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Monday, July 21, 2008

Dream Fulfillment in Key West

Some people vacation in Key West year after year. They dream of buying a second home that they can rent as a transition to living in Key West as a full time resident.

The recent downturn in the real estate market has made achieving that dream more affordable and attainable. And many dreamers are actively looking to fulfill their dreams.

CLICK HERE to see four similar yet very different properties all near the Old Town area. The four units are similarly priced. You can see the price per sq ft on the right hand side of each listing. In the same area you will note the total square footage of each property. The two story town home at 606 Truman in Windward Park is more than twice as large as the condo at 120 Angela Street. But the Angela Street condo is absolutely adorable and can be purchased fully furnished. There are only four units at the Angela property, but there are 19 town homes at Windward Park. The recently renovated home turned condo at 912 James Street is one block walk to the Historic Key West Seaport. Two units constitute that condominium. The two story town home at 554 Porter Lane is located in Truman Annex and has a carport. There are 55 units in that development.

Please checkout the listings and if you see something that interests you, please call me, Gary Thomas, 305-766-2642 or e-mail me at You may find a property that will make your dreams come true.


John said...

Very nice properties indeed but I have a couple of questions. What would account for the fact that 554 Porter LN and 912 James are about the same price ($625,000 and $626,000)but the taxes on one is $8,608 and the other is $3,864? Are taxes not based on value?

Also, are condo fees on 120 Angela $2,000 per year or per month? That can't be a monthly amount could it?

Gary Thomas said...

The easy question first: The condo fees are $2,000 quarterly and they include Cable, exterminating, Trash Removal, Bldg Exterior Maintenance, Building Insurance, Common Area Maintenance, Pool Maintenance. There are only 4 units and the place is as cute as a button.

As for the difference in taxes, I have no explanation as to the variance in very similar properties. I always tell potential buyers to call the Monroe County Tax Appraiser to understand what the probable tax rate will be.

But anyone can go to the Appraisers Public Website to get reliable information.

Go here:

That website can give you the tax records on any property in Monroe County by owner's name, address, or alternate key number. Usually at least one of those identifiers is on every mls link I put up.

There is a drop down menu where you can plug in a prospective purchase price and the Appraisers website will generate the tax rate.


Anonymous said...

The Captain says:

Gary, how can you say you have "no explanation" as to the variance in taxes as to similar properties. The answer is quite simple: One buyer paid more for their property than the other. Property taxes for residential properties are always, I repeat always, based on market value which is based on comparable sales.

Captain out.

Gary Thomas said...

Captain, I actually showed 120 Angela this past weekend along with several other similarly priced units in Old Town. My buyer commented on the disparity in taxes on Angela as compared to another unit we saw earlier. The disparity is not based on price paid or when it was purchased. Values are determined by the appraiser and they go into a database. Price paid is a component of what the tax rate will be. But it is not the determinative factor. At least that has been my experience.

That is why I tell buyers to contact the Appraisers office to discuss what the taxes will be. The link I provided above is a guide to what they may be based on a projected sales price.



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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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.