A little over a year ago there were just about 1000 active real estate listings in Key West. The number of active listings reflected an over-supply of available properties. Few new properties have been built during the past year. Month by month the number of active listings has been trimmed due to sales of existing properties. There are now 833.
Key West had 23 single family homes sales in June 2009. CLICK HERE to see all the houses that sold in June. Three of those sales were listed as "short sales" and seven were bank owned properties. There is such a disparity among the properties that price per square foot is meaningless.
If you carve out the four large home sales CLICK HERE in Old Town and Casa Marina areas the average price per square foot was $628. These houses are the kinds of properties many dream of owning and few can afford. The buyers got great deals on these properties. In a couple of years people will be saying "I wish I would have bought that place when it only cost $$$$."
There were five smaller home sales in Old Town: 1209 Olivia Street, 1214 Knowles Lane, 405 Frances Street, 822 Eaton, and 1018 Thompson Street. Three of those sales were short sales. When you take the time to scour the active single family home listings for Old Town and the Casa Marina areas you begin to notice one thing: there are not a lot of listings anymore. They supply is shrinking.
Thee were 22 condominium and town home sales in June. Seven of those sales were short sales and another seven were for bank owned properties. The units sold at an average price of $298 per sq ft. The most expensive unit that sold was a corner unit at Harbour Place. It had a real water view and it sold for $670 per sq ft. I wrote about 809 Washington Street when our office had it listed as a short sale. This unit sold for $775,000 or $413 per sq ft. There are other units still for sale in this new complex priced well over one million dollars. The buyer got a real deal. Three units sold at the Key West Golf Club with the least expensive going for just $217 per sq ft. The over supply of Golf Course properties is "over".
If you have been waiting for the market to hit bottom before you make an offer to purchase your dream home in Key West, reconsider your strategy. I can't say for sure that we have hit bottom. But if you look at the few properties actually for sale in Old Town or the Casa Marina area you will see one thing: there are few houses on the market. The properties that are available are either total fixers, fairly expensive, or really expensive.
CLICK HERE to search the real Key West Association of Realtors mls website. Your search will not be tracked and you will not be contacted by anyone. If you see something that interests you, please consider working with me, Gary Thomas. I am a full time Realtor at Preferred Properties Coastal Realty Inc. Give me a call at 305-766-2642 or e-mail me at kw1101v@aol.com.
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