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Monday, April 7, 2008

Dirty Pool -- Bank Foreclosure





Before you accuse me of Dirty Pool, read the rest of today's blog. The little house at 1310 Olivia Street in the Meadows Area of Key West is another example of a Bank Foreclosure that takes a bad deal and only makes it worse. Here's why: the pics to the right are of the property two years ago when it was still owner occupied. This is how the former owners' realtor described the property before the foreclosure: "Excellent Meadows location! Very private 2BD, 2BA home in a very tropical setting, fully fenced on a quiet street with off-street parking. Open, airy & bright, freshly updated, hardwood floors throughout, new 25 ft pool, entertaining decks and a wonderful large covered 419 Sq Ft porch." CLICK HERE to read the description of the property by the listing realtor for the bank owner and look at the pics the realtor provide of the house. Doesn't look or sound like the same place does it!

I've been telling possible buyers to look at this house. I showed it several times right after it was renovated back in 2004. The house is CBS (concrete block structure) that has been stuccoed. That eliminates a huge universe of potential buyers who are fixated on owing a charming wood cottage with the same features. The prior owner purchased the house in 2004 for the sum of $799,000. The bank now owns the house and it is presently priced at $699,900 or $761 per sq ft. That's high for today's market.

The pool is dirty. I looked at it yesterday. And there is some mold growing on the exterior trim. No big deal. But that's what happens when you neglect property. Weeds grow, pools become stagnant, houses develop a musty odor. But the good thing is that most of the things that detract from the appeal of the house are fixable--often times without a huge expenditure of money.

My first real estate purchase in Key West was Eaton Lodge (guest house) at 511 Eaton Street. It was foreclosed upon by the SBA and sat boarded up for two years. I bought it at public auction in October 1993 and moved in three months later. CLICK HERE to see a pic of some of the junk we threw out of the property immediately after taking possession. A little bit of paint and elbow grease can work wonders on bank foreclosures.

If you want to see 1310 Olivia Street please give me, Gary Thomas, a call at 305-766-2642. Somebody is going to see the underlying value of this house and make a fare offer and end up getting a pretty good house in a pretty good location.

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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.