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Friday, January 14, 2011

Key West Waterfront Condo - Bank Owned!

People are always looking for bargains. I remember many days several years ago when I had 'floor duty' at another real estate office on Duval Street. Several times potentially interested buyers would come inside and ask me about 'bargains' and include the word "foreclosure" as if the two were synoninous. They aren't and there were none. When properties were selling at incredily high prices, it was easy to sell even crap because people wanted anything they could buy. They figured they would buy it, fix it, and use it or perhaps 'flip' it. Since everything sold so easily in a rising market, there just were no foreclosures. When the market collapsed, there were too many foreclosures. The condo unit at Pelican Landing I am discussing today is one of those.

A few years later the real estate market in Key West has been fiercely shaken. The good properties in good locations are as valuable today as they were a few years ago. They may cost less now, however, because the overall market has adjusted downward. The down turn in the market has created hundreds of short sales and foreclosures in the Key West area. That downward spiral has reduced to a trickle in Key West, but the unsold properties are still out there. (There will be new short sales and more bank owned assets listed in the future, but the number of new foreclosures and new bank owned properties has been significantly reduced.)

The asking price on the waterfront bank owned condo at Pelican Landing 915 Eisenhower Unit No. 101 has just been reduced to $394,694 or $292 per sq ft for this 1352 sq ft two bedroom, two bath unit which looks right out to the marina. The listing agent describes the property thus:
"Harbor And Pool Views Enhance This 2 Bedroom 2 Bath Unit. Located A Few Short Blocks From Old Town's Duval St. Unit Has Private Stairway To Pool Area And Marina With Use Of Boat Slip. Large Covered Balcony To Take In The Awesome View. Seller Will Credit Buyer Up To A Maximum 3% Of Sales Price Towards Closing Costs If Negotiated In Final Signed Counter Offer."

Sometimes I like to compare how a previous agent listing agent discussed the same property when it was marketed at a much higher asking price. One of the very best agents (year after year) listed this same property a couple of years ago when it was priced at $999,000 and described the very same unit this way:
" ...waterfront condo spacious 2BD/2BA, with docking privileges and licensed for transient use. Enjoy wonderful waterfront views from the bright and open living & dining room. Glass doors open onto a spacious covered patio, tile floors, heated pool, elevator, garage, covered parking and right in town!!!"
Dining and Living area followed by covered deck as they appeared in 2008

Photo of covered deck as it appeared when furnished in 2008

This unit has a Transient Rental License and which can be managed by the on site manager at Pelican Landing. The large living room opens onto the huge rear deck that overlooks the Garrison Bight Marina and the Pelican Landing boat slips below. The new owner will have the privilege of stunning early morning sunrise views every day. The furniture (shown in the photos above) is gone but the unit is pretty much the same. Except the asking price is only $364,694. CLICK HERE to checkout the Key West mls database and current listing photos.

Key West's beautiful Bay View Park is located across the street

Pelican Landing Condos are located at the eastern edge of Old Town. Bay View Park is across the street to the southwest. The on site manager at Pelican Landing provides a wealth of information on this property. I was surprised to learn that most of the transient rentals actually occur during the summer months because boaters return to Key West year after year for summer fishing and family outings. That means a potential owner could actually use the property during prime time winter months and still rent it during the summer.

If you are looking for a Key West waterfront property with a transient license (that you can use or not use-your choice), please contact me, Gary Thomas, 305.766.2642 or kw1101v@aolcom. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West. Let me help you find your place in Paradise.


Anonymous said...

Gary, question: if you buy a property like this in Key West with a transient license, but you wish to owner0occupy, can you resell the transient license?

Gary Thomas said...

I respond with a qualified "Yes" that an owner can sell a transient rental license. I don't know if this condominium by laws would allow a transfer away from the property. Further, the City of Key West regulates all transient licenses and transfers.

The annual fee to maintain a transient license is nominal. I personally would never, ever, contemplate selling a transient license. It is too valuable of an asset.



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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.