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Wednesday, November 4, 2009

Disparate* House Buys - Key West



*Disparate
Function: adjective
Etymology: Middle English desparat, from Latin disparatus, past participle of disparare to separate, from dis- + parare to prepare — more at pare
Date: 15th century
1 : containing or made up of fundamentally different and often incongruous elements
2 : markedly distinct in quality or character
synonyms see different" from the Merriam Webster Online Dictionary.

I thought it would be interesting to compare similarly priced properties that are located in good locations in the Old Town, Casa Marina and Meadows areas of Key West. The point of the comparison is to show the disparity of similarly priced homes in desirable locations. My criteria:
Property Type Residential
Include Property Subtype Single Family County Monroe County
Statuses Active, Active-Short Sale
Price 1,600,000 to 1,800,000 Area Area 1-2
CLICK HERE to view the ten houses that fit that criteria. I wrote about the smallest of the houses at 511 Frances last week. It is priced at $1,649,000 or $970 per sq ft. The largest of the properties is located at 1307 Truman Avenue. It is a short sale and it is priced at $1,799,000 or $395 per sq ft. (Both properties are listings of my office.) 1307 Truman Avenue is also the least expensive house on a per sq ft basis. The most expensive property on a per sq ft basis is located at 608 Angela Street. It is priced at $1041 per sq ft. (I previously wrote about both houses in detail. 608 Angela is cute, has a great location, was the former home of actor Richard Burton's father, yada, yada, yada. The house at 1307 Truman Avenue is the grande dame of Truman. It is a house from another age and is so damned big that it is almost impractical as a single family residence. I happen to think it is an incredible buy. (I wish I had a buyer for it.)

All houses, even in the same areas and that are similarly priced, are not equal. The average price per square foot on the ten houses is $708. Using that as a benchmark, do your own price point comparison between the various houses. You can see for yourself the disparity between the asking price, size, location, and amenities offered in each of the ten properties.

I need to mention once again the best bargain in Key West: 906 Johnson Street. CLICK HERE to see why I think this house is such a great value. It is offered as a short sale at $1,769,000 or $476 per sq ft -- that is $272 less than the average price of the ten homes shown above on a per square foot basis. 906 Johnson Street was listed earlier this year before it became a short sale at $3,495,000. Somebody is going to get the bargain of this new century on this house.

If you are looking to purchase a primary residence or a second home in Key West please call me, Gary Thomas, 305-766-2642 or contact me by e-mail at kw1101v@aol.com. I am a full time Realtor at Preferred Properties Coastal Realty Inc. in Key West, Florida. Our office is the exclusive lower Florida Keys affiliate of Christie's Great Estates.



6 comments:

Anonymous said...

Gary- What up with the 500k sale price of the "Hemmingway" house in Casa Marina? It was listed for like 800k.

How is a buyer supposed to know what to do? We did not even look at that house because of the listing price but would surely have paid 500K for it. Do listing agents need to do a better job of managing seller expectations? If there is that much of a discount, we have probably missed more than one good house.

Anything reasonably nice in CM with room for a pool for 500k? Can't tell by looking at listing prices, I guess, at least not always.

Gary Thomas said...

I wrote about the house at 1100 South Street when it was listed in December 2008 for $800,000.

What gives? Season came and went. Lots of showings but the house was priced too high. It needed a lot of work. Great location and it had a huge yard. Renovations can cost a lot of money. They don't have to but they can. And that scared a lot of buyers.

Preferred Properties found the buyers for this house. We sold their house as well. They got a great buy.

Gary

Anonymous said...

Thanks for your good thoughts. I guess my point is that we would really have considered this house months ago and it may have sold months ago if it had been priced correctly.....

Gary Thomas said...

The listing agent listed the price that the SELLER determined. She always pushed for a higher price which is what you would want your agent to do if you are a seller.

I think it took the passage for time for the seller to understand that the house was no worth the asking price.

Finally, you will never know if you could have bought the property unless you make an offer. Making a verbal offer is usually pointless.
Making a lowball offer normally does not work because it riles the seller. Making a fair offer without a lot of contingencies often works. Having a good realtor versus having just anybody can really make a difference as well.

Gary

Anonymous said...

Gman- Don't you think that an offer of 500k on a place listed for 800k plus would be a low ball offer that would rile the seller?


That's the problem with unreleastic asking price.

Gary Thomas said...

Gman -- rofl !!!

When first listed, probably would not have even got a counter.

Time passed and seller wised up..

It took the right offer at the right time to snag it.

Gman - out.

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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.