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Tuesday, May 2, 2017

Old Town Key West Price Reductions - Time to Buy

I typically tell buyers and sellers that the Key West "selling season" runs from Christmas Week and ends around May first or thereabouts. This is the time of the year when most sellers place their homes on the market thinking that more buyers will be here during those months. The stable base of full time residents in Key West has been about 25,000 for decades. Locals don't leave on May first.  They have housing needs all year long. And since Key West has become a full time destination resort, visitors come here all year long which has driven the demand for more hotel rooms, restaurant seats, and bike rentals. This is turn drives the demand for workers to make beds, prepare and serve food, and provide other tourist related services. The Key West economy is robust. Prices are high and moving higher. But the reality also is there are several houses which have been listed for sale sale that have been on the market for several months which have not sold.
I've been representing buyers of houses in Key West for twenty years. I have learned that most are buyers of houses in Key West are "pretty smart cookies".  After all most are looking to spend over $500,000 to buy a place here (any place here costs about that much and probably a lot more). The come prepared to buy a place with knowledge of our market and our past sales. They know houses that have been on the market for a prolonged period of time are either over-priced or that there is something wrong with the house or the location. Houses that don't pass the smell test often ignored by potential buyers and equally often by real estate agents. 
1216 Varela Street is a cute 2/2 single family home with a private pool located in Old Town Key West. The listing Realtor describes the home this way: "Perfect property in an excellent location for either a working couple living full time in Key West or as a “pied-a-terre” for owners wanting a problem free home to use seasonally as a “lock n’ leave”. Large master with two closets and a balcony overlooking the private pool. Wonderful kitchen with granite counters, wine cooler and a dual fuel range. X flood zone and shutters all around making insurance affordable. All reasonable offers encouraged.  Originally priced at $799,000 now reduced to $760,000. CLICK HERE for more info.
923 Angela Street has appeared in my blog several times over the past ten years. We have a limited supply of houses in Key West. We tend to sell and re-sell the same inventory over and over again. This time this house is much different than before. This time this house has been totally renovated and had a pool added. There are two factors that challenge most potential buyers who consider this house - lack of an off street parking space and location across the street from the Key West cemetery.  There is usually on street parking within 75 feet or less. The cemetery is what it is. The neighbors don't party at night. CLICK HERE for more information on this home which is now offered at $1,128,000.
The asking price on 629 Elizabeth Street was recently reduced by $100,000 to $1,599,000. This home is basically all new even though described as a renovation. Everything is perfect on this 3/3 located at the top of Solares Hill, the highest point on the island of Key West. CLICK HERE for more info.
The listing Realtor describes 816 Ashe Street as "This historic gem has been in the same family since being built in 1923. Featuring Dade County Pine, heart pine floors, first floor master bedroom, & attached laundry room/workshop. Two spacious front porches provide the perfect setting to relax and enjoy the quiet pace of Old Town Key West life. Off street parking & flood zone X. A perfect historic renovation project". This is a property for a buyer who wants to be creative and do a nice renovation to a great old house.  CLICK HERE to view MLS info on his home now offered at $795,000.
514 Elizabeth Street is another house that has appeared in my blog several times over the years. This is the first house I sold when I got my real estate license in 1996. The house had been updated by the family who had owned the house for generations. My buyers put in the pool, deck, and a small out building They have used the home and also rented it as a monthly vacation rental. Reduced asking price is now reduced to $1,350,000. CLICK HERE for more info.
1106 Grinnell Street is livable as is, but it offers a new owner all kinds of possibilities as a renovation project. Other homes in the area continue to become a part of the surge in renovations in the south of Truman area of Old Town. CLICK HERE to view MLS on this home now reduced to $490,000.
The listing Realtor describes 812 Fleming Street #5 this way: "Price Reduced!! Superb location! Here is your chance to own a top floor unit at the Seafoam Condominium on an iconic street in Old Town. Dade County pine covers the walls and floors in this 613 sq ft, 1 bedroom, 1 bath unit. Recent updates includes new, stainless appliances, fresh paint throughout, all new fixtures, and more. The 200 sq ft balcony overlooking Fleming St." Now offered at $550,000. CLICK HERE for info. 
1509 Pine Street has everything that second home buyers want accept two things - it is newer construction and it is not located in Old Town proper. The home is one of eight built in 2008, each of which has a private pool and covered off street parking. This home has three bedrooms and 3.5 baths. And it is gorgeous. Now offered at reduced price of $1,299,000. CLICK HERE to view MLS. 

There is nothing odorous about any of these homes. They are seasoned and ready to be purchased. There are over 100 single family, condominiums, and town homes under contract and pending closing in Key West. Some lucky buyers still have really nice homes like these that are available for purchase. Please contact me, Gary Thomas, 305-766-2642, to set up private showings. I am a buyers agent and a full time Realtor at Preferred Properties Key West. 

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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

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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.