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Wednesday, March 24, 2010

1304 Atlantic Drive - Bank Owned - Key West

The Beach is about one block south of 1304 Atlantic Drive in Key West

Just Listed, but not by me, another Bank Owned townhome, this time located at 1304 Atlantic Drive near the beaches in Key West, Florida. This is how the previous agent described this property just weeks ago when it was still a "short sale"
"Gorgeous top of the line new construction! Stainless steel Thermadore appliances, wood floors through out. Wired for sound system. Hurricane lock windows and doors, with storm shutters to boot. This home has it all with French doors opening to deck and pool. Less than a block to the ocean and a short walk to the Casa Marina. In area of multi-new homes. Does not get better than this! Owner is a FL Lic RE Broker. Emphasis added by Gary Thomas.)
CLICK HERE to see how the new listing Realtor describes 1304 Atlantic Drive now that it is Bank Owned and bother yourself to look carefully at the photos. 1304 Atlantic Drive is priced at $695,000 or $356 per sq ft. Somethings are missing from the kitchen. Where in the World did Waldo put them and What did he take? HINT. Otherwise, the units are pretty much the same. You be the judge.

Two other units are also on the market. CLICK HERE to see 1312 Atlantic Drive which is offered at $995,000 (at $510 per sq ft) and CLICK HERE to see 1314 Atlantic Drive priced at $1,099,000 or $564 per sq ft.

1304 Atlantic Drive has the same square footage and lot size as the other, higher priced units. All units have 1950 sq ft and have 3 bedrooms plus 3 1/2 baths. Perhaps 150 feet separates the three properties. All of these units were built in 2008. 1304 Atlantic Drive has been used as a vacation rental. The Atlantic Ocean is a five minute walk even though it is located only one block to the south. There is no direct access so you will need to walk a block out of the way to get to your favorite new beach spot. If you don't like sand in your toes and the sting of salt water on your skin, you can swim in your own pool.

The bank that owns this property is a local bank in Key West so I think an offer should get prompt and fair consideration. If you want to see this unit, or any other property in Key West, please contact me, Gary Thomas, 305-766-2642 or email me at I am a full time Realtor at Preferred Properties Coastal Realty, Inc. Stop dreaming and start acting on it.


Anonymous said...

As for the kitchen appliances, I would say the owner took them knowing they couldn't afford the home and let it go back to the bank. Those appliances could be sold to stay solvent - and hopefully provide some needed cash if they had to go into bankruptcy. Sad. But still a good deal for someone - and being local bank owned (!) should be beneficial.

Gary Thomas said...

The owner did not live there. It was a vacation rental. The owner never lived there. The owner was a realtor.

What did you think of the price comparisons?


Anonymous said...

Seems like 300,000 would buy a whole lot of new appliances...

Gary Thomas said...

Dear Anon, And I'm not so sure this place will sell that high. In fact I think the price may be much lower. Keep in mind the location. While it is near the beaches, other houses in the area have not been selling for mucho deniro. If other developments like 1800 Atlantic and the Key West Golf Club are teachers, sale of this unit may drive down the prices of the other properties.

One of my readers argued that very point, and I disagreed. I think I was proven wrong over the past several months. The market does seem to be working that way.

If you searched for Waldo like I suggested, you may have seen something else amiss elsewhere....


Anonymous said...

Yes but these houses were built at the high time for home sales and did dismally in the market. Look at the similar new construction homes on Washington Street with transient licenses that failed to sell or even Eisenhower with water views. Hilton Haven isn't selling either nor is the old Oceanside Marina or Sunset Marina. Granted these are condos but still have water views, boat slips available for purchase and are not selling. Location? Somewhat but still way out of Old Town where most buyers want and not really Casa Marina center. Just the flood zone prone area along Atlantic and not near the best beach either. No, it is not priced to sell. And saying that a realtor used it for a vacation rental just tole me the whole story - and it ain't pretty.

Anonymous said...


If I remember correctly, you commented on these units when they first went up a couple of years thought the module-type construction was not so good. If you drive through this area, you will see that it was designed to be a very large development but it ran out of steam. Now there are only about four of these houses surrounded by wasteland, very eery in daytime and at night. Also, look more closely at the details of the construction: the so-called balconies have so little depth that they can barely fit a chair in; the so-called pools are a little bigger than a glorified bathtub. They look typical of what one would expect to be built at the height of a bubble, just before the pop.

Gary Thomas said...

You are right. I did. What I wrote now is not inconsistent. I rode my bike over to take the photos as soon as this property got listed because I knew it was priced much lower than the other listings.

I heard the blare of music coming out of a rental house a block away. Not a little blare. A very big blare. And this house had a bunch of individual mail boxes on it. Seems like Code Enforcement isn't enforcing single occupancy rules in that block.

There are a lot of empty lots for sale adjacent to the houses that were built. They will get purchased by some builder who will probably get them at a great value.

Many of the houses in the area were purchased at much higher prices. Many of these homes are very, very nice. The "bad apples" stand out more than the nice ones!

I am not sure if it is the City of Key West or some other government or private group doing this, but someone is expanding the bird sanctuary in this area. And it smells. Bad. But maybe it was just my nose on that day.

The area by the beach is really beautiful. And the immediate area is beautiful.

The city ought to enforce its existing laws to eliminate illegal rentals.

What I am writing is only what a smart buyer will figure out for himself or herself right away. That buyer will factor in the neighborhood into the price he or she offers. That's the way markets work.


Anonymous said...

Would this house be a bargain at $530,000 - don't know anything about the area.


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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.