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Monday, January 21, 2008

Short Sales in Key West

Short Sales in Key West. Can you believe it? This is the town where 3 years ago every property seller had the nerve to demand up to $1000 per sq ft for just about every piece of property in this town. It didn't matter where the property was located or its condition. The high price per square foot was imputed because of its being located in Key West.

Times have changed. There is a lot of inventory of homes that are either owned by banks or properties that are somewhere in the foreclosure process. I have assembled a list of properties for those adventurous souls who want to play Let's Make a Deal with the bank.

A Short Sale is a listing where the seller tells prospective buyers that the seller may be willing to sell below the fair market value of the house if the lender will accept less than payment in full of the mortgage held as security for the home and forgive any further indebtedness on the part of the borrower (seller).

Lenders usually are not willing to accept less than payoffs at par, but these are unusual times. Foreclosure rates are high across the country and Florida has an especially high rate of foreclosures in both numbers and percentages of homes being foreclosed. Most of the homes on the click list are in the New Town area of Key West, but there are a couple of Old Town homes included as well. spend some time going over the list. You may find a property that really interests you.

CLICK HERE for a list of Short Sale properties in Key West priced under $700,000. Each house shown in the photos is in the Short Sale pipeline.

If you are considering purchasing a more traditional type home or condo and don't want to play Let's Make a Deal with the bank, CLICK HERE to checkout all Key West mls listings and then give me, Gary Thomas, a call at 305-766-2642 or e-mail me at I'm no Monty Hall. I won't leave you holding a pair of Jockey Shorts as a consolation prize.

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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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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.