The Conch Republic, so named by its inhabitants during a brief scuffle with the federal government in the 80s, promises year round balmy weather, surrounded by blue green waters. With an incredible range of accommodations, from tenting (I’m not kidding) to decadent opulence, this is the place to visit, particularly in these times of economic turmoil. The Keys consists of literally hundreds of islands, but can be roughly segmented into three vacation areas, each offering a different vacation experience. The Upper Keys, The Middle Keys and The Lower Keys (encompassing Key West, the county seat) are the typical areas vacationers describe. Each has a unique charm, but the real caché associated with the Keys, is a funky island atmosphere typically found in the West Indies. The Florida Keys, however is so much more than that.

Vacation Accommodations of the Florida Keys

With all types of accommodations available from camping at Long Key State Park, condo/home rentals and luxurious estate rentals to some of the best Florida water front hotels in the state, virtually anyone with any budget can find terrific place to stay within the Keys.  Interestingly, the Keys has a dearth of beaches, therefore for the most part,  the most interesting places are located on the “Bay side” where you can watch sailboats and cruisers make their way to the numerous restaurants, bars and nightclubs which offers interesting views after the sun goes down.

One point that needs to be made: if one is renting a home, the likelihood of it being equipped with a pool is fairly low. Therefore, if a pool is a “must”, most hotels and vacation condominium complexes typically will be the best bet. After engaging in water sports above or below the surface, nothing is more refreshing than a dip in the pool, followed by a cool drink on the balcony as the sun starts to dip below the horizon.

Keys Water Sports from the Tropical to the Sublime

There is an awesome number of water sports in which one can participate in the Florida Keys, from snorkeling ( a few miles off shore on the reef) to water skiing, sailing, kayaking, Jet Skiing, parasailing and just exploring the area by boat at any one of the boat rental locations. Whatever one has a taste for, water-wise, you can certainly find a way to satisfy it. Most confine their boating to the bay side, however if you wish to SCUBA dive, the reefs off shore, as mentioned previously, are only a few minutes by boat and the waters, for the most, are relatively calm. There are numerous qualified and licensed dive operators with any number of choice dive locations, featuring explorations on wrecks to reefs.

Fishing is incredible in the Keys with an enormous variety of fish and fishing techniques challenging the skill of almost any fisherman. Depending upon one’s sense of adventure, there’s all types of deep sea fishing off both southern and the western shores of the Keys as well as fishing trips into the Gulf of Mexico towards the Dry Tortugas. There’s fishing off the reef (make sure to obtain a fishing license) and flats fishing. Also for the adventurous there’s excellent fishing within the Ten Thousand Island chain between the Keys and the southern tip of the mainland. If a fisherman wishes to try his luck in this venue, make sure to hire a guide, because every tropical mangrove looks like every other mangrove and it’s very easy to get lost.

Eating and Sightseeing: Great Restaurants and Natural Wonders

The keys, with its three areas to explore, there’s more than enough sights to see and tours to take. For the history buff, Key West offers both history and interesting architecture. The upper and middle Keys: Key Largo, Islamorada and Marathon are also great places to visit. Each has its own charm with numerous things to do. Don’t forget Big Pine Key, home of the National Key Deer refuge. Here’s an opportunity to observe the very unique and pint sized, Key Deer.

From conch fritters to five star dining and all manner of seafood, one will be able to enjoy some of the finest and freshest seafood in the country. There are probably hundreds of seafood restaurants servings everything from mako shark to octopus, as well as the standard fare one can find on the mainland. Certainly after a wonderful meal, real key lime pie is an almost obligatory desert.

The Florida Keys is the economical, relaxing destination that has things to do year round that you probably will not find in Milwaukee or Dayton. There’s a wide range of sights, sounds, people to see and things to do in a tropical, yet very American way. With the natural beauty of the waters and the tropical mindset that pervades the people who live there, the Keys is a great place to relax in the sun and forget all about the economic chaos.

Article courtesy of Ruth Hemp

Ruth Hemp

Coldwell Banker Schmitt RE Co. Lower Keys Office

29967 Overseas Highway

BIG PINE KEY, FL 33043

Mobile – (305) 304-2348

hemprealestate@bellsouth.net

http://www.LowerKeysAgent.com

License # 3066360

For example.

If you live in your vacation home for at least a portion of the year, it will fall into the residence category, but if you rent it to others for the entire year, it will be looked on as an investment or rental property instead.

Some stipulations:

Many properties—such as a condominium, cabin, duplex, detached house, recreational vehicle, or even a boat—can qualify as a tax deduction. (The law states that they must have a kitchen, a bathroom, and a sleeping area.)

Also, IRS regulations stipulate that your vacation home will qualify as a residence if you spend 10% of the rental period on the premises, or a minimum of 14 days annually.
By way or contrast, if you rent your second home for less than 14 days, the income from the rental does not have to be reported on your tax return, and it is tax free.
However, if you rent the property for a longer period, the rental income must be reported, but allowable tax deductions can also apply.
However, IRS rules will not allow you to claim a loss on a second home, and the best you can hope to do is to break even.

Your income plays a role:

If your expenses exceed your income on a rental property, you can offset the loss with passive income.
If your yearly income is below $100,000, you can claim as much as $25,000 in losses.
If your income is higher, the amount of the allowable loss is less, and if your income reaches $150,000, it is totally eliminated.

Over a number of years, you may also be able to deduction depreciation on your second home’s value, which reflects wear and tear on both the home and contents, rather than land value.
Before buying a vacation home, you absolutely should consult with your accountant to discuss how IRS regulations and tax advantages will apply in your particular situation.

Article courtesy of Ruth Hemp

Ruth Hemp

Coldwell Banker Schmitt RE Co. Lower Keys Office

29967 Overseas Highway

BIG PINE KEY, FL 33043

Mobile – (305) 304-2348

hemprealestate@bellsouth.net

http://www.LowerKeysAgent.com

License # 3066360

Our local economy leans towards goods and services for both new residents and tourists.The retail, construction and hotel industries have the most employees in Monroe County.
Business Size
Monroe County is comprised of primarily small businesses.
Since there is no state or local income tax, you take home more.

Employment: The good news.  Key West has one of the lowest unemployment rates in the country.
Why? Key West is one of the most popular destination points in the world for Divers, Boaters, Fishermen and people looking to get out of the bad weather and enjoy our water and the unique ambiance of Key West and the neighboring islands

So What. In addition to people flying and driving in, on average we get two to three Cruise ships from all over the world each day. This has spurred a growth which includes more hotels, condos, and restaurants, charters, etc. Obviously all these new startups plus all the existing ones need people.

So. The bad news for an Employer!
Employers have a hard time finding full time or year round employees. Instead they get people looking to work summers or to pay for extended vacations. Now there is nothing wrong with this and in some cases this is what they want however in most cases they would like to find steady year round help and offer full benefits.

The good news for you.
If you are looking for a steady job, have your own transportation and a good work ethic (will show up) there are lots of jobs to be had. For instance in the building, remodeling trade contractors have a very hard time getting reliable help. Some of these jobs start at $15.00 per hour. In general retail jobs start at $8.00 and quickly go to $10.00 and more with commissions.

Sound too good to be true. Remember this is a resort area, which has a unique and completely different makeup than the rest of the country or world. Kind of like Aspen except that we get tourists year round!
To look for jobs in the classifieds go to  www.keysjobs.com or www.keynoter.com
Some statistics:
• Construction 5.4%       
• Education & Health Services   12.3%       
• Financial Activities 6.0%        
• Information 1.3%        
• Leisure & Hospitality 32.6%  
• Manufacturing 0.8%    
• Natural Resources & Mining    0.4%
• Other Services 3.5%    
• Professional & Business Services 7.8%     
• Public administration     8.8%
• Trade, Transportation and Utilities 21.2%

The areas top employers as of September 2004 per the Enterprise Florida site at http://www.eflorida.com/profiles/CountyReport.asp?
CountyID=25&Display=all
• Monroe County
• Business Line: County Government
• Number of Employees…………………………………………….. 700 
• HMA
• Business Line: Hospital
• Number of Employees…………………………………………….. 600
• Monroe County Sheriff’s Office
• Business Line: Law Enforcement
• Number of Employees…………………………………………….. 561
• City of Key West
• Business Line: City Government
• Number of Employees…………………………………………….. 500
• HTA
• Business Line: Tourist Attraction & Retail Company
• Number of Employees…………………………………………….. 300
• FKAA
• Business Line: County Water Comany
• Number of Employees…………………………………………….. 258
• Florida Keys Community College
• Business Line: Education
• Number of Employees…………………………………………….. 225

Additional resources for demographic information include:
• Bureau of Economic and Business Research at the University of Florida (BEBR)
• http://www.bebr.ufl.edu/
• U.S Census Bureau
• http://www.census.gov
• Florida Agency for Workforce Innovation – Labor Market Information
• http://www.labormarketinfo.com

State jobs http://dms.myflorida.com

 In conclusion, its not New York, but you’re living in a tropical paradise and you’re still in the United States.

Below are some of the things involved in buying a keys home. Let me help you through this process. Any questions please contact me

Information unique to buying a home in the Florida Keys”
As you may be aware, the environment that makes the Keys so attractive to thousands of people is a fragile environment the requires considerable attention to protect its health and beauty. This fact has created a requirement for close management of all activities that have or might have negative impact on the environment now or in the foreseeable future. The result is a number of “unique to the Keys” regulations and procedures concerning property ownership. They are provided for information purposes to broaden your understanding of what is important when purchasing property in the Keys.

Flood Insurance: 
The buyer must determine the insurability of the property against flood damage by seeking the advice of a qualified insurance agent. Structures built before January 1, 1975 (pre-firm) are subject to rules governing substantial and non-substantial improvements to pre-firm structures which may
limit the reconstruction, rehabilitation or addition
to the pre-firm structure. Structures built after January 1, 1975 that has enclosures below the Base Flood Elevation (BFE) are typically not habitable. The existence of habitable space below the BFE may require demolition or an increase in insurance premium. Buyers should contact the Monroe County Federal Emergency Management Coordinator or the City of Key West, City of Key Colony Beach, City of Layton, City of Islamorada and City of Marathon to ascertain how these rules may impact on the
property of interest.

Coastal Barrier Resources
System Act (CBRS): 
Certain properties in Monroe County may be affected by the Federal Coastal Barrier Resources System Act or proposed amendments. For information contact the United States Department of the Interior, the Monroe County Planning Department or your legal representative. Property so designated is not eligible for federally subsidized flood insurance as well as other benefits.

Land Use Disclosure:
Due to the unpredictable and constantly changing status of the municipal, county and state regulations for property developments in Monroe County each buyer should contact the appropriate local government department(s) to determine how the subject property may be affected by the Comprehensive Plan and the action necessary to ensure compliance with the plan. Additionally, a property may be affected by restrictive covenants in the form of deed restrictions, Homeowners Association Rules & Restrictions, etc. Every Buyer needs to inquire about them. They also should inquire into state and local governmental zoning and land use regulations and restrictive covenants to determine whether the subject property is in compliance with all state and local government laws, codes and ordinances, and restrictive covenants.

My Mission Statement:

My objective is to totally educate you about the market here. That way you will make informed decisions when choosing your future home in Paradise.