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Thursday, September 17, 2009

Some Recent Key West Real Estate Sales of Note!



There were a few sales earlier this week that are worth mentioning. I'll tell you why that is so at the end of this blog entry.

1513 Pine Street The Meadows CLICK HERE sold for $925,000 or $484 per sq ft. This is the first of eight units in The Meadows to close. Preferred Properties is now the listing broker for the units now on the market. The remaining units are priced between $925,000 and $975,000.

503 Noah Lane in Truman Annex CLICK HERE was listed by Preferred Properties at $2,695,000 and sold at $2,325.000 or $668 per sq ft. This elegant property was listed listed in February 2005 for $3,800,000 or $1,232,000 per sq ft. Do the math!

The sale at 503 Noah Lane is interesting because a nearby house at 522 Emma Street CLICK HERE was just listed as a short sale for $2,100,000 or $681 per sq. ft. An even larger and much more expensive house down the road a bit is in foreclosure and is listed for sale, but it is not offered as a short sale.

The Beach Club Condominiums at 1500 Atlantic Boulevard has been one of the best addresses in Key West because each unit fronts directly onto the Atlantic Ocean. The sagging economy resulted in several units to be put up for sale and just sat there for months and months. Preferred Properties represented the buyer in the purchase of a luxury unit that closed this week CLICK HERE for $1,550,000 or $719 per sq ft. Interestingly, another unit (which was offered in 2007 for $2,395,000) was just reduced a couple of days ago to $1,900,000 or $826 per sq ft.

I wrote about 31 Seaside South several months ago when it was offered as a short sale for the asking price of $985,000. As the market declined, the asking price followed suit. This unit is the first re-sale in the complex and also the first short sale there. It sold for $599,000 or $313 per sq ft.CLICK HERE 31 Seaside South was beautifully appointed There are at least seven similarly sized units also on the market today. One of those is bank owned and six are short sales. This is just my opinion, but the units currently on the market cannot compare to the pizazz 31 Seaside South offered. Five of the units have Formica counter tops in the bathrooms. One place has the nastiest blue walls and smelly carpets you have ever seen. Another unit has a bad mold problem that somebody better fix.

101 Front Street Unit #18 CLICK HERE was listed at $695,000 and sold for $600,000 or $545 per sq ft. This three story unit is located in the Foundry Town homes in Truman Annex. It has a special transient rental license. Two similar units (both short sales) are under contract. One unit not listed as a short sale is offered at $669,000 and it also has a transient license.

According to the National Association of Realtors (NAR) "August 21, 2009 - For the first time in five years, existing-home sales have increased for four months in a row, and the monthly increase is the largest in 23 years." CLICK HERE to read the entire article. Lawrence Yun, chief economist for the NAR, was quoted as saying “Because price-to-income ratios have fallen below historical trends, there are more all-cash offers. In some recovering markets like San Diego, Las Vegas, Phoenix, and Orlando, the demand for foreclosed and lower priced homes has spiked, and a lack of inventory is becoming a common complaint.”

The summer is always the worst time to sell property in Key West. But we had a robust market this summer. And guess what, the people who were saying they wouldn't buy in Key West because we had a glut of houses are now complaining that there is no inventory. I really don't think those talkers were buyers. They were right about the glut. But a lot of the glut is under contract. Some of the houses, condos, and townhomes in the "contingent" or under contract category will not close either because the lender will not accept the price offered or the buyer gets tired of waiting and goes away. But many will and when they do close, the inventory will shrink even more.

You can make of the sales I cited what you will. I think the recent sales show that our market has corrected itself from the excesses of a few years ago (of course there are exceptions). I think the new listing in Truman Annex and dramatic price reduction at The Beach Club unit I cited are further evidence of my assertion.

There are homes, condos, and townhomes in all price ranges. If you wait until it is too late, you will have waited too long. You will have missed the opportunity a second time. Remember what Mr. Yu said about the demand for foreclosed properties and lower priced homes spiking sales that has now created a lack of inventory.

Did you notice the photo of an airplane approaching Key West at night? I'll bet you and I get that same feeling of excitement every time we first spot that little island I call home and you dream of making your home - someday. I've done lots of flying and I have been lots of places. There is no place like home and there is no feeling like landing in Key West and getting out of that small little place and smelling our island air. It doesn't get any better than that.

If you are looking to purchase a place in Paradise, please call me, Gary Thomas, 305-766-2642 or e-mail me at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty, Inc.

1 comment:

Anonymous said...

31 Seaside was a steal of a deal. And 101 Front Street? Wow - you are right Gary. Now is definately the time to buy in Key West. The prices on these properties has never been better. I live here and these properties have never been priced better.

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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.