So you’ve been to Key West and fell in love with the island, and now you’re considering purchasing an investment property in paradise. It’s very likely this idea has popped into your head more than once. If you’re like most people reading this, it’s probably the second or third (or more!) time you’ve entertained this thought. Let’s be honest, there’s a reason you’re reading a premiere boutique real estate companies blog 😉
In this series, lovingly dubbed Success Stories, we’ll share a few inspirational stories to help nudge you in the right direction and help solidify that gut feeling you’ve had about owning a vacation rental in Key West. Our first success story stars Mr. & Mrs. Emil Jones:
The Joneses, a family from Virginia, fell in love with Key West while vacationing on the island in 2014 and considered purchasing a vacation rental of their own. The Joneses are well aware of how lucrative the vacation rental industry is, they own several successful vacation rentals in North Carolina and decided they would explore purchase options in Key West. This decision was made much easier as they knew and trusted Last Key, having stayed with us as vacation rental guests for many years.
During their most recent stay at Gulfside Vistas, the Joneses were introduced to Rodney Culiver – Last Key’s Marketing Director and one of our fabulous Realtors. Rodney got to know this family well and guided them through the purchase process – educated them on the Key West vacation rental market, provided extensive financials, and established expectations for owner operations. After discussing their goals and needs, they identified a home to operate as an income-generating vacation rental (and to stay in with their family a few times a year) that would be a perfect fit… The home they chose was our very own Seventh Heaven at 62 Front Street in Truman Annex.
This home has been operating as a successful vacation rental with Last Key Realty for a number of years, with dozens of 5-star reviews and a jam-packed calendar of confirmed future reservations. Helping the Joneses realize the equity they would be stepping into and the immediate return on investment they would see was an integral part of this transaction. The fact that the home is beautifully maintained and located in the most exclusive gated community on the island didn’t hurt either 😉 The Joneses successfully closed on 62 Front Street and have already hosted a few guests! We’re happy to welcome them to the Last Key family.
2020 taught us many things, but the most apparent in Key West is that hotel demand is being replaced by vacation rentals. The demand for vacation rentals is sky high and based on our reservations already on the books for next year, it’s not looking to slow down anytime soon. Look at the Online Travel Agent business as a whole, AirBnB and VRBO have increased their market share year after year, growing in popularity as vacation rentals become more of the norm. When the last recession hit, people still flocked to Key West. And they will continue to come to Key West.
We’ve also noticed another positive trend, more and more of our past guests are becoming vacation rental homeowners themselves. And Last Key has helped them every step of the way. It makes perfect sense if you think about it, who better to help you purchase an investment property than the people who will be managing that very investment? We know the market, we know our clientele, and we know what makes a successful rental. Last Key Realty will be with you from your first stay as our guest, to help with your home purchase, and for years to come profitably managing your rental. Experience the Last Key difference.