Wednesday, May 30, 2007
For the last 15 years or so the Shipyard Condominiums have been the entree for a lot of second home owners in Key West. There are three reasons these particular condos appealed to a large audience of buyers.
One--location. The condos are a two block walk to Duval Street and all that it has to offer. Guests that are unfamiliar with town can easily find their way home. The condos are also a short walk to Mallory Square (home of the famous Key West Sunset Celebration). And the condos are also about a five minute walk to Ft. Zachary Taylor State Park's beach.
Two-price. The condos were very affordable when first built and continued to rise in value at a moderate value with the rest of Key West until 2002 when the boom hit. Then prices skyrocketed. Prices have moderated now, and homes are priced between
$564,500 and $1,199,000. The median priced unit is priced at $639,000.
Three-value. I consider value to be different from price in that value connotes the combination of location and value that give worth or importance to the Shipyard condos as opposed to other similarly priced condos in the Old Town area. These condos are affordable and give regular folks the opportunity to buy a second home or investment property in Old Town. The location and the amenities the condos have (pool, parking, common areas) make ownership and ability to rent long term or transiently make the condos an easy deal.
I'd say that people who bought in Shipyard in the last two years are upset that their units are not worth what they paid for them. They have lost value if they need to be sold now. But that reduction in price is a buying opportunity for someone looking to purchase a condo in today's market.
When the real estate market takes off again, and it will, these units will be back in demand just like before. The key to me is for a buyer to find the right unit at the right price in the right location. Shipyard has some prime locations and units that have been significantly upgraded. These factors affect the asking price. Some units have a proven track record of producing good income from transient rentals. And some units are dogs that need spiffing up or have location problems.
Do your homework and figure out exactly what you want and what you are willing to pay in today's market. There are 24 units for sale and some sellers really want or need to sell. Do the math!
CLICK HERE to view all 24 currently listed condos in the Shipard at Truman Annex. Then please call me to set up a showing for you. 1-305-766-2642.
The information on this site is for discussion purposes only. Under no circumstances does this information constitute a recommendation to buy or sell securities, assets, real estate, or otherwise. Information has not been verified, is not guaranteed, and is subject to change.
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Gary Thomas in a Nutshell
- Gary Thomas
- Key West, Florida, United States
- I first read about Key West in a magazine called "After Dark" sometime in the mid 1970's. But it wasn't until March 1984 that I made my first visit to the island that would become my home. I had two weeks for a vacation and reserved a room at Colours Guesthouse (now Marrero's Guest House) for one week. I thought that if I didn't like Key West, I could always go back to Miami or Ft. Lauderdale for the rest of my trip. But after a couple of days in Key West, that was no longer a consideration. But when I wanted to extend my stay for the extra week I found there was no room at the inn. The guesthouse owner did find me a room at LaTeDa, the infamous guesthouse/restaurant. That's a story I'll write another day. But those two weeks in Key West gave me the realization that I had found Paradise. Key West has been my home since 1993 and my only regret is that it took me so long to get here. I am a full time Realtor at Preferred Properties CRI. Let me help you find your new home or business in Paradise. Living in Paradise is not a slogan, it's a way of life.