Real Estate in Key Largo is primarily a residential area with many different types of property, including waterfront and non waterfront houses. Waterfront properties are categorized as oceanfront, bay front, canal front, or as water view properties. Styles range from single family, condominium, town house, duplex, mobile, multifamily and more. There is a wide range or pricing on homes, from the very modest on dry lots to magnificent luxury homes. Many homes are second homes in this community.
Market Trends
This year so far sales have been strong. Currently the price of an average home in Key Largo is a little over $1.1mil. The average price per square foot of real estate has increased in the last year to just over $700/sq ft. Inventory continues to decrease and is half the inventory from a few years ago. At the moment the price of houses seems to be continuing to very slowly grow as the building moratorium takes effect. Rental prices have increased significantly due to rental housing shortages.
Mortgage and Buying Facilities
There are multiple brokers to help facilitate purchases and investments. Working with local agents and lenders familiar with the idiosyncrasies and regulations in different areas of the Keys is recommended. Options range from local and national banks or credit unions, along with many private and public mortgage lenders that offer reasonable rates for easy investment opportunities. The number of foreclosures has fallen very, very low, Interest rates are slowly rising, but not having much impact on buyers mostly second home and investment purchases.
Lifestyle and Quality of Life
The many different residential areas of Key Largo offer a unique high quality of life with many amenities available locally, with fast access to the mainland. The sense of community is strong, with a wide mix or permanent residents including families, snowbirds, second home owners or weekend warriors, and many visitors in this wildly popular vacation destination.