The Key West real estate market is still flooded with inventory (more is in development) and sales are slow. As of this morning, 1053 properties are listed in the residential category of the Key West MLS.
Also noteworthy is that minimum price-per-unit has fallen to levels not seen in many years. For example, currently listed are condos that are listed for as little at $159,000. Just a few years ago, you'd pay twice that, minimum, for anything residential.
Key West is not immune to the foreclosure wave hitting the United States. The nation's biggest mortgage lender, Countrywide, currently lists 8 Key West properties they now own, due to foreclosure, for sale on its website.
Like this post? Let us know: