Key West investment opportunities

Key West and the Florida Keys Investment opportunities
With all the abundant recreational opportunities mixed in with a great climate the Keys attract people...lots of people.
Tourists in turn need places to stay and people relocating need places to rent either part time or while they close on a home or find an apartment. The Keys are definitely a happening place.
Types of Investments

Aside from commercial investments the two situations most people are looking for in Florida are
• Vacation homes or Condos that can be rented out … Generally a purchase involves a 1031 tax exchange or just someone looking for a second home in an area that he/she or the family will use occasionally.
• A person looking for a home to eventually retire to and rent out in the meantime to help pay the mortgage.
• The best areas to rent are anywhere near the water and the best rents will start at open water locations, followed by homes/condos with a partial view to homes on canals. The neighborhood and the furnishings will also dictate the rent amounts you can get. In the Keys-the best situation was a home at least three bedrooms and up on the Ocean or Gulf with a pool and a boat dock. In some cases these bring as much as $5000.00 per week, depending on the home/area.
• It is very important that you find out early on which residential areas and which condo associations allow weekly rentals-as this will be generally be your best return.
• In some cases you may want to just rent out long term and skip the dealings with handy men and cleaning services.
• In all of this—the most important thing is that you find a qualified adent. He/she can guide you through the process completely—including setting up property management.

As to The Keys and it’s areas-where would the best rentals probably be located?
• *A condo or single family home anywhere on the water-either Ocean or Gulf or a canal and anywhere in the Keys (unless they prohibit vacation rentals. (see below)
• *The rental rates will vary from island to island due to boating depth and neighborhoods, SEE information below,
• *Key West downtown is seeing strong growth. In short some people are going away from life in the suburbs and opting for closeness to theatre, restaurants and the vitality of a city environment. So, don’t overlook the downtown areas.