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Thursday, August 14, 2008

That Was the Deal That Was






You Old Timers may remember a TV show called That Was the Week That Was. It was hosted by glib Brit David Frost and it was a fast paced re-cap of life in the 1960s. It was a snapshot looking back.

A property that has been on the market for about 3 years just closed. The terms of the sale need to be mentioned. The new house at 1117 Royal Street (Corner of Royal and Amelia Streets) sits a block and a half north of St. Mary's Catholic Church. A top rate Key West contractor developed that house and the property next door on Windsor Lane. The house has classic Key West Conch house architecture. The rooms are large and meet the needs of people wanting a house with the classic looks but the functionality of today's world. The finishes were top of the line.

1117 Royal Street was originally listed for sale in 2004 for $1,995,000. It sold yesterday for $1,300,000 or $536 per sq ft. That is a very good price for the buyer. I think the seller is smarting a bit, however. But then a lot of sellers are hurting these days. I think part of the reason for what I consider the low sales price on the house is its location. It isn't in Old Town. It is near Old Town. The houses nearby (except for the house next door developed at the same time by the same contractor) are all inferior. So it looks like location may have had played a role in determining price. CLICK HERE for more info and photos of 1117 Royal.

I liked the house on Royal Street. I didn't like the location. But I'll bet the buyer thinks he or she got a heck of a deal. I would agree on that. This was a great deal. That was the deal that was. If you are looking to buy a house in Old Town, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. CLICK HERE to search the Key West mls for find a deal worth doing. Let's make history together.

4 comments:

Anonymous said...

The Captain says:

What is important (in my opinion) to note about this transaction is that the property sold for less than 84% of the final listing price of $1,550,000. Had it been listed sooner at a more competitive price it probably would have sold sooner.

Secondly, I don't agree that this was a "low sales price." It was certainly less than what the seller hoped for. But at $536/sq ft for a not Old Town but near Old Town property, it may even be considered above market. There is an abundance of less than ideally located properties listed at $300 or below.

Captain out.

Anonymous said...

The Captain says:

What is important (in my opinion) to note about this transaction is that the property sold for less than 84% of the final listing price of $1,550,000. Had it been listed sooner at a more competitive price it probably would have sold sooner.

Secondly, I don't agree that this was a "low sales price." It was certainly less than what the seller hoped for. But at $536/sq ft for a not Old Town but near Old Town property, it may even be considered above market. There is an abundance of less than ideally located properties listed at $300 or below.

Captain out.

Gary Thomas said...

Maybe I'm the one who has been out to sea too long, but I think a 2524 sq ft new house with 4 bedrooms, 5 baths, a pool, beautiful interiors, and top of the line finishes for $1.3 million or $536 per sq ft is a real good deal.

I did a quick search of solds in the Old Town area of homes with 4 bedrooms and 3baths so those who care could see what has sold and how the sales prices compare to 1117 Royal:

CLICK HERE to compare.

I remember a couple years ago when people were paying $1.3 million for a glorified dog house. This is a very nice home. The buyer got a good deal.

And maybe that's the lesson for those thinking of buying. There are not a lot of deals like this on the market in Key West, no matter what you think about the large inventory of unsold houses. There just are not a lot of nice quality homes. Deals like this one are far and few. When the deals are gone, they are gone. History. Fine`.

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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.