Six or seven years ago the old Key West Holiday Inn was demolished and replaced by the newly constructed Beachside Key West Resort Condominium. A lot of locals and many frequent visitors bought into the "concept" and purchased units during pre-construction.
During that same time period construction started on several other large condominium and townhome projects in the Old Town and the Casa Marina areas. Included in this group was the beleaguered Watermark Project at the Historic Key West Seaport, the also beleaguered Atlantic Shores condominium development (which got shelved and replaced by the Southernmost on the Beach Hotel), The Meadows Townhomes, Seas Isle Townhomes, Paradise Harbour Condominiums, The Steamplant Condominiums, Santa Maria Condominiums, and Casa Marina Estates - not to be confused with the Casa Marina Residences (planned to sell between $2.5 to $3.5 million each but which got shelved as well). There were two big developments south of Beachside including Seaside which had individual three and four story condominiums with private interior elevators and open water views.
All of the aforementioned projects were supposed to feature first rate construction and superior amenities to attract high-end buyers. There was too much of a good thing and too few buyers willing to pay the high asking prices. Many of the buyers that purchased during the pre-construction phase closed on their purchases. However, some "buyers" forfeited deposits and walked away from their contracts. Most of these high priced developments have had price adjustments downward in the past couple of years.
Buyers did close on many of the properties that were built. However, none of the six Sea Isle Townhomes sold. Several of the units at Casa Marina Estates have evolved into short sales. Santa Maria Condominiums has had its share of foreclosures and short sales. All of The Meadows Townhomes were foreclosed. The Watermark project floundered and the entire project went back to the bank. Seaside has had its share of short sales and foreclosures as well. None of these chic developments became the sales success the developers envisioned. But that does not mean that the condos and townhomes that were built did not deliver on the quality of development.
A lot of people in my generation (the baby boomers) are already making plans as to where they will spend their reclining years. Many will keep a place up north for the summer and want a place in Florida for the winter. There's nothing new about that. Except there are going be so many of us soon-to-be-retirees that there may be a run on retirement places in Florida. I don't think our generation will be ready for the nursing home type facility. Instead I think a lot of us may want a place that has all of the convenience of a home with lots of amenities but no yard work and limited housekeeping required. That's why I think the Key West Beachside Resort might make an excellent place to live.
The Beachside Resort is located at the east end of the island of Key West. It's close enough to drive to Old Town to see a play, to dine at a great eatery, or to party with friends. It is conveniently located near our three shopping centers. The airport and several marinas are all within a mile or so. And the Key West Golf Course is only five minutes away.
The Beachside Resort has all of the amenities you would expect including a private beach, huge pool with poolside bar and grill, gym, lush tropical gardens, private parking, plus the hotel amenities including concierge service and restaurants. Imagine the convenience of having all of that available every day.
There are currently 14 units for sale at Beachside. I am writing today about only one: Unit # 415 which is a fully furnished unit with two transient rental licenses and that is offered as a short sale at $575,000. This is how the listing Realtor describes this unit:
"This gorgeous two bedroom, two and one half bath courtyard condominium has two transient licenses; both of the bedrooms are lockouts that can be rented separately. The unit has top quality fixtures and fittings throughout. Beachside is arguably the finest resort condominium in Key West, the pool and garden area is large and beautiful with an unobstructed waterfront view of the Gulf of Mexico. Owners can live in this magnificent condo year round or just part of the year and rent it when they are not in town. The structure is rated for 175 MPH winds."The units are designed such that the formal entry provides access to the "guest" bedroom (or second transient rental) which abuts but is not inside the main residence. I can imagine that an older couple might live in the main residence and possibly use the second bedroom by a live-in when and if that might become necessary.
Think about the luxury of calling downstairs and having the restaurant deliver your dinner to your residence on a night you don't feel like cooking or going down to dine. If you are reading this and think my logic is a little strange, consider the cost of living in a typical assisted living facility. The Beachside Resort would not substitute for a person who needs a nursing home type facility, but it would be a great alternative for someone who is healthy that wants a no maintenance environment with lots of amenities and convenient location to Key West attractions.
CLICK HERE to checkout the mls listing data sheet and photos for Unit # 415. Be sure to notice the monthly association fees of $1609 which includes "Exterminating, Trash Removal, Building Exterior Maintenance, Building Insurance, Common Area Maintenance, Pool Maintenance, and Security". CLICK HERE to compare Unit # 415 with the other units currently listed for sale. Remember to compare not only price, but also square feet and whether the other units have two transient licenses and are fully furnished. While you are doing comparison shopping, you might want to compare Unit # 415 with similarly priced units in other condominium and townhome developments in Key West. (CLICK HERE to search the Key West MLS.)
I am really serious about looking at this property for a purpose other than the original intended user. I think this would be a great place to retire to. A cash buyer could live in luxury for about $2000 per month (plus utilities). And if you are not approaching retirement but want a place you could legally rent from time to time, this property might make a great rental property as well.
(The photos shown are representative of units.)