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Thursday, July 10, 2008

Key West on National Open House

Announcement from the Key West Association of Realtors

Key West will be featured in HGTV’s popular television series “National Open House”. Hosted by local real estate Broker, Rudy Molinet, the show compares homes in Key West with those in Las Vegas and Virginia Beach. The show features local homeowners showing their homes in several parts of town and in different price ranges. There is even a houseboat on the show, probably the first time one has been featured.

The episodes were filmed last year with local Key Westers “showing off their homes” and Rudy Molinet acting as the local real estate expert and ambassador for Key West. The show was filmed at local landmarks including the Old Town Historic District, the Oldest House on Duval Street, the Southernmost Point and many other Key West scenes.

This show will provide national exposure for Key West. This is the first time our city has been featured. The episode will air on Tuesday, July 15, 2008 at 9:30 PM on Home & Garden Television.

The pic at the top is Rudy Molinet about 40 years ago. He uses his pic in all of his advertising. (He even has his pic in one of his listings on Pecan Lane along with the photos of the homeowners children. I kid you not!) The guy right below Rudy is me about 30 years ago. Rudy looks pretty much the same. I look much older and have lots of grey hair these days.

I'm neither an expert nor ambassador. But I know a thing or two about Key West real estate. CLICK HERE to preview all Lower Florida Keys real estate listings. If you see something you like please call me, Gary Thomas, 305-766-2642 or e-mail me at Let's all watch Rudy next week.


Anonymous said...

1310 Olivia is contingent after only one day on the market. Can you comment on that?

Gary Thomas said...

Sure. It's a bank foreclosure that I wrote about a couple of months back. Good location in very stable area. Neighboring houses are superior to this house. This is a good house that got neglected by foreclosure. Prior listing agent did not have electricity turned on so the pool turned emerald green and the place smelled of mold. That agent's listing expired 7-7-08.

A different company gets new listing on 7-8-08. He gets the pool drained and takes aggressive action to market property. He may have had a buyer waiting to pounce once he could see the bottom of the pool That is probably the case.

The banks don't pay expenses to maintain their assets "up front" so it is up to the agents to fork out potentially thousands of dollars and submit bills for reimbursement later.

I don't know if a dirty pool and the smell of mold turned off buyers. It didn't help, however.


Gary Thomas said...

More info on 1310 Olivia. The bank pulled the listing and gave it to the new realtor. Within an hour or so, the new agent had six written offers.

The bank accepted one offer within a few hours.


Anonymous said...

I remember the earlier post you did. It was called "Dirty Pool." I think the property was listed at $699K. Just more proof that properties priced correctly will sell. When someone says "I can't sell this property" it is because it is priced too high.

Gary Thomas said...

In foreclosures the bank asset manager sets the asking price. Not the Realtor.

The asset manager uses an appraisal to determine the price based on recent comp sales. Appraisals look backward to see what sales were.

In a fast moving and declining market, an appraisal that was done in say late 2007 for a house listed in February 2008 and trying to sell it in July 2008 may be worthless--or nearly so.

Banks are using BPOs (broker price opinions) or sometimes drive-by appraisals (not full blown) as a tool to reconsider the price of properties that have not sold or on which a low-ball offer has been received. These can be done quickly and cheaply and do provide current input that might persuade an asset manager to reprice a stale asset.



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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.