SHIPYARD PH 1
Homes for Sale in Key West, FL

SHIPYARD PH 1 market snapshot (as of July 27, 2026): the median sale price is about $770K, and a median 132 days on market for closed sales. The trailing-12-month median is down 5% from the prior 12 months and up 85% since 2012, computed from record-level floridakeys closed sales (7 closings in the current window).

SHIPYARD PH 1 is a community of 95 homes in Key West, Monroe County, built between 1886 and 1995 (median 1938.0), with a median living area of about 1,206 square feet. 25% of parcels are homesteaded, the owner-occupancy proxy in the Florida DOR assessment roll (2025 roll, public records).

Shipyard Ph 1 is a compact Key West community of 95 homes with a building stock spanning from the late nineteenth century through the mid-1990s — a range that produces wide variation in condition, construction standard, and carrying cost that raw price figures alone cannot capture.

The median year built of 1938 — with the earliest structures dating to 1886 — means buyers are frequently purchasing homes that predate modern building codes, hurricane strapping requirements, and contemporary electrical and plumbing standards. Renovation budgets must be treated as part of the acquisition cost, not an afterthought. At the same time, the newest homes in the community were completed in 1995, so even the "newer" end of the stock is three decades old. A thorough inspection and a candid conversation with a Keys-experienced contractor should precede any offer.

At a median of 1,206 square feet of living area, these are not large homes. Key West pricing is driven by location, land, and character — not square footage — and Shipyard Ph 1 fits that pattern precisely. The homestead exemption rate of roughly 25% indicates that approximately three-quarters of units are held as investment properties, short-term rentals, or second homes. That ownership mix has direct implications for HOA dynamics, maintenance consistency, and the insurance market. Buyers intending to use a property as a primary residence should underwrite accordingly and verify local rental regulations before closing.

Shipyard Ph 1 is not a market where a generalist agent adds much value. The combination of aged housing stock, a high non-homestead ownership share, thin transaction volume, and Monroe County's layered regulatory environment — flood insurance, wind mitigation, rental licensing — demands a broker who reads each deal critically rather than cheerfully. Momentum's approach is to price the real carrying cost alongside the purchase price, identify the inspection issues that actually move value, and tell clients when a number does not work. In a slow market with real downside risk, that honesty is the only useful service we offer.

Confirm the current HOA dues, exactly what they cover, and any CDD bond or special assessment for a specific address before you offer.