I was on the phone with a friend in Key West and we terminated our call at 8:55 p.m. because it was 5 minutes until News Years on the east coast. I went out the back door to have a cigarette. I looked to the North and noticed a bright red/orange light.
At first I thought it was a helicopter but did not see any blinking Navigation lights which struck me as odd. The object looked to be approximately 5 miles up valley slowly heading from North to South at an altitude of approximately 100/150 feet. I watched it move south for about 20 seconds.
As it got closer and closer it remained fuzzy around the edges. It stopped traveling South and became stationary about what looked to be 4-5 blocks away at an altitude of approximately 100 feet. There was absolutely no sound. It remained stationary for 30 seconds or so and then began moving in a westerly direction while slightly gaining altitude at maybe 5/10 degrees. Within 6 seconds it got so small I could not follow it in the night sky.
It must have accelerated at an incredible rate of speed to have disappeared that quickly. The acceleration was not a single burst of speed but rather smoothly. We live in the flight path for the North/South corridor for aircraft out of San Francisco/Oakland/San Jose airports and watch many airplanes traveling around 300/400 miles an hour above us. This had to move at least 20 times faster than them.