Local economic factors as well as macroeconomic factors are playing a role in the demand for local property, according to Farrer, whose market analyses are highly valued by homeowners and buyers both local and abroad.
He says that the local demand for real estate is driven in part by seasonal tourism, and is likely to remain such through 2012, given Key West's unique island culture.
"We get a lot of vacationers and folks on holiday from places as far away as Australia, South Africa, the U.K., and Europe. It's not uncommon that they want to either retire here or purchase a second home here in Key West."
But there are also larger economic factors at play. He says that discrepancies in valuation between the U.S. dollar and foreign currencies like the British Pound or the Euro make a difference in local demand, because global money is seeking a safe haven.
"Key West is in many ways a safe haven for vacationers as well as their money, because it is becoming increasingly important to invest in hard assets like real estate in order to protect one's net worth."
He says that as European countries experience instability in their economy, he's seeing more and more investors seeking to put a portion of their net worth into Key West real estate.
"Key West has a lot going for it. No matter what the economic conditions around the world, people always will want to come to a great place like the Florida Keys."
About Sean Farrer
Sean Farrer is an expert in the Key West real estate market, covering Old Town Key West foreclosures (http://www.key-
Originally from South Africa, Farrer moved to the Florida Keys over 13 years ago. He enjoys helping folks who are looking for a dream home and an island lifestyle to find both in the beautiful Key West area. With previous careers in management and IT services, he is very organized with a dedication to customer service that shows in his work with Key West real estate buyers and sellers.
A buyer's time spent with Sean looking for Key West homes will be fun and productive, and he provides a wealth of insight on the best neighborhoods for price and lifestyle, regardless of age or income bracket. Farrer is an expert at helping out of town visitors buy a second home in Key West.
1201 #101 White St
Key West, FL 33040