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Wednesday, April 1, 2009

March 2009 Key West Real Estate Sales Report

There were a total of 18 single family home sales in Key West between March 1st through March 31st. Six of those sales were short sales and one was bank owned. Old Town had seven of those single family home sales. The average price per square foot in Old Town was $484. In 2008 there were six single family sales in Old Town and the price per square foot then was $583. Not a good trend, if it is a trend.

None of the single family home sales in March 2009 would be considered a major Key West home. I wrote about 804 Elizabeth Street several times. It was originally listed for sale in April 2007 for $1,695,000, and it sold in March 2009 at $950,000 or $490 per square foot. That house had one of the most beautiful pools on the island. The location is a short two block walk to Duval Street. And there were two off street parking spaces. Congratulations to Jeff Dunaway for finding the lucky buyer on this great home.

Last month there were a total of twelve condo and town home sales in Key West. Three of those were identified as short sales. But five were bank owned properties. That means 66% of our condo and town home sales were distressed properties. And there is no accounting for what factors went into the other non-distress sales. Two of the bank owned properties that sold were previously mentioned in my blog as buying opportunities. The first was a third floor condo at Sunset Marina. The condo had previously sold in August 2005 for $885,000. It was sold by the bank for just $370,000. The really cute house (officially it's a condo because it is located in a compound) at 1118 Olivia Street was listed for $359,000 and sold in just a couple of days for $349,000. That was a great buy. (As a side note, a nice little house went in the mls this past Monday. It was bank owned. I called the listing agent to get access to see the property for a buyer. It was already under contract. If you want to buy a bank property, be prepared to act quickly and make a sensible offer.)

There are lots of houses and condos for sale in Key West. Some are dogs. And there are some really beautiful properties available at potentially great prices. I am a firm believer that every property listed for sale today is listed because the seller really wants to sell. CLICK HERE to search the Key West mls database to find the bargain you have been hoping for. If you are looking to purchase a place in Key West, please call me, Gary Thomas, 305.766.2642, or e-mail me at I am a full time Realtor at Preferred Properties Coastal Realty Inc., the exclusive Florida Keys affiliate of Christies Great Estates.


Anonymous said...

There are so many forced or distressed sales these days that it's gotten almost impossible to tell what the market actually is. The actual market price for a home is what a willing buyer and a willing seller would agree upon in an arms-length transaction. There simply are not enough of those happening anywhere to draw any menaingful statistics. As Trump said, the only people selling in this market are because of death, debt or divorce. Otherwise, an owner will just hold the property and wait for better days.

Anonymous said...

Agreed - you can't argue with the Donald.

Gary Thomas said...



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.