We’re not in Springfield anymore…
We’ve had such positive feedback with our Success Stories Series that we had to keep the love going! For those just finding our little blog, we’ve decided to showcase a few success stories from our happy Key West real estate clients turned Key West vacation rental homeowners. We’re hoping to inspire you to take that step you’ve contemplated how many times now when you see that others have successfully achieved this dream. The same dream you’ve had. No matter your reason, the time to invest in Key West real estate, and capitalize on this booming industry, is now. Still not convinced? Read on…
For our latest success story, we look at The Simpson Family:
The Simpson Family + Key West = Love at First Sight
The Simpsons fell in love with Key West on their New Year’s 2018 vacation. The family stayed in a luxury property (check out Good Vibrations!) managed by us, Last Key Realty. They were so impressed with the quality of the property and the level of guest services received that they began considering an investment property for themselves. The Simpsons needed a home that would house their large family and could also be rented when they weren’t using it. The family knew what they were hunting for. Now they just had to find it.
Fast forward a year later, they were under contract on a beautiful newly built 5 bedroom home in Old Town. Thanks to the help of Last Key’s very own Rodney Culiver. Rodney helped guide the Simpsons through the entire buying process. Educating them on the vacation rental market, providing rental income projections for the homes on their shortlist, and negotiating a favorable deal below the asking price. The house they bought was 317 Angela Street, better known as Envy of The Island, a monthly vacation rental home that checked ALL of their boxes.
Success Through Adversity and Change
The Simpsons couldn’t have been happier with their decision to “get in” when they did. In the first year of ownership, Envy of The Island rented 10 out of 12 months and generated over $100k in gross rental income. The Simpsons were happy homeowners. When COVID happened, there was a huge question mark hanging over the future of vacation rentals. Which prompted the Simpsons to sell their beautiful rental home after only a year and a half of ownership. Who better to list it than their go-to Key West Real Estate guru, Rodney?
Within a few months, the home was sold at a price well above what they had paid just 18 months before. One caveat of Rodney selling their beloved Key West investment home was that he promised to help them find a new Key West investment property when they were ready. It didn’t take long for them to be prepared to purchase a new property. (On a sidebar, the new owners of Envy of The Island purchased the home and left it in our rental program; with their house’s booming success, they’re delighted they did!)
Key West Real Estate Success Round Two
Back to the Simpsons… The following spring, the search began for their next Key West real estate investment property. Rodney guided the Simpsons through the buying process. He helped them land a property that met the needs of their large family and one that offered monthly vacation rental potential. Shortly after closing on their new home, located at 2718 Harris Ave, it was ready for monthly vacation rental. And so, Island Opulence was born. Today, the Simpsons are once again happy homeowners of a successful vacation rental home. And Last Key is grateful to have played such a prominent role in making their Key West investment dreams come true.
This success story spanned 3 years, across 3 transactions and lots of rental income and equity made along the way. It just shows how sound an investment Key West Real Estate is. Who better to help facilitate that investment purchase than Last Key Realty? From purchase to renting, the Last Key Realty team is with you every step of the way. Call Last Key Realty today and speak with one of our talented real estate agents at 305-292-6266.