I did a quick look back to see what I wrote on January 1, 2014 and saw this: "the pickings are slim and the prices are rising". That's the same message today. It just may be the continual message for houses in Key West for some years to come. Although we have a large number of hopeful buyers, we have a limited supply of houses for sale. That dynamic tends discourage a lot of potential buyers from becoming new owners.
I went through the single family home sales for the period January 1, 2014 through December 31, 2015 and came up with a list of the top twenty home sales that are illustrative of home sales on our little island. These sales teach us a bit of a lesson about what types of houses have sold, the location of the properties, and perhaps the physical condition or amenities that help explain the price paid. Best deals does not mean the least price paid nor the highest price paid. To me it means a fair price given the location, condition, and potential for future use and enjoyment. Some people believe in the stock market. You can't sleep with your stock portfolio, but on December 31st you could lay by your pool in Key West when it was 82 degrees and sunny as it could be. The pool could be a dip pool or an Olympic pool. The sun and temperature are the same. The trees and breeze are the same. The price a man or woman pays for their slice of Paradise is relative to them, not to you or me. But it is, as I say, illustrative of why properties have sold for the prices paid in 2014.
$880,000. This was such a great deal!
I urge buyers to not be locked into a certain mindset when considering the purchase of a house. Houses that need renovated can be costly but they don't necessarily have to be bank-breakers. Houses that are perfect may not be perfect for the new owner. Locations can be difficult, but no location is perfect. Idiot neighbors are not restricted to any one part of the island. Houses on busy streets and those located by the cemetery or some other scary site may offer tremendous buying opportunities.