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Wednesday, August 27, 2008

Bank Owned Houses in Key West

It's that time again. Time to roll out the list of Bank Owned Single Family Homes for sale in and near Key West. CLICK HERE to look at the list of active single family homes. Some are "challenged" and a couple actually look really interesting.

I used to manage the Special Assets Department for a bank in Denver. We had our share of bank foreclosures. Banks don't want them. A lot of lenders have been doing some aggressive restructuring in the form of short sales to limit the amount of new foreclosures. But there will still be more foreclosures for some time to come.

One of the reasons for some of the foreclosures in this post is the location of the houses or the condition of the houses. Some of the properties are located in areas that took water during Hurricane Wilma. Buyers have to buy the property in an "as is" condition and I think a lot of prospective buyers are fearful that a property that flooded once will flood again. Wilma was a catastrophic event and the flooding that occurred was totally unexpected based on previous history. At least that is what I have been told. But the fear factor is keeping some of these houses from being purchased. I assume there is a price where prospective buyers will feel the price is worth the risk.

Some previous owners have made the sale of bank foreclosures a bit more difficult as well. Several of the properties I have seen (including some on this list) have been cannibalized. Cannibalized means that someone has taken appliances, light fixtures, air conditioning systems, kitchen cabinets, etc. I guess the former owners think they paid for the stuff and they wanted to take some memento to remember their former home. Yea, that or sell the stuff and make a few bucks.

On a lighter note I would suggest that potential buyers look at 1525 Niles Channel Road ($999,900) with awesome open water views, 4 Go Lane in Key West ($990,000) located on an active Key West canal with easy deep water access [photos to the Right are of Go Lane], and 67 Bay Drive on Saddlebunch Key ($583,900) which is affordably priced and it also has open water views. [The mls listing info is not correct on Bay Drive. The price of $583,000 is correct as of 8-26-2008.]

These properties are vacant and easy to show. If you would like to see one and maybe get a good deal on a bank foreclosure please call me, Gary Thomas, 305-766-2642 or e-mail me at

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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.