The keys to a new life in Florida

By Laura Henderson
Posted: 2010/09/01

SECOND-homers in search of a waterfront bargain are homing in on tropical and historic Florida Keys. LAURA HENDERSON went to investigate the archipelago

ERNEST HEMINGWAY first encountered the raffish attractions of the Florida Keys in the Thirties.

Smitten, he upped sticks to the mariners' outpost of Key West, a move that enabled him to sail the inky-blue Gulf Stream waters on his boat Pilar and enjoy some fishing.

These days the cult of American author Hemingway lives on. His pristine former home-turned-museum is now an architectural template for the vintage style adopted by most of the properties: pastel-coloured, wooden-framed cottages peep out from behind picket-fenced gardens, brimming with bougainvillea, oleander and jacaranda.

Joined to the rest of civilisation by nothing more than the umbilical US1 "Dixie" Highway, the boho attractions of the US's southernmost island chain are a world apart from the Art Deco bling of Miami, just a two-hour drive away.

Most of the area falls within the boundaries of the state's national parks with an abundance of mangrove wetlands, pine forests and coral reefs. The region's other key draw is its strict handle on land development with fewer than 300 residential building licences granted a year.

While the area has historically been one of the most expensive places to buy in Florida, previous stratospheric house prices have taken a battering recently, down by an average of between 30 and 40 per cent on pre-recession highs. However, as agent John McLoughlin stresses, national forecasts predict a quicker recovery here than elsewhere in Florida because of a "rarity value in the land".

It's a viewpoint shared by Sam Schorr, managing director of agent Keys Caribbean.

"Unlike parts of Miami and Orlando, prices in the Keys have never been driven by speculators, " he says.

"Even at the peak of the boom most people were buying here with a long-term view either to relocate permanently or as a legacy investment, a holiday bolthole that could be passed down the generations."

One full-time British resident is Craig Hunt, former president of the Holiday Inn hotel chain, who has watched with interest the area's changing market dynamics.

Having spent £1million for a freehold plot and house off-plan in 2002 he and his wife Mariella are the proud owners of a four bedroom villa, with an estimated value of £2.5million on Sunset Key, a private island of 70 homes. "Our first impression of the Keys was like stumbling on a hidden Florida, " he says.

"I've spent 30 years travelling with work so life here is the perfect antidote: a laid-back atmosphere but with the security and sophistication of Main Street, USA.

"The climate [80F on average] and outdoor lifestyle are also hard to beat but the overriding draw is the community atmosphere built around the many boating, fishing and diving pursuits. It doesn't take long to feel at home."

HOWEVER, it's a quality of life that comes at a price. In 1992 Hurricane Andrew tore through reaping widespread destruction but Craig has learned to take seasonal high winds in his stride. He said: "Tropical storms are a fact of life here. The key is to be prepared by having comprehensive insurance, " he says.

"New-build homes adhere to rigorous hurricane standards so you can't do more than that but the people here are resilient, it's what gives the place personality."

While most soon-to-be-retirees plump for Queen Anne and colonial-style offerings in downtown Key West, 90 miles north is a different demographic altogether in the diving Mecca of Key Largo where younger buyers are stepping on the new-build ladder.

"Entry-level prices start from as little as £200,000 for a luxury two-bedroom apartment, " says Veepka Westedt from Century 21 Real Estate. "You are also only an hour's drive from Miami."

British TV chat-show hosts Richard Madeley and Judy Finnigan bought their condo in Key Largo and like many long-haulers, they wanted a "maintenancelight" option.

Veepka adds: "When you buy in Key Largo you're buying into a ready-made community with on-site extras from deep-water boat slips, swimming pools and tennis courts, to off-road parking. Most developments also have a managed rental pool, which, with the y ear-round season we have, is a perk worth having."