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Monday, August 16, 2010

Key West - July Sales Report

Three of the 18 single family homes that sold in Key West in July were mentioned in my blog. They include 1124 Eaton Street that was on the market for 3 days. It sold for $175,000. It was bank owned. The second house was 812 Johnson Lane. I wrote about it at least twice and showed it many, many times. A cute two bedroom with a pool and a small cottage behind it an doff street parking in front, this was a deal at the sold price of $415,000. I wrote about 1305 Reynolds Street several times as well. It eventually became a short sale and sold for just $600,000. That buyer got a great deal.

Three of the 18 single family homes that sold in June were bank owned properties and three were shown as short sales. The highest priced sale occurred on Shark Key for the house located at 39 Cannon Royal Drive. It sold for $1,625,000 or $542 per sq ft. (The original asking price on this property was $2,475,000.)

By comparison 26 single family homes sold in 2009 of which 2 were bank owned and 9 were shown as short sales.

July 2010 saw a total of 19 condominium and town home sales in Key West. Five of those sales were for bank owned properties and 3 were shown as short sales. Sixteen of the sales were priced below $500,000. The most expensive unit to sell was a Steam Plant unit that went for $1,745,581.

By comparison 19 condos and town homes sold in 2009. Ten of those sales were bank owned and four were short sales.

The mini-estate at 3820 Eagle Avenue went into the mls too late to qualify for a July sale. This 4600 sq ft home sits on a huge 18,000 sq ft lot. Laurie McChesney of Preferred Properties was the listing agent on this home that sold for $2,100,000 and Terri Spottswood represented the buyer. Congratulations to you both!

CLICK HERE to search the real Key West Association of Realtors mls database. If you find a place that interests you, please consider contacting me, Gary Thomas, 305-766-2642 or by email at I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida.


Anonymous said...

The house that sold on Reynolds truly was a deal. Great location and lots of potential.

Eagle Avenue had some of the craziest recent sales (or under contract)... from $175,000-ish to $2.1 million -- and in nearly the same block!

The Eagle estate is a unique and very spectacular piece of property. That's lots of money, but a home like that would sell at a hefty price in almost any market.

Anonymous said...

P.S. Thanks for the July report, Gary.


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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.