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Friday, November 16, 2012

Key West Guest House Sales Update

Bob Newhart and the Gang
I have written a couple of blogs about the issues involved in purchasing a guest house in Key West. While the lure of running such an establishment entices many would be Bob Newhart innkeepers, reality soon sets in when prospective buyers find out how expensive guest houses are to purchase and how difficult it can sometimes be to obtain bank financing.  I won't belabor that discussion today because I have some very good news to report on a couple of recent sales and two upcoming sales.
Coconut Grove and Oasis Guest Houses

Oasis Resort
 On Thursday November 15, 2012 the Oasis and Coconut Grove guest houses were sold for $7,200,000 or $200,000 per room for the 36 room guest house complex.  (The units sold at 91.14% of asking price of $7,900,000.)
Coral Tree Inn

The same Seller/Owner of Oasis put Coral Tree Inn located across the street at 822 Fleming under contract on November 1, 2012. The asking price on that property is $2,450,000 for this eleven unit guest house.
Pilot House Guest House
 On November 7th the Pilot House guest house and two nearby commercial buildings on Eaton Street also went under contract. The asking price on those properties is $ 7,600,000. The other buildings are currently used as any type of residential rental.
Seascape Tropical Inn
Finally, the Seascape Tropical Inn Guest House was also sold on November 15th. The asking price on Seascape was $2,450,000. It sold for $2,000,000 or
$285,714 per room for this seven unit guesthouse.

I am very excited about the recent sales that just concluded and the pending sales of the Coral Tree Inn and the Pilot House and associated properties. The Pilot House sale will be a very big deal in Key West.  It will revitalize the area.

There are still a couple of guest houses available for purchase in Key West. I used to own and operate a guest house in Key West and think I have a lot to offer a prospective buyer who wants to take the plunge and own this type of business in our little town.  If you are thinking about such an endeavor please contact me, Gary Thomas, 305-766-2642 or send me an email at  I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc. Let me help you find your place in Paradise.

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Gary Thomas in a Nutshell

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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.