Last Key Realty Blog

Interview with the Boss of Last Key Realty

I recently had the privilege to sit down and interview the Founder and Owner of Last Key Realty, Chris Santry, who also happens to be my boss. The purpose of this interview was to inform curious minds of the current overall state of the Key West Real Estate and Vacation Rental markets, as well as what the future holds for these markets and for our company.

Q: How has the Key West Vacation Rental Market changed since the start of Last Key Realty?

A: “When we first started in 2008, the “off-season” was truly an OFF-season. It used to be that a person could actually walk down the middle of Duval Street in Old Town without worrying about being hit by a car. Today, there is basically no “off-season”, with many summer weeks being completely sold out. And I’ve also seen the Key West Vacation Rental Market grow into a much more upscale vacation destination in recent years.”

Q: Where do you see the Key West Vacation Rental Market going?

A: “I see this upscale movement that was started by baby boomers continuing. As boomers are aging, younger generations who have discovered Key West are starting to take their place.”

Q: How was the Key West Real Estate Investment Market changed since the start of Last Key Realty?

A: “In just the ten years since Last Key Realty was founded, we have seen the investment real estate market virtually disappear and then return back to full strength. Presently, you have two groups competing: the people who are looking to purchase their dream or retirement home and reside in Key West, and the other group looking to invest in Vacation Rental property. This makes for an extremely vibrant real estate market. Thankfully many of the factors that attributed to the market crash a few years ago, like factoring of mortgages, no longer exist. We have a much more conservative banking system in place and there is also a much higher percentage of cash deals being made.”

Q: What is your future vision for Last Key Realty?

A: “My future vision for Last Key is controlled growth. It is essential to continue doing the same things that got us where we are today. Most importantly solid staffing, it is essential that we have committed and passionate people.”

Financing, Pre-Quals, and Approvals, Oh My!

One of the most important and intimidating steps in your home buying process is getting a pre-qualification from a lender. In this blog post I’m going to break down the pre-qualification process and help set you up for success when approaching this step in your home buying journey in Key West.

Let’s start by defining “pre-qualification”.

Pre-qualification is a letter from a bank that states the loan type (conventional, FHA, VA, etc.) and amount you have been approved to borrow based on the financial picture you provide to the lender. It does NOT include an analysis of your credit report/ score.

This is how you see what your buying power is and is a crucial step in being successful in your real estate search. Many people over and under estimate their buying power, which is a total time waster for everyone involved. You don’t want to spend time looking at $500K houses when your purchasing power is $350K and vice versa.

Below are four simple steps to help you take the leap into getting pre-qualified. Side note: just do it already!

Make an appointment. Reach out to your bank and ask to meet with a loan officer. You can also ask your real estate agent for recommendations as well, they always have preferred contacts and suggestions if you don’t know where to start.
Know your number(ish). One misconception of the pre-qualification process is that you need to pull your credit report to be pre-qualified which is completely FALSE. That’s right, many people think that you do but you don’t. You should have an idea of what your credit score is though to be sure your pre-qualification is as accurate as possible and I recommend using Credit Karma to find out. Credit Karma is my go to app and website for credit checking and monitoring and it’s FREE!
Get your sh*t together. No for real, get it together… get a copy of your most recent tax return, a recent pay stub, and a couple of months of bank statements together. The more information you can provide the more accurate your pre-qualification will be.
Take your pre-qualification letter and give (or email) it to your real estate agent.

Once you’ve given your agent your pre-qualification letter they will adjust your real estate search accordingly and you will be on your way to finding your dream home!

I am a full time buyers agent in Key West, Florida and am happy to help you in your real estate search. Please contact me at 305-394-4073 or krystal@lastkeyrealty.com and let’s talk real estate!

Not on our Mailing List? Don’t miss our latest Newsletter Highlighting Vacation Rentals

Although Fall is just settling in for many of us, the cold reality of winter is just around the corner. And while many locations around the US become unbearably cold, Key West historically sits in the 70’s with sunny and breezy conditions. So it’s not surprising that December through April is considered our prime season.

Due to a few cancellations prior to the final payment date this week for our prime season pre-bookings, we do have a bit of availability left for prime season dates in some of our best rental homes.

Give your winter self a gift and reserve your Key West vacation home for a few nights, a week, or a month during the coldest time of your year for what is sure to be a welcome respite once that day finally comes. Here is a quick look at homes still available for prime season rentals – don’t wait until we’re all sold out for season!

Featured Listings with Upcoming Availability

La Vie En Rose

This classic mid-century modern home is set in the Beachside district of Key West. This four-bedroom home also boasts a lushly landscaped front and backyard, spacious brick patio, free form swimming pool and Jacuzzi.

casa-amarilla Casa Amarilla

This newly renovated private home is anything but simple. Located in the Seaport district of Old Town Key West, this classic conch cottage is the best of both the wonder of historic island life and the comforts of modern living.

lilac-cottage The Lilac Cottage

This charming home has just been completely renovated, from its gingerbread on the front porch to the restored Dade County Pine inside. All of the furnishings are brand new and of the highest quality.

splish-splash Splish Splash

This jewel-like townhome at the Key West Golf Club is a breath of fresh air with its upgrades and design. Lovingly furnished with a modern coastal ambiance that incorporates high technology touches throughout.

calmer-waters Calmer Waters

Located in Sunset Marina, a gated community located on Stock Island right off the entrance to Key West. This condo is close to Old Town yet is quiet and secluded, with spectacular views of the sunsets over Florida Bay.

Christmas Getaways

Although we have mostly filled up for the week of New Years, our Christmas week (Dec 19-27 dates) has plenty of availability left. Use Promotional Code MerryKW at check out on our website to receive a 5% discount on your Christmas week reservation! Offer good through December 15th for stays between Dec 19-27, 2016.

New Rental Properties

Check out our newest additions to our rental inventory and be the first to experience these fabulous rental options. Be sure to see Smooth Sailing, it’s our first one-bedroom weekly rental in our program!

Want to join our mailing list? Sign up to receive special offers and updates every month.

October 2016 Review/Photo of the Month

Each month we select a memorable guest review or photo to win a $100 cash card. Our October 2016 winner is the Sheldon Family, who stayed with us at :: THE CAPTAIN’S ANNEX :: We received a lovely 5-star review of their experience vacationing with us and they even submitted a Family Photo of themselves enjoying the home. Thank you for sharing!

Seeing these amazing moments of our guests’ vacations just reminds us how lucky we are to do what we do and to live in such a magical place. For future guests, send us a photo/video of your time on vacation and/or submit your memorable review of your stay to be entered for a chance to win a $100 cash card.

Adventures In Key West Real Estate

I think I’ll start by introducing myself… My name is Krystal Thomas, I am a REALTOR® and work for Last Key Realty, Inc. as an agent helping to make peoples’ dreams come true one closing at a time (corny but true! Who doesn’t dream of buying a home in Key West?!). In my spare time I’m a writer, avid reader, lover of the sunshine, good vibration seeker, newly inducted Rotarian and an avid fan of my husky and sidekick Skyy.

I became a real estate agent in 2013 and let me tell you, the struggle has been reeeeeeal. The amount of offers I put in for clients vs. the number of homes sold is astounding. The first year I sold one house. The second year I sold one house. This year, year 3, as of today I’ve sold 5 and have 3 under contract.

It’s been a long rough road to get to where I am today both professionally and personally. I’ve learned so much along the way and there is still so much more to go! With each transaction and experience there are lessons upon lessons to be learned and I’m more excited than ever to share these experiences with you.

There are A LOT of really cool things cooking right now! Aside from it being Fantasy Fest week in Key West, just today this happened:

Got an accepted offer for my buyers for a mid town home in Key West, FL.
Spoke with a prospect who will be in town next weekend and wants to look at properties while he is here. BINGO, set up showings for next Friday… check!
Approved the HUD to close on my first investment property on Friday. My first house flip. The FIRST FLIPAROOSKI!

I’ve realized that through all of my journeys, both personally and professionally in Key West, I am neither the first nor last to do or learn any of this. But what I want to share with you is what I am learning along the way as an experienced/constantly learning agent, a first time home buyer, project manager, etc. etc.

I’m looking forward to sharing my adventures in living, buying, selling, managing and investing in Key West with you so stay tuned.

If you like what you read here, and would like my help as you enter your own Key West home purchase journey, please shoot me a message at krystal@lastkeyrealty.com or 305-394-4073 and we can set up time to talk.

September 2016 Review/Photo of the Month

Each month we select a memorable guest review or photo to win a $100 cash card. Our September 2016 winner is the Spalding Family, who stayed with us for a month at :: ISLA MOMENTOS :: They were kind enough to share some lovely photos of themselves enjoying their time in Key West and the rental home, as well as submitting an excellent 5-star review online.

Seeing these amazing moments of our guests’ vacations, and hearing that we’ve successfully done our job of enhancing guest experiences reminds us just how lucky we are to be doing what we do and to live in such a magical place.

For our future guests, send us a photo or video of your time on vacation and be sure to submit your memorable review about your stay to be entered for a chance to win a $100 cash card. You may be next month’s winner!

A Different Kind of Colorful Key West This Fall

Greetings from Key West,

Summer has come to an end, but that doesn’t mean the sun has stopped shining in Key West. As a year-round vacation destination, there is truly never a bad time to visit Key West. Over the next few months we have lots of exciting events happening that will make a last minute getaway worthwhile!

Have you heard of WINEDINE KEYWEST? It kicks off this month and is an exciting opportunity to experience Key West’s iconic food scene at local discount prices. Participating restaurants will offer three-course prix-fixe menus from September 16^th – October 16^th. For more information on WINEDINE KEY WEST, take a look at their website: www.winedinekeywest.com. We are offering a last minute reservation discount when you book a Last Key Vacation Rental between now and October 22^nd.Of course, the last week of October is Fantasy Fest. This year’s dates are October 21^st – 30^th. Take part in the crazy weeklong shenanigans featuring the Bahama Village Goombay Festival, the Zombie Bike Ride, the Pet Masquerade, the 34^th Annual Headdress Ball, the Fantasy Fest Street Fair, The Famous Fantasy Fest Parade, and much, much more! Put on your most extraordinary costume and join us for a week of Halloween fun! For complete details, check out the official Fantasy Fest website: www.fantasyfest.com We still have nightly & weekly rental homes available for the week of Fantasy Fest, including: Avalynn House, Casa Victoria, Coastal Loving, Gulfside Vistas, Suzy’s Parrot Perch, and The Commander’s Sanctuary.Are you a boating fan? Then get your front row seat at the 36^th annual Super Boat International Races, taking place November 6^th – 13^th. The world’s biggest and fastest offshore racing series held at the Truman Waterfront is an exhilarating must-see event. Be sure to visit the Super Boat International website for further details and the complete race schedule: http://superboat.com/race-schedule/key-west-schedule/ Remaining available nightly & weekly homes for Super Boat Race Week include: Blue Heron’s Cove, Casa Louisa, Cielo Azul, Octopus’s Garden, Plantation Tropicale, and The Smiling Ibis.Making Thanksgiving plans? Did you know that turkey tastes better in paradise? All of our homes include a fully equipped kitchen, perfect for preparing your Thanksgiving Day feast. If you prefer a catered Thanksgiving, our concierge would be delighted to arrange that for you. Select your Thanksgiving Vacation Home in Key West before they are all booked up, remaining available homes include: Conch in the Treetops, Eden @ the Annex, Nature’s Edge, Puerta Coralina, Sea Captain’s Haven, and The Contented Crane.

Enjoy more privacy, unrivaled guest services, and all of the amenities our luxury Vacation Homes have to offer this Fall! Hope to see you soon!

Your friends in Key West,

Guest Services Coordinators: Your Home Includes A Host

At Last Key Realty, our Guest Services Coordinators are the face of our brand. They are a personal contact for our guests throughout the entire vacation process. From the moment you arrive in Key West until the time you leave, our Guest Services Coordinators are responsible for making sure your vacation is as rich and enjoyable as possible.

After your reservation has been finalized, your Guest Services Coordinator makes first contact with the you via a “Welcome Letter”. This initial letter provides our guests with an agenda of what to expect from that moment leading up to the time of your arrival. The next step is fulfilling any guest requests or special accommodations in preparation for guest arrival. This could include any number of preparations depending on your particular request. Whether it be converting beds to a certain configuration, shopping for the groceries you requested to be ready upon your arrival, or simply answering questions about Key West that may come up as you make your plans and start to pack. Here is basically where all of the behind the scenes action occurs.

Now comes the fun part… guest arrival! Your arrival is really an “event” for us. We are planning not only to welcome you to a meticulously prepared vacation home, but also to kick off your vacation itself in the best way we can. We cut out the “go to an office to pick up a key” step in your valuable arrival timeline and ask you to head straight to your vacation home, where your Guest Services Coordinator will meet you for check-in. Each Guest Services Coordinator has their own unique check-in process, but an arrival typically includes a thorough presentation of the property, any possible recommendations of restaurants or activities in the area, and anything else involved with making sure you are properly settled in.

Although the Guest Services Coordinator physically leaves the property after check-in, they are essentially with you throughout your entire stay. Our plan is for your stay to go completely uninterrupted, but of course things happen (even in paradise!). Should any problems/inconveniences occur during your stay, the Guest Services Coordinator is only a call away, and will handle the situation in a timely manner, guaranteed!

When it comes time for departure your Guest Services Coordinator will come to the property and bid you farewell, providing a bittersweet ending to what is hopefully the most enjoyable vacation of your life!

The best way to really see how a Guest Services Coordinator can impact your stay is to read the reviews for any of our vacation homes. Yes, you’ll find mention of a beautiful, clean, well-maintained and fully equipped property, but you will also find mentions of the particular Guest Services Coordinator involved in that stay and how he/she helped make the trip memorable and enjoyable.

To meet our Guest Services Coordinator team, visit our Meet Our Staff page. Ready to experience the Last Key Realty difference for yourself? Browse and reserve our vacation homes right here on our website to start planning your Key West adventure. We look forward to displaying our unrivaled guest services to you on your next visit to Key West!

Why Our New Website Is The Most Exciting Move For Our Company in 2016

As the vacation rental market grows worldwide, the expectations of vacationers shopping online has morphed drastically in the past two years. Four years ago we launched a gallery-style website that focused on showcasing our luxurious vacation homes through photography. When we embarked on the development of our brand new website in 2015, we challenged ourselves to maintain that simple, gallery-style format while rising to (and hopefully exceeding) the market demands for technology. We are so incredibly thrilled about the introduction of our new website, that has achieved all that we hoped to deliver for our future guests.

With all new booking customization capabilities and search functionality, this new site allows a vacationer to shop our rental homes in a whole new dimension. Most excitingly, we are now completely enabled for direct online booking, making the booking process easier for our guests and cutting out the additional fees being charged by third party listing sites.

Other new features include:

Larger, higher resolution photos
Real-time availability updates
Map view of all of our properties
Customizable reservation add-ons at booking
Full MLS Integration for Real Estate interests
Much, much more!

This is only the beginning for Last Key’s technology integration to better service our guests. We are already busy exploring “Phase 2” of this new site. As we do, we encourage you as website users to submit any feedback on our website that may be helpful to us in making it as user-friendly and functional as it can be. Website feedback can be submitted to rentals@lastkeyrealty.com or through our Contact Us page.

Cheers to the Future!

Key West: Investment Real Estate Redefined

There’s no question that, like the rest of the country, Key West has gone through a sharp decline in real estate. In fact, the real estate recession probably had its impact on Key West sooner than in many other areas. However, it now also seems like Key West is seeing an earlier recovery as well. Some of the earlier signs were with a marked uptick in vacation rentals, at all times of the year, especially in summer. And now, we see an estimated 7% increase in average home purchase prices from a year ago. Inventory is down substantially from this time last year, and we are actually seeing homes being purchased at “above asking” prices.
Meanwhile, vacation rental homes have become a tremendous opportunity for investors. A well-located and nicely furnished home of any size with a transient license has the potential to generate 10-12% of its purchase price in gross rental income every year. An exceptional home with three or more bedrooms can generate even more, as much as 13-15% in gross income. Returns like this have changed the nature of real estate investment, which has always depended primarily on real estate appreciation. With rates and occupancy of vacation rentals presently growing every year, and the attractive tax benefits that come with owning an “active” rental, such a home could in effect pay for itself in less than twelve years. For more information, feel free to call 305.304.1933 or e-mail Chris Santry.

Key West is BACK IN ACTION and ready to welcome all Conch lovers from around the world!