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Tuesday, February 1, 2011

Stop! Quit Waiting! Bank Owned - Key West



102-9 Southard Street is about 40 feet behind the stopped car

Duval Street is just two blocks ahead - just past the security booth

102-9 Southard Street (shown) - The park is just two units to the left

I get phone calls and emails from readers who say they really want to buy a place in Key West. They say they missed buying a place before the real estate market ran-up and that now they feel they have a second chance.

The 'pain' level (price willing to pay) is typically between $400,000 to $500,000. Some buyers have 'wish lists' while others have 'requirements' which often include having a pool, off street parking, good Old Town location, and so forth. Many want or require a transient license so that they can rent the new place to help pay for it.

Today's hot property will likely be under contract to some fortunate buyer who can make a quick decision and has the ability to act now. Remember, this Bank Owned unit has a valuable Transient License which allows owners to rent the unit weekly.

102-9 Southard Street is a Bank Owned second story Shipyard Condominium in the very popular Truman Annex. It is located in the westernmost building building and across the street from the large single family homes. The parking lot for this unit is only 75 feet away.

This unit is offered at just $379,900. The listing Realtor's description is very short and to the point:
" Lowest priced unit in the Shipyard, Truman Annex complex. This two-story, 2 beds and 1 bath unit has front and back balconies."
In 2007 a different listing agent described the property this way
"Beautiful transient licensed shipyard unit with tile floors,new appliances,and the additional soundproofing installed in some origional units.This second floor unit also has a huge attic space for storage,and no noise from above.Balconies on both sides provide cool breezes,and views of the courtyard, or down Southard St. to the gulf."
Balcony view looking west

Second floor balcony is noted with black arrows - third unit back from park

Rear balcony view looking toward park

If you take your time to contemplate the meaning of life (or to shovel snow one more time), you will lose your opportunity on this unit. I think it will be gone within days. That's how fast property is selling right now. People are in town and they are buying. If you snooze, you will lose. CLICK HERE to read the Key West mls database and to see interior photos of this Bank Owned condo with a Transient License.

If you are looking to buy your place in Key West and are not working with another agent, please call me, Gary Thomas, 305-766-2642. I am a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West, Florida. The only regret I have about buying a place in Key West is that I took too long to do it. Don't make the same mistake.

2 comments:

Anonymous said...

LOL would love to live there; but you all have got to deal with the permitting problem down there and the after the fact enforcement of 21st century preferences on homes that were constructed in the 1800 and 1900s. its hurting your ability to improve property (torture) and sell. good luck if you want to buy anything in key west -- you will need patience, a lot of money (for legal assistance and the therapy you're going to need if you survive the process).

arrielle_p said...

Awesome pictures and the place are also very nice in looking. I like it very much and the view was something lovely.
makati condominiums

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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.