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Monday, April 19, 2010

Don't Fret - Still some Low Priced Deals in Key West



Don't Fret!

I get calls and emails from buyers that want to purchase only bank owned properties or properties priced under $300,000. Having worked in a major bank and having sold lots of bank owned assets during a previous economic downturn, I know that all bank owned assets are not deals. I do understand budget buying and setting realistic shopping constraints. With that in mind I did a quick search for residential properties on the Island of Key West priced under $350,000. (I believe in the power of negotiation and have a reasonable expectation that a buyer may be able to acquire any of the properties for $300,000 or less.)

CLICK HERE to see the list of properties that I culled out from the mass of somewhat uninteresting and maybe undesirable properties priced under $350,000.

3325 Pearl Street is a bank owned townhouse located near the east end of the island. A lot of properties in this development have either sold as short sales or as bank owned foreclosures. This is a development where many local Key Westers live. This is not a vacation destination. This unit is priced at just $164,900.

818 Whitehead Street is a bank owned stand alone cottage located at the rear of five homes that make up the condo association to which this unit belongs. All Other Units In This Condo Are Still Owned By The Original Developer. Condominium Does Not Allow Dogs. This unit cannot qualify for any type of financing. That means you will need to pay cash. I have shown this unit on many occasions and most buyers like it but feel the size is the most limiting factor and not the requirement to pay cash. The unit has a main floor living dining area, kitchen and bath. A spiral staircase leads of the second floor loft bedroom that opens to the downstairs. There is no privacy but there is also no room for others. This unit is more like a very nice hotel room than a long term living situation. This unit is now offered at $235,000. I think it will sell for less and that it could make a decent monthly vacation rental.

910 Simonton Street #4 is an Old Town condominium with a licensed transient rental license. This unit is located near the very busy intersection of Simonton and Truman. This is a budget rental that seems to always be full. It is offered at $299,000. This may not be your "dream home" but it might help you acquire it someday.

3685 Seaside South Drive #312 is a condominium located near the far east end of the island. It has a transient rental license. Seaside has a beautiful pool and other amenities that might attract an owner to use this for full time use. The current owner rents this unit on a monthly basis. But it could be rented as a legal transient unit as well. This unit is offered at $299,000.

905 White Street is located on the edge of Old Town. This is a condominium with a transient rental license and it stays busy all the time. It is offered at $325,000. The listing agent reports this unit had "Gross '09 Income Was $33,500".

CLICK HERE to search the Key West Association of Realtors mls database. You may find your very own personal deal. If you see a property that interests you, please call me, Gary Thomas, 305.766.2642 I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

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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.