Population and Property Values
The biggest impact that Miami has on the Key Largo real estate market is vis-à-vis its own population, which is steadily growing, even rapidly, in some parts of the metropolitan area. With more people comes the demand for more housing, which makes for a shaky real property values. As multi-family homes are built and less expensive single family properties are also built, that drives down property values which actually increases the value of home in Key Largo, where the market is far more stable.
Commerce and Trade
Commerce and trade occurring in Miami also have an impact on the real estate market in Key Largo. The port is one of the largest in the world and it continues to grow. That translates into more jobs and creates bedroom communities as a result. Key Largo is one of the prime living areas to commute from in and out of Miami. It also brings more tourists to south Florida who find it quite convenient they can easily access an island paradise for an opportunity to get the most out of their vacations.
Changing Tourist Trends
Speaking of tourists, the prices to stay in Miami are increasingly growing. Overnight stays are more and more expensive and because South Miami Beach is a well-traveled destination by celebrities and sports figures, that trend will continue. This makes Key Largo more attractive as it is not as expensive to stay in the area.
Quality of Life and Crime
One more thing that has an impact on Key Largo real estate vis-à-vis Miami is the quality of life in and around the city and the crime rate. Miami suffers from traffic congestion and it does have a high rate of crime. This means more people are choosing to live further away and commute in and out, which helps increase the value of real estate in nearby Key Largo.
With these ongoing factors in-play, the growth of Miami, which is near-constant, especially because of the port, the real estate market enjoys a nice benefit as a result.
Sally Stribling, REALTOR with Coldwell Banker Schmitt Real Estate company, specializes in the sale of fine Homes and Condos in The Florida Keys.
Sally provides buyers and sellers with in-depth professional assistance in the sale and purchase of residential property. If you are interested in buying or selling a home, and want the professional assistance of a seasoned expert, who will work diligently in an effort to satisfy your needs, please call Sally anytime at 305-453-7552