Relocation - Relocation & Vacation Rentals

Most snowbirds and full-­time residents of the Florida Keys (except for the native-­born Conchs) first rented homes, condominiums, or mobile homes while on vacation in Paradise. Rentals primarily are classified as short-­term and long-­term. Short-­term rental agreements range from a weekend to six months; anything exceeding six months is considered a long-­term rental. However, to preserve the integrity of our residential communities, the Monroe County Planning Commission has prohibited short-­term rentals of 30 days or less throughout residential areas of unincorporated Monroe County. Incorporated areas such as Islamorada, Layton, Key Colony Beach, Marathon, and Key West can opt for differing regulations. Few short-­term rental options are currently available in the Florida Keys, and the competition is fierce for those that are. The best advice we can offer is to work through a rental agent who knows what’s legally available, and always book your accommodation early.

Overview

Owning a parcel of Paradise in the Florida Keys can be summed up in two words: very expensive. Real estate prices in the Florida Keys depend largely upon access to the water. Direct oceanfront or bayfront property garners the highest prices, followed by property on a canal with an ocean or bay view, and by property on a canal with access to the ocean or bay. Other areas, such as Ocean Reef, Duck Key, and Sunset Key, have special features that make homes desirable—such as gated security, golf courses, swimming pools, strict building covenants, and other community amenities—and owning a home there is pricey indeed.

Some relief is available for certain owners in the form of a homestead exemption. In Florida this exemption allows $25,000 of the assessed value of a house purchased as a primary residence to be exempt from property tax. Real estate taxes in Monroe County are based on a millage rate that changes annually with the county budget and are some of the highest in the state. In addition, besides homeowner’s insurance, homeowners must factor in the cost of wind storm and flood insurance to guard against our ever-­threatening hurricanes.

Those of us who have chosen to live in the Florida Keys think the price of paradise is worth it. To assist you in your search for a piece of the rock, we provide you with a general overview of the communities of the Florida Keys, as well as the types of homes you’ll encounter in our neighborhoods. At the end of the chapter, we include listings of real estate professionals who can assist you in finding a rental property or a home of your own.