I have mentioned several times that I used to do commercial loan workouts for commercial banks in Denver. The Denver economy went bust in the late 1970's and both the housing market and commercial real estate market took a steep nosedive. I never knew a good economy until I moved to Key West. I mistakenly thought we were immune from the economic pressures of the rest of the world because of our isolation and the scarcity of real property.
Two months ago I wrote about a great property at 709 Bakers Lane that I thought was a great buy then. CLICK HERE to read that blog. The house was originally designed and renovated to sell for $2.8 million. The owners are Realtors and have done several successful projects in Key West. They relocated to Ft. Lauderdale and the three building compound was just reduced to $1,749,000. The three buildings total 2300 square feet on a 5700 square foot lot in the heart of Old Town and at one of the highest points on the island. The property is surrounded by expensive homes, but is an enclave to itself. It is within walking distance to everything Key West has to offer, but it is secluded from the hubbub of our busy little city. The asking price equates to $760 per square foot.
CLICK HERE for more details and photos of this property that I think is a bargain. This property is not for every buyer. It is unique, even by Key West standards.
CLICK HEREto find your own good property in Key West's mls database. And then call me for more information. 1-8777-778-7092.
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