Karen Chesley.

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This Buyers Guide includes: Geography of the Keys Lower Keys IVlap Advantages of Owning Bayside or Oceanside Price Range of Keys Homes Boating Information Nautical Chart KEYISLE

1 This Buyers Guide includes: Geography of the Keys Lower Keys IVlap Advantages of Owning Bayside or Oceanside Price Range of Keys Homes Boating Information Nautical Chart KEYISLE Realty. Florida Keys Island Experts Overseas Hwy Cudjoe Key, FL Karen Chesley Realtors/Notary Public Direct: (305) For more information visit

2 Thank you for your expressed interest in the Florida Keys! The Florida Keys are a charming place to vacation and live. The lifestyle here is very comfortable and casual. If your interests are fishing or diving, you won't be disappointed! There is a fishing extravaganza a waiting for you in the placid waters of the back country grounds of Florida Bay or the blue waters of the Atlantic Ocean. For you diving enthusiasts, the Living Coral Reef of the Florida Keys is known as one of the world's most dazzling diving spectacles. In the Lower Keys, Looe Key Sanctuary Preservation Area and the coral reef is approximately 4 miles off-shore and is an excellent dive or snorkel location. Needless to say, with a tropical climate that offers summer weather all year long, it is no wonder that the fabulous Florida Keys have become a most popular vacation spot. With this popularity comes a very solid, stable real estate climate as well. Because you may not be a fulltime resident the following information may be of help in making your buying decision. WHAT AREA IS BEST IN THE KEYS? I specialize in Lower Keys properties from Mile Marker 33 to Mile Marker 15. Our mile markers are the green signs you will find along US Highway One that begins in Key West with "0". You'll soon learn when you give or get directions in the Keys, the Mile Marker is significant. MILE MARKERS to to to to to to ISLAND Big Pine Key Torch Keys Ramrod Key Summerland Key Cudjoe Key Sugarloaf Key SUGARLOAF Kars SUMMERIAND KEY WEST, RAMROO ^m' BAHU HONDA MARATHON BIG PINE KET MUMAIRPQirr SOMMS ^-'ISLAMORAOA The Lower Keys are located conveniently between Marathon and Key West having an international airport and approximately a 2.5 hour drive to Miami. You will find a large selection of flights serving Key West. The tropical rural ambiance of the Lower Keys offers the feeling of being in the Caribbean Islands rather than on an extension of the US soil. Big Pine Key being the second largest island has a fresh water supply that supports lush hardwood hammocks with nature trails and the small Key Deer. If you decide to look in other areas of the Keys I have access to the entire Keys listings and can assist you with any property you would like to purchase. SHOULD I BUY ON THE OCEANSIDE OR THE BAYSIDE? There has been a long running debate about the advantages of being on the Oceanside versus the Bayside of the island in the Keys. Speaking strictly in generalities, there are advantages to both. The Oceanside enjoys the cool breezes fi'om the southeast during the warmer simimer months, while the Bayside most often has cooler northern winds in the winter. Many people enjoy our magnificent sunrises and just as many enjoy our spectacular sunsets. Lower Keys Bayside and Oceanside open water properties offer a choice of either or both.

3 Some people feel more "protected" on the Bayside, while others prefer the ocean exposure. While the preference is a personal one, we find an equal number of people opting for each side. Easy boating access to the other side is important to many, making areas near bridges a little more desirable. WHERE ARE THE SANDY BEACHES? One of the most common requests a sandy beach. Well, there are very few sandy beaches in the Florida Keys. Take a look at our azure blue seas. On a tropical day in summer our ocean looks more like a huge lake with a mirror-like stillness. Over hundreds and thousands of years, strong surf pounding against the coral and rocks creates a sandy beach. If you want to take up surfing or beach combing, the Keys are less than ideal. But our shallow, calm seas keep the waters crystal clear, the colors spectacular, and the erosion less than worrisome. Just north of Big Pine Key you will find Bahia Honda State Park with a beautiful white sand beach. DO I BUY A CONDO OR A HOME? A resort community of second home purchasers is a natural for the condominium concept. Don't rule it out. You won't find condominiums in the Lower Keys...you'll want to consider Marathon, Key West, or the Upper Keys. Many condominiums offer facilities which may or may not be practical for you: pools, Jacuzzis, tennis courts, boat dockage, exercise rooms, saunas, elevators, resident managers, and security. If you wish to rent your condo occasionally, rental programs and property management is available through this office. In the Lower Keys we do have the resort community of Venture Out, which is a gated community of RV sites, park models, and mobile homes. It is a very nice park with great rental potential for the second home owner or investor. Don't rule it out until you have an opportunity to see the facility. Resort condos should not be stereotyped as the sterile, high rise buildings you see in metropolitan areas. Take a look before you decide, as sometimes they can be the best "fit". Single family homes in the Keys have always been very popular. One enjoys added privacy and fewer restrictions compared to condo living. If you want to expand or modify your home and property, you have more flexibility. The demand for rental homes is strong, the number available for rental minimal. WHAT ARE THE APPROXIMATE PRICES? Again, this is an extremely general summary, and many things enter into this - such as the obvious "location, location, location", as well as boating access, construction, view, waterfront exposure and water quality. Be aware it is expensive to build in the Florida Keys. A quality home can cost from $150 to $450 and up per square foot, and many take six months to one year or more to get the building permit and another six months to a year to complete the construction. If you are not familiar with the many zoning regulations and building restrictions in the Keys, we advise you to obtain the assistance of a professional planning advisor to facilitate this venture. Dry or inland lots: Typical sizes is 5000 to 8000 square feet, and are $50,000 and up. Canal front lots: typical size 5,000 to 8,000 square feet and start about $90,000 and go up. As size, desirability, and proximity to ocean or bay improve, prices go up. Open water lots; typical size is 6,000 to 10,000 square feet and start about $275,000 and go up depending on boating access and desirability. Dry lot homes: not directly on water start at about $205,000 and go up from there.

4 Canal front homes: start at about $301,000 groimd level, $359,000 stih and go up from there. Open water homes: directly on ocean, bay or channel start at about $595,000. and go up from there. Mobile homes: start at about $150,000 and go up depending of course on location. Condos: start at about 200,000 for a studio and about $275,000 for 2 bedroom, 2 bath and go up from there. Many people question the high cost of construction. It may seem unreasonable, but consider some of the reasons. We are in an island community, and many of the building materials must be transported long distances. Our county building code has strict requirements and limited permit issuance due to our location. Being surrounded by water creates special needs; minimum elevation requirements now result in a necessity to build "stilt" homes in most locations in the Keys. The homes must be built on poured augured holes that are at least 3 feet into the cap rock, the rock that is the foundation of the Keys, then the columns of the home must be tied to the augured foundations and then the columns tied to the tie beam of the home and so on to the roof Big Pine Key is at present under a building moratorium and the real threat of a building moratorium being imposed on a long term basis for the entire Keys will only increase the value of the existing homes. WHAT ARE THE TAXES? Real Estate taxes are based on a millage rate of approximately ( ) at the current time. While the state of Florida has 100% valuation for assessments, it is customary to assign a percent of the purchase price as cost to purchase. However, you should expect the property assessment to be approximately 1% of the purchase price. If your home costs $300,000 expect an assessed value of about $255,000. At mills your armual real estate taxes will be $ If this is your primary residence Florida gives a homestead exemption on the first $50,000 of assessed value reducing your tax bill by approximately $216. Florida has a sales tax of 6%, plus Monroe County has a 1.5% Discretionary surtax on sales for a total sales tax of 7.5%, and accommodations have an additional 3% local option bed tax, and 1% Tourist impact tax. WHAT IS THE COST FOR WATER AND ELECTRIC? Water is provided by the Florida Keys Aqueduct Authority and the cost is $0,493 per 100 gallons of water used. Electric in the Lower Keys is provided by City Electric System and the cost is $ per KWH used. I hope this information has answered some of your questions. Your decision to purchase real estate in the Florida Keys will be a major investment and the more information you have will allow you to make a better educated decision. If you have any questions, please do not hesitate to ask. Just keep my business card handy and give me a call at your convenience, evenings are fine. With Warm Key Regards, Karen Chesley Realtor, Area Specialist

5 Items Needed for a Credit Application Employment Addresses for two full years Gross monthly income Copies of last two years W-2 forms Proof of pensions, retirement, disability or Social Security Proof of child support or alimony paid/received Most recent pay stub and/or benefit statement verifying income If self-employed: Copies of last two years 1040 Tax Returns Current year profit and loss statement Same two years corporate tax returns if applicable Creditors Each creditor's name, address and type of account Account numbers Monthly payments and approximate balances Amount of child care expenses Banking Names and address of saving institutions Account numbers for all accounts Copies of last three months bank statements fi'om all financial institutions Miscellaneous List of assets in stocks, bonds, land Life insurance cash value (documented if used as cash down payment) If applicant is selling a home, a copy of sales contract Social Security numbers for all parties Veterans - Certificate of Ehgibility and DD-214 Cash or check to pay for application fee Copies of current leases on all rental properties From REALTORS Copy of executed sales contract (signed by all parties) Copy of Escrow checks

6 What I Can Offer You Knowledge of Neighborhoods Waterways of the Florida Keys The Housing Inventory Florida Keys Real Estate Market Financial Information. Monroe County Information I provide an active effort to find you the "right" home or property to meet your real estate objectives. Visit my website to view the Multiple Listing Service updated daily, along with other important information and links. Chesley. com

7 Lower Keys Boat Ramps, Marina's & Storage 1. Spanish Harbor Channel (Public) 5. Keys Sea Center (Marina & Dry Storage) 2. Old Wooden Bridge Fishing Camp 6. Dolphin Marina & Fuel (Private with Charge Per Use) ( Private with Charge Per Use) 7. State Road 4A (Public) 3. Koehn Avenue ( Public) 8. Looe Key Reef Resort (Private with Charge Per Use) 4. Eden Pines Colony Bittersweet Avenue (Public) 9. Center Road (Public)

8 10. Blimp Road, Cudjoe Key (Public) 11. Drost Drive Cudjoe Gardens Marina & Fuel (Private with Charge)

9 Lower Keys Bridge Information Bridge Name Missouri-Little Duck Key Ohio-l\/lissouri Oliio-Bahia Honda Bahia Honda Spanish Harbor No Name Key North Pine Channel South Pine Channel Torch Channel Torch-Ramrod Niles Channel Kemp Channel Bow Channel Park Channel North Harris Channel Hanis Gap Channel Harris Channel New Bridge Location Atlantic Atlantic Atlantic Atlantic -Centerline - Centerline -Centerline -Centerline -Centerline -Centerline CiMrance Minimum Old Bridge Structure Partial Removal Partial Removal Partial Removal

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