Key West though small, yet is not an insignificant island in the US but it is one of the most expensive places in Florida as well as the whole of the US. Key West is better known as a tourist hot spot where resorts are mushrooming by the day and hence, value of real estate is sky high here and so are property taxes. Key west is often hit by floods and thunderstorms and hence the rate of payment on property insurance is excessively here. This has adversely affected the number of settlers in the city and this reflected in the number of student enrollment in the educational institutions there. But current trends are showing a vast reduction in property taxes and also the rate of payment on insurance has also been lowered down to suit the rates of 2001 and 2002 and so currently buying property in Key West is again looking affordable.
According to the latest survey conducted in Key West there are about 466 single families residing in Key West and the lowest price of a family home is $339,000 and the highest price peaking at $6,250,000. Condos have an average price of $854,476. Sale of homes are gradually increasing with 42 homes being sold in the first 2 months of 2007 and that too quite below the usual average price at $976,060.
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Insurance rates on windstorm insurance s have been reduced and more and more buyers are getting attracted to the Key West real estate market which in turn is again creating a profitable insurance market. Real estate prices though has been lowered and property taxes and insurance rates reduced yet, these rates will again go up in the future as Key West does not have much habitable land and the area is highly prone to thunderstorms and floods.
Insurance is being handled in Key west by some of the better-known insurance agencies of America and their lucrative offers are making more and more Key West residents interested in insuring their property. Some of the agents and agencies are:-
- Rick's Bail Bonds
- Southernmost Insurance
- Porter Allen Company
- Johnsons Insurancs
- Keys Insurance
- Allied Florida Insurance
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