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Friday, June 22, 2012

709A Windsor Lane - Short Sale Back on the Market - Key West

709 A Windsor Lane - Old Town - Key West

709 A Windsor Lane in Old Town Key West became an active short sale yesterday.  This 487 square foot one bedroom one bath cottage style abode is a legal condominium (one of three in the small association) located adjacent to the Key West Writer's Compound which I have previously written about. It is not a part of the Writer's Compound, but it does share the wonderful location near the top of Solares Hill.

The listing Realtor describes the property this way:
"Charming Conch Style Condo in Old Town Key West. One bedroom one bath with loft completely renovated with the finest finishes. Stainless steel appliances, granite counter tops and beautiful kitchen cabinetry. This is a must see! This is a potential short sale transaction subject to lender approval. Buyer to pay a $2750 negotiation fee to Seller's negotiator."

This unit shares a common wall with Unit B which was a bank owned property that sold a couple of years ago. A third condo, Unit C, is located at the rear of the parcel. The condos share a common plot of ground with side access on the west boundary for access for Units B and C. Monthly condo fees are $257.17 per month and include building maintenance and insurance, and common area maintenance. The small condo association may make it difficult to obtain traditional bank financing on a property like this. Otherwise, I think this is a bargain property. Read on.

I took the attached photos CLICK HERE for a lender last summer. I observed that the unit appeared to have been updated in a good and workmanlike manner. The interior space was well arranged and utilitarian. The living room and kitchen share a common space which is normal in most modern Key West properties. The bedroom is off to the right and it is quite spacious. There are windows on two walls so this space is very comfortable as opposed to some bedrooms which appear claustrophobic. The bath is at the rear and it is extra large. A ship's ladder provides access to the loft located over the bedroom area. This is a neat place to send guests you don't want to stay too long or it would make an excellent place to store things you do not use everyday.  CLICK HERE to view the Key West Association of Realtors mls datasheet and to view listing photos.

709A Windsor Lane is a short sale priced at $345,000. If you would like to see this property, please call me, Gary Thomas, 305-766-2642 to arrange a showing. I am a buyers agent and a full time Realtor at Preferred Properties KeyWest. This is a comfortable small home in a great Old Town location.


FloridaAG said...

I guess we will see if the market is really on the upswing as I think that asking price is very optimistic

Anonymous said...

I'd have to agree - especially when you consider 1) it was listed in January for 319k, 2) was a no-sale at that price during high season, 3) it sold for only 390k in 2006 nearing the height of the bubble, 4) 709 B sold for 255k in 2009 - granted the bottom of the market and 5) financing could be difficult.

VERY optimistic.

Anonymous said...

Actually, it is in a very nice part of town and is well priced. The market is booming in Key West - it is a great time to buy and this property, in the heart of Old Town, is a steal at this price. It won't last - I bet it gets an offer any day now.

Anonymous said...

You are correct, the market is rebounding. But not at this rate. I studying the KW Association of Realtors monthly statistical analysis reports for the last few years, the market is healthier by 10-15% than in 2009 and DOM/CDOM is a bit shorter in the 2012 YTD.

Rebounding, yes. But not rebounded to 2005-2008 and those prices are 3-5 years away or more in my opinion.

Doug said...

LOL...Ok Anonymous. By the way, is there any chance you are the owner or agent on this property?

Gary Thomas said...

First,there are very few listings for a comparable property in Old Town. I did find three similar stand alone houses in a land based condo at 213 Truman that sold in last year at an average price of $363 per sq ft.
I did a second check of recent condo and town home sold units. There were 14 sales in the past year which sold at $350,000 or below with an average price per sq ft of $427.58.

I realize this property is priced more on a per sq ft basis than most recent solds, but is does not need any work and it has an incredible location. That accounts for a lot no matter what property is offered for sale.

This place has all the comforts of a single family house except it does not have parking. This place would work very well as a getaway home for an owner who makes frequent visits to Key West and who does not need to have a car here full time.


Anonymous said...

Gary - first, I LOVE the blog. I read it every update. But I have to question the value here at 708 per sq ft. Yes, great location... And I agree - comps are nearly impossible. It's an art form to value KW real property and property rights (and this is coming from the Anon stats guy who posted above twice).

It will be very interesting to see what it does sell for.

Anonymous said...

It looks very big for being less than 500 sq ft.

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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.