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Thursday, April 9, 2009

809 Washington Street #101 - Casa Marina Area - Short Sale

Unlike a lot of short sale properties where the buyer and seller have to play this guessing game of whether the lender will or will not accept a short sale "offer", the lender on the new three story town home at 809 Washington Street #101 CLICK HERE in the Casa Marina area of Key West has already approved the short sale of $899,000.

This property is a listing of Preferred Properties (but not my listing and I have no "inside information" that I am disclosing or withholding. The listing agent describes this property this way: "Bank approved price! Perfectly situated in the heart of the Casa Marina district is this truly beautiful 3-story townhome. Cathedral ceilings and custom-cut Carlisle Lumber pine floors welcome you to this quality home perfect for year round living. Bright & open great room, gourmet kitchen with stainless Viking appliances & granite counters, spacious bedrooms with en-suite marble baths and private balconies. Fenced for privacy, this elegant townhome boasts a private bricked patio with native tropical landscaping, relaxing heated pool & a rear entrance. This townhome comes with one deeded, bricked off-street parking space. Close to Duval Street but in a very quiet residential neighborhood. Potential Short Sale subject to Lender approval."

809 Washington Street #101 is listed at $899,000 or $479 per sq. ft for this 1876 sq ft property. The lot is 1900 sq.ft. The front is maintained by the homeowners assocaiton and it looks really great. The trees and shrubs are already green and lush. Like so many Key West houses, this place is built with the indoor and outdoor living areas in mind. The interior living area looks out to the pool and garden area at the rear. That area is lush with greenery and the pool is so cool and inviting.

I recently showed this unit. As I stood in the Viking equipped kitchen and looked out to the pool, I did some mental gymnastics and compared this property with other high end condo and town home developments constructed during the boom days. I still love The Meadows, but not a unit there has sold. The Santa Maria is sleek but you are basically buying a motel room for the hotel operator to generate lots of income (in my opinion). The Steam Plant isn't finished yet so we'll have to wait to see how it fares. The Sea Isle Townhomes are now being rented as luxury vacation rentals and none of the six that were built has sold.

There are three other units for sale in this same development and they are offered at slightly higher prices: 807 Washington #103 CLICK HERE is offered at $1,800,000; 809 Washington #103 CLICK HERE is offered at $1,675,000; 811 Washington #103 CLICK HERE is offered at $1,650,000. The sizes vary a little on these units, but not by much. That is why I think 809 Washington Street Unit 103 may be a good deal for a buyer looking for a good amount of new space in a quiet Casa Marina area location.

I live in the area and I love it. Houses in this area are close to the beaches and close to Old Town. (See the vintage aerial photo above taken in 1920 to see how close to the beaches all of the area is. The little cluster oh buildings at the upper right of the photo is where 809 Washington is located today.) Real people with real lives live here whereas much of Old Town is not owner occupied. Most of the houses in the area are priced over a million dollars so the prospect for long term appreciation on your investment in the Casa Marina area home will likely prove successful in years to come. The streets are wide and parking is not an issue. You can get to the airport or out to Searstown or the Winn Dixie in about 6 or 7 minutes. Most of the commercial activity in the Casa Marina area is limited to White Street and runs only three blocks south of Truman. We've got a sweet little ocean front restaurant called Salute on the beach where you can wine and dine al fresco while you watch the sunset.

If you would like to see any of the townhomes listed above, please call me, Gary Thomas, 305-766-2642. I'd be pleased to show you around my neck of the woods. Preferred Properties Coastal Realty Inc. is the exclusive lower Florida Keys affiliate of Christie's Great Estates.

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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.