A New Beginning
2011 is a new beginning; a time when we reflect on last year and look forward to a new year. I believe that Americans are a positive nation, we tend to forget the difficulties of the past year, make resolutions and look forward for a better new year. We all do it whether we admit it or not. 2010 was a difficult year. The economy was still sagging, unemployment remained high and to top it off, the BP oil spill hammered tourism in The Keys and throughout Florida. On the bright side, optimists hopefully will focus on the lack of hurricanes threatening Florida. We have been so lucky these last few years.
The real estate market was very active. Our agents at Realty World-Freewheeler closed 135 sales; almost twice as many than other offices in the Upper Keys and 30% more than 2009. The problem was the average sales price again decreased. In other words, there are some real deals out there and buyers are snapping them up.
Mortgages remain another difficult aspect of the real estate market. Cash remains king as lenders continue to be reluctant to loan on investment property. Primary home buyers have it a little easier, but there is still no relaxing of the income and credit score requirements. Self employed borrowers have a whole other set of problems. The pendulum swing as gone full circle from the days of "sign and buy". I hope 2011 will see lenders be more moderate with their requirements.
Foreclosures and short sales have been, still are and will continue to be a major factor in the market. Last year in the Upper Keys there were 92 short sales as compared to 60 in 2009. The sale of bank owned properties was more telling, selling 121 last year and only 51 in 2009. These listings still make up a significant part of our inventory and will continue to hold the market down.
Insurance will again be a major issue in the Keys and all of coastal Florida. I read recently that in order for Citizens to have enough reserves for a major hurricane season, that rates would have to be increased almost 55%. That can't happen and groups like FIRM (Fair Insurance Rates in Monroe) will be a watchdog for Monroe County.
For me, I see 2011 as a much better year, but then I am always the optimist.

Representation of Real Estate Sales of 2010 throughout the Entire Keys

Introducing Freewheeler Staff & Agents:
A New Feature of the Newsletters

Amy Brewer: Administrative Assistant
Ask anyone at Freewheeler who is the most valuable "go to" person in the office and Amy's name will come up. She is our internet specialist, Facebook designer, advertising coordinator, and in her spare time she checks in vacation families and answers the phone. If we need a flyer, Amy's there, if we need something researched, Amy's there, really anything and everything we need. Born and raised in Pensacola, Florida, ready to experience new places, Amy landed herself in Gainesville, Florida in 2001 where she cheered on the Florida Gator football team, earned her B.S. in Psychology from the University of Florida, and met the love of her life, who also happened to be a true 'Conch' from Islamorada. In 2006, Amy made her way even further away from her roots in Pensacola to Islamorada to start her island life. In their off-time, she, her fiancé, their dog, and cat spend their time watching Gator football, visiting with friends, playing the game of "Cornhole," and enjoying the beautiful Keys' lifestyle.


Kim Sanchez: Vacation Rental Specialist
Kim has been a great addition to the reservation staff at Freewheeler Vacations. Originally from Akron, Ohio where she attended the University of Akron, Kim Moved to South Florida and graduated from Florida International University with a degree in Business Management. Finally, after visiting the Keys for many years, she became a full time resident in 1995. Kim enjoys anything that has to do with the water, from water skiing to snorkeling or just being out in her boat with her family and friends. Kim's banking and technology experience will be taking our Vacation department to the next level.


Faye Saenger: Sales Agent & Coordinator Key Largo Office
The Upper Keys became home in the 80's when she and her husband opened a Dive operation in Islamorada. They moved to away for a few years for a great opportunity but managed to keep one foot in the Keys. She has had the pleasure of living here full time as well as enjoying the Keys as a weekender. The blue water, relaxed atmosphere, good schools, world class athletics programs, diving, fishing, great seafood, and an overall active community, is what she enjoys about the Upper Keys. Her integrity, knowledge of the area by land or by sea, and a thorough understanding of the Real Estate market as well as her experience in renting, remodeling, project management, and high level of attention to detail is where her expertise is a great benefit to her clients. We welcome Faye to Freewheeler.

Quote of the Quarter
"The difference between the impossible and the possible lies in a man's determination."
--- Tommy Lasorda


Realty World-Freewheeler has Two Upper Keys Locations:

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