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Wednesday, August 19, 2009

Don't Get Left at the Stable

I have been writing about the Key West real estate market improving. I see incremental improvements. Piecemeal. Anecdotal events. Individual deals that happen. And I try to piece them together to see a bigger picture.

Since June first there were seven closings on houses that sold at or over $1,000,000. They include 52 Cannon Royal (Preferred Properties)$1,725,000; 811 Southard Street $2,500,000; 929 United Street (Preferred Properties $1,000,000; 924 Flagler Avenue (Preferred Properties) $1,250,000; 906 Southard Street $1,420,000; 1020 Southard Street $1,975,000; 1021 Johnson Street (Preferred Properties) $1,800,000. The average price per sq ft on these homes was $608. I was heartened to see my company (not mine personally) represented one side of four of the seven transactions or 57%. Not bad.

But here is the news that I found really exciting. Seven homes priced over $1,000,000 went Contingent or Pending since August first: 6 Lopez Lane $1,395,000;1425 White Street $2,950,000; 3820 Eagle Avenue (Preferred Properties) $3,250,000; 1119 Von Phister Street $1,895,000; 503 Noah Lane (Preferred Properties) $2,695,000; 1020 Von Phister Street (Preferred Properties) $1,299,000; and 906 Johnson Street (Preferred Properties) $1,769,000. My office is participating in four of the seven sales as listing or selling agent. 906 Johnson Street is the biggest giveaway. It will skew the numbers downward because it is priced so low. I told you it was a deal. Why didn't somebody that I showed it to buy it from me? Alas! Enough about me.

Compare the August 2009 numbers on single family homes (above) to August 2008 in which there were ZERO homes priced at one million or higher that went Contingent or Pending.

Just as interesting is the flurry of real estate activity since August first. There were 40 properties (excluding the properties above!) that went Contingent or Pending. The majority of these Contracts are short sales or bank owned properties. I don't recall sales activity this brisk even in 2004 and 2005. Seven of the 40 Contracts are at the Key West Golf Club or 17.5%. What a difference a couple of months can make.

You can lead a horse to a deal, but you can't make him sign the contract. If you have been thinking about buying a place in Key West, now may be a good time to act. CLICK HERE to search the real Key West Association of Realtors mls website. If you see something you like, 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. (that company above with all of the sales). We are an affiliate of Christie's Great Estates. Don't get left at the stable thinking about what could have been.

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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.