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Friday, December 17, 2010

Don't Fret and Don't Regret!

During the first 15 days of December 11 single family homes and 10 condos and townhomes went under contract in Key West. There was only one bank owned property in each category and just 4 short sales in the single family and condo/townhome category. The remaining 15 sales were "real market" sales. During the exact same time in 2009 there were just three short sales that went under contract and they were for condos. I checked my numbers twice to make sure the numbers were correct. The number of new sales this month is simply staggering compared to a year ago.

I have been watching the Key West Association of Realtors mls website light-up each day for the past two weeks with new properties going under contract. I have buyers looking to buy property and there are very few properties left to sell in the lower price range. ( A lot of other real estate agents have the same types of buyers looking for the same types of properties that are similarly priced.)

When potential buyers call, send me an email, or visit in person, I invariably hear the same litany of features buyers want: good location, parking, decent condition but buyer would be willing to do a 'little' work to help get a better price. Some require pools. Some require off street parking. I often tell them "You are not the Lone Ranger" meaning there are a lot of buyers looking for exactly the same thing.

I have a new buyer I am working with this week. We are looking at houses in a certain price range. An agent in my office blurted out and told me that he/she is showing a particular house my buyer really likes. Someone will buy it. And then there will be one less property to buy. Each time one property goes under contract, there is one less property for sale.

It looks like there have been about 14 new listings added to the mls since December first (this does not include properties that went off the mls for a few days and were re-listed). I can tell from the addresses that these listings are new to the mls. But even a couple of those new listings went under contract within days because the supply of houses is going down.

CLICK HERE to search the Key West Association of Realtors mls database. Do your own search of available properties. You are the best judge of what appeals to you as a buyer. Our mls does not require you to fill out any form or disclose your personal information to anyone.

If you see a place that interests you, please contact me, Gary Thomas, at 305-766-2642 or by email at I am a full time Realtor at Preferred Proprieties Coastal Realty, Inc. in Key West. Don't regret not taking advantage of buying opportunities that still exist in Key West. There will be more houses for sale. We know that. I believe prices are going to start to increase as the number of units for sale decreases. That is the way all markets work. If I am correct in my prediction that the real estate market recovery in Key West has started and will increase during the next few weeks, look for prices to increase after the beginning of the new year.

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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.