Florida Keys • Housing Market • Key Largo • Key West • Little Torch • Market Activity • new listings • pending sales • sold properties • June 20, 2012

Market Update – Florida Keys real estate activity June 4th thru June 17th, 2012

by Tracy Larson

School is out, the snowbirds are back home and the temperatures are rising. It is officially summer in the Florida Keys starting today!

This is the time of year the real estate market tends to slow down, and this year is no exception. Fewer properties are moving on and off the market. 150 new listings have been taken in the last two weeks, 87 properties have gone under contract and 78 properties have sold.

New Listing – 730 State Road 4A

New listings include a secluded home with postcard views of the water. This two bedroom home sits on over 21,000 sq. ft. of land. It is located on Little Torch Key, 28 miles from Key West. There is a waterside seating area at the end of the path leading from the home. It is currently listed for $499,000.

Pending Sale – 104 Coastal Drive

Pending sales include a magnificent bayfront home. This 6,000 sq. ft. home is located in Coral Coast, a private gated enclave of bayfront homes in Key Largo. The home has 5 bedrooms, 6 full baths and 2 half baths. It was listed at $4,200,000 for just 49 days at the time of contract.

Closed Sale – 39 North Drive

Closed properties include a remodeled home in Key Largo in Stillwright Point. This 4 bedroom, 2 bath home has over 1,400 sq. ft. of living space and also has impact resistant windows and doors. It was listed for $595,000 and sold for $565,000.

Follow the links below to view the listings:

New Listings
Pending Sales
Closed Sales

Listing information gathered from the Florida Keys Multiple Listing Service. Listing links will automatically expire after 7/20/2012

buyers market • Florida Keys • sellers market • sold properties • June 11, 2012

“How much did the current owners pay?”

by Tracy Larson

This is a question I hear a lot from buyers, and I am sure other Realtors are hear it, too. While it is easy enough to look up the last sale of a property in the tax records, the real answer to this question is “it really isn’t relevant?”

For example, I have a listing in Islamorada, Florida that the current owner has owned for nearly 30 years. Naturally, they paid a considerably lower price than what they are asking for the property now. They also made improvements over the years, such as a new deck, new kitchen and new metal roof, among other things. It makes no difference what they paid in 1985 in today’s market.

Even in the event of a short sale, what the current owner paid for the property has nothing to do with what current market conditions are. In a short sale, the current owner almost always paid more than what they are asking now, or perhaps they’ve even taken equity lines out against the property. What the seller owes and what the house will sell for and appraise for today are unrelated.

The better question to ask is “what are similar properties selling for now?”. It’s best to look harder at sold properties than actively listed properties when answering this question, since asking price is rarely the same as the eventual sales price of the property.

Have a property you’re interested in buying? Call or email me and I’ll be happy to provide information on similar sold listings here in the Florida Keys.

buyers market • Florida Keys • sellers market • sold properties • June 11, 2012

“How much did the current owners pay?”

by Tracy Larson

This is a question I hear a lot from buyers, and I am sure other Realtors are hear it, too. While it is easy enough to look up the last sale of a property in the tax records, the real answer to this question is “it really isn’t relevant?”

For example, I have a listing in Islamorada, Florida that the current owner has owned for nearly 30 years. Naturally, they paid a considerably lower price than what they are asking for the property now. They also made improvements over the years, such as a new deck, new kitchen and new metal roof, among other things. It makes no difference what they paid in 1985 in today’s market.

Even in the event of a short sale, what the current owner paid for the property has nothing to do with what current market conditions are. In a short sale, the current owner almost always paid more than what they are asking now, or perhaps they’ve even taken equity lines out against the property. What the seller owes and what the house will sell for and appraise for today are unrelated.

The better question to ask is “what are similar properties selling for now?”. It’s best to look harder at sold properties than actively listed properties when answering this question, since asking price is rarely the same as the eventual sales price of the property.

Have a property you’re interested in buying? Call or email me and I’ll be happy to provide information on similar sold listings here in the Florida Keys.

Big Pine Key • Florida Keys • Key Largo • Marathon • new listings • pending sales • real estate market • sold properties • June 5, 2012

Market Update – Florida Keys real estate activity May 21st thru June 3rd, 2012

by Tracy Larson

The last two weeks gave us the last big weekend in the Keys – Memorial Day Weekend and the official start of Hurricane season – June 1st. Welcome to the slow season in the Florida Keys.

The real estate market has been active, although a bit slower than when we are ‘in season”. 124 new listings came on the market, 110 properties went under contract and 98 properties sold.

Pretty Joe Rock – Offered at $1,500,000

How would you like you own island? One of the new listings is a private just off Marathon. Pretty Joe Rock has a nicely equipped cottage on the island complete with water and electricity. It is offered fully furnished as well. There is an easement and dock onshore to provide access to the island. Offered at $1500,000.

Pending – 13 S. Exuma Rd. Offered at $650,000

Pending sales include a beautiful pool home in Key Largo. This 3/2 home is located near the 18 mile stretch, making it a perfect commute to the mainland. It is all concrete and has 80′ of dockage with instant ocean access.

1152 Westshore Drive – Sold for $1,325,000

Sold properties include a magnificent oceanfront estate on Big Pine Key. This stunning estate was offered as a short sale. Just shy of 4,000 sq. ft. of living space, this home has 3 bedrooms and 2.5 baths. It is on open water with endless views. Originally listed for $2,950,000, it sold for $1,325,000.

Follow the links below to view the listings:

New Listings
Pending Sales
Closed Sales

Listing information provide by the Florida Keys Multiple Listing Service. Listing links will automatically expire on 7/5/2012

Big Pine Key • Florida Keys • Key Largo • Marathon • new listings • pending sales • real estate market • sold properties • June 5, 2012

Market Update – Florida Keys real estate activity May 21st thru June 3rd, 2012

by Tracy Larson

The last two weeks gave us the last big weekend in the Keys – Memorial Day Weekend and the official start of Hurricane season – June 1st. Welcome to the slow season in the Florida Keys.

The real estate market has been active, although a bit slower than when we are ‘in season”. 124 new listings came on the market, 110 properties went under contract and 98 properties sold.

Pretty Joe Rock – Offered at $1,500,000

How would you like you own island? One of the new listings is a private just off Marathon. Pretty Joe Rock has a nicely equipped cottage on the island complete with water and electricity. It is offered fully furnished as well. There is an easement and dock onshore to provide access to the island. Offered at $1500,000.

Pending – 13 S. Exuma Rd. Offered at $650,000

Pending sales include a beautiful pool home in Key Largo. This 3/2 home is located near the 18 mile stretch, making it a perfect commute to the mainland. It is all concrete and has 80′ of dockage with instant ocean access.

1152 Westshore Drive – Sold for $1,325,000

Sold properties include a magnificent oceanfront estate on Big Pine Key. This stunning estate was offered as a short sale. Just shy of 4,000 sq. ft. of living space, this home has 3 bedrooms and 2.5 baths. It is on open water with endless views. Originally listed for $2,950,000, it sold for $1,325,000.

Follow the links below to view the listings:

New Listings
Pending Sales
Closed Sales

Listing information provide by the Florida Keys Multiple Listing Service. Listing links will automatically expire on 7/5/2012

agency • buyers • fiduciary • Florida Realtors • sellers • single agent • transaction broker • May 23, 2012

Understanding Agency Relationships

by Tracy Larson

When you’re selling a home, it’s fairly easy to know who your agent is – it’s the person or team you listed your property with, right? Maybe not – it all depends on how your listing agreement is worded.

What if you’re a buyer? Is the agent you are looking at property with your agent? Chances are, they are not working as a “buyers” agent, but working as a transaction agent.

What are the differences?

Years ago, the State of Florida did away with what was called dual agency. Under dual agency, a broker/agent could represent both sides of the transactions. However, it was decided that there was no way to truly offer full fiduciary duties to both a buyer and a seller. Enter the Transaction Broker/Agent.

Here is a look at the types of agency offered in Florida:

Seller’s Broker/Single Agent.
Also known as a listing agent, a seller’s agent is hired by and
represents the seller. All fiduciary duties are owed to the seller. The
agency relationship usually part of the listing agreement. A seller’s agent
negotiates the best possible price and terms for the seller, working with the seller’s best interest throughout the transaction.

Buyer’s Broker/Single Agent. A
real estate licensee is hired by a prospective buyer as an agent to
find an acceptable property for purchase and to negotiate the best
possible price and terms for the buyer. The agent represents the buyer’s
best interest throughout the transaction. The buyer can pay the agent
directly through a negotiated fee, or the buyer’s agent may be paid by
the seller or a commission split with the listing agent.

Nonagency relationship or Transaction Broker/Agent.
Since it is impossible to offer full fiduciary duties to both a buyer and a seller, Florida has created the Transaction Agent. These agents work for the transaction. While the duties
owed to the consumer are less than the complete, traditional fiduciary
duties, the licensee still owes each party some fiduciary duties. In addition, these agents are still bound by the Realtor’s Code of Ethics and must provide fair, honest and ethical service to the consumer. It is this relationship that allows an agent to work have “both sides” of the transaction, working directly with the buyer and the seller.

In the Florida Keys, I have found that the most common agency relationship being used is Transaction Agent. This is the way that allows two agents from the same agency to work on the same transaction. Without it, agents would need to first obtain permission to transition to a transaction broker/agent relationship.

Questions? Feel free to call or send me an email.

agency • buyers • fiduciary • Florida Realtors • single agent • transaction broker • May 23, 2012

Understanding Agency Relationships

by Tracy Larson

When you’re selling a home, it’s fairly easy to know who your agent is – it’s the person or team you listed your property with, right? Maybe not – it all depends on how your listing agreement is worded.

What if you’re a buyer? Is the agent you are looking at property with your agent? Chances are, they are not working as a “buyers” agent, but working as a transaction agent.

What are the differences?

Years ago, the State of Florida did away with what was called dual agency. Under dual agency, a broker/agent could represent both sides of the transactions. However, it was decided that there was no way to truly offer full fiduciary duties to both a buyer and a seller. Enter the Transaction Broker/Agent.

Here is a look at the types of agency offered in Florida:

Seller’s Broker/Single Agent.
Also known as a listing agent, a seller’s agent is hired by and
represents the seller. All fiduciary duties are owed to the seller. The
agency relationship usually part of the listing agreement. A seller’s agent
negotiates the best possible price and terms for the seller, working with the seller’s best interest throughout the transaction.

Buyer’s Broker/Single Agent. A
real estate licensee is hired by a prospective buyer as an agent to
find an acceptable property for purchase and to negotiate the best
possible price and terms for the buyer. The agent represents the buyer’s
best interest throughout the transaction. The buyer can pay the agent
directly through a negotiated fee, or the buyer’s agent may be paid by
the seller or a commission split with the listing agent.

Nonagency relationship or Transaction Broker/Agent.
Since it is impossible to offer full fiduciary duties to both a buyer and a seller, Florida has created the Transaction Agent. These agents work for the transaction. While the duties
owed to the consumer are less than the complete, traditional fiduciary
duties, the licensee still owes each party some fiduciary duties. In addition, these agents are still bound by the Realtor’s Code of Ethics and must provide fair, honest and ethical service to the consumer. It is this relationship that allows an agent to work have “both sides” of the transaction, working directly with the buyer and the seller.

In the Florida Keys, I have found that the most common agency relationship being used is Transaction Agent. This is the way that allows two agents from the same agency to work on the same transaction. Without it, agents would need to first obtain permission to transition to a transaction broker/agent relationship.

Questions? Feel free to call or send me an email.

buying advice • CMA • condos • FAQ's • Florida Keys • list to sell ratio • offers • single family homes • May 22, 2012

What do you think it will sell for?

by Tracy Larson

One of the most asked questions I hear is “what do you think it will sell for?”

Without a Crystal Ball to look into, I can only go by what I see reported through the local MLS.

In the first quarter of 2012, we saw 232 single family homes sell Keys-wide. When we look at the list price to sell price ratio, the average is 92% of asking price. The numbers are slightly different for condos; 110 properties sold with a list to sale ratio of 95%.

So, given those numbers, should you automatically based your offer 5 to 10% below asking? Probably not.

There are a lot of variables to consider, such as condition of the property, location of the property, and the length time the property has been on the market, to name a few. Properties that have easy or immediate access to the water tend to sell for closer to the asking price. Properties that have been on the market might have owners that are now willing to accept less than what they are asking.

One option you have is to ask your Realtor to provide a CMA (Comparable Market Analysis) for the property you are interested in. Properties used in the CMA should be as closely matched to the subject home, much as they would be in an appraisal of the home. You need to be sure that both on market homes and sold properties are included in the analysis. There should be as few adjustments as possible done by the Realtor because most Realtors are not licensed appraisers and should not evaluate property the same way appraisers do.

You should also know the market activity in the area you’re interested in. If the market is a buyers market, with several homes competing against each other, sellers may be willing to accept less to avoid chasing the market down. But if sales are on the rise and the inventory is moving like in a sellers market, sellers are less likely to negotiate on their asking price.

Have you seen a property you’d like to laern more about? Feel free to ask me for a no cost, no oblligation CMA. I’d love to help you with your purchase of a home in the Florida Keys.

buying advice • CMA • condos • FAQ's • Florida Keys • list to sell ratio • offers • single family homes • May 22, 2012

What do you think it will sell for?

by Tracy Larson

One of the most asked questions I hear is “what do you think it will sell for?”

Without a Crystal Ball to look into, I can only go by what I see reported through the local MLS.

In the first quarter of 2012, we saw 232 single family homes sell Keys-wide. When we look at the list price to sell price ratio, the average is 92% of asking price. The numbers are slightly different for condos; 110 properties sold with a list to sale ratio of 95%.

So, given those numbers, should you automatically based your offer 5 to 10% below asking? Probably not.

There are a lot of variables to consider, such as condition of the property, location of the property, and the length time the property has been on the market, to name a few. Properties that have easy or immediate access to the water tend to sell for closer to the asking price. Properties that have been on the market might have owners that are now willing to accept less than what they are asking.

One option you have is to ask your Realtor to provide a CMA (Comparable Market Analysis) for the property you are interested in. Properties used in the CMA should be as closely matched to the subject home, much as they would be in an appraisal of the home. You need to be sure that both on market homes and sold properties are included in the analysis. There should be as few adjustments as possible done by the Realtor because most Realtors are not licensed appraisers and should not evaluate property the same way appraisers do.

You should also know the market activity in the area you’re interested in. If the market is a buyers market, with several homes competing against each other, sellers may be willing to accept less to avoid chasing the market down. But if sales are on the rise and the inventory is moving like in a sellers market, sellers are less likely to negotiate on their asking price.

Have you seen a property you’d like to laern more about? Feel free to ask me for a no cost, no oblligation CMA. I’d love to help you with your purchase of a home in the Florida Keys.

closed sales • Florida Keys • Key Largo • Market Activity • new listings • pending sales • May 21, 2012

Real estate activity in the Florida Keys – May 7th to May 20th, 2012

by Tracy Larson

It’s hard to believe May is almost behind us and summer is almost here. The roads are already a little quieter, the restaurants less crowded. Next weekend’s Memorial Day Weekend will officially ring in our “slow season”.

The past two weeks, only 85 new listings came on the market. This is typically how many come on the market during one week in season. 65 properties went under contract and 60 properties sold.

101 Primrose Lane – offered at $425,000

One of the new listings is a waterfront property in Long Key. This 3 bedroom 2 bath home has over 1700 square feet, and includes guest accommodations with a separate entrance. It is located on a double lot, completely fenced. It is easy to show and offered at $425,000

Las Marvillas – Pending condo sale

Pending listings include a condo in a small, private complex of just ten units. This complex offers assigned boat storage, covered parking, swimming pool and dockage. Low association fees are an added bonus here. This unit was originally listed at $725,000 back in 2006 and was listed at $419 at time of contract.

106 Canal Street – Sold for $300,000

Sold properties include an great investment opportunity of multi-family units! Two 1bd/1ba (duplex), plus 2bd/2ba house
(that is zoned duplex), plus efficiency apartment, garage, storage, with 2 additional buildable lots located in a desirable
subdivision in Key Largo. This unique piece of property sold for $300,000 with seller financing!

Follow the links below to see the listings:

New Listings

Pending Sales

Closed Sales

Listing information gathered from the Florida Keys Multiple Listing Service (MLS). Listing links will automatically expire after 6/20/2012

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