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Friday, June 5, 2009

New Bank Owned Houses - Key West

For those who think they can get a good deal by buying a Bank Foreclosure, may I present two new offerings for your consideration.

607 Margaret Street is located in the Old Town area of Key West. It is two doors to the south of Mangia Mangia for locational reference and across the street from the old Harris School. There is a big tree in front to provide shade from the sun. The interior has Dade County Pine walls. And it is a fixer for sure. The listing Realtor describes this house thus:

"Bank Owned. Fantastic location in Old Town Key West. This home has charm and needs your personal touches. Make this your oasis. Backyard has patio. Bedroom on first floor and second bedroom is on the second floor plus additional storage in the attic."

CLICK HERE for more info supplied by the listing Realtor and to see 4 photos of the property. This house is offered at $349,900 or $360 per sq ft.

3725 Eagle Avenue is located one block west of A1A or near the intersection of Flagler and South Roosevelt Blvds. The two blocks just prior to A1A have some of the nicest homes in Key West. This is not one of them right now. It needs a lot of work in my opinion. But the house is very large (2900 sq ft) and it sits on a huge lot of 12,000 sq ft. That is not a typo. The lot is gigantic. The asking price is $355,000 or only $122 per sq ft. The listing Realtor describes this house this way:

"Mediterranean Style Home. This 3 Bedroom/2.5 Bath residence has authentic textured walls, beamed wood ceilings, beautiful redwood staircase, soaring ceilings, arched french doors and windows, fireplace, private dining area, window-wrapped family room and pinewood floors. Bank Owned Property. Priced to Sell."

CLICK HERE to view listing information and more photos.

The house directly next door to the east CLICK HERE was renovated in 2003-2004 and it is beautiful. I even took a pretty picture of it this morning so you get an idea of what 3725 Eagle might look like after a few hundred thousand dollars and a lot of work.

Both properties are bank owned. I suspect 3725 Eagle will be under contract by Monday. So if you want to buy it, contact me right away. This house will be an an undertaking and it is going to take money and vision to transform this property into a showplace.

607 Margaret Street has a tiny deck and the smells. There is an open toilet right off the living room--no door. The exterior was butchered with an aluminum awning and most of the windows need replaced. The interior stairway does not meet city building code requirements. And you will be throwing a lot of money into any fix-up of this place.

If you think you want to buy a bank owned property, this is your chance. Two new listings in two different areas of town. Both are "affordably" priced. Both need vision, work, and money. Please call me, Gary Thomas, 305.766.2642, if you would like to make an offer to purchase either property. Don't wait.


Anonymous said...

I like the Eagle Ave property. Too bad I already have a contract on another.

Gary Thomas said...

Monday, June 8th

I had four phone calls on this property.

I told each potential buyer the place is going to require a bunch of money to remodel.

One person made an offer thru me.

I got word this morning that seller got a total of ten offers over the weekend and had accepted one. Not my buyers. My buyer went over the asking price. But my buyer was not in the top four.

I guess a lot of people looked at this place as a real bargain.


Anonymous said...

Gary: Do you think that your blog helped to sell this house? I honestly think it is the best out their on Key West homes and I appreciate your efforts to promote some exceptional values. I would love to know how many people have bought homes due to your blog, whether through you :) or another agent :(

Gary Thomas said...

I don't know that my blog regarding 3725 Eagle led to the contract because there were a bunch of showings starting at 8:30 AM last Friday. I know. I opened the door and led the pack.

Read this old blog entry:

I can update that a bit. Another "buyer" contacted me on that property after the "scream" blog. He wanted to make an all cash offer. I prepared the contract for him. I emailed the contract to him and said I had a couple of questions to complete the offer. He called back and said his brother in law was a realtor in Connecticut (where he lives) and he contacted the listing agent and decided to make the offer through him. I am assuming brother in law got a 25% referral fee and I got nothing.

I know I have lost other deals. But I have also got business off the blog.



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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.