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Tuesday, July 3, 2012

Key West Beachside Resort - Bank Owned Unit

Key West Beachside Resort

Just listed, but not by me, a luxurious Bank Owned unit at the Key West Beachside Resort. And this particular unit is more beachside than most located here as it has direct water view and beach access via spiral staircase down to the beach.

The listing Realtor describes Unit # 111 this way:
"Beautiful end unit with a private staircase that leads to the breath taking beach. Property has great water views from each room. Property offers open and spacious floor plan. This unit comes fully furnished along with a transient rental license."


The Beachside Resort is located at the east end of the island of Key West. It's close enough to drive to Old Town to see a play, to dine at a great eatery, or to party with friends. It is conveniently located near our three shopping centers. The airport and several marinas are all within a mile or so. And the Key West Golf Course is only five minutes away.




The Beachside Resort has all of the amenities you would expect including a private beach, huge pool with poolside bar and grill, gym, lush tropical gardens, private parking, plus the hotel amenities including concierge service and restaurants. Imagine the convenience of having all of that available every day.

Unit No. 111 is Bank Owned and the asking price was just reduced to $364,900. or $448 per sq ft for this 814 sq ft one bedroom, one and one-half bath luxury condominium with features that exceed what you will not likely find elsewhere in Key West and certainly not in this price range. The unit comes furnished.

CLICK HERE to view the Key West mls listing data sheet and photos for Unit No. 111. Be sure to notice the monthly association fees of $1821.29 which include "Exterminating, Trash Removal, Building Exterior Maintenance, Building Insurance, Common Area Maintenance, Pool Maintenance, and Security".

I've been to the Beachside Resort many times. The place is a total class act each time and all the time. You will be proud to have your friends and family visit you. The unit comes with a Transient Rental License which permit rentals on a daily basis. A new owner may opt to rent the unit through the on site hotel management company, or through a property management company, or keep this special space all to yourself.



Compare this bed, bath, and the view beyond to what you might expect to see in a similarly priced condo elsewhere in Key West. No comparison!


If you would like to see this unit or any other property in Key West, please call me, Gary Thomas, 305-766-2642. I am a buyer's agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.

11 comments:

Anonymous said...

$1800/ monthly dues. Totally Insane!

Anonymous said...

$1,800 would easily cover the monthly mortgage payments on a $500,000 home. Crazy.

Gary Thomas said...

The monthly association fee is high. That is why I posted it. But this property is superior to anything available in Key West and it costs money to maintain any property in our town.
Compare the cost to Shipyard Condos which many first time buyers select because of location, ability to rent as a transient rental for a limited time, and price point. Shipyard fees are $505 per month. I'm not knocking Shipyard, but this building has superior construction, superior amenities, and owners here may rent their units each and every day of the year unlike Shipyard which has a 25 week limitation. I see Beachside as having a huge long term value that overpowers anything in Shipyard. Shipyard requires owners to replace windows and doors at owners expense, while windows and doors are hurricane wind resistant to 155 mph.

Compare Beachside to 1800 Atlantic which has a monthly fee of $793. Fees there cover the same basic services. The grounds at 1800 are beautiful, all of the units have water views (some of which are not so good), some units have transient licenses and others do not, and there is the issue of how the association is going to pay for substantial infrastructure repairs including possible replacement of all windows and sliding doors with hurricane impact resistant units which should create long term savings on windstorm insurance. Beachside already has those features.
Compare Beachside to Beach Club (1500 Atlantic). Each unit at Beach Club has direct water views, some units have transient licenses, others do not, the amenities there include two pools, tennis courts, and a small gym. Monthly fees there are about $1,033.

Yes, $1,800 per month would help pay for a nice house just about anywhere. But homeowners or condo owners still have to pay for necessities like long term maintance, annual insurance, and monthly services like water, sewer, cable, etc. I'm not saying $1,800 is a good price but I think the value of this unit at Beachside provides a helluva lot more than a buyer could ever get at Shipyard or 1800 Atlantic and you can't buy anything at Beach Club for even twice the price of this unit.
Gary

Anonymous said...

Gary, you make some very good points. Yes, that's an attractive price for what you get. And, while the fees are high, my larger concern is the location of this particular condo. It looks like it is right above the fitness center which I believe is the end unit closest to Roosevelt Blvd. Wouldn't that be a lot of traffic noise if you're out on the deck or have your windows open?

Gary Thomas said...

Have you ever been inside one of the retro fitted houses the FAA did in Key West a few years ago. The wind impact resistant glass also acts as a terrific sound absorber and that is why the FAA used them to insulate against noise intrusion of homes in the flight path to Key West International Airport.



Gary

Anonymous said...

Gary,

While I truly enjoy your blog ( it's by far the best up to date Key West real estate informative site, IMO ) there is no way to justify a $300-400k condo with hoa's of $1800+/month. The first two post are accurate in there descriptive wording-insane & crazy!

lakejv said...

Hi, Gary - any thoughts on what the weekly rental might be in season?
Stay well,
Jan Bye

lakejv said...

Hi, Gary - any thoughts on what the weekly rental might be in season?
Stay well,
Jan Bye

lakejv said...

Hi, Gary - any thoughts on what the weekly rental might be in season?
Stay well,
Jan Bye

lakejv said...

Hi, Gary - any thoughts on what the weekly rental might be in season?
Stay well,
Jan Bye

Gary Thomas said...

Jan, Good to hear from you. Hope all is well. Rates are published online at http://www.marriott.com/hotels/hotel-deals/eywmc-key-west-marriott-beachside-hotel/

I see rates published at $299 to $799 per night. This is an A Class Resort and everything is done right.

Gary

Disclaimer

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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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.