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Wednesday, April 8, 2009

Going Up?

If you are among the potential buyers who have learned to search the real Key West Association of Realtors mls website (CLICK HERE), you may have noticed that a few properties have recently had price increases. That is not a typo. Price increases.

Take 623 Fleming Street as a case in point. I wrote about 623 Fleming in January when it was just listed for sale at the then asking price of $895,000. Everything I said about it then still holds true. Except the price. Now it is priced at $975,000 or $554 per square foot. And since I'm incredibly lazy, I'm just going to copy and paste what I wrote then.

"It had to happen. The "For Sale By Owner" attempt did not work. The house located at 623 Fleming Street was offered for sale by the owner for the better part of last year. The house won the Debbie Award in 2004 for Rehabilitation (Tom Pope was the architect). I showed it several times during the year. I like the house and the location a lot. It does not have off street parking. It does not have a pool, but the owner told me he had HARC approved plans (which may have expired) that would permit a small pool. Nothing in Key West is assured unless it is in writing! And then it may be negotiable.

Here is how the new listing Realtor describes this Key West property: 'Great Old Town location! Renovated two bedroom and two and one half bath Conch house. Loaded with coveted Dade Co. pine and also featuring many modern details such as a beautiful kitchen with granite counter tops, crown molding and a central vacuum. Awarded the HARC Excellence Award in 2000. The exterior features the quintessential front porch, a side yard, and decked back yard.'

The house has a really attractive street presence. There is a big grand old dame of a house located just next door to the east that is currently on the market. CLICK HERE to see the house next door to the east at 426 Elizabeth Street offered at $2,195,000. Next door the the west is The Campbell Courtyard Condominiums. This property was developed in the early 1990s and is a mix of renovation and new construction. The Ambrosia Guest House is located directly across the street. And The Marquesa Hotel is located at the corner of Fleming and Simonton Streets. I mention the neighbors to help the reader appreciate the prime location.

The house at 623 Fleming Street now offered at $975,000. The house is a 2 bedroom 2 bath with a generous 1760 sq ft of living space -- all in good condition and very livable. It sits on a nicely landscaped lot of 2060 sq ft lot in a prime location. It has just about every bell and whistle most second home buyers want (except the off street parking and pool)."

CLICK HERE for more info and photos of 623 Fleming Street. If you like what you see and want to see it in person, please call me, Gary Thomas, 305-766-2642 or contact me by e-mail at Better think seriously about buying now before everybody gets into the act and start to raise prices!

Last week I commented about a particular person with a real estate license that actually increased the asking price on a short sale property. Well, a few more short sale properties have had the asking prices increased as well. And there have been regular houses in good areas that have had price increases. Not many, but enough to take note. 623 Fleming Street is a real sweet house.There are only a few such well located sweet houses available. As the market on such properties decreases through sales, it is logical to expect prices to increase. If you think prices will continue to stay low, think again.

1 comment:

Gary Thomas said...

Since April 1st, 5 properties have raised the asking prices. I don't want to call it a trend, but the supply of houses in Old Town and Casa Marina is dwindling.

I think you buyers who keep waiting for the "bottom" better accept that we may have hit it.



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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.