Sunday, October 24, 2010
Woulda, Coulda, Shoulda - But Didn't !
Talk about mid-life crisis and the road not taken, how about the lost opportunities that people (buyers and sellers) regret day after day after day for years into the future. In a little town like Key West you can drive by that house you could have bought for a great price but didn't because you didn't like the seller, you didn't like the deal, you think you coulda bought the place cheaper, etcetera. As a seller you wish you wouldn't have been such an ass, that you had been more pragmatic, that you would have accepted an all cash offer with no strings attached instead of holding out to get more money which in fact you did not get. Life's lessons in real estate: woulda, coulda, shoulda, but didn't!
I've written this same theme before, but today's version is fresh. There are always life lessons in real estate. I want to share some recent sales about properties that I wrote about in this blog and which I thought might make a good home for a reader. (Just because I write about something does not mean I think it is a good deal. Sometimes I write about absolute crap and hope that you, the reader, can look at the property and see for yourself that crap is crap and just because it might have a high price does not turn it into something else. And just because some house is priced really cheap does not make it a bargain. If you have to spend tens or hundreds of thousands of dollars to fix something, maybe there is a reason no other Einstein bought the property.)
The new pricing paradigm in Key West real estate is tighter and much more realistic than in years past. Sellers who want or need to sell have generally reduced the asking prices to amounts that a knowledgeable ready, willing, and able buyer would be willing to spend. And the availability of cheap money provided at taxpayer expense is making purchase money very easy to obtain. Buyers who buying homes in Key West at this time are getting better price values and cheap financing. People who want to buy but who sit on the proverbial fence are missing out. These are the places you missed: (CLICK the blue hyperlink).
1415 Olivia Street Sold for $1032 per sq ft. That is pretty high. Very small getaway "house" on a good sized lot in The Meadows.
120 Angela Street This place is absolutely a fantastic deal. Great two bedroom, two bath condo with many upgraded features, top quality new construction, pool, parking and I think a good location. It is located in Bahama Village and too many buyers scoff at the idea of even looking there. This property was a short sale. The place sold for $363,000. You cannot buy this quality in Old Town for anything near this price. Smart buyer. Very smart.
711 Georgia Street This was a bank owned property. You will remember that someone removed the very fancy high end stainless steel kitchen appliances (kitchen cabinet pulls, hot water heater, toilet paper holder for Pete's sake). This is a lot of house in a very quiet Meadows location that sold for just $375,000.
1021 Fleming Street Another bank owned property located on one of the best blocks in Key West sold went under contract within a couple of days of being listed. This house has so much upside potential. It was listed for only$321,750 but sold for $400,000. I had a buyer. So did ten other Realtors. This place is like found money. There is an incredible upside potential on this house. Congratulations!
2309 Flageler Avenue the house I called The Glass House I normally don't go for modern houses or houses located on Flagler, but this place was so outstanding that I had to write about it. This beautiful home with exquisite garden sold for just $407,500.
915 Eisenhower Drive I wrote about the former home of Sally Rand several times. It was first offered as a market sale. Then it became a short sale. Finally, It was a bank owned property. I wrote an all cash offer for a cash buyer when it was a short sale. Time wore on the issues got very complicated. The mortgage lender went out of business and this property fell through the cracks so to speak. After a very lengthy time period a new lawyer finally got the property foreclosed and it became bank owned. I want to Congratulate the new owners who will be moving here soon. I represented them in this transaction and I am so happy they got this great old house at a fantastic price.
712 Southard Street This well located two bedroom two bath home with an incredibly beautiful pool and a great Old Town location was originally offered at $1.2 million. It sold at $635,000. (I had a cash buyer offer a lot more than that a year ago. They went on to buy a delightful home in Old Town.)
3632 Sunrise Drive This Sunrise Canal waterfront home was bank owned and is located a couple of doors to the east of Jimmy Buffett's former Key West estate. This property is huge and has a great waterfront presence. The place would be great as a permanent home for a large family or a getaway place for a buyer with lots of family and friends. I don't know who bought it, but the buyer got it for a great price of $750,000.
You shouldn't buy just because prices are cheaper and mortgage money is cheap. If you have been thinking of buying a place in Key West you ought to at least give the matter some serious consideration. Look for value in the property (present condition, location, long term appreciation potential). I've had a lot of regrets about properties I could have bought but didn't. I drive past them all the time. It doesn't get any better - ever.
If you are considering purchasing a place in Key West, please consider working with me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. Don't end up being a woulda, coulda, shouda, but didn't.
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
- Gary Thomas
- 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.