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Tuesday, June 26, 2007

Such a Deal




I have been writing about potential "deals" for some time. Well, here is a deal that just closed.

This particular house was totally renovated about 5 years ago. The seller purchased the property in 2003 for $1,050,000. It is a 1530 sq ft 2 bed / 2 bath home on a very desirable block on Southard Street. The "best" block in my opinion. It has all the bells and whistles that most second home buyers are looking for including pool, off street parking, charm, location, quality construction, and no need for updating.

Why is this property such a deal you ask. It sold for $880,000. The house was originally listed for $1,375,000 in December 2005 and went thru a series of price reductions. The final asking price was $1,025,000. So the sales price per square foot was $575. Depending on the contractor a homeowner selects, renovation cost per square foot easily can go $200 to $350 per foot. Obviously when a seller sells for a price lower than what he purchased the property for there is an underlying reason. This seller's reason for selling is not important, but it is illustrative of what I have been writing. There are bargains out there and the smart buyers are taking advantage of them.

Want to find your own "deal"? CLICK HERE and search the Key West mls and then give me a call at 305-766-2642. Let me help you find your deal in Paradise.

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Gary Thomas in a Nutshell

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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.