In the Florida Keys, boating is a way of life. It has always been a priority for current and prospective buyers of real estate in the Keys to have access to the water in one way or another. But these days, it is more important than ever to buyers to have proper boat dockage on their prospective property. What is driving this trend? What else? The pandemic.
The Covid-19 pandemic has had myriad and far-reaching effects on all aspects of our lives, with some less expected than others. Many new residents are flooding into the Keys from northern states escaping lockdown and seeking a different way of life. People are increasingly putting value on being outdoors, and what better way to enjoy the Keys than by boat? Additionally, the Florida Keys real estate market is seeing many part time residents giving up their homes elsewhere and making the Keys their permanent home. With that, boat sales are skyrocketing. The National Maritime Manufacturers Association(insert link) has reported that in 2020 boat sales reached a 13 year high, with sales up 12% from the year before. In fact, more than 310,000 power boats were sold in 2020 alone. This trend is obvious to realtors in the Keys. Local realtors are seeing an increased demand for properties with boat dockage, with this being the top priority for many buyers.
In the Florida Keys, new construction is limited by ROGO and the upcoming 2023 ban on building permits issued. This could create a limited supply of boat dockage in the Keys, meaning residents and buyers will have to rely on replacing or repairing existing docks.
One thing is clear, buyers in 2021 - both local and from out state - are looking for homes in the Florida Keys with boat docks!