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Friday, June 13, 2008

Bank Owned Properties in Key West

Every week or so the Key West Association of Realtors conducts a Realtor's Caravan to show new listings to local realtors. The purpose is to let listing realtors show their new listings to fellow agents and to solicit comments and opinions regarding the property and the asking price. Nine houses were on yesterday's Caravan and three were bank owned. Two others were short sales. So over half of the listings were distressed properties.

I had to laugh when I walked into a couple of the bank owned properties. In one house someone had removed the kitchen cabinets and the appliances. It's a shame because someone had been doing a real nice remodel on the house. The house had new wood floors and a nifty vessel sink and custom tiling in the bathroom, but the lack of kitchen kind of hurts a potential sale.

On the otherhand the grand new home at 408 Grinnell Street in the heart of Old Town has every feature you could ever want and all of the work was done correctly. And nobody wants the house even though it is priced competitively. I've seen people pay a lot more money for a lot less of a house. But we are in a new reality in Key West.

The cost of gas has gotten way out of hand down in Key West. So we are using alternative means to tour properties. See photos to the right. But if you want to see any of the Bank Owned Real Estate linked below, please call me, Gary Thomas, 305-766-2642 or e-mail me at I'll splurge and use fossil fuel.

714 Windsor Lane a huge house atop Solares Hill that has been partially renovated.

910 United Street has a huge side yard and magnificent trees.

3711 Duck Avenue in New Town.

408 Grinnell Street. A dream home! CLICK HERE for more photos of this exception to the rule about bank owned homes. This is a deal! Somebody is going to own it for a song. Why not let it be you?

518 William Street in the heart of Old Town -- many bedrooms and a possible lockout.

1713 Johnson Street has a pool.

304 Julia Street is a large two story that has been redone. It's nice and clean and has a pool

309 Julia Street. What can I say.

1609 Josephine Street is the house without the kitchen.

1400 20th Street is missing some parts as well.

3575 17th Terrace has a pool and looks really sweet. It has 100% bank financing to boot. I showed this house on Friday. Very clean and newly painted. Great pool and a huge yard if you have kids. There are extra rooms that do not appear on the county tax records--I think.

2005 Fogarty is a small house with a huge yard.

1525 Flagler Avenue is a duplex.

3041 Flagler is a tragic mess.

1212 Catherine is a multi-family.

All properties are Bank Owned. After wrestling that aligator, I can wrestle a banker and make a deal happen.

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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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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.