A Stabilizing Market
The third quarter of any year is hard to compare to the second quarter, due to our typical "off season". But looking at the third quarter of last year, average list price is up, sales are up and the average sales price is up. This indicates we are still climbing out of the longest slump in modern history.

The days on the market remain at about 10 months and the sale price in relation to the original list and the final list price remains at almost 79% and 89% respectively. This shows that sellers are still "chasing the market" and listing about 10% higher than what will sell the property in a more reasonable number of days. All in all the market is improving but at a painfully slow pace.

-Alexa Wheeler

Vacation Rental News

September is license renewal month in Islamorada. Every year fewer and fewer licenses are requested by homeowners. In 2010, 141 licenses were issued compared to 160 in 2009 and 164 in 2008. It Is hard to tell whether fewer properties are renting weekly or owners are just not getting the expensive license. Our 2011 rental volume has greatly increased over last year so the business is there. I can only conclude that there is more "under the table" renting going on. Another reason for the reduced number of licenses is the Village requirement of a minimum tax assessment to obtain a vacation license. The theory, in their minds, was that lower value residences would be used for affordable housing if they could not get a vacation license. This became a problem when the real estate market crashed and values drastically went down. Now fewer condominiums can meet the minimum assessed value requirement. Last year the Village Council relaxed this requirement to let properties use their 2007 assessment. This should bring in more licenses this year.

A word of caution; we have seen an increase of families finding out in the last minute that they have been a victim of a rental scam. Whenever or wherever you look for a vacation rental, make sure you are dealing with a reputable company. Check with the local Chamber of Commerce.

Construction and Plumbing News

This year has been a year of many sewer lateral hookups, condo remodeling and Royal Concrete Homes. Most of Key Largo is ready to hook up to the central sewer system so John has been very busy accommodating the hook up requests.

We would like to introduce John Finger. John Finger will be working with Freewheeler Construction and Plumbing as the project supervisor. It will be a bit confusing with two Johns so we will use the last names of El Koury and Finger.
Give Finger a call at 305 393-9668

As I mentioned, Royal Concrete Homes are becoming more popular. Their wind resistance, ease of construction and low cost make them a very attractive alternative to standard construction. They can come in all sizes and configurations, just take a look at the new Cheeca Lodge which was constructed using Royal Concrete modules. Pictured below is a completed 2 bedroom 2 bath elevated home.

What's Happening in the Upper Keys

Oct 28 Halloween Party Holiday Isle Resort Islamorada 305 664-2321

Nov. 10 Annual Key Largo Cook Off Key Largo 305 451-4747
Nov 11-13 "Ladies Lets Go Fishing" Annual Keys Seminar Holiday Isle Resort, Islamorada Contact Betty 954 475-9068
Nov 11-12 Key Largo Bridge Run Key Largo 305 451 1642
Nov 12 4th Annual Celebrity Bartender Fundraiser for Forgotten Soldier Outreach Program Zane Grey Lounge, Islamorada 305 467-2079
Nov 25-27 Holiday Isle Arts and Crafts Festival Islamorada 305 433-9935
Nov 26 Third Annual Bay Jama Reggae Festival Islamorada 305 395-6344
Nov All Month History of Diving Museum in Islamorada Free entry for all Veterans 305 664-9737

Dec 2 Annual Holiday Festival Founders Park, Islamorada 305 664-2002
Dec 10 - Key Largo Christmas Boat Parade
Dec 31 New Years Eve Fireworks on Blackwater Sound MM 103-104

Jan 12-22 Florida Keys Challenge; Paddle form John Pennecamp State Park to Key West. Paddle on or multiple Days 352 377-8342
Jan 28 -29 3rd Annual Key Largo Stone Crab & Seafood Festival Key Largo 305 451-4502

Nov. 4-6 Redbone Celebrity Tournament Islamorada 305 664-2002

Dec 1-4 First leg of the Triple Crown Florida Keys Gold Cup Championship Islamorada 305 852-2102
Dec 1 – 31 Series of Sailfish Tournaments Islamorada 305 852-2102
Dec 10-11 Don Gurgiolo Sailfish Classic Islamorada 305 240-9337
Dec 17-18 Islamorada Junior Sailfish Tournament 305 240-9337

Jan 7-8 Key Largo Sailfish Challenge Key Largo 305 240-9337
Jan 9 Islamorada Bartender Sailfish Open 305 852-2102
Jan 11-12 Florida Keys Outfitters Sailfly Islamorada 305 664-5423

Quote of the Quarter

"Life's like a movie, write your own ending. Keep believing, keep pretending."
--- Jim Henson / American puppeteer

Brought to you by the Freewheeler Family of Companies

Real Estate Sales and Property Management

Vacation Rentals

Quote of the Quarter
"An ounce of performance is worth a pound of promises."
--- Mae West / American Actress

~Two Upper Keys Locations~

Islamorada

Key Largo