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Tuesday, May 13, 2008

Sales in the City

I have received e-mails and phone calls from potential buyers asking about specific properties I have mentioned here as being buying opportunities. Two separate properties just closed that I had written about, so I decided to let you see how the market acted.

1103 Virginia was wild. It was a bank foreclosure and was listed at $499,900. GO HERE to read what I wrote about the property. What I did not write is that I showed it to several potential buyers, two of which were interested. I told each buyer to go to the City offices to investigate how the City would respond to certain legal issues that affect that property. The prior owner allegedly renovated large parts of the house without building permits and the City had imposed a huge fine on the property. There was also a theoretical possibility that the City would require that the covered parking be removed since it was constructed without permit and in violation of HARC rules that disallows such structures in HARC areas. I also did not write about my observation of building code violations regarding the structure itself. I'm no contractor, but there were many problems with the work the prior owner did. And I questioned how difficult it would be to obtain a certificate of occupancy given those problems.

The listing broker told me she had 5 or 6 written offers within the first few days the property was listed. The property went contingent 14 days from the listing date. It listed for $499,900 and sold for $606,500--$106,600 more than the listing price.
The sales price could be real sweet, or it could be problematic.

831 Johnson Lane is a totally different property. What a beautiful group of cottages that make up such a delightful place to call home. The property was listed at $1,295,000, reduced to $1,195,000, and just sold for $1,100,000 or $556 per sq ft. The property is not typical of Key West, yet nothing is. But the price may be a good benchmark for future sales of quaint homes with pools. Works for me. CLICK HERE to read what I wrote about the house before it sold.

If you snooze you lose. The nice houses are gonna get purchased. The dogs are gonna get purchased as well. Somebody will buy everything. For a price. Someday the market will return. And new millions will be made off of the losses of others.

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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.