Search This Blog

Friday, August 22, 2008

Ocean Front Condo - Key West






Attention Maties! There is treasure to be found in this sweet listing of Unit 421 in the new Beachside Resort. People that read my blog know I don't just hype things. I try to get people to consider options when they are looking at purchasing a permanent home or a second home or income property in Key West. Not all jewels are located in Old Town. If you are looking for a condo with two transient licenses, this gem may pique your interest.

Here are the details: Unit 421 Beachside Resort is a 1357 sq ft a 2 Bedroom 2.5 Bath, type A floor plan with lockout feature & 2 transient licenses for optimal rental potential. All of the finest amenities including designer furniture package grace this 2nd floor luxury condominium situated in building 4 with a pool & courtyard view. Beautifully appointed floor plan with gourmet kitchen overlooking comfortable living room & spacious covered balcony. Endless on-site resort amenities include private beach, heated waterfront pool, spa, poolside bar & grill, valet parking, concierge, optional on-site management, gourmet restaurant & the island's largest conference center. CLICK HERE for more detailed info on Unit 421 and additional photos. CLICK HERE for info on the Beachside Resort. This website will draw heads to your beds, so it is important to see how well this property is marketed.

Unit 421 is priced at $699,000. That is $511 per sq ft. Experienced lookers know the price of everything in Key West. You know that $699,000 is an incredible price. But for those who are not so familiar with prices, CLICK HERE to see the list prices on the remaining units at Beachside. Unit 421 beats every property offered. When this unit sells, and it will, there will be no more priced like it. This is a deal limited to one buyer only. When it is sold, there will be no more--at that price. That does not mean the other units are priced too high. Every unit is different in size, layout, and location.

I suggest that seasoned shoppers look at this unit and compare what you will get for your dollar versus a similarly sized unit at 1800 Atlantic or a much small unit at Truman Annex that is priced similarly. There is no comparison. This property wins. True units at Truman Annex are very close to the rock and roll of Duval. And 1800 Atlantic has a loyal group of vacationers that return year after year. But Beachside is new and far from the madding crowd.

Would you like to see the Beachside Resort and test my theory of value? Please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. This is an exceptional property at an exceptional price. Maybe you are the exceptional buyer who will grab this little gem.

4 comments:

flipper said...

Gary you are pulling our leg right? $700,000 with taxes of $7,000 per year and condo fees of $1,500! For a 2 bedroom condo??? I was just doing the math on that and don't know how you could possibly make that work.

Gary Thomas said...

Most condos that are rented as vacation rentals do not "cash flow" or make money as an "investment". But they do throw off enough money to help pay the way for the buyer to "buy" his or her way in to home ownership in Key West. It is like forced savings.

The fact is that most second home properties here (or probably anywhere) do not cash flow as investments. Even some investment properties don't. But what the residential properties have historically done is appreciate at a greater rate than residential properties elsewhere. So when the seller needs to sell he or she gets a very good return on the investment.

Flipper, buying a home based on "math" is one of the reasons why Key West got so damaged during this market correction. Too many people were treating real estate just as an investment rather than as a second home. And way too many locals bought too many properties thinking they could continue to flip and make money. Many of those flippers got burned badly.

Finally, not all of the units at Beachside are rented. Owners have to have (1) a transient rental license to participate in the rental program and (2) had to purchase the furniture and amenities package [cost reported to me was $150,000] so that they unit would be identical to all other rental units. If you bought Unit 421 and decided not to rent it but just live there, compare the lifestyle there versus a $699,000 unit at the Shipyard. True your annual expenses will be higher, but I think a smart buyer would opt for Beachside over Shipyard any day.

Anonymous said...

Gary,

Typically, what kind of rents would you expect a unit like 421 to generate in a year, also what would you expect the management fees look like?

Gary Thomas said...

This property is managed by the company that runs the resort. The unit is pooled along with other units that participate in the rental program.

The company charges a hefty management fee but provides a service and amenities package that is probably unequaled anywhere in Key West.

The management company has a full disclosure package available when a potential purchaser requires it. The purpose of my comment is only to solicit potential buyers. The disclosure will give any potential buyer all of the details.

I hope that answers your question.

Disclaimer

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.

Counter



Free Counter

Key West

Key West
You could be here!

Blog Archive

Gary Thomas in a Nutshell

My photo
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.