Friday, July 25, 2008
The Shipyard Condominiums in Truman Annex have become favorite entry level properties for second home purchasers in Key West.
Although the units were almost identical when constructed in the early 1990s, many have been remodeled or updated to accommodate usage as vacation rentals.
I created a list of the units available CLICK HERE. The list shows the size, amenities, price, and price per sq ft so that prospective buyers can make a quick comparison between the different properties.
Some of the units have a transient rental license that permits the rental of the unit on a daily basis as permitted by a newly adopted City Ordinance. But other units do not have that license. So if you are looking to purchase a unit that can be legally rented on a daily basis, pay careful attention to the details on each unit.
Several of the units are offered as possible short sales. A short sale occurs when a lender (bank or mortgage company) allows the property to be sold for less than the remaining balance on the mortgage loan. The asking price may be subject to negotiation and there is no assurance the lender will agree to accept any sum less than the total owed on the mortgage. But since there are so many properties in foreclosure across the nation, prospective buyers may want to consider purchasing such a property on the chance that they may buy the property at a somewhat discounted value. (Not all properties are shown to the public as short sales. So it may be necessary to consult with a Realtor to determine whether any particular unit is offered as a short sale.)
One particular condo you might want to consider is unit no. 194 which is located in the southeast corner of the development near the corner of Thomas and Petronia Streets. This unit was just reduced in price from $539,000 to $499,000 and it is offered fully furnished. The furnishings are especially nice. According to the listing agent, this ground floor unit has a good rental history. It does have the valuable transient rental license. CLICK HERE for additional info on unit no. 194.
I would caution any buyer of a condominium or town home in Key West or anywhere else to review the condo docs and the home owner association budget to make sure the association is well capitalized and able to carry out business functions in the future without the imposition of any special assessments. I am not suggesting that Shipyard or any other association is in financial danger. But I am saying buyers need to investigate the fiscal stability of any project in which they may become an owner.
If you want to see any of the units listed here, please call me, Gary Thomas, 305-766-2642 or e-mail me at firstname.lastname@example.org.
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
- Gary Thomas
- 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.