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Thursday, December 6, 2007

1800 Atlantic Condo -- Let's Make a Deal





Just Listed: 1800 Atlantic Unit C129. These are the basics: List price is $469,900 or $358 per sq ft. It is the lowest priced unit at 1800 Atlantic with a transient license which means you can legally rent the unit on a nightly basis to help cover your mortgage cost. CLICK HERE for more info and photos.

The unit has 1357 sq ft of space so it is identical to about 90% of the other units there. A couple are larger because they are located directly on the ocean; one is a 3 bedroom, and there is a smaller unit with one bedroom. Otherwise, the units are the same. The difference is the location and whether the unit has an ocean view, street view, or mangrove view. But the units basically rent for the same price.

The unit is not furnished and the kitchen has not been updated since the unit was built. If you are not buying the unit to live in, that is not a big deal and it certainly is not going to effect the average daily rate you charge renters.

1800 Atlantic is located directly on the ocean and has a private beach, huge pool, spa, covered parking, and tennis courts. There is a good solid base of people who return to 1800 Atlantic year after year because it offers them value. Click the following links to checkout a few comparable units that are rented nightly to see their pricing and availability. Rent Key West has a couple of units: Unit 228 and Unit 435. I sold unit 435 a couple of years ago. The buyer paid just under $1million for it. At Home in Key West has several units are varying price points. Papaya Place is the cheapest. Or go to 1800 Atlantic webpage to watch a virtual tour and checkout a variety of units, availability, and pricing. I think you will see that the unit mentioned here has some real upside to it as a long term investment.

This particular unit is Bank Owned. The prior owner purchased it in April 2005 and paid $742,000. The unit is priced today at $469,900 and reflects the new reality. I have sold and listed & sold units there and I tell my customers that they must treat their investment as an investment to make money. They need to hire the right management company and keep the unit rented as much as possible. A lot of people buy a property like this and then spend valuable prime season time in the unit or let their friends or family use the unit for free. Wrong idea. The unit is there to pay for itself, not to give your friends a free Key West vacation.

So if you think you might be interested in buying a nice unit at 1800 Atlantic give me a call at 305-766-2642 to schedule a showing. Don't wait. I really think this unit will sell fairly quickly.

1 comment:

Anonymous said...

A lot of people ask me how I like living in Costa Rica. My answer is, it was the best decision that I made in my life. I came to Costa Rica 7 years ago on a vacation and quickly fell in love with the beauty of the country and the hospitality of the people here. I couldn't wait to come back. I started coming here about 4 times per year and always had a great time and didn't want to leave. Two years ago, I decided to leave Arizona and come live in Paradise. I can not tell you how happy I am that I made that decision. Today, I wake up next to the ocean and run on the beach every morning. I eat the most delicious fruits, vegetables and fresh seafood. My stress levels are much lower than when I was living in the States and the potential here for investing, truly is unlimited. The best part of living here is showing our clients this country. I really don't feel like I have a job for the first time in my life. The joy I receive when I see the look on people's faces when they get into the warm water of the Pacific ocean is truly priceless. For those of you that have come and discovered paradise, you know what I am talking about. For those of you that are on the way, I can't wait to get you here. And to those who are thinking about Costa Rica, please do yourself a favor and come down. You will have the time of your life.


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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.