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!!!"
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.
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.