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Monday, December 3, 2007

November Sales Report

The November single home sales report for Key West improved over the prior month. But more importantly, there is a perception that the real estate market in Key West is on the up-tick.

There were 9 single family homes sold in Key West in November 2007 with a total sales volume of $8,615,000. The least expensive home was a one bed one bath listed at $390,000 and sold for $380,000. The most expensive home was a massive two home assemblage in the 1200 block of Washington Street that had been on the market for several years. It did not sell during the boom years but surprisingly did sell in November. Asking price was $2,990,000 and sold for $2,655,000 to an English buyer. My sources told me that the devalued dollar played greatly in the purchase price. And even though the home had a fantastic kitchen, the new owner is going to put his touch in a new one. (Perhaps the old days really are returning!)

Eleven single family homes sold in 2006 totaling $8,081,000. The lowest priced home sold for $359,000 and the highest priced was listed at $1,850,000 sold for $1,630,000. In 2005 there were 5 single sales total $5,135,000 with the lowest $485,000 and the highest asked $2,875,000 sold at $2,687,000. But in 2004 there were 19 single sales totaling $15,321,500 with the lowest selling at $490,000 and the highest selling at $1,450,000.

Eight condos or town homes were sold during November 2007 with sales totaling $6,645,800. The least expensive unit sold for $285,000. This sale is most troubling because the owner bought the unit in 2005 for $585,000. That is a $300,000 loss. The unit was located at Santa Clara and was a 2 bed one bath unit with 980 sq ft. That sale is very depressing. The highest price sale was at the Beachside Condos sold at $1,711,000. In 2004 23 condos sold totaling $14,464,706 with the lowest priced unit selling at $362,690 and the highest at $985,001. In 2005 only 6 condos sold totaling $5,315,500 with the lowest selling at $299,000 and the highest at $1,650,000. And in 2006 3 (yes only 3)sold totaling 2,199,000 with the lowest at $520,000 and the highest at $1,000,000.

So it appears the sales reports support the positive and upbeat feeling I am getting from fellow Realtors that the market is on the upturn, be it ever so slight. The summer and fall market are always the worst for Key West. But the sales for November 2007 were the best since the banner year 2005. So even though the numbers in total sales or dollar amount are not as high as me might want, they are certainly better than they have been for the prior two years.

If you are thinking about getting into the Key West real estate market before it goes on the rebound, you can checkout all of the mls listings by CLICKING HERE. Then please give me a call at 305-766-2642 so I can set up a showing for you. There is mortgage money available and the market is still a buyer's market. So don't procrastinate.

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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.