May 30, 2024


Mad about real estate

Buying a Second Home in the Florida Keys – Don’t Rent Your Vacation Home, Buy It!

With Florida Keys real estate prices down to 2003 levels, there are lots of opportunities to buy a second home at a great price in this paradise of islands. The Florida Keys has long been a big draw for people who visit often enough to see the advantages of owning their own vacation home instead of paying rental fees every year – not to mention costly hotel rates.

A Monroe County ordinance restricting short term rentals makes it tough to find properties that can be rented for less than one month, but in incorporated communities such as Key Colony Beach, there are plenty of properties with short term rental licenses. Buying a home like this may allow you to rent your home when you’re not using it.

Here are two listings in Key Colony Beach that already have rental histories.

A half duplex on open water (MLS#541138) is offered at $745,000. This two bedroom, two bath stilt home faces east on Bonefish Bay and offers the boating enthusiast a deep draft, 30 foot finger dock that can accommodate a boat up to 50 feet. The home comes fully furnished and has tiled floors, central AC/heat, accordion storm shutters, washer dryer a fish cleaning table and outside shower.

Another KCB half duplex (MLS#546837) listed at $399,000 offers a lovely deck on a wide 100 foot canal, thirty feet of canal front with a cement bulkhead and a wood step down dock. There is even a designer (D’Asign Source) cement fish cleaning station. The property is nicely landscaped and fenced, and outdoor furnishings include a gas grill and patio set. The cozy two bedroom, two bath home has central air with heat, tile and carpeted floors and a fully equipped kitchen including dishwasher. All rooms are furnished; it’s move in ready with a rental history and future rentals in place.

Key Colony Beach offers all the delights of the middle Florida Keys — excellent boating, fishing and diving, plus the amenities of a beach club. The neighboring island of Marathon offers a golf course, restaurants and night life and an international airport.

Find some tips on buying a second home from MSN Money. Details on the homes described above in the resource box below.