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Tuesday, September 15, 2009

27 Coral Way - Bank Owned - Condo - Key West

I used to tell people there was no such thing as a foreclosure in Key West. That was until a couple of years ago. Times change.

Just listed, but not by me, 27 Coral Way (Unit #14) at the Corral Hammock in Key West, Florida. This unit is Bank Owned and priced to sell at $293,500 or $211 per sq ft. CLICK HERE to read the detailed listing information and view several photos of the unit and the grounds.
This is how the listing Realtor describes this unit:
"Bank Foreclosure, priced to sell. This spacious 3Br/3Bth Townhome is in move in condition. This unit looks barely lived in. Coral Hammock Development has a total of only 56 units, a beautiful free form pool, tropically landscaped grounds, club house, gym, and in-house management. It is within bicycling distance to restaurants, marinas and the only golf course in the Lower Florida Keys. The Island City of Key West is just over one bridge, about 1 mile away. Although the units do not need a Transient License for vacation rentals, they can be rented transiently due to having on-sight management, a BIG plus. Come enjoy the Fabulous Florida Keys, in a modern, Conch style townhome. Make this your primary or second home. The price is right!"

I don't do property management, but our company does. Our office does not rent this or any other property at Coral Hammock that I am aware of. I always tell potential buyers that want to rent their future house or condo to select a good property manager. I tell them to checkout the website for graphics, content, ease of booking, etc. Management fees and management duties are up there, too. I suggest that my buyers stick with a current property manager if that company has a successful track record with the particular property. After all most second home buyers that purchase a rental property are relying on some third party to keep the place rented and throw off enough money to help amortize the mortgage.

I did a quick Google search and found all kinds of interesting information on Coral Hammock including this website CLICK HERE. Again, I am not involved in any management. But if you look at that website you may not see Bank Owned written on the buildings. Instead, you see some places that look pretty appealing.

I looked on Trip Advisor and there were some unhappy campers who complained. But there was this other "writer" who said "We enjoyed our stay and our condo and would love to return to Key West anytime..."

This Bank Owned unit backs onto U.S.1. You gotta know that. That is part of the reason this 1392 sq ft town home is priced at only $293,500. The pool is just beautiful. This place will surprise you.

If you are dreaming of owning a place in Key West and are interested in this property or any other property, please consider working with me, Gary Thomas, Realtor to the Dreamers. I am a full time Realtor at Preferred Properties Coastal Realty in Key West. Contact me at 305-766-2642 or email me at


Charles said...

Boy you are really lucky to be in Key West. Except when a hurricane is coming. Great blog. Have you ever had the seafood chowder at Conch Republic Seafood Company? It is the best. Take care.

Gary Thomas said...

Charles - I have never even stepped inside the place.

I have a guy I am working with on the otherside of the world. He sent me an e-mail on Saturday telling he was searching our mls for houses. You see, there was a typhoon heading his way and he could not sleep.

Typhoon sounds a lot scarier than a hurricane to me.


Anonymous said...

I remember these when they were being built and every Realtor on the island said what a great investment - at over $450K to start. If you could get in on the ground floor. They built them, the bought them and now they are in foreclosure. Sure makes you think.....Stock Island rentals far from Duval Street and the crowds does not a great vacation rental make......

Gary Thomas said...

Dear Anon: I had never been inside these units until this past spring. Some places are done very high-end. Others less so. Some back onto U.S.1 (like this one). Others are by the pool and look incredible.

Your comment about the location is dead-on. But not everybody wants to be downtown and doing the Duval Crawl. This place (like 1800 Atlantic) works for people who want to be in Key West and have a economic stay -- as in use the kitchen, have a nice pool and lounge around in comfort.

A lot of vacationers actually prefer not to be part of the madness.



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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.