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Thursday, August 28, 2008

1601 Patricia Street Key West - Short Sale Opportunity





1601 Patricia Street is located on the east end of the Casa Marina area near the beaches. This 1721`sq ft remodeled ranch 3 bedroom two bath home is now offered as a short sale. The list price is $695,000 or $404 per sq. ft. Shop and compare. I don't think you will find a better deal in that price range.

Spanish tile throughout, new bathrooms, new kitchen and tropical landscaping on a spacious 6300 sq ft lot. The living area flows throughout the house with French doors leading to the heated pool and spa. Covered lanai overlooking the pool and spa. The house sits on a corner lot behind a privacy fence and densely planted gardens. The property has off street parking. This home was professionally decorated -- and it shows in every room and in every detail. CLICK HERE for more info and photos on 1601 Patricia.

Not surprisingly the house next door at 1609 Patricia Street is also for sale. It is priced at $850,000 for the 2 bed 1 bath home of 950 sq ft. The asking price equates to $934 per sq ft. This home has all new electrical outlets, new appliances, has been chemically treated for mold, plaster walls -- no drywall, new paint and new Central A/C. This 2 bedroom, 1 bath home is hidden from view by mature, dense tropical landscaping; the property is totally fenced-in. The beautiful custom pool and waterfall, which takes up most of the side yard, has a privacy wall which hides it from the neighboring property. Landscaping and pool were designed by the renowned landscaper Raymond Jungles. The property sits on a double lot. CLICK HERE for more info on 1609 Patricia.

The house at 1601 Patricia Street is our listing. But I'll be pleased to show you both for comparison purposes. The third pic on the right is 1609's pool. The area is quiet and most of the homes have been remodeled in the past few years. So you would be buying into an area of equally valued homes. That is an important factor no matter where you buy a home.

CLICK HERE for more detailed information and photos of this beautiful home. Then please call me, Gary Thomas, 305-766-2642 to schedule a showing.

2 comments:

flipper said...

A person would have to be absolutely crazy to get involved in a short sale deal these days. The banks are sooo far behind that it take MONTHS to get anything through, and even then, it can be a very difficult process to complete. Nope, as attractive as some of these deals are (including this one) my advice to all is stay away from short sales, they are just not worth it. You will probably do much better negotiating with a motivated seller to get a great price anyway.

Gary Thomas said...

This property went under contract within a couple of days of being offered as a short sale.

Other offers are still being accepted. That's the crazy way short sales are working. If you bring in a better price or better terms you may end up getting the property.

The banks are getting easier to deal with. I had one closing last week that was a short sale. It took 4 months from start to finish. I have another closing on Friday and it will have taken about 2 months from the time the offer was submitted to the lender.

Gary

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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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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.