How Will the Build Out Impact Florida Keys Real Estate? - Part 2

A big concern with the coming building ban is how it will affect current residents. County commissioners estimate that there could be up to 8,000 lots rendered unbuildable when the 2023 ban goes into effect, leaving thousands of landowners who have been awaiting permits left with huge financial burdens due to not being able to get the money out of their investments. This will inevitably lead to massive lawsuits being brought against Monroe County and the state of Florida. In fact, a bill has circulated placing a 50/50 responsibility split between local governments and the state if payouts are due - meaning that if lawsuits are successful the county will be 50% financially liable and will incur massive financial burden as a result. Legal teams are already being employed and prepped in anticipation with county legal fees already accruing. This will surely have a trickle down effect for residents of the Keys. It is possible that taxes may be raised in order to off-set this huge governmental spending that will take place. Public works and other plans for the community may be affected as local budgets will clearly have to be altered to account for the burden. The building and construction industries in the Keys are braced for huge changes in the nature of their businesses as well. It remains unclear how far this will be felt for current residents.

Whether you are an investor, a homeowner, a buyer, or a seller of Florida Keys real estate one this is certain. The 2023 ban on building permits will affect you one way or another. The stage is set for a clear sellers market for the foreseeable future with rising prices and decreasing inventory. Now is the time to move if you are looking to purchase homes in the Florida Keys, because the door is closing on many opportunities in the Florida Keys real estate market.

See more in Part 1.