New listings are due to typical needs to move for health reasons or to take care of an elderly relative who lives somewhere else, etc. If you want to buy here, be sure to make an offer on any property that interests you.
Cedar Key is a vacation, tourist and short time destination place. If you are going to live there full time then you will need to bring your own job, bring your own retirement income or be willing to commute to a job.
Cedar Key has a small permanent population base and many vacation homes and rental units, mostly condos, that are occupied during the festivals and high vacation season. In hard times the owners of rental units are pressed to sell because of cash flow problems. Today, some recent buyers and speculators are also desirous of selling because they bought at the peak. The value of their property, in real dollars, has come back to the value before the run up of 2005, 2006, 2007. The market got overheated, buyers over paid and now the rubber band has snapped back and gone the other way. Good deals are out there but don't over reach. In the land of the mortgage the cash heavy buyer rules.
We recently purchased a project in Cedar Key. Why? Cash in the bank is losing purchasing power and is not keeping up with inflation. I have retired. My wife is retiring in December. Our son and his young family live and work in Gainesville only 1 hour away. The value of our home in Northern California has gone down but so has the cost to buy in Cedar Key so it is a wash financially. The time, for us, is right.
and most of all, having visited Cedar Key over the last few years, we have come to love the place.
My name is Dean and I am a (semi retired) licensed California Real Estate Broker.
P.S. Great to be from Massachusetts. My wife and I are from Millbury and Worcester. If you are interested I can help you think this through. Broker@SloneRealty.com
Smith & Associates, Inc./GMAC
I am a local Realtor. Cedar Key is a special place that I am familar with. I have done some Real Estate related work there as well.
The market there is relative to market conditions everywhere. There are some great deals, and one cannot be afraid to make an offer based on an appraisalT.his usually brings a seller back to earth when they finally realize that their property is not financible thus, no sale..., or just keep making offers until one sticks!!