REO properties that have brought down prices approximately 20% lower in 2009 from 2008.

The market for homes in Old Town under 1.1 million dollars is active. Our firm has experienced the busiest selling season for January and early February 2010 than in any other comparable period. Our list-to-sale price ratio is approximately 94% compared to a market average of approximately 80%. Our Days on The Market for listings sold this period is 72 days compared with the market average of 164 days. This focus on pricing properties close to actual market value, combined with aggressive marketing and sales efforts, have been the hallmark of our success.

Overpriced listings simply stay on the market and become stale. Several competitors' listings have been on the market for 1-2 years at elevated prices. Upon multiple price reductions, the listings eventually sell but at a deeply discounted price from the original list price.

Rudy Molinet is a top producing Realtor® in Old Town Key West Real Estate for 2006-2009 and YTD 2010 and sold more properties in Old Town Key West in 2009 than any other Broker. Despite a difficult economic climate and challenged Key West real estate market, Rudy and his partner Harry Hoehn have achieved record-breaking sales for their company.

Rudy's approach to real estate utilizes a classic business model and leverages his 25 years of marketing and sales experience. He works with Realtor® and co-owner Harry Hoehn and an assistant. The firm limits its listings to 20 active properties in the resort areas of Key West - Old Town, Truman Annex and Casa Marina. This strategy provides the seller with a "boutique" environment based on superior customer service, focus, communication and results.



Rudy is one of only two members of "Most Referred Real Estate Agents" in Key West, a national designation awarded to the top realtors in a particular area. Rudy was also chosen as the local real estate expert and host for HGTV's award-winning show National Open House.

Rudy and his team have deep connections within the Key West business community. Rudy is the President-Elect of The Rotary Club of Key West and a past member of the Board of Directors of the Key West Association of Realtors. Rudy enjoys an excellent reputation in the community and great relationships with other Key West Realtors and Brokers.

If you are looking to buyer or sell your Key West home, contact Rudy Molinet today at 305-240-1090.

More Information: Monthly Statistical Reports on Key West property sales.


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