Hot Fun in the Summertime
June 29, 2024
The summer off-season is now the full-on season in Key West, with a packed and always-expanding lineup of summer fun and festivity beginning in June and ramping into high gear on the 4th of July with fireworks and special events up and down the length of the Keys.
Vote Early and Vote Often
Voting for the 11th annual Keys Weekly Key West People’s Choice Awards—The Bubbas—is in full swing, and the May 30 – June 16 online nomination period brought in thousands of nominations in nearly 100 different categories from best bar bathroom to favorite boat captain. Now, with the competition narrowed down to the top 3 finalists in each category, final-round voting started on Thursday June 20 and closes at midnight, Sunday July 7. Enthusiasm is high this year as hundreds of thousands of votes have already been cast by almost 10,000 voters, with more than a week left in the voting window.
Bascom Grooms Real Estate is in the running for Best Real Estate Company, and perennial favorite Bascom Grooms is positioned to take the title of Best Key West Realtor for another year. You can vote one time daily for all your favorites until the deadline, so vote early and vote often! As is the tradition, winners will be announced at the frolic-filled Bubbas Awards Gala on Saturday July 20 at the Key West Theater.
Rock the Lobsters
Recreational lobster hunters will once again flood the Lower Keys next month for the traditional sport lobster hunting season—Lobster Mini-Season—that runs this year from 12:01am on July 24 to midnight July 25. New for this year is a July 14 one-day July ‘mini-mini season’ reserved for divers and charter boat captains who have proof of Florida residence. Find out all the necessary details with the Keys Weekly Lobster Lowdown.
Also new for this year is the inaugural Key West Mini Music Fest, with a lineup of artists ready to deliver Nashville-style tunes in a party atmosphere featuring delicious treats, refreshing beverages, and summer celebration. This special event will also deliver a helping of environmental consciousness focused on sustainable sport practices and particularly conservation of the Florida Spiny Lobster, a succulent star among our many great marine life resources.
Of special interest to seasoned sea-hunters is a one lobster per day bag limit bonus for participation in the Florida Fish and Wildlife Conservation Commission Lionfish Challenge. Eliminate 25 of these invasive (and delicious) tropical predators, get the 2024 Challenge Coin, and potentially increase your daily mini-season catch to seven lobsters per day.
Key West Real Estate 2024 Mid-Year Summary
The Key West and Lower Keys real estate market is remaining strong despite the challenges of inflation, rising interest rates, and geopolitical instability. There appears to be a ‘pandemic effect’ in play, with listing inventory recovering from mid-pandemic lows but still remaining nearly 40% below pre-pandemic averages.
Lack of inventory creates a sellers’ market, but it is questionable whether or not that is the only thing driving the stratospheric price increases of the post-pandemic era, with the 2017–2020 Keys-wide average sales price of $631,000 climbing to the $1.2 million average we see today. It is likely that inflation in land and construction prices, uncertainty around Rate of Growth Ordinance (ROGO) effects, and large-scale trends such as change in work and lifestyle preferences may be some additional factors in play.
Quantifiable, on-the-ground inflationary forces include a low probability of any significant decrease in materials and construction costs, the potential for extended legal wrangling that is sure to push any resolution of the ROGO issue years into the future, and the natural space/inventory limits imposed by island geography. These are the ingredients of a Key West real estate market that looks to have nothing but upside in terms of prices/values, although the rate of increase may moderate to some extent.
Looking at the general pace of sales in the Lower Keys, closing data YTD 2024 indicates that the market remains steady outside of a bit of seasonal fluctuation.
| Month | Closings |
|---|---|
| January | 39 |
| February | 37 |
| March | 45 |
| April | 50 |
| May | 32 |
| June | 63 |
Old Town is the historic heart of Key West, renowned as the site of America’s largest collection of historic wooden buildings, and a favorite location for homebuyers and Key West visitors alike. There are six neighborhoods in Old Town, each with its own cultural and architectural flavor. Here is a look at Old Town Key West home sales YTD 2024.
| Area | Sales | Average Price |
|---|---|---|
| Bahama Village | 9 | $1.1 mil. |
| Casa Marina | 11 | $3.05 mil. |
| Old Town North | 26 | $1.98 mil. |
| Old Town South | 10 | $1.9 mil. |
| The Meadows | 6 | $2.045 mil. |
| Truman Annex | 8 | $2.35 mil. |
Come on Along for the Ride
For a final newsworthy item from America’s Southernmost City, Key West has another eco-friendly transportation option coming online in July. The new free, on-demand, app-connected local ridesharing service called Conch Connect is powered by FreeBee, a startup emission-free electric vehicle-based ridesharing service that is spreading out to serve municipalities across Florida. The Key West/Stock Island Conch Connect service begins a soft-launch phase on July 10, then enters full service on July 15, with hours of operation Monday – Sunday: 5am – 9pm.
Learn more about FreeBee and ConchConnect, then get the app to take advantage of 100% free door-to-door island transportation. It sounds like a great way to beat the traffic and parking hassles in downtown Key West, and is certain to be in high demand.
Happy 4th of July
Have a fun and safe July 4th holiday, and if you get down to the Keys, be on the lookout for the Key Lime Festival, Key West and other local firework displays, the Underwater Music Festival, and the many other special events that make mid-summer so enjoyable down here in America’s Caribbean Paradise.
Remember to help us out with your vote for Key West’s Best Realtor and Best Real Estate Office! And we are always here to help you out with your Key West real estate needs or just to answer any questions about the unique Florida Keys property market. Browse our website to get a feel for what Key West has to offer, then get in touch to have a conversation about your island dream home and schedule a virtual tour or two.
Bascom Grooms Real Estate—1110 Truman Avenue, Key West Florida—(305) 295-7511—info@bascomgrooms.com
