Title: Navigating the Real Estate Landscape in Key West: Insights from Frank Verna Introduction: In the vibrant and competitive real estate market of Key West, understanding the nuances can make all the difference for buyers and sellers alike. In a recent episode of the Power Brokers Podcast, host Joe Santini sat down with seasoned real estate manager Frank Verna of Coldwell Banker Schmidt Real Estate, who shared invaluable insights from his 30 years of experience in the industry. The Journey into Real Estate: Frank Verna’s journey into real estate began in 1993, but it wasn’t until two weeks after 9/11 that he decided to dive in full-time. Starting his career in Fort Lauderdale, he worked with various agencies including Century 21 and RE/MAX before eventually managing his own office. Now, as the manager for Coldwell Banker Schmidt Real Estate in the Lower Keys, Frank brings a wealth of experience and a deep passion for helping clients navigate their real estate needs in this unique market. The Legacy of Coldwell Banker Schmidt: Having been in business for 70 years, Coldwell Banker Schmidt Real Estate has established a solid reputation in the Florida Keys. Frank detailed how the company became a franchise of Coldwell Banker in 1983 and now operates five offices across Key Largo, Isla Morada, Marathon, Big Pine Key, and Key West. With over a billion dollars in volume, they stand out as the only broker in the Florida Keys listed in the Real Trends 500, highlighting their significant market presence. Current Market Trends in Key West: Frank provided an insightful analysis of the current market dynamics in Key West, noting that while the dollar volume is up 4% year-over-year, the number of transactions has declined by about 15%. He emphasized that Key West operates under its own regulations, which affects property sales significantly. The demand for properties, especially those with transient licenses for short-term rentals, remains high, making it a competitive market for buyers. Understanding Buyer Demographics: The podcast revealed that many buyers in the Keys are from Miami, Long Island, New York, and even California, often seeking second homes or investment properties. Frank highlighted the allure of the Keys, comparing it to the Hamptons in terms of demand and lifestyle. Interestingly, he noted that 70% of the housing inventory in Key West is owned free and clear, indicating a stable investment environment. Navigating Property Prices: For those considering a move to Key West, Frank outlined the current price landscape. Entry-level homes in Key West typically start around 1.5 million dollars, with prices often exceeding 2 million in the Lower Keys. Frank explained that water access is a crucial factor in pricing, with homes further north offering more options for boat access. Exploring the Keys: When asked about the best areas for potential buyers, Frank expressed a fondness for Big Pine Key due to its value and accessibility. He also shared his love for the local lifestyle, which includes fishing, boating, and community events. The natural beauty of the Keys is complemented by unique attractions like the Blue Hole in Big Pine Key, a must-visit spot for both residents and tourists. Keys to Success in Real Estate: Frank's insights into success in the real estate industry resonate deeply. He emphasized that agents should focus on building relationships and expanding their networks rather than viewing other agents as competition. The key to thriving in real estate is visibility and connection—having a solid database and marketing strategy can significantly impact success. Conclusion: The conversation with Frank Verna offers a wealth of knowledge for anyone interested in the real estate market of Key West. From understanding market trends to navigating property prices, his insights are invaluable for buyers and sellers alike. Key takeaways include the importance of knowing local regulations, recognizing buyer demographics, and the necessity of building visibility in the industry. www.realestatefloridakeys.com
