Monday, December 1, 2008
Key West November 2008 Sale Report
Key West November Sale Report - 2008. That was not a typo. There was one single family home sale in the Old Town area of Key West in November. It was a cute little house on Southard Street that was listed at $599,000 and sold for $575,000. It has a pool and a great Old Town location. The price per square foot was $765. There are those who say a price that "high" is irrational in today's market. Hooey! There are only a few really cute well located single family homes for sale in Old Town. Now there is one less.
I did a quick survey of single family home sales in Old Town during November from 2004 through 2007 to see if the small number of sales this year was an anomaly. You decide: 2004 - 2 average price $710 per sq ft; 2005 - 2 average price $463 per sq ft; 2006 - 3 average price $678 per sq ft; 2007 - 4 average price $524 per sq ft.
I also did a quick survey of contingent and pending single family home sales in Old Town. This includes properties that are shown as "short sales". there are 10 homes in these classifications with an average price of $594 per sq ft.
I share the frustration of some of my readers about pricing. Some readers see the asking prices as being too high and out of touch with reality. Some criticize me for calling some properties good buying opportunities--especially houses in Old Town that may be priced high on a per square foot basis.
Most Realtors I know are showing properties and offers are being written. There are not any high end properties in the contingent or pending categories mentioned above (except for a sale of a U.S. government owned house on Sunset Key priced over $5 million that I excluded from consideration). Most of the high end properties are still priced high on a per sq ft basis. I went through the active and active short sale single family homes priced over $1.2 million. Some are price in the the low $400s per sq ft while some are well over $1100 per sq ft. There are 74 such homes listed for sale with an average asking price of $838 per sq ft.
The very recent reduction in mortgage rates to under 6% is making home purchasing even more affordable when you couple that reduction with the reduce prices we are seeing in Key West. People who are sitting on the fence waiting for the ultimate price/rate meltdown may mis-time the market and miss a great opportunity to buy when they can know exactly what they can get as opposed to waiting until some intervening event changes things again.
If you are looking to buy a place in Paradise, please call me, Gary Thomas, 305-766-2642 or e-mail me at firstname.lastname@example.org. Let me help you take advantage of today's bargain prices.
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
- Gary Thomas
- 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.