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An Information Guide to Duck Key in the Florida Keys



 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

Real Estate News and Foreclosures - March 2009

Duck Key, Florida Keys, Key West and Florida

 

DUCK KEY

Duck Keys has had several homes and villas foreclosed on in the past two years.

As of December 2008 there were five residential homes in the pre-foreclosure stage located on Corsair Drive, West Seaview Circle, Indies Drive , Bahama Drive, and Schooner Lane. As of March 2009 short sales were pending on the homes located at Indies Drive , Bahama Drive, and Schooner Lane. The home on Corsair sold for $1,300,000.

Several villas on on Duck Key's Indies Island located in the Hawk's Cay Village section have reached the pre-foreclosure stage. A dozen or more other villa owners have stopped association and/or mortgage payments and pre-foreclosure could be initiated for them as well in the future.

 

A screen shot image of Duck Key from December 2008 shows the "general" location of properties at pre-foreclosure stage.

 

MONROE COUNTY FORECLOSURES CASES ALMOST DOUBLE

County judges heard in excess of 1,600 foreclosure cases in 2008. In 2007 they heard 932 cases.

From January 2009 to the third week in March there have been 512 foreclosure cases filed. Should that rate continue the Keys could reach 2000 foreclosures for 2009.

 

NATIONAL FORECLOSURES

Throughout the Nation 2.3 million foreclosure proceedings were heard in 2008.That represented an 81 percent increase over foreclosure proceedings heard in 2007. In February of 2009 according to RealtyTrac.com, there were more than 290,000 foreclosure filings in the United States.

 

DUCK KEY VALUES

A number of realty websites exist which provide information on housing value trends. Zillow.com, Trulia.com, and RealtyTrac.com are three websites which provide information about Duck Key and the Florida Keys.

The chart generated from Zillow.com shows a trend line with the average property value declining from 2006 to January 2009 by approximately $250,000. At the bottom is the trend line for all homes within the United States.

 

Information from Trulia.com

The Trulia website provides similar data as to the median sales price of homes on Duck Key. The data is for all bedrooms and shows a slight increase between January and February of 2009.

 

MORE CHARTS

Other charts from Zillow can be generated to show differences in value among selected communities in Monroe County. The chart below shows values for homes on Duck Key and Monroe County, and homes within zip code 33050. This chart reflects villa sales together with residential homes and thus reports a lower value in dollars than the charts above.

 

HOUSING INVENTORY ON DUCK KEY

The image above shows mostly homes for sale on the residential islands. Not shown are properties for sale on the commercial part of Duck Key.

As of March 2009 there were 91 properties for sale on Duck Key. The numbers for each area re provided below:

39 - Villas for sale on Indies Island Hawk's Cay Village
9 - Villas in Santuary Section
6 - Coop and Condo units on Indies Island
20 - homes on Center Island
6 - Plantation Island homes
5 - Harbour Island
6 - Yacht Club Island

 

 

FLORIDA KEYS

The chart below showing the imbalance between inventory of homes for sale and the number sold from 2002 to 2008

end of 2002 end of 2003 end of 2004 end of 2005 end
of 2006


end of 2007

end
of
2008



 
Number of Sales 3089 3390 3510 2752

1500

1311 1166

 

   
Aver. Sale Price 323K 433K 563K 782K

802K

731K 588K

 

   
Number for Sale 1822 1810 1818 3469 4,629 4585 4424

 

   

The average sale price for 2008 (588k) was $143,000 less than the average sale price of 2007 (731K). The decrease in the average sale price from 2007 to 2008 was 21 percent.

The number of sales for the year declined as well. The 160 property sales in the Middle Keys represents almost a 20% decline from 2007. Property sales in the Upper Keys declined from 2007 to 2008 by 8%, while in the Lower Keys and Keys West sales declined by 13% and 9% respectively.

 

What is Ahead for the Keys Real Estate Market?

Tropical Breezes, the Coldwell Banker Schmitt Real Estate Newsletter for Winter 2009, reports that

"If . . . economic stimulus packages have the desired impact, mortgages remain so affordable, and lending continues to increase, we could see the bottom of the market in 2009."

Also trends of the last six months signal that the Keys "should experience more sales in 2009 vs. 2008 with prices continuing to be underpressure for at least the first half of 2009."

 

SOUTH FLORIDA - February 2009


Moody's Economy.com believes house prices in South Florida will hit bottom in the second half of next year (2010) .

Of all the homes bought in South Florida in 2006, Zillow's peak year for the housing boom, nearly nine out of 10 are now worth less than what the owners owe.

 

Housing Market bad news -- March 2008

NATIONAL TRENDS 1980 to 2008

 

The S&P/Case-Shiller home-price indexes showed home prices across the country fell 14% from a year earlier, representing the largest drop in the 20-year history of the indexes. From the fourth quarter, prices fell 6.7%.

Home prices in 10 major metropolitan areas fell 15% in March from a year earlier and 2.4% fromFebruary. In 20 major metropolitan areas, home prices dropped 14% from a year earlier and 2.2% from February. Miami prices dropped 24.6 percent from a year earlier. Tampa dropped 19.6

Source: Standard & Poor’s and FiservData

 

Will prices return to historical values?

Professor Schiller has collected housing value data for the last 100 years. He believes that housing prices will return to their historical rate of growth. The red line on the chart above shows inflation adjusted housing prices from 1890 to present. Adjusted prices showed small variations until the housing bubble started in the year 2000. Schiller believe housing market prices will continue to decline another 20 % before returning to historic rates of growth.

 

 

 

 

 

 

 

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