Navigating the Monroe County Local Rider: Essential Aspects for Florida Keys Real Estate Deals

by amyprumo | Jul 19, 2023 | Buyer Information, Sellers

Monroe County Local Rider

In the Florida Keys, we understand the unique and specific issues that can arise in this beautiful region. To address these local concerns effectively, we have incorporated the Monroe County Local Rider into our sales contracts when buying or selling a house.

Unlike the Florida As-Is Contract, which is used throughout the state, the Monroe County Local Rider tailors the contract to reflect the distinctive circumstances that are pertinent to this area. By doing so, we ensure that both buyers and sellers are well-informed and protected against any potential challenges specific to the Florida Keys.

This localized approach allows us to address key factors such as governmental inspections, open and expired permits, the presence of the property on the species focus list, seller financing options, regulations on downstairs enclosures, and considerations for foreign buyers.

Government Inspections

Many sellers prefer to limit the involvement of government inspections on their property. In the “Governmental Inspections” section of the contract, the seller has the option to choose whether they will allow the buyer to conduct governmental inspections during the Inspection Period or not.

The seller can either:

[ ] ALLOW the buyer to conduct Governmental Inspections during the Inspection Period, which means the buyer can involve government authorities in inspecting the property.

[ ] DOES NOT ALLOW the buyer to conduct Governmental Inspections during the Inspection Period. In this case, the buyer must rely solely on private inspection firms and contractors for any necessary property inspections.

By selecting either option, the seller can control the extent of government involvement during the inspection phase, ensuring that any inspections are conducted based on their preference and the buyer’s agreement.

Open and Expired Permits

The Monroe County Local Rider alters the responsibility concerning Open and Expired Permits within the “As Is” Residential Contract for Sale and Purchase. Under this rider, the obligation to address open or expired permits shifts from the buyer to the seller.

It becomes the seller’s responsibility to close any open or expired permits before the scheduled closing date. Should the seller fail to meet this requirement within the specified time frame, the closing can be extended for up to 15 days. Despite the presence of open or expired permits, the buyer still has the option to proceed with the property if they choose to do so.

This shift in responsibility and the possibility of an extended closing period ensures that all necessary permit-related issues are dealt with before finalizing the transaction, promoting transparency and protection for both parties involved in the real estate deal.

Species Focus List – SFA List

The “Species Focus Areas (SFAs)” or “Species Buffer Areas (SBAs)” represent regions with potential habitat for nine federally protected species. These species include the Eastern Indigo Snake, Key Deer, Key Largo Cotton Mouse, Key Largo Woodrat, Key Tree Cactus, Lower Keys Marsh Rabbit, Schaus Swallowtail Butterfly, Silver Rice Rat, and Stock Island Tree Snail. The identification of these SFAs and SBAs was carried out by the U.S. Fish and Wildlife Service to safeguard and preserve the natural environment and the habitats critical to the survival of these protected species.

Once your property is listed on the Species Focus Areas (SFA) list, it cannot be removed from the list. If your home is already constructed, being on the list usually does not pose a problem. However, potential issues may arise if you plan to make certain changes to the property, such as adding a pool or removing trees. In such cases, you may encounter some restrictions or additional requirements due to the presence of protected species in the area. It’s essential to be aware of these considerations and consult with the relevant authorities to ensure compliance with regulations while undertaking any modifications to the property.

If you are planning to build new construction within designated “Species Focus Areas” or “Species Buffer Areas,” you will be required to undergo the Permit Referral Process. This process involves an additional layer of review during the permitting phase to ensure compliance with the Federal Endangered Species Act. The goal of this requirement is to safeguard and protect the habitats critical to federally protected species and to ensure that new development adheres to environmental regulations to preserve the local ecosystem.

Monroe County SFA

Seller Financing

Absolutely, for buyers considering seller financing, this part of the contract requires close attention. When a seller provides financing, they may waive certain insurance policies that would typically be required of the buyer. Specifically, the seller has the option to waive the following insurance policies:

[ ] Fire

[ ] Windstorm

[ ] Flood

If none of the boxes are checked, it means that the insurance policies are required, and the buyer must obtain them as part of the financing agreement. However, if the seller checks any of the boxes, it indicates that they are waiving the corresponding insurance policies, and the buyer would not be obligated to obtain them. This part of the contract is crucial for buyers to review carefully, as it directly impacts their insurance responsibilities under the seller financing arrangement.

Downstairs Enclosures

For unincorporated areas in Monroe County, there is a specific ordinance (026-2022, Section 122-15) effective from March 7, 2023. This ordinance requires a governmental inspection of downstairs enclosures for properties where construction began on or after June 15, 1973. It’s important to note that Monroe County does not conduct these inspections. However, the ordinance grants buyers the right to pursue a civil action against the seller if the inspection hasn’t been carried out. By acknowledging this, the buyer agrees to waive the civil remedies stated in the ordinance, and any potential issues will be addressed through other means, such as those outlined in the contract or provided by Florida law.

Foreign Buyers

Florida Statutes 2023, Part III of Chapter 692, Sections 692.201 – 692.205, includes regulations that limit and control the sale, purchase, and ownership of specific Florida properties by buyers associated with “foreign countries of concern.” These countries include the People’s Republic of China, the Russian Federation, the Islamic Republic of Iran, the Democratic People’s Republic of Korea, the Republic of Cuba, the Venezuelan regime of Nicolas Maduro, and the Syrian Arab Republic.

Buying or knowingly selling property in violation of this Act is considered a crime.

To comply with the Act, buyers must provide a signed Affidavit during the purchase process. Both the seller and buyer are encouraged to seek legal advice to understand their obligations and liabilities under this law thoroughly.

Conclusion

In conclusion, the Monroe County Local Rider introduces essential provisions specific to the Florida Keys, offering valuable insights and protections for buyers and sellers in real estate transactions. By understanding and addressing these critical factors, parties involved in property transactions can navigate the unique challenges and opportunities presented in the Florida Keys market, ensuring a smoother and more informed buying and selling experience.

DOWNLOAD a Copy of the Monroe County Local Rider

Prumo & Carden Team

Amy is a highly accomplished and esteemed Florida Keys Elite Agent and Diamond Award Winner, boasting an illustrious career spanning over 13 years in the real estate industry. Her expertise extends beyond real estate, with a background in marketing and sales strategy development, showcasing her versatility and business acumen.

Tom is an exceptional professional with extensive experience in the Building, Planning, Zoning, and Development field. Having served in the Civil Engineering Department for the USAF and holding the position of Building Official/Director of Building Planning and Zoning for a municipality for over a decade, he is widely recognized for his expertise and leadership.

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Who is Responsible the Buyer or the Seller? Permits and Code Violations

by amyprumo | Jul 18, 2023 | Buyer Information

Permits and Code Violations

In the context of Florida Keys Real Estate, the standard contract used is the FAR/BAR “AS IS” contract, which outlines the responsibilities of both the Seller and the Buyer. This contract covers various aspects, including permits and code violations. However, due to the specific conditions and requirements unique to the Florida Keys, a local addendum called the Monroe County Local Rider is often incorporated to tailor the contract to address these localized issues.

As Is Contract

Under the FAR/BAR “AS IS” contract, the Seller is obligated to disclose any Open/Expired Building Permits, Code Violations/Citations, or Cases, as well as unpermitted work to the Buyer. However, it is the Buyer’s responsibility to handle the closure of Open/Expired Building Permits and resolve any active Code Violations/Citations or Cases, with the Seller’s assistance as described in Item 12 (c) of the contract. It’s important to note that the Seller does not have any financial responsibility in this regard.

Monroe County Local Rider

Nevertheless, if the Monroe County Local Rider is checked, it shifts the responsibility to close Open/Expired Permits and resolve Open Code Violations/Citations or Cases to the Seller at the Seller’s expense. The Rider also allows for a 15-day extension to the closing date if the Seller cannot close these issues in time. If the Seller fails to do so within the extended period, the Buyer has the option to cancel the contract or accept the property with the outstanding permits or code violations.

Open/Expired Permits are not considered title defects, but an active Code Violation/Citation is seen as a title defect under Standard 18 A (ii).

Resolve Open or Expired Permits

To resolve Open or Expired Permits, the Buyer must contact the relevant Building Department to determine the necessary corrective actions. Some permits may be closed administratively, while others may require the involvement of the “contractor of record” to open the permit and schedule inspections, possibly incurring additional fees. If the “contractor of record” is no longer in business, or if the unpermitted work needs to be inspected and redone, it could potentially cause delays or property damage. Hence, prompt action and cooperation are essential to avoid any issues during the transaction.

Regarding Code Violations, the Monroe County Code Violations Department or the relevant city department can provide information about the nature of the violation and the required corrective action. There are two categories: Code Violations that are not the subject of a Citation or an active Code Case, for which the Seller discloses but does not need to rectify; and Code Violations subject to Citations, which the Seller must disclose and resolve as a title defect under the “AS IS” contract.

Unpermitted Work

Unpermitted work refers to any improvements made to the property without obtaining required permits from Monroe County or the local governments. The Seller is obligated to provide written notice to the Buyer about such unpermitted work. The “AS IS” contract stipulates that if unpermitted improvements are identified, the Seller must promptly deliver all related plans, documentation, or information to the Buyer and cooperate in obtaining estimates for resolving the permit issues. However, the Seller is not required to bear any financial burden in fulfilling this obligation.

As Is Contract

Monroe County Local Rider

Local Resources :

Monroe County Permits and Code Violations

Islamorada/Village of Islands Permits & Code Violations PH Evelyn Fraley 305-664-6436 or email: [email protected]

City of Key Colony Beach PH 305-289-1212

City of Key West PH: 305-809-3956

City of Layton Permits: PH 305-664-4667

City of Marathon:

Hot Topics

Amy Prumo and Thomas Carden are esteemed local real estate agents renowned for their commitment to exceptional service. They take a proactive approach in serving their clients and customers by meticulously investigating any potential Open/Expired Permits and/or Code Violations/Citations or Cases on the property. Whether they represent the Seller as the listing company or the Buyer, their dedication remains unwavering. Even when they are not the listing company, Amy and Thomas promptly notify the listing agent, ensuring that the responsible party has ample time during the inspection period and financing contingency period to address any issues that may arise. This thoughtful and thorough approach sets them apart, providing their clients with peace of mind and the utmost confidence in their real estate endeavors.

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Top 6 reasons Not to Move to Marathon, Florida

by amyprumo | May 22, 2023 | Marathon

Top 6 reasons Not to Move to Marathon, Florida

Thinking about relocating to Marathon, Florida? While it may seem like an idyllic paradise with its sunny weather and coastal charm, there are several compelling reasons to think twice before making the move. Let’s explore the top six reasons why moving to Marathon might not be the best decision for you.

High Cost of Living and Housing Expenses

Living in Marathon, Florida can put a strain on your finances. Whether it’s the soaring housing prices or the elevated cost of food, expect to pay more for your everyday needs. The housing market is particularly demanding, with a limited supply of affordable properties. If you’re looking for a home, be prepared to spend around $350,000 for an older mobile home. For a waterfront property, you’ll need to shell out at least 1 million dollars, and even then, don’t anticipate the house to be updated.

Grocery shopping in Marathon can take a toll on your budget. Due to the limited number of stores in the area, finding everyday items can be a challenge, and you’ll often have to pay higher prices compared to larger cities or towns.

Securing a long-term rental in Marathon is extremely difficult. It’s advisable not to relocate to the area unless you have a place lined up in advance. Many local families are leaving the region due to the lack of available rentals. If you manage to find a rental, expect to pay a steep monthly price of $2,500 to $3,000 for something of decent quality.

Limited Job Opportunities

Marathon, Florida, does not provide abundant job opportunities. The local job market is competitive and constrained, making it challenging to find suitable employment. The majority of available jobs in Marathon revolve around catering to tourists and catering to the affluent individuals purchasing properties for vacation rentals. This dependence on tourism-related industries can result in a lack of diverse career options and may make it difficult to maintain a comfortable lifestyle solely through local employment opportunities.

Lack of Privacy

With a population of approximately 10,000 people in Marathon, Florida, it’s a tight-knit community where everyone tends to be familiar with one another. Since a significant portion of the population consists of part-time residents, it won’t take long for you to become acquainted with the locals. However, due to the small size and close relationships, privacy can be limited. Expect your personal affairs, including your social circle, preferred hangout spots, and even personal challenges like breakups, to be known throughout the town. The community’s interconnectedness and the tendency for people to talk can result in a reduced sense of privacy.

Not Ideal for Young, Single Individuals

If you’re a young and single person, Marathon may not be the best place for you. The majority of young residents in Marathon are already married or in committed relationships, having moved to the area with their partners. These individuals are often employed in jobs that cater to the tourist industry. On the other hand, the local population skews towards older age groups, with an average age of around 50. The town tends to quiet down early, usually shutting down by 9 pm, except for places like the Brass Monkey that may remain open later. As a result, the limited social scene and demographic composition may not be conducive to the vibrant lifestyle and dating opportunities typically sought by young, single individuals.

Tourist Overload

One noticeable aspect of Marathon is the abundance of tourists. You’ll find them everywhere you go, especially on weekends when places like grocery stores can become overwhelmingly crowded. Large groups of tourists often flock to these stores, making it challenging to navigate through the aisles smoothly.

Given that Marathon permits weekly rentals, there’s a high probability that you’ll end up living near one of these vacation rentals. Tourists, being on vacation, may not always prioritize maintaining a quiet environment. Consequently, there can be instances of noise disturbances caused by loud and unruly behavior from tourists, which may impact the overall peace and tranquility of the area.

Limited Healthcare Resources

If you have chronic medical conditions, it’s advisable to reconsider moving to Marathon. The healthcare resources in the area are limited, and the quality of healthcare services may not meet your needs. As a result, you may find yourself frequently having to travel to neighboring towns or cities to access more comprehensive and specialized medical care.

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Prumo & Carden Team

Amy and Tom are top real estate agents in the Florida Keys. Amy’s impressive credentials and unmatched marketing programs ensure maximum exposure for your property to a wide audience of potential buyers. Tom’s expertise in Building, Planning, Zoning, and Development, along with his track record of building homes in key areas, makes him an invaluable asset in the industry. Together, Amy and Tom form an exceptional team that delivers exceptional results for their clients.

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Top Condos in Marathon, Florida for Primary Residences

by amyprumo | May 21, 2023 | Marathon

Top Condos in Marathon, Florida for Primary Residences:

If you’re considering purchasing a condo in Marathon, Florida, with the intention of making it your full-time home, you’ll want to choose a property that offers comfort, convenience, and a sense of community. In this blog post, we will explore some of the top condos in Marathon that are well-suited for year-round living, taking into account factors such as location, amenities, and livability.

Captain’s Quarter

Captains Quarters is undoubtedly one of the best condo options for those seeking a full-time residence in Marathon, Florida. With its stringent rental restrictions requiring a minimum stay of 180 days, this community ensures a peaceful and quiet environment, free from the constant turnover of renters.

The units themselves are spacious and thoughtfully designed, offering three bedrooms and two bathrooms that provide plenty of room for comfortable living. From the kitchen and balcony, residents can enjoy breathtaking views of the Atlantic Ocean, witnessing stunning sunrises and sunsets on a daily basis. Every window offers a picturesque water view, creating a serene and soothing atmosphere throughout the home.

One of the standout features of Captains Quarters is its fantastic location in the heart of Marathon, just moments away from the renowned Sombrero Beach. Living in such close proximity to this beautiful beach allows for easy access to leisurely walks, swimming in the crystal-clear waters, and enjoying the unparalleled beauty of the area. The convenience of nearby shops and amenities further enhances the appeal of this community, ensuring that everyday errands are a breeze.

Aside from its prime location and breathtaking views, Captains Quarters offers an array of exclusive amenities. The presence of gated condominiums with enclosed garage parking is a rarity, providing added security and convenience for residents. Many units also come with deeded boat docks and boat lifts on deep water, presenting effortless opportunities for boating enthusiasts. Additional community amenities include an elevator, private boat ramp, tiki hut grill area, large heated pool, tennis court, and a community event room. Furthermore, the availability of trailer storage caters to the needs of the residents

All in all, Captains Quarters in Marathon, Florida checks all the boxes for those seeking a full-time residence.

Treasure Cay

Welcome to Treasure Cay, located in the beautiful Coco Plum area! These condos offer a comfortable living space with 2 bedrooms, 2 bathrooms, and a generous 1,370 square feet. The units feature plenty of closet space and storage, ensuring that you have ample room for all your belongings.

One of the standout features of Treasure Cay is its wide and deep water canal, providing convenient access for boating enthusiasts. Each unit comes with a 35 ft boat slip, allowing you to easily enjoy the waters of the area. Additionally, the condominium complex offers a well-maintained pool area where you can relax and soak up the sun. Private tennis courts are also available for residents to enjoy friendly matches and stay active. The building exteriors have been upgraded in the past three years, ensuring a fresh and modern appearance.

With Treasure Cay’s private garage, you’ll have secure and convenient parking for your vehicle. The complex takes pride in its exclusivity and tranquility, as vacation rentals are not permitted. The community ensures a peaceful environment by restricting children under 13 and pets from residing in the condos.

Treasure Cay is located in the Coco Plum area, just steps away from Coco Plum Beach. Take advantage of the nearby walking paths that wind throughout Coco Plum, allowing you to fully appreciate the natural beauty of the surroundings. Inside the condos, you’ll find impact-resistant windows and sliders, providing both security and energy efficiency.

Enjoy screened-in porches that offer expansive water views, allowing you to relax and enjoy the serenity of the surroundings. The abundance of natural light creates a warm and inviting atmosphere throughout the units, adding to the overall sense of privacy and comfort.

In summary, Treasure Cay in Coco Plum offers a unique and private living experience. With its easy access to the wide and deep water canal, proximity to Coco Plum Beach, and an array of amenities, it presents an ideal opportunity for those seeking a peaceful and comfortable primary residence.

Seawatch

If you’re in search of an exceptional condo community for your primary residence in Marathon, look no further than Seawatch. This remarkable complex offers an array of amenities that are unparalleled in the area, making it a truly desirable place to call home.

Seawatch is set on a generous 17-acre property, where you’ll find meticulously maintained grounds adorned with beautiful landscaping. The centerpiece of the community is the resort-style pool and hot tub, surrounded by lush greenery. Additionally, there are two newly renovated bathrooms with walk-in showers conveniently located near the pool area.

Fitness enthusiasts will appreciate the full fitness center, allowing residents to stay active and healthy without leaving the premises. The community clubhouse serves as a social hub, providing opportunities for interaction and community engagement.

Sports lovers can take advantage of the two recently refinished tennis courts and pickleball courts, offering plenty of options for friendly competition.

One standout feature of Seawatch is the large dry storage barn that accommodates the boats of condo owners. This barn also provides storage for bait freezers, trailers and tools. The community even includes a garden center, allowing residents to indulge in their green thumbs.

Seawatch features a private marina, and plans are underway to complete additional docks, providing every resident with the opportunity to purchase a boat slip.

Security is a top priority at Seawatch, with gated access ensuring a safe and secure environment for residents. The association strictly prohibits transient rentals, preserving the serene and exclusive nature of the community. The units at Seawatch are true homes.

Cobia Point

Cobia Point presents an exceptional opportunity for individuals in search of a full-time residence. This intimate complex comprises only 16 units, set amidst meticulously landscaped grounds with a tropical ambiance. The community features a heated waterfront pool, a convenient kayak launch, and a tennis court, providing ample opportunities for outdoor recreation.

One remarkable feature of Cobia Point is the spaciousness of its units. With approximately 2,440 square feet of living space and an additional 800 square feet of screened lanai, these condos offer an abundance of room for comfortable living. As soon as you step inside, you’ll be greeted by panoramic views of Sister’s Creek and Boot Key Harbor, creating a breathtaking backdrop for everyday life.

The living area is generously sized, making it ideal for entertaining guests or simply enjoying moments of relaxation. The split floor plan ensures privacy and seclusion, allowing residents to retreat to their own sanctuary after a long day. Additionally, the convenience of having a boat slip makes it easy to embark on boating adventures, whether it’s a quick trip to one of the nearby restaurants or a day of fishing in the ocean or gulf. Kayaking enthusiasts will also appreciate the opportunity to explore Sister’s Creek and its surrounding areas.

Cobia Point goes above and beyond by providing assigned covered parking spaces and two storage units for each unit, ensuring convenience and ample storage space for residents. The proximity to Sombrero Beach adds to the appeal of this community, offering the opportunity for enjoyable bike rides along the scenic bike paths.

Conveniently located in the heart of Marathon, Cobia Point provides easy access to shopping, restaurants, and a host of amenities. The community is just a one-hour drive from the vibrant and lively Key West, allowing for exciting day trips and memorable experiences.

The complex prides itself on its exclusivity, allowing only one rental per year, which ensures a tranquil and private living environment.

Condos in Marathon

Marathon, presents an exciting array of options for those seeking a vibrant and fun-filled primary residence. Whether you’re captivated by the exclusive and tropical ambiance of Seawatch, the spacious and lively atmosphere of Captain’s Quarters, the intimate and meticulously landscaped surroundings of Cobia Point, or the unique and private living experience at Treasure Cay, there’s a condominium community that perfectly suits your preferences.

Want to know what condos rent weekly, which allow pets, which units have docks? Then download the form below.

The Best Condos in Marathon for Rental Investment

by amyprumo | May 11, 2023 | Marathon

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The Best Condos in Marathon for Rental Investments

If you’re looking to invest in real estate in Marathon, Florida, there’s no better time than now. This island city drawing visitors from all over the world. With the influx of tourists comes a growing demand for rental properties, making it an ideal location for real estate investments.

Condos, in particular, are a great option for investors looking for a low-maintenance property that can generate steady rental income. But with so many options available, it can be tough to know where to start. That’s why we’ve compiled a list of the top condo investment opportunities in Marathon, Florida. These condos offer high value and excellent potential for lucrative returns. Read on to discover the best condos for investments in Marathon, Florida.

Tranquility Bay Marathon

Tranquility Bay, a stunning beach resort in Marathon. The property includes 3 pools, a putting green, fitness center, beach tiki bar and upscale restaurant. Your going love the white sandy beach and the tropical landscaping too.

The property is made up of 87 townhomes that are either 2 bedrooms or 3 bedrooms. 24 of the townhomes are located directly on the water. Every unit offers breath taking views of the Gulf of Mexico.

Rentals

Tranquility Bay’s rental model sets it apart from other investment properties in the area. Tranquility Bay operates much like a hotel, offering guests the option to rent units on a nightly basis, which is relatively uncommon in Marathon.

Nightly rentals offer several advantages over weekly rentals. First, nightly rentals provide more flexibility for guests, as they can choose to stay for a shorter or longer period, depending on their schedule and preferences. This flexibility can increase the appeal of the property and attract a wider range of guests, resulting in higher occupancy rates and rental income.

In addition, nightly rentals can maximize rental income potential, as they allow owners to charge higher rates for shorter stays. This is because nightly rentals are in higher demand and tend to command a higher nightly rate than weekly rentals.

Another advantage of nightly rentals is that they allow management to adjust pricing more easily in response to market fluctuations or changes in demand. This flexibility can help owners optimize their rental income potential by adjusting rates to match demand and maximize occupancy.

Management

Tranquility Bay owners must use the onsite rental manager and are only allowed to use the units 5 weeks a year.

Dock

There are No Docks at Tranquility Bay

Overall, Tranquility Bay’s rental model is highly profitable, and owners can earn a substantial income from the units.

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Coral Lagoon

Located in Marathon, Florida, just off Overseas Highway, Coral Lagoon is a delightful townhome community. Built in 2007, this property consists of 25 townhomes, featuring 3 bedrooms and 2.5 baths.

Coral Lagoon’s most notable feature is that the majority of its owners possess a deeded boat slip, making it the perfect location for individuals who enjoy exploring the waters surrounding Marathon.

Rental

While most rentals in Marathon are typically weekly, Coral Lagoon offers the option to rent on a nightly basis, providing greater flexibility for guests who require shorter stays.

Offering nightly rentals can also be beneficial for property owners as it can increase the property’s occupancy rate, providing more opportunities to generate rental income.

Additionally, offering nightly rentals can increase the property’s visibility to potential guests who are looking for a shorter stay, giving it a competitive edge in the market.

Management

Owners can rent the units themselves or hire a local rental manger.

Gulf Pointe I & Gulf Pointe II

The units in Gulf Pointe resemble townhomes, with kitchen and living area and a half bathroom on the first floor and two bedrooms and two bathrooms on the second floor. There are a total of 10 buildings, with four units in each building.

Located on the tranquil Gulfside, these units provide guests with stunning views of the surrounding water. While each unit offers an exceptional waterfront view, some units may offer even better views than others due to their location within the complex.

Dockage

Dockage is available at these units on a first come, first serve basis, with priority given to owners.

Rental – 7 Days

By allowing 7-day rentals, owners can generate a steady stream of income throughout the year.

By offering guests the opportunity to stay for a full week, owners can attract guests who are looking for a longer vacation experience. This can help to build a loyal customer base, as many guests enjoy returning to the same property for extended stays.

Secondly, repeat customers can help to increase the visibility and reputation of the property in the rental market. Satisfied guests are likely to leave positive reviews and recommend the property to others, which can lead to increased bookings and higher rates.

Indigo Reef

Indigo Reef is not just any community of townhouses – it is a secure, upscale neighborhood that boasts a grand total of 67 luxurious townhouses, occupying an expansive 10-acre area. Each unit is designed to offer optimal comfort and convenience, with 3 spacious bedrooms and 2.5 beautifully appointed bathrooms, spanning over 1,600 square feet of living space.

Rental – 7 Days

Indigo Reef allows for short-term rentals with a minimum duration of seven days, providing owners with a great opportunity to earn sustainable income by renting out their units.

Compared to monthly rentals, short-term rentals are much easier to market and attract a wider range of potential renters, increasing the likelihood of occupancy and generating more revenue.

With the flexibility to rent out your unit on a weekly basis, you can take full advantage of the lucrative vacation rental market in Marathon and make the most out of your investment.

Dock

Each unit comes equipped with a deeded dock that spans 35 feet and can comfortably accommodate a boat of up to 31 feet in length.

Management

No onsite rental management company. Owners are free to choose the rental agent or company they prefer.

Top Condos in Marathon for Investment

So there you have it, are top investment properties for potential buyers. These condos offer desirable features such as great location, waterfront views, attractive amenities, and flexible rental options, which are essential for maximizing return on investment in the competitive vacation rental market of the Florida Keys.

Whether you are a seasoned real estate investor or a first-time buyer, these condos present excellent opportunities for generating passive income and building equity in a highly sought-after location.

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More Condos for Sale in Marathon

Prumo & Carden

310-384-5647 – Amy

Amy’s success as a Florida Keys Elite Agent and Diamond Award Winner is truly awe-inspiring. With over a decade of experience in the real estate industry, she has cemented her position as a trailblazer and pioneer. Her unwavering commitment to excellence is reflected in her impressive academic credentials, which include a Master’s Degree in Marketing and Management. Amy’s marketing programs are simply unmatched, ensuring that your property is showcased to the widest audience of potential buyers, thus guaranteeing maximum exposure.

Tom is an accomplished expert in the Building, Planning, Zoning and Development field, with an extensive career spanning over several years. He has worked in the Civil Engineering Department for the USAF and was the Building Official/Director of Building Planning and Zoning for a municipality for over a decade. Additionally, he is the owner of Alliance Custom Builders, a testament to his entrepreneurial spirit. Tom’s impressive track record includes building homes in both Marathon and Key Colony Beach. He holds twenty licenses through the International Code council, including Commercial & Residential Plan Reviewer and Certified Building Official, cementing his position as a true leader in his field.

Want to know what condos rent weekly, which allow pets, which units have docks? Then download the form below.

Key Colony Beach – What to Expect

by amyprumo | May 3, 2023 | Key Colony

Key Colony Beach – The GEM of the Florida Keys!

If you love the idea of either living on the water or near the water, Key Colony Beach is a great option. Located in the Middle Keys around Mile Marker 53, Key Colony Beach offers a variety of waterfront options and activities! It’s one of the only islands in the keys that has a true community feel to it.

THE NEIGHBORS

Full Time Residents and Vacation Renters

Key Colony Beach is a mix of full time residents and vacation renters.

It’s one of the few places in the keys that allow for weekly rentals, so there are several vacation rentals in the area. There are more vacation homes than full time homes on the island.

About 700 people reside on the island full time and if your lucky enough to live here full time, in just a few months time you will know most everyone who also lives on the island. The locals are very welcoming and are quick to extend a hand if you need help.

WHAT TO EXPECT

Key Colony Beach has some of the best canals and boating in all of the Keys. Located near Vaca Cut, getting from the ocean to the bay is a breeze! The canals are 200 feet wide, so turning around your boat is easy!

Key Colony Beach is a great place to ride your bike or walk around town! Often in the mornings and evening you will see people walking, biking; running around the island.

Everything is super close and convenient. If you want to go out to dinner and get some exercise you can walk on over to several restaurants located on the island. All of them serve great local seafood and have some of the best happy hours!

There is also a golf course, two children’s playgrounds, bocce courts, dog park, pickle ball courts, tennis courts and shuffleboard! Watch out on the pickle ball courts, it can get competitive!

VACATION RENTALS

Vacation Rentals are from Saturday to Saturday, so expect it to be a bit busier on these days. There are two season in the Florida Keys for rentals. The winter months, January through April and the summer months, May through July. During these times, the population of the island almost triples!

SUNET BEACH

Sunset Beach is one of the most beautiful parks on the island. Locals and visitors often gather together on the beach to watch the sunset and sing songs. During the winter season there is live music on the beach. It is also a popular spot for weddings and other social events. There is no swimming at this beach!

MAILBOXES

There are NO mailboxes in Key Colony Beach. The city elected to have a Post Office with P.O. Boxes for the community so that all the neighbors could come together and have a place to meet and chat.

RULES AND REGS

Key Colony Beach likes to make sure it’s island stay’s pristine, so they do have some rules and regulations you need to follow.

THE LIFESTYLE

Laid back, water activities, fun and community.

There are lots of events and activities to get involved if you would like.

Key Colony Beach Community Association –

A great way for new and long time home owners to meet. There are about 600 members at this time.

Some of the events they work on are:

Welcome Back Diner

Christmas Boat Parade

Santa Comes to KCB

Coconut Crawl

Concerts in the Park

KCB DAY

Key Colony Beach Fishing & Boating Club

Key Colony Beach Fishing Club was established in 1994. The club is comprised of residents of Key Colony Beach who enjoy fishing and boating, as well as meeting to share their passion. The club Meets November through April. Visitors are welcome to attend and participate in upcoming events!

Events

Fishing Tournaments

Clam Bake

Kids Fishing Derby

Sunset-Moonrise Event

Canana Club

A private swimming and beach club! Serving food and beverages pool side.

THE MARKET

Condos, Single Family Homes, Half Duplexes and Full Duplexes.

Key Colony Beach is one of the most sought out islands to purchase a home on. The fantastic water access, the charming town and numerous community events make it a great place to live. Home prices tend to stay higher in Key Colony Beach compared to other islands in the keys.

The are a variety of home types in Key Colony Beach. SEARCH THE MLS

Local Resources

City of Key Colony Beach

Where is Key Colony Beach Florida Keys?

by amyprumo | Apr 27, 2023 | Key Colony

Key Colony Beach

If you’re someone who enjoys spending time in the water and is on the lookout for a destination that offers some of the best fishing, snorkeling, and diving experiences, then Key Colony Beach may be just the place for you. This beautiful location is known for its crystal clear waters and diverse marine life.

Key Colony Beach is located at Mile Marker 53.5 on the Overseas Highway, which serves as the primary connection between the Florida Keys and the mainland of Florida. The island is situated on the right-hand side of the highway when heading towards Key West.

The island is only about one mile long and 400 feet wide, making it a perfect spot for a quiet vacation.

Key Colony Beach is also home to several excellent restaurants and bars that serve fresh seafood and other delicious cuisine. The island’s small size makes it easy to explore on foot, and visitors can easily walk from one end of the island to the other in just a few minutes. There are several vacation rentals in Key Colony Beach.

There are also several different types of homes in Key Colony Beach.

Key Colony Beach is a beautiful destination that offers a peaceful and relaxing getaway in the Florida Keys. Its location in the middle of the Keys makes it easily accessible, and its small size and laid-back atmosphere make it a perfect spot for a quiet vacation.

AMY PRUMO &

THOMAS CARDEN

Amy is a highly accomplished Florida Keys Elite Agent and Diamond Award Winner with over a decade of experience in real estate. With a background in marketing and sales strategy development, she offers a versatile skill set and a commitment to excellence.

Tom is an exceptional professional in the Building, Planning, Zoning, and Development field, known for his expertise and leadership. As the owner of Alliance Custom Builders, he delivers top-quality construction projects, supported by his extensive experience and licenses.

Amy and Tom’s outstanding track records and leadership positions in their fields have earned them widespread respect and admiration.

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Local Resource:

City of Key Colony Beach

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Key Colony Beach Homes

by amyprumo | Apr 23, 2023 | Key Colony

Key Colony Beach Homes

Key Colony Beach homes are a great options for investment or to move in full time. However, if you are buying a Key Colony Beach home that is ground level and below flood, there are certain factors you need to consider.

50 Percent Rule

Key Colony Beach, being located in a flood zone, is required to comply with the 50 percent rule of the Federal Emergency Management Agency.

The FEMA 50 percent rule is a guideline used by the Federal Emergency Management Agency (FEMA) to determine whether or not a damaged structure in a flood zone is considered substantially damaged. The rule states that if the cost of repairs after a flood or other disaster exceeds 50% of the structure’s pre-damage market value, then the structure is considered substantially damaged.

If a structure is considered substantially damaged, then it must be brought into compliance with current floodplain management regulations, which could include elevating the structure or modifying its design to reduce the risk of future flood damage. If the cost of the required improvements exceeds 50% of the structure’s pre-damage market value, then the owner may be required to demolish and rebuild the structure in compliance with the floodplain regulations.

The FEMA 50 percent rule is intended to ensure that structures in flood-prone areas are built to withstand future flooding events and to protect public safety and property.

If you’re considering purchasing a property in Key Colony Beach that sits at or below ground level and falls within a flood zone, it’s crucial to bear in mind that, in the event of a hurricane, you may be obligated to tear down your existing building and construct a new one that adheres to floodplain regulations. Keep in mind that upgrades are evaluated over a three-year duration. Before buying a residence situated in a flood zone, it’s essential to comprehend the extent of the improvements made by the current seller. If the current seller has already carried out significant renovations, reaching the maximum improvement threshold, and you purchase the property, and a hurricane occurs within that three-year period, there’s a high likelihood that you won’t be able to repair the structure.

Key Colony Beach Code:

Sec. 6-26. – Amendments to the Florida Building Code, Existing Building.

SUBSTANTIAL DAMAGE. Damage of any origin sustained by a structure whereby the cost of restoring the structure to its before-damaged condition would equal or exceed 50 percent of the market value of the structure before the damage occurred. The term also includes flood-related damage sustained by a structure on two separate occasions during a 10-year period for which the cost of repairs at the time of each such flood event, on average, equals or exceeds 25 percent of the market value of the structure before the damage occurred.

SUBSTANTIAL IMPROVEMENT. Any combination of repair, reconstruction, rehabilitation, alteration, addition or other improvement of a building or structure taking place during a 3-year period, the cumulative cost of which equals or exceeds 50 percent of the market value of the structure before the improvement or repair is started. The period of accumulation begins when the first improvement or repair of each building or structure is permitted subsequent to November 22, 2011. If the structure has sustained substantial damage, any repairs are considered substantial improvement regardless of the actual repair work performed. The term does not, however, include either:

Any project for improvement of a building required to correct existing health, sanitary or safety code violations identified by the building official and that is the minimum necessary to assure safe living conditions.

Any alteration of a historic structure provided that the alteration will not preclude the structure’s continued designation as a historic structure.

Flood Map Elevations

Currently, new flood maps are under development, and they are expected to raise all elevations in Key Colony Beach by approximately 1.5 feet. Several residences in Key Colony Beach are situated just above the flood zone. However, with the impending release of the new maps, these homes will likely fall below the flood line and will, therefore, be subject to the 50 percent rule.

Flood Zone Changes

Several areas in Key Colony Beach will experience a change in Flood Zone, in addition to alterations in the flood elevations. At present, there are two flood zones: AE and VE. The new maps will introduce a new Flood Zone called Coastal A. This change in flood zone will impact how structures are built. Homes that were formerly located in AE and are now in VE or Coastal A zones will require higher construction standards. These higher standards will translate to higher costs for homeowners.

Key Colony Beach Homes Conclusion

To make the best decision for your family when buying a home in Key Colony Beach, it is essential to comprehend the 50 percent rule and to review both the current and draft maps for any changes in elevations and flood zones. Familiarizing yourself with these factors can be helpful in ensuring that you make an informed decision.

Local Resources:

MuniCode Key Colony Beach

City of Key Colony Beach

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Prumo & Carden Team

If you have any questions about the market, whether it’s regarding buying, selling, or simply staying informed about the latest trends, we are here to help. With our extensive knowledge of the local market and a vast network of industry professionals, we can provide you with personalized guidance tailored to your specific needs and goals.