Residents mingle - unaware of income strata, occupation, accolades, and sexual preference.
And that is why it is so strange that the new, uber-wealthy McCondos and McMansions currently being built here in Key West are usually marketed as EXCLUSIVE.
The Associated Press released a story this week about this new phenomenon - which was published in USA Today and the Orlando Sentinel.
Meanwhile, Key West is dealing with falling real estate prices, foreclosures, and a glut of properties on the market. Yet the building of EXCLUSIVE developments seems unabated. Developers are like steamships - they take a long time to change direction or stop.
Hundreds of $1 million+ properties are being offered, including King's Pointe, Beachside, Casa Marina Residences, Parrot Bay, Harbor House, Steamplant, and Key West Harbor Yacht Clubs (though they do not appear in the local multiple listing service).
Usually, these properties are offered for a cost in excess of $1000 per square foot. Yes, you read that right. And some are offered as high as $1350 per square foot! And these are CONDOS - not spacious houses with land.
But if recent Key West sale prices are any indication, properties are typically selling for below $600 per square foot.
Meanwhile, our nearest big-city neighbor, Miami, is having a real estate meltdown. Predictions are that prices there may drop 20% over the next 12 months. And Florida will likely have a $2 Billion shortfall next year due to declining property tax receipts.
So one has to wonder, what is the future of these EXCLUSIVE McDevelopments? Will they make it? And what will the character of Key West look like?
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