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Lower Keys Real Estate | Key West Homes plus Property for sale
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A FREE and easy to use account that gives you the ability to save specific property searches and then have updates meeting your criteria, e-mailed to you automatically as they show up in the MLS.
Making the decision to live in the Lower Fl Keys is just the beginning. Searching for the Perfect Property, can be an involved and tedious process.
To HELP you navigate through these property searches, I have set up Quick Search Icons. The Icons give you property breakouts based on Price points and Areas for Key West property for sale. There is also an add to email feature—whereby if you let me know what you are looking for, I will set up an automated email program that will send you listings per your parameters on a daily basis.
Key West is both a place and a state of mind. It lies about as far away as you can go in this USA, almost part of the tropics, some four hours and 150 miles south and west of Miami. You cross a lot of bridges and spectacular blue and green water to get there, and when you get there you’re only 90 miles from Cuba. Cruise ships consider a stop at Key West part of their Caribbean itineraries!
It’s not a big place, and it is a place where real people live. It has a year-round population of just over 26,000 and a median resident age of 39 years. Key West also includes the neighboring communities of Stock Island, where a lot of the remaining commercial fishing is based, and which used to be where Key West’s supplies were “stocked” in the 19th and early 20th centuries, and Key Haven, with wide canals and lots of pleasure boats.
Key West has been described in about a zillion travel guides and Web sites and the name used in countless movies as the place people want to finally get away to.
The best way to describe Key West, is a vacation place. Meaning whenever you’re there, the ambience and atmosphere catches you up in it and you could well be somewhere in the Bahamas or the Caribbean.
Anyone who has ever been to Key West has at one point in their lives considered a life of relaxation with only the sound of the sea and the ocean breeze to worry about. While this may sound like an unobtainable form of paradise, with the current pricing, it is actually much more realistic than it seems. Here are several reasons.
1. A second home that generates income.
For those who already own a home and are happy living where they are, waterfront property in Florida's popular Lower Florida Keys area can be a lucrative investment. Each year, thousands of tourists flock to Key West to soak up the sun. Because of this, waterfront rental properties generally take in good rental income. In fact waterfront properties are always the first to get rented.
So, by purchasing a piece of waterfront property and renting it out, you can have all or certainly part of your home payments made plus enjoy it as a vacation home. The goal being, that eventually, you'll be in a position to retire and live the relaxing life you've worked so hard to attain or the property will simply be a good investment for the future.
2. Waterfront properties have historically always had the best appreciation. If you’re on the fence regarding whether or not to purchase property, remember that.
I’m sure you’ve all heard the phrase, there is only so much waterfront property available-which is absolutely true.
3. Buying vacant land. Another consideration is purchasing a waterfront lot and then even if you don't build on it, the property can still grow in value over time or you can build your dream home later. Lots of investors have made their careers out of purchasing multiple vacant lots.
4. The current pricing. Waterfront property in the Key West area has never been cheaper than it is now and likely never will be again. The result is that people of all walks of life and nationalities are currently taking advantage of the Key West area housing market.
Some of the Tax Advantages of Owning a Second Home.
If you own a second home or are thinking about buying one, they can in fact provide you with tax benefits.
First you will need to determine how you plan to use the property and then determine if will fit in with Internal Revenue Service (IRS) regulations.
If you live in your vacation home for at least a portion of the year, it will fall into the residence category, but if you rent it to others for the entire year, it will be looked on as an investment or rental property instead.
Many properties—such as a condominium, cabin, duplex, detached house, recreational vehicle, or even a boat—can qualify as a tax deduction. (The law states that they must have a kitchen, a bathroom, and a sleeping area.)
Also, IRS regulations stipulate that your vacation home will qualify as a residence if you spend 10% of the rental period on the premises, or a minimum of 14 days annually.
By way or contrast, if you rent your second home for less than 14 days, the income from the rental does not have to be reported on your tax return, and it is tax free.
However, if you rent the property for a longer period, the rental income must be reported, but allowable tax deductions can also apply.
However, IRS rules will not allow you to claim a loss on a second home, and the best you can hope to do is to break even.
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