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Thursday, April 10, 2008

Mid-Life Crisis -- Short Sales in Key West

I don't think I am overstating anything when I say we are having a crisis of "short sales" with so many homes listed for sale in Key West. Many, many of the homes and condos are short sales. And some of the really cherry deals are offered not in Old Town, but in the Mid Town and New Town areas.

Most of the homes built in Mid Town and New Town were constructed in the 1960s and 1970s. They are typically ranch homes constructed of stucco over CBS (concrete block structures). The neighborhoods are family neighborhoods like you would find in most suburbs across the country built during the same time. Some of the homes are even located on canals that connect directly into the Atlantic Ocean.

CLICK HERE to checkout seven homes with three bedrooms and two baths priced under $540,000 that are listed as either short sales or bank owned foreclosures. Many of these properties were purchased between 2003 and later at prices significantly higher than the current asking price. And probably every house flooded during Hurricane Wilma. That was an aberration because these areas had not previously flooded during any hurricane. But they did flood. If you buy such a property you must inspect it and accept it in its present condition. Neither the seller nor the lender that releases the existing mortgage will give any warranty but will specifically disclaim any future liability with respect to the purchase of the property. These homes are "as is, where is" sales. That does not mean the houses are dangerous. It means you better know what you are doing before you do it.

And just like in regular real estate sales the buyer can offer as much or as little on a short sale or bank foreclosure as he or she wants. It is best to make an offer that is not contingent on obtaining financing or selling another property. Keep your offer as clean as possible. The asset managers at the banks have a narrow focus so it is best to keep it simple.

The photos to the left are of some of the homes on THIS LINK. Take your time and check them out. There may be a Key West home in your future, expect instead of being that charming little cottage on a secret Key West lane it may be a 1970s ranch on a cul de sac or located with a canal for a backyard.

If you see something you like please call me, Gary Thomas, 305-766-2642 or e-mail me at Let somebody else's crisis be your windfall.

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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.