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Wednesday, June 2, 2010

May 2010 Key West Real Estate Sale Report

The Key West Association of Realtors sent out the May Real Estate Sales Report yesterday. It confirms what I have been citing anecdotally about real estate sales increasing in the numbers of units sold and in the sales price appreciation since 2009. CLICK HERE to review the May Sales Reports for the Key West area only.

I won't bore you to tears with what sold but you can CLICK HERE to see the single family home sales for Key West during May. My search varies a bit from that of the Key West Association of Realtors . Mine shows that there were 19 single family home sales in Key West during May. Three were noted by the listing agent as short sales and four were bank owned properties. The average price per sq ft was $388. This marks a little improvement over the same time in 2009 when there were 15 sales four of which were bank owned houses and three were shown as short sales. (One of the flaws of our mls system is that some agents (or their sellers) do not want to show that a short sale actually occurred. )

There were 18 townhome and condominium sales during May 2010. Three of the sale weRe bank owned properties and six were shown as short sales. The average price per sq ft was $365 during May 2010. Compare that with 2009 sales figures which showed 14 total sales of which 8 were bank owned condos/townhomes and 3 short sales that had an average sales price of $251 per sq ft. That is a price increase of 68% over the same time last year. Compare also the number of bank owned units was down to 3 in 2010 as opposed to 8 in 2009. Don't tell me that bank sales don't depress the market. They brutalize it. CLICK HERE to see what sold in May 2010.

Despite what some naysayers say, the real estate market in Key West is on the rise once again. We have a small island with a limited supply of homes and condos. The State of Florida has imposed a very restrictive policy on new housing construction. As the "oversupply" of available houses (condos and townhomes) diminish, the prices on well located properties in good condition should increase. If you have been waiting for prices to go lower, you may be disappointed to see that prices are going up instead.

I took the photo at the top of today's blog a couple of weeks ago. I was driving home from Winn Dixie when I saw the BBQ Pampered Pet sign and screamed in delight. I had to turn around and go back to take a pic. CLICK HERE to see the rest of the sign. You already knew we don't eat our pets in Key West. Didn't you?

If you are looking to purchase a second home in Key West, please contact me, Gary Thomas, 305-766-2642 or send me an email at I am a full time Realtor at Preferred Properties Coastal Realty, Inc.


Anonymous said...

Good to see some positive figures. Now, the banks holding foreclosures and many short sales need to look at PSF costs and adjust their prices to be more in line with the trends. That way, all that stock will finally be off the market and regular sellers can begin seeing higher prices.

Of course, there is hurricane season and the oil slick...

What's the buzz in your circles about the long-term impact the oil spill may have on the real estate market here?

Gary Thomas said...

I have been waiting to write about the oil spill until I could come up with something intelligent to say.

I am as pissed as anybody else about what has happened and there is nothing any of us can do about it.

We have not lost business yet, but the yahoos on tv are doing their best to scare the crap out of everybody about Louisiana, Alabama, Mississippi, and Florida being ruined for decades.

I don't think that will happen. The Gulf of Mexico is huge. What bothers me is the delay and getting this monster under control. Once the oil is stopped I do believe Obama will do everything he can to get the oil cleaned up. This is something that is achievable once the leak is stopped.

We had tv satellite trucks and helicopters all over Ft Zach Taylor a couple of weeks ago when some non-BP oil tar balls were found. The news media was crazed to make a big deal out of it. But it did not happen.

I'm not minimizing what happened in Louisiana, but this is not the end of the world. People need to step back and realize the crap happens. We will all pay the price to clean up BP's giant mess.

And I personally don't give a crap if the CEO of BP ever has a nice day for the rest of his life.


Anonymous said...

It may not be the end of the world but it does strike at the tourism industry, the fishing and seafood and potential buyers. I certainly hope not but Hurricane Katrina scared so many away from Louisana real estate even in those areas not affected by the storm. Until BP, the feds,and Obama figure out how to work together I don't see a whole lot happening in the clean up. Oh yes, we up north heard many tims about the tar balls washing up on the beaches in the Florida Keys on our news here. So much for advertising.
PS - do you remember when the Carter administration announced each day how long the hostages were being held in Iran? Like 'Day 33, Day 169, Day 444"? Time to do the same for the oil spill too!


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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.