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Sunday, May 11, 2008

Deal or No Deal

Nine minutes past noon yesterday, May 9th, the listing Realtor dropped the asking price to a fixed price of $415,000 on 1707 Leon Street in the east Casa Marina Area of Key West. By 4:00 PM two contracts had been submitted. I sent e-mails to potential buyers who have asked me to notify them of real bargains. Nobody responded yet, so I'm puting this out for any one else wanting a pretty good deal.

The property sold in May 2005 for $865,000. It got a new kitchen since then and received other renovations. The floors have be re-tiled, windows replaced, some of the French doors and exterior doors replace, new roof, and master bath updated. The owner must sell now. The yard is shaggy and parts of the house look raggedy. That's part of the reason for this low price. This is a short sale and the price shown is the price required by the seller to seal the deal. But if there are already two offers out there, how does some other potential buyer get a crack at it?

I have repeatedly suggested that active buyers have pre-approval letters from lenders so they can make the equivalent to an all cash offer. Second, offer to close as soon as possible after the lender approves the short sale. Third, limit the contingencies you as a buyer would require (but still require a home owners inspection, survey, and clear title). In this instance you might want to increase the offering price to ace out the competition. That's what I'd do.

The house is vacant so it is easy to show. It has three bedrooms, two baths, and sits on a large corner lot (5548 sq ft). And there is one heck of a pool to boot.
CLICK HERE for more info and photos of this listing. It will not last long so if you are looking for a deal this may be the property you have been waiting to find.


This is how the listing Realtor describes the property: "*FINAL PRICE* $415,000 Deal or No Deal? What a pool!! Recently renovated with granite and stainless 3BR / 2BA Key West Home on large corner lot with pool. Great corner lot location, with lots of privacy, one block to the beach and a short walk to the Casa Marina. Motivated Seller! This is a potential short sale that may be subject to third party approval."

Interested in seeing this house, call me, Gary Thomas, 305-766-2642, or e-mail me at This is not my listing, but I can get you inside the house anytime.

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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.