The Many Benefits of Owning a Condo in Key West

KEY WEST, Fla. - Oct. 1, 2013 - PRLog -- There are more advantages to owning a condo in Key West than the location and fabulous recreational opportunities.

Condo owners in Key West also:

Have the ability to rent out their units for weeks or months during the year. For those who aren’t ready to make a permanent move, this is a great perk. Because of the location, condo rentals are in perpetual demand every month of the year.

Have a dedicated place to get away. Because land is at a premium on the island, there’s little room to build. What’s more, Key West is tourist mecca, so hotels and other accommodations fill quickly. Owning a condo means having a place to stay whenever there’s a desire.

Can write off certain expenses. If the home is a vacation property, the Internal Revenue Service as some provisions for absentee homeowners.

Can apply for homestead exemption. Full time residents can apply to the state for a homestead exemption, saving between $25,000 and $50,000 per year on property taxes.

October 1st, Per Fred Mullins and Team Mullins, Key West’s Top producing Real Estate Team. “As far as Condo sales in Key West, they are up over 21% from last year.

So, the Condo market in Key West is definitely strong, especially with all the growth we see in Miami which always has an effect on the Keys.

In addition we are seeing baby boomers escaping the weather up north and looking for a  lifestyle change which is definitely where Condos fit in.

Fred Mullins has more than 15 years of cross functional experience in real estate, international asset management and construction management. He has been a part of the management team for several Fortune 100 companies, including AT&T, Visa, FPL and C. B. Richard Ellis.

His responsibilities have included real estate / property management portfolios of more than 9 million square ft. and international responsibilities in more than 10 countries.

Fred holds an MBA, B.S., real estate license, mortgage broker’s license, USCG Master Captains license and commercial pilot’s license.