Category Archives: Key West Real Estate

SUMMER: KEY WEST’S NEW HOME SELLING SEASON

If you were to ask most Key West real estate professionals what’s the best time of the year to sell your charming Victorian cottage, historic Old Town estate, or convenient oceanfront condominium, one definitive answer would prevail. Almost every REALTOR® would declare that high season (Christmas through the middle of April) is the best time to list your home for sale. If you ask us, we would tell you that summer is the most opportune season to market and sell your Key West home.

Before the internet changed the way that people shop for real estate, winter and early spring were unquestionably Key West’s premier home buying seasons. In the not-so-distant past, tourists and snowbirds flocking to our tropical paradise in the winter and early spring could only shop for the Key West home of their dreams while they were on the island. Images of shoppers and dreamers peering at the FOR SALE flyers taped to the window panes of Duval Street’s realty offices still linger in the minds of long-time island REALTORS®. Visiting buyers once combed through a plethora of real estate ads in every edition of the Key West Citizen and showed up at Sunday open houses in droves. The job of matching buyers with properties fell primarily to real estate professionals working from printed listing books. REALTORS® took their clients on showings to introduce them to properties. Today’s technology has certainly changed the Key West buying and selling real estate equation.

With the proliferation of smart phones and real estate websites like Zillow.com and Realtor.com, buyers now have a real estate assistant in their pocket. Armed with the ability to keep up with Key West’s real estate market in real time, with a touch of the finger, our clients become educated on our market and have a list of properties that strike their fancy before we ever set up the first showing appointment. Current technology has opened the Key West real estate market to buyers around the country and around the world—365 days a year.

Home buying culture in Ohio, Pennsylvania, or Georgia is not firing on all cylinders during the winter and early spring. In most cities and towns across the United States, buyers are accustomed to searching for homes in the late spring and summer months when residential sales kick into high gear. They bring this engrained home buying behavior to their quests to purchase their Key West dream homes—looking to buy outside of our traditional buying season.

It is not as if Key West boards up its windows for the summer. From Hemingway Days, to the Key Lime Festival, to Bone Island, to Lobsterfest, numerous festivals and events keep people coming to the island throughout the summer months. For most Americans, escaping to the beach is not a winter activity. These summer visitors to Key West are summer home buyers.

Throughout the year, Island Hunters, Caribbean Life, This Old House and other extraordinarily popular real estate and home improvement shows are keeping Key West in the mind’s eye of those looking to invest in an island home. As they turn their historic Old Town property into a modern island retreat, NASCAR superstar Dale Earnhardt Jr. and his wife Amy Earnhardt will be shining the spotlight on Key West with their new four-episode home renovation series airing early next year on the DIY Network. These television series are helping to build Key West’s growing summer real estate market.

The Key West real estate industry has been slow to respond to the evolution of its market. Clinging to the past like the yellow kitten on the 70’s Hang in There Baby poster, many of the island’s 350 REALTORS® have been slow to embrace the changing real estate environment. Many of them council their sellers to take their properties off the market at the end of the traditional selling season or to wait to offer their homes for sale until high season rolls around—sticking to the outdated model that no one buys in the summer. We often ponder if these real estate professionals simply do not see the new reality, or are they just reluctant to give up the extended vacation lifestyles, that the slower summers of days gone by, allotted them. Their loss is our gain.

As the summer solstice approaches, we are gearing up for our busiest time of the year. We wholeheartedly embrace the opportunities that Key West’s hot summer selling season presents. Each year, fifty percent of our annual business is generated from June until September. Knowing that summer buyers are actively in the market to find their own corner of paradise, we encourage our sellers to offer their properties for sale. With significantly fewer homes on the market, competition is significantly reduced. While listings may not see the number of on-site lookers, the tally of potential buyers viewing their home online will be much greater. When summer buyers schedule a private tour of a property, more than likely, they will be serious prospects. With the number of listings at historic lows, this summer will undoubtedly prove to be a strong seller’s market in Key West.

Don’t buy the line that the summer season is not the time to market and sell your Key West property. The exploding online marketplace for our island’s real estate attracts qualified buyers outside of the traditional selling season. With less competition, more exposure, and serious buyers, we believe that summer is a great time to sell.

—Dean & Keith Townsend, The Townsend Team

SELLING YOUR ISLAND COTTAGE? COLOR IT KEY WEST!

Key West colors first entered the world’s consciousness in the 1970’s, when free-spirited locals began painting their historic cottages a spectrum of tropical hues. Today, buyers looking to purchase their Key West dream cottages expect them to be painted to match the colorful, idealized images that have been imprinted on their minds over decades.

Beautifully painted in Key West colors, the quintessential conch cottage at 1127 Packer Street radiates captivating curb appeal.

We have found that our clients respond less favorably to cottages that are painted in the traditional (white with black or dark green shutters) Key West color scheme. They immediately see dollar signs when they strongly feel the necessity to paint a home’s exterior to make it look like the “cute” conch cottage of their dreams.

1127 Packer Street before it was colored Key West.

Although buyers often make the declaration that they are purchasing a property because it makes financial sense, the overriding reason is that it makes emotional sense for them. Frequently used to represent and elicit emotions, colors connect with individuals on a subconscious level. The house colors of Key West have come to represent the island’s lighthearted and carefree lifestyle that is envied around the globe.

Key West colors not only enhance a cottage’s curb appeal, they greatly increase the home’s web appeal. Realtor.com and Zillow.com primarily utilize images to market real estate on the smart phone in the pocket of nearly everyone looking to purchase property. Bland, white or beige, shotgun cottages—that look like they could be easily transplanted anywhere—do not capture the attention of online shoppers looking for their island dream home.

If you are planning to sell your conch cottage, wander around Old Town snapping pictures of the quintessential Key West cottages sporting color combinations that speak to you. The coastal colors that garner a positive response from you, will undoubtedly grab the attention of buyers as well. Pickup a selection of paint chips (with HARC approved historic colors) at Strunk Hardware and play with color combinations over a glass of wine with friends and neighbors. Once you have decided on the perfect color scheme, head over to City Hall to get the painting permit process rolling.

The former white and dark green color scheme on display at 1711 Von Phister Street did not command the attention of potential buyers.

Painted to reflect the scolors of Key West, the cottage's personality shines.

Painted to reflect the soft tropical colors of Key West, the cottage’s personality shines.

When successfully selling any product, you must give buyers what they want. Key West cottage buyers want them to look like their fantasy. Reflect the tropical hues of the island’s sea, sky, and flora in the exterior colors you paint your home, and you will not only capture the imagination of eager buyers, you will get your cigar maker’s cottage sold quickly and for the best price.

We strongly encourage our sellers to color it Key West before they offer their cottages for sale. A tropically painted island cottage makes a winning first impression every time.

—Dean & Keith Townsend, The Townsend Team

TAKE A PEEK INTO YOUR KEY WEST HOME’S PAST

Back in 1965, the Monroe County Property Appraiser’s office took on the arduous task of taking a Polaroid photograph to document every structure in the county. The resulting group of 4,470 architectural images offers an extraordinary glimpse into a time in Key West history just before homes and commercial structures began to be restored en masse. It is surprising (if not shocking) to see how rundown much of the island’s buildings were at the time. The collection serves as a testament to the commitment of countless individuals that have—over the past fifty years—invested their money, blood, sweat, and tears into returning Key West’s historic structures to their previous glory.

Photo taken by the Property Appraiser’s office c1965; 1405 Olivia St.; built c1906; Tract 7, Sqr 2, Pt Lot 13

1405 Olivia Street as seen today.

The treasure trove of photos was endowed to the Monroe County Public Library in Key West. Luckily, the library has made the entire collection available online at http://bit.ly/keyspix.

Click here to visit the website and you will be able to explore a vast array of historic Keys photographs. The 1965 Property Appraiser’s Polaroids have been grouped together in the album The Way We Were—Key West 1960’s.

You can search for the 1965 picture of your Key West home by clicking on the search icon just above the photographs (not the Flickr search icon at the top of the page). Type in the number and street name only. Do not include Street, Avenue, Lane, etc. Undoubtedly, you will be delighted to see how your home looked over fifty years ago. Download the image to your computer and share it with family and friends. Frame a print and proudly hang it on the wall of your Key West dream home. The peek into your home’s past will surely spark many memorable conversations.

THE TOWNSEND TEAM
Dean & Keith Townsend, REALTORS®
Keller Williams Key West Compass Realty
333 Fleming Street, Key West, FL 33040
305-942-1369, www.DeanTownsend.com

Photo taken by the Property Appraiser’s office c1965; 1209 Knowles Lane; built 1920’s; Gwynn Sub, Pt Tract 13

Today, beautifully renovated 1209 Knowles Lane shines brightly.

Photo taken by the Property Appraiser’s office c1965; 719 Eisenhower Dr. aka 720 Eisenhower Dr.; house was originally located on the water @719, c1975 house moved across the street to 720 Eisenhower; Tract 7, Lot 5

720 Eisenhower Drive has changed a great deal in the last half-century.

Photo taken by the Property Appraiser’s office c1965; 813 Frances St.; built 1920’s; Tract 6, Sqr 4, Pt Lot 10 & 11

Lovely 813 Frances Street captivates today.

Photo taken by Prpoerty Appraiser’s office c1965; 530 Grinnell Street; built 1923; Sqr 46, Pt Lot 1

One of the most charming cottages in Old Town Key West, 530 Grinnell Street as seen today.

WHAT FEATURE TOPS THE LISTS OF TODAY’S KEY WEST HOME BUYERS?

Swaying palm trees, a shimmering pool, and a porch of indecision always seem to be on the gotta have it list of those dreaming of purchasing their own corner of paradise. An Old Town location, move-in ready home, and off-street parking are common requirements. One characteristic has risen to the top of our clients’ lists. A ground floor master suite has become the most desired feature of today’s Key West home buyers.

With the Florida Keys coming in with the world’s sixth highest, resort area, million-dollar-plus average home prices (per square foot)—just after Monaco, Naples, Telluride, U.S. Virgin Islands, and Jackson Hole—owning a piece of paradise is not exactly cheap. Consequently, most of our buyers have successfully reached a stage of life where they can afford to acquire their island dream home.

Most of our buying clientele are in their 50’s and 60’s. They have worked hard and have gained a level of career success; allowing them to indulge in a charming Victorian cottage, convenient oceanfront condominium, or historic Old Town estate. Middle age certainly has its perks, but it can present some physical drawbacks. The inability to easily climb stairs on the way to bed is one of the main reasons people are unable to age gracefully in their home. With the possibility of mobility issues looming down the road, a ground floor master suite is an important feature for many baby boomers, retirees, and those with older parents, family, and friends.

When Key West’s treasured Classical Revival homes were built between 1880 and 1910, they typically had bedrooms on the second floor to catch the island’s breezes. While many of these gems have been lovingly restored and renovated over the past decades, too few projects have added ground level master suites.

The value of an easily accessible master bedroom and bath cannot be underestimated. Many of our buyers will not even look at a property that does not have a first-floor master suite—or the potential to add one.

When investing in Key West real estate, you can’t go wrong if you fall in love with a home showcasing a ground floor master suite, or in choosing to include one in your renovation design. You will command a higher price, and find the right buyer in nothing flat, when the time comes to sell your property.

—Dean & Keith Townsend, The Townsend Team

Our Key West

THE TOWNSEND TEAM, Dean & Keith Townsend, REALTORS®, www.DeanTownsend.com

Category Archives: Key West Real Estate

SUMMER: KEY WEST’S NEW HOME SELLING SEASON

SELLING YOUR ISLAND COTTAGE? COLOR IT KEY WEST!

TAKE A PEEK INTO YOUR KEY WEST HOME’S PAST

WHAT FEATURE TOPS THE LISTS OF TODAY’S KEY WEST HOME BUYERS?