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Wednesday, September 15, 2010

1304 Atlantic Drive - Bank Owned - Key West







I wrote about 1304 Atlantic Drive right after it was listed for sale as a BANK OWNED property six months ago. The asking price then was $695,000. The asking price was just reduced on this large recently constructed (2008) single family home to $550,000 or $282 per sq ft. This house at this price deserves a return to the blog. 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."
I need to point out that the stainless steel appliances were removed. So a new purchaser will have to spend additional money to replace the missing appliances.

The current listing Realtor describes the property this way:
"Spacious three bedroom three and a half bath home with all the fine finishes. Granite countertops, wood floors and French doors leading out to the pool and deck. Great home for entertaining! This home is located in a very quiet neighborhood that is a short walk to the beach and the Atlantic Ocean."
Two other homes are also available in this development. Each is the same size, construction and amenities, except these houses have appliances. One is offered at $995,000 and the other at $1,099,000. CLICK HERE to checkout the mls listing information and view listing photos on all three units.

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 instead.

The beach is just a couple of blocks to the South

Your private pool is just outside your back door

Your private pool is on the other side of the French doors

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

11 comments:

Anonymous said...

I remember this property as it was listed for 900K about a year or so ago. Sold for about 1.3M in 2008 according to the tax roll search. Bad timing for new construction in Key West but a loss for one is a gain for another. Too bad about the appliances but hey, for this price you could put in your own and still make out.

Anonymous said...

Buyers should also read some of your older posts on this development (and be aware of the area in general if they are not from here). About being unimpressed with the design quality of these modular structures. About the fact it's a low-lying area prone to flooding. About the drop-in fiberglass pool (not as good as concrete). About the smell of the aviary or nature center that sits behind it.

There are many reasons these aren't selling. The development will eventually get completed, but some of those issues are never going away. Maybe worth contending with for a cool half mil, but those other sellers are fooling themselves.

Gary Thomas said...

The building is modular. Not stick built. You would not know it from the interior construction or layout, however.

I am not aware that this block or area is any more prone to flooding than any other block in the vicinity. It did flood in Wilma but so did half of the island to some degree.

When I showed this property it was priced at the original asking price. I told my buyers that I thought the price was too high at that time. I agree that the proximity to the "aviary" is an issue. But there are a lot of houses in Key West that have locational issues. This house happens to have a lot of very positive features that it warrants serious consideration for someone who can spend up to $500,000 or so.

That's the reason I decided to write about this house again. The price is going to attract a buyer who wants a lot of house for a good price who is willing to put up with a couple of inconveniences.

Gary

Anonymous said...

This block floods no doubt. A lot. Even with small rainfalls . And have you ever seen one of those drop in pool pop out of the ground when the water table rises? Yipes! Buy this when you have the ark built--you'll need it!

Gary Thomas said...

Words or phrases like "floods" scare off potential buyers from up north. There are lots of areas in Key West that "flood" during big rains-e.g. Eaton and White, Simonton and Angela (intersection of City Hall), Simonton and South, etc. That does not mean the houses flood. It means that there is water in the streets and even in the yards. Fraidy cats need arks. Smart buyers have smart Realtors and get good deals.

If I bought this house at a huge discount I would probably put in a real pool at some point. Not necessary until I felt the need to spend some money.

With the money I would save on buying this big house with all of the upgrades it has would still put me ahead of the next guy who buys a fixer or a property that is 30 or 40 years old.

Everything the naysayers say about this place has a ring of truth. The market is telling the bank that its price was too high. But those same attributes could be used by a buyer's agent to get the bank to sell at a lower price.

Gary

Anonymous said...

The Captain says:

Hmmmmmmmm....

The property was previously listed as a short sale. It had appliances.

The property is now bank owned but the appliances have been "removed."

The property, when it was a short sale, was owned by a Fl Licensed Real Estate Broker.

Who "removed" the appliances?

Captain out.......................

Gary Thomas said...

Captain, I didn't "see" who did it.

There are numerous properties that I have written about where real estate "agents" have or continue to participate in the marketing their real estate investments or personal residences where they have either removed personal property such as refrigerators, ranges and washers and dryers or where they state in the mls listing that the appliances and other attached personalty are not included in the asking price.

I am aware of transient licenses being sold away from properties. I had one "agent" wink at me when I discussed how the transient license could be returned to a property that was offered as a short sale.

I have sent emails to attorneys that are foreclosing on various properties to advise them of what some "agents" have done on their own properties or where the agents are helping defraud a lender. I have yet to see one attorney contact me and ask for more information. I suspect that some "legal assistant" may have read my email and dismissed it. There are so many foreclosures occurring that I don't think the attorneys care or that the lenders care. My professional experience as an attorney (years ago) is that many legal assistants are too concerned about their status and job title.

I used to manage commercial loan workouts. When I saw something like this going on I would put a world of hurt on the borrower. I never had an "agent" pull this crap but I had a several seedy borrowers pull things like it.

Every taxpayer is picking up the cost of the misdeeds of homeowners and real estate agents who lose their properties due to foreclosure of compromise of credit (short sale).

A few weeks ago I showed a really nice bank owned house that I wrote about here. The former owner is a local "agent". I didn't see him or her remove the very expensive stainless steel kitchen (I'm not talking Home Deport "stainless" because that doesn't count). I am assuming that the former homeowner is the same person that removed the hot water heater, the shower heads and toilet paper holders,and the fancy kitchen cabinet pulls.. What kind of penny pinching vindictive idiot could behave like that?

Gary

Anonymous said...

Look out for the homeowner in foreclosure who will also remove the nice a/c unit and replace it with one that is rusted inside. Or the removal of copper wiring and pipes. Big money items. Replacing appliances isn't new - if it ain't permantly attached is free game for most. Fixture, ceiling fans, interior doors and hardware, even tile from the floors and cabinet knobs, rain shower heads and sink drains are all removed. Yes, realtors will say with a *wink* and a *nod* that this isn't happening but it is rampant. If you are pissed off because you can't live in the house of your dreams anymore, you might do some stupid things to get even in your mind. It happens all the time.

As for the flooding areas of Atlantic by Bertha, it FLOODS quite a bit and sorry Gary, buyers need to know this fact. Sure, other areas of Key West flood but when you are pointing out the features of one of your blog homes, don't leave off the bad points like flooding. I am sick of wading ankle deep over there when a heavy rain storm comes along no matter how close to the beach. Same thing with some condos by Smathers Beach - tell them how bad the smell gets at low tide. Or the condos and houses by the airport or the NASKW flight path at Boca Chica. And hopefully you won't be showing any property in Old Town during Bike Week or Poker Run events when the louds pipes practically make you deaf. Buyers don't all live here and may not be aware of the amount of noise pollution and water issues here on the island.

Gary Thomas said...

I allow negative comments. I'm not trying to hide anything from potential buyers.

When I work with a buyer I try to provide good information on all kinds of issues-particularly if an area floods. I make a point of asking listing agents if a property flooded in Wilma or if it has flooded in the past. I know certain areas are prone to flooding. That is why I ask questions that I already know the answer to. I want my buyers to hear how the listing agent responds to a direct question. But the term flooding does not mean water intrusion into a home. Water in a yard is one thing. Water inside a house is very serious and buyers need to know this.

I always tell buyers not to rely on what I tell them. It's not that I would say something false to get a sale. I could innocently state something that is not correct. Sometimes readers catch me in an error I admit my error or try to explain my answer further.

I also tell my buyers to hire a good home inspector who will point out real problems with a property. These are licensed and certified individuals that will not participate financially in the sale (or non-sale) of any property. Hopefully, they have knowledge of local conditions (such as flooding) that will cause them to search for evidence of something that may have happened in the past that may lead to a future problem.

As for the smelly beach locations, they exist. Not all the time. Occasionally. And when they smell like hell, they really reek.

And when the beaches are clean and odor free (which is more the norm) and the skies are blue, locals can rejoice in the decision they made to live here.

I think every local hates the noise from Poker Run. But this is a once a year event that puts a lot of money in the hands of a lot of locals.

Some people are like big old hound dogs. They like to howl at the moon.

Gary

Laissez1faire said...

Gary-

Outstanding job with the blog. The photos are beautiful. We are looking to move to the area, and I look at your blog everyday.

Regarding this property, the main issue appears to be flooding and odor.Is there anyway to reduce probability of flooding? Is the city or developer working on this issue? Regarding the odor is that a constant dilemma?

I wonder what appliances were removed? It should not be a major issue to replace those. Unless this includes AC, water heater, fans etc.

The pool seems to be a minor issue. At max $30,000 to replace with a nice one in the future.

Just my two cents

Gary Thomas said...

Reader, Anonymous comments are meaningless and sometimes misleading.

That specific block has flooded in the past during heavy rains. Flooded meaning that the streets over-flowed into yards but not necessarily into the houses. I never heard of water getting into the houses which are 50-70's CBS one story houses for the most part.

The City installed a series of injection wells to take storm run-off water deep underground. A serious buyer might want to talk to people who actually live in the immediate area to see what their real life experience has been.

The giant bird rescue facility sits directly behind 1304 Atlantic. There is no mistaking its size. I showed this house earlier this week. There was no smell. The birds were not making a lot of noise. But I have to tell you there could be odor and there definitely will be times when the birds will make noise.

Somebody mentioned smells from the ocean. That does occur from time to time. But all of the beach areas get it. Kelp or seaweed or whatever it is washes ashore. It smells. It gets raked up or washes back to sea and things are fine again. You take the good and the bad when you live near the ocean. Otherwise, don't live there.

All of the stainless steel appliances are gone. Go to Sears or Home Depot. It will cost several thousand to replace. Take that amount off of what you plan to offer the bank that owns this place. (Somebody told me the other day that this stuff ends up on Ebay. Look there for similar appliances.) I did not see missing fans or hot water heater at this house. I very, very seriously doubt that you would spend anywhere near $30,000 unless you buy Viking which is not necessary.

Gary

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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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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.