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 

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.

Key Colony Beach

Have you been thinking about making the move to Key Colony Beach, Florida? If so, we’ve put together a list of pros and cons of living in Key Colony Beach. Relocating to a new place can be a massive decision, we hope this assessment will make your transition a little smoother.

The pros and cons of Key Colony Beach may differ depending on whether you plan on moving there full-time or purchasing an investment property. It all boils down to which side of the spectrum you’re on.

Community

Key Colony Beach, whether you’re a resident or an investor, boasts a vibrant sense of community that is sure to impress. The island offers a plethora of activities and clubs for both locals and tourists to participate in. If you’re a permanent resident, you’ll quickly become acquainted with everyone. Key Colony Beach is a tight-knit community, but one disadvantage is that with such a small population, everyone tends to know each other’s business.

Vacation Rentals

The subject of vacation rentals has been a topic of heated discussion in Key Colony Beach in recent years. Vacation rentals have become increasingly popular and have quickly taken over the island. In fact, there are now more vacation rentals available than full-time residences, which means that if you are a permanent resident, it’s highly likely that you’ll be living next to a vacation rental property.  Some vacation rentals can be get noisy and rowdy, leading to disturbances in the neighborhood. This can be particularly challenging for permanent residents who value a quiet and peaceful living environment.

For investment property owners, Key Colony Beach offers a great opportunity to generate extra income by renting out their property when they’re not using it. The fact that Key Colony Beach allows for weekly rentals makes it a highly desirable location for investors looking to generate rental income.

The ability to rent out a property on a weekly basis also offers investors greater control over their income, as they can adjust rental rates based on demand and seasonality. This allows them to optimize their rental income while still ensuring that their property is well-maintained and cared for.

Healthcare

Whether you’re an investor or a full-time resident in Key Colony Beach, it’s important to know that there is no healthcare facility on the island. However, Fishermen’s Hospital is conveniently located just a few miles away in the City of Marathon, and it provides some limited medical services to the community.

While Fishermen’s Hospital provides a valuable service to the community, there are some limitations to the care available there. For more complex medical issues or specialized treatments, patients may need to travel to Miami or another larger city.

For more information on Fishermen’s Hospital, please visit their website at https://fishermenshospital.org/.

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No State Income Tax

Florida is one of only a handful of states in the United States that does not have a state income tax. This is a significant advantage for residents of Florida, particularly those who are retired or living on a fixed income. Without a state income tax, individuals in Florida are able to keep more of their earnings, providing an important financial benefit.

For retirees, the lack of a state income tax can be particularly beneficial. Since Social Security income and most retirement income are not taxed by the state of Florida, retirees can stretch their savings further and enjoy a higher quality of life in retirement. This makes Florida an attractive destination for retirees from other states, particularly those with higher state income tax rates.

Jobs

Due to its small size and remote location, the job market in Key Colony Beach is limited. Most of the available jobs are in the hospitality and service industries, catering to the needs of the island’s visitors. While these jobs can provide a steady source of income for those looking to work, they may not offer the same career growth and advancement opportunities as larger metropolitan areas.

This lack of job opportunities is one reason why many people who move to Key Colony Beach are retirees. Since they are no longer dependent on a regular income from employment, they are free to enjoy the island’s many recreational opportunities and amenities without the constraints of work.

Schools

While there are no schools located on the island of Key Colony Beach, families with school-aged children need not worry. The nearby city of Marathon, just a short distance away, offers elementary, middle, and high schools to serve the educational needs of the community.

The small child population on the islands ensures that schools in the area maintain a low teacher to student ratio. This allows for a more personalized and engaging educational experience for students, which can be particularly beneficial for those who may need extra support or attention.

Key Colony Beach Conclusion

Key Colony Beach offers a unique lifestyle for those seeking a close-knit community and a relaxing atmosphere. While the island does have some drawbacks, such as limited healthcare facilities and higher living costs, its benefits, including a low crime rate and a lack of state income tax, make it an attractive destination for many.

The nearby city of Marathon provides access to essential services such as schools and healthcare, while the abundance of vacation rentals provides investment opportunities for property owners.

Overall, Key Colony Beach is a charming and desirable location for those seeking a peaceful and welcoming community in the Florida Keys.

Local Resources:

City of Key Colony Beach 

Key Colony Beach

Located in the beautiful Florida Keys, Key Colony Beach is a charming and lively city that locals and regulars often refer to as “KCB”. It offers a wide range of activities to suit every taste and needs. Whether you’re a first-time visitor or returning for another trip, we’ve compiled a list of our top 5 must-do activities in Key Colony Beach to make the most of your stay.

Morning Walks/ biking

One of the unique features of Key Colony Beach is that you can easily explore the island on foot or by bike. We highly recommend taking a leisurely walk or bike ride along the path and down Sadowski Causeway, especially during the tranquil morning hours. Not only is it a great way to stay active, but you’ll also have the chance to connect with fellow tourists and residents. Starting your day with a stroll or bike ride is an excellent way to enjoy the natural beauty of Key Colony Beach while also getting some exercise.

Sunsets Park

For a spectacular sunset experience accompanied by delightful music and great company, make sure to visit Sunset Park in the evening. This popular spot attracts both locals and tourists who gather to watch the breathtaking sunset. During high season, you’ll even have the chance to enjoy concerts at the park just before sunset. Even if there aren’t any performances scheduled, you’ll still hear the enchanting sunset song being sung by others. It’s an unforgettable experience that you won’t want to miss. Just be sure to bring your own chair if you plan on staying for a while, as it can get quite crowded.

Chow Down

Get ready to indulge in some mouth-watering local cuisine when you visit Key Colony Beach! With an array of fantastic restaurants on and around the island, you’re in for a real treat.

So, come hungry and be sure to check out some of these must-try dining spots while you’re here:

1. Sparky’s Landing – a waterfront restaurant and bar serving fresh seafood, sandwiches, and cocktails.
   
2. Havana Jacks – a relaxed restaurant featuring seafood, steak, and live music.
   
3. Island Fish Company – a casual seafood restaurant and tiki bar with stunning ocean views.
   
4. Key Colony Inn – a classic American restaurant serving steak, seafood, and pasta.
   

Key Colony Beach Golf

The Key Colony Beach Par-3 Golf Course is a popular public golf course in Key Colony Beach, Florida. It first opened its doors to golfers in 1968 and has since been a beloved destination for both locals and tourists alike.

One of the unique features of this golf course is that it consists of just nine holes. Despite its small size, the Key Colony Beach Par-3 Golf Course offers a challenging experience, as it measures 962 yards from the longest tees. This public golf course is the perfect place to enjoy a round of golf, whether you’re a seasoned player or just looking to have some fun.

There is also a driving range, pro shop, and clubhouse on-site.

Boating and Fishing

Fishing and boating are two of the most popular activities in Key Colony Beach, Florida.

Key Colony Beach’s ideal location near the Vaca Cut allows for easy access to both the ocean and bay waters, making it a prime spot for boating. There are a variety of local boat rental companies, so you can easily rent a boat and head out for a day on the water.

Whether you’re boating or fishing in Key Colony Beach, it’s important to be familiar with local regulations and obtain the necessary licenses before heading out. Hiring a local guide or charter company can also be helpful in navigating the waters and increasing your chances of success.

Key Colony Beach

Key Colony Beach is a charming community located in the Florida Keys. It is a popular destination for travelers looking to experience the sunshine and fantastic boating. Visitors to Key Colony Beach often wonder if the island is man-made? In this blog post, we will explore the history of Key Colony Beach and determine whether or not the city is man-made.

Construction of Key Colony Beach

Key Colony Beach was established in 1957 by a group of developers who wanted to create a unique vacation spot for visitors to the Florida Keys. Phil Sadowski took on the challenge of building the island city. Phil and his crew transformed what was know as Shelter Key, into the City of Key Colony Beach. Shelter Key was originally only 97 acres of low lying land that often flooded during high tides.

To achieve his vision, Sadowski used two dredges that worked tirelessly around the clock to pump vast amounts of sand to expand the island. Over time, the island grew, and Sadowski took it a step further by purchasing the ocean bottom. He dredged and pumped the sand from the bottom of the ocean to serve as the final fill for most of the island.

Once the fill was stable, the dredges began carving canals into the island, using the material from the canals to provide additional fill. This process raised the island’s elevation above sea level, preventing flooding during high tides. This means that Key Colony Beach is man-made.

In conclusion, while the beach at Key Colony Beach may have been created through man-made processes, the developers of the town were committed to maintaining the natural beauty of the surrounding area. Visitors to Key Colony Beach can enjoy the unique vacation spot created by the developers while still appreciating the natural environment of the Florida Keys.

Due to the fact that Key Colony Beach was man-made, buyers need to know about the soils that the homes have been built on! If you are thinking about buying a home in Key Colony Beach, you are going to want to know this!

Local Resources:

City of Key Colony Beach 

Key Colony Beach 

Key Colony Beach Flood Maps are changing.  If you own a property in Key Colony Beach or are looking to purchase in the area, it is extremely important that you understand the current and Draft Flood Plain.

For the past few years Fema has been working on updating the Flood Maps.  This will effect all of Key Colony Beach.  The New maps change Flood Zones and Elevations.

Flood Zones – VE AE and NEW ZONE Coastal AE

There are two Flood Zones, AE and VE.

VE Zones  – are more expensive to insure due to their proximity to open water and higher likelihood of wave action.

AE Zones – are more inland and are cheaper to insure.

NEW Coastal Zone AE – The new Flood Maps introduce a Coastal A-Zone, which is an AE Zone with higher wave action. 

Since the Coastal A-Zones, are more likely to experience wave action, FEMA is recommending that these areas be built to VE.

Flood Zone in Key Colony Beach

Current Flood Zones

Draft Map Flood Zone Changes

Key Colony Beach 

The Pink areas change from AE to VE 

The Green area change to VE to AE

It’s important to note that if your Flood Zone changes from an AE to a VE, the cost of insurance will increase.

Elevation Changes

All areas of Key Colony Beach will experience a change in elevation due to the new mapping standard.

The new maps use FEMA’s NAVD88 mapping standard, which differs from the previous standard by approximately one and a half feet.

If your elevation remains the “same” – there is still a change due to the new mapping standard.

Many homes in Key Colony Beach that were previously just above flood level will now be below flood level.  Once the homes are below flood you will need to understand the 50 percent rule.

Flood Insurance is Assumable

Assumable flood insurance means that the buyer of a property has the option to take over the existing flood insurance policy held by the seller. This is a great advantage for the buyer as they don’t have to go through the process of purchasing a new policy, which can be time-consuming and costly. Instead, they can simply assume the existing policy, keep it in place, and continue to pay the premiums.

On the other hand, wind and homeowners insurance policies cannot be assumed. This means that if a property is sold, the buyer must purchase a new wind or homeowners insurance policy.

It’s recommended to get flood insurance before the new flood maps are put into effect. While some homeowners prefer to self-insure, it’s important to note that when it’s time to sell, most buyers will require a mortgage and flood insurance.  Obtaining flood insurance ahead of the new maps’ implementation can potentially expand your pool of potential buyers by reducing the cost of insurance.

Local Resources:

City of Key Colony Beach

Monroe County Draft FEMA Maps

Key Colony Beach

If you are thinking about the purchasing of a condo in Key Colony beach there are several factors that your should consider before making a final decision.  These include, insurance, pools, dockage, parking, rentals, pets, washer and dryer and financials/building inspections.

Insurance 

When contemplating the purchase of a condo, it is vital to ascertain whether insurance is included in the Homeowners Association Fee. This is particularly significant because several condos in Key Colony Beach do not include insurance in the Hoa Fee, which means you may be required to pay additional amounts for insurance.

Pools 

The majority of condos in Key Colony Beach feature pools. While some of these pools are heated, others are not. Although Florida is generally warm, there may be times when a heated pool can be needed during the cooler months.

Dockage

There is only one condo complex in Key Colony Beach which also includes dockage.  This condo complex is Sea Pointe.  All other condos in Key Colony Beach have beach access and a fishing pier.

Parking 

Parking at condos in Key Colony Beach is usually not an issue.  Most condo complexes in the area have more than enough parking for residents and guest.  If you require parking or storage for a trailer, you may need to seek an alternative solution, as none of the condo complexes have trailer storage.

Rentals

Minimum rental requirements for condo vary throughout the city.  Some condos are weekly while others or 30 days.

Pets

Pets and condos do not always mesh well, especially if you own a larger animal. In Key Colony Beach the majority of condos do not permit pets or if they do allow pets, the condo usually imposes size limitations of around 25 lbs. There are occasional exceptions where a condo permits one pet with no weight restrictions.

Washer and Dryer

Having a washer and dryer in the unit is not a universal feature of condos in Key Colony Beach.  Some condos have them inside their units, while other must use a community washer and dryer room.

Financials/ Inspections

Different condo associations have varying levels of quality. As a part of our client service, we furnish our clients with the condo’s financial statements, budget, and meeting minutes when they buy a condo. It’s critical to comprehend the condo’s financial position before making a purchase, such as any pending assessments, budget projections, and reserve levels. Several condos are presently governed by new legislation that necessitates added safety inspections and reserve obligations. It’s crucial to inquire about these requirements to guarantee that the condo complies with them.

Check New Condo Rules and Regs 

Local Resources:

City of Key Colony Beach