duck key online

Duck Key in the Florida Keys

An Information Guide to Duck Key in the Florida Keys


 

 

 

CLICK image Above
for LODGING

Hotels and motels
Florida Keys
and Key West

 

 

 

 

 

 

 

 

 

Steep Real Estate Price Reductions - Duck Key, posted 3/2009

 

Nationally home prices have tumbled more than 26 percent since their peak almost three years ago, according to Standard Poor's/Case-Shiller indexes. Looking at the data from the peak-thru-January 2009 shows Miami with a 40% decline in home value

Data through January 2009, released March 31, 2009 by Standard & Poor’s, documents continuing broad based declines in the prices of existing single family homes across the Nation.

 

Notice the two red circled areas above. As of January 2009, average home prices across the United States are at similar levels to what they were in late 2003. This chart and others like it suggest that home prices could fall another 20 percent before returning to its historic rate of growth.

See: Real Estate News and Foreclosures - March 2009 - Duck Key, Florida Keys, Key West and Florida

 

David M. Blitzer, Chairman of the Case-Schiller Index committee at Standard & Poor’s says,

“There are very few bright spots that one can see in the data. Most of the nation appears to remain on a downward path, with all of the 20 metro areas reporting annual declines, and nine of the MSA’s (Metropolitan Statistical Areas) falling more than 20% in the last year. "

In the Florida Keys, the average home price has also tumbled about 25 percent since its peak in 2006 (731K) versus December 2008 (588K).

Zillow.com shows the average property value on Duck Key declining from 2006 to January 2009 by approximately $250,000. The average property value for Duck Key residential homes according to Zillo.com was $1,250,000 as of January 2009. Trulia.com had the value at $1,275,000. Three bedroom homes would be more and two bedroom homes less.

 

Zillow Zestimates (estimate)

Prices on Zillow are also somewhat schewed because Zillo uses property sales from the commercially zoned portion of Duck Key, Indies Island in their comparables.

Zillo.com also gets confused between Duck Key and Conch Key.

The image below also show how lesser valued properties get used in estimating property values on the residential portion of Duck Key.

 

Property owners can type in their home address at Zillo and get a zestimate. The chart below shows the results for a house on East Seaview Drive. The zestimate went from $850,000 in January 2005 to $1,500,000 around September 2006, held steady in the $1,300,000 area for 2007 and a good part of 2008 and then dropped off to $790,000 by January 2009.

Note the some of the comparables used reflect Harbor Village and Sunset Village Drive properties, properties which are not comparable to residential properties, and which cause the value of the East Seaview property to decline more than it should.

Fortunately local realtors and property appraisers do not use Hawks Cay Village properties when determining value in appraisals.

 

Individuals are also able to compare a home's value and contrast it with the average homes within a zip code (33050), a community (Marathon), the whole of Monroe County, and the State of Florida. The chart below illustrates information of this type.

 

 

Steep Reduction

Asking prices on Duck Key were significantly higher in 2006. Over the 3 year period list prices have taken a steep drop.

Shown below are some of the more remarkable list price changes between 2006 and March of 2009. In red are some homes that sold with their listing prices and dates.

STEEP PRICE DECLINES

PLANTATION ISLAND

2006

March 2009

Home #1

$2,995,000

$2,495,000

Home #2

$3,500,000

$1,450,000

Home #3

$1,600,000

$1,350,000

Home #4

$1,350,000

$1,195,000

Home #5

$1,375,000

$800,000

HARBOUR ISLAND

Home #1

$4,900,000

$2,975,000

Home #2

$1,900,000

$1,200,000 - 11/08

Home #3

$3,150,000

$1,850,000 - 3/08

YACHT CLUB ISLAND

HOME #1

$2,395,000

$1,499,000

HOME #2

$2,995,000

$1,275,000 - 12/08

HOME #3
$4,000,000
$2,998,000 off market
     
CENTER ISLAND
   
HOME #1
$4,900,000
$3,500,000
HOME #2
$2,985,000
$2,295,000
HOME #3
$2,400,000 - 10/07
$1,500,000
HOME #4
$1,950,000
$1.400,000
HOME #5
$2,200,000 - 12/07
$1,200,000 - 10/08
HOME #6
$1,970,000 - 4/08
$1,450,000 - 12/08
     

 

 

 

 

 

 

[ BACK TO MAIN INDEX ]

 

THIS PAGE CREATED BY DUCK KEY ONLINE
COPYRIGHTED MATERIAL

http://www.duckkeyonline.com
site map
email@duckkeyonline.com

Duck Key Online
386 East Seaview Drive
Duck Key, Florida 33050
305-289-1872