Sunday, June 17, 2012
Just SOLD - 400 - 408 Duval Street - Old Town - Key West
I mention this sale to would-be buyers who continue to sit on the fence and whine and moan about the state of the economy. The doomsayers want everyone to believe the whole American economy is in turmoil. There are a lot of unemployed people in many areas of our country. But there are eight or nine times more people employed than there are people not working. And those people are driving our economy and buying things and using things. At the higher side of that group of Americans are people like those reading my little blog. They are making money or have saved money to buy a place in their retirement years. They either own a second of third home in some destination location or they are thinking of buying one. It is to that group that I submit the thesis that now is a good time to buy in Key West.
A couple of years ago Key West faced the prospect of economic "ruin" if oil from the BP oil spill hit our beautiful coral reef and landed on our shores. Buyers got frightened by the continual banter in the press about doom and gloom. Negative talk can really upset a market. Assume for argument sake that what I suggest is true: some people stir up trouble just so they can buy assets at a lower price. Some buyers balked and even walked away from contracts because they feared the prospect of ruin if the oil hit Key West. The oil slick did not hit Key West. But the fear mongers did their job and scarred the beejeezus out of a lot of people. Other buyers took advantage of the situation and made out like bandits by buying assets at truly depressed prices.
I view the sale of the Duval Street property as a very positive vote of confidence in the economic vitality of Key West. The hotels, motels, and guest houses had their best year ever last year. People from all over the world come to Key West for a day, a week, or longer. They come to experience life a lot less directed than it is where they come from. They come here most return year after year. They come here to eat, drink, party, and other really fun things. Key West has an exotic feel and wonderful weather. But it is located in the United States and Americans don't have to go through customs or worry about the government nationalizing their property.
Real estate in Key West is scarce and scarcity usually drives prices higher. We have a limitation on new growth and development. We have a height restrictions and density limitations on any new or remodeled properties. Developers cannot do here what they can do in places like Miami, Ft Lauderdale, Sarasota, Pensacola and other beach locales. Besides that, those places have big highways, tons of people, and end up on shows like COPS.
If you are thinking of buying a small getaway place, a full time home, or maybe a business in Key West and are not working with someone, please consider contacting me, Gary Thomas, 305-766-2642 or send me an email at email@example.com. I am a buyers agent and a full time Realtor at Preferred Properties Key West.
The information on this site is for discussion purposes only. Under no circumstances does this information constitute a recommendation to buy or sell securities, assets, real estate, or otherwise. Information has not been verified, is not guaranteed, and is subject to change.
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Gary Thomas in a Nutshell
- Gary Thomas
- 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.