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Friday, February 15, 2008

Cheep Cheep--Not Cheap Cheap!







There are a few things that just about every first time tourist or seasoned traveler does in Key West: take pictures of the wild chickens, eat conch and or key lime pie, ride the conch train, and checkout the real estate listings outside local real estate offices.

Some folks return season after season and remark about how high the prices have risen. They say things like "I wish I would have bought that a house back when the prices were cheaper." These days they say things like "I don't think we've seen the end of it yet"--meaning the prices will continue to decline until some indefinite time in the future.

I prepared a short list of single family homes in Old Town priced under $650,000 CLICK HERE. There are a couple of very nice properties in the list. And there are a couple of dogs as well. I should not disparage dogs that way. I apologize.

Some of the houses on the list are described by the listing offices as "potential short sale". That means the offer to sell at the price listed is conditioned upon the mortgage lender agreeing to accept less than the total amount due on a mortgage. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose. And not all sellers nor all properties qualify for short sales, i.e., judgment liens, tax liens, mechanics liens, and other liens dead beats accrue.

5 Hunts Lane in Old Town could be a sweet renovation project for someone. It is a truc conch house that has been in the same family ever since it was built over a hundred years ago. It is priced at $409,000 or $338 per sq ft. The house is a two story and has 1210 sq ft according to tax records.

926 Southard Street is used as a vacation rental and seems to stay very busy. It has all the street charm a buyer could want. There is a cute little pool in the rear. The house has only one bedroom, so that is a bummer for people with friends or family. Or maybe it isn't. It is priced at $645,000.

Our office has the listing at 1011 Truman Avenue. It also is a potential short sale. It has two bedrooms, two baths, heated pool, off street parking and it's beautiful. Offered at $650,000 or $731 per sq ft.

Old Town is always the easiest location to sell. None of these houses is outside of Old Town, not even just across the street. Take a look at the list CLICK HERE and see if one of these little homes might work for you. It may not be cheap, but it could prove to be a good investment in your future.

Please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com if you would like more information on any of these properties.

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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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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.