Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.
HOMES

The Florida Keys Sunshine Premium

A long,  cold winter is boosting the market for large luxury homes on the island...
their $5.7 million vacation home on Plantation Key in Islamorada into a full—time
residence—and a haven for a rotating ser...
diving. 

Estates That Soak up the Sun»

Winter-weary house hunters are lifting real-estate prices in the Florida Keys

 
...
Upper Keys,  in particular,  have a new emerging arts scene.  Key Largo has hosted the
annual Humphrey Bogart film festival...
boats.  He spends most of his time boating,  fishing or in the pool,  he says.  “I’m in shorts
360 days a year. ”
Upcoming SlideShare
Loading in …5
×

Cory Held Preferred Properties, Key West Real Estate Expert, Quoted in Wall Street Journal

Cory Held of Preferred Properties in Key West is quoted in today's Wall Street Journal. The article, entitled "The Florida Keys Sunshine Premium," which is about properties in the Florida Keys, explains why buyers are wiling to pay up for a piece of paradise. The article describes Cory's $2,875,000 listing of a Key West luxury property.

  • Login to see the comments

Cory Held Preferred Properties, Key West Real Estate Expert, Quoted in Wall Street Journal

  1. 1. HOMES The Florida Keys Sunshine Premium A long, cold winter is boosting the market for large luxury homes on the islands By ALINA DIZIK March 12, 201512:06 p. m. ET After a season ofheavy storms, canceled flights and snoWed—in days, some house hunters are swapping the snow shovels for snorkels. Demand is up for property in the Florida Keys, the narrow, 125—mile stretch ofislands off south Florida. Home prices are almost back to 2005 levels in many places, and luxuryhomes are particularly sought—after, brokers say. The average sale price for homes over $2 million in the Upper Keys was $2.6 million in 2014, Compared with $2.29 million three years ago. Last year, for—sale homes in the Keys sold in 260 days, compared with 492 days three years ago, the quickest since 2005, according to MLS data. A balcony in the Landau home, off the master bedroom. PHOTO: ALEX/ A FODERE FOR THE WALL STREET JOURNAL After 28 years in Los Angeles, producer Jon Landau and his Wife, Julie, have turned
  2. 2. their $5.7 million vacation home on Plantation Key in Islamorada into a full—time residence—and a haven for a rotating series of guests. “It’s like a hotel, ” says Ms. Landau, Whose husband still shuttles to L. A. for the workweek. Visitors to their more than 6,000—square—foot home find welcoming personal touches, such as guest robes and a dish of custom M&Ms printed with Bali Hai, the name of their home, on each nightstand. The Balinese—style home has two main bedrooms and three guest—bedroom “pods, ” plus a first—floor apartment. The 4—acre estate also features a pool, tennis courts and an outdoor living space, and boasts a tropical canopy fore st. When the Landaus bought the property in 2009, “We were thinking it was a place we were just going to visit, ” Ms. Landau recalls. Steven Pruitt, 40, has just started looking for properties in the Keys. He says he is looking to pay about $500,000 for a two—bedroom fixer—upper in Key West, a place he has visited since childhood. The financial controller plans to relocate his base from Moscow to back home on the East Coast in June and decided he is weary of cold winters. “I look for every opportunity to get into the sun, ” he says. It could take him a while. Brokers say inventoryis low for large, ocean— or gulf—front properties in the Keys, and developers say they are scrambling to find new spots to build. Developer Eric Soulavy paid $20 million last year for four buildings with rental units on a 3—acre site in Key Largo’s Ocean Reef community. He plans to tear down the structures and build 30 luxury condominiums—six in each of five three—story buildings —with butler’s pantries, outdoor kitchens and private elevators. Prices range from $3.5 million to $5 million. Finding undeveloped land in the Keys is hard, Mr. Soulavy says. “The only way to do a new project was demolishing an existing one. ” On Lower Matecumbe Key, part of Islamorada (pronounced isle—a—more—AH—dah) developer David Rousseau is building 12 luxury homes in a complex called Tarpon Point, to be completed in 2016. Each unit will have an ocean view. Prices start at just under $2 million for a 2,800—square—foot home. House hunters on the islands are drawn to vast estates with wide views of the Atlantic Ocean and the Gulf of Mexico, as well as to the small—town feel of the various communities. Locals have a laid—b ack lifestyle geared toward fishing, boating and
  3. 3. diving. Estates That Soak up the Sun» Winter-weary house hunters are lifting real-estate prices in the Florida Keys 1of17 A covered terrace overlooking the ocean at Julie and Jon Landau’s 4—acre Florida Keys estate, which they named Bali Hai. The five-bedroom home, more than 6,000 square feet, is on Key West, the southernmost island, is a longtime favorite for artists—Tennessee Williams owned a home there—as well as weekenders and students on Spring Break. The area is well developed and properties tend to be relatively small. Buyers—large1y from the Midwest and East Coast— go there seeking a community where they can get around by foot or bike, says broker Cory Held, of Preferred Properties Key West. Prices for a 3,000-square-foot, move-in-ready home in Key West start at $2 million- almost at 2005 levels before Hurricane Wilma caused extensive flooding. The average sale price of homes over $1 million was $1.749 million in 2014, when 27 high-end properties sold. Carey Alexander, a retired senior-living executive, purchased a home in Key West for $1.5 million in 2006. In 2013, Ms. Alexander and her partner Chris Bassett, completed a $900,000 renovation to update the 1958 Miami Modern home, with a new outdoor dining area, mosaic-laid pool and an expanded master suite. They are now selling the four-bedroom, four-bathroom home for $2.875 million. Recent buyers looking for more space are shopping in the Upper and Middle Keys. The
  4. 4. Upper Keys, in particular, have a new emerging arts scene. Key Largo has hosted the annual Humphrey Bogart film festival since 2013, which draws a crowd. The four—year— old Morada Arts district on one ofIslamorada’s islands is dotted with art galleries and trendy shops. Galas and concerts take place in the village’s Founders Park, says Elizabeth Young, executive director ofthe Florida Keys Council ofthe Arts, a nonprofit in Key West. Carey Alexander at her home in Key West that she bought with her partner, Chris Bassett, in 2013 for $1 .5 million. Following a $900,000 renovation, the property is now listed for $2.875 million. PHOTO: ALEXIA FODERE FOR THE WALL s TREE T JOURNAL The Middle Keys, such as Duck Key, are quieter, as are the smaller islands further south, including Cudjo Key, Little Torch Key and Summerland Key. The Keys don’t attract many international buyers, who tend to shop for condo—like amenities in high-end properties in Miami. American buyers want a remote second home with access to boating, diving and fishing rather than swimming, says Joy Martin, a broker with American Caribbean Real Estate, a Christie’s affiliate. Many newcomers, in fact, are surprised to find the islands mostly sit on coral bedrock, with few sandy beaches. “We’d get calls from our [clients] asking, ‘Where’s the beach? ’ ” Ms. Martin says. After searching nearly five years, Jimmy Johnson, the National Football League coach who is now a football analyst for the Fox network, bought two neighboring properties on Islamorada’s Plantation Key in 1998 for $2 million and spent another $2 million on renovation. The 6—acre property has a 20—gallon saltwater fishpond, guesthouse, caretaker’s cottage, walk-in pool with a swim-up bar and a dock for up to four fishing
  5. 5. boats. He spends most of his time boating, fishing or in the pool, he says. “I’m in shorts 360 days a year. ”

×