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Sunday, February 1, 2009

January Real Estate Sales in Key West

I've been telling you that sales are picking up in Key West and advising you not to wait too long before you buy. Snoozers are Losers!

In January there were ten single family home sales in Key West (including a couple of properties that could be used as legal duplexes). Going either way is common in Key West, I guess. I have written about several of the homes that sold and I gotta tell you, I told you they were bargains to be had. Included were 701 Elizabeth, originally $1,579,000 and sold for $695,000 (Not a Short Sale nor a distress sale); 3 Pinder Lane, originally listed for $1,390,000 and sold for $900,000; 716 Olivia Street (originally listed for $2,895,000 and sold for $1,025,126 in one day). The buyers on the above referenced properties made excellent buys in my opinion. A major Key West house sold that was listed for $6,495,000 and sold for $5,700,000.

There were eight condo and townhome sales during January. Four of those were identified as either bank owned properties or short sales. Among the winners of that group are a unit at 1075 Duval with a real transient license. It sold for an incredible $439,774. A third floor bank owned unit at Sunset Marina with a terrific water view sold for $399,000. And a two story townhome at Windward Park sold for just $400,000.

Even, perhaps, more interesting is the number of contingent and pending single family and duplex properties in Key West. Fifty-three properties are now under contract. Of that number, 26 are shown as short sales and 11 were identified as bank owned properties. In case you think that all short sales are crappy little houses that could not be sold CLICK HERE. The incredible house at 811 Southard is a short sale and somebody snagged this big one. I wrote about 1212 Olivia CLICK HERE. It is a bank owned house on a really nice block. I showed that house twice within a couple of hours of when it was listed. (Just as in the case of the sold bank owned home at 716 Olivia CLICK HERE (scroll down to October 27th) mentioned above under single family sales, this unit reportedly went for a little more than the asking price just so that the buyer could seal the deal.)

Finally, thirty one condos and town homes are shown as contingent or pending sales. Of that number, 15 are short sales and 6 are bank owned properties. The most notable in my opinion is the gift at 1118 Olivia Street that was listed at only $359,000. CLICK HERE to see what I wrote about that property that went under contract just 4 days after being listed.

You need to be aware that there is some confusion about how to classify houses and condos that have signed short sale contracts. Not all properties that have signed short sale contracts are listed as such. I believe the number of actual contingent and pending sales is much, much higher. But that is just my opinion.

Buyers who are not in Key West have a bit of a disadvantage to those people who happen to be here when new properties get listed or when prices are reduced. But that should not stop you from using your computer to do some research and using your noggin to figure out if a particular property could work for you. You probably know what you want and what you can afford. I encourage potential buyers to search the real Key West Association of Realtors mls database CLICK HERE to see what kind of property they can buy for the money they want to spend. Always look at properties priced higher than you can afford and search properties with less space or amenities than you require. CASH is KING and you may be able to negotiate a real sweet deal, just like some of the lucky buyers mentioned above.

Let me, Gary Thomas, help you buy your place in Paradise. Please either call me at 305-766-2642 or 3-mail me at Tell me what you want and how much you want to pay. You might own a place in Key West where you can snooze on the beach.

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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.