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Sunday, March 1, 2009

February Sales Report for Key West

I am no statistician and I am a firm believe that numbers lie and that liars use numbers. Season in Key West is half over. Season to me refers to the time tourists come here every year to enjoy our wonderful weather, to unwind and relax, to drink some booze and to eat at some of great restaurants. And, oh yeah, to dream about what it would be like to live in Key West. For Realtors, season means it is rime time to sell real estate.

These numbers are for sales that closed between February 1 through February 28, 2009. There were a total of 24 single family home sales in Key West during that time. CLICK HERE to see what sold. The Old Town area is the location most potential buyers care about, so here goes. There were 7 houses that sold during that time. One was a short sale; none were bank owned; and the average price per sq ft on the non-short sale properties was $657.87 per sq ft. If you add the short sale, the number is $599.58. That sale was a dump on Bahama Street just off Duval with about 20 people living in it. (Perhaps I exaggerate, but you wouldn't want them as your neighbors!) Nevertheless, somebody got a hell of a deal on that property.

There were no condo or townhomes located in the Old Town area (including Truman Annex) that sold during February.

During February there were just 11 townhome and condo sales for all of Key West (including Stock Island). Three of those sales were short sales and two were bank owned properties or 45%. One of the sales required (just a regular sale) required the buyer to pay the real estate commission.

As I have previously mentioned in my blog there is some confusion among Realtors about how to post the current market status of houses and condos that are short sales where the seller and buyer have an accepted contract but that has not yet been approved by the lender(s). So the number I am reporting for total number of units under contract that are classified either as "contingent" or "pending" may be an understatement. That being cautioned, there are 42 condos or townhomes in all of Key West shown as contingent or pending. There are 38 single family homes listed as contingent or pending. Twenty-five of the single family home sales (65%) are either short sale or bank owned properties.

There are 848 single family, condo or townhomes for sale in Key West and Stock Island.

You can make of those numbers what you want. Just about every Realtor I know is busy showing houses these days. There are lots of lookers and some buyers actually making deals. Prices are low (compared to previous years) and there are some absolute steals on some houses. I think a lot of sellers are keenly aware that season is half over and that if they are to sell their property, they need to make a deal in the next 45 days or so before the buyers head up north. That's why Joe Friday popped by to let you all in on The Facts. Steals and Deals.

If you want to take advantage of the current low prices in Key West real estate CLICK HERE to checkout the Key West MLS database (no realtor will hound you and you won't get any pop-ups either). If you see something that interests you, please give me, Gary Thomas, 305-766-2642 a call, or send me an e-mail Let me help you find your place in Paradise.

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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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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.