"Key West real estate is the Southernmost!"

Key West real estate is expensive. That's probably not news to you if you've paid for a night at one of the hotels.

Key West is a wonderful place to visit and, despite its rather remote location, a wonderful place to live. The property is priced accordingly.

This is the most expensive housing market in Florida, with an average sales price of $872,250 in 2006.

In 2007 high property taxes and property insurance costs have led to price reductions throughout Florida, and Key West is no exception.

However, the prices in Key West have not declined as much as they have in Miami and Tampa. Since all of the island has been built on, the supply does not increase.

Location makes a huge difference. Old Town Key West has ancient Victorian houses that go for a bundle. And as you walk toward the ocean, the prices go up with each step.

As I write this, the lowest house asking price is $249,900 for two bedrooms, one bath and about 1,000 square feet. The highest is $5,900,000 for seven bedrooms, seven baths and about 4,500 square feet in Old Town.

The lowest condo asking price is $189,900 for one bedroom, one bath and about 400 square feet. The highest is $3,995,000 for six bedrooms, five baths and about 4,200 square feet.

There are 400 or so licensed real estate agents and brokers waiting to show you around town.

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