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Saturday, October 20, 2012

Bank Owned - 106 Golf Club Drive - Key West

Just listed, but not by me, a two story Bank Owned townhome at the Key West Golf Club Community. 106 Golf Club Drive is a two bedroom home that was built in 1997. It has 810 sq ft of living space under air including what is called a "bump out" on the ground floor which adds noticeable extra room to the main floor living space. Both bedrooms are located on the second floor and each has a vaulted ceiling which gives each room a more spacious feeling. This home has first and second floor porches on both the front and rear. 
I have been inside a lot of bank owned homes in the past few years, and I have been inside a lot of Golf Club homes as well. I opened the door to this house and did not know exactly what to expect. I was pleasantly surprised to see a place that is, as the listing agent says:
"This 2 bedroom and 1.5 bath townhome is clean and is in move-in ready condition. Home has screened in balconies off the living room and the master bedroom. Property has views of the tranquil pond and rock garden and is steps from the main pool and fitness center."
The back of the house is located on The Butterfly Garden which has a small pond and walking paths that traverse the wonderfully landscape area. The views of the butterfly garden from inside the screened second floor rear balcony are magical. But it is when you get back into the garden itself your inner zen takes over. Just as I got ready to take a photo looking back toward today's home a monarch butterfly flew by me as if on cue. Too bad he got away before I could snap him.
106 Golf Club is in the background
As I got prepared to leave the house, I decided to walk over to the larger of the two pools owners at the golf club get to use. The walk took me maybe 60 to 90 seconds at most.  The fitness center is also located there.  Use of the fitness center is included in the monthly homeowner fees which are $333 (includes security, common area maintenance, and cable tv). The pool rivals something you would expect at a great resort.  CLICK HERE to view a slideshow of photos I took of this home, the pool, and the butterfly garden.  You'll be making plane reservations to come down.
 106 Golf Club Drive is offered at $249,900CLICK HERE to view the Key West Association of Realtors mls datasheet and to view listing photos.  But better than that please call me, Gary Thomas, 305-766-2642 to schedule a showing of this affordably priced Key West home.  I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. in Key West.  Let me help you find your place in Paradise.


Anonymous said...

Given the present state of things in Key West - this is a deal. At the bottom any bank owns at the golf course were not in good shape. Plus the location is outstanding.

Gary Thomas said...

Dear Anonymous, In 2010 I had one buyer who purchased multiple units at the golf course for cash. He was getting about 1% interest on his cash from his bank. He is getting a solid monthly income from annual rentals and each property has appreciated 20% or more.

106 GCD is offered at $345 per sq ft. There are just six townhomes available that are offered at an average $371 per sq ft. Most places tend to sell at less than full price (in town it is about 92% of asking). Whatever this unit sells at, you cannot find anything like this in town.


Anonymous said...

Hi, any idea how easy it would be to get a mortgage on this as a uk buyer and what downpayment is required?

Anonymous said...

It is hard to get a mortgage on the secondary market and you will probably need 25% down.

Anonymous said...

Thanks Gary. How times have changed. I wish I had bought there a few years ago when it was easy :/

Gary Thomas said...

Hi, any idea how easy it would be to get a mortgage on this as a uk buyer and what downpayment is required?

I checked with a local Key West banker. His bank does not have ability to finance to foreign nationals. I contacted another banker. He could not either. I contacted another realtor who said he knows a Miami lender who may lend with 50% down but stressed the process is difficult. He said most foreign buyers are cash.

These units would qualify for FHA and VA financing. I sold a great house in The Sanctuary earlier this year with minimum down VA and VA financed the closing costs as well.

Being able to get bargain rate financing at especially low asking prices ought to benefit long term buyers immensely. Not all low priced houses in Key West can qualify for inexpensive rates or low down payments, especially if they have only moderate or greater structural issues. Not all golf course houses are as good as this one, however. And some may not qualify for FHA or VA.



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.