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Thursday, October 8, 2009

1709 George Street - Short Sale - Key West






For those who think I only write about high-priced Dream Plazas, here is one that proves the opposite: 1709 George Street which was just listed as a short sale. Big deal, you say. Big deal, I say! A year ago this 4 bedroom 2 bath house with a beautiful pool and new kitchen and baths was priced at $675,000. It did not sell. Now it is a short sale and it is now offered at $350,000 or $258 per sq ft for this 1355 sq ft home that sits on a 44850 sq ft lot. The listing Realtor describes this house this way:
"Behind the privacy wall you will find this beautiful home, tropical landscaping and a fabulous pool. Very nice four bedroom two bath single family home just a few blocks from the beach. Upgraded kitchen with granite countertops, stainless steel appliances, tile throughout and much more. This is a potential short sale transaction subject to lender approval."
1709 George Street is located about two blocks north of the Atlantic Ocean just past 1800 Atlantic Condominiums. CLICK HERE for an aerial perspective of the location and surrounding properties. This entire area was flooded during Hurricane Wilma. I have shown enough houses since then to know just about every buyer is sensitive to potential future flooding. That is why we have flood insurance.

Once you get over what happened in the past and theoretically could occur in the future and consider how you could actually live in this house and this area, the house, the location, and the price may have a change your view of things. Look at the aerial photo again. That vast area at the bottom right of the photo is Smathers Beach. People from all over the world to come to Key West to lay there and play there; to soak of the sun; and to chill.

I think 1709 George Street could make a nice family home or an inexpensive second home retreat for the budget minded. The area has a mix of homes that have been upgraded and remodeled. But there are some mid century houses and duplexes in the area that have not. At $350,000 this house offers a lot of value in my opinion. CLICK HERE to read the detailed mls listing info and to view photos supplied by the listing Realtor. For additional comparison purposes I created a list CLICK HERE of other 4 bedroom homes in Key West offered at $400,000 or less.

CLICK HERE to perform your own personal search of the real Key West Association of Realtors mls database. You can manipulate the search criteria any way you want. If you would like to see 1709 George Street (or any other property in Key West) please contact me, Gary Thomas, 305-766-2642. This is not my listing but I would be happy to show you the house and the area so that you can appreciate the value of this property. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida.

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The information on this site is for discussion purposes only. Under no circumstances does this information constitute a recommendation to buy or sell securities, assets, real estate, or otherwise. Information has not been verified, is not guaranteed, and is subject to change.

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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.