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Thursday, February 14, 2008

Prices are Falling! Prices are Falling!

Realization is sinking in for some would-be sellers: Selling Season is Quickly Expiring. As a result the asking price on many homes and condos are falling (being reduced). I thought it would be interesting to post a few examples of some good properties with new prices that now seem like bargains. At least bargains by Key West standards. Click on any address for a more detailed sheet and photos.

1119 Olivia This is a legal duplex located in Old Town that was totally renovated within the last two years. Originally priced at $1,275,000 and now $610,000. This is a potential short sale.

716 Olivia Street This is a new renovation that has not been lived in. Unique design, quality craftsmanship, and top of the line fixtures mark this extraordinary property. Originally listed at $2,495,000 and now offered at $1,995,000. This is a potential short sale.

814 Ashe Street New construction in Old Town. Three bedroom historic reproduction single family home with luxury finishes and features built by award-winning Key West builder. Originally listed at $2,149,999 and now priced at $1,395,000.

804 Elizabeth Street was the subject of a TV renovation project a couple of years back. The home is sharp and has a beautiful pool and garden area. Originally priced at $1,695,000 and now offered at $1,575,000.

916 Washington Street in the Casa Marina Area is a new home boasting a modern & innovative 4000 sq ft. Totaling 4 generous en-suite bedrooms and an outstanding display of luxury amenities including state of the art kitchen with pantry. Originally offered at $3,750,000 and now priced at $2,999,000.

727 Waddell Street is another newly constructed gracious home. This home boasts charming roof lines, wrap around porches & balconies located in the coveted Casa Marina Area. The home is 2800 sq ft and five en-suite bed/baths and a killer pool and garden. Originally priced at $3,300,000 and now offered at only $1,999,000 or $714 per sq ft. This home is a block from the beach friends and it is all new. Top of the line. Methinks there is a deal to be made on this one.

1800 Atlantic Unit C229 is a bank foreclosure and priced to sell now. Offered at $404,000. These CLICK HERE are the other 1800 Atlantic units. Judge the price for yourself.

There are lots of properties in all price ranges that are priced to sell. CLICK HERE to do your own search of the Key West mls database. Most of the properties are listed because the seller really wants to sell. Sometimes it takes an aggressive buyer and a good Realtor to craft an offer that gets a deal accomplished. Do your homework and find the home you think might work for you. Then give me, Gary Thomas, a call at 305-766-2642. Or e-mail me at

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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.