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Monday, November 10, 2008

Real Estate Auction - Key West

Attention Bargain Hunters! I know you are out there. I know there are buyers waiting for the absolute rock bottom prices. When bank owned properties do not sell after being on the market for several months, they are moved to the next level in an attempt to sell them. The next level is public auction.

There is going to be a huge public auction in Miami on Sunday, December 14, 2008 where the Key West houses shown here are available for purchase to the highest bidder. A company called REDC (REAL ESTATE DISPOSITION CORPORATION) is conducting the auction for various bank owners. CLICK HERE to see the RULES of the auction and the drop down menu of properties available across the state of Florida. The same company is conducting similar auctions in other areas of the United States in the immediate future. So spend some time on the internet to checkout other areas of Florida or elsewhere. Why anybody would consider buying a vacation house anyplace else boggles my mind, however.

The five Key West properties are listed below. I am not recommending anything. I am simply letting the buying public know about this opportunity.

3533 Flagler Avenue Key West. Nice two story single family home near the east end of Flagler. There is a newer kitchen, 3 bedrooms, and a pool.
Starting bid is $189,000.

630 Elizabeth Street Key West sits at the top of Solares Hill. This is an apartment building in need of TLC. There is a small outside area at the rear. Great location but it is going to need some work. Starting bid is $169,000.

1 Coral Way is a cute townhome located on sunny Stock Island. The starting bid on this two story unit is only $99,000. I have not seen the unit itself, but others have recently sold for a lot more than the current asking price on this unit.

3711 Duck Avenue is located in the New Town area of Key West. The starting bid on this single family home is only $69,000.

The final is a condo at 201 Coppitt Road (Unit C 204) on Big Coppitt Key. The opening bid is only $5000.

Two of the properties have been listed by a real estate firm out of Miami that has no physical presence in Key West. I personally think Realtors that list properties this way are hurting the seller and harming the local community as well. The bank owner does not get its property promoted and shown properly; the property stagnates and does not sell; the property is sold at a huge discount to its real market value; and that discounted price tends to drive down prices of other houses in the area.

Checkout the links and checkout the properties. All homes Open for inspection 11AM to 4PM on 11/22/08, 11/23/08 and 11/29/08.

Read the RULES at the website carefully. The RULES must be followed. Advance registration is required. This is not a solicitation for business on my part. I am not affiliated with the auction or any of the properties listed.

But if you are looking to buy a place in Key West, I would appreciate your phone call to me, Gary Thomas, 305-766-2642, or e-mail at

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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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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.