Thursday, November 1, 2007
The number of October 2007 single-family home sales fell in line with the past two years. There were a total of 11 sales with gross sales totaling $10,435,000. The least expensive home was a 1 bed, 1 bath listed at $433,500 that sold for only $355,000 The average sale was a 1608 sq ft home listed at $697,000 but that sold for $550,000 after 97 days on the market. The most expensive home to close was previously mentioned in my blog. GO HERE for more on this grand old Key West home located at 620 Eaton. It was originally listed at $10,000,000 (along with an adjoining home on Elizabeth Street) in late 2004. The asking price was gradually reduced over the passage of time. It closed on October 31 for $3,300,000 or $590 per sq ft. (And the kitchen was not finished at that price.)
Condo sales for October 2007 produced 12 sales totaling $9,770,395. The least expensive unit was a 1 bed 1 bath listed and sold for $246,874. The average sale has 1228 sq ft and listed at $816,450 but sold for $695,000. The numbers get skewed a bit on the most expensive sale because the four highest priced units to sell were in the new Beachside Resort (the old Holiday Inn property on North Roosevelt.) The units were identical in every respect except location. The cheapest went for $933,000 and the highest went for $1,839,000. These units are part of a vacation rental program. And most buyers are committed to rent their units. The guy who bought at $933,000 may have got the better end of that bargain. More telling is the fact that the next highest sale was in Truman Annex for a unit that listed at $995,000 and sold for only $800,000.That owner/seller bought that unit in November 2005 for $1,225,000. So he took a $425,000 bath. The rest of the sales were in the mid to high $300,000’s—a far cry from previous years.
In October 2006 there were 13 single-family sales in Key West. The least expensive home was a 1 bedroom the listed at $425,000 and sold for $420,000. The median home was a1318 sq ft listed at $795,000 and sold for $685,000. The most expensive home was a 4 bed, 5 baths with 2872 sq ft and that was listed for $2200,000 and sold for $1,930,000 after 312 days on the market.
The least expensive condo sale in October 2006 was a 1 bed, 1 bath unit with 409 sq ft that was listed and sold for $235,907. The median unit was a 1032 sq ft unit listed at $524,000 and sold for $504,250 after 133 days on the market. The most expensive unit was 1 2 bed, 2 bath unit with 1357 sq ft at 1800 Atlantic that had a transient license. It sold for $735,000.
There were 10 single-family home sales in October 2005. The least expensive was a 2 bed, 1 bath home with 640 sq ft that listed at $525,000 and sold for $500,000. The median sale was a 1330 sq ft home that listed at $892,000 and sold for $840,000 after 145 days on the market.
In October 2005 the least expensive condo sale was a 1 bed, 1 bath unit with 382 sq ft that was listed and sold for $295,000 in one day. The median unit had 900 sq ft and was listed at $725,000 and sold for $699,000 after 126 days. The most expensive condo was a 4 bed, 3 bath town home in Truman Annex that had a private pool and all the extras. It was listed at $2,079,000 and sold for $1,937,250 or $1043 per sq. ft. Try to get that price in 2007. Not gonna happen. No way.
The majority of properties that went under contract during October 2007 were priced below $500,000. The market is just stagnant. There are buyers but they are looking at low-end properties. It seems to me that second home buyers are waiting for the other shoe to drop so that they can buy their dream home in Paradise at a deep discount.
Are you a bottom feeder? We may be near bottom. CLICK HERE to search the current mls listings and then give me a call to see what your dollars can buy in Key West. My number is 305-766-2642.
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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.