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Wednesday, March 12, 2008

Value Buying in Key West

I have written many times about Old Town being the place to buy if you are looking for top value both short term and long term. And I've said that certain blocks within Old Town are more valuable than others. Proximity to certain locations or the "look" of certain blocks seems to create or enhance value among nearby homes. But most properties in Old Town are priced higher than many would-be buyers can pay or are willing to pay for a second or third home. So what's a prospective buyer to do?

I suggest that you Buy Value by purchasing the best property in an area that is not as popular as Old Town but is located nearby! Or Buy Value by buying top quality property that is under priced even though the price is higher than you think you can afford.

CLICK HERE for some examples. I picked properties priced between $1.8 - $2.3 million, but you can use our Key West Association of Realtors mls search engine CLICK HERE to search properties in your own price range to find properties that may meet your needs. I always suggest that you search prices higher than you think you want to pay (sales prices are usually lower than asking price) and reduce your size requirements. Be flexible. Be forward looking. Believe that America will comeback.

823 White Street is a large renovation on a busy street during the daytime, but generally quite in the evening and on weekends. This large property is priced at $568 per sq ft compared to similar properties around $900 - $1000 in the heart of Old Town.

822 Washington is in Casa Marina and for blocks to the Atlantic Ocean. Very large contemporary property and value priced at $636 per sq ft. Other area homes are in the $800+ per sq ft range.

727 Waddell is new construction also in Casa Marina area near the Casa Marina Hotel and beach. This house is new and has everything. Priced at $714 per sq ft. This house should be in the $1000 per sq ft range.

806 Truman is obviously located on busy Truman Avenue. This gracious early 20th century historical home has been tastefully updated and is a real beauty. Two guest guest houses make this a great retreat for some buyer with lots of friends and family. Priced at $805 per sq ft. This house is priced right for size and location, but the house has way more going for it than just about any similarly priced house. The location is killing the value, not the house itself.

410 Simonton is a dollhouse right in the heart of Old Town. What a beauty. Price at $388 per sq ft. Busy location during the day, but generally quiet at night.

315 Peacon Lane is priced at $828 per sq ft for a beauty on a very quiet lane in a dynamic location very near the Historic Seaport yet far enough away not to be part of the noise and hubub. This house is probably priced about $100 per sq ft under market.

716 Olivia is a stunning renovation that got derailed by the downturn in the market. Short sale offered at $844 per sq ft. Custom everything. You will get total quality and beautiful design on this babe. I think a sharp buyer may be able to swing a good deal on this one.

Finally, I need to strongly recommend that buyers look at 409 Williams Street. Priced at $769 per sq ft but should be priced around $1000 - $1100. This is a prime example of my recommendation to "Buy Value by buying top quality property that is under priced even though the price is higher than you think you can afford." There are too many homes in the $1000 and up price range. The seller really wants to sell. And the as offered now is basically what the seller paid for the house before all of the dramatic renovations were made. The seller did not pay too much for the property. But he really wants to sell it now. This is a deal not to be missed.

Give me, Gary Thomas, a call to see one of these houses, 305-766-2642 or e-mail me at A few years from now people will be kicking themselves in the rear end for not having bought some of these homes at the value price offered today. That's my story and I'm sticking to it.

1 comment:

Anonymous said...



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.