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 firstname.lastname@example.org.