The Hamptons of Florida

The string of tropical islands stretching120 miles along the southern tip of the United States-the Florida Keys-is celebrated for its laid-back lifestyle, unparalleled aquatic adventures, serenity, and beauty. Proving to be a popular location during the pandemic for enjoying the great outdoors, the Florida Keys now attracts not only millionaires but also billionaires seeking vacation homes along its pristine shores.

Will Langley, Owner of Berkshire Hathaway HomeServices Keys Real Estate, notes that the Florida Keys is proving popular with well-heeled buyers hailing from the Carolina's, Virginia, New York, Ohio, and from throughout Florida itself. These buyers, he says, predominantly seek vacation homes rather than permanent living arrangements.

The Keys has always been a very unique market, but it has really become more like the Hamptons of Florida.

- Will Langley

The influx of buyers has driven property values up and resulted in record-breaking tourism numbers, with hotels experiencing some of the highest occupancy rates in Florida. The expansion of Key West International Airport is also a boon to the region, with more commuter flights further streamlining access.

With inventory remaining tight year over year, the market remains highly competitive due to a significant shortage of available properties. In fact, Langley says some buyers are willing to pay top dollar for lots or homes that need significant work, just to secure their place within the Florida Keys.

The real estate market in the Florida Keys spans a broad price range, encompassing properties from around $400,000 to those reaching multimillion-dollar figures, Langley said. New construction is limited due to space constraints and local regulations, so much of the development focuses on renovating existing properties, especially in historic areas.

One such historic region is Key West-the southernmost city in the United States, roughly 90 miles north of Cuba-famed for its vibrant culture, dynamic music scene, lively nightlife, top-notch diving and fishing opportunities, cruise ship stop, and bustling Duval Street. The epicenter of entertainment and dining, Duval Street is surrounded by historic homes that exude charm. "We're a little four-by- two-mile island with a whole lot going on," Langley said.

Langley says the Florida Keys is expected to remain stable and continue to attract buyers as a world-class destination with ongoing improvements that enhance desirability. Additionally, the strong demand for vacation rentals year-round-ensuring holidaymakers secure their bookings sometimes up to a year in advance-highlights the Florida Keys' appeal.

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